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3Q13 Results Presentation

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3Q13 Results Presentation

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3Q13 Results Presentation

  1. 1. 3Q13 and 9M13 Results Investor Relations
  2. 2. 2 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.
  3. 3. 3 Index Opening Remarks and Estrategic Planning: Leonardo Nogueira Diniz | CEO Operational Results: Rodrigo Martins | Commercial Officer Financial Results: Rodrigo Medeiros | CFO and Investor Relations Officer
  4. 4. 4 2013-2015 Strategic Plan | Update Strategic Plan Achievments 9M13 Focus G&A G&A Expenses efficiency Rossi Vendas Increase Rossi Vendas stake on the total sales Financing Transfers Focus in house restructuring and transfer of financing Construction Execution of 90% of the construction Partners Operation Income Segment Increase Rossi´s stake in the launches up to 95% of the total PSV, excluding JVs Capital Rossi and Norcon Rossi) Operations focused on 7 metropolitan regions (+JVs), where it ranks among Top 3 Focus on medium-/high-income segments (average price between entre R$ 200 k and R$ 1 million) Land Bank Disablement of the Land Bank outside from the launching pipeline Business Units Search for financial/strategic partners for Urbanizadora and Properties Operational Cash Generation ex interest: R$ 199 MM Net Income: R$ 39 MM Decrease of 7% vs 9M12 % Rossi Vendas: 52% Increase by 16% of Transfers vs 9M12 90% of the construction beginning in 2013 will be done by Rossi Rossi already executes 67% of the ongoing projects New Asset Sales: R$ 78 MM Sold its stake on North Shopping Joquei by R$ 80 MM (November) New Launches: São Paulo, Campinas, Aracaju, Porto Alegre, Manaus and Belo Horizonte Average Price: R$ 349 kl/unit % Rossi (s/ JVs): 83% Focus on cash generation and profitability
  5. 5. 5 Operational Perfomance
  6. 6. Norcon Rossi (Aracaju/Recife) 23% CapitalRossi (Manaus) 22% São Paulo 20% Porto Alegre 13% Rio de Janeiro 10% Campinas 8% Belo Horizonte 3% Launches (% Rossi) 9Q13 | Metropolitan Region From R$500k to R$650k 31% From R$200k to R$350k 27% Commercial 21% From R$350k to R$ 500k 12% Above 750 k 9% Launches % Rossi 9M13| Product Breakdown 6 Launches R$ million Product Breakdown (% Rossi) - 9M13Metropolitan Region Breakdown (% Rossi) – 9M13 New Launches: In line with the Strategic Plan  Focus on cash generation and profitability  Metropolitan Region with proven track record: São Paulo, Rio and Campinas  Focus on medium-/high-income segments 665 442 1.717 590 161 265 646 280 3Q12 3Q13 9M12 9M13 Launches |R$ MM Rossi Partners 826 -14% 706 2.363 -63% 870
  7. 7. Conventional 60% MCMV 20% Low Income 15% Commercial 5% Vendas Brutas (% Rossi) 9M13 | Segmento de Renda 616 607 2.391 1.511158 169 728 430 3Q12 3Q13 9M12 9M13 Gross Sales|R$ MM Rossi Partners 0% 3.119 -38% 1.941 7 Gross Sales R$ million Product Breakdown (% Rossi) - 9M13 Metropolitan Region Breakdown (% Rossi) – 9M13Sales Speed (LTM) ¹ Low Income: average price between R$ 170 and R$ 200 k; MCMV: Units launched in the Minha Casa Minha Vida Program. 60% 61% 55% 48% 58% 69% 67% 70% 4Q12 1Q13 2Q13 3Q13 Sales Speed (SoS) Finished Units SoS Non-Strategic Regions 21% Porto Alegre 17% São Paulo 15% Campinas 11% CapitalRossi (Manaus) 8% Rio de Janeiro 7% Norcon Rossi (Aracaju/Recife) 6% Curitiba 6% Brasília 5% Belo Horizonte 3% Vendas Brutas (% Rossi) 9M13 | Regiões Metropolitanas
