Agenda. 2Q08 Results Conference Call. Overall Outlook Main Operating and Financial Highlights. Heitor Cantergiani CEO

Transcrição

1 2Q08 Results 1

2 Agenda Heitor Cantergiani CEO Overall Outlook Main Operating and Financial Highlights Leonardo Diniz Sales Officer Launches and Sales Economic Segment Geographical Expansion Gerson Cohen Controller 2Q08 Performance Margin Analysis Indebtedness 2

3 Overall Outlook Heitor Cantergiani 3

4 Overall Outlook Launches 2Q08: R$ 1,085 million in 18 projects 1H08: R$ 1,353 million in 23 projects Contracted Sales 2Q08: R$ 711 million in 2,819 units 1H08: R$ 1,127 million in 4,430 units Margin recovery in 2Q08 (gross margin of 39.7% and EBITDA margin of 16.0%) Economic Segment R$ 264 million launched in 8 projects R$ 500 million in the pipeline to be launched in 2008 R$ 4.4 billion land bank Land bank R$ 16.3 million PSV, of which 72% in swaps Accounting Practices in line with International Standards Awards Magazine Isto É Dinheiro Best Company in Corporate Governance Management in general category 4 Best Company in HR Management in the engineering and construction sector

5 PSV, Sales, Geographical Expansion Leonardo Diniz 5

6 Launches 2Q08-1H08-18 projects: 23 projects Campinas, Florianópolis, Fortaleza, Guarulhos, Juiz de Fora, Mogi das Cruzes, Belo Horizonte, Novo Hamburgo, Porto Alegre, Recife, Rio de Janeiro, São Paulo, SJ Rio Preto, Vila Velha. 120% Launches 1H08 (R$ million) 1, % 1, Rossi Partners 2Q07 2Q08 1H07 2H08 Launches Breakdown by Price Segment and State in 1H08 7% 7% 9% 6% 47% > R$ 500,000 Affordable Segment R$ 200,000 to R$ 350,000 < R$ 200,000 6% 8% 4% 3% 5% 5% 26% São Paulo (metropolitan region) São Paulo (other cities) Ceará Rio Grande do Sul Minas Gerais Rio de Janeiro 24% Commercial R$ 350,000 to R$ 500,000 10% 10% 23% Espírito Santo Rio Grande do Norte Santa Catarina Pernambuco 6

7 Contracted Sales (R$ million) 63% 1, % Rossi Partners Q07 2Q08 1H07 2H08 Contracted Sales Breakdown by Price Segment and State in 1H08 13% 6% > R$ 500,000 27% R$ 200,000 - R$ 350,000 5% 5% 4% 26% São Paulo (metropolitan region) São Paulo (other cities) Rio Grande do Sul R$ 350,000 - R$ 500,000 9% Rio de Janeiro 14% 15% 25% Affordable Segment < R$ 200,000 Commercial 10% 19% 22% Espírito Santo Ceará Rio Grande do Norte Paraná, Minas Gerais, Pernambuco and Santa Catarina 7

8 Affordable Segment 1H08 Launches: R$ 264 million 3 Buildings 5 Residencial Plazas Contracted Sales: R$ 126 million Villa Flora Plazas Buildings 2H08 Projects: approximately R$ 500 million in PSV, 28 projects and 5,000 units 6 Buildings 15 Residencial Plazas 7 condominium in 2 Villa Flora s community 8

9 Land Bank Land Bank distributed in 138 lands in 53 cities, not concentrated million m 2 buildable area future launches (in units) 87,816 4 to 5 years PSV in the bag for future launches Potential PSV (100%): R$ 16.3 billion Rossi s Share: R$ 11.8 billion Land bank 2Q08 Total Breakdown Final 1Q08 Launches PSV 2Q08 Origination 1Q08 Final 2Q08 PSV in R$ million Total Rossi 16,271 11,763 15,247 (1,085) 2,109 16,271 10,684 (776) 1,854 11,763 Acquisition Method R$ billion Cash 28% Financial Swap 26% Swap by unit 46% 0 3Q07 4Q07 Partners Rossi 1Q08 2Q08 9

10 Land Bank : Potencial PSV Focus on low to middle income segments 66% PSV < R$ 350,000 State Land Bank 2Q08 (in R$ million) - PSV by Region and by Segment Affordable Segment R$ 120,000 to R$ 200,000 R$200,000 to R$350,000 R$350,000 to R$500,000 > R$500,000 Commercial Lots Total % Bahia , ,603 10% Ceará % Distrito Federal % Espírito Santo % Goiás % Mato Grosso do Sul % Minas Gerais % Paraná % Rio de Janeiro , ,817 11% Rio Grande do Norte % Rio Grande do Sul 1, ,239 20% São Paulo (metropolitan region) São Paulo (other cities) ,259 20% , ,092 19% Total 5,295 1,055 4,312 2,445 1, , % Distribuition 33% 6% 27% 15% 10% 4% 5% 100% 10

