Académique Documents
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Release de Resultados – 4T18 | 2018
MENSAGEM DA ADMINISTRAÇÃO
O desfecho das eleições de 2018 certamente foi o evento mais importante do último
trimestre do ano, culminando com a recuperação da confiança dos agentes econômicos e
dos preços dos ativos no mercado financeiro doméstico. Apesar de termos cautela quanto
à aprovação da Reforma da Previdência, que tem papel essencial na consolidação da
retomada financeira do país, temos confiança na recuperação econômica do Brasil. Ainda
tivemos a definição de um marco importante para o nosso setor com a promulgação da
Lei do Distrato (lei 13.768/18). Após anos de insegurança jurídica, as regras para a
desistência na compra de imóveis e no atraso na entrega do imóvel estão agora definidas.
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Release de Resultados – 4T18 | 2018
PRINCIPAIS INDICADORES
4T18 4T17 4T18 x 4T17 3T18 4T18 x 3T18 2018 2017 2018 x 2017
Lançamentos (1)
Número de Lançamentos 29 19 52,6% 12 141,7% 60 39 53,8%
VGV Lançado - R$ milhões (100%) 2.705 1.269 113,1% 918 194,6% 5.039 3.053 65,0%
VGV Lançado - R$ milhões (%CBR) 1.823 786 132,1% 711 156,4% 3.435 2.150 59,7%
Participação CBR 67,4% 61,9% 5,5 p.p. 77,4% -10,0 p.p. 68,2% 70,4% -2,3 p.p.
VGV Permutado - R$ milhões (100%) 255 22 1071,9% 70 265,0% 386 69 459,8%
Preço Médio por m² (R$) (ex-loteamentos) 7.858 6.079 29,3% 6.393 22,9% 7.025 7.283 -3,5%
Área útil lançada (m²) 344.274 208.798 64,9% 143.631 139,7% 733.625 464.524 57,9%
Unidades Lançadas 7.075 4.125 71,5% 2.821 150,8% 15.145 8.968 68,9%
Vendas (2)
Vendas Totais Contratadas - R$ milhões (100%) 2.439 1.253 94,6% 943 158,8% 5.056 3.259 55,1%
Vendas Totais Contratadas - R$ milhões (%CBR) 1.720 872 97,3% 693 148,4% 3.497 2.361 48,1%
Participação CBR 70,5% 69,6% 1,0 p.p. 73,5% -2,9 p.p. 69,2% 72,4% -3,3 p.p.
Preço Médio por m² (R$) (ex-loteamentos) 7.663 5.790 32,3% 6.078 26,1% 6.654 5.872 13,3%
Unidades Vendidas 5.839 4.216 38,5% 3.108 87,9% 14.501 10.332 40,4%
Entregas
VGV Entregue - R$ milhões (100%) 486 1.666 -70,8% 641 -24,1% 4.277 5.506 -22,3%
Unidades Entregues 2.490 6.419 -61,2% 3.536 -29,6% 14.308 19.473 -26,5%
Banco de Terrenos
VGV potencial com permuta - R$ milhões (100%) 41.147 45.449 -9,5% 43.441 -5,3% 41.147 45.449 -9,5%
VGV potencial sem permuta - R$ milhões (100%) 34.857 38.382 -9,2% 36.590 -4,7% 34.857 38.382 -9,2%
Estoque de Terreno (mil m²) 10.474 12.944 -19,1% 11.572 -9,5% 10.474 12.944 -19,1%
% Permuta sobre valor do terreno 76,0% 75,8% 0,2 p.p. 75,0% 1,0 p.p. 76% 76% 0,2 p.p.
% CBR 90% 88% 2,2 p.p. 89% 0,8 p.p. 90% 88% 2,2 p.p.
Indicadores Financeiros
Receita Líquida (R$ milhões) 1.331 809 64,6% 725 83,7% 3.146 2.619 20,1%
Lucro Bruto (R$ milhões) 334 219 52,8% 205 63,1% 835 717 16,5%
Lucro Líquido (R$ milhões) 116 49 138,1% (121) n.a (84,0) (95,0) -11,6%
Margem Bruta 25,1% 27,0% -1,9 p.p. 28,3% -11,2% 26,5% 27,4% -83,0%
Margem Líquida 8,7% 6,0% 2,7 p.p. -16,7% n.a -2,7% -3,6% 95,7%
Lucro por Ação (R$) (³) 0,30 0,13 135,5% -0,31 n.a -0,22 -0,25 -12,0%
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Release de Resultados – 4T18 | 2018
DESEMPENHO OPERACIONAL
Nota: informações detalhadas referentes a lançamentos estão ao final do relatório, em tabelas anexas.
