Corporate Presentation 1Q18

Transcription

1 Corporate Presentation 1Q18

2 Operational Record (Last Twelve Months) Launches Gross Sales Net Sales Cancellati ons Q18 Ex-EZ Towers

3 Financial Record (Last Twelve Months) 3 47% 48% 45% % 41% % % % 52% 5% % 53% 54% Net Cash Position 51% Gross Margin 47% 47% 48% Net Revenue Net Income % Q18

4 Real Estate Market in Brazil the SPMA ,2% -,6% PSV Launched in Brazil (R$ billion) 7,5% 4,% 3,% 1,9%,5% 1,% -3,8% -3,6% Brazil PSV Launched (R$ BN) GDP Growth Units Launched SPMA (thousands) 7,3% 4,6% 5,4%,6%,%,%,3%,6% 1,7%,3% 1,7% 2,3% 2,8% 2,7% 3,1% 1,7% 1,3%,7%,7% Q18 City Of São Paulo SPMA EZTEC Market Share

5 SPMA (ex-city of SP) City of São Paulo Real Estate Market in the SPMA Units in Inventory (thousands) quarto 2 quartos 3 quartos 4 quartos

6 Sales and Cancellations 6 Gross Sales (R$ MN) Cancellations (R$ MN) Q17 2Q17 3Q17 4Q17 1Q18 1Q17 2Q17 3Q17 4Q17 1Q18 Ready / In Construction Launches Net Sales (R$ MN) Q17 2Q17 3Q17 4Q17 1Q18

7 Sales and Cancellations (Ex Tower B) 7 Gross Sales by Year of Launch 12% 33% R$ 194 MN 14% 21% 14% 4% 2% Até Cancellations by Year of Launch 3% 3% 1% 3% R$ 72 MN 24% 57% Até Sales and Cancellations - LTM (R$MN) Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 Cancellations Ready / In Construction Launches Net Sales

8 Megaprojeto Cidade Maia 8 Sales and Cancellations (Units) vs. Sales Price (adjusted by inflation) % 95% 97% 98% 1% 94% 95% 94% 93% 94% 95% 97% 97% 92% 1% 86% 85% 84% 9% 8% 7% 6% 5% 4% 3% 2% 1% % 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 Residential (5 phases) Dlvry. P1 e P2 Dlvry. F3 e P4 Dlvry.. F5 % Sold Gross Sales Cancellations Sales Price

9 Megaprojeto Jardins do Brasil 9 Residential (4 phases) Sales and Cancellations (Units) vs. Sales Price (adjusted by inflation) 1% 99% 98% 1% 98% 93% 94% 94% 91% 93% 93% 93% 92% 86% 12 81% 8% 78% 1% 1 8% 8 6% 6 4 4% 2 2% % 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 Launch P1 & P2 Launch P3 Launch P4 Dlvry. P1 & P2 Dlvry. P3 Commercial (1 phase) % 1% 1% 99% 99% 1% 96% 92% 91% 91% 94% 92% 9% 9% % 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 87% 62% 52% 1% 8% 6% 4% 2% Delivery % Sold Gross Sales Cancellations Sales Price

10 Landbank 1 Land Size Breakdown % of EZTEC's PSV 14% 6% 3% Acquisition Period Breakdown % of EZTEC's PSV 13% 2% 3% 3%3% 14% 31% 5% 29% 21% < R$5 million R$5 - R$1 million R$1 - R$2 million R$2 - R$5 million > R$5 million 25% Commercial High Mid-High Middle MCMV SPMR (18%) Shore (6%) East Zone (3%) West Zone (11%) South Zone (59%) Downtown (2%) 99 (16%) 1767 (29%) 1776 (29%) 641 (1%) 95 (16%) 6.124

11 Sales Price Evolution Sales Price Evolution (adjusted by inflation) Residential - City of São Paulo Residential - SPMA Commercial * Does not include sales from launches

12 Stake Acquisitions 12 In 212, +5% in Varanda Tremembé and +1% in Vidabella, generating +R$23. MN in PSV; In 213, +2% in Royale Prestige, Tresor and Merit, generating +R$9.2 MN in PSV; In 214, +3% in Cidade Maia, generating +R$284.4 MN in PSV; In 215, +5% in Chácara Cantareira, generating +R$28.8 MN in PSV; In 216, + 2% in Royale Prestige, Tresor and Merit and +45% in Brasiliano, generating +R$24.6 MN in PSV; In 217, +15% in Bosque and Parque Ventura, and % in Jardins do Brasil, generating, +R$74.5 MN in PSV In 218, +5% in Jardins do Brasil, generating +R$23.8 MN in PSV Jardins do Brasil Location: Osasco Segment: Residential/ Commercial Standard: Middle 75% sold

13 Inventory 13 R$ MN (%EZ) 79% of the inventory refers to delivered units (including commercials) 43% of the inventory refers to residential segment in the city of São Paulo. 14% of the inventory refers to commercial projects

