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1Q08 Results
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1Q08 Results Conference Call
Heitor CantergianiDiretor Superintendente
Leonardo DinizDiretor Comercial
Gerson CohenController
Sergio Rossi CuppoloniDiretor de RI
Agenda
Heitor CantergianiCEO
Main Highlights
Overall Outlook
Strategy
Leonardo DinizSales Officer
Launches
Sales
Geographical Expansion
Gerson CohenController
Sergio Rossi CuppoloniIRO
Share Performance
Market
Coverage RSID3
Alterations in accounting principals
Performance 1Q08
Backlog
Indebtedness
3
Heitor Cantergiani
1Q08 Results Conference Call
Overall Outlook
4
Launch of 5 new projects PSV Rossi’s share R$ 178 million
Contracted sales grows 11% in 1Q08 Rossi’s share R$ 313 million
Net revenues reaches R$ 189 million
Net income of R$ 20 million in 1Q08
Geographical Expansion 54 cities and 13 states
Rossi Sales 156 brokers operating in São Paulo, Porto Alegre, Rio de Janeiro and Campinas
Responsible for R$ 51 million (12% of total sales)
In May our shares were included in the Bovespa Index (Ibovespa) Ranking 51st
Weighted 0.541% in the Index
Adoption of a new accounting principal in accordance with the IFRS
Significant share liquidity increase Record of R$ 108 million traded on May 2
Rossi received from Caixa Econômica Federal the rating A, the highest rating for financing operations grated by
the institution.
1Q08 – Highlights
1Q08 Results Conference Call
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Leonardo Diniz
1Q08 Results Conference Call
PSV, Sales, Geographical Expansion
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5 projects launched in 1Q08: São Paulo (1), Campinas (1), Natal (1) and Fortaleza (2)
Lanches PSV – R$ milhões
Launches
1Q07 1Q08
Parterns
Rossi410
178
50 90
Launches Breakdown by price Segment and Regional Offices
-42%
3,8%
13,1%
12,6%
19,2%
26,0%
70,2%
BH
NE
CPS
POA
SP
RJ
OP
13,6%
51,8%
34,6%
Até R$ 120,0 mil
De R$ 120,1 mil a R$ 200,0 mil
De R$ 200,1 mil a R$ 350,0 mil
De R$ 350,1 a R$ 500,0 mil
Acima de R$ 500,1 mil
Comerciais
70.2%
26.0%
3.8%
13.6%
12,6%
19,2%
51.8%
34.6%
< R$ 120,000
R$ 120,100 - R$ 200,000
R$ 200,100 - R$ 350,000
R$ 350,100 - R$ 500,000
> R$ 500,100
Comemercial
1Q08 Results Conference Call
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R$ million
Contracted Sales
1Q07 1Q08
Partners
Rossi287
313
88 102
Contracted Sales Breakdown by Price Segment and Regional Offices
+11.0%
1Q08 Results Conference Call
1.4%
3,8%
13,1%
12,6%
19,2%
26,0%
70,2%
BH
NE
CPS
POA
SP
RJ
OP
13,6%
51,8%
34,6%
Até R$ 120,0 mil
De R$ 120,1 mil a R$ 200,0 mil
De R$ 200,1 mil a R$ 350,0 mil
De R$ 350,1 a R$ 500,0 mil
Acima de R$ 500,1 mil
Comerciais
19.2%
20.4%
33.4%
32.0%
12.2%
25.8%
17.6%
4.9%
7.5%13.1%
12.6%
< R$ 120,000
R$ 120,100 - R$ 200,000
R$ 200,100 - R$ 350,000
$ 350,100 - R$ 500,000
> R$ 500,100
Comemercials
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Potential PSV (100%): R$ 15.2 billion
Rossi’s share: R$ 10.7 billion
Land bank PSV in R$ million
1Q08
Total
Total Rossi
15,247 10,684
Breakdown
PSV Launched 1Q08
Final 4T07
Origination 1Q08
Final 1Q08
14,715
(268)
810
15,247
10,116
(178)
746
10,684
Acquisition Method
Land Bank distributed in 129 lands in 54 cities, not concentrated
12.7 million m2 in buildable area
Future launches (in units) – 81,931
4 to 5 years in the bag for future launches
Land Bank
Swap by unit 45%
FinancialSwaps 21%Cash
34%
1Q08 Results Conference Call
9053 9557 10116 10684
30894000 4599 4563
0
4000
8000
12000
16000
2Q07 3Q07 4Q07 1Q08
Partners
Rossi
Regional Office < 120,000
120,000 to
200,000
200,000to
350,000
350,000 to
500,000
> 500,000 Commercial Lots Total %
São Paulo 259 188 480 1,132 779 - 130 2,968 19%
Campinas 329 168 985 167 146 15 665 2,466 16%
Oeste Paulista 154 89 170 - - - - 413 3%
Rio de Janeiro 426 613 2,367 449 362 - - 4,216 28%
Sul 190 1.508 1.161 43 66 105 - 3,074 20%
Belo Horizonte 940 16 31 - 332 242 - 1,562 10%
Nordeste 434 - 70 44 - - - 549 4%
Total 2,732 2,583 5,264 1,834 1,686 362 785 15,247 100%
Distribution 18% 17% 35% 12% 11% 2% 5% 100%
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Land Bank : PSV PotencialFocus on low to middle income segments- 70% of units < R$ 350,000
Land Bank 1Q08 (in R$ million) - PSV by Regional Office and Segment
1Q08 Results Conference Call
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Price and Product Breakdown
PSV per year
R$ million PSV - Duration
0
500
1000
1500
2000
2500
3000
3500
2008 2009 2010 2011 ......
