apimec 2008 meeting presentation
TRANSCRIPT
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August/2008
Institutional Presentation
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Agenda
Future Projects
Operational Results Historic
Financial Results Historic
Corporate Structure
Sector Dynamic
Differentiated Business Model
Segment and Geographic Diversification
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R$115.2 billionR$460.62 billion6.88 millionTotal
R$104.4 billionR$417.5 billion5.25 millionLiving Updates
R$10.8 billionR$43.2 billion1.63 millionHousing Deficit Reduction
Investment (per year)Investment (2007-2010)Number of UnitsFinancing(*)
** Source: ABECIP and CBIC
Total Funding Evolution (SBPE + FGTS - R$ million**
Sector Dynamic
* Source – FGV
3,066
1,769
4,835
2002
3,697
2,218
5,915
2003
3,861
3,002
6,863
2004
5,478
4,852
10,330
2005
6,768
9,340
16,108
2006
6,919
18,410
25,329
2007
FGTS
SBPE 3,199
6,932
10,131
1H07
9,734
4,981
14,715
1H08
+45%
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65.5% 34.5%
Special Purpose Companies
81%
Corporate Structure
• 68 years of operations• Leadership role in several industries• National and international presence• Corporate Governance• Financial Soundness• Results-oriented culture• Capital discipline
100% 14.3%
44.1%17.9%
1.1%
5.8%4.5%
100%
100%39.3%
65.5%
Grupo Camargo Corrêa
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Differentiated Business Model
Specific Model per Segment
Capital Discipline
Financing Line
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Gross Margins: 35% to 40%Real IRR (Base case): 30%
Residential and Lots Residential, Commercial and Lots
Own Sales Structure Third-Party Brokers
Construction and Consumer Financing from Launching
Construction Financing from LaunchingConsumer Financing after Keys
18 to 24 months 36 months
Own Construction Company Third-Party Construction (GMP)
Mostly in Cash Swaps – especially financial
Low Income Others Residential
Gross Margins: 25% to 30%Real IRR (Base case): 50%
Gross Margins: 25% to 30%Real IRR (Base case): 30%
State of the Art Buildings
Specialized Third Party
Not Available
30 months
Own Construction Company/Consortiums
Swaps for Area
Commercial
CONSTRUCTIONCONSTRUCTION
PRODUCTPRODUCT
SALESSALES
LAND ACQUISITION
LAND ACQUISITION
FUNDINGFUNDING
BUSINESS CYCLEBUSINESS CYCLE
RETURNSRETURNS
Base case - sales of 50% pre-construction, land swap, unlevered
Specific Model per Segment
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Land Acquisition through swaps
Construction Financing
Transfer of Receivables
Lower Cash CommitmentFinancing at attractive prices and conditions
No consumer credit risk
Lower Carrying CostsMitigated risks (real guarantees)
Securitization at face value
Mitigated RisksRelation with Biggest Brazilian Banks
100% received after delivery of keys
Financial Leverage
8%-9% Maximum
Cash Exposure of the Project (over total
PSV)
Low Exposure
Expected Launchings>R$5billion
Capital Discipline
No significant short-term
capital need
IPO Proceeds (net) : R$454 million
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Financing Line
� Agreement between CEF and CCDI:
� R$2.2 billion will be used to finance 22,200 units, to be developed by HM Engenharia, with prices until R$ 100,000 per unit.
� R$2.0 billion will be used to finance 13,700 residential units developed by CCDI, with maximum prices of R$ 350,000 each.
