1Q11 Earnings Release

1Q11 Earnings Release
HELBOR EMPRENDIMENTOS S.A. (HBOR3) ANNOUNCES ITS RESULTS
NET INCOME REACHES R$ 41.4 MILLION, 25% HIGHER THAN 1Q10
Mogi das Cruzes, May 16, 2011 – Helbor Empreendimentos S.A. (BM&F BOVESPA: HBOR3), a residential and office real
estate developer covering 29 cities in 10 states, in addition to the Federal District, Brasília, announces today its results
for the first quarter of 2011 (1Q11). The operational and financial information was compared to first quarter 2010 (1Q10)
and fourth quarter 2010 (4Q10). The Company’s consolidated financial statements are presented in accordance with the
International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).
1Q11 Earnings Results
Conference Call
English
Date: May 17, 2011
Hour: 5:00 PM (Brasília Time)
4:00 (US-EST)
Phone: +1 (412) 317-6776
Code: Helbor
Webcast: http://webcast.mzir.com/publico.aspx?codplataforma=27
26
Replay: +1(412) 317-0088
Code: 450423# - enter «1» to start the
playback
Portuguese
Date: May 17, 2011
Hour: 3:00 PM (Brasília Time)
2:00 PM (US-EST)
Phone: +55 (11) 3127-4971
Code: Helbor
Webcast: http://webcast.mz-ir.com
/publico.aspx?codplataforma=2725
Replay: +55 (11) 3127-4999
Code: 23462317
IR Contacts
Roberval Lanera Toffoli
Bernardo Alonso S. Garcia
Eduardo Shima
E-mail: [email protected]
Phone: (55 11) 3174-1211 or (55 11)
4795-8555
http://ri.helbor.com.br/
HBOR3
Outstanding Shares: 65,096,907
Closing Price*: R$ 21.94
Market Cap*: R$ 1,43 billion
* As of May 16, 2011
1Q11 HIGHLIGHTS
Total PSV Launched reached R$ 51.5 million in the first quarter; 80% Helbor’s
stake.
Total Pre-Sales totalled R$ 183.4 million in 1Q11; 82.1% Helbor’s stake; especially
the high rate of sales over inventory which represented 72% of Helbor’ Pre-Sales.
Sales over Supply (SoS), considering Helbor’s stake, reached 36.0%, a level above
the market average during the first quarter.
Land bank totalled R$ 5.7 billion (R$ 7.1 billion considering Alden) on March 31,
2011, an increase of 24.1% (54.9% including Alden) compared to 31 December
2010. Helbor’s stake totalled R$ 4.5 billion (R$ 5.2 billion considering Alden).
In 1Q11, Helbor announced the formation thorough a partnership with a IPLF
Holding S.A. (“IPLF”), an entity controlled by Suzano Group, a new company called
Alden Empreendimentos Imobiliários Ltda, which will ensure a significant land
bank of long-term real estate projects. Initially, the new company will generate R$
1.4 billion in Total PSV
Net operating revenues grew by 1.8%, from R$ 220.7 million in 1Q10 to R$ 224.6
million in 1Q11.
Gross profit totalled R$ 65 million in 1Q11, posting a slight drop compared to the
same period last year, -5.3%. Gross margin of 28.9% (Adjusted Gross Margin
34.6%).
EBITDA totalled R$ 44.9 million, a slight drop of 8.1% compared to 1Q10, EBITDA
margin of 20.0% (Adjusted EBITDA Margin of 26.1%).
Net income totalled R$ 41.4 million (basic earnings per share of R$ 0.6363) in the
first quarter, an increase of 25.0% compared to 1Q10, with net margin of 18.4%
(Adjusted Net Margin 19.1%). ROAE in twelve months reached 23.0%.
Página | 1
1Q11 Earnings Release
FINANCIAL AND OPERATING HIGHLIGHTS
Operational Highlights
(R$ 000)
Total PSV (R$ 000)
Helbor PSV (R$ 000)
# of Developments Launched
# of Units Launched
Total Pre-Sales
Helbor's Pre-Sales
# of Units Sold
Land Bank Helbor - Total PSV (R$000)
Land Bank Helbor + Alden - Total PSV (R$000)
Land Bank Helbor - Helbor's PSV(R$ 000)
Land Bank Helbor + Alden - Helbor's PSV(R$ 000)
# of Projects - Helbor
# of Units
Net Operating Revenues (R$ 000)
Gross Profit (R$000)
Gross Margin (%)
G&A / Net Operating Revenues (%)
Earnings Before Taxes (R$ 000)
Operating Margin (%)
EBITDA (R$ 000)
EBITDA Margin (%)
Net Income (R$ 000)
Net Margin (%)
ROAE
Earnings per Share (R$)
Backlog Revenues (R$ 000)
Backlog Results (R$ 000)
Backlog Margin (%)
Net Debt (R$ 000)
Net Debt ex-SFH ¹ (R$ 000)
Shareholder´s Equity (R$ 000)
Net Debt (ex-SFH) ¹/ Net Worth (%)
Net Debt / Net Worth (%)
451.788
333.750
6
1.352
437.734
357.664
1.253
Change
1Q11 x
1Q10
-88,6%
-87,6%
(5)
(1.112)
-58,1%
-57,9%
(744)
367.291
285.094
6
919
432.776
318.417
1.114
Change
1Q11 x
4Q10
-86,0%
-85,5%
(5)
-679
-57,6%
-52,7%
(605)
5.667.100
7.071.420
4.481.039
5.183.199
66
14.558
2.153.453
2.153.453
1.583.914
1.583.914
29
7.333
163,2%
228,4%
182,9%
227,2%
37
7.225
4.566.584
4.566.584
3.453.240
3.453.240
57
11.738
24,1%
54,9%
29,8%
50,1%
9
2.820
224.603
64.994
28,9%
4,6%
52.262
23,3%
44.903
20,0%
41.423
18,4%
27,2%
0,6363
220.685
68.647
31,1%
3,6%
43.166
19,6%
48.845
22,1%
33.126
15,0%
22,8%
0,5089
1,8%
-5,3%
-220 bps
100 bps
21,1%
370 bps
-8,1%
-210 bps
25,0%
340 bps
440 bps
25,0%
254.787
76.334
30,0%
3,7%
61.842
24,3%
53.960
21,2%
48.055
18,9%
28,1%
0,7382
-11,8%
-14,9%
-110 bps
90 bps
-15,5%
-100 bps
-16,8%
-120 bps
-13,8%
-50 bps
-90 bps
-13,8%
1.499.180
566.301
37,8%
1.161.303
385.614
33,2%
29,1%
46,9%
457 bps
1.570.613
587.903
37,4%
-4,5%
-3,7%
34 bps
328.980
(81.475)
742.576
-11,0%
44,3%
224.324
(20.204)
538.757
-3,8%
41,6%
46,7%
303,3%
37,8%
-720 bps
270 bps
246.747
(95.272)
701.153
-13,6%
35,2%
33,3%
-14,5%
5,9%
260 bps
910 bps
1Q11
1Q10
51.548
41.238
1
240
183.433
150.635
509
4Q10
¹ Indebtedness without the construction financing expenses that has collateral with the receivables
Página | 2
1Q11 Earnings Release
MANAGEMENT COMMENTARY
In 1Q11, Helbor launched a new development in the city of Mogi das Cruzes, Sao Paulo, totalling R$ 51.5 million, R$ 41.2
million Helbor’ stake. On April 1st, it was launched a development of high income segment in Sao Jose dos Campos,
amounting PSV of R$ 189.5 million, 100% Helbor’ stake.
The low volume of launches in first quarter can be attributed to delays in regulatory approval of some projects to the
organs of the governments of cities where Helbor works. However, we emphasize that the demand for new
developments of Helbor remains strong, which can be seen in the strong velocity of sales in first quarter.
In 1Q11, Total Pre-Sales totalled R$ 183.4 million, R$ 150.6 million Helbor’ stake. The sales result for the quarter is good,
especially considering the low volume of launches in the quarter and reduced existing inventory.
