RESULTS MAY 11, 2018
PARTICIPANTS RAPHAEL HORN CO-CEO PAULO GONÇALVES IR & STRUCTURED FINANCE DIRECTOR MIGUEL MICKELBERG FINANCE DIRECTOR
CYRELA S HIGHLIGHTS Launches of R$ 434 million in, 29% lower than. Pre-Sales of R$ 613 million in, 18% higher than. Net Revenues of R$ 451 million in vs. R$ 809 million in and 29% lower than. Gross Margin of 27.7% in, an increase of 0.8 p.p. vs. and 3.1 p.p lower than. Net Loss of R$ 51 million in, versus Net Income of R$ 49 million in and Net Income of R$ 4 million in. In, Cash Generation of R$ 184 million vs. R$ 245 million in and R$ 118 million in. Net Debt / Equity of 16.8% in vs. 19,4% in. ROE of -2.6% (Net Income LTM / Average Equity LTM, without minorities). * Previous periods are presented in pro forma way, considering MAC thru Equity Results.
OPERATING FIGURES
CYRELA S LAUNCHES R$ 434 million in vs. R$ 612 million in. In, %CBR of 60% vs. 88% in. Launches Ex-swap (%CBR) Launches per Region 2018 (R$ million) -29.0% 612 434 537-53.1% São Paulo - Other Cities 26% Rio de Janeiro 27% 491 114 320 252 São Paulo 36% 11% Middle West High end Middle + MCMV 121 % CBR 88% 60%
LAUNCHES - HIGHLIGHTS Medplex Campinas
CYRELA S PRE-SALES %CBR of 63% in. Inventory sales in represent 79% of total sales. Pre - sales Ex-Swap (%CBR) Pre Sales by Region 2018 (R$ million) 17.9% 613 520 207 (R$ million ) 371 2.1% 379 North and Others Northeast South 3% 1% 5% São Paulo Rio de Janeiro 24% 279 59% 241 406 São Paulo - Other Cities 9% % CBR 71% 63% High End Middle + MCMV
SALES SPEED The SOS 12M of attained 35,2%. Pre Sales by Launch Period Sales Speed (R$ million) 17.9% 613 18% 22% 7% 8% 3% 58% 520 112 126 2Q17 31% 16% 9% 3% 59% 408 487 3Q17 50% 20% 6% 76% 44% 14% 59% 29% Quarter s Launches Previous Years Launches In 3 months In 6 months In 9 months In 12 months In 15 months
INVENTORY R$ 5.9 billion in inventories (R$ 4.8 billion %CBR); 44% of finished units inventories. Inventory Change in Inventory (R$ million) 6,176 2,588-4,3% 5,913 2,595 (R$ million) 6,176-346 -141-487 434-4.3% -126-84 5,913 3,588 3,318 FU/TI* 42% 44% Finished units Units under construction *: FU = Finished Units / TI = Total Inventory Inventory Sales of inventories Launches Units under Construction Sales of launches Price change Finished Units Inventory
FINISHED UNITS R$ 2,595 million of finished units inventories (vs. R$ 2,588 million in ). Finished Units Breakdown (R$ million) 2,588-141 +0.3% 253-105 2,595 Middle West Espírito Santo North Minas Gerais 2% São Paulo 2% South 3% 19% 14% 1% Northeast 6% São Paulo - Other Cities 29% Rio de Janeiro 24% Finished Units Sales of finished units PSV Delivered Price change Finished Units
DELIVERED UNITS Delivered Units Delivered PSV (thd units) High end Middle + MCMV (R$ billion) 1,666 High end Middle + MCMV 24.1 8.9 25.0 13.2 20.8 11.6 24.0 9.1 21.3 10.2 19.5 6.5 949 1,005 229-4.7% 1,055 600 15.2 11.8 9.2 14.8 11.1 13.0 3.2 2.6 717 776 454 2012 2013 2014 2015 2016 2017 3.2 thousand units delivered in, in 13 projects. Middle + MCMV: 2.8 thousand units delivered in 10 projects in. The units delivered in represent launches PSV of R$ 1.0 billion.
FINANCIAL RESULTS
FINANCIAL RESULTS (R$ million) Margin Gross Revenue Gross Income and Gross Margin -29.3% -44.2% -36.8% -42.9% 30.9% 27.7% 27.0% 657 464 832 197 219 125 1T17 1T18 4T17) Net Income and Net Margin 0.6% 4-51 6.0% 49-11.4% * Previous periods are presented in pro forma way, considering MAC thru Equity Results.
PROFITABILITY ROE Earnings per Share ¹ 1.6% 0.08 0.13-0.13 382 383 383-1.5% -1.9% -1.6% 2Q17 3Q17-2.6% EPS Shares ex-treasury The Return on Equity (Net Income LTM / Equity average LTM ex-minorities) attained -2.6%. Earnings Per Share of R$ - 0.13 in. * Previous periods are presented in pro forma way, considering MAC thru Equity Results. ¹ Calculus: Net Income of the quarters / Number of shares minus treasury shares of the period.
TRANSFERS, PAYOFFS AND TRUST OF DEEDS Volume Units (R$ million) +0,3% +16.1% (Thd. units) +8.0% +25.5% 742 214 53 744 158 33 640 201 50 3.2 0.8 0.2 3.5 0.7 0.1 2.8 0.7 0.1 475 552 389 2.3 2.7 1.9 Payoffs Trust of Deeds Transfers In, the volume of transfers, payoffs and trust of deeds attained R$ 744 million, 1% higher than and 16% higher than.
CASH GENERATION* (R$ million) 245 66 184 2 184 2 118 179 182 182 Stake Acquisition Cash generation of 184 million in vs. R$ 245 million in and R$ 118 million in. *Ex dividend payment, buyback program and stake acquisition.
LIQUIDITY AND DEBT Net Debt / Equity attained 16.8%. Debt (R$ billion) 3,5 Indicators Total Debt Debt Ex-SFH 1,4 Corp. 2,1 SFH 2,6 1,0 Corp. 1,5 SFH 2,1 Short 1,0 1,1 Long 2,1 1,3 0,9 1,1 1,0 Net Debt/ Equity Average Cost 16.8% W/o SFH: 102.0% CDI SFH: TR + 9.0% p.y. Duration 1.4 year 1.0 year Short Term 59% 72% Gross Debt Gross Debt Gross Debt Term Cash and Cash Equivalents Net Debt Long Term 41% 28% 27.8% 19.4% 16.8% Net Debt Ex-SFH = R$ -155 million Net Debt / Equity * Previous periods are presented in pro forma way, considering MAC thru Equity Results.
CONTACT IR Cyrela Brazil Realty S.A. Empreendimentos e Participações Av. Brigadeiro Faria Lima, 3.600, 12th Floor São Paulo - SP Brasil CEP 04548-142 Investor Relations ri@cyrela.com.br www.cyrela.com.br/ir Statements contained in this press release may contain information which is forward-looking and reflects management's current view and estimates of future economic circumstances, industry conditions, company performance and the financial results of Cyrela Brazil Realty. These are just projections and, as such, exclusively based on management's expectations of Cyrela Brazil Realty regarding future business and continuous access to capital to finance the Company's business plan. Such future considerations rely substantially on changes in market conditions, government rules, competitor's pressure, segment performance and the Brazilian economy, among other factors, in addition to the risks presented on the released documents filed by Cyrela Brazil Realty, and therefore can be modified without prior notice. 18