Apresentação - Corporativa Junho 2011

Transcrição

Corporate
Presentation
Investor Relations
www.rossiresidencial.com.br
Disclaimer
This material is a presentation of general background information about Rossi Residencial S.A. (“Rossi”) as of the date of this presentation.
Information contained herein has been summarized and does not purport to be complete. This presentation shall not be considered an advice of
investment by potential investors. This presentation is strictly confidential and may not be disclosed to any third person. There are no
representations or warranties, express or implied, regarding the accuracy, fairness, or completeness of the information presented herein, which shall
not support any decision of investment.
This presentation contains statements and information that are forward-looking pursuant section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities and Exchange Act of 1934. Such forward-looking statements and information are only predictions and cannot assure
Rossi’s future performance. Investors have been cautioned that any such forward-looking statements and information are subject to many risks and
uncertainties relating to the operations and business of Rossi and its subsidiaries. As a result of such risks and uncertainties, the actual results of
Rossi and its subsidiaries may be materially different from any future result expressed or implied in the forward-looking statement or information
contained herein.
Although Rossi believes that the expectations and assumptions reflected in the forward-looking statements and information are reasonable and have
been based on data currently available to its officers and directors, Rossi cannot guarantee future results or events. Rossi does not assume the
commitment of update any of the forward-looking statement of information.
Securities may not be offered or sold in the United States unlesss they are registered or exempt from registration under the Securities Act of 1933,
as amended. Any offering of securities to be made in the United States will be made by means of an offering memorandum that may be obtained
from the underwriters. Such offering memorandum will contain, or incorporate by reference, detailed information about Rossi and its subsidiaries,
their business and financial results, as well as its financial statements.
This material is for distribution only to person who (i) have professional experience in matters relating to investments falling within Article 19 (5) of
the Financial Services and Markets Act of 2000 (Financial Promotion) Order 2005 (as amended, the “Financial Promotion Order”), (ii) are persons
falling within Article 49 (2) (a) to (d) (“high net worth companies, unincorporated associations etc”) of the Financial Promotion Order, (iii) are
outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section
21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or
caused to be communicated (all such persons together being referred to as “relevant persons”). This material is directed only at relevant persons
and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this material relates
is available only to relevant persons and will be engaged in only with relevant persons.
This presentation does not constitute an offer, invitation or solicitation of an offer to subscribe to or purchase any securities. Neither this
presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever.
2
Rossi
Overview
3
Brief Overview
One of leading players in the real estate industry with 30 years of experience
Income segment diversification with strong low income expertise
Strong geographical distribution, through regional offices strategically located
SAP technology implemented since 1999 enabling full control and support for growth
Proven track record in low income, using large scale construction technologies
Experienced management team with sound industry knowledge
Rossi is uniquely positioned to capture growth opportunities driven by favorable
