Results Announcement 4Q16. March 23, 2016

Transcription

1 Results Announcement 4Q16 March 23, 2016

2 2 LAUNCHES Project Region Total PSV ¹ Even s PSV ¹ Usable Average Unit Units (BRL 000) (BRL 000) Area (sqm) Value (BRL 000) Segment 1 st quarter 128,351 96, , Blue Xangrilá RS 63,083 50, , Lot Development 2 Central Park (1 st phase) RS 15,966 12, , Lot Development 3 Supreme Central Parque RS 49,302 33,525 7, Middle 2 nd quarter 277, , , Candido 58 RS 60,818 41,357 5, ,170 High 5 Central Park - Fase 2 RS 15,148 12, , Lot Development 6 DOC Santana RS 32,206 25,764 3, Office 7 Boulevard Vila Maria SP 105, ,547 16, Emerging 8 Maxplaza (2ª fase) RS 39,637 31,710 3, Hotel 9 Belavistta RS 24,373 19,499 2, ,047 High 3 rd quarter 400, ,883 48, Supreme Higienopolis RS 71,512 57,209 12, Emerging 11 E Vila Madalena SP 155, ,835 12, ,833 High 12 Praça Butantã SP 172, ,838 23, Emerging 4 th quarter 510, , ,914 1, Mirada Tatuapé SP 96,466 96,466 13, Emerging 14 You Botafogo RJ 172, ,766 11, ,360 High 15 Vida Viva Horizonte RS 60,892 48,713 8, Mixed Use 16 Gran Park Lindoia RS 113,155 76,946 14, Middle 17 Reserva Bela Vista RS 30,326 9,462 61, Lot Development 18 Reserva do Lago RS 22,777 5,466 22, Lot Development 19 Reserva da Mata RS ,285 14, Lot Development Total accrued in ,316,335 1,131, ,384 3, Net of commissions and physical swaps.

3 3 BREAKDOWN OF LAUNCHES Quarterly launches Launches 1 for region 38% 47% 15% Launches (Even's share) Launches (partners) São Paulo Rio de Janeiro Rio Grande do Sul Launches 1 per year 1, , Accrued Launches (Even's share) Accrued Launches (partners) 1 Net of commissions and physical swaps.

4 % 60% 40% 20% 0% -20% -40% -60% -80% 4 SALES Sales¹ History (Even s share BRL million) Inventory's PSV Launch's PSV Quarterly PSV 76% Breakdown of total sales¹ by region in 4Q16 (100% BRL million) São Paulo Rio de Janeiro Rio Grande do Sul Loteamento 6% 25% 52% 42% 39% 16% 13% 12% 28% 25% 9% 9% 17% 11% 11% 465 9% 5% 6% Total Sales¹ (BRL million) 1, ,260 1, ,026 Inventory s Sales Launches Sales Sales (Even's share) Sales (partners) 1 Net of commissions and physical swaps.

5 5 GROSS SALES Inventory & Gross Sales 2015 Inventory & Gross Sales 2016 (Even s share BRL million) (Even s share BRL million) 3,798 VSO total = 41% VSO inventory = 38% -6.9% VSO total = 41% VSO inventory = 41% 803 3,401 1,132 1,765 1,643 2, ,269 1,260 1,026 Supply Oferta Vendas Sales Supply Oferta Vendas Sales Inventory 4Q14 Net Sales Inventory 4Q15 Net Sales Launches Cancellations Launches Cancellations

6 Estimated year of completion 50,0 45,0 40,0 35,0 30,0 25,0 20,0 15,0 10,0 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 6 INVENTORY Inventory at market value on 12/31/2016 and estimated year of completion (Even s PSV BRL million) Delivery schedule of units under construction (by delivery year on 12/31/2016) PSV of concluded units PSV of units under construction % sold % not sold Inventory s sales value (BRL million) % 32% % 2,269 27% 2,318 71% % 41% % 53% 553 Duration of inventory in # months (Final Inventory / LTM Sales) 1,871 1, % 34% 36% 35% 27% 27, ,6 19,2 18,7 21,2 Inventory at market value (4Q15) Inventory at market value (4Q16) Duration LTM SOS LTM

7 7 LAND BANK Land bank history (Even s PSV BRL million) Breakdown of land bank by region (Even s PSV BRL million) PSV of land bank (Even's share) # of lands or phases in land bank São Paulo Rio de Janeiro Rio Grande do Sul Minas Gerais % 5,803 5,905 5,276 5,328 5,170 33% 43% Acquired Lands (Potential PSV (Even s share) BRL million) 18% PSV of acquired land (Even's share) # of acquired lands

8 (1.000) (3.000) (5.000) (7.000) (9.000) 8 OPERATIONAL CAPACITY Delivery of projects (Even s PSV BRL million) Deliveries in the 4 th quarter (6 projects delivered in the period) PSV Delivered (% Even)¹ PSV Delivered (partners)¹ # of projects Delivered Units Vida Viva Clube Centro F2 (RS) Vida Viva Clube Canoas F4 (RS) Design Arte (SP) Quintas da Lapa (SP) Luar do Pontal (RJ) 1 Amount considering sale prices at the time of launch.