  8. 8. Finished 66% Under Construction 34% Rescisão (%Rossi) 9M13 Non-Strategic Regions: 21% Brasília: 11% Porto Alegre: 9% São Paulo: 7% Campinas: 6% Curitiba: 5% Rio de Janeiro: 3% Belo Horizonte:1% CapitalRossi: 1% 41% 38% 32% 34% 59% 62% 68% 66% 4Q12 1Q13 2Q13 3Q13 Rossi Vendas | Rescissions (%) Rossi Vendas Other 8 Sales Cancellation R$ million Construction stage breakdown(% Rossi) | 9M13 Breakdown by Broker 323 177 777 468 80 51 208 135 3Q12 3Q13 9M12 9M13 Rescission |R$ MM Rossi Partners 404 -44% 228 985 -39% 603
  9. 9. 9 Land Bank Residential Developments:  Rossi´s PSV of R$ 8.8 billion, equivalent to approximately 3 years of launches  Only land that passed the new feasibility tests as per the company’s new standards was retained  Decrease of 4% in land disablement Land Bank Breakdown Product Breakdown (% Rossi)Metropolitan Region Breakdown (% Rossi) Norcon Rossi (Aracaju/Recife) 27% Porto Alegre 18% Campinas 16% Rio de Janeiro 15% São Paulo 11% Belo Horizonte 5% CapitalRossi (Manaus) 4% Brasília 3% PSV Rossi | R$ PSV 100% PSV RR Units Land Bank 20.489 15.438 76.468 Rossi Residencial 10.889 8.751 26.151 Disablement 2.583 1.871 11.401 Rossi Urbanizadora 7.016 4.817 38.916 R$ 350 to R$ 500 k 26% R$ 200 to R$ 350 k 25% > R$ 750k 20% R$ 650 to R$ 750k 17% R$ 500 to R$ 650k 11%
  10. 10. 10 Financial Performance
  11. 11. 19 2 133 39 3Q12 3Q13 9M12 9M13 -70% -89% 117 136 492 405 3Q12 3Q13 9M12 9M13 +16% -18% 221 208 845 649 3Q12 3Q13 9M12 9M13 -6% -23% 721 736 2.347 2.155 3Q12 3Q13 9M12 9M13 +2% -8% 11 Financial Highlights¹ Net Revenues (R$ million) Gross Profit (R$ million) and Gross Margin² (%) Net Income (R$ million) and Net Margin (%)Adjusted EBITDA (R$ million) and Adjusted EBITDA Margin (%) 30.7% 28.2% 36.0% 30.1% 16.3% 18.5% 20.9% 18.8% 2.6% 5.7% 1.8% 0.3% ¹ Consolidated proporcionally results ² Adjusted Gross Margin by capitalized interests
  12. 12. Financial Transfers and Cash Generation Financial Transfers (R$ MM) | 100% Cash Flow (R$ MM) | 100% 12 Cash Flow¹ R$ MM 9M13 3Q13 2Q13 1Q13 Cash Generation (Burn) ¹ (125) (54) (10) (61) (+) Urban Development Expenses 9 5 2 2 (+) Commercial Properties Expenses 27 14 2 11 (+) Capital Increase Expenses 24 24 Operational Cash Generation (Burn) (65) (35) (6) (24) (+) Interest Expenses 264 79 119 65 Operational Cash Generation (Burn) ex interests 199 45 113 41 ¹ Proportional Net Debt variation 458 461 661 537 469 613 749 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 Financial Transfers (R$ MM) | 100% +60% 606 747 768 2.121 1Q13 2Q13 3Q13 9M13 Cash flow(R$ MM) | 100% +27%
  13. 13. Liquidity ¹ 13 Indebtedness R$ million 3Q13 2Q13 Var. (%) Gross Debt 4.010 4.074 -2% Cash and Equivalents 1.052 1.170 -10% Net Debt 2.958 2.904 2% Net Debt / Equity 123,9% 122,1% 1,9 p.p Debt Profile¹Debt Schedule ¹ | R$ MM ¹ Proportional figures ² Consolidation by IFRS 10 R$ million 3Q13 2Q13 Var. (%) Gross Debt 3.346 3.463 -3% Cash and Equivalents 820 1.005 -18% Net Debt 2.526 2.459 3% Net Debt / Equity 103,0% 100,2% 2,,8 p.p. Liquidity ² Corporate 56% SFH 44% 293 1.015 566 363 117 752 499 405 2013 2014 2015 +2016 Cronograma de Endividamento | R$ MM Corporate Debt SFH 411 1,767 1,064 768
  14. 14. Equipe de RI Obrigado!IR Team Phone: +55 (11) 4058-2502 ri@rossiresidencial.com.br www.rossiresidencial.com.br/ri IR Contacts 14
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3Q13 Results Presentation

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