macroeconomic conditions and government program “Minha Casa, Minha Vida”
Villa Flora
Praças Residenciais
Rossi Ideal
Rossi Mais
Mid - High Income
4
Rossi Expertise and Competitive Advantages
History
1980
Founding
of Rossi
1992
Launch of
Plano 100
(14,000
units
delivered)
1993
Campinas
regional
office
1996
Launch of
Vida
Nova
(6,000
units
delivered)
1997
IPO on
Bovespa and
ADR L1
Pioneer in
securitization
of real estate
receivables
1999
Launch of
Villa Flora
Porto Alegre
regional
office (Sul)
2000/03
2006
Launch of
high-end
products
Rio de
Janeiro
regional
office
Acquisition of
Belo
America
Properties
Horizonte
regional
Adhesion to
office
Bovespa
Level I
2007
Follow On Creation of
offering
Rossi Vendas
(R$1billion) in-house sales
team
Migration to
Bovespa
“Novo
Mercado”
level
Launch of
Praças
Residenciais
(8.000 units
under
construction)
Northeast
regional office
2008
Shares
included in
Bovespa
Index
Rossi adopts
new brand
identity
Prix
D’Excellence
award by
Fiabci – best
low income
concept
2010
2009
Launch of
Rossi Ideal
FGV’s
Corporate
Excellence
award
Follow On
offering
(R$ 928 MM)
Paulistana
regional
office
Abrasca
Award of
Value
Creation –
Real State
highlight
We have delivered over 40,000 units in the low income segment
5
Launches guidance and looking forward
Launches (% Rossi)
Guidance
Low Income segment
4,200 <=> 4,600
Others Segment
55%
1,981
13%
87%
2,045
3,347
50%
2,156
50%<=>55%
29%
52%
50%
71%
48%
Follow
On
6
1Q11
Operational
Results
7
Operating Indicators
Launches (R$ million)
27%
Breakdown by region - 1Q11 Rossi´s PSV
Breakdown by segment – 1Q11 Rossi´s PSV
1%
1%
10%
26%
São Paulo (other cities)
11%
48%
Rio Grande do Sul
Low Income
Espírito Santo
Conventional
Commercial
Amazonas
30%
Pernambuco
73%
8
Operating Indicators
Contracted Sales (R$ million)
15%
Breakdown by region – 1Q11 Rossi´s Sales
1%
2%
3%
3% 2%
5%
22%
7%
8%
16%
14%
15%
São Paulo (other cities)
Amazonas
São Paulo (RMSP)
Rio Grande do Sul
Rio de Janeiro
Goiás
Ceará
Federal District
Paraná
Minas Gerais
Rio Grande do Norte
Pará
Bahia
Breakdown by segment – 1Q11 Rossi´s Sales
5%
45%
Low Income
Conventional
50%
Commercial
9
SoS and Inventories
SOS breakdown by quarter:
SOS - % Rossi (R$ million)
Initial inventory
Launches
Initial inventory+ Launches
Sales
SOS (%)
Final inventory
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
1,630
1,603
1,959
2,101
2,006
2,052
2,180
2,364
377
873
763
571
757
930
1,090
723
2,007
2,476
2,722
2,672
2,763
2,982
3,270
3,087
404
517
621
666
711
802
906
768
20%
21%
23%
25%
26%
27%
28%
25%
1,603
1,959
2,101
2,006
2,052
2,180
2,364
2,319
Inventory (% Rossi) – 1Q11
4%
6%
More than 25 months
13%
39%
Up to 24 months
Up to 12 months
Finished units represent
only 4% of the total
Up to 6 months
38%
Ready
10
Land Bank
Land bank diversified by region and product
Total PSV of R$ 26 billion (R$ 18 billion - % Rossi)
Regional diversification
São Paulo (Other cities)
1%
2%
3% 1%
4%
4%
Income Segment Diversification
3%
Rio Grande do Sul
Federal District
9%
Minas Gerais
31%
São Paulo (SPMR)
Goiás
5%
Low income segment
11%
From R$ 200 K to R$ 350 K
41%
Rio de Janeiro
Paraná
6%
Espírito Santo
Above R$ 500 K
11%
Commercial
Rio Grande do Norte
7%
Lots
Amazonas
8%
12%
Ceará
Bahia
11%
From R$ 350 K to R$ 500 K
Mato Grosso
25%
Paraíba
Mato Grosso do Sul
*RMSP – Região Metropolitana de São Paulo
76% acquired by swaps
316 sites in 90 cities
9 million m2 for construction
24%
39%
Financial Swap
134,000 units
Unit Swap
Cash
37%
11
Land bank Diversification
Real Estate Companies Land Bank
1,8
Rossi
1,6
Geographic diversification
1,4
1,2
1
0,8
0,6
0,4
0,2
0
1
2
3
4
5
6
7
8
9
10
Market Segmentation
12
Source: Fator Corretora
1Q11 Financial
Results
13
Financial Results | Peers Comparisson
1Q11
Rossi
Peer 1
Peer 2
Peer 3
Peer 4
Net Revenues – R$ MM
655
1.201
802
1.513
800
Gross Profit - R$ MM
215
329
255
438
185
Gross Margin - %
32.8%
27.4%
31.8%
28.9%
23.1%
EBITDA - R$ MM
132
139
201
306
107
20.2%
11.6%
25.1%
20.2%
19.7%
78
74
153
239
14
11.9%
6.2%
19.1%
15.8%
2.0%