Regional Breakdown
Land Bank
Rossi should continue focusing on low to middle income segments...low income DNA
1Q08 Results Conference Call
< R$ 120,000
R$ 120,100 - R$ 200,000
R$ 200,100 - R$ 350,000
R$ 350,100 - R$ 500,000
> R$ 500,100
Commercial
Lots
35%
17%
18%
5%2%
11%
2012 and on.....
19%
1%
Centro Oeste
Belo Horizonte
Nordeste
Campinas
Sul
São Paulo
Rio de Janeiro
Oeste Paulista
16%
28%
20%
4%
10%
1%
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Regional Offices
(1) 1980 – São Paulo
(2) 1996 – Campinas
(3) 1999 – Porto Alegre
(4) 2001 – Rio de Janeiro
(5) 2006 – Belo Horizonte
(6) 2007 – Fortaleza
(7) 2007 – Oeste Paulista
1Q08 Results Conference Call
Long Term Sustainable Competitive Advantage:Building up Local Know-How
Geographical Presence
72
3
4
5
6
1
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Gerson Cohen
1Q08 Results Conference Call
Operating Performance
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1Q08 Results Conference Call
Alterations in Accounting Principals
Until 2007 As of 2008
Marketing expenses
Advertising and marketing expenses were deferred and amortized in the result in the proportion of the percentage of costs paid in relation to the total cost (construction evolution percentage).
Advertising and marketing expenses, (intangible) and results are recognized as they occur.
Sales stands Expenses directly related to the construction of sales stands and furniture (tangible) are deferred and booked to the result, in the proportion of the percentage of costs paid over the total expected. (construction evolution percentage).
After the stand sales use, when 100% of the projects units were already sold, the remaining balance is booked in the result.
Financial charges Financial charges from real estate financing were capitalized and booked in the result in the proportion of the percentage of costs paid over the total expected. (construction evolution percentage), as “Financial expenses”.
Financial charges from real estate financing, financing for the acquisition of land sites for future projects in installments and from debentures are capitalized and recognized as “cost of properties sold”, at the construction evolution percentage.
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1Q08 Financial Highlights (in R$ million)
1Q08 Results Conference Call
411
733
164 189
2006 2007 1Q07 1Q08
128
258
53 49
2006 2007 1Q07 1Q08
Net Revenue Gross Income and Gross Margin
32.6%
25.8%
Cost of units sold1Q08
% Net Revenue
1Q07% Net
RevenueVar.
Works + Land sites 133.0 70.4% 106.1 64.9% -5.4 p.p.
Financial charges 7.3 3.9% 4.0 2.5% -1.4 p.p.
Cost of units sold 140.3 74.2% 110.2 67.4% -6.8 p.p.