In 1Q11, Helbor announced the formation thorough a partnership with IPLF Holding S.A. (“IPLF”), an entity controlled by
Suzano Group, a new company called Alden Empreendimentos Imobiliários Ltda, which will ensure a significant land
bank of long-term real estate projects. Initially, the new company will generate R$ 1.4 billion in Total PSV.
Land bank totalled R$ 5.7 billion at the end of March 2011, a total of 66 developments to be launched. Considering the
potential outcome of Alden PSV, Total PSV (Helbor + Alden) totalled R$ 7.1 billion in 1Q11.
The outlook for the second quarter of 2011 is very positive, especially considering the launches scheduled for the period
are in advanced stages.
Helbor posted first quarter of 2011, net revenues of R$ 224.6 million, up 1.8% compared to 1Q10. Gross profit totalled
R$ 65 million and gross margin reached 28.9%. G&A expenses totalled R$ 10.4 million, representing 4.6% of net revenues
for the period, keeping Helbor as one of the most efficient companies in real estate sector. Net income for the quarter
totalled R$ 41.4 million, representing a net margin of 18.4%. ROAE 12 months reached the mark of 27.2%, yield very
expressive and that attests to the commitment of Helbor in generating value for its shareholders.
In the Annual General Meeting of shareholders held on April 15th, 2011, which highlighted the following points:
i.
ii.
iii.
The distribution of dividends amounting to R$ 51.9 million, corresponding to 30% of Adjusted Net Income in
accordance with article 202 of Law 6404/76, equivalent to a dividend of R$ 0.7971 per share;
Re-election of six members of Helbor’ Board of Directors;
Election of another independent member of the Board of Directors, upon recommendation of Helbor’ minority
shareholders.
Helbor trust in its fundamentals and believes that its strategy based on formation of a land bank of quick turnover and
geographical diversification of sites and products, strategic partnerships in real estate development activities and
brokerage, conservative financial management and rigidity in controlling operational costs will be differences, in which
the real estate market tends to be more competitive.
Página | 3
1Q11 Earnings Release
LAUNCHES
Total PSV reached R$ 51.5 million in 1Q11, R$ 41.2 million Helbor’s stake, (77.6% Helbor’s stake), residential
development in mid low income segment.
The table below details Helbor Jardins Ipoema, launched in March 31:
Development
Helbor Jardins Ipoema
Date
Location
Segment
# of
Units
# of Units
Net*
Total PSV
(R$ 000)*
Helbor´s PSV
(R$ 000)*
Helbor's
Stake
Mar-11
Mogi das Cruzes SP
Mid Low
240
216
51.548
41.238
80,0%
* Net of swaps agreements.
Helbor Paesaggio Jardim das Colinas¸ a development in the high income segment, was launched was launched on April 1
2011 in São Jose dos Campos, reaching R$ 189.5 million in Total PSV, 100% Helbor’s stake. Until May, this development is
50% sold and is within our parameters regarding Sales over Supply.
The outlook for the second quarter of 2011 is very positive, especially considering the launches scheduled for the period
are in advanced stages.
PRE-SALES
Total Pre-Sales reached R$ 183.4 million in 1Q11 and Helbor´s stake amounted to R$ 150.6 million (82.1% of Total Pre
Sales). From sales of the quarter, 27.6% refers to launches and 72.4% from inventory.
Helbor's Pre-Sales Breakdown (R$ 000)
1Q11
27,6%
72,4%
4Q10
3Q10
2Q10
26.0%
24,2%
74.0%
59.0%
4Q09
61.0%
42.2%
2Q09
1Q09
33,7%
75,8%
1Q10
3Q09
150,960
66,3%
23.0%
288,477
357,664
39.0%
372,357
39.1%
77.0%
Launches
446,219
41.0%
57.8%
60.9%
318,417
The development Helbor Jardins Ipoema, launched in
March 31, had more than 90% of its 240 units sold on
launch day and now it is 100% sold.
317,591
244,813
121,114
The lower volume of sales recorded in the quarter
reflects the low volume of existing inventory posted on
December 31, 2010 and the low volume of launches in
the first quarter 2011. On the other hand, the velocity
of sales measured by SoS indicator reached 36.0%, a
level above the market average for the quarter and to
certify the liquidity of products launched by Helbor.
Inventory
In the second quarter of 2011, sales volume tends to increase with the acceleration of launching schedules and an
intense pre-sales work force.
Página | 4
1Q11 Earnings Release
During the first quarter, pre-sales were well diversified both geographically and in terms of products, as detailed in the
following tables:
1Q11
Region
Pre-Sales
R$ (000)
Helbor´s Pre-Sales
R$ (000)
# of Units
% over
Helbor´s Sales
Mogi das Cruzes
São Paulo
Santos
Guarulhos
Diadema
Nova Lima
São Caetano
Rio de Janeiro
Bertioga
São José dos Campos
Santo André
Campinas
Taubaté
São Gonçalo
Southeast - Total
62.658
44.048
11.643
10.774
3.130
3.054
2.703
2.287
1.232
1.070
721
623
578
416
144.938
53.111
38.762
9.884
5.387
1.565
3.054
2.433
1.601
1.232
1.070
721
623
549
291
120.282
243
80
16
27
11
9
3
6
4
1
1
2
1
4
408
84,8%
88,0%
84,9%
50,0%
50,0%
100,0%
90,0%
70,0%
100,0%
100,0%
100,0%
100,0%
95,0%
70,0%
83,0%
Goiânia
Brasília
Cuiabá
Mid West - Total
13.223
2.738
2.479
18.439
9.256
1.496
2.231
12.982
34
5
3
42
70,0%
54,6%
90,0%
70,4%
Joinville
Curitiba
Itajaí
South - Total
9.632
5.117
2.402
17.151
8.994
4.094
2.162
15.249
37
7
5
49
93,4%
80,0%
90,0%
88,9%
Salvador
Fortaleza
Northeast - Total
1.971
933
2.904
1.281
840
2.121
7
3
10
65,0%
90,0%
73,0%
183.433
150.635
509
82,1%
Total
1Q11
Income Segment
Mid
Mid Low
High
Mid High
Commercial
Land Division
Total
Pre-Sales (000)
Helbor's Pre-Sales (000)
# of Units
% over
Helbor's Sales
67.025
58.503
26.902
16.121
14.632
249
183.433
52.715
47.549
23.716
14.208
12.728
44
150.635
168
241
24
23
51
2
509
78,6%
81,3%
88,2%
88,1%
87,0%
17,7%
82,1%
Página | 5
1Q11 Earnings Release
INVENTORY
In the end of the 1Q11, the inventory totalled R$ 416.7 million, R$ 333.9 million Helbor’ stake. Comparing to the fourth
quarter, the inventory decreased from R$ 52.5 million, or 11.2%, and Helbor’s stake decreased R$ 45.4 million, or 12.0%.
Sales over inventory remained strong, following our strategy of maintaining a level of inventory of concluded units
reduced.
