results 4q18 · 2019-03-22 · 2.5 thousand units delivered in 4q18, in 8 projects. in the year,...
TRANSCRIPT
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RESULTS
4Q18MARCH 22, 2019
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PARTICIPANTS
RAPHAEL HORN
CO-CEO
MIGUEL MAIA MICKELBERG
CFO
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CYRELA’S HIGHLIGHTS Launches of R$2,705 million in 4Q18, an increase of 194.6% vs. 3Q18 and 113.1% higher than 4Q17. In
2018, launches of R$5,039 million, 65.0% higher than 2017.
Pre-Sales of R$2,439 million in 4Q18, an increase of 158.8% vs. 3Q18 and 94.6% higher than 4Q17. In the
year, R$5,056 million of pre-sales, 55.1% higher than 2017.
Net Revenues of R$1,331 million in 4Q18 vs. R$809 million in 4Q17 and 83.7% higher than 3Q18. In the
year, R$3,146 million of net revenues, 20.1% higher than the 2017.
Gross Margin of 25.1% in 4Q18, a decrease of 3.2 p.p. vs. 3Q18 and 1.9 p.p down from 4Q17. In 2018,
gross margin of 26.5%, 0.8 p.p down vs. 2017.
Net Profit of R$116 million in 4Q18, versus net loss of R$121 million in 3Q18 and net profit of R$49 million
in 4Q17. In the year, net loss of R$84 million vs. net loss of R$95 million in 2017.
ROE of -1.6% (Net Income LTM / Average Equity LTM, without minorities).
Net Debt / Equity of 14.8% in 4Q18 vs. 12.9% in 3Q18.
In 4Q18, Cash Generation of R$137 million vs. R$303 million in 3Q18.
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OPERATING FIGURES
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CYRELA’S LAUNCHES
R$2,705 million in 4Q18 vs. R$1,269 million in 4Q17.
In 4Q18, %CBR of 67% vs. 62% in 4Q17.
786
483
882903
201820174Q17
1,604
2,1501,823
4Q18
3,4351,269
2,705
5,039
3,053
+113%
+65%
Partners Launches % CBR
Launches
(R$ million)
Ex-swap (%CBR)Launches per Region
2018
20182017
2,100
3,097
+47%
% CBR 62% 67% 70% 68%
63.4%
São Paulo - Other Cities
63.4%4.4%
21.9%
South Middle West
Rio de Janeiro
7.4%
2.9%
São Paulo
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RIO BY YOO
Find more about
LAUNCHES - HIGHLIGHTS
https://www.cyrela.com.br/lps/rio-by-yoo
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CYRELA IBIRAPUERA BY YOO
Find more about
LAUNCHES - HIGHLIGHTS
https://www.cyrela.com.br/lps/ibirapuerahttps://www.cyrela.com.br/lps/ibirapuerahttps://www.cyrela.com.br/lps/ibirapuerahttps://www.cyrela.com.br/lps/ibirapuerahttps://www.cyrela.com.br/lps/ibirapuerahttps://www.cyrela.com.br/lps/ibirapuerahttps://www.cyrela.com.br/lps/ibirapuera
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CYRELA’S PRE-SALES %CBR of 71% in the quarter.
Inventory sales in 4Q18 represent 27% of total sales.
Pre - Sales
(R$ million)
Ex-Swap (%CBR) Pre – Sales by Region – 2018
(R$ million )
811 959
442
2017
1,984
1,480
4Q17 4Q18
1,276
2,565
2,491
2018
1,253
2,439
3,259
5,056
95%
55%
High-end Middle + MCMV
63.3%
Northeast
3.0%
São Paulo
7.3%
4.8%
São Paulo - Other Cities
20.7%Rio de Janeiro
South
North and Others
0.9%
2017
2,321
2018
3,239
+40%
% CBR 70% 71% 72% 69%
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SALES SPEED The SOS12M of 4Q18 attained 45.1%.
Pre – Sales by Launch Period
(R$ million)
Sales Speed
532 395
159 268
563
563
20184Q184Q17 2017
1,637
1,7771,253
2,439
5,056
3,259
1,059
1,630
1,381
2,045
+95%
+55%
Previous Quarters Launches
Quarter’s Launches
Previous Years Launches
14% 4%6%
9%
4Q17
4Q18
9%44%
7%
78%
28%29%1Q18
6%
73%
14%51%2Q18
20%49%3Q18
66%
71%
69%
66%
In 3 months
In 6 months
In 15 monthsIn 9 months
In 12 months
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FU/TI* 51% 44%
INVENTORY
R$5.7 billion in inventories (R$4.6 billion %CBR);
44% of finished units inventories.
PSV - Inventory
(R$ million)
Change in Inventory
(R$ million)
2,7323,172
2,843
3Q18
2,493
4Q18
5,574 5,664
+1.6%
Finished units Units under construction
*: FU = Finished Units / TI = Total Inventory
-267
Inventory 3Q18
-396
Sales of inventories
2,705
Launches 4Q18
-1,777
Sales of launches
4Q18
5,574-176
Price change
5,664
Inventory 4Q18
-663
+1.6%
Inventory under construction Finished inventory
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R$2,493 million of finished units inventories (vs. R$2,843 million in 3Q18).
