Date post: | 13-Apr-2017 |
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Perspective on 4Q08
Weak demand
Perspective on 1Q09
Strong demand
� Sales in 1Q09: R$430.1 million
1Q09Earnings
Release
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Weak demand
Management focused on cash
� Sales in April/09: approx. R$270 million
�
Management focused on cash and
growth
Government’s Housing package “My House, My Life”
1Q09Earnings
Release
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� Lower-Income Housing Package
� Continuous Government Policy
Example with an apartment of R$80 thousand and using the upper limits:
Level Subsidy Installment
Families with an income of up to 3 MW up to R$ 17,000 up to R$ 418.50
Families with an income of 3 to 6 MW up to R$ 10,000 up to R$ 837.00
Families with an income of 6 to 10 MW - up to R$ 1.395.00
* MW = Minimum Wage
Success of Real Estate companies depends on all departments
Sales:
� Channel Efectiveness
� Credit Quality
Generating Business:
� Land Bank Purchase
� Adequate Projects
1Q09Earnings
Release
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Production:
� Construction
� Scale
� Margins
Client Financing:
� Servicing
� Credit
Financial Capacity:
� Capital
� Leverage
� Cash Generation
Management
Approved Projects
R$ mm Project Status at CEF
CEF Financing
1Q09Earnings
Release
R$ mm Units
42 62 71 158
211 258
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09
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Number of Projects:
Under Preliminary evaluation 1,385 14,787
Under Final evaluation 1,459 13,949
* Actual amounts from April 1 to May 15, 2009
(*)
Cash Consumption and Indebtedness
Quarterly Cash Burn*(R$ million)
Indebtedness
1Q09Earnings
Release
223 223
176
R$ million
mar/09
Debentures 314.4
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* Measured by Net Debt variation (excluding
construction finance), less capital increase
The substantial drop of cash burn leads
to a healthy financial balance
148
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1Q08 2Q08 3Q08 4Q08 1Q09
Debentures 314.4
Construction Financing 165.9
Other 120.7
Total Debt 600.9
(-) Cash 221.2
Net Debt 379.7
Net Debt / Equity 23.7%
Production
1Q09Earnings
Release
... changes in 1º Quarter will not influence our planning for 2009.
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1,556
2,180
3,192 3,415
2,287
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09E 3Q09E 4Q09E
Units Built
MRV´s Positioning
� 78% of our Land Bank Eligible for the
Program
“Minha Casa, Minha Vida”:
1Q09Earnings
Release
11.8% 7.3%14.0%
Evolution of Launches by Evolution of Launches by financing meansfinancing means
� Partnership
� MRV’s privileged position is due to
the continuing focus on the segment
with greater unmet demand and its
strong balance sheet
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Program
28.5%
78.4%
57.9%
79.0%88.2% 92.7%
86.0%
71.5%
21.6%
42.1%
21.0%11.8% 7.3%
14.0%
2007 2008 1Q08 2Q08 3Q08 4Q08 1Q09
Crédito Associativo (CEF)
Bank Financing
Operational and Finacial Performance
Land bank
Launches
Contracted Sales
Inventory at Market Value
1Q09Earnings
Release
Net Operating Revenue
Gross Income
Indicators of Productivity
EBITDA
Net Income
Unearned Results
Guidance
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... By Financing Source in March/09
... On March 31, 2009:
• Land bank of R$8,666.1 million
• 88,041 potential units
• Average Price of R$98.4 thousand (focus on low income segment)
Land Bank (%MRV)
Operational and Financial
Performance 1Q09
78%
22%
Minha Casa,
Minha Vida
SFH - SBPE
% of swaps / land acquisition cost% of land acquisition cost/ PSV
11
10,1 9,9 9,5 9,0 8,7
mar/08 jun/08 set/08 dez/08 mar/09
Landbank %MRV (em R$ bilhões)
-14%
100% of land bank replacement made in 1Q09 was
made via swaps, which means, no cash disbursement.
Swap
27%
Cash
73%
Cost
9%
... By Price Range in 1Q09... in 1Q09:
• Launching of 19 new projects
• PSV of R$268.5 million with 2,629 units
• 73,2% of unit launched with average prices
up to R$130 thousand.
