Low Income Segment - Rossi Residencial

Transcrição

Corporate
Presentation
Villa Flora - Sumaré – São Paulo
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
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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
Rossi 360 Home & Business | Juiz de Fora – MG
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
Rossi´s Launches and looking forward
Launches (% Rossi)
Low Income segment
Others Segment
Steady Growth…
4,200 <=> 4,600
55%
3,347
5%
3%
50%
1,981
2,045
13%
29%
87%
2007
71%
2008
2,156
52%
48%
2009
50%
2010
Follow
On (oct/09)
2011E
2012E
2013E
2014E+...
Rossi has surpassed its guidance for launches in the last
2 years....
3,347
3,300
PSV Launched – R$ MM
2,156
Mid point Guidance – R$ MM
2,000
2009
2010
4,400
3,040
FY 2011
... and reached
68% of its
guidance for
2011...
9M11
7
...delivering consistent financial results
Gross Margin (%)
32%
31%
31%
30%
30%
31%
31%
31%
31%
LTM 3Q09 LTM 4Q09 LTM 1Q10 LTM 2Q10 LTM 3Q10 LTM 4Q10 LTM 1Q11 LTM 2Q11 LTM 3Q11
Ebitda Margin (%)
22%
20%
23%
23%
22%
22%
22%
21%
21%
LTM 3Q09 LTM 4Q09 LTM 1Q10 LTM 2Q10 LTM 3Q10 LTM 4Q10 LTM 1Q11 LTM 2Q11 LTM 3Q11
3Q11 and 9M11
Operational
Results
Launches
R$ million
3,547
3,241
508
984
35%
1,375
445
1,170
8%
162
930
1.008
3Q10
3Q11
Rossi
Breakdown by Segment (% Rossi) – 9M11
3.040
2.257
9M10
9M11
Partners
Breakdown by Region (% Rossi) – 9M11
São Paulo (11 cities)
Distrito Federal
2%1%
2%
3%
15%
Conventional
Minas Gerais
20%
Rio de Janeiro
Amazonas
4%
Bahia
4%
46%
Low Income
39%
Rio Grande do Sul
Commercial
São Paulo (RMSP)
4%
Espírito Santo
4%
20%
Paraná
Sergipe
5%
Santa Catarina
8%
8%
9%
Mato Grosso
Pernambuco
Mato Grosso do Sul
Ceará
Pará
*RMSP – Metropolitan Region of São Paulo
Rio Grande do Norte
10
Contracted Sales
R$ million
3,391
2,833
809
19%
655
1,233
1,086
284
2.581
14%
316
802
917
3Q10
3Q11
Rossi
Breakdown by Segment (% Rossi) – 9M11
2.178
9M10
9M11
Partners
Breakdown by Region (% Rossi) - 9M11
Distrito Federal
Rio Grande do Sul
Rio de Janeiro
3% 3% 1%
12%
São Paulo (RMSP)
18%
3%
Amazonas
Conventional
Minas Gerais
4%
47%
Low Income
Ceará
6%
13%
Goiás
Paraná
42%
Commercial
Sergipe
8%
Pernambuco
12%
11%
Bahia
Pará
12%
Espírito Santo
Mato Grosso
Rio Grande do Norte
Santa Catarina
Mato Grosso do Sul
11
SoS and Inventories
SoS - % Rossi (R$ million)
Initial inventory
Launches
Initial inventory + Launches
Sales
SOS (%)
Final inventory
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
1.603
1.959
2.101
2.006
2.052
2.180
2.364
2.319
2.732
873
763
571
757
930
1.090
723
1.264
1.008
2.476
2.722
2.672
2.763
2.982
3.270
3.087
3.583
3.740
517
621
666
711
802
906
768
882
917
21%
23%
25%
26%
27%
28%
25%
25%
25%
1.959
2.101
2.006
2.052
2.180
2.364
2.319
2.701
2.823
SoS x months of sales x Inventory
25%
26%
27%
28%
25%
25%
25%
23%
21%
SoS
Months of Sale
Inventory
11
10
9
9
8
9
9
9
8
1,959
2,101
2,006
2,052
2,180
2,364
2,319
2,701
2,823
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
Land Bank
74% acquired through swap
Land bank diversified by region and product
26%
Unit Swap
Total PSV of R$ 31.2 billion (R$ 22.1 billion Rossi’s
43%
Financial Swap
share)
Cash
31%
Regional diversification
Income Segment diversification
1%
2%
2%
8%
3%
Low income segment
12%
40%
From R$ 200 K to R$ 350 K
Commercial
Above R$ 500 K
12%
From R$ 350 K to R$ 500 K
34%
3%
3%
4%
5%
5%
Lots
25%
12%
8%
10%
Distrito Federal
Minas Gerais
Rio Grande do Sul
Paraná
Amazonas
Sergipe
Rio de Janeiro
São Paulo (RMSP)
Rio Grande do Norte
Ceará
Mato Grosso
Bahia
Goiás
Paraíba
Pará
Mato Grosso do Sul
Santa Catarina
Pernambuco
Espírito Santo
Maranhão
Bauru
13
3Q11 and 9M11
Financial Results
14
Financial Highlights
Net revenue reaches R$ 749 million, 16% higher than in 3Q10;
9M11: R$ 2.2 billion, 21% more than 9M10;
Gross income totals R$ 226 million, 18% up on 3Q10, with a gross margin of 30%;
