Public Meeting
Transcrição
Public Meeting
Public Meeting September 2010 Agenda Company Profile EZTEC’s Business Model Financial Performance Disclaimer: This presentation contains forward-looking statements and information related to EZTEC reflecting the current outlook and/or prospects of the Company and its Management concerning its performance, operations and future events. These are merely projections and as such are subject to risks, uncertainties and future events. Investors should be aware that various important factors could lead to results materially different from the plans, objectives, expectations, projections and intentions expressed herein. Under no circumstances are the Company, its subsidiaries, directors, officers, agents or employees responsible for any investment decision taken by third-parties (including investors) based on the information and statements contained herein, or for any resulting, corresponding or specific damages. 2 Company History 1S10 – Record of launches and profits. Guidance of Launches: R$700-R$900MM; Gross Margin:>40%; Net Margin:>30%. July/2006 – Foundation of EZTEC S.A. 87 110 67 23 72 248 384 535 2005 – TEC Vendas (In House Broker) is founded. 454 1979 – EZ TEC Engenharia Ltda is founded. 488 June/2007 – IPO and entrance in Novo Mercado Launches (%EZTEC) - R$MM 1964 – First Incorporation of Mr. Ernesto Zarzur: Edifício Marcelo São Paulo / SP 1979 -2000 – Launch of 3,258 units, distributed in 19 projects 2003 – Mustique Winner of Folha Qualidade Award (Project of the Year). Nov/2008 – At the height of the crisis, launches successfully the High-End Chácara Sant’Anna. May/2009 – Capital : PSV of R$235 million; 90% sold in 2 days; Máster Imobiliário Award. 3 High Profitability Model Net Margin Sector 14.4% +19.8 p.p Net Margin Above Average 34.2% EZTEC Asset Turnover Fast Asset Turnover +1.9 p.p 24.7% Sector 26.6% EZTEC Leverage 235.3% Sector Low Leverage EZTEC 124.1% -111.2 p.p ROE Sector High Profitability EZTEC 17.4% +6.4 p.p 23.8% *Comparison of EZTEC’s reported results and the results reported by the industry in the 1H10. 4 Integrated Business Model Launches by Standard (Since 2007) Commercial 19% High-End Residential 9% Sales (Brokerage) Administration Fee* (Builder) Mortgage Low-End Residential 3% 53% 47% TR+ 10.5% 8% Middle-End Residential 53% Middle-High Residential 16% IGPM+ 12.0% 0% Brokers In-House Partner In House Banks In House *Over construction cost Acquisition of Lots São Paulo Metropolitan Area – 19.1% of Brazil’s GDP; Project Demand analysis; Antecipation of trends; Acquisition by parts; Maximizing the use of the lots, respecting the law; Meeting minimum return requirements Projects with high quality; Payment in money; Brand recognition. Sale Construction In house team with 300 brokers; Better control of costs, schedule and quality; Differentiated brokerage fee; No administration fee; Demand confirmation; Promotion of sale of units in inventory. In house team with more than 1.000 employees help meeting delivery dates; Delivery On schedule, strengthening the brand; With quality inspection, reducing maintenance. Established strategic partnerships with supliers. 