The following tables show the breakdown of inventory by city and by product, in 1Q11:
Total
Inventory
70.502
26.990
25.613
22.486
22.027
16.605
5.750
3.402
1.711
388
339
195.813
% of Total
Inventory
16,9%
6,5%
6,1%
5,4%
5,3%
4,0%
1,4%
0,8%
0,4%
0,1%
0,1%
47,0%
Helbor´s
Inventory
56.950
22.571
24.332
11.243
20.378
11.623
2.875
3.402
1.645
349
238
155.606
% of Helbor´s
Inventory
17,2%
6,8%
7,3%
3,4%
6,1%
3,5%
0,9%
1,0%
0,5%
0,1%
0,1%
46,9%
Goiânia
Cuiabá
Brasília
Mid West - Total
68.663
11.063
10.145
89.870
16,5%
2,7%
2,4%
21,6%
47.654
9.957
5.702
63.313
14,4%
3,0%
1,7%
19,1%
Joinville
Itajaí
Curitiba
South - Total
46.687
39.114
38.968
124.769
11,2%
9,4%
9,4%
29,9%
42.496
35.203
31.174
108.873
12,8%
10,6%
9,4%
32,8%
5.920
327
6.247
1,4%
0,1%
1,5%
3.848
294
4.142
1,2%
0,1%
1,2%
416.699
100,0%
331.934
100,0%
Total
Inventory
236.152
72.625
65.160
42.762
416.699
% of Total
Inventory
56,7%
17,4%
15,6%
10,3%
100,0%
Helbor´s
Inventory
196.307
48.888
56.146
30.593
331.934
% of Helbor´s
Inventory
59,1%
14,7%
16,9%
9,2%
79,7%
Region (R$ 000)
São Paulo
Santos
Taubaté
Guarulhos
Mogi das Cruzes
São Gonçalo
Diadema
Bertioga
São José dos Campos
São Caetano
Rio de Janeiro
Southeast - Total
Salvador
Fortaleza
Northeast - Total
Total
Segment (R$ 000)
Mid High
Mid
High
Commercial
Total
Página | 6
1Q11 Earnings Release
The following tables detail the breakdown of inventory by period of launch:
Launching Date (R$ 000)
Units Concluded
4Q07
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
Total
Total
Inventory
21.111
35.181
17.532
53.785
43.371
23.067
17.712
3.612
29.434
57.770
2.210
45.795
60.346
5.772
416.699
% of Inventory
5,1%
8,4%
4,2%
12,9%
10,4%
5,5%
4,3%
0,9%
7,1%
13,9%
0,5%
11,0%
14,5%
1,4%
100,0%
Helbor´s
Inventory
15.419
23.236
13.703
44.053
38.325
19.842
12.749
3.436
20.899
49.195
1.682
34.252
50.525
4.618
331.934
% of Helbor´s
Inventory
4,6%
7,0%
4,1%
13,3%
11,5%
6,0%
3,8%
1,0%
6,3%
14,8%
0,5%
10,3%
15,2%
1,4%
100,0%
The following table details the inventory of units concluded, in 1Q11:
R$ (000)
Residencial Alpha Park Lifestyle
Green Lifestyle
Helbor Resort Aracaty
Residencial Coral Gables
New Business Style
Helbor Resort Reserva do Mar
Helbor Tower
Absolut Business Style
Esplanada
Aton Business
Il Terrazzo Company
Total - Units Concluded
City
Salvador
Goiânia
Bertioga
Santos
Goiânia
Bertioga
Mogi das Cruzes
Goiânia
São José dos Campos
Goiânia
São Paulo
0
# Units
17
37
4
3
10
2
7
8
1
1
2
92
Total Inventory (R$
000)
5.920
5.569
2.474
2.167
1.539
929
821
713
659
281
40
21.111
Part. %
28,0%
26,4%
11,7%
10,3%
7,3%
4,4%
3,9%
3,4%
3,1%
1,3%
0,2%
100,0%
Helbor's Inventory (R$
000)
3.848
3.898
2.474
1.950
923
929
329
285
593
154
36
15.419
Part. %
25,0%
25,3%
16,0%
12,6%
6,0%
6,0%
2,1%
1,8%
3,8%
1,0%
0,2%
100,0%
Página | 7
1Q11 Earnings Release
The inventory of concluded units corresponds to 4.6% of Helbor’s stake in the 1Q11, with just over 50% of the inventory
of concluded units refers to residential developments Alpha Park and Green Lifestyle Lifestyle, delivered in 1Q11.
The chart below shows the breakdown of Helbor´s inventory considering the launching date:
20.3%
4Q10
1Q11
14.1%
12.0%
13.3%
11.5%
10.3%
10.3%
9.2%
8.6%
7.0%
4.6%
1.9%
5.4% 6.0%
3.5%3.8%
2.8%
3.4% 4.1%
1.3%
0,0%
Concluded
3Q07
6.8%6.3%
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
1.4%
0.3%0.5%
1.0%
4Q07
15.2%
14.8%
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
BACKLOG OF REVENUES
Backlog revenues totalled R$ 566.3 million in 1Q11, a 46.9% increase from 1Q10. Backlog margin reached 37.8%,
climbing in the quarterly and yearly comparison, growing 460 basis points and 40 basis points respectively.
The following table details the backlog revenues, the cost of units sold to be recognized, commercial and sales expenses
to be recognized:
R$ (000)
Gross Backlog Revenues
Sales Taxes
Net Backlog Revenues
Costs to be recognized
Backlog Results
Backlog Margin
Commercial Expenses to be recognized
1Q11
1Q10
Var.
4Q10 x 4Q09
4Q10
Var.
1Q11 x 4Q10
1.555.973
(56.793)
1.499.180
(932.879)
566.301
37,8%
(46.251)
1.205.296
(43.993)
1.161.303
(775.689)
385.614
33,2%
(33.759)
29,1%
29,1%
29,1%
20,3%
46,9%
460 bps
37,0%
1.630.112
(59.499)
1.570.613
(982.710)
587.903
37,4%
(44.126)
-4,5%
-4,5%
-4,5%
-5,1%
-3,7%
40 bps
4,8%
Página | 8
1Q11 Earnings Release
LAND BANK
In the period ended March 2011, Helbor land bank totalled 1,246,300 square meters, with 66 projects, totalling a
potential total PSV of R$ 5.7 billion (R$ 7.1 billion including Alden). Helbor’ stake corresponds to R$ 4.5 billion (R$ 5.2
billion including Alden) or 79.1% of the total (73.3% including Alden).
This quarter, there was a significant increase in land bank, which grew by 30.0% in total PSV when compared to the
4Q10.
Our contracts of land acquisition have been focused on swaps agreements. Swaps agreements to land bank ratio
increased in particular sites acquired in the last 12 months reached 69.3%; thus reducing the company’s cash
disbursement.
It is important to mention that 64.1% of our land bank, disregarding commercial developments, fits into the threshold for
usage of FGTS of R$ 500 thousand.