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Segment and Geographic Diversification
Land Bank
Low Income: HM
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Land Bank June/2008
MGES
SPPR RJ
PE
HeadquarterLaunchings from 200392.3% of Land Bank
Regional OfficeAAA Office Building2% of Land Bank
Regional Office 1.6% of Land Bank
Regional Office1.2% of Land Bank
Regional Office due in 20082.3% of Land Bank
Regional Office due in 20080.6% of Land Bank
Total PSV: R$10.2 billion
Metro Area
32%
7%
Shoreline
Countryside 11%
43% Sao Paulo
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Land Bank Diversification
Diversification per Income (%)
87%
Residential
11%
Commercial
2%
Lots
Diversification per Segment (%)
Total PSV: R$10.2 billion
35%
Commercials
11%
Lots
2%
High and Luxury
14%
Medium and Medium-High
39%
Low Income and Economic
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� Strategy� Start operations in the Low Segment with scale,
by HM acquisition.
� Reason to choose HM� Vast, proven track-record� Consolidated Land Bank� Strong partnership in place with Caixa
Econômica Federal and other financial institutions
� MORE THAN 100,000 UNITS BUILT
Low Income Operation: HM
AraçatubaSão José do Rio PretoVotuporangaCatanduva
BarretosRibeirãoPretoFrancaCatanduva
CampinasSorocabaJundiaíPiracicaba
BauruMariliaBotucatuAssisSão Carlos
São Paulo
After its acquisition by CCDI, HM has launched R$197.7 million in
PSV (100% of the projects)
1,853
TENDA
2,987
MRV
4,600
HM ENGENHARIA
Units launched in 2006*
* Source: Companies Prospectus
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Operational Results Historic
Launchings
Sales
Office Buildings
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453211
2005 2006
1,200
2007
393
~ 2,000
2008E*
~ 3,000
2009E
25%
AAA Offices
15%
Medium
35%
Low Income and Economic
25%
Mid-high, High and Luxury
25%
Commercial
25%
Sao Paulo (Capital)
40%
Sao Paulo (Metro Area, shoreline and countryside)
10%
Other Estates
Launchings Evolution (R$ million) 2008 Guidance per Income
2008 Guidance per SegmentLaunchings per Region
Launchings (R$ million)
33%67%
211
2005
49%10%41%
453
2006
37%
10%
14%
19%
20%
1,211
2007
Sao Paulo
Metro Area
Shoreline
Countryside
Rio de Janeiro
57%
23%21%
484
1S08
* Until June/2008
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176.8
2005
171.2
2006
383.8
2007
185.7
491.0
676.7
1S08
Sales per Segment 1H08 (%)
32% Low Income and Economic
16%
Medium
21%
Mid-High, High and Luxury
31%
Commercial
Contracted Sales (R$ million)
Sales by Localization 1H08 (%)
25%
São Paulo (Metro Area)
43%
Sao Paulo
12%
Shoreline
11%
Countryside34%
Rio de Janeiro
Sales
Ventura Corporate Towers – Phase 1
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Speed of Sales
VSO: This indicator measures the ratio between the total amount of contracts sold over the total amount of contracts available for sale.
SS: The Speed of Sales is the ratio between the amo unt sold in a given period of time over the amount launched during the same period of time.
Indicator 2Q08 2Q07 1H08 1H07
A Contracted Sales (R$) 252,118 71,015 491.015* 158,307
B Total Inventory – Initial (R$) 831.945* 139,100 864.320* 206.282*
C Launchings of the Quarter (R$) 136,137 228.300* 392,540 299.700*
A/(B+C) Speed of Sales (VSO) 26.04% 19.33% 39.07% 31.29%
* The sale of Ventura’s Phase 1 and the launching of both phases of VCT are not taken into consideration.
Indicator 2Q08 2Q07 1H08 1H07
A Contracted Sales (R$) 252,118 71,015 491.015* 158,307
B Launchings (R$) 136,137 228.300* 392,540 299.700*
A/B Sales Speed (VV) 185.19% 31.11% 125.09% 52.82%
* The sale of Ventura’s Phase 1 and the launching of both phases of VCT are not taken into consideration.
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Speed of Sales
The Average Sales Speed is an indicator used as a p roxy to the monthly average selling volume, given historical information and the invent ory turnover speed.