Launches
Operational and Financial
Performance 1Q09
20%
54%
27%
Below R$ 80,000
From R$ 80,001 to
R$ 130,000
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... by Financing Source in 1Q09
(number of units)
20%Over R$ 130,000
65%
35%SFH - FGTS
SFH - SBPE
691.5
268.5
1Q08 1Q09
%MRV (R$'Million)
-61.2%
... in 1Q09:
• Total of R$430.1 million in contracted sales
• 4,339 units sold
• Average sales speed 9% per month
Contracted Sales
... By average Price in 1Q09
Operational and Financial
Performance 1Q09
51%
23%
Below R$ 80,000
From R$ 80,001 to R$
130,000
Over R$ 130,000%MRV (R$'Million)
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... by Financing Source in 1Q09
(number of units)
25%Over R$ 130,000
340.1
430.1
1Q08 1Q09
%MRV (R$'Million)
26%
61%
39%Minha Casa, Minha Vida
SFH - SBPE
Inventory at Market Value (%MRV)
Inventory distribution of units for sale in Mar/09 per construction phase
Inventory at Market Value on 03/31/09 = R$ 1.5 billion
Inventory distribution of units for sale in Mar/09 persource of funds
Operational and Financial
Performance 1Q09
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construction phase source of funds
47%53%
Minha Casa, Minha Vida
SFH - SBPE
51%
49%Construction not initiated
Under construction
Financial Indicators
Net Operating Revenues(R$ million)
Gross Income
(R$ million)
Operational and Financial
Performance 1Q09
272.5
43.8%
29.0%
15
189.5
1Q08 1Q09
71.1
91.7
1Q08 1Q09
Productivity Indicators
Selling Expenses (R$ million)
And Selling Expenses/ Net Revenue (%)
G&A Expenses (R$ million)
And G&A Expenses / Net Revenue (%)
Operational and Financial
Performance 1Q09
24.8
16.2%
21.6
21.7%
16
21.4
24.8
11.3%
9.1%
1Q08 1Q09
17.7
21.6
9.3%7.9%
1Q08 1Q09
Financial Indicators
EBITDA (R$ million)
and EBITDA Margin (%)
Net Income (R$ million)
and Net Margin (%)
Operational and Financial
Performance 1Q09
60.5
69.2% 14.9%
17
35.7
18.9%
22.2%
1Q08 1Q09
42.7
49.0
22.5%18.0%
1Q08 1Q09
Unearned Results
Operational and Financial
Performance 1Q09
R$ million
mar-09 dec-08 Var. %
Unearned Sales Revenues 1.013,7 991,6 2,2%
Unearned Costs or Units Sold (531,0) (505,8) 5,0%
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Unearned Costs or Units Sold (531,0) (505,8) 5,0%
Unearned Results 482,7 485,8 -0,6%
Unearned Results Margin 47,6% 49,0% -1,4 p.p.
Guidance 2009
1Q09Earnings
Release
Guidance
Released Revised
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Sales (%MRV) - R$ million 1,600 ~ 2,000 2,400 ~ 2,900
EBITDA Margin % 24% ~ 28% 24% ~ 28%
The material that follows is a presentation of general background information about MRV Engenharia e Participações S.A. andits subsidiaries (collectively, “MRV” or the “Company”) as of the date of the presentation. It is information in summary form anddoes not purport to be complete. No representation or warranty, express or implied, is made concerning, and no reliance shouldbe placed on, the accuracy, fairness, or completeness of this information.
This presentation may contain certain forward-looking statements and information relating to MRV that reflect the current viewsand/or expectations of the Company and its management with respect to its performance, business and future events. Forwardlooking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results,performance or achievements, and may contain words like “believe,” “anticipate,” “expect,” “envisages,” “will likely result,” orany other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and
Disclaimer
1Q09Earnings
Release
any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties andassumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans,objectives, expectations, estimates and intentions expressed in this presentation. In no event, neither the Company nor any ofits affiliates, directors, officers, agents or employees shall be liable before any third party (including investors) for anyinvestment or business decision made or action taken in reliance on the information and statements contained in thispresentation or for any consequential, special or similar damages.
This presentation does not constitute an offer, or invitation, or solicitation of an offer to purchase any securities. Neither thispresentation nor anything contained herein shall form the basis of any contract or commitment whatsoever.
The market and competitive position data, including market forecasts, used throughout this presentation was obtained frominternal surveys, market research, publicly available information and industry publications. Although we have no reason tobelieve that any of this information or these reports are inaccurate in any material respect, we have not independently verifiedthe competitive position, market share, market size, market growth or other data provided by third parties or by industry or otherpublications. MRV does not make any representation as to the accuracy of such information.
This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in wholeor in part without MRV’s prior written consent.
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Leonardo Corrêa
Executive Vice President, CFO and Investor Relations Officer
Mônica Simão
Financial Director
Contacts
1Q09Earnings
Release
Financial Director
Tel.: (+ 55 31) 3348-7150
E-mail: [email protected]
www.mrv.com.br/ri
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