The following chart and tables shows the breakdown of our land bank by city and segment, in which we are the
developer, on March 2011:
City / Region
Total Area
(sq.m)
Total PSV
(R$ 000)
São Paulo
Mogi das Cruzes
São José dos Campos
Campinas
São Bernardo do Campo
Rio de Janeiro
Santos
Guarulhos
Nova Lima
Barueri
São Vicente
Belo Horizonte
Santo Andre
Jundiai
Southeast - Total
202.849
350.269
156.464
116.937
92.990
27.077
34.297
29.640
18.163
10.851
12.707
7.603
10.057
6.378
1.076.281
1.327.974
1.210.803
612.973
490.322
351.489
200.099
197.197
100.776
81.734
78.127
76.243
60.821
40.227
35.079
4.863.864
Helbor´s
PSV (R$
000)
1.052.277
1.170.015
492.720
297.978
261.611
120.059
150.455
83.644
62.117
31.251
74.437
33.768
37.127
15.099
3.882.560
% of Total
PSV
# of
projects
# of units
23,4%
21,4%
10,8%
8,7%
6,2%
3,5%
3,5%
1,8%
1,4%
1,4%
1,3%
1,1%
0,7%
0,6%
85,8%
19
9
5
5
3
1
4
1
1
1
1
1
1
1
53
3.727
3.488
756
990
1.064
315
474
416
192
200
380
226
96
111
12.435
Brasília
Cuiabá
Mid West - Total
24.432
8.133
211.969
33.344
104.981
32.302
3,7%
0,0%
2
1
260
32
32.565
245.313
137.284
4,3%
3
292
Joinville
Curitiba
South - Total
27.915
19.216
47.131
104.219
78.923
183.142
103.942
60.208
164.150
1,8%
1,4%
3,2%
2
2
4
264
304
568
Salvador
Fortaleza
Northeast - Total
52.482
37.834
90.316
238.578
136.202
374.780
174.463
122.582
297.046
4,2%
2,4%
6,6%
4
2
6
853
410
1.263
100,0%
66
14.558
5.667.100
4.481.039
Total - Alden Land Bank
1.404.320
702.160
Total - Helbor + Alden Land Bank
7.071.420
5.183.199
Total - Helbor Land Bank
1.246.293
Página | 9
1Q11 Earnings Release
Mid
Commercial
Mid High
Mid Low
High
Total Area
(sq.m)
736.307
166.099
176.309
122.401
45.177
Total PSV Helbor´s PSV
(R$ 000)
(R$ 000)
2.901.368 2.401.266
1.205.492
882.368
909.324
691.984
421.160
350.082
229.756
155.339
Total
1.246.293
5.667.100
Segment
4.481.039
% of Total
PSV
51,2%
21,3%
16,0%
7,4%
4,1%
# of
projects
32
15
7
8
4
100,0%
66
# of units
7.494
3.629
1.190
2.051
194
14.558
FGTS
Out of FGTS
Total
Total Area
(sqm)
752.820
327.373
1.080.194
Total PSV Helbor´s PSV
(R$ 000)
(R$ 000)
2.859.854 2.413.846
1.601.753 1.184.825
4.461.608 3.598.671
Commercial
Total
166.099
1.246.293
1.205.492
5.667.100
882.368
4.481.039
1Q10
1Q11 x
1Q10
4Q10
1Q11 x
4Q10
4,4%
63,4%
4,6%
-189,5%
63,9%
5,6%
1,8%
90 bps
10 bps
275.254
21
275.275
(3.625)
(7.846)
(9.017)
254.787
2,9%
3,3%
-13,0%
4109,5%
-12,7%
-48,4%
-27,4%
-10,1%
-11,8%
-50 bps
10 bps
City / Region
% of Total
PSV
64,1%
35,9%
100,0%
21,3%
100,0%
OPERATING REVENUES
The table below details our operating revenues:
R$ (000)
Real Estate Development and Sales
Management Fees
Gross Operating Revenues
(-) Present Value Adjustments
(-) Sales Deduction
(-) Sales Taxes
Net Operating Revenues
Sales Deduction / Gross Revenues (%)
Sales Taxes / Gross Revenues (%)
1Q11
239.394 229.203
884
541
240.278 229.744
(1.872)
2.091
(5.695) (3.475)
(8.108) (7.675)
224.603 220.685
2,4%
1,5%
3,4%
3,3%
GROSS OPERATING REVENUES
Gross operating revenues grew 4.6%, from R$ 229.7 million in 1Q10 to R$ 240.3 million in 1Q11. The revenue recognized
in the quarter reflects, mainly, the cost incurred (including land cost) of units sold and sales of concluded units. The low
growth in revenue reflects, mainly, the low volume of launches in the quarter, which corresponded for 2.7% of total
gross revenue recognized in the quarter, compared to 18.4% in 1Q10.
NET OPERATING REVENUES
Net operating revenues rose 1.8%, from R$ 220.7 million in 1Q10 to R$ 224.6 million in 1Q11. In the quarter, growth in
net operating revenue below to the growth of gross operating revenues was basically due to the increases of Present
Value Adjustments (PVA) and cancellations and sales deduction.
Página | 10
1Q11 Earnings Release
GROSS PROFIT
Gross profit totalled R$ 65.0 million in 1Q11, registering a slight drop of 5.3% compared to 1Q10. Gross margin reached
28.9% in the quarter (adjusted gross margin of 34.6%).
The table below presents reconciliation of gross profit, gross margin and adjusted gross margin:
1Q11
1Q10
Change
1Q11 x
1Q10
4Q10
Change
1Q11 x
4Q10
224.603
(159.609)
64.994
28,9%
220.685
(152.038)
68.647
31,1%
1,8%
5,0%
-5,3%
-220 bps
254.787
(178.453)
76.334
30,0%
-11,8%
-10,6%
-14,9%
-110 bps
224.603
(1.872)
226.475
220.685
2.091
218.594
1,8%
-189,5%
3,6%
254.787
(3.625)
258.412
-11,8%
-48,4%
-12,4%
Operating Costs
(-) Financial Charges
Adjusted Operating Costs
(159.609)
(11.452)
(148.157)
(152.038)
(9.218)
(142.820)
5,0%
24,2%
3,7%
(178.453)
(10.868)
(167.585)
-10,6%
5,4%
-11,6%
(-) Adjusted Gross Profit
Adjusted Gross Margin
78.318
34,6%
75.774
34,7%
3,4%
-10 bps
90.827
35,1%
-13,8%
-50 bps
(R$ 000)
Net Operating Revenues
Operating Costs
Gross profit
Gross Margin
Net Operating Revenues
(-) Present Value Adjustment
Adjusted Net Operating Revenues
COST OF PROPERTIES SALES
Operating costs rose 5.0% from R$ 152.0 million in 1Q10 to R$ 159.6 million in 1Q11. The growth of cost of properties
sales is directly related to the evolution of the developments in construction and interest of financing of developments in
construction and debentures.
GENERAL AND ADMINISTRATIVE EXPENSES (G&A EXPENSES)
R$ (000)
Net Operating Revenues
G&A
Sales Expenses
SG&A
G&A / Net Operating Revenues (%)
Sales Expenses / Net Operating Revenues (%)
SG&A / Net Operating Revenues (%)
1Q11
1Q10
224.603 220.685
(10.401) (8.041)
(13.099) (17.091)
(23.500) (25.132)
4,6%
3,6%
5,8%
7,7%
10,5%
11,4%
1Q11 x
1Q10
4Q10
1Q11 x
4Q10
1,8%
29,3%
-23,4%
-6,5%
100 bps
-190 bps
-90 bps
254.787
(9.363)
(14.182)
(23.545)
3,7%
5,6%
9,2%
-11,8%
11,1%
-7,6%
-0,2%
90 bps
20 bps
130 bps
General and administrative expenses totalled R$ 10.4 million in 1Q11, an increase of 29.3% compared to 1Q10, mainly
due to an increase of 49 employees on Helbor’ staff only in 1Q11, preparing Helbor to the operational growth expected.
General and administrative expenses represented 4.6% of net operating revenues.
Página | 11
1Q11 Earnings Release
We continue to post for a quarter in a row, one of the lowest levels of G&A over net revenues in the real estate sector,
attesting Helbor has been able to grow its operations while maintaining management control of costs rigid, placed it as
one of the most efficient sector.
The table below details the G&A on an annual basis:
R$ (000)
1Q11
1Q10
Var.
1Q11 x 1Q10
Personnel
(4.166)
(2.819)
47,8%
Third Party Services
(2.015)
(2.148)
-6,2%
(737)
(552)
33,5%
(1.087)
(806)
34,9%
Legal
(684)
(419)
63,2%
Depreciation and amortization
(203)
(141)
43,7%
Facilities expenses
(300)
(274)
9,5%
Other Administrative Expenses
(1.209)
(882)
37,1%
Total Administrative Expenses
(10.401)
(8.041)
29,4%
Occupancy
Management and Board of Directors Remuneration
SALES EXPENSES
Sales expenses represented 5.8% of net operating revenues in 1Q11, a decrease of 190 basis points compared to 1Q10,
due mainly to lower volume of launching in the first quarter.
The table below details the opening of sales expenses on an annual basis:
R$ (000)
1Q11
1Q10
Var.
1Q11 x 1Q10
Marketing
(3.536)
(4.934)
-28,3%
Sales Commissions
(5.381)
(5.289)
1,7%
Sales Spot
(2.150)
(3.188)
-32,6%
(989)
(1.523)
-35,1%
Management Fees
(1.043)
(2.157)
-51,6%
Total Commercial Expenses
(13.099)
(17.091)
-23,4%
Housing Decoration Model
FINANCIAL REVENUES
Total financial income totalled R$ 14.4 million in 1Q11, an increase of 142.0% compared to 1Q10. The growth of financial
revenue can be attributed, mainly, to the following factors:
i.
ii.
increase of the income from financial investments, explained mainly by the increase in the average balance in
cash;
increase in the average balance of units delivered, bringing the result of the pre-fixed interest of price table
index applied to the portfolio of performed receivables.
