3Q11 Results Conference Call Presentation

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1. 3Q11 and 9M11 Results 11/11/2011 > Investor Relations Villa Flora - Sumaré – São PauloRossi Praças Ipê Branco | Sumaré – São Paulo 0 2. This material is a…
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  • 1. 3Q11 and 9M11 Results 11/11/2011 > Investor Relations Villa Flora - Sumaré – São PauloRossi Praças Ipê Branco | Sumaré – São Paulo 0
  • 2. 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. Disclaimer 1
  • 3. 2 Heitor Cantergiani CEO Highlights Leonardo Diniz Sales Officer Operating Performance Cássio Audi CFO and IRO Financial Performance Renato Diniz Engineering Officer Execution – Construction Technology Agenda 2
  • 4. 3 (1) Cash burn excludes non-recurring expenses and the stock buyback program (2) Adjusted for non-recurring selling expenses www.rossiresidencial.com.br Highlights Operating Performance  Launches (Rossi’s share): R$ 1.0 billion, 8% higher than in 3Q10.  Contracted Sales (Rossi’s share) reached an all-time high of R$917 million, 14% higher than in 3Q10;  The low income segment represented 41% of Rossi’s total PSV;  SOS of 25% in the quarter; Financial Performance  Cash burn (¹) falls to R$ 93 million in 3Q11;  Net Revenue reaches R$ 2,2 billion in 9M11, 21% higher than in 9M10;  Gross Income reaches R$ 672 million, 21% higher than in 9M10 - Gross Margin: 31%;  EBITDA (²) : R$ 149 million, 13% higher than in 3Q10 - EBITDA Margin: 20%;  Net Income (²) : R$ 96 million in 3Q11, and R$ 268 million in 9M11; 3
  • 5. 4 Execution - Construction Technology Rossi Mais Recanto da Taquara | Rio de Janeiro - RJ 4
  • 6. Campinas plant Construction Technology Rossi continues to intensify technology use and pre cast at its construction sites  Lower expenses with workforce  Lower execution time  Higher quality  Standardization  Pioneer in the large scale use in Brazil Campinas plant 5
  • 7. Campinas land – view from highway Campinas land 6 Production center Campinas (on going project) Total Capacity (units/year) – 2.000
  • 8. Campinas - SP Fábrica Americana Campinas Piracicaba Itu Sorocaba Jundiai Blueprint Location 7 Production center Campinas (on going project) Total Capacity (units/year) – 2.000
  • 9. Brasília - DF Total Capacity (units/year) – 2.000 8 Production center Brasilia (on going project)
  • 10. Fábrica Brasília Brasília - DF Blueprint Location 9 Total Capacity (units/year) – 2.000 Production center Brasilia (on going project)
  • 11. 10 Operating Performance Rossi 360 Home & Business | Juiz de Fora – MG Sales success : 80% sold in 3Q11
  • 12. 46% 39% 15% Conventional Low Income Commercial R$ million Launches www.rossiresidencial.com.br Breakdown by Segment (% Rossi) – 9M11 Breakdown by Region (% Rossi) – 9M11 *RMSP – Metropolitan Region of São Paulo 930 1.008 2.257 3.040 445 162 984 508 3Q10 3Q11 9M10 9M11 Rossi Partners 1,375 35% 1,170 3,241 3,547 8% 20% 20% 9% 8% 8% 5% 4% 4% 4% 4% 3% 2% 2%1% São Paulo (11 cities) Distrito Federal Rio Grande do Sul Minas Gerais Rio de Janeiro Amazonas Bahia São Paulo (RMSP) Espírito Santo Paraná Sergipe Santa Catarina Mato Grosso Pernambuco Mato Grosso do Sul Ceará Pará Rio Grande do Norte 11
  • 13. 18% 13% 12% 12% 11% 8% 6% 4% 3% 3% 3% 1% São Paulo (17 cities) Distrito Federal Rio Grande do Sul Rio de Janeiro São Paulo (RMSP) Amazonas Minas Gerais Ceará Goiás Paraná Sergipe Pernambuco Bahia Pará Espírito Santo Mato Grosso Rio Grande do Norte Santa Catarina Mato Grosso do Sul 47% 42% 12% Conventional Low Income Commercial Contracted Sales www.rossiresidencial.com.br R$ million Breakdown by Segment (% Rossi) – 9M11 Breakdown by Region (% Rossi) - 9M11 *RMSP – Metropolitan Region of São Paulo 802 917 2.178 2.581 284 316 655 809 3Q10 3Q11 9M10 9M11 Rossi Partners 1,086 1,233 2,833 3,391 14% 19% 12