EBITDA Margin - %
Net Income - R$ MM
Net Margin - %
1st
2nd
14
Financial Indicators
Net Revenue (R$ million)
Gross Income (R$ million) and Gross Margin (%)
33%
44%
655
215
491
149
33%
30%
1Q10
1Q11
EBITDA (R$ milhões) and EBITDA Margin (%)
1Q10
Net Income (R$ million) and Net Margin (%)
25%
26%
132
106
22%
78
62
20%
13%
1Q10
1Q11
1Q11
1Q10
12%
1Q11
15
Indebtedness
Debt
Debt Breakdown
1Q11
Total cash position *
Net Debt * (R$ million)
Cash Burn * (R$ million)
Net Debt */ Equity
Net Debt (-SFH)
Net Debt (-SFH) / Equity
4Q10
852
970
1,235
1,141
94
266
47%
45%
98
10
3.7%
0.4%
7%
14%
Construction Financing
Debentures
Working Capital
78%
* Including the securitization of performing receivables, with no right of
recourse, totaling R$ 50 million
Amortization Schedule (without SFH) – R$ million
Debt Profile
400
314
33%
Short Term
169
Long Term
66
2011
67%
2012
2013
2014+
16
Indebtedness
Low exposure to Brazil´s interest rate increase
CDI
37%
TR
63%
TR * is the main index for construction financing, has
small correlation with Brazil´s interest rate (SELIC)
* Referential Rate (TR) is calculated by the Brazilian Central Bank
Debt and banking relationship diversified
March / 2011
December / 2009
6%2%
7%
9%
Bank A
19%
40%
Bank F
Bank B
13%
61%
16%
Others
Bank A
Bank B
Bank C
Bank D
Bank E
Others
25%
17
Well positioned
to grow
18
Recent Joint Ventures
Capital Construtora / GMS Imobiliária e Construtora and Toctao Engenharia
+
Capital structure
+
Shared services - SAP
+
Corporate Governance Practises
+
Construction Technology
+
Landbank
+
Management team with knowledge
in the local region
+
Qualified labor force
Capital Construtora: Manaus and Belém market
Joint Venture to launch total PSV (% Rossi) of R$ 600 million in 2010 and 2011
GMS: Mato Grosso market
Joint Venture to launch total PSV (% Rossi) of R$ 350 million in 2 years
Toctao: Goias
Joint Venture to launch initial total PSV (% Rossi) of R$ 2,0 billion in 4 years
19
Strategic Partnership
Stage 1
Stage 2
Stage 3
Stage 4
Partnership in 4
developments to be
launched.
Announced in February.
First project to be
launched next month.
Partnerships in projects
already launched and
partially sold, in which
Rossi will hold an
interest of 80%.
Rossi will obtain
financing through SFH
for these developments
New company - “Norcon
Rossi”
Rossi: 70%
Norcon: 30%
PSV of up R$ 2.8 billion
until 2013
Land bank already in
house
Right of first refusal of
Norcon projects in new
developments as of
2014.
Status: On going
Status: On going
Status: On going
Status: On going
20
Appropriate products for the Low Income Segment
Villa Flora
Rossi Ideal
Units from 46 to 115 m²
Prices starting at R$ 72,000
100% financed
100% financed
Installments starting at R$ 310*
Planned neighborhood
Standardized product line
NGO working to foster and preserve citizenship
and community spirit
Meticulous installation and landscaping
Villa Flora - Hortolância/SP
*Prestações Mensais com base no sistema de amortização constante (SAC)
Leisure options appropriate for low
condominium cost
Rossi Ideal Jardim Figueira – Canoas/RS
21
Appropriate products for the Low Income Segment
Praças Residenciais
Rossi Mais
Units of 85 m²
100% financed
100% financed
Community squares
Standardized product line
Differentiated architectural project
Leisure options or condominium club
Concern with sustainability
Vida Bela – Curitiba/PR
Rossi Mais Passeio Mindú – Manaus/AM
*Prestações Mensais com base no sistema de amortização constante (SAC)
22
SAP Technology fully implemented
Automated and integrated processes nationwide since 1999
Full control and support for execution
Pioneer and a
10-year
experience
using SAP
Contracts
Cost control
Project Flow
Cash Flow
23
Execution
Capacity
Espaço Cerâmica – São Caetano - SP
24
Cost Analysis – Construction Index (INCC) x Rossi´s Basket
Rossi Basket - Comparison of the budget of a typical building re-budgeted every month, and
comparison of the variations in these costs with market indicators in the regions where we
operate.