Indicator 2Q08 2Q07
A PSV Launched (Last 18 months) 1,363,970 753.083*
B Months of Launch (Per Sales) 7.7 5.8
Units Sold (Last Year) 495,488 189,255
Units Sold (Current semester) 197,093 41,637
C Sales per month (R$) 89,946 39,809
(C*12)/A Average Speed of Sales (SoS) 79.13% 63.43%
A/C Inventory turnover 15.16 18.92
* The sale of Ventura’s Phase 1 and the launching of both phases of VCT are not taken into consideration.
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498.2
2006
278.8
2007 1H08
158.9
-68%
Launched Units Average Price (R$ million)
598.0
2006
350.0
2007 1H08
187.1
-69%
Sold Units Average Price (R$ million)
“Retail” Sales
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� Ventura Corporate Towers Phase 1
� Launching: June, 2006� Location: Rio de Janeiro’s downtown� Built Private Area: 53,378 m²� Sale: Option sold to Investors on Dec 21, 2007 (R$20.0 million). Option exercised on Jan 21, 2007,
after real estate due diligence, with total value of R$422.1 million.
Office Building
� Ventura Corporate Towers Phase 2
� Launching: June/2007� Private Area: 53,378 m²� PSV: R$480.0 million� % CCDI: 50%� Construction: Started� Sale: In negotiation
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Future Projects
Caieiras Project
Paulista Project
Viol Project
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� 5,207,600 m² (1.3 thousand acres) land located in Ca ieiras. Metropolitan Area of São Paulo� 19 km (11.8 miles) from Sao Paulo’s downtown� Ample, easy, fast access (CPTM “A”-line train and major highways)
� Potential Sales Volume: from R$ 2.5 billion to R$ 3 .0 billion� Residential and commercial (support)� 20,000 units� Economic Segment (units between R$ 70 and R$ 200 thousand each)
� Acquisition Terms� R$ 28 million in cash� Balance in financial swaps
Caieiras Project
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Caieiras Project
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� Caieiras has the less demographic density of the São Paulo’s metropolitan region; in a 30 km radius:
Caieiras Project
Cities Population Density
Sao Bernardo do Campo
Taboão da Serra
Alphaville
Guarulhos
Ferraz de Vasconcelos
São Paulo - Downtown
Santo Andre and Sao Caetano do Sul
3,130 hab/km²
3,510 hab/km²
2,690 hab/km²
4,000 hab/km²
2,180 hab/km²
14,000 hab/km²
12,000 hab/km²
Caieiras 780 hah/km²
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Preliminary Project
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� Location: Paulista Avenue – São Paulo
� Land Bank: 12,500 m²
� Construction Potential: ~50,000 m²
� Project: Shopping + AAA Commercial Building
� % CCDI: 50%
� PSV: R$450 million
Paulista
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� Location: Vila Olímpia, Sao Paulo
� PSV: R$1.0 billion (% CCDI)
� Land Bank: ~40,000 m²
� Construction Potential: ~132,000 m²
� Project still on design and fine-tuning stages
VIOL
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VIOL
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Financial Results Historic
Financial Performance
Partnerships
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Gross Income (R$ million)Net Revenues (R$ million)
Gross Margin (%)
Financial Performance
41.3
2Q07
104.0
2Q08
85.6
1H07
339.8
1H08
152.1%
297.1%
1H08
184.6%
533.3%
10.5
2Q07
30.0
2Q08
20.4
1H07
129.5
25.5%
2Q07
28.8%
2Q08
23.9%
1H07
38.1%
1H08
+14.2 p.p.
3.3 p.p.
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Margin Reconciliation
We deduct from the Gross Revenues the amount equiva lent to the Cost of Goods Sold from land acquired through swaps. For th e same project, the
gross margin recorded varied 600 bps.
