Date post: | 14-Apr-2017 |
Category: |
Investor Relations |
Upload: | rirossi |
View: | 62 times |
Download: | 0 times |
This 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 directors, 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) 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, invitation or solicitation of an offer to subscribe to or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever.
Disclaimer
1
2012 Outlook
Operating Performance
Cássio Audi
CFO and IRO
Financial Performance
Agenda
2
Execution – Construction Technology
3
2012 Key Messages
Focus on profitability and cash flow;
Geographical diversification still as a strategy to mitigate risk, but on markets with low
competition from major players;
G&A Reduction plan implemented aiming to maximize efficiency and minimize cash burn;
Improve exposure to standardized construction technology on low income segment
developments;
Rossi reached the guidance for the 3rd year in a row
4
2007 2008 2009 2010 2011 2012E 2013E 2014E+
Launches (Rossi’s share) – R$ MM
Follow On (oct/09)
1,981
Annual Growth… 0% 15%
Low Income segment
Others Segment
87%
13%
71%
29%
48%
52% 50%
50%
41%
59%
2,045 2,156
3,347
4,259
3.2% 5.4%
55.2%
27.2%
47%
41%
12%
Conventional
Low Income
Commercial
17%
15%
9%
8%8%
8%
7%
6%
5%
3%3%
2%2%1%
São Paulo (12 cities)
Distrito Federal
Paraná
São Paulo (RMSP)
Rio de Janeiro
Sergipe
Rio Grande do Sul
Minas Gerais
Amazonas
Bahia
Espírito Santo
Pará
Santa Catarina
Mato Grosso
Pernambuco
Rio Grande do Norte
Mato Grosso do Sul
Ceará
1,090 1,219
3,347
4,259
467 692
1,451
1,199
4Q10 4Q11 2010 2011
Rossi Partners
1,557
27%1,911
4,798
5,458
12%
6
R$ million
Launches www.rossiresidencial.com.br
Breakdown by Segment (% Rossi) – 2011 Breakdown by Region (% Rossi) – 2011
*RMSP – Metropolitan Region of São Paulo
46%
43%
11%
Low Income
Conventional
Commercial
18%
12%
12%
12%10%
8%
6%
5%
4%
3%3%1%
São Paulo (17 cities)
Rio de Janeiro
Rio Grande do Sul
São Paulo (RMSP)
Distrito Federal
Amazonas
Minas Gerais
Sergipe
Ceará
Paraná
Goiás
Espírito Santo
Pernambuco
Bahia
Pará
Mato Grosso
Rio Grande do Norte
Santa Catarina
Mato Grosso do Sul 7 RMSP – Região Metropolitana de São Paulo
Contracted Sales www.rossiresidencial.com.br
R$ million
906 914
3,084 3,500
256 346
910
1,150
4Q10 4Q11 2010 2011
Rossi Partners
3.994
1,162 1,260
3,994
4,650
1%
13%
Breakdown by Segment (% Rossi) – 2011 Breakdown by Region (% Rossi) - 2011
www.rossiresidencial.com.br
8
Successful Launches in the quarter
Rossi Mais Maracanã
Low Income
Rio de Janeiro - RJ
240 units
Altos do Farol ResidencialClube
Low Income
Aracaju - SE
332 units
Vivendas do Rio Negro
Low Income
Manaus - AM
256 units
Vila Nova Sabará
Convencional
São Paulo - SP
204 units
Rossi 145
Convencional
Curitiba - PR
182 units
Rossi Business Itaboraí
Commercial
Itaboraí - RJ
248 units
Praças Esmeraldas
Low Income
Marília - SP
144 units
Rossi Mais Sintonia
Low Income
Belo Horizonte - MG
143 units
Life Universitá
Low Income
Aracaju - SE
355 units
SOS and Inventory www.rossiresidencial.com.br
SOS
Months of sale
Inventory
9
23%
25% 26% 27% 28%
25% 25% 25%
23%
10
9 9 8 8
9 9 9 10
2,101 2,006 2,052 2,180 2,364 2,319 2,701 2,823 3,128
4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
37%
19%
20%
12%
5%
7%
Low income segment
From R$ 200 K to R$ 350 K
From R$ 350 K to R$ 500 K
Above R$ 500 K
Lots
Commercial
10 RMSP – São Paulo Metropolitan Region
www.rossiresidencial.com.br
76% acquired through swap
Regional diversification
Land Bank
Land bank diversified by region and
product
Total PSV of R$ 30.3 billion (R$ 22.6
billion Rossi’s share)
Income Segment diversification
76%
24%
Swap
Cash
34%
12%
9%7%
7%
6%
4%
4%
4%
3%
2%1%
São Paulo (18 cities)
Distrito Federal
Rio Grande do Sul
Minas Gerais
Amazonas
Rio de Janeiro
Paraná
Sergipe
Rio Grande do Norte
São Paulo (RMSP)
Goiás
Espírito Santo
Mato Grosso
Ceará
Bahia
Mato Grosso do Sul
Pernambuco
Alagoas
Pará
Paraíba
12 12
Três Barras A| Campo Grande - MS
In 2012:
Rossi will be responsible for the
construction of 70% from the launches;
All partners follow Rossi´s procedures
and budgets with SAP;
Consolidation of Production Engineering
in Ribeirão Preto, Brasília, Campo
Grande, Cuiabá e Belo Horizonte.
