EZTEC: Operational Growth increases Net Income to R$252.0 million in the 9M12
10 November 2012 - 11:03AM
PR Newswire (US)
EZTEC: Operational Growth increases Net Income to R$252.0 million
in the 9M12
SAO PAULO, Nov. 9, 2012 /PRNewswire/ -- EZTEC S.A. (BOVESPA:
EZTC3) celebrates its 33rd anniversary as one of the most
profitable builders and developers in Brazil. The Company announces its results for
the third quarter of 2012 (3Q12). Except where stated otherwise,
EZTEC's operating and financial information is presented on a
consolidated basis and in Brazilian real (R$), in accordance with
Generally Accepted Accounting Principles in Brazil ("BR GAAP") and the International
Financial Reporting Standards (IFRS) applicable to real estate
developers in Brazil, as approved
by the Accounting Pronouncement Committee (CPC), Securities and
Exchange Commission of Brazil
(CVM) and Federal Accounting Board (CFC).
Highlights
- Net Revenue reached R$598.8
million in 9M12, up 12.8% from 9M11.
- Gross Profit was R$315.4
million in 9M12, up 18.8% from 9M11, with Gross
Margin of 52.7%, (12.7 p.p. above our guidance for the
year).
- EBITDA was R$238.1 million
in 9M12, increase of 18.5% from 9M11, for EBITDA Margin of
39.8%.
- Net Income was R$252.0
million in 9M12, with net margin of 42.1%, 12.1 p.p. above
the guidance for the year, representing Earnings per Share
of R$1.718 and Annualized ROE
of 24.7%.
- EZTEC kept its financial strength in 3Q12, ending the period
with Cash Equivalents and Financial Investments of
R$165.6 million. Excluding the debt
of R$139.0 million (being exclusively
of SFH financing), the Company's Net Cash stood at
R$26.6 million, which was
complemented by Performed Receivables from real estate
projects of R$232.6 million, which
are available for securitization and yielding IGP-M + 12% p.a.
- In the 3Q12, the Company launched 5 projects: the
middle-high end residential The View Nova Atlantica, in the
south zone of Sao Paulo, with own
PSV of R$81.0 million; the commercial
project Green Work, located in the south zone of
Sao Paulo, with own PSV of
R$140.2 million; the middle-high end
residential projects Up Home Santana and Chacara
Cantareira, both in the north zone of Sao Paulo, with own PSV of R$49.0 million and R$76.5
million respectively; and the middle-end residential project
Prime House Sao Bernardo, in the city of Sao Bernardo, a
part of the Sao Paulo Metropolitan
Area (SPMA), with own PSV of R$149.4
million, totaling R$822.5
million launched in the 9M12. As a result, EZTEC achieved
68.5% of the lowpoint of its launch Guidance for 2012.
- EZTEC's stake of Contracted Sales, net of brokerage
commissions and rescissions, reached R$665.4
million in 9M12, growth of 4.8% from 9M11.
- As of September 30th, 2012,
EZTEC's Land Bank (ex-EZ Tower) totaled
R$4.3 billion in own PSV. The
average cost of lot acquisitions, including the costs associated
with expanding construction potential, is equivalent to
10.2% of PSV.
Conference Call
November 12th, 2012 – 10:30 a.m. (US EDT)
Webcast: http://webcast.mzvaluemonitor.com/Home/Login/487
Phone: +1 (412) 317-6776
For further information contact:
EZTEC S.A. - Investor Relations
Phone: +55 (11) 5056-8313
E-mail: ri@eztec.com.br
www.eztec.com.br/ir
SOURCE EZTEC
Copyright 2012 PR Newswire
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