9 9 CASH GENERATION AND CAPITAL STRUCTURE 12/31/2016 (R$ milhões) Financing to Production 1,158.9 CCB (Mortgage Backed Security) Debentures 98.4 CRI Gross Debt 1,987.0 Cash (608.9) Net Corporate Debt* Net Debt 1,378.1 Shareholders Equity 2,419.1 Net Corporate Debt * /Shareholders equity 9.1% Net debt /Shareholders equity 57.0% Cash Burn (R$ milhões) 1Q16 2Q16 3Q16 4Q Initial net debt 1, , , , ,324.7 Final net debt 1, , , , ,378.1 Cash Burn (24.0) (2.2) 53.4 Dividends - (37.3) - - (37.3) Share buyback (17.1) (1.9) (2.3) - (21.3) Cash Burn (exdividends and buyback) (5.4) 28.7 (26.3) (2.2) (5.3) Receivables from completed units on 12/31/2016 R$ million Breakdown of Gross Debt (in %) Production CCB (MBS) Debentures CRI CCB - Swap Amortization schedule of corporate debt s principal (on 09/30/2016 BRL million) Debentures CRI CCB (MBS) CCB - Swap 5% 16% % 58% Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q * Ex Financing to production

10 Cash Accounts Receivable Inventory Lots net of debt Indebtedness Accounts payable from units sold Accounts payable from inventory units Minority Interest Other assets and liabilities Net Assets Market Cap on 03/21/ RECEIVABLES Volume of receivables and annual receivables schedule 1, 2 (BRL million) Net Assets (BRL million) 3,741 3,108 Receivables 1,516 Receipt Schedule 609 3,108 2, , ,804 1, Dec/15 Dec/ Receipt (BRL million) Annual Receipt Receipt by Quarter Q15 2Q15 3Q15 4Q Q16 2Q16 3Q16 4Q16 1 Considering transfer of 100% of the units will be made within 120 days as of date of delivery. 2 Considering the company s most conservative expectations. Percentage of transfers concluded after delivery (by number of units that is able to be transferred) 30 days 60 days 90 days On 03/20/17 2Q14 39% 67% 84% 100% 3Q14 38% 73% 87% 99% 4Q14 36% 67% 84% 99% 1Q15 29% 86% 86% 100% 2Q15 50% 72% 83% 83% 3Q15 45% 65% 81% 89% 4Q15 22% 49% 69% 92% 1Q16 27% 43% 53% 78% 2Q16 24% 35% 48% 72% 3Q16 18% 31% 34% 64% 4Q16 14% N/A N/A 62%

11 ,0% 10,0% 0,0% -10,0% -20,0% -30,0% -40,0% ,0% 30,0% 20,0% 10,0% 0,0% -10,0% -20,0% -30,0% 10,0% 5,0% 0,0% -5,0% -10,0% -15,0% -20,0% -25,0% -30,0% 11 FINANCIAL INDICATORS Net Revenue (BRL million) Gross income and gross margin¹ (BRL million in %) Gross Income 29,2% 29,6% Gross margin (ex-financing) 31,7% 27,1% ,1% 84 EBITDA and EBITDA margin (LTM) Net income and ROE² (LTM) (BRL million in %) (BRL million in %) EBITDA EBITDA margin (LTM) 12,9% 12,6% 11,5% 9,9% 10,4% 4,7% Net Income 4,4% 2,9% ROE² (LTM) 0,8% 0,1% Gross margin excluding effects of financial charges appropriated to cost. 2 Based on net income and shareholders' equity excluding non-controlling interest.

12 12 DISCLAIMER This presentation provides general background information about Even Construtora e Incorporadora S.A. and its subsidiaries (jointly Even or Company ) on the date of this presentation. It was prepared exclusively for presentations related to the disclosure of the Company s results in Brazil and abroad. The information is summarized and does not purport to be complete. No declaration, explicit or implicit, and no guarantee are made concerning the accuracy, adequacy or completeness of this information. This presentation may contain certain forward-looking statements and information relating to Even that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. Forward-looking statements include, without limitation, any statement that may predict, indicate or estimate and project future results, performance or goals, and may contain words like believe, anticipate, expect, estimate, forecast or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and future events. We warn investors that a number of important factors cause actual results to differ materially from the plans, objectives, expectations, projection and intentions expressed in this presentation. Under no circumstances will the Company or any of its subsidiaries, directors, officers, agents or employees be held liable to any third party (including investors) for any investment decision made based on the information and statements of this presentation or for any consequential, special or similar damages. This presentation neither constitutes an offer, invitation or solicitation of an offer to subscribe to or purchase any securities, nor will it or anything contained herein form the basis of any contract or commitment whatsoever. The market and information about competitive position, including market forecasts mentioned in this presentation were obtained from internal surveys, market research, publicly available information and industry publications. Although we have no reason to believe that any of this information or these reports are inaccurate in any material respect, we did not independently verify the competitive position, market share, growth rate or other data provided by third parties or other industry publications. Even, its selling shareholders, placement agents or coordinators are not responsible for the accuracy of such information. This presentation and its content are Even s proprietary information and cannot be reproduced or distributed, partly or fully, without prior consent from the Company. Unless otherwise stated, all figures related to the financial statements were disclosed based on the accounting practices adopted after the regulation of Law /07.

13 Thank you.