5 Focus on Middle-Income Middle-High and High-End | 19.9% Middle-High and High-End | 3.4% (>32MW) 32.3% Lower Middle-End| 28.9% (8 MW – 32MW) 67.9% Lower Middle-End | 48.0% Low-End | 67.6% (<8 MW) Low-End| 32.1% Demand (R$) #Families Families Monthly Wage(1) R$ Income more than R$32.000 more than 64 MW R$16.000 - R$32.000 32 MW - 64 MW R$8.000 - R$16.000 16 MW - 32 MW R$4.000 - R$8.000 8 MW - 16 MW R$2.000 - R$4.000 4 MW - 8 MW R$1.000 - R$2.000 2 MW - 4 MW less than R$1.000 less than 2 MW Total Number of Families (Million) (1) 2007 2030E Grow. % 0.0 0.3 1.1 3.3 8.4 15.5 31.7 60.3 (1) SOURCE: Fundação Getúlio Vargas and IBGE; (2) SOURCE: EZTEC estimate 0.3 1.3 4.3 11.0 21.8 27.6 29.1 95.4 0.3 0.8% 1.0 2.7% 3.2 8.5% 7.7 20.4% 13.4 35.5% 12.1 32.1% 37.7 100.0% Standard High-End Middle-High Middle End Lower Middle-End Low-End Low-End - Unit Price >R$ 1.000K R$ 500K-R$ 1.000K R$ 300K-R$ 500K R$ 120K-R$ 300K R$ 70K-R$ 120K <R$ 70K - Demand(2) Av. Price Total Market Market / y R$ 1,500K R$ 750K R$ 400K R$ 210K R$ 95K R$ 55K - R$ 450Bi R$ 750Bi R$ 1,280Bi R$ 1,617Bi R$ 1,273Bi R$ 666Bi R$ 6,036Bi R$ R$ R$ R$ R$ R$ 20Bi 33Bi 56Bi 70Bi 55Bi 29Bi R$ 262Bi % 7.5% 12.4% 21.2% 26.8% 21.1% 11.0% 100.0% 6 Agenda Company Profile EZTEC’s Business Model Financial Performance 7 Land Bank Breakdown Landbank represented own PSV of R$3.5 billion at the end of 2Q10; Average acquisition cost of 9.1% of PSV (including costs with expanding construction potential); Land Bank by Size (% EZTEC PSV) R$200 - R$500 million (3 projects) 36.80% R$50 - R$100 million (9 projects) 15.01% Net land bank position: 87.7% of lot acquisition cost already paid; R$100 - R$200 million (9 projects) 31.95% No exchange agreements. Land Bank by Standard (% EZTEC PSV) Commercial 32% Land Bank by Region (% EZTEC PSV) Low-End 2% Contryside 3% Low MiddleEnd 13% Shore 15% City of São Paulo 66% High-End 2% Middle HighEnd 14% SPMA (1) 16% Middle-End 37% Acquisition of Lots < R$50 million (18 projects) 16.24% Project ((1) Excludes the Municipality of São Paulo, i.e., corresponds to the other 38 municipalities of the São Paulo Metropolitan Area (SPMA). Sale Construction Delivery 8 Lots acquired in 2010 Lots EZTEC PSV Region Standard Adolfo Pinheiro São Paulo Middle 32.0 Biguaçu São Paulo Middle 54.5 Cel. J. Pires de Andrade São Paulo Middle 39.7 Horto II São Paulo Middle 8.8 José Bettio São Paulo Middle High-End 67.0 Jucumã São Paulo Middle High-End 24.0 Laguna São Paulo Middle High-End 110.1 Manoel Gaya São Paulo Middle 43.2 SPMA Middle 209.3 São Paulo Middle 24.6 Moinho Fabrini (2 phases) Maratona Total (R$ million) Middle High-End 32.8% Middle-End 67.2% 613.1 Moinho Fabrini – São Bernardo do Campo/SP Acquisition of Lots Lots by Standard (% EZTEC PSV) Project Laguna – Santo Amaro – São Paulo/SP Sale Construction Delivery 9 Anticipation of Trends Varanda Tremembé – Middle-End with barbecue grill in the Gourmet Terrace Sky Campo Belo – Compact High-End Residential Supéria Moema – Commercial with loft and Terrace Acquisition of Lots Project Royale Prestige – Kitchen integrated with Gourmet Terrace Sale Construction Delivery 10 Launches 2010 Clima Mascote Gran Village Club Launch: January/10 Launch: February/10 Standard: Middle-End Residential Standard: Middle-End Residential EZTEC PSV: R$90.6 million EZTEC PSV: R$77.6 million % Sold*: 99% % Sold*: 86% Massimo Residence Up Home Launch: March/10 Launch: April/10 Standard: Middle-End Residential Standard: Middle High-End Residential EZTEC PSV: R$28.8 million EZTEC PSV: R$63.7 million % Sold*: 77% % Sold*: 75% Prime House Sacomã Quinta do Horto Launch: May/10 Launch: May/10 Standard: Middle High-End Residential Standard: Middle-End Residential EZTEC PSV: R$65.0 million EZTEC PSV: R$38.6 million % Sold*: 71% % Sold*: 84% Sky Varanda Tremembé Launch: June/10 Launch: June/10 Standard: High-End Residential Standard: Middle-End Residential EZTEC PSV: R$136.6 million EZTEC PSV: R$34.3 million % Sold*: 64% % Sold*: 72% * Base Date: September 22th.2010 Acquisition of Lots Project Sale Construction Delivery 11 R$322.9 million of own PSV Upcoming Launches Art´E Sophis Location: São Paulo, SP Location: Jundiaí, SP Standard: High-End Residential Standard: Middle-End Residential Launch Preview: October/2010 Launch Preview: October/2010 EZTEC PSV: R$98.5 million EZTEC PSV: R$56.3 million Approved! Approved! Royale Prestige Gran Village V. Formosa Location: Santo André, SP Location: São Paulo, SP Standard: Middle High-End Residential Standard: Middle-End Residential Launch Preview: October/2010 Launch Preview: October/2010 EZTEC PSV: R$88.6 million EZTEC PSV: R$79.5 million Approved! Acquisition of Lots Project Sale Construction Delivery 12 Projects in Approval Process Region Standard EZTEC PSV (R$ million) São Paulo Commercial 170.8 Nova Bras Cubas II SPMA Low-End 18.9 Pereira Barreto II e III SPMA Middle High-End 83.4 Rua das Flechas II São Paulo Middle-End 47.3 Vergueiro São Paulo Commercial 65.0 Virginópolis São Paulo Middle-End 52.7 Projects for approval in 2010 Enxovia Region Standard EZTEC PSV (R$ million) Adolfo Pinheiro São Paulo Middle-End 32.0 Afonso Schimidt São Paulo Middle High-End 54.6 Biguaçu São Paulo Middle-End 54.5 Campos do Jordão Countryside Middle High-End 64.8 Cardeal Arco Verde São Paulo Commercial 40.4 Cel. J. Pires de Andrade São Paulo Middle-End 39.7 Jabaquara São Paulo Commercial 104.0 José Bettio São Paulo Middle High-End 67.0 Manoel Gaya São Paulo Middle-End 43.2 SPMA Middle-End 209.3 Moinho Fabrini (2 phases) Commercial 33% Low-End 2% Middle-End 42% 438.1 Total Projects for approval by June/2011 Projects by Standard (% EZTEC PSV) Total Middle High-End 23% Projects by Region (% EZTEC PSV) Countryside 6% SPMA 18% 709.3 *The projects above do NOT represent a guidance of launches, meaning only operational efforts in order to develop and approve the projects until June of 2011. After approval, launch will depend on demand to achieve a minimum sales level Acquisition of Lots Project Sale São Paulo 76% Construction Delivery 13 Brand Recognition Delivery on Schedule Brand Recognition = Value Creation High Quality Financial Strength Acquisition of Lots Project Sale Construction Delivery 14 Sales and Launches Sales - % EZTEC (R$MM) Launches - % EZTEC (R$MM) 535.2 426.9 317.3 247.6 252.8 2Q09 2Q10 1H09 1H10 Cumulative Sales- % EZTEC (R$MM) 306.9 338.2 361.3 2Q09 2Q10 1H09 Cumulative Launches - % EZTEC (R$MM) 