In 1Q11, total financial expenses totalled R$ 3.2 million, an increase of 33.7% compared to 1Q10, evolution is related
mainly to increase of sales deduction and expenses with Financial Operating Taxes (IOF).
Página | 12
1Q11 Earnings Release
The table below details the opening of financial income and expenses:
R$ (000)
1Q11
1Q10
Var.
1Q11 x 1Q10
Financial Income
6.860
1.438
377,1%
Monetary Correction
3.578
3.502
2,2%
Other Financial Income
3.969
1.014
291,4%
Total Financial Income
14.407
5.954
142,0%
Interest Paid or Incurred
(495)
(815)
-39,3%
Monetary Correction
(446)
(650)
-31,4%
(2.109)
(717)
194,1%
Commissions and Banking Fees
Other Financial Expenses
(2.109)
(717)
194,1%
Total de Financial Expenses
(3.241)
(2.424)
33,7%
Financial Result
11.166
3.530
216,3%
EBITDA
EBITDA reached R$ 44.9 million in 1Q11, a slight drop of 8.1% compared with the same period of 2010, EBITDA margin of
20.0%. The reduction in EBITDA and thereby its margin is due essentially to:
i.
ii.
reduction of gross profit, negatively impacted by higher financial charges (business plan + debentures)
capitalized;
negative impact of PVA. Excluding the effects mentioned above, the adjusted EBITDA margin reached 25.7%,
stable compared to 1Q10.
The following table details the reconciliation of EBITDA and adjusted EBITDA, and margins:
R$ (000)
1Q11
1Q10
Change
1Q11 x
1Q10
4Q10
Change
1Q11 x
4Q10
Income Before Taxes
(-) Financial Revenues
(-) Financial Expenses
(-) Depreciation and Amortization
EBITDA
52.262
14.407
3.241
3.807
44.903
43.166
5.954
2.424
9.209
48.845
21,1%
142,0%
33,7%
-58,7%
-8,1%
61.842
17.404
5.185
4.337
53.960
-15,5%
-17,2%
-37,5%
-12,2%
-16,8%
Net Operating Revenues
EBITDA Margin
224.603
20,0%
220.685
22,1%
1,8%
-210 bps
254.787
21,2%
-11,8%
-120 bps
EBITDA
(-) Present Value Adjustments
(-) Financial Charges
(-) Non Recurring Result
Adjusted EBITDA
44.903
1.872
11.452
58.227
48.845
(2.091)
9.218
55.972
-8,1%
-189,5%
24,2%
-16,8%
-48,4%
5,4%
4,0%
53.960
3.625
10.868
68.453
-14,9%
Adjusted EBITDA Margin
25,7%
25,6%
10 bps
26,5%
-80 bps
Página | 13
1Q11 Earnings Release
NET INCOME
Net income increased 25.0% from R$ 33.1 million in 1Q10 to R$ 41.4 million in 1Q11, a net margin of 18.4% (adjusted net
margin of 19.1%) and annualized ROAE (net income in 12 months / Average Shareholder’s Equity in 12 months) was
27.2%. Earnings per share in 1Q11 was R$ 0.6363, compared to R$ 0.5089 in 1Q10.
The table below presents a reconciliation of net margin and net margin adjusted:
1Q11
1Q10
Change
1Q11 x
1Q10
4Q10
Change
1Q11 x
4Q10
Net Operating Revenues
Net Income
Net Margin
224.603
41.423
18,4%
220.685
33.126
15,0%
1,8%
25,0%
340 bps
254.787
48.055
18,9%
-11,8%
-13,8%
-50 bps
Adjusted Net Operating Revenues
Net Income
(-) Present Value Adjustment
(-) Non Recurring Net Result*
Adjusted Net Income
Adjusted Net Margin
226.475
41.423
-1.872
0
43.295
19,1%
218.594
33.126
2.091
790
30.245
13,8%
3,6%
25,0%
-189,5%
43,1%
530 bps
258.412
48.055
-3.625
0
51.680
20,0%
-12,4%
-13,8%
-48,4%
-16,2%
-90 bps
(R$ 000)
* Lawsuit favourable to Helbor.
RECEIVABLES
The total receivables, net of PVA and Loan Losses Provisions (LLP), reached R$ 1.058 billion in 1Q11, R$ 922.8 million
refers to the units under construction, R$ 114.7 million refers to the completed units and R$ 20.9 million in other credits.
The evolution of the receivables of completed units is consistent with the developments delivered in the period, and
Helbor will continue its policy of transfer and securitization of receivables, thus preserving the liquidity of its balance
sheet.
The following tables present the opening of the receivables in 1Q11, 4Q10 and 1Q10:
R$ (000)
Accounts Receivables *
Developments Concluded
1Q11 x
1Q11
1Q10
1Q10
62.233
84,4%
958.285
685.582
39,8%
1.073.018
747.815
43,5%
-
-
-
(35.444)
(24.648)
43,8%
(35.444)
(24.648)
43,8%
2.547
153
1564,7%
18.372
4.744
287,3%
20.919
4.897
327,2%
117.280
62.386
88,0%
941.213
665.678
41,4%
1.058.493
728.064
45,4%
Other Credits
R$ (000)
Accounts Receivables *
Developments Concluded
1Q11 x
1Q11
4Q10
4Q10
114.733
-
Present Value Adjustments
132.248 -13,2%
-
-
In Construction
1Q11 x
1Q11
4Q10
4Q10
Total Receivables on Balance
1Q11 x
1Q11
4Q10
4Q10
958.285
872.044
9,9%
1.073.018
1.004.292
6,8%
(35.444)
(33.524)
5,7%
(35.444)
(33.524)
5,7%
2.547
439 480,2%
18.372
3.677
399,6%
20.919
4.116
408,2%
117.280
132.687 -11,6%
941.213
842.197
11,8%
1.058.493
974.884
8,6%
Other Credits
Total
Total Receivables on Balance
1Q11 x
1Q11
1Q10
1Q10
114.733
Present Value Adjustments
Total
In Construction
1Q11 x
1Q11
1Q10
1Q10
* Net of provision for loan losses.
Página | 14
1Q11 Earnings Release
CASH AND INDEBTEDNESS
Cash and cash equivalents totalled R$ 275.4 million in the end of 1Q11, an increase of 83.9% into the balance in
comparison to the same period over the previous year. It is worth mentioning that the company doesn´t have any
operation with financial instruments for the sole purpose of speculation.
At the end of the first quarter of 2011, indebtedness totalled R$ 604.3 million, an increase of 61.6% over the same period
in 2010. In the annual comparison, the growth of debt is due mostly to the increase of the balance of financing under
construction, reflecting the growth of developments launched in recent years and the issuance of a debenture of R$ 90
million in 4Q10 . Additionally, 40.5% of the Company's debt is long term.
The following table shows the balance of loans, construction work financing, debentures, and the breakdown of short
and long term from 1Q11, 1Q10 and 4Q10:
Indebtedness R$ (000)
Loans
Construction Financing
Debentures
Total Debt
Short Term
Long Term
1Q11
1Q10
1Q11 x
1Q10
4Q10
1Q11 x
4Q10
253
410.455
193.639
604.347
359.658
244.689
4.217
244.528
125.327
374.072
241.892
132.180
-94,0%
67,9%
54,5%
61,6%
48,7%
85,1%
1.458
342.019
207.809
551.286
292.479
258.807
-82,6%
20,0%
-6,8%
9,6%
23,0%
-5,5%
The construction financing has interest rates of 10.5% p.a. indexed by TR (referential interest rate in Brazil), and have
collateral of the mortgage from the respective units. Ours loans have rates between 1.35%% per month, with dues up to
March 2011 and debentures pay interest of 106.5% from CDI (Brazilian interbank interest rate).
The debentures issued on October 2010 have interest of CDI plus 1.80% p.a.