Parque Belo | Porto Alegre - RS
Construction Technology
13
2011 – 9,490 units delivered;
2012 – 18,000 to 20,000 to be delivered;
13
Pateo Catalunya| São Caetano do Sul - SP
Vila Flora Hortolândia| Hortolândia - SP
Le Soleil | Campinas - SP
Vida Bela| Curitiba - PR
Construction Technology| Units Delivered
15
Financial Highlights www.rossiresidencial.com.br
2011
Net revenue reaches R$ 3,1 billion, 23% higher than 2010;
Gross Income ¹ totals R$ 921 million, 17% higher than 2010 with Gross Margin of 31% ¹;
EBITDA ¹,² reaches R$ 585 million - 13% higher than 2010 - EBITDA margin: 19%;
Net income ¹,² reaches R$ 355 million in 2011 , with Net Margin of 12;
4Q11
Cash burn ³ falls to R$ 13 million in 4Q11;
Net revenue reaches R$ 916 million, 29% higher than 4Q10;
Gross Income ¹ totals R$ 244 million, 6% up on 4Q10 and Gross Margin of 30%¹;
EBITDA ² reaches R$ 175 million - 23% higher than 4Q10 – EBITDA margin: 19%;
Net income ¹ reaches R$ 87 million;
(1) Adjusted for nonrecurring lots divestments in 4Q11; (2) Adjusted for nonrecurring selling expenses; (3) Cash burn excluding the nonrecurring payment of debt at Norcan and the stock buyback program;
142175
516
585
4Q10 4Q11 2010 2011
23%
13%
231 244
788
921
4Q10 4Q11 2010 2011
6%
17%
91 87
350 355
4Q10 4Q11 2010 2011
-4%
1%
711
916
2,496
3,072
4Q10 4Q11 2010 2011
29%
23%
Financial Highlights www.rossiresidencial.com.br
(1) Adjusted for nonrecurring selling expenses; (2) Adjusted for nonrecurring lots divestments in 4Q11;
16
Net Revenue (R$ million) Gross Income (R$ million) and Gross Margin² (%)
EBITDA ¹ (R$ million) and EBITDA Margin (%) Net Income ¹ (R$ million) and Net Margin (%)
30%
31% 32%
32%
19%
19%
21%
20% 13%
12%
14%
9%
www.rossiresidencial.com.br
G&A Expenses Reduction
53
63
76
69
56
1Q11 2Q11 3Q11 4Q11 1Q12 ¹
SG&A Expenses
Decrease of R$ 13 MM
1 Estmated amount
G&A Expenses
In 3Q11, Rossi announced the program to reduce
G&A expenses;
The target is to maintain the same absolute
amount in 2011 by 2012;
The gains will occur in 1Q12, when expenses are
expected to decrease R$ 13 MM;
Expenses will remain in those levels through
2012;
www.rossiresidencial.com.br
Consistent Margins
Gross Margin (%) - Rolling twelve months average
18
31%31%
30% 30%31%
31% 31% 32%31%
4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11²
(²) Excludes nonrecurring items (lands divestments)
72%
28%
Longo Prazo
Curto Prazo
65%
14%
20%
Construction Financing
Debentures
Working Capital
Debt Breakdown Debt Profile
19
Indebtness www.rossiresidencial.com.br
Debt
¹ Inclui debêntures com a Caixa Econômica
¹ Excludes CEF’s debentures that were classified as Real Estate Credit.
Strong cash position of R$ 1.2 billion (45% of Shareholders' Equity);
65% of debt is construction financing;
72% with long term maturity;
R$ million 4Q11 3Q11 Var (%)
Short Term 909 1.029 -12%
Construction Financing 680 755 -10%
Working Capital 110 159 -31%
Debentures 119 115 3%
Long Term 2.335 2.212 6%
Construction Financing 1.951 1.812 8%
Working Capital 33 50 -33%
Debentures (¹) 350 350 0%
Total gross debt 3.244 3.240 0%
Cash position 1.239 1.403 -12%
Net Debt 2.004 1.837 9%
Net Debt / Equity 72,0% 66,1% 5,9 p.p.
Long Term
Short Term
20
Cash Burn www.rossiresidencial.com.br
• Cash burn (¹) drops to R$ 13 million in 4Q11;
• In 2011, cash burn came to R$ 398 million, 53% lower than 2010
Cash burn has trended downward over the last four quarters
(1) Cash burn excluding the nonrecurring debts and the stock buyback program;
178
213195
268
94
198
93
13
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
2010: R$ 854 MM
2011: R$ 398 MM
-53%
21
Equipe de RI
Thank You!
IR Team Phone: +55 (11) 4058-2685 [email protected] www.rossiresidencial.com.br/ir