Corporate Presentation 1Q18
Operational Record (Last Twelve Months) 2 1.57 Launches 1.136 1.157 1.166 1.253 1.371 1.89 494 46 887 81 742 642 52 395-37 -57-77 -68-55 -74-85 -12-13 -153-153 -173 96 915 727 683-233 -233 732 399-333 678 161-517 633 25 153 75-552 553-477 Gross Sales 699 618 331 218 Net Sales -4-368 Cancellati ons 28 29 21 211 212 213 214 215 216 2171Q18 Ex-EZ Towers
Financial Record (Last Twelve Months) 3 47% 48% 45% 425 334 256 175 137 97 12 4% 41% 57 56 188 163 62 41 47% 636 244 135 49% 697 298 53% 52% 5% 922 744 691 632 465 329 33 336 241 128 46 7 1.139 586 976 517-94 -78 53% 53% 54% 92 889 474 492 357 Net Cash Position 51% 814 444 714 Gross Margin 47% 47% 48% Net Revenue 572 321 265 21 166 171 Net Income 469 171 1.46 834 43 974 43% 387 333-272 28 29 21 211 212 213 214 215 216 2171Q18
Real Estate Market in Brazil the SPMA 4 2 15 1 5 5,2% -,6% PSV Launched in Brazil (R$ billion) 7,5% 4,% 3,% 1,9%,5% 1,% -3,8% -3,6% 85 14 19 147 121 132 16 89 1 57 28 29 21 211 212 213 214 215 216 217 Brazil PSV Launched (R$ BN) GDP Growth 12 1 8 6 4 2 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% 76 67 69 67 59 6 54 56 32 25 32 3 45 39 35 35 34 37 35 37 23 26 26 22 38 29 29 7 8 13 9 1 9 9 1 15 6 42 28 31 37 44 1 36 37 26 24 28 23 26 27 28 34 34 31 3 23 19 2 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 1Q18 City Of São Paulo SPMA EZTEC Market Share
SPMA (ex-city of SP) City of São Paulo Real Estate Market in the SPMA 5 3 25 2 15 1 5 3 25 2 15 1 5 Units in Inventory (thousands) 27 27 3 2 24 22 1 2 7 6 1 19 6 2 4 1 4 6 1 1 1 12 1 8 8 9 7 4 4 4 21 211 212 213 214 215 17 1 15 15 5 1 12 5 4 9 3 8 2 1 8 8 2 7 6 6 2 2 2 1 1 1 21 211 212 213 214 215 1 quarto 2 quartos 3 quartos 4 quartos
Sales and Cancellations 6 Gross Sales (R$ MN) Cancellations (R$ MN) 149 114 31 7 17 119 188 194 166 24 72 88 142 116 16 15 19 1 86 73 1Q17 2Q17 3Q17 4Q17 1Q18 1Q17 2Q17 3Q17 4Q17 1Q18 Ready / In Construction Launches Net Sales (R$ MN) 122 12 9 4 67 1Q17 2Q17 3Q17 4Q17 1Q18
Sales and Cancellations (Ex Tower B) 7 Gross Sales by Year of Launch 12% 33% R$ 194 MN 14% 21% 14% 4% 2% Até 212 213 214 215 216 217 218 Cancellations by Year of Launch 3% 3% 1% 3% R$ 72 MN 24% 57% Até 212 213 214 215 216 218 Sales and Cancellations - LTM (R$MN) 1.2 1.132 1. 8 6 979 983 1.23 81 86 96 981 727 745 915 683 777 523 732 675 678 691 633 594 553 576 618 698 4 2 399 264 161 11 81 64 75 155 218 332 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 Cancellations Ready / In Construction Launches Net Sales
Megaprojeto Cidade Maia 8 Sales and Cancellations (Units) vs. Sales Price (adjusted by inflation) 2 18 16 14 12 1 8 6 4 2 1% 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
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 9 8 7 6 5 4 3 2 1 1% 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
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% 27 28 21 211 212 213 214 216 217 Commercial High Mid-High Middle MCMV SPMR 155 56 469 1131 (18%) Shore 348 348 (6%) East Zone 23 23 (3%) West Zone 29 469 679 (11%) South Zone 99 1.557 949 135 3631 (59%) Downtown 133 133 (2%) 99 (16%) 1767 (29%) 1776 (29%) 641 (1%) 95 (16%) 6.124
Sales Price Evolution 11 125 121 Sales Price Evolution (adjusted by inflation) 125 115 111 114 114 11 115 15 95 85 75 65 1 1 94 12 97 96 97 89 93 88 96 1 93 94 93 92 93 11 91 68 95 84 63 91 9 76 73 93 77 68 97 73 55 5 5 5 45 Residential - City of São Paulo Residential - SPMA Commercial * Does not include sales from launches