R$ million
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1Q08 Financial Highlights (in R$ million)
1Q08 Results Conference Call
51
132
225
2006 2007 1Q07 1Q08
44
131
29 21
2006 2007 1Q07 1Q08
2.5%
13.6% 17.7%
10.8%
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Total Debt: R$ 480.8 million
Cash position: R$ 119.8 million
Net Debt: R$ 361.0 millionShareholders’ Equity: R$ 1,084.2 million
Unearned Results
372.5409.0
4Q07 1Q08
Uneamed Results Backlog Gross Margin
21%
64%
15% Construction Financing- ST
Debentures35.1%
35.5%
17.2%
81.9%
1.0%
Cash and banks
Short Term Investments
Long Term Investments
1Q08 Results Conference Call
Indebtedness (in R$ million)
Construction Financing- LT
Stand by Credit Line R$ 200 millionDebentures R$ 300 million
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Sérgio Rossi Cuppoloni
1Q08 Results Conference Call
Share Performance
0,00
20,00
40,00
60,00
80,00
100,00
120,00
5,00
7,50
10,00
12,50
15,00
17,50
20,00
22,50
25,00
27,50
30,00
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RSID3 - 2007/ 2008
Source: Bloomberg March 3rd
R$ MMR$ / ShareS&P upgrades
Brazilian Rating (April, 30)
Rossi is included in the Bovespa Index (May, 2)
Ibovespa RSID3 Average traded volume per day
1Q08 Results Conference Call
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Analyst CoverageInstitution Analyst Contact
UBS PactualGuilherme Vilazante Gordon Lee
Credit Suisse Marcelo Telles Vanessa Quirog
[email protected] [email protected]
Bradesco Carlos Firetti Marcos Suzaki
[email protected] [email protected]
JP Morgan Adrian HuertaSomesh Agarwal
[email protected] [email protected]
Bulltick Rafael Pinho [email protected]
Santander Marcello MilmanGonzalo Fernández
[email protected] [email protected]
BB Investimentos Antonio Emilio Ruiz [email protected]
Unibanco Carlos Macedo [email protected]
Merrill Lynch Alexandre Miguel Carlos Peryrelongue Esteban Polidura
[email protected] [email protected] [email protected]
Deutsche Bank Dan McGoeyMichelle Dorea
[email protected] [email protected]
Citigroup Cecília del CastilioRodrigo Villanueva Bravo
[email protected] [email protected]
Banco Fator Renato Pinto [email protected]
Itaú Tomas Awad [email protected]
Goldman Sachs Jason B. Mollin [email protected]
Raymond James Conrado Vegner [email protected]
1Q08 Results Conference Call
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IR Team
1Q08 Results Conference Call
Sergio Rossi CuppoloniInvestor Relations Officer
Maria Claudia BiolchiniInvestor Relations [email protected]. (55 11) 3759-7516
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1Q08 Results Conference Call
DisclaimerThis material is a presentation of general background information about Rossi Residencial S.A. (“Rossi”) as of the date of this
presentation. Information contained herein has been summarized and does not purport to be complete. This presentation shall not be
considered an advice of investment by potential investors. This presentation is strictly confidential and may not be disclosed to any third
person. There are no representations or warranties, express or implied, regarding the accuracy, fairness, or completeness of the
information presented herein, which shall not support any decision of investment.
This presentation contains statements and information that are forward-looking pursuant section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities and Exchange Act of 1934. Such forward-looking statements and information are only
predictions and cannot assure Rossi´s future performance. Investors have been cautioned that any such forward-looking statements and
information are subject to many risks and uncertainties relating to the operations and business of Rossi and its subsidiaries. As a result of
such risks and uncertainties, the actual results of Rossi and its subsidiaries may be materially different from any future result expressed
or implied in the forward-looking statement or information contained herein.
Although Rossi believes that the expectations and assumptions reflected in the forward-looking statements and information are
reasonable and have been based on data currently available to its officers and directores, Rossi cannot guarantee future results or
events. Rossi does not assume the commitment of update any of the forward-looking statement of information.
Securities may not be offered or sold in the United States unlesss they are registered or exempt from registration under the Securities Act
of 1933, as amended. Any offering of securities to be made in the United States will be made by means of an offering memorandum that
may be obtained from the underwriters. Such offering memorandum will contain, or incorporate by reference, detailed information about
Rossi and its subsidiaries, their business and financial results, as well as its financial statements.
This material is for distribution only to person who (i) have professional experience in matters relating to investments falling within Article
19 (5) of the Financial Services and Markets Act of 2000 (Financial Promotion) Order 2005 (as amended, the “Financial Promotion
Order”), (ii) are persons falling within Article 49 (2) (a) to (d) (“high net worth companies, unincorporated associations etc”) of the
Financial Promotion Order, (iii)a are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in
investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale
of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as
“relevant persons”). This material is directed only at relevant persons and must not be acted on or relied on by persons who are not
relevant persons. Any investment or investment activity to which this material relates is available only to relevant persons and will be
engaged in only with relevant persons.
This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any
securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment
whatsoever.
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