The graphic below details the amortization schedule of our short and long term debt, as of the end of March, 2011:
Amortization Schedule - Debentures (R$ 000)
55.387
41,118
41,118
2013
2014
35,457
20,559
2011
2012
From 2015 on
Página | 15
1Q11 Earnings Release
Helbor’s net debt reached 44.3% of its shareholder´s equity (-11.0% excluding construction financing that has collateral
with the receivables), representing a solid capital structure with low leverage, allowing new capitalization if necessary.
The table below details the Net Debt reconciliation, regarding the ending of 1Q11, 1Q10 and 4Q10:
Indebtedness R$ (000)
Total Indebtedness
Cash and Cash Equivalents
Net Debt
Construction Financing
Net Debt (ex-SFH) ¹
Shareholder´s Equity
Net Debt / Shareholder´s Equity
Net Debt (ex-SFH) ¹ / Shareholder´s Equity
1Q11
1Q10
604.347
275.367
328.980
410.455
(81.475)
742.576
44,3%
-11,0%
374.072
149.748
224.324
244.528
(20.204)
538.757
41,6%
-3,8%
1Q11 x
1Q10
61,6%
83,9%
46,7%
67,9%
303,3%
37,8%
270 bps
-720 bps
4Q10
551.286
304.539
246.747
342.019
(95.272)
701.153
35,2%
-13,6%
1Q11 x
4Q10
9,6%
-9,6%
33,3%
20,0%
-14,5%
5,9%
910 bps
260 bps
¹ Indebtedness without the construction financing expenses that has collateral with the receivables
Página | 16
1Q11 Earnings Release
GLOSSÁRIO
Backlog of Results – As a result of the Percentage of Completion Method of recognizing revenues, we recognize
revenues and expenses over a multi-year period for each residential unit we sell. Our backlog of results represents
revenues minus costs that will be incurred in future periods from past sales.
Backlog Revenues – As a result of the Percentage of Completion Method of recognizing revenues, we recognize
revenues over a multi-year period for each residential unit we sell. Our backlog represents revenues that will be
incurred in future periods from past sales.
Backlog Margin – Equals to “Backlog of results” divided “Backlog of Revenues” to be recognized in future periods.
PoC Method – Under Brazilian GAAP, real estate development revenues, costs and related expenses are recognized
using percentage-of-completion (“PoC”) method of accounting by measuring progress towards completion in terms of
actual costs incurred versus total budgeted expenditures for each stage of a development.
Commercial – Commercial units for the sole purpose of sales.
High Income – Residential building with price per unit between R$ 1 million and R$ 2 million.
Ultra High Income – Residential building with price per unit above R$ 2 million.
Land Bank – Land that Helbor holds for future development paid either in Cash or through swap agreements.
Lots (Urbanized Lots) – land subdivisions, or lots.
Mid High (Middle High) – Residential building with price per unit between R$600,000 thousand and R$ 1 million.
Mid (Middle Income) – Residential building with price per unit between R$250,000 and R$600,000 thousand.
Mid Low (Middle Low) – Residential building with price per unit up to R$250,000 thousand.
Pre-Sales – Contracted pre-sales are the aggregate amount of sales resulting from all agreements for the sale of units
entered into during a certain period, including new units and units in inventory. Contracted pre-sales will be recorded as
revenue as construction progresses (PoC method).
PSV – Potential Sales Value.
Swap Agreements – A system in which we grant the land-owner a certain number of units to be built on the land or a
percentage of the proceeds from the sale of units in such development in exchange for the land. By acquiring land
through this system, we intend to reduce our cash requirements and increase our returns.
SFH Funds – Funds from SFH are originated from the Governance Severance Indemnity Fund for Employees (FGTS) and
from savings accounts deposits. Banks are required to invest 65% of the total savings accounts balance in the housing
sector, either to final customers or developers, at lower interest rates than the private market.
SCPE – Entity created for a specific purpose of incorporate a real estate development. According to the Brazilian
corporate Law, they can be many entities, including, without limitation, silent partnerships (SCPs) and limited
companies.
Silent Partnership (SCP) – Silent partnership which we develop our projects.
Página | 17
1Q11 Earnings Release
APPENDIX I – DEVELOPMENTS (% Sold is net of swaps agreements and sales cancelled)
Launching
Estimated
Delivery
Location
Income
Segment
# of Units
# of Units
Net|*
Helbor Home Flex
Gonzaga
Oct-06
Delivered
Santos
Mid
144
144
Helbor Infinite
Oct-06
Delivered
São Paulo
Mid
98
98
New Bussines Style
Nov-06
Delivered
Goiânia
Commercial
195
153
Helbor Resort
Reserva do Mar
Dec-06
Delivered
Bertioga
Mid
108
108
Esplanada Life Club
Dec-06
Aug-11
S. José dos
Campos
Mid High
208
190
Residencial Helbor
Acqualife
Dec-06
Delivered
São Paulo
Mid High
150
128
Absolute Business
Style
Apr-07
Delivered
Goiânia
Commercial
222
221
Helbor Espaço e
Vida Pacaembú
May-07
Delivered
São Paulo
Mid
116
116
Coral Gables
May-07
Delivered
Santos
Mid High
192
192
Helbor Trend Jardins
Jun-07
Delivered
São Paulo
Mid
118
88
Helbor Victoria
Home Club
Jul-07
Delivered
Joinville
Mid High
69
69
Alpha Park
Sep-07
Delivered
Salvador
Mid
174
174
Vivere Ibirapuera
Sep-07
Delivered
São Paulo
Mid High
38
32
Helbor Tendence
Oct-07
Delivered
São Paulo
Mid High
54
52
Pensilvania By
Helbor
Oct-07
Delivered
São Paulo
Mid High
40
35
Condominium
Parque Club
Nov-07
May-11
São Paulo
Mid
714
714
Helbor Reserva do
Itapety
Dec-07
Aug-11
Mogi das
Cruzes
Mid
154
154
Green Lifestyle
Dec-07
Delivered
Goiânia
Mid
180
163
Cap Ferrat
Dec-07
May-11
Santos
Mid High
140
124
Helbor Horizons
Dec-07
Delivered
São Paulo
Mid High
46
41
Chateau Flamboyant
Apr-08
Aug-11
Goiânia
Mid High
57
51
Bella Città
May-08
Jan-11
Mogi das
Cruzes
Lots
653
625
Helbor Trend
Pacaembu
May-08
Jul-11
São Paulo
Mid High
168
101
Felice Parque da
Moóca
Jun-08
Jun-11
São Paulo
Mid High
56
56
Helbor Home Clube
Itapety
Jun-08
Aug-11
Mogi das
Cruzes
Mid High
176
154
Breeze Life Style
Aug-08
Sep-11
Goiânia
Mid High
108
93
Privilège Liceu
Sep-08
Aug-11
Campinas
Mid High
116
116
Development
Total Helbor´s
PSV
PSV
(R$ 000) (R$000)
28.000
22.400
30.500
24.400
44.987
26.992
22.500
22.500
71.992
64.793
89.916
89.916
27.935
11.174
47.119
47.119
94.934
85.441
30.815
22.980
35.056
28.045
38.437
24.984
26.922
26.922
61.746
61.746
25.175
21.854
207.000
103.500
60.013
60.013
35.000
24.500
108.925
98.033
28.622
28.622
28.000
19.600
41.000
7.245
35.600
21.600
23.600
14.160
68.100
68.100
28.157
19.710
% Sold
% of
Construction
100%
100%
100%
100%
97%
100%
98%
100%
99%
99%
100%
100%
73%
100%
99%
100%
99%
100%
100%
100%
100%
100%
87%
100%
100%
100%
100%
100%
100%
100%
93%
99%
94%
96%
83%
100%
95%
98%
100%
100%
55%
84%
100%
-
100%
88%
86%
96%
93%
96%
55%
79%
100%
87%
Página | 18
1Q11 Earnings Release
Ekobé Espaço e Vida
Sep-08
Jan-11
Taubaté
Mid High
128
128
Vision Du Parc
Sep-08
Aug-11
Goiânia
Mid High
39
39
Helbor Sur La Citè
Oct-08
Jul-11
São Paulo
High
34
34
Bella Città –
Villaggio 1
Nov-08
Jan-11
Mogi das
Cruzes
Lots
201
181
Helbor Magnifiquè
Nov-08
Nov-11
Joinville
Mid High
102
98
Splendido Life Style
Nov-08
Sep-11
Brasília
Mid High
47
47
Helbor Ipoema
Nov-08
Aug-11
Mogi das
Cruzes
Mid Low
194
165
Helbor Offices Vila
Rica
Dec-08
Dec-11
Santos
Commercial
661
507
Bella Città –
Villaggio 2
Dec-08
Jan-11
Mogi das
Cruzes
Lots
226
204
Helbor Encanto Bela
Vista
Dec-08
Dec-11
Santo André
Mid High
38
38
L'art Vila Rica
Feb-09
Jan-12
Santos
High
22
22
Bossa Nova Lifestyle
Feb-09
Oct-11
Goiânia
Mid High
116
116
Helbor Home Flex
Cambuí
Feb-09
Feb-12
Campinas
Mid High
84
84
Helbor Tresór
Moema
Mar-09
Nov-11
São Paulo
High
21
13
Helbor Offices Norte
Sul
Apr-09
Apr-12
Campinas
Commercial
238
232
Chateau
Bougainville
Apr-09
Mar-12
Goiânia
Mid-High
50
45
Helbor Bella Vita 1
May-09
Apr-12
São Paulo
Mid
168
137
Helbor The Stage
Jun-09
Jun-12
São Paulo
High
21
13
Helbor Bella Vita 2
Jun-09
May-12
São Paulo
Mid
192
157
Helbor Belvedere Jd.