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 +13.75% in Jardins do Brasil, generating, +R$74.5 MN in PSV In 218, +5% in Jardins do Brasil, generating +R$23.8 MN in PSV Jardins do Brasil Location: Osasco Segment: Residential/ Commercial Standard: Middle 75% sold
Inventory 13 R$ 1.263 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
Receivable Portfolio Fiduciary Title 14 525 45 375 3 225 15 75 Direct Receivables Portfolio Evolution (PSV R$MN) 7 2 8 54 45 442 292 15 4Q15 4Q16 4Q17 Origination Acquittance Foreclosure Amortization 1Q18 21 18 15 12 9 6 3 Direct Receivables Portfolio Evolution (Units) 183 8 3 1672 1772 533 143 4Q15 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
Launches-217 15 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%
Launches Guidance - 218 16 Z-Cotovia (Cotovia) Locatiom: São Paulo/SP Segment: Mixed Standard: High EZTEC s PSV : R$15,5 MM Units: 2 % sold: 8% 1 75 226 232 343 394,5 15,5 215 216 217 218 Z.Cotovia Launched PSV (R$ MN) Guidance Range (R$ MN) midpoint
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$59.6 MN Units: 115
Potential Cash Generation 18 Cash generation 1Q18 R$ 61 million Cash: R$ 548MN Debt: R$ 161MN 1.262 236 85 199 11 2.288 586 1.26 387 (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
Potential Value for EZTEC 19 Value Added by Market (R$ MN) x Assets Potential Additional Result + R$14.85/share R$33.7/share 2.45 3.395 548 88 585 854 Bank Balance & Cash Equiv. Book Value 1Q18 15.4/share + R$.39/share 65 +R$3.6/share 55 5.56 499 79 772 Non-Performed Receiv. Performed Receivables Ready Inventory In Construction Inventory 2.541 293 532 Landbank Shared Assets Others Assets Liabilities Book Value (& Market Value) BackLog Result Potential Inventory Potential Landbank Potential Market Value * Potential Result is not considered guidance
Dividends 2 Dividends 217 216 215 214 213 212 211 Net Income (R$ ') 358,828 23,213 444,11 474,324 585,987 336,166 328,967 Legal Reserve (R$ ') -17,941-11,511-22,21-23,716-29,299-16,88-16,448 Proposed Divdends (R$ ') 85,222 54,676 15,453 112,652 139,172 79,839 78,13 Additional Dividends (R$ ') 44,555 125,538 5, 5, Total Dividends (R$ ') 525,776 18,214 155,453 162,652 139,172 79,839 78,13 Total of Shares (ex-treasury) (mil) 165,2 165,2 157,58 146,724 146,724 146,724 146,724 Dividends per Share (R$) 3.19 1.9.99 1.11.95.54.53 Payout 146.5% 78.3% 35.% 34.3% 23.8% 23.8% 23.8% 4, 3,5 3, 2,5 2, 1,5 1,,5, 147% 3,19 2,67 78% CAGR: 34,5% a.a.,76,52,33 1,9,99 Dividends per Share 35% 34% 1,11,32,34,95,67,77,95 24% 24% 24%,54,53,54,53 217 216 215 214 213 212 211 Proposed Dividends per Share Additional Dividends per Share Payout 15% 1% 5% % -5% -1%
Value Creation 21 35 Net Equity Progression (R$ MN) 35% 3 25 2 15 1 5 13% 75 79 11 18 6% 1% 2% 18% 913 39 4% 22% 1.99 24% 1.398 78 58 5% 6% 2% 1.655 8 5% 28% 2.11 139 2.414 163 2% 7% 7% 2.72 155 16% 6% 2.828 18 8% 6% 3.36 441 85 17% 15% 3% 25% 2% 15% 1% 5% 27 28 29 21 211 212 213 214 215 216 217 % 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
Contact IR A. Emílio C. Fugazza CFO and IR Officer Augusto T. Yokoyama Controllership and IR manager Hugo G. Soares IR Analyst +55 11 556 8313 ri@eztec.com.br www.eztec.com.br/ir