CCDI – Typical Project Competitors
Construction Costs and others $50
Net Revenue $100
Land costs $15
Gross Income $35
Gross Margin 35%
Construction Costs and others $50
Net Revenue $85
Gross Income $35
Gross Margin 41%
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Net Income (R$million) Adjusted EBITDA (R$million)
Net Margin (%) Adjusted EBITDA Margin (%)
Financial Performance
*Adjusted to IPO expenses
2.7
2Q07
8.2
2Q08-10.11H07
76.3
1H08
197.9%
1.1 p.p. 22.5%
-11.8%2Q08 1H081H072Q07
7.8%6.7%+34.3 p.p.
-2.92Q07*
5.4
2Q08-0.8
1H07*
72.7
1H08
2Q07* 2Q08
-0.9%
21.4%
1H08
12.2 p.p.
+22.3 p.p.
-7.0%1H07*
5.2%
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Financial Performance
164.5%
2Q08
726.6
274.7
2Q07
570.1
1Q08
27.5%
Revenues of Sales to be recognized (R$ million)
70.1
2Q07
164.2
1Q08 2Q08
195.1%
206.926.0%
Result of Sales to be recognized (R$ million)
25.5%
2Q07
28.8%
1Q08 2Q08
3.0 p.p.
28.5%
-0.3 p.p.
Margin over Sales to be recognized (%)
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Financial Performance
Debt (R$ Million) 2Q08 1Q08 2Q07
(+) Loans & Financing – Short (91.8) (71.0) (12.4)
(+) Loans & Financing – Long (2.6) (0.7) (28.5)
(=) Gross Debt (94.3) (71.7) (40.9)
(+) Cash and Cash Equivalents 202.4 264.5 355.9
(=) Net Cash 108.1 192.8 315.0
Leverage (%) 06/30/2008 12/31/2008 (E)Gross Debt (94.3) (141.0)Equity 695.1 695.1% Leverage 13.6% 20.3%
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Stock Performance
27.6%
Locals
47.5%
International
24.9%
Natural Person
Stock Price Evolution x Volume Shareholders
-
10,0
20,0
30,0
28/09/07 29/11/07 31/01/08 01/04/08 30/05/08 28/07/086,0
9,0
12,0
Vol
ume
(R$
Mill
ion)
09/28/07 11/29/07 31/01/08 04/01/08 05/30/08 07/28/08
12.0
9.0
6.0
Stock P
rice (R$)
30.0
20.0
10.0
-
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Balance Sheet
ASSETS 06/30/2008 06/30/2007 LIABILITIES 06/30/2008 06/3 0/2007
Current CurrentCash and equivalents 202,374 355,896 Construction Financing 91,755 70,989 Property for sale 699,807 332,403 Payable to suppliers 166,766 208,330 Other credits 111,300 95,481 Others 41,077 33,812 Total Current Assets 1,013,480 1,012,364 Total Current Liabilities 299,598 313,131
Non-Current Non-CurrentLong-term Assets Construction Financing 2,557 692 Property for sale 522,147 589,622 Payable to suppliers 855,212 861,838 Other credits 244,759 206,267 Others 20,282 24,916 Investments 33,353 34,078 Total Non-Current Liabilities 878,051 887,446 Fixed Assets 78,105 77,111 Intangible Assets 1,784 1,369 Minority Shareholders 20,891 26,056 Total Non-Current Assets 880,148 908,447
Shareholders’ Equity 695,088 694,178
TOTAL ASSETS 1,893,628 1,920,811 TOTAL LIABILITIES 1,893,628 1,920,811
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Income Statements
196.7%
INCOME STATEMENT (R$ thousands) 2Q08 2Q07
Gross Revenues 107,922 42,889
Deductions (3,932) (1,637)
Net Operating Revenues 103,990 41,252
Cost of Goods Sold (74,027) (30,714)
Gross Income 29,963 10,538
(EXPENSES) Operational Revenues (26,785) (14,564)Commercial Expenses (4,529) (2,418)General & Administrative Expenses (22,256) (12,146)
General & Administrative Expenses (19,322) (11,141)IPO-related expenses - (957)Other operational revenues - -Other operational expenses (2,934) (48)
Operating Results before Financial Results 3,180 (4,0 26)
Financial Results 4,982 9,928Financial Revenues 9,363 11,827Financial Expenses (4,381) (1,899)
Non-Operating Result 53 3
Earnings Before tax 8,213 5,905
Income Tax and Social Contribution (106) (3,156)
Minority Shareholders 50 -
NET INCOME 8,157 2,749