das Colinas
Jun-09
Jun-12
S. José dos
Campos
Mid-High
216
202
Helbor Spazio Vitta
Jul-09
Jul-12
São Paulo
Mid
278
278
Helbor Offices São
Paulo
Aug-09
Aug-12
São Paulo
Commercial
140
140
Helbor Offices Jd.
das Colinas
Aug-09
Aug-12
S. José dos
Campos
Commercial
368
296
Helbor Trend
Joinville
Sep-09
Sep-12
Joinville
Mid
102
102
Parque das Águas
Empresarial
Oct-09
Nov-11
São Gonçalo
Commercial
336
336
Helbor Offices São
Caetano
Oct-09
Oct-12
São Caetano
do Sul
Commercial
278
278
Helbor Giardino
Bella Vita
Oct-09
Oct-12
São Paulo
Mid
216
176
Helbor Trend Santos
Dumont
Oct-09
Sep-12
Fortaleza
Mid
88
88
49.717
49.717
55.967
44.774
33.500
23.450
36.017
35.657
12.537
2.215
84.111
75.700
28.627
20.039
33.950
23.765
114.837
91.869
12.978
2.293
26.392
26.389
30.064
24.051
39.704
27.793
17.562
17.562
29.610
17.766
46.275
46.275
38.825
27.178
27.746
27.746
40.553
24.332
32.627
32.627
137.831
137.831
89.249
89.249
32.388
32.388
52.008
52.008
35.830
32.247
39.596
27.717
47.916
47.916
48.940
48.940
22.254
20.029
64%
65%
74%
87%
100%
85%
99%
-
61%
65%
91%
80%
98%
69%
100%
63%
99%
-
100%
69%
59%
62%
78%
74%
100%
70%
69%
71%
100%
46%
71%
70%
99%
47%
100%
35%
99%
42%
100%
45%
98%
35%
100%
15%
100%
31%
98%
32%
70%
48%
100%
8%
100%
20%
99%
11%
Página | 19
1Q11 Earnings Release
Helbor True Perdizes
Nov-09
Oct-12
São Paulo
Mid High
30
21
100%
16%
Helbor Espaço &
Vida Ipoema
Dec-09
Nov-12
Mogi da
Cruzes
Mid Low
240
218
100%
12%
Helbor Ampliatto
Dec-09
Nov-12
São Paulo
Mid
138
136
100%
5%
Jazz Life Style
Dec-09
Dec-12
Goiânia
Mid High
73
62
73%
20%
Helbor Prime Hauss
Dec-09
Nov-12
Joinville
Mid High
68
68
100%
28%
Helbor Home Flex
Pacaembu
Jan-10
Jan-13
São Paulo
Mid
192
152
100%
6%
Helbor Park
Elegance
Jan-10
Jan-13
Cuiabá
Mid High
68
65
80%
20%
Helbor Home Club
Itajai
Feb-10
Feb-13
Itajaí
Mid
184
180
58%
0%
Helbor Espaço e
Vida Ipoema 2
Mar-10
Feb-13
Mogi das
Cruzes
Mid Low
240
218
100%
5%
Helbor Sunshine
Gonzaga
Mar-10
Mar-13
Santos
Mid
82
82
99%
11%
Isla Life Style
Mar-10
Jun-13
Brasília
Mid
586
586
99%
9%
Helbor Offices São
Paulo II
Jun-10
Jun-13
São Paulo
Commercial
230
230
100%
27%
Helbor Offices
Champagnat
Jun-10
Jun-13
Curitiba
Commercial
292
246
98%
11%
Double Life Ecoville
Jul-10
Jun-13
Curitiba
High
58
46
39%
15%
Comfort Stay
Verano
Jul-10
Feb-13
Rio de
Janeiro
Mid
338
338
106.953
100%
0%
Comercial Casa das
Caldeiras
Aug-10
Jul-13
São Paulo
Commercial
535
535
225.437
112.719
100%
0%
Residencial Casa das
Caldeiras
Sep-10
Dec-13
São Paulo
Mid High
384
384
344.528
172.264
100%
0%
Helbor Trend Vila da
Serra
Sep-10
Sep-13
Nova Lima
Mid
96
76
28.401
28.401
100%
0%
Vitta Parque
Oct-10
Oct-13
Diadema
Mid
342
336
96%
1%
Edition Vila Nova
Nov-10
Sep-13
São Paulo
High
28
28
46%
0%
Helbor New Tatuapé
Dec-10
Nov-13
São Paulo
Mid
76
74
97%
0%
Helbor L'Alto
Perdizes
Dec-10
Jan-14
São Paulo
High
48
43
56%
0%
Helbor Offices
Joinville
Dec-10
Nov-13
Joinville
Commercial
241
236
85%
0%
Helbor Spazio Club
Alto do Ipiranga
Dec-10
Jan-14
Mogi das
Cruzes
Mid
184
184
99%
1%
Helbor Jardins
Ipoema
Mar-11
May-14
Mogi das
Cruzes
Mid Low
240
216
88%
0%
13.961
13.961
39.860
39.860
45.123
45.123
36.905
25.834
36.704
33.034
39.348
39.348
46.789
42.110
77.376
69.638
42.205
42.205
43.536
39.182
202.534
101.267
71.153
49.807
54.276
43.421
49.328
39.462
117.834
74.867
58.917
37.241
26.069
40.360
28.252
52.649
52.649
51.619
51.619
67.588
67.588
51.548
41.238
Página | 20
1Q11 Earnings Release
APPENDIX II – INCOME STATEMENT
R$ (000)
Gross Operating Revenues
Real Estate Development and Sales
(+/-) Present Value Adjustments
(-) Sales Deduction
(-) Sales Taxes
Management Fees
Net Operating Revenues
Operating Costs
Properties Sales
Gross Profit
Operating Income (Expenses)
General and administrative expenses
Commercial expenses
Financial expenses
Financial income
Other operating income (expenses)
Operating Income before equity investments
Income from equity investments
Equity Equivalence
Goodwill amortization
Profit Before Income Tax And Social Contribution
Income tax and social contribution
Net Income
Net Income attributable to:
Non controlling Shareholder
Controlling Shareholder
1Q11
1Q10
1Q11 x
1Q10
4Q10
1Q11 x
4Q10
(5.695)
(8.108)
884
224.603
(159.609)
(159.609)
64.994
4,6%
275.275 -12,7%
4,4%
275.254 -13,0%
2.091
(3.625)
-48,4%
189,5%
(3.475)
63,9%
(7.846)
-27,4%
(7.675)
5,6%
(9.017)
-10,1%
541
63,4%
21
4109,5%
220.685
1,8%
254.787 -11,8%
(152.038) 5,0% (178.453) -10,6%
(152.038) 5,0% (178.453) -10,6%
68.647
-5,3%
76.334
-14,9%
(10.401)
(13.099)
(3.241)
14.407
540
(11.794)
53.200
(8.041)
(17.091)
(2.424)
5.954
1.062
(20.540)
48.107
29,3%
-23,4%
33,7%
142,0%
-49,2%
-42,6%
10,6%
(9.363)
(14.182)
(5.185)
17.404
(1.167)
(12.493)
63.841
11,1%
-7,6%
-37,5%
-17,2%
-146,3%
-5,6%
-16,7%
0
(938)
(938)
52.262
(8.827)
43.435
0
(4.941)
(4.941)
43.166
(7.495)
35.671
-81,0%
-81,0%
21,1%
17,8%
21,8%
0
(1.999)
(1.999)
61.842
(10.402)
51.440
-53,1%
-53,1%
-15,5%
-15,1%
-15,6%
(2.012)
41.423
(2.545)
33.126
-20,9%
25,0%
(3.385)
48.055
-40,6%
-13,8%