11 AC Geographical Presence Long Term Sustainable Competitive Advantage: Building up Local Know-How 53 Cities 14 States AM RO RR MA MS PA RS AP PR GO SC TO SP MA MG PI BA RJ CE ES RN PB PE AL SE Regional São Paulo (RSP) São Paulo Cotia Guarujá Guarulhos Jacareí Mogi das Cruzes Osasco Praia Grande Santana de Parnaíba Santo André Santos São Bernardo do Campo São Caetano do Sul São José dos Campos São Paulo Mato Grosso do Sul Campo Grande Regional Belo Horizonte (RBH) Minas Gerais Belo Horizonte Nova Lima Uberlândia Distrito Federal Brasília Águas Claras Goiás Goiânia Regional Sul (RPOA) Paraná Curitiba Santa Catarina Florianópolis Rio Grande do Sul Canoas Novo Hamburgo Porto Alegre São Leopoldo Regional Rio de Janeiro (RRJ) Rio de Janeiro Niterói Rio de Janeiro Volta Redonda Espírito Santo Serra Vila Velha Vitória Minas Gerais Juiz de Fora Bahia Lauro de Freitas Salvador Regional Nordeste (RNE) Ceará Fortaleza Pernambuco Recife Rio Grande do Norte Natal Regional Oeste Paulista (ROP) São Paulo Marília Ribeirão Preto São Carlos São José do Rio Preto Regional Campinas (RCPS) São Paulo Campinas Hotolândia Indaiatuba Jaguariúna Paulínia Piracicaba Sorocaba Sumaré Valinhos Votorantim 11

12 Operating Performance Gerson Cohen 12

13 Financial Highlights (R$ million) Net Revenue Gross Income and Gross Margin 39.7% 36.4% 65% % % 75% 35.8% 47% Q07 2Q08 1H07 1H08 2Q07 2Q08 1H07 1H08 Unearned Revenue and Results Jun/08 Mar/08 Var. Unearned Revenue 1, , % Unearned Results % Backlog gross margin 34.6% 35.1% -0.5 p.p. 13

14 Gross Margin Breakdown and Performance Net Operating Revenue (R$ million) 2Q08 2Q07 Var. 1H08 1H07 Var. Sale of property and services % % Monetary Variation (INCC) % % (-) Taxes over sales (12) (5) 146% (19) (10) 82% Total % % Construction works + lands % % Financial Charges % % Total % % Gross MG 39.7% 37.5% 2.2 p.p 36.4% 35.8% 0.6 p.p. Adjusted Gross Mg (-) Finan. Charges 43.0% 40.1% 2.9 p.p. 39.8% 38.3% 1.5 p.p. Adjusted Gross Mg (-) Finan. Charges (-) INCC 36.4% 35.0% 1.4 p.p. 33.6% 35.0% -1.5 p.p. Adjusted Gross Mg (-) INCC 32.8% 32.2% 0.6 p.p. 29.8% 32.4% -1.5 p.p. 14

15 Financial Highlights (R$ million) EBITDA and EBITDA Margin 20.8% 16.0% 27% % 9% % 67.9 Net Income and Net Margin 19.9% 17.4% 18.6% 45% % 14.3% Q07 2Q08 1H07 1H08 2Q07 2Q08 1H07 1H08 EBITDA 2Q08 2Q07 Var. 1H08 1H07 Var. Operating Income (Loss) % % (+) Depreciation and Amortization % % (+/-) Financial Expenses (Revenues) (15) (8) 100% (24) (18) 31% (+) Financial Charges % % (-) Profit sharing (4) (3) 61% (6) (5) 20% EBITDA % % EBITDA Margin 16.0% 20.8% -4.8 p.p. 13.7% 18.1% -4.5 p.p. 15

16 Indebtedness Cash Position: R$ million 1% 23% Cash and Banks Investments - ST 76% Investments - LT Total Debt: R$ million 35% 15% 17% 51% 18% 48% 16% Debentures Construction Financing - LT Working Capital Construction Financing - ST Net Debt: R$ million Shareholders Equity: R$ 1,135.1 million Linha Stand by Bradesco R$ 100 million Debentures R$ 300 million 16

17 Share Performance 17

18 Analyst Coverage 2Q08 Results Conference Call Institution Analist Contact UBS Pactual Credit Suisse Bradesco JP Morgan Guilherme Vilazante Gordon Lee Marcelo Telles Vanessa Quirog Carlos Firetti Marcos Suzaki Adrian Huerta Somesh Agarwal Bulltick Rafael Pinho Santander Marcello Milman Gonzalo Fernández BB Investimentos Antonio Emilio Ruiz Unibanco Carlos Macedo Merrill Lynch Deutsche Bank Alexandre Miguel Carlos Peryrelongue Esteban Polidura Dan McGoey Michelle Dorea Citigroup Cecília del Castilio Rodrigo Villanueva Bravo Banco Fator Renato Pinto Itaú Tomas Awad Goldman Sachs Jason B. Mollin Raymond James Conrado Vegner 18

19 IR Team Sergio Rossi Cuppoloni Investor Relations Officer Maria Claudia Biolchini Investor Relations Manager Ph. (55 11)

20 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 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 directores, 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)a 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, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. 20

21 21