564.8 350.0 426.9 357.9 384.0 436.6 505.8 535.2 2009 1H10 235.7 220.1 120.4 2005 1H10 86.9 2006 Acquisition of Lots 2007 2008 Project 2009 1H10 2005 Sale 2006 2007 Construction 2008 Delivery 15 EZTEC Brokerage Team Differentiated brokerage fee for the Sales – 1H10 in-house sales team; 2010 Launches In house team with 300 brokers; Increased sales velocity and price; 47% Inventory 53% 62% 38% Reduced use of selling expenses. Total 53% EZTEC 47% Brokers Share of Sales by EZTEC's In-House Team 2006 2007 EZTEC 19% 2008 EZTEC 39% Brokers 55% Brokers 61% Project 1H10 EZTEC 53% EZTEC 52% EZTEC 45% Brokers 81% Acquisition of Lots 2009 Sale Brokers 47% Brokers 48% Construction Delivery 16 Constant Campaigns to Sell Finished Units Terraço Anália Franco % of Inventory Sold*: 57.1% Splendor Tatuapé % of Inventory Sold *: 50.0% Splendor Vila Mascote % of Inventory Sold *: 20.0% Evidence % of Inventory Sold *: 25.9% Quality House Lapa % of Inventory Sold *: 43.8% Sports Village Ipiranga % of Inventory Sold *: 59.2% * Base Date: 22.September.2010 Acquisition of Lots Project Sale Construction Delivery 17 Execution Quality – Clima do Bosque Game Room In House Planning and Construction; Social and Environmental responsibility. Acquisition of Lots Project Sale Construction Delivery 18 Execution Quality – Sports V. Ipiranga Standard controls, ensuring profitability, quality and delivery on schedule; Budgets adjusted quarterly on financial statements. Pergola Acquisition of Lots Project Sale Construction Delivery 19 Execution Quality – Vidabella 22 projects under way (15 own projects / 7 outsourced to partners ) 4.436 units under construction. Party Room Living Square Acquisition of Lots Facade Project Sale Construction Delivery 20 Projects with Delivery in 2010 Clima do Bosque Evidence Delivery Date: June/10 Delivery Date : October/10 Standard: Middle-End Residential Standard: Middle-End Residential EZTEC PSV*: R$64.8 million EZTEC PSV *: R$33.8 million % Sold**: 83% % Sold**: 86% Sports Village Ipiranga Bell’Acqua Delivery Date : August/10 Delivery Date : October/10 Standard: Middle-End Residential Standard: Middle-End Residential EZTEC PSV *: R$64.8 million EZTEC PSV *: R$33.4 million % Sold**: 93% % Sold**: 86% Quality House Lapa Mundeo Delivery Date : September/10 Delivery Date : October/10 Standard: Middle-End Residential Standard: Commercial EZTEC PSV *: R$73.7 million EZTEC PSV *: R$22.1 million % Sold**: 97% % Sold**: 100% Clima do Parque * PSV at launch EZTEC PSV*: R$414.7 MM Units.: 1.704 Ville de France Delivery Date : September/10 Delivery Date : November/10 Standard: Middle-End Residential Standard: Middle Low-End Residential EZTEC PSV *: R$109.9 million EZTEC PSV *: R$12.1 million % Sold**: 91% % Sold**: 94% **Base Date: 22.September.2010 Acquisition of Lots Project Sale Construction Delivery 21 Agenda Company Profile EZTEC’s Business Model Financial Performance 22 Financial Performance Net Revenue (R$MM) Gross Income (R$MM) and Gross Margin (%) 140. 0 39.6% 42.6% 41.1% 43.4% 50. 0% 40. 0% 30. 0% 120. 0 20. 0% 10. 0% 0. 0% 100. 0 - 10. 0% - 20. 0% 300.9 - 30. 0% 80. 0 236.5 - 50. 0% - 60. 0% 97.1 60. 0 132.0 - 40. 0% 130.7 - 70. 0% - 80. 0% 160.0 40. 