Microsoft PowerPoint - Teleconfer\352ncia 2T14 ING F

Niemeyer Monumental – Niterói, RJ
August 01, 2014
2Q14 Conference
Call
Highlights
2Q14
Atypical quarter;
Postponement of launches;
Ongoing reduction of execution risk;
Higher efficiency in mortgage transfers;
Constant cash burn;
Success in debt rollovers and new financing lines.
Fonte: PDG
2
Operational Data
2Q14 Launches
Artisan
Local
Segment
% PDG
Launch
PSV % PDG
São Paulo / SP
High Income
100%
Apr-14
R$ 74.2
Vila Nova Sabará
Niemeyer Monumental
Local
Segment
% PDG
Launch
PSV % PDG
Niterói / RJ
Commercial
80%
Apr-14
R$ 199.7
Local
Segment
% PDG
Launch
PSV % PDG
São Paulo / SP
Mid Income
50%
May-14
R$ 53.4
Fonte: PDG
3
Operational Data
2Q14 Launches
Jardim das Perdizes - Timelife
Local
Segment
% PDG
Launch
PSV % PDG
São Paulo / SP
Mid-High
25%
May-14
R$ 48.2
Jardim das Perdizes - Office Time
Local
Segment
% PDG
Launch
PSV % PDG
São Paulo / SP
Commercial
25%
May-14
R$ 48.0
Buona Vita Atibaia
Local
Segment
% PDG
Launch
PSV % PDG
Atibaia / SP
Land Plot
100%
May-14
R$ 59.5
Fonte: PDG
4
Operational Data
3Q14 Launches
Recent Launch
Next Launch
Prix
Fonte: PDG
Local
Segment
% PDG
Launch
PSV % PDG
São Paulo / SP
HMP / HIS
100%
Jul-14
R$ 30.2
Gran
Local
Segment
% PDG
Launch
PSV % PDG
Rio de Janeiro / RJ
Média Renda
100%
Aug-14
R$ 105.0
5
Operational Data
Sales
Gross Sales
Inventory vs. Launch
Net Sales
Performance
(R$mm)
(R$mm)
1,196
1,437
554
853
223
+18%
813
-8%
658
150
563
39
480
883
630
664
2Q13
3Q13
Inventory
4Q13
418
149
383
276
524
510
1Q14
2Q14
2Q13
3Q13
4Q13
1Q14
2Q14
Launch
6
Operational Data
Cancelled Sales and Resale of Units
Average Resale Aging
Resold PSV
(12 months)
(R$ mm - 12 months)
878.2
Jul 13 - Jun 14
100%
90%
79%
80%
72%
70%
75%
81%
76%
67%
62%
58%
60%
50%
50%
42%
40%
764.3
27%
30%
20%
10%
6%
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10Month 11Month 12
PSV Cancelled
Resold PSV
7
Operational Data
Inventory
Inventory Units
Inventory at Market Value
5,052
16,014
4,635
2,245
4,014
1,207
3,744
3,519
1,547
1,836
1,606
2Q13
13,769
3,088
3Q13
-0.3%
2,342
1,914
1,909
4Q13
1Q14
2Q14
To be concluded after 2014
13,914
4,609
12,078
11,805
4,503
5,192
4,764
1,672
3,846
16,130
To be concluded in 2014
2Q13
11,521
3Q13
To be concluded after 2014
9,150
4Q13
-12.7%
7,575
6,613
1Q14
2Q14
To be concluded in 2014
8
Operational Data
On-Going Construction Works
Construction Works in Progress
Occupancy Permit Schedule
148
21
91
21
59
19
127
70
40
3Q14
4Q14
1Q15
Launches from 2013 onwards
41
18
23
2Q15
27
17
10
20
16
4
3Q15
4Q15
Launches before 2013
Note: Projects under PDG´s management.
9
Operational Data
Mortgage Transfer
Mortgage Transfer Quarter
3,803
3,707
3,683
3,547
3,571
3,339
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
10
Financial Data
G&A
Administrative Headcount
G&A Trends
109.4
2,238
1,991
1,926
99.4
1,882
1,602
95.2
-9.1%
91.8
91.2
-4.2%
-4.2%
2Q13
3Q13
4Q13
0.7%
1Q14
2Q14
Jun 13
Sep 13
Dec 13
Mar 14
Jun 14
11
Financial Data
Indebtedness
Cash Burn Trends
1Q13
2Q13
3Q13
4Q13
-17
1Q14
2Q14
-48
-31
-29
-32
-29
-160
-277
-323
-402
Net Debt+ Cost to be Incurred
(R$mm)
-77
-92
13.1
12.3
11.8
11.0
7.1
6.0
5.1
-5
-25
-432
Cash Consuption
REP
Dividends
Sale of Domo Corporate
10.2
9.7
4.0
3.7
3.1
2.5
-13
-290
-8
-331
10.7
-177
(R$bn)
5.9
6.3
6.7
7.0
7.0
7.1
7.2
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
Financial Net Debt
Cost to be incurred
12
Informações Financeiras
Endividamento
Refinance Necessity
(R$mm)
129
The advanced
negotiations of new
credit lines outweigh
the quarter´s needs.
612
1,229
435
53
2014 total
maturity
1Q & 2Q rollover Amortized with
CRI
new credit lines
3Q14
4Q14
Fonte: PDG
13
Financial Data
Backlog Results
Backlog Results (REF)
+170 bps
29.9%
29.4%
28.8%
28.7%
+50 bps
+60 bps
28.2%
+10 bps
+50 bps
2Q13
3Q13
4Q13
1Q14
2Q14
14
Financial Data
Income Statement
Income Statements (R$ '000)
2Q14
925,993
(731,141)
194,852
2Q13
1,140,629
(936,273)
204,356
Gross margin
21.0%
17.9%
(%) Var.
-19%
-22%
-5%
3.1 pp
Adjusted gross margin (1)
29.1%
27.0%
2.1 pp
32,396
(91,811)
(47,305)
(4,244)
(17,651)
(16,698)
(127,313)
(272,626)
(77,774)
24,341
(109,422)
(56,083)
(2,607)
(35,937)
(70,292)
(38,210)
(288,210)
(83,854)
33%
-16%
-16%
63%
-51%
-76%
n.m
-5%
0%
-7%
(31,211)
(10,284)
n.m
(108,985)
(94,138)
16%
Minority interest
(26,338)
(10,776)
144%
Net Income (loss)
(135,323)
(104,914)
-14.6%
-9.2%
29%
-5.4 pp
Operating Net Revenue
Cost of sold properties
Gross Income
Operating Revenues (expenses):
Equity Income
General and Administrative
Commercial
Taxes
Depreciation & Amortization
Other
Financial Result
Total operating revenues (expenses)
Income before taxes
Income Taxes and Social Contribution
Income before minority stake
Net margin
(1) Adjusted by interest expenses in cost of sold units and recognition of goodwill
15
Niemeyer Monumental – Niterói, RJ
August 01, 2014
2Q14 Conference
Call