  • 14. Successful Launches in the quarter www.rossiresidencial.com.br Rossi 360 Home & Business Commercial Juiz de Fora - MG 420 units 80% sold Rossi Horizon Jardins Conventional Aracaju - SE 39 units 100% sold Rossi Andradas Office Commercial Belo Horizonte - MG 159 units 34% sold Rossi Cosmopolitan Conventional Curitiba - PR 201 units 32% sold Vivendas do Aleixo Low income Manaus - AM 140 units 49% sold Rossi Mais Recanto da Taquara Low income Rio de Janeiro- RJ 190 units 70% sold Rossi Praças Ipê Branco Low income Sumaré - SP 180 units 50% sold Rossi Office Sumaré Commercial Sumaré - SP 126 units 100% sold 13
  • 15. SOS and Inventory www.rossiresidencial.com.br 21% 23% 25% 26% 27% 28% 25% 25% 25% 11 10 9 9 8 8 9 9 9 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 21% 23% 25% 26% 27% 28% 25% 25% 25% 11 10 9 9 8 8 9 9 9 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 SoS Months of Sale Inventory 14
  • 16. 34% 12% 10% 8% 5% 5% 4% 3% 3% 3% 2% 1% São Paulo (20 cities) 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 43% 31% 26% Unit Swap Financial Swap Cash *RMSP – Metropolitan Region of São Paulo Land Bank www.rossiresidencial.com.br 74% acquired through swap Regional diversificationIncome Segment diversification  Land bank diversified by region and product  Total PSV of R$ 31.2 billion (R$ 22.1 billion Rossi’s share) 40% 25% 12% 12% 8% 2% Low income segment From R$ 200 K to R$ 350 K Commercial Above R$ 500 K From R$ 350 K to R$ 500 K Lots 15
  • 17. 1616 Financial Performance Horizon Jardins | Aracaju – Sergipe Sales success : 100% sold
  • 18. Financial Highlights www.rossiresidencial.com.br  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) falls to R$ 93 million (1) Adjusted for non-recurring selling expenses (2) Cash burn excludes non-recurring expenses and the stock buyback program 17
  • 19. 132 149 382 419 3Q10 3Q11 9Q10 9M11 13% 10% 644 749 1,784 2,157 3Q10 3Q11 9M10 9M11 16% 21% 93 96 259 268 3Q10 3Q11 9M10 9M11 3% 3% 191 226 557 672 3Q10 3Q11 9M10 9M11 18% 21% Net Revenue (R$ million) Gross Income (R$ million) and Gross Margin (%) Financial Highlights www.rossiresidencial.com.br EBITDA ¹ (R$ million) and EBITDA Margin (%) Net Income ¹ (R$ million) and Net Margin (%) (¹) Adjusted by non recurring expenses related to “Rossi 30 anos” 30% 31% 31% 30% 21% 19% 21% 20% 14% 11% 15% 12% 18
  • 20. 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 www.rossiresidencial.com.br Consistent Margins Gross Margin (%) Ebitda Margin (%) 20% 22% 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 19
  • 21. Cash Burn www.rossiresidencial.com.br  Cash burn (¹) drops to R$ 93 million in 3Q11;  In 9M11, cash burn came to R$385 million, 34% lower than in the first nine months of 2010; 178 213 195 266 94 198 93 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 Total 9M10: R$ 586 MM Total9M11: R$ 385 MM 20(1) Cash burn excludes non-recurring expenses and the stock buyback program
  • 22. 32% 68% Short term Long term 79% 14% 6% Construction Financing Debentures Working Capital Debt Breakdown Debt Profile Debt www.rossiresidencial.com.br Amortization Schedule (without SFH) – R$ million ¹ including debentures with Caixa¹ Excluding debentures with Caixa Debt R$ million 3Q11 2Q11 Chg. (%) Short Term 1.029 964 7% Construction financing 755 686 10% Working capital 159 156 2% Debentures 115 122 -6% Long Term 2.212 2.069 7% Construction financing 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% Net Debt/Equity 66,1% 64,1% 2,0 p.p. ¹ Excludes CEF’s debentures that were classified as Real Estate Credit. 124 167 133 100 150 2011 2012 2013 2014 After 2015 21
  • 23. Equipe de RI Thank You! Cássio Elias Audi CFO and IRO 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 ri@rossiresidencial.com.br www.rossiresidencial.com.br/ir 22
  • 24. 2323 Q&A 23
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