14 Receivable Portfolio Fiduciary Title Direct Receivables Portfolio Evolution (PSV R$MN) Q15 4Q16 4Q17 Origination Acquittance Foreclosure Amortization 1Q Direct Receivables Portfolio Evolution (Units) Q15 4Q16 4Q17 Origination Acquittance Foreclosure Amortization 1Q18 1,7% Average interest rate (+IGP-DI) 64% =Price Table amortization 87 months Total average term on Price Amortizarion 187 months Total average term time on SAC Amortization

15 Launches Legittimo Vila Romana (Scipião) Location : São Paulo/SP Segment : Residential Standard : High-End EZTEC s PSV: R$49,5 MN Units: 54 % sold: 76% In Design Tamandaré (Tamandaré) Location : São Paulo/SP Segment : Residential Standard : Middle High-End EZTEC s PSV: R$67,8 MN Units : 114 % sold: 44% Verace Brooklin (Joaquim Guarani) Location : São Paulo/SP Segment : Residential Standard : High-End EZTEC s PSV: R$82,3 MN Units: 48 % sold: 75% Clima São Francisco (Corifeu de Azevedo) Location: São Paulo/SP Segment: Residential Standard: Middle High-End EZTEC s PSV. : R$75 MN Units: 121 % sold: 61%

16 Launches Guidance Z-Cotovia (Cotovia) Locatiom: São Paulo/SP Segment: Mixed Standard: High EZTEC s PSV : R$15,5 MM Units: 2 % sold: 8% ,5 15, Z.Cotovia Launched PSV (R$ MN) Guidance Range (R$ MN) midpoint

17 Next Launches 17 Visconde de Parnaíba (Brás) Location: São Paulo/SP Segment: Residential Standard: MCMV PSV EZTEC: R$123.9 MN Units: 979 Celso Garcia (Tatuapé) Location: São Paulo/SP Segment: Residential Standard: Mid-High PSV EZTEC: R$15. MN Units: 2 Rio Bonito (Socorro) Location: São Paulo/SP Segment: Residential Standard: MCMV PSV EZTEC: R$132.6 MN Units: 56 Fernandes Moreira (Chácara St. Antônio) Location: São Paulo/SP Segment: Residential Standard: Mid-High PSV EZTEC: R$59.6 MN Units: 115

18 Potential Cash Generation 18 Cash generation 1Q18 R$ 61 million Cash: R$ 548MN Debt: R$ 161MN (a) Net Cash 1Q18 (b) Performed Receivables (c) Unperformed Receivables (d) Dividend Payment (e) Construction Obligation (f) Balance Equity Income Balance 1 (a+b+c-d+e+f) (g) Inventory at Market Value Total * Potential Result is not considered guidance

19 Potential Value for EZTEC 19 Value Added by Market (R$ MN) x Assets Potential Additional Result + R$14.85/share R$33.7/share Bank Balance & Cash Equiv. Book Value 1Q /share + R$.39/share 65 +R$3.6/share Non-Performed Receiv. Performed Receivables Ready Inventory In Construction Inventory Landbank Shared Assets Others Assets Liabilities Book Value (& Market Value) BackLog Result Potential Inventory Potential Landbank Potential Market Value * Potential Result is not considered guidance

20 Dividends 2 Dividends Net Income (R$ ') 358,828 23, ,11 474, , , ,967 Legal Reserve (R$ ') -17,941-11,511-22,21-23,716-29,299-16,88-16,448 Proposed Divdends (R$ ') 85,222 54,676 15, , ,172 79,839 78,13 Additional Dividends (R$ ') 44, ,538 5, 5, Total Dividends (R$ ') 525,776 18, , , ,172 79,839 78,13 Total of Shares (ex-treasury) (mil) 165,2 165,2 157,58 146, , , ,724 Dividends per Share (R$) Payout 146.5% 78.3% 35.% 34.3% 23.8% 23.8% 23.8% 4, 3,5 3, 2,5 2, 1,5 1,,5, 147% 3,19 2,67 78% CAGR: 34,5% a.a.,76,52,33 1,9,99 Dividends per Share 35% 34% 1,11,32,34,95,67,77,95 24% 24% 24%,54,53,54, Proposed Dividends per Share Additional Dividends per Share Payout 15% 1% 5% % -5% -1%

21 Value Creation Net Equity Progression (R$ MN) 35% % % 1% 2% 18% % 22% % % 6% 2% % 28% % 7% 7% % 6% % 6% % 15% 3% 25% 2% 15% 1% 5% % IPO Net Equity Minimum Required Distribution Dividend Distributed ROE Dividends / Net Equity R$ 1.36 billion Total dividend distribution since the IPO R$ 85.2 million Minimum required distribution relative to 217 net income

22 Contact IR A. Emílio C. Fugazza CFO and IR Officer Augusto T. Yokoyama Controllership and IR manager Hugo G. Soares IR Analyst