Finished Units
(R$ million)
Breakdown
FINISHED UNITS
Price change
Finished Units 3Q18
68-267
Sales of finished
units
PSV Delivered
-151 2,493
Finished Units 4Q18
2,843
-12.3%
1.2%17.1%
São Paulo
21.9%
Rio de JaneiroSão Paulo - Other Cities
37.8%
1.7%
16.2%
Northeast
South
North
4.0%
Others
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2.5 thousand units delivered in 4Q18, in 8 projects. In the year, 14.3 thd. units in 48 projects.
Middle + MCMV: 2.4 thousand units delivered in 7 project in 4Q18. In the year, 12.2 thd. units delivered in 34 projects.
The units delivered in 4Q18 represent launches PSV of R$486 million. In the year, the PSV delivered represented R$4.3
billion.
DELIVERED UNITS
11.6
13.2
24.1
8.9
15.2
2012
11.8
2013 2014
9.1
8.2
14.8
2015
10.2
11.1
2016 2017
2.1
12.2
2018
25.0
4.9
9.2
20.8
24.0
21.3
13.114.3
+10%
High end
Middle + MCMV
48
4Q18
949
717
4Q17
3,200
2,306
2017
1,948
2,330
616
2018
25
3Q18
438
641 486
1,666
5,506
4,277
-24% -71%
-22%
Delivered PSV
(R$ million)
Delivered Units
(thd units)
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FINANCIAL RESULTS
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(R$ million)
219 314 205
717 81520
27.0%
4Q17
25.1%28.3%
4Q18 3Q18
27.4%
2017
26.5%
20
2018
334
835
+53% +63%+17%
Gross Profit and Gross MarginNet RevenueMargin
49116
-121 -95-84
8.7%6.0%
3Q184Q17 4Q18
-16.7%
2017 2018
Net Income and Net Margin
809 7251,078
4Q17
2,619
254
20184Q18 3Q18 2017
2,893
254
1,331
3,146
+65% +84%
+20%
Provision for CancellationsNon-Recurring
FINANCIAL RESULTS
-3.6% -2.7%
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383
384
384
4Q17
-0.31
3Q18
0.30
4Q18
0.13
PROFITABILITY
-0.7%
4Q17 1Q18
-2.6%
2Q18
-1.6%
3Q18
-1.6%
4Q18
-2.7%
The Return on Equity (Net Income LTM / Equity average LTM ex-minorities) attained -1.6%.
Earnings Per Share of R$0.30 in 4Q18.
ROE Earnings per Share ¹
EPS Shares ex-treasury
¹ Calculus: Net Income of the quarters / Number of shares minus treasury shares as of the end of the quarter.
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TRANSFERS, PAYOFFS AND TRUST OF DEEDS
In 4Q18, the volume of transfers, payoffs and trust of deeds attained R$732 million, 13% lower than
3Q18 and 14% higher than 4Q17.
(R$ million)
UnitsVolume
(Thd. units)
656546
389
128
166
201
641
4Q17
58
50
3Q18
20
4Q18
842
732
-13% +14%
Payoffs Trust of Deeds Transfers
3.0
0.1
0.7
0.6
4Q18
0.1
3Q18
3.4
0.7
0.1
2.8
1.9
4Q17
3.84.1
-8% +37%
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LIQUIDITY AND DEBT
Net Debt / Equity attained 14.8%.
Debt
(R$ billion)
IndicatorsTotal Debt
DebtEx-SFH
Net Debt/ Equity
14.8%
Average CostW/o SFH: 105.8% CDI
SFH: TR + 8.7% p.y.
Duration 3.0 y 3.0 y
Short Term 12% 15%
Long Term 88% 85%
Gross Debt 3Q18
0.9
1.0
1.5
Gross Debt 4Q17
Term
1.6
2.0
0.8
0.8
1.5
Gross Debt 4Q18
0.3
2.1
Cash and Cash
Equivalents
Net Debt
2.6
2.9
2.4 2.4
Without SFH = R$ 55 MM
18.8%
Net Debt / Equity
Corp.
Corp.Corp.
Short
SFHSFH SFH
Long
12.9% 14.8%
Net Debt / Equity
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CASH GENERATION*(R$ million)
Cash generation of R$137 million in 4Q18 and R$803 million in 2018.
*Ex dividend payment, buyback program and stake acquisition.
181
Non-Recurring Cash Generation
56 66
248245
3Q18
137
4Q18 4Q17 4Q18
303
137
311-55% -56%
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CONTACT IR
Cyrela Brazil Realty S.A. Empreendimentos e Participações
Av. Brigadeiro Faria Lima, 3.600, 12th Floor
São Paulo - SP – Brasil
CEP 04548-142
Investor Relations
www.cyrela.com.br/ir
Statements contained in this press release may contain information which is forward-looking and reflects management'scurrent view and estimates of future economic circumstances, industry conditions, company performance and thefinancial results of Cyrela Brazil Realty. These are just projections and, as such, exclusively based on management'sexpectations of Cyrela Brazil Realty regarding future business and continuous access to capital to finance the Company'sbusiness plan. Such future considerations rely substantially on changes in market conditions, government rules,competitor's pressure, segment performance and the Brazilian economy, among other factors, in addition to the riskspresented on the released documents filed by Cyrela Brazil Realty, and therefore can be modified without prior notice.
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