Earnings Release Presentation - First Quarter 2014 (1Q14).
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Transcript of Earnings Release Presentation - First Quarter 2014 (1Q14).
Earnings Release 1Q14 May 15, 2014
Earnings Release 1Q14
Rafael Menin
Opening Comments
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Agenda
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Cancellations
Market
Margins and SG&A Expenses
LOG and Urbamais
EPS – Value Generation
Earnings Release 1Q14
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
1Q 2Q 3Q 4Q 5Q 6Q 7Q 8Q 9Q 10Q 11Q 12Q 13Q 14Q 15Q 16Q 17Q 18Q 19Q 20Q 21Q 22Q
Cumulative Cash Flow as percentage os PSV
CEF+BB (Crédito Associativo + Construction Financing)LTV = up to 100%; Tenor = up to 30 years
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Cancellations
Period that occurs 80% of cancellation
Cumulative Cash Flow as Percentage of PSV
Cancellations on “Crédito Associativo” occur during the construction phase
Earnings Release 1Q14
Construction starts
Construction ends
Land acquisition Final Permits
(Deed of trust)
Launching
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Cancellations
Average resale price x Average cancelled unit selling price adjusted by the INCC
Resale speed of Cancelled Units– Mar/14
Cancelled units are quickly resold with good margins
Earnings Release 1Q14
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Pre-sales (R$ million)
Strong Market
+30,000,000 Visits to our
Website in 2013
+200,000 Clients
0,27% Volume of complaints in Caixa’s “Keep an Eye on
Quality” Program
+12,000 por mês Visits stores and
sales stands
Certifications ISO 9001 – 2008
PBQP-H SIAC – Level A
“Dreams’ Delivery” Program
90% Quality of Client Service Research
Improvements around the
projects
Strong Brand
Earnings Release 1Q14
1,095
1,230
1,538
1Q13 4Q13 1Q14
25%40%
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Selling Expenses (R$ million) G&A Expenses (R$ million)
% Selling Expenses/ Pre-Sales (%MRV) and % Selling Expenses / Net Operating Revenue
% G&A Expenses / Pre-Sales (%MRV) and % G&A Expenses / Net Operating Revenue
Gross Margin e SG&A Expenses
Gross Profit (R$ million) And Gross Margin (%)
Performance improvement
Earnings Release 1Q14
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Subsidiaries
Parque Atlanta Allotment Araraquara - SP
Launch is foreseen to 3Q14
Market Value of LOG’s Investment Property
Seized market opportunities Identification Development and the generation of
distinguished quality assets
Earnings Release 1Q14
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Value Generation Focus on results per share
Earnings per share (in R$)
Evolution of net income per share of 12,1%, going from R$ 0.153 in 4Q13 to R$ 0.171.
Earnings Release 1Q14
Cash Generation oriented to Shareholders
Disclaimer
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This presentation may contain certain forward-looking statements and information relating to MRV that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like “believe,” “anticipate,” “expect,” “envisages,” “will likely result,” or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. In no event, neither the Company nor any of its affiliates, directors, officers, agents or employees shall be liable before any third party (including investors) for any investment or business decision made or action taken in reliance on the information and statements contained in this presentation or for any consequential, special or similar damages. This presentation does not constitute an offer, or invitation, or solicitation of an offer to purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. The market and competitive position data, including market forecasts, used throughout this presentation was obtained from internal surveys, market research, publicly available information and industry publications. Although we have no reason to believe that any of this information or these reports are inaccurate in any material respect, we have not independently verified the competitive position, market share, market size, market growth or other data provided by third parties or by industry or other publications. MRV does not make any representation as to the accuracy of such information. EBITDA is not a Brazilian GAAP and IFRS measure and should not be considered in isolation and should not be considered an alternative to net income, as an indicator of our operating performance or cash flows or as a measure of our liquidity. EBITDA does not have a standard definition and other companies may measure their EBITDA in a different way.
Earnings Release 1Q14
Leonardo Corrêa Chief Financial Officer
Mônica Simão Chief Investor Relations Officer Matheus Torga Investor Relations Manager
Ph.: +55 (31) 3348-7150
E-mail: [email protected]
www.mrv.com.br/ri
Contacts
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Earnings Release 1Q14