9M11: R$ 672 million, with Gross Margin of 31,2%;
EBITDA (¹) totals R$ 149 million with an EBITDA margin of 20%;
9M11: R$ 419 milhões, with EBITDA Margin of 19%;
Net income (¹) comes to R$ 96 million;
9M11: R$ 268 million;
Cash burn (²) drops to R$ 93 million
(1) Adjusted for non-recurring selling expenses
(2) Cash burn excludes non-recurring expenses and the stock buyback program
Financial Highlights
Gross Income (R$ million) and Gross Margin (%)
Net Revenue (R$ million)
21%
21%
2,157
672
1,784
557
16%
18%
749
644
226
191
3Q11
9M10
9M11
EBITDA ¹ (R$ million) and EBITDA Margin (%)
31%
9M10
9M11
30%
30%
3Q10
31%
3Q10
3Q11
Net Income ¹ (R$ million) and Net Margin (%)
10%
3%
419
382
13%
132
259
268
15%
12%
9M10
9M11
3%
149
21%
20%
3Q10
3Q11
21%
9Q10
19%
9M11
(¹) Adjusted by non recurring expenses related to “Rossi 30 anos”
93
96
14%
11%
3Q10
3Q11
16
Indebtedness
Debt
Debt Breakdown
R$ million
3Q11
Short Term
2Q11
Chg.
(%)
1.029
964
7%
Construction financing
755
686
10%
Working capital
159
156
2%
Debentures
115
122
-6%
2.212
2.069
7%
1.812
1.652
10%
Working capital
50
67
-25%
Debentures(¹)
350
350
0%
Total Gross Debt
3.240
3.033
7%
Cash position
1.403
1.307
7%
Net Debt
1.837
1.726
6%
Debt/Equity
¹Net
Excluding
debentures with Caixa
66,1% 64,1%
Long Term
Construction financing
2,0 p.p.
6%
14%
Construction Financing
Debentures
Working Capital
79%
¹ including debentures with Caixa
¹ Excludes CEF’s debentures that were classified as Real Estate Credit.
Amortization Schedule (without SFH) – R$ million
Debt Profile
167
150
133
124
32%
100
Short term
Long term
68%
2011
2012
2013
2014
After 2015
17
Cash Burn
Cash burn (¹) drops to R$ 93 million in 3Q11;
In 9M11, cash burn came to R$385 million, 34% lower than in the first nine months of 2010;
266
Total 9M10: R$ 586 MM
Total 9M11: R$ 385 MM
213
198
195
178
94
1Q10
2Q10
3Q10
4Q10
(1) Cash burn excludes non-recurring expenses and the stock buyback program
1Q11
93
2Q11
3Q11
18
Well positioned
to grow
Rossi Praças Ipê Branco | Sumaré – São Paulo
Strategic Partnership | Norcon Rossi
Geographical Diversification | Norcon´s Landbank
7%
Rossi Advantages
Norcon Advantages
Higher geographic penetration, expanding
operations and presence in the Northeast:
cities of Aracajú and Maceió
5%
Sergipe
15%
Bahia
Alagoas
52%
Ceará
Pernanbuco
21%
Existing
land bank
supports
the
development of approximately 35 new
projects
Renegotiation of Norcon’s debt contracted
for its land bank at lower interest rates
(Rossi standard) and increase in the
return on projects
Launches over the next three years
estimated at approximately R$2.3 billion
(Rossi's nominal interest)
Income Segment breakdown | Norcon´s Landbank
Partnership with one of Brazil's five largest
developers (in terms of market cap)
Elimination of current debt and generation
of liquidity for the company
Development of projects without incurring
cash exposure, in line with the business
plan
Capture and assimilation of best practices
in the industry and joint operations with
Rossi
Norcon-Rossi’s geographical presence
Projects under
construciton
Class A
Class D
% Sold
Norcon
24%
5
40%
4
54 % Potential:
1
2
16
1
Sergipe
2
Alagoas
3
Bahia
4
Pernambuco
5
Ceará
(PSV R$625 MM)
3
(PSV R$116 MM)
90.6%
66.3%
3
Minha Casa,
22%
Minha Vida
Program
14%
Class B
1
(PSV R$72 MM)
96.9%
1
36.0%
(PSV R$26 MM)
(1ª Torre)
Class C
To be launched
20
Appropriate products for the Low Income Segment
Villa Flora
Rossi Ideal
Units from 46 to 115 m²
Prices starting at R$ 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
Rossi Mais Recanto da Taquara | Rio de Janeiro - RJ
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;
25
Construction Technology
Manaus - AM
Campinas - SP
(=) Total Capacity (units/year)
Total Plants
15 k~21 k
8
Serra - ES
Porto Alegre - RS
Hortolândia - SP
New Production center (on going project…)
Brasília - DF
Porto Alegre - RS
Campo Grande - MS
26