0 52.3 68.1 - 90. 0% - 100. 0% - 110. 0% - 120. 0% 20. 0 2Q09 2Q10 1H09 1H10 - 130. 0% 2Q09 2Q10 1H09 1H10 Gross Margin Net Income (R$MM) and Net Margin (%) 29.0% 35.3% 32.9% 34.2% Result (R$MM) and Margin to be Recognized (%) 50.7% 40. 0% 50.7% 51. 0% 30. 0% 20. 0% 100. 0 48.2% 400. 0 10. 0% 0. 0% 350. 0 49. 0% 46.8% - 10. 0% 47. 0% 80. 0 - 20. 0% - 30. 0% 300. 0 45. 0% - 40. 0% 60. 0 - 50. 0% 102.8 77.7 40. 0 250. 0 375.5 - 70. 0% - 80. 0% 291.4 200. 0 - 100. 0% 255.8 - 110. 0% 38.3 - 120. 0% 375.5 41. 0% - 90. 0% 56.4 20. 0 43. 0% - 60. 0% 39. 0% 150. 0 37. 0% - 130. 0% - 140. 0% 0. 0 - 150. 0% 2Q09 2Q10 1H09 Net Margin 1H10 100. 0 35. 0% 2Q09 2Q10 1Q10 2Q10 Margin to be Recognized (%) 23 Comparative with Peers* Gross Margin Selling Expenses / Net Revenue 43.4% 5.7% EZTEC SECTOR AVERAGE 4.0% 31.5% SECTOR AVERAGE Administrative Expenses / Net Revenue EZTEC Financial Result / Net Revenue 5.0% 6.5% 6.3% 0.2% SECTOR AVERAGE EZTEC SECTOR AVERAGE Net Margin EZTEC ROE 34.2% 23.8% 17.4% 14.4% SECTOR AVERAGE EZTEC *Comparison of EZTEC’s reported results and the results reported by the industry in the 1H10. SECTOR AVERAGE EZTEC 24 Guidance 2010 Launches 900.0 200.0 700.0 384.0 2007 436.6 2008 505.8 535.2 2009 1H10 2010E Margins Gross Margin: Minimum of 40% – 43.4% in 2Q10. Net Margin: Minimum of 30% – 34.2% in 2Q10. 25 Mercado de Capitais Information Potential Stock Upside Lançamentos Free-Float Total of Shares (excluding Treasury) (MM) Stock Price (R$) Market Cap (R$ MM) 26.70% 143.3 11.68 1,673.5 1,632.6 Enterprise Value (R$ MM) +31.3% Analyst Coverage 15.33 11.68 Stock Price Average Target Price 40. 0 Price vs. Earnings 25. 0 30. 0 35. 0 33.7 13.6 13.4 13.3 12.4 10.7 10.4 10.1 15. 0 15.1 9.0 8.9 7.9 6.6 5.6 TRIS3 CCIM3 0. 0 5. 0 15.7 10. 0 16.2 13.2 20. 0 19.8 SETOR RDNI3 GFSA3 MRVE3 INPR3 PDGR3 RSID3 BISA3 DIRR3 CYRE3 CRDE3 EVEN3 TCSA3 HBOR3 EZTC3 JHSF3 Share closing price of September 21th, and financial information from 1H10 26 DuPont Analysis – 1H10 45.0% Giro rápido com margem abaixo da média Giro rápido com margem acima da média High turnover with net margin below average High turnover with net margin above average 40.0% HBOR3; 39.5%, 276.2% EVEN3; 24.9%, 256.5% TRIS3; 16.7%, 234.4% 35.0% CRDE3; 7.8%, 199.7% Receita Líquida / Ativo Net Revenue / Asset 30.0% BISA3; 15.9%, 229.7% MRVE3; 23.5%, 182.2% DIRR3; 24.%, 165.9% EZTC3; 23.8%, 124.1% RSID3; 15.8%, 193.1% 25.0% Giro médio Average turnover GFSA3; 14.4%, 330.5% PDGR3; 16.5%, 226.6% CYRE3; 18.5%, 273.8% 20.0% CCIM3; 24.7%, 292.4% TCSA3; 19.1%, 255.5% RDNI3; 7.1%, 235.0% Empresa; ROE ; Alavancagem(Ativo / PL) Enterprise; ROE; Leverage(Asset / Book) JHSF3; 5.6%, 197.4% Giro lento com margem abaixo da média 10.0% Low turnover with net margin below average 0.0% 5.0% 10.0% Average Margin 15.0% Margem média INPR3; 4.8%, 244.2% Giro lento com margem acima da média Low turnover with net margin above average 15.0% 20.0% 25.0% 30.0% 35.0% Margem Líquida Net margin 27 A. Emílio C. Fugazza CFO and IRO Marcio El Tayar IR Manager Felipe Meira Dias IR Analyst Pedro Henrique Nocetti IR Analyst +55 11 5056 8313 [email protected] www.eztec.com.br/ir
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