São Paulo, January 16, 2014
TECNISA S.A. Operational Preview - 4Q13 Launches reached R$ 1,883 million and Contracted sales totaled R$ 1,762 million in 2013, implying a 45% SoS.TECNISA S.A. (BM&FBOVESPA: TCSA3), one of the largest residential developers in Brazil, operating with an integrated business model that includes development, construction and brokerage operations, announces today its preliminary operating performance for the fourth quarter of 2013 (4Q13) and 2013. These results are managerial, unaudited and subject to change.
Launches
In 4Q13, TECNISA launched R$ 262 million, Company's share, representing R$ 1,883 million in 2013, 86% up compared to last year. In this period, 4 new projects were launched, 3 referring to the Premium segment and 1 referring to the Flex segment. From launched projects, 1 is located in Curitiba and the others in São Paulo. In
2013, the launches showed a better distribution over the quarters, which will benefit the Company to avoid peaks of deliveries and construction works.
Launches (% TECNISA) (R$ million)1,883
511 397
262
1,011
4Q12 3Q13 4Q13 2012 2013
Contracted Sales
Contracted Sales, TECNISA's interest and net of cancellations, totaled R$ 258 million in 4Q13, 12% higher than
4Q12 and 17% down compared to 3Q13, despite the lower volume of launches in the quarter.
During 2013, Contracted Sales totaled R$ 1,762 million, an increase of 61% over 2012. Therefore, sales velocity, expressed by Sales Over Supply (SoS)1 ratio was 45% during 2013, a growth of 9 p.p over the SoS of 36% in 2012.
1 SoS = Contracted Sales / (Initial Inventory + Launches in the Period).
1,762
1,093
231 310 258
4Q12 3Q13 4Q13 2012 2013
Contracted sales of the quarter remained impacted by a higher level of cancellations than the historical average level of the Company. Although still high, the cancellations of the period totaled R$ 116 million in 4Q13, a reduction of 12% compared to R$ 131 million in 3Q13. As shown below, the Contracted Sales of concluded developments remains positive, which proves the great absorption of TECNISA products by the market.
Contracted Sales Breakdown (R$ million)4Q13 Gross Sales Cancellations Net Sales
Not Concl ude d Uni ts 321 -80 | 240 |
Concl ude d Uni ts 54 -36 | 18 |
Total 374 -116 | 258 |
It is noteworthy that cancellations do not represent loss for the Company, as the units return to inventory for resale.
Projects Delivery
The Company delivered 10 projects in the 4Q13 totaling 3,190 units and corresponding to a TECNISA PSV of R$ 481 million. Thereby, the deliveries for 2013 amounted 22 developments, 6,039 units and with an own PSV of R$ 1,394 million, representing an increase of 64% over the year above.
Additionally, as a subsequent event, in the first half of January, TECNISA delivered another project, which adds 44 units and a PSV of R$ 97 million to developments concluded.
Developments Conclusion 4Q13 4Q12 4Q13 vs. 4Q12
3Q13 4Q13 vs. 3Q13
2013 2012 2013 vs. 2012
De ve l opme nts concl ude d | 10 | 2 400.0% 4 150.0% | 22 | 13 69.2% |
De l i ve re d uni ts | 3,190 | 1,256 154.0% 1,114 186.4% | 6,039 | 3,050 98.0% |
De l i ve re d PSV (R$ '000) - % TECNI SA | 481,414 | 290,600 65.7% 173,875 176.9% | 1,393,854 | 852,391 63.5% |
"Habite-se" criteria.
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Land Bank
In the 4Q13, the Company's Land Bank reached a PSV of R$ 6,863 million, TECNISA's interest.
Segment Breakdown (4Q13) Geographical Breakdown (4Q13)14%
13%
4%
5%
11%
65%
Premium Flex
87%
SP - São Paulo City SP - SP MA Brasília Paraná Other States
Land bank evolution - 4Q13 (R$ Million)7,193
(262) (115) 46 6,863
3Q13 PSV La unched Land Aquisition / Can cellation
Adjustments 4Q13
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Inventory at Market Value
TECNISA ended 4Q13 with an Inventory at Market Value of R$ 2,846 million, out of which R$ 2,248 million related to TECNISA's interest. This figure represents an increase of 11% in relation to the 4Q12 and it's 3% higher over the 3Q13. The concluded unit inventory is equivalent to 6% of the total.
41%
Status Breakedown (4Q13)6%
22%
Geographical Breakedown (4Q13)10% 9%
53%
59%
Under construction Launched Concluded
São P aulo Paraná
Brasília Other States
Annex - 2013 LaunchesYear State
Quarter of
Launching
Name TT Un.
%
TECNISA
PSV Total
(R$ Million)
PSV TECNISA
(R$ Million)
2013 SP 1Q13 Má xi mo Mogi (Fa s e 2) 284 50.0% 44.2 22.1
2013 SP 1Q13 Fl e x Ta tua pé (Fa s e 1 - HI S) 142 100.0% 24.2 24.2
2013 SP 1Q13 Fl e x Ta tua pé (Fa s e 2 - HMP) 158 100.0% 51.7 51.7
2013 SP 1Q13 JDP - Re s e rva Ma na cá (Fa s e 1) 212 71.1% 465.0 330.7
2013 SP 1Q13 JDP - Bos que Je qui ti bá (Fa s e 1) 216 71.1% 339.0 241.1
2013 PR 2Q13 Novo Ce ntro 214 35.0% 53.4 18.7
2013 SP 2Q13 Fl e x Os a s co I I (Fa s e 2) 252 80.0% 58.8 47.0
2013 SP 2Q13 JDP - Re ca nto Ja ca ra ndá 396 71.1% 345.0 245.3
2013 SP 2Q13 JDP - Bos que Je qui ti bá (Fa s e 2) 104 71.1% 187.8 133.6
2013 SP 2Q13 JDP - Bos que Ara ucá ri a (Fa s e 1) 108 71.1% 153.7 109.3
2013 SP 3Q13 JDP - Re s e rva Ma na cá (Fa s e 2) 108 71.1% 228.9 162.8
2013 SP 3Q13 JDP - Bos que Ara ucá ri a (Fa s e 2) 104 71.1% 150.1 106.8
2013 SP 3Q13 Voxy I pi ra nga 140 100.0% 70.4 70.4
2013 SP 3Q13 Le vi tá 64 100.0% 57.4 57.4
2013 PR 4Q13 I ns pi ra Bus i ne s s 379 100.0% 118.2 118.2
2013 SP 4Q13 Dol ce Vi l l a (Fa s e 1) 128 100.0% 70.3 70.3
2013 SP 4Q13 Li ne 120 50.0% 60.3 30.1
2013 SP 4Q13 Fl e x Sa comã (Fa s e 1) 144 100.0% 43.3 43.3
2,521.5 1,882.7
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IR ContactInvestor Relations Area
Phone: +55 (11) 3708-1162
Fax: +55 (11) 3708-1125 www.tecnisa.com.br/ir ri@tecnisa.com.br
This report contains forward-looking statements that express or imply expected results, performance or events. These views include future results that may be affected by historical results, in accordance with the statements made in the section "Outlook". Actual performance and events may differ substantially from those projected and are subject to risks such as the general and economic conditions of Brazil and other countries, interest and exchange rate levels, protectionist measures in the USA, Brazil and other countries, legal and regulatory changes and shifts in general competitive factors (national, regional or global)
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