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Cash Flow
CONSOLIDATED CASH FLOW (R$ Ths) 06/30/2008 06/30/2007
Net Income (loss) of the period 76,315 (10,103)
Non-cash revenues/expenses 4,081 (87)
Changes in Current Operating Assets and Liabilities (75,435) (175,459)
CASH FLOW FROM OPERATING ACTIVITIES 4,962 (185,649)
CASH USED ON INVESTING ACTIVITIES (47,182) (2,886)
CASH GENERATED FROM FINANCING ACTIVITIES 35,478 525,153
Increase in Cash and Equivalents (6,742) 336,618Cash and Cash Equivalents – Beginning of Period 209,116 19,278
CASH AND CASH EQUIVALENTS – END OF PERIOD 202,374 355,896
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Contact
Fernando BergaminFernando Bergamin
Investor Relation [email protected]@camargocorrea.com.br
Rua Funchal, 160 – 9º andarVila Olímpia – São Paulo – SP – BrasilCEP: 04551-903Tel: (55 11) 3841-5880Fax: (55 110 3841-5761
www.ccdi.com.br/ri
Presenters Contact Information
This presentation contains statements that are forw ard-looking within the meaning of Section 27A of th e Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended.
Such forward-looking statements are only prediction s and are not guarantees of future performance. In vestors are cautioned that any such forward-looking statements are and will be, as the
case may be, subject to many risks, uncertainties a nd factors relating to the operations and business environments of CCDI and its subsidiaries that may cause the actual results of the
companies to be materially different from any futur e results expressed or implied in such forward-look ing statements. Although CCDI believes that the exp ectations and assumptions reflected
in the forward-looking statements are reasonable ba sed on information currently available to CCDI’s man agement, CCDI cannot guarantee future results or ev ents. CCDI expressly disclaims a
duty to update any of the forward-looking statement s.
Paulo MazzaliPaulo Mazzali
CFO and Investor Relation [email protected]
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Annex
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12 18 24 306
-18%
Low Income Project Cash Flow
0 6 12 18 24 30
Sales Velocity
Accrued Costs
0%
100%
Low Income Revenues Recognition
Residential Projects
0 10 20 30 40
Sales Velocity
Accrued Costs
100%
0%20 30 40
-9%10
Other Cases Cash FlowOther Cases Revenues Recognition
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HM Engenharia Projects
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Economic Segment
First project in partnership between CCDI and HM.
In 45 days, 70% sold
876 units launched in January and March.July/2008: 90% sold
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Prêmio Top Imobiliário - Innova
� Location: Osasco, Metropolitan Region of São Paulo � Launch: December/2007 (phases 1 and 2 ), Feb/2008
(phase 3) and Mar/2008 (phase 4 )� Total PSV : R$230.0 million � % CCDI: 50% � Land: 40,500 m²� Private Area: 33,820 m²� Units: 1,690� Apartments : 50 m², 55 m² e 65 m²
Top Imobiliário: Sales Performance Award – 2008 Edit ion.The project was sold out in 50 days (868 units).
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High and Luxury Segments
PROJECTS ON FOLD
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High and Luxury Segments
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High and Luxury Segments
40% sold in 30 days after the launching
70% sold in the launching date; 85% sold nowadays
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Commercial – Small Offices
Project in Avenida Faria Lima, 70% sold in one quarter
95% sold in 1 month