LANÇAMENTOS
No 4T18 os lançamentos somaram Valor Geral de Vendas (VGV) total de R$ 2.705 milhões,
113,1% superior ao realizado no 4T17 (R$ 1.269 milhões). As permutas nos lançamentos somaram
R$ 255 milhões no 4T18 vs. R$ 22 milhões no 4T17. No ano, os lançamentos atingiram R$ 5.039
milhões, 65,0% superior em relação à 2017. No ano o volume permutado foi de R$ 386 milhões
vs. R$ 69 milhões em 2017.
VGV Lançado
(em R$ milhões – 100%)
+65,0%
5.039
2.259
+113,1%
3.053
2.705
1.168
1.453
1.269 2.780
Alto Padrão 435 1.885
1.252
Médio + MCMV 834
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Release de Resultados – 4T18 | 2018
Excluindo o valor das permutas, e tomando como base apenas o %CBR, o volume lançado
no 4T18 foi de R$ 1.598 milhões, 106,4% superior ao mesmo período do ano anterior (R$ 774
milhões no 4T17). No ano, o volume lançado foi de R$ 3.097 milhões vs. R$ 2.100 milhões em
2017.
VGV Lançado
Ex-Permuta
(em R$ milhões – %CBR)
+47,4%
3.097
+106,4% 2.100
1.598
774
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Release de Resultados – 4T18 | 2018
A distribuição dos lançamentos no ano por geografia e segmento pode ser vista
abaixo:
Lançamentos por região – 2018 Lançamentos por produto – 2018
63,4%
4,4% São Paulo
São Paulo - Interior
15,0%
Médio
Do VGV lançado no trimestre, 66% serão reconhecidos via consolidação e 34% via
equivalência patrimonial.
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Release de Resultados – 4T18 | 2018
VENDAS
Nota: informações detalhadas referentes a vendas contratadas estão ao final do relatório, em tabelas anexas.
Vendas Contratadas
(em R$ milhões – 100%)
+55,1%
5.056
2.565
3.259
+94,6%
2.439 1.276
1.480
1.253
2.491
Alto Padrão 442 1.984
Médio + MCMV 811 959
A participação da Companhia nas vendas contratadas foi de 71% no 4T18 vs. 70%
no mesmo período do ano anterior. No ano, a participação da Cyrela nas vendas contratadas
foi de 69% vs. 72% de 2017.
Das vendas líquidas do trimestre, 55% serão reconhecidas via consolidação e 45%
via método de equivalência patrimonial.
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Vendas Contratadas
(em R$ milhões – 100%)
+55,1%
5.056
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Vendas
Ex-Permuta
(em R$ milhões – %CBR)
+39,6%
3.239
2.321
+79,7%
1.549
862
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Release de Resultados – 4T18 | 2018
A segmentação geográfica das vendas no ano foi liderada por São Paulo com 70,6%
do volume total vendido, seguido pelo Rio de Janeiro com 20,7%.
A distribuição das vendas no ano por geografia e segmento pode ser vista abaixo:
7,3% 63,3%
São Paulo
São Paulo - Interior 17,0%
Médio
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VELOCIDADE DE VENDAS (VSO)
VSO LTM
*
1T18 29% 28% 9% 7% 73%
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ESTOQUES
Estoque a Valor de Mercado (R$MM) Estoque por Safra de Entrega (R$ MM)
6.176
5.913 5.789
5.574 5.664 Entrega Estoque
1.144 Total Consolidação Equivalência
1.070 1.020 992 1.128 A Entregar
Pronto 2.493 2.165 328
12 Meses 810 581 228
% CBR 5.032 24 Meses 1.497 906 591
4.843 4.769 4.582 4.536
36 Meses 627 448 179
48 Meses 238 183 55
Total 5.664 4.283 1.381
4T17 1T18 2T18 3T18 4T18
Norte Outros
1,6%
Sul 1,1%
5,6%
13,0%
2