INCC x Rossi´s Basket (rolling 12 months)
Annual salary adjustment for the real estate sector in Brazil
8,0%
7,0%
6,0%
Rossi´s inflation basket is
consistent lower than
INCC
5,0%
4,0%
3,0%
2,0%
1,0%
0,0%
Efficiency:
INCC
Rossi´s basket
Planned negotiation of large purchases / materials in advance allows better prices
Long term contracts
Geographical diversification minimizes prices increase
25
Pre-cast Technology for the low income segment
Rossi has 4 building systems for the low income segment:
Masonry structure with slabs cast
“in loco”;
Masonry structure with pre-cast
slabs;
Monolithic walls and slabs with aluminim
molds;
Technology in pre-cast concrete panels and
slabs;
26
Pre-cast Technology for the low income segment
Pre-cast concrete panels and slabs
Speed
Maintenance of
Rossi standard
Better quality
Used in large-scale
construction
Approved by
CEF
Continuous
improvement
Lower Cost
27
Construction Technology : New pre cast plant in Campo Grande
Previous Plants
Manaus - AM
Actual Plant
Campinas - SP
Previous Capacity (units/year)
(+) Campo Grande (units/year)
(=) Total Capacity (units/year)
14 k ~20 k
1,000
15 k~21 k
Total Plants
Serra - ES
7
Campo Grande - MS
Porto Alegre - RS
Hortolândia - SP
Porto Alegre - RS
Production: slabs and stairs
28
Percentage of Rossi´s construction sites with pre-cast technology
Construction sites*
176
41%
Low Income with
Standardization
59%
Conventional
Pre Cast
Technology: 76%
31%
of construction sites
* As of: march/11
29
Corporate
Governance
Vila Imperial - RJ
30
Improved corporate governance practices
Executive Board (family
and independent
members)
Responsible for setting strategy guidelines
Meets once a month or when necessary
Strategy
+
Independent Fiscal
Committee
Ensures fiscal integrity
Discipline
Meets every 3 months
+
Professional
management team
Implements strategy guidelines set by Executive Board
Key executives with sound industry knowledge
Execution
+
Compensation
structure
Stock option plan (3% of authorized paid-in capital)
Restricted shares (1% of authorized paid-in capital)
Alignment
Profit sharing plan for all employees (Up to 8% of net income)
31
Appendix
Fibrasa Connection – Vitória - ES
32
Aluminum Molds – Manaus - AM
Overall view – aluminum molds
Application of aluminum molds
Building using aluminum molds
Construction of 1,200 housing units a year
Construction using aluminum molds
33
2 Pre-cast Plants – Porto Alegre
Overall view of plant
Slabs and walls production
Assembled pre-cast walls
Production of concrete walls and slabs
34
Pre-cast Plant – Campinas
Building worksite using Irish crane
Aerial view of erected worksite
Production of concrete walls and slabs
35
Pre-cast Plant – Serra - ES
Aerial view of plant yard
View of slabs and stairs being erected
Production of concrete slabs
36
Pre-cast Plant – Hortolândia - SP
Production of slabs
Erection of slabs
Production of concrete slabs
37
Real Estate Financing Still a Considerably Small Portion of Brazilian GDP
Total Real Estate Financing in Brazil (R$ billion)
Total Real Estate (% of GDP) - 2010
75%
138.1
68,0%
86.4
45,0%
45,0%
63.3
28,0%
45.9
35.7
25.1
25.8
17.0%
29.1
11,0%
3,8%
2003
2004
2005
2006
2007
2008
2009
2010
Significant growth potential for Real Estate financing in Brazil
Source: Central Bank of Brazil, Caixa Econômica Federal, and Câmara Brasileira da Indústria da Construção
38
Low Income Segment : But Still Low Supply of Units
Number of Home Moves per Person
Housing Deficit - million of housing units
6.7
5.6
5.4
9-10x
G7
Mexico
4x
Brazil
1991
2000
1,8x
0
2008 *
2
4
6
8
10
Domicile’s demand 2008-2023: 24.7 million of domiciles
Deficit by
Region
Units
%
Southeast
Existent
Families
Deficit / Existent
Families
2,116
38%
26,576
8.0%
South
482
9%
9,355
5.2%
Middle East
248
4%
4,504
5.5%
1,938
35%
16,162
12.0%
North
788
14%
4,398
17.9%
TOTAL
5,572
100%
60,994
9,1%
Northeast
* 2008 New Methodology
Source: IBGE, Banco Central do Brasil, Citigroup, FGV, PNAD
Source: MCM Consultores and Sinduscon-SP/FGV
39
Low income Segment : Main drivers of expansion
Minha Casa, Minha Vida Program - Potential demand growth in Brazil
2005
Scenario
2009 Scenario
Prior to Package
2009 Scenario
Post Package1
80,000
80,000
80,000
0
0
22,1722
Interest Real Estate Credit (p.a.)
13%
8.16%
5%
Term (months)
120
240
300
Income commitment
35%
30%
30%
Property value (R$)
Subsidy (R$)
Required monthly
Income (minimum wages)
9.7
6.5
3.1
Required monthly
income (R$)
4,500
3,030
1,450
Average monthly
installments3 (R$)
1,575
909
Population distribution by income
Required monthly income to purchase a property
2005:
R$ 4,500
~31 million
families
434
2009:
R$ 1,450
Minha Casa Minha Vida program enables millions of families to purchase properties
Note:
1 Considering 100% financing
2 Subsidy calculated by monthly income of 3.5 minimum wages in São Paulo, Rio de Janeiro, Federal District and other metro regions
3 Average installment calculated using the Constant Amortization System (decreasing installments)
40
Favorable macroeconomic conditions...
GDP Growth (%)
Unemployment rate (%)
7,5
5,7
3,2
9,8
10,0
9,3
5,1
7,9
8,1
2008
2009
6,7
4,0
(0,6)
2005
2006
2007
2008
2009
2010
Interest rate (Selic average in the period) and Inflation
5,7%
3,1%
4,5%
5,9%
12,00
12,40
4,3%
2005
2006
2007
2010
Consumer Confidence Index
5,9%
164
19,10
15,30
8,70
10,75
127
2005
2006
2007
2008
2009
2010
Macroeconomy in Brazil keeps positive trends
41
Source: Brazil Central Bank (GDP, IPCA), IBGE (Unemployment), Credit Suisse (Selic), FGV (Consumer Confidence) – Last update November/2010
Low Income Segment : High demand for Residential in Brazil
Number of Households in Brazil
Families and Population (R$ million)
Year
Families
Population
70
4,00
60
3,50
3,00
50
2007
60.3
2,50
40
189.1
2,00
30
2017E
2030E
75.6
95.5
1,50
20
211.2
233.6
1,00
10
0,50
0
0,00
2001
2002
2003
2004
2005
Number of Households
2006
2007
2008
Growth rate
Average number of occupants per household
Monthly Income
2007
2030E
%
%
Up to R$ 1 thousand
31,7
53%
29,1
31%
R$ 1-4 thousand
23,9
40%
49,4
52%
R$ 4-8 thousand
3,3
5%
11
12%
3,8
3,7
Above R$ 8 thousand
TOTAL
3,6
3,5
1,4
2%
5,6
6%
60,3
100%
95,4
100%
3,4
'
3,3
3,2
3,1
2000
2001
2002
2003
2004
2005
2006
2007
2008
Source: IBGE, Banco Central do Brasil, Citigroup (occupants per household), FGV
42
Geographical and Product Diversification
2005
2010
2007
PB
Geographical
Diversification
4 regional offices
15 cities
PB
9 regional offices
85 cities
7 regional offices
52 cities
6%
13%
Products
Diversification
(Launches %
Rossi)
50%
87%
94%
Conventionall
50%
Low Income
Segment
Conventional
Low Income
Segment
Conventional
Low Income
Segment
Presence increased from 15 cities and 3 states to 85 cities and 17 states and the Federal District
43
Operating Structure
Cells facilitate management of
projects and future launches;
Marketing and sales initiatives
are defined by the head office and
replicated at the cells:
Standardization and
speed;
Adaptation to local
culture whenever necessary;
Operating States
Regional offices
Prospect areas
44
Rossi Vendas
Operations in 12 cities across Brazil and 7 stores in the cities of Canoas-RS, Porto Alegre-RS, Rio de Janeiro-RJ,
Goiânia-GO, Brasília-DF, Taguatinga/DF and Manaus-AM.
1Q11 Sales on operations region
Rossi Vendas Growth
84%
361
47%
196
Other brokers
53%
Rossi Vendas
47%
29%
1Q10
PSV Rossi Vendas
1Q11
% Rossi Vendas
Brokers by city
2% 1%
16%
6%
7%
861
Brokers
8%
13%
8%
13%
8%
13%
São Paulo
Porto Alegre
Manaus
Rio de Janeiro
Vitoria
Brasilia
Fortaleza
Goiania
Campinas
Cuiabá
Curitiba
Ribeirão Preto
Salvador
Campo Grande
45
Improvement Programs created in 2010
School of Engineering
Future Engineer School
151 employees trained
57 employees trained
Objective: development of technical and
behavioral skills
Objective: broaden the business vision and
train future engineers.
Target public: Engineering managers, Works
Coordinators , Works Engineers and
Architects.
Target public: employees at worksites, in
the 4th or 5th years of their Civil Engineering
or Architecture course.
Incentive Program
PPR – Profit Sharing Plan
Target public: Coordinator / Engineer / Foreman /Administrative Personnel
Appraisal: Cost / Timeframe / Quality
46
Solid results in the low income segment
CEF: Record housing finance in 2010
Curitiba – PR store
Record finance of R$76 billion a 62% growth
compared to 2009;
R$ 83 billion financed in 2010, more than double than
in the same period in 2009;
1 million units contracted under the “Minha Casa,
Minha Vida” program in 2010.
Rossi Ideal Stores
Average of 9,000 visits per quarter
Rossi Canoas – RS store
Rossi Manaus – AM store
47
CEF Structure
Caixa Structure
Regional Superintendencies (SRs)
Number of branches
Lottery offices and banks correspondent
Number of employees
Number of clients (million)
78
Each SR maintains its own housing structure,
replicating engineering and legal areas.
2,548
21,491
80,000
48
It has the largest Engineering structure of the banking
institutions, with quick expansion through outsourced
companies.
Housing Structure
Today CAIXA has 15,000 registered engineers on its third
party rolls.
Contracted engineers
2,000
Legal (Contracted Attorneys)
1,500
CAIXA Correspondent:
9,491
Mortgage
Contract signed in 2008
23.3
Contract signed in 2009
39.3
Growth
69%
CAIXA already works with outsourced engineers. The
demand in this area is not linear with the volume of the
projects, because the legal analysis of the companies are
repeated in a number of projects.
Without increasing its structure, CAIXA boosted its real
estate credit contracts by 69% this year.
48
Cash flow low income segment
Typical Project Cash Flows – Acquisition by cash
26 MONTHS CYCLE - "CRÉDITO ASSOCIATIVO" (CEF plan)
CONTRACT SIGNED WITH
“Caixa Econômica Federal”
BEGINNING OF
CONSTRUCTION
LAND PURCHASE
10,00%
PROJECT LAUNCHING
20,00%
END OF CONSTRUCTION
30,00%
Months
0,00%
4
5
6
7
8
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39
-30,00%
Working
Capital Needs
BEGINNING OF
CONSTRUCTION
PROJECT LAUNCHING
-20,00%
LAND PURCHASE
-10,00%
SECURITIZATION
3
END OF CONSTRUCTION
2
FINANCING
90% (SALES > 30%)
80% (SALES < 30%)
1
26 MONTHS CYCLE - CONSTRUCTION FINANCING
49
Cash flow typical
Typical Project Cash Flows
Construction cost(cc) = 50% of sales
Construction Financing = 80% of sales
20% of the construction completed
Effective Financing = 40% of sales
1
2
3
4
5
6
7
8
SECURITIZATION
0.00%
KEY DELIVERY
BEGINNING OF
CONSTRUCTION
10.00%
LAND PURCHASE
20.00%
PROJECT LAUNCHING
30.00%
END OF CONSTRUCTION
80% of units sold
Months
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39
-10.00%
-20.00%
-30.00%
A imagem não pode ser exibida. Talvez o computador não tenha memória
Investment Financed with Working Capital
suficiente para abrir a imagem ou talvez ela esteja corrompida. Reinicie o
computador
e abra o use
arquivoof
novamente.
aindaExpansion
assim aparecer o x vermelho,
Intensive
CapitalSefor
poderá ser necessário excluir a imagem e inseri-la novamente.
With Construction Financing
Without Construction Financing
50
Ownership Breakdown
Main Shareholders
Alliance
Bernstein
5%
Newton
Shareholders distribution (as of March /11)
Blackrock
5%
Investment
5%
Carminac
Gestion
7%
*
Others
41%
Asia
4%
Europe
21%
USA
17%
*
*
Brazil
37% Controlling Shareholders
18% Local Investors
Controlling
Group
37%
Latam
2%
*
*
**
* Others 2%
51
Equipe de RI
Thank you!
Cássio Elias Audi
CFO and Investor Relations Officer
Adriana Godinho
Investor Relations Manager
Ph. (55 11) 4058-2500
Gabriel Spera Borba
Investor Relations Analyst
Ph. (55 11) 4058-2502
Paula Oliveira
Investor Relations Analyst
Ph. (55 11) 4058-2503
[email protected]
www.rossiresidencial.com.br/ri
52

Apresentação - Corporativa Junho 2011

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