240.278
239.394
(1.872)
229.744
229.203
Página | 21
1Q11 Earnings Release
APPENDIX II – BALANCE SHEET
ASSETS (R$ 000)
Current assets
Cash and cash equivalents
Accounts receivable
Properties for sale
Recoverable taxes and contributions
Sales expenses to appropriate
Third Parties
Other assets
Total current assets
Non-current assets
Long term assets
Accounts receivable
Properties for sale
Loans
Judicial deposits
Other assets
Fixed assets
Intangible
Total non-current assets
Total assets
LIABILITIES (R$ 000)
Current liabilities
Loans, financing and debentures
Suppliers
Labor and tax liabilities
Deferred taxes and contributions
Advances from clients
Creditors under committed properties
Accounts payable
Acquisition of partnership
Dividends payable
Total current liabilities
Non-current liabilities
Long Term liabilities
Loans, financing and debentures
Deferred taxes and contributions
Advances from clients
Creditors under committed properties
Accounts payable
Acquisition of partnership
Provision for contingencies
Debt with SCPs participants
Total non-current liabilities
1Q11
1Q10
275.367
652.642
669.604
4.880
40.667
0
5.007
1.648.167
149.748
428.094
352.740
3.119
31.530
4.672
969.903
1Q11 x
1Q10
83,9%
52,5%
89,8%
56,5%
29,0%
4Q10
1Q11 x
4Q10
304.539
641.746
589.664
4.553
39.402
0
3.045
1.582.949
-9,6%
1,7%
13,6%
7,2%
3,2%
405.851
299.970
35,3%
333.138
175.945
12.096
1354,6% 144.482
20.396
0
0
2.645
1.684
57,1%
2.045
10
1.031
-99,0%
495
604.847
314.781
92,1%
480.160
12.925
15.549
-16,9%
13.085
22.071
26.309
-16,1%
23.022
639.843 356.639
79,4%
516.267
2.288.010 1.326.542 72,5% 2.099.216
21,8%
21,8%
29,3%
-98,0%
26,0%
-1,2%
-4,1%
23,9%
9,0%
7,2%
69,9%
64,4%
4,1%
1Q11
1Q10
1Q11 x
1Q10
4Q10
1Q11 x
4Q10
359.658
51.573
13.512
42.163
96.842
52.882
16.724
1.434
51.886
686.674
241.892
43.651
7.548
28.239
60.048
5.430
16.512
13.598
22.421
439.339
48,7%
18,1%
79,0%
49,3%
61,3%
873,9%
1,3%
-89,5%
131,4%
56,3%
292.479
54.061
16.627
42.413
89.713
51.537
13.581
2.386
51.886
614.683
23,0%
-4,6%
-18,7%
-0,6%
7,9%
2,6%
23,1%
-39,9%
0,0%
11,7%
244.689
26.960
465.417
42.967
4.828
17.190
10.707
14.578
827.336
132.180
19.086
135.926
1.988
1.296
15.318
8.363
22.931
337.088
85,1%
41,3%
2061,3%
272,5%
12,2%
28,0%
-36,4%
145,4%
258.807
22.712
408.357
14.241
5.164
17.319
10.003
20.103
756.706
-5,5%
18,7%
14,0%
201,7%
-6,5%
-0,7%
7,0%
-27,5%
9,3%
Página | 22
1Q11 Earnings Release
Shareholder's Equity
Capital
(-) Cost in the Helbor's stock emission
Legal Reserve
Income Reserve
Minority Interest
Total Liabilities and Net Worth
0
0
490.941
425.591
-13.236
-13.236
15.781
33.126
249.090
93.276
31.424
11.358
774.000 550.115
2.288.010 1.326.542
15,4%
0,0%
-52,4%
167,0%
176,7%
40,7%
72,5%
0
490.941
-13.236
15.781
207.667
26.674
727.827
2.099.216
0,0%
0,0%
0,0%
19,9%
17,8%
6,3%
9,0%
Página | 23
1Q11 Earnings Release
APPENDIX IV – CASH FLOW
(R$ 000)
Operating flow
From operations
Net income of the period
Cash and Cash equivalents from operations adjustments
Depreciation and amortization
Present Value Adjustment
Provision for contingencies
Deferred taxes and contributions
Interest expenses
Financial charges
Goodwill amortization
Equity Income
Assets and Liabilities variation
Accounts receivable
Properties for sale
Recoverable taxes and contributions
Expenses with sales to be appropriated
Judicial deposits
Other Assets
Suppliers
Labor and tax liabilities
Advances from clients
Creditors under committed property
Ownership acquisitions
Accounts payable
Income Tax and Social Contribution Payed
Payment of interest on loans and financing
Net Cash from operating activities
Cash flow from investment activity
Increase on Intanginbles
Increase of fixed assets
Net Cash from investment activity
Cash flow from investment activity
Funding of loans and financing
Loans
Payment of nominal on loans and financing
Dividends payable
Capital Increase
Decrease in SCPs
Increase (Decrease) of minority stake
Decrease (Increase) of related parties
Liabilities decrease - related parties
Net cash from third parties financing
Decrease from Cash and Cash equivalents
Cash and cash equivalent
At the beginning of the period
At the end of the period
Reduction of cash and cash equivalent
1Q11
1Q10
1Q11 x 1Q10
52.262
3.807
1.872
704
459
5.016
(3.162)
(396)
-
43.166
4.268
(2.091)
399
4.534
5.403
1.782
4.941
-
21,1%
0,0%
-10,8%
-189,5%
76,4%
-89,9%
-7,2%
-277,4%
-108,0%
-
(85.481)
(108.241)
(327)
(1.265)
(600)
(1.477)
(2.488)
333
64.189
30.071
(1.081)
2.807
(8.736)
(9.275)
(61.009)
(123.274)
22.672
134
(6.452)
(1.427)
461
733
969
(4.278)
13.679
5.165
(3.478)
(7.230)
(39.924)
-30,7%
-577,4%
-344,0%
-80,4%
3,5%
-639,7%
-54,6%
6524,3%
-802,9%
-107,9%
-45,7%
151,2%
28,3%
52,8%
13
(2.709)
(2.696)
(5.070)
(3.664)
(8.734)
-100,3%
-26,1%
-69,1%
96.038
(20.000)
(38.718)
(6.239)
3.452
34.533
(29.172)
55.374
(36.710)
84.650
(535)
1.888
104.667
56.009
73,4%
5,5%
-100,0%
1066,2%
82,8%
-67,0%
-152,1%
304.539
275.367
(29.172)
93.739
149.748
56.009
0,0%
224,9%
83,9%
-152,1%
Página | 24