Appendix
Horizon Jardins | Aracaju – Sergipe
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
28
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)
29
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
30
2 Pre-cast Plants – Porto Alegre
Overall view of plant
Slabs and walls production
Assembled pre-cast walls
Production of concrete walls and slabs
31
Pre-cast Plant – Campinas
Building worksite using Irish crane
Aerial view of erected worksite
Production of concrete walls and slabs
32
Pre-cast Plant – Serra - ES
Aerial view of plant yard
View of slabs and stairs being erected
Production of concrete slabs
33
Pre-cast Plant – Hortolândia - SP
Production of slabs
Erection of slabs
Production of concrete slabs
34
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%
173,3
68,0%
138.7
45,0%
86.4
45,0%
63.3
28,0%
45.9
17.0%
35.7
25.8
29.1
11,0%
3,8%
2004
2005
2006
2007
2008
2009
2010
2011
Significant growth potential for Real Estate financing in Brazil
Source: Central Bank of Brazil, Caixa Econômica Federal, and Câmara Brasileira da Indústria da Construção
35
Low Income Segment : 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
36
Low income Segment : Main drivers of expansion
Minha Casa, Minha Vida Program - Potential demand growth in Brazil
2005
Scenario
Property value (R$)
2009 Scenario
Prior to Package
2009 Scenario
Post Package1
80,000
80,000
80,000
0
0
22,1722
Interest Real Estate Credit (p.a.)
13%
8.16%
5%
Term (months)
120
240
300
Income commitment
35%
30%
30%
Subsidy (R$)
Required monthly
Income (minimum wages)
Required monthly
income (R$)
Average monthly
installments3 (R$)
9.7
6.5
3.1
4,500
3,030
1,450
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)
37
Favorable macroeconomic conditions...
GDP Growth (%)
Unemployment rate(%) and Brazilian average income(R$)
8,4
7,4
4,0
5,7
2007
7,5
5,1
2008
4,5%
5,9%
6
3,6
2009
2010
2011E
Interest rate (Selic average in the period) and Inflation
3,1%
6,8
5,3
(0,6)
2006
6,8
4,3%
5,8%
1.231
1.329
1.330
1.388
1.441
1.277
2006
2007
2008
2009
2010
2011
Consumer Confidence Index
6,5%
154
134
15,30
12,00
12,40
8,70
2006
2007
2008
2009
10,75
11,00
2010
2011E
Macroeconomy in Brazil keeps positive trends
38
Source: Brazil Central Bank (GDP, IPCA), IBGE (Unemployment), Credit Suisse (Selic), FGV (Consumer Confidence) – Last update June/2011
Low Income Segment : High demand for Residential in Brazil
Number of Households in Brazil
Families and Population (R$ 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
39
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
40
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
41
Rossi Vendas
Rossi Vendas currently has 1,084 brokers working in 18 Brazilian cities;
In 3Q11, Rossi Vendas recorded contracted sales of R$450 million, equivalent to
52% total contracted sales;
% Rossi Vendas X Brokers
% Sales Launches x Inventory
30%
Rossi Vendas
48%
Sales of Launches
Other Brokers
Inventory Sales
52%
70%
42
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
43
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
44
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.
45
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
46
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
0.00%
1
2
3
4
5
6
7
8
SECURITIZATION
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
47
Ownership Breakdown
Main Shareholders
Alliance
Bernstein
5%
Newton
Investment
5%
Shareholders distribution (as of March /11)
Blackrock
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%
48
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
49
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
50
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
51
Source: Fator Corretora
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

Low Income Segment - Rossi Residencial

Transcrição

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