Earnings Release Presentation - Second Quarter 2011 (2Q11).
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Transcript of Earnings Release Presentation - Second Quarter 2011 (2Q11).
Earnings Release 2Q11 and 1H11August 10, 2011
Rubens Menin
Opening Comments
2
EarningsRelease 2Q11
Highlights
3
Consistent Operational and Financial Performance;
Client financing;
MRV LOG.
EarningsRelease 2Q11
Comfortable cash position
4
EarningsRelease 2Q11
ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY
Cash and cash equivalents 687,105 Current Liabilities 1,885,045
Receivables from real estate development 3,781,497 Noncurrent Liabilities 2,284,272
Real estate for sale and development 2,286,644 Total Shareholders' Equity 3,424,552
Other assets 838,623
Total Current Assets 7,593,869 Total Liabilities and Shareholders’ Equity 7,593,869
BALANCE SHEET as of 06/30/2011 (R$ thousand)
ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY
Cash and cash equivalents 1,187,105 Current Liabilities 1,885,045
Receivables from real estate development 3,781,497 Noncurrent Liabilities 2,784,272
Real estate for sale and development 2,286,644 Total Shareholders' Equity 3,424,552
Other assets 838,623
Total Current Assets 8,093,869 Total Liabilities and Shareholders’ Equity 8,093,869
BALANCE SHEET as of 06/30/2011 (R$ thousand) as if the 5th Debentures Issuance had occurred in 2Q11
The residential market is sustainable in the long run...
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Government Program Resources (R$ billion)
Monthly Income Limit to the MCMV Program
Monthly Income Limit to the Financing through FGTS
Target (Term)
Duration
Income Ranges Monthly Income Units Monthly Income Units
Range 1 up to R$1,395 400,000 up to R$1,600 1,200,000
Range 2 from R$1,395 to R$2,790 400,000 from R$1,600 to R$3,100 600,000
Range 3 from R$2,790 to R$4,650 200,000 from R$3,100 to R$5.000 200,000
Total Units Built 1,000,000 2,000,000
2 years 4 years
MCMV 1 MCMV 2
34.0 72.6
up to R$4,650 up to R$5,000
up to R$4,900 up to R$5,400
Dec/10 Dec/14
EarningsRelease 2Q11
Operational and Financial Performance
Consistent Performance: Operational and Financial
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2Q11
Built Units Finished Units
Net Operating Revenue Net Income
2,998 3,720
7,470
4,759
11,190
2Q10 1Q11 2Q11 1H10 1H11
135%
101%
149%
6,478 6,802 8,439
11,619
15,241
2Q10 1Q11 2Q11 1H10 1H11
31%
24%30%
705.1 802.3
988.4
1,273.7
1,790.7
2Q10 1Q11 2Q11 1H10 1H11
40.2%
40.6%
23.2%
150.5 152.6
189.8
266.3
342.4
21.3% 19.0% 19.2% 20.9% 19.1%
-75.0%
-55.0%
-35.0%
-15.0%
5.0%
25.0%
2Q10 1Q11 2Q11 1H10 1H11
-
100.0
200.0
300.0
400.0
500.0
600.0
26.1%
28.5%
24.4%
Client Financing
Cash Burn Homebuilding (R$ million)
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Important perfomance of the Real Estate Correspondent
Client Financing
5,665 5,593
7,505
10,367
13,098
2Q10 1Q11 2Q11 1H10 1H11
26%
34%32%
216.3
78.6
138.3
73.5
112.8
Quarterly Avg.
2008Quarterly Avg.
2009Quarterly Avg.
2010Quarterly Avg.
1H112Q11
Operational and Financial Performance 2Q11
MRV LOG Operation: Administrative and Financial Independence
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Other Shareholders
42.0% 24.7% 33.3%
Controlling Group contributed with R$ 100 millionStarwood contributed with R$ 250 million
National Footprint Portfolio on 06/30/2011
nº of cities 19
nº of states 8
nº of projects 30 Logistic Warehouses 833,379 1,005.9
Shopping and Strip Malls 123,965 406.3
GLA in Operation (m2) Office 68,332 199.6
Logistic Warehouses Total 1,025,676 1,611.9
on 06/30/2011 47,605
on 12/31/2011(1)133,440 Betim Lot Project
Total Area (m2) 5,943,238.2
# of Clients Saleable Area (m2) 3,446,747.2
on 06/30/2011 12 nº of lots 460
on 12/31/2011(1)32 Total Investment (R$ mi l l ion)
(1)174.8
% MRVLOG participation 50%
Annual Investment (R$ million)
in 2011 in 2012 (1) Estimated Values
Total Investment(1)328.6 595.2 GLA = Gross Leasable Area (m 2 )
Operational Highlights MRVLOG
GLA (m2)Total Investments
(R$ million)(1)
EarningsRelease 2Q11
National Footprint Portfolio on 06/30/2011
nº of cities 19
nº of states 8
nº of projects 30 Logistic Warehouses 833,379 1,005.9
Shopping and Strip Malls 123,965 406.3
GLA in Operation (m2) Office 68,332 199.6
Logistic Warehouses Total 1,025,676 1,611.9
on 06/30/2011 47,605
on 12/31/2011(1)133,440 Betim Lot Project
Total Area (m2) 5,943,238.2
# of Clients Saleable Area (m2) 3,446,747.2
on 06/30/2011 12 nº of lots 460
on 12/31/2011(1)32 Total Investment (R$ mi l l ion)
(1)174.8
% MRVLOG participation 50%
Annual Investment (R$ million)
in 2011 in 2012 (1) Estimated Values
Total Investment(1)328.6 595.2 GLA = Gross Leasable Area (m 2 )
Operational Highlights MRVLOG
GLA (m2)Total Investments
(R$ million)(1)
Portfolio on 06/30/2011
Logistic Warehouses 833,379 1,005.9
Shopping and Strip Malls 123,965 406.3
Office 68,332 199.6
Total 1,025,676 1,611.9
Betim Lot Project
Saleable Area (m2) 3,446,747.2
Total Investment (R$ mi l l ion) (1)
174.8
% MRVLOG participation 50%
GLA (m2)Total Investments
(R$ million)(1)
Disclaimer
9
This presentation may contain certain forward-looking statements and information relating to MRV that reflect the current views and/or expectations ofthe Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, anystatement 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, uncertaintiesand 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, agentsor employees shall be liable before any third party (including investors) for any investment or business decision made or action taken in reliance on theinformation 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 anythingcontained 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, marketresearch, publicly available information and industry publications. Although we have no reason to believe that any of this information or these reports areinaccurate in any material respect, we have not independently verified the competitive position, market share, market size, market growth or other dataprovided 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, asan indicator of our operating performance or cash flows or as a measure of our liquidity. EBITDA does not have a standard definition and other companiesmay measure their EBITDA in a different way.
EarningsRelease 2Q11
Leonardo CorrêaChief Financial Officer
Mônica SimãoChief Investor Relations Officer
Gerson MazerInvestor Relations Manager
Ph.: +55 (31) 3348-7150
E-mail: [email protected]
www.mrv.com.br/ri
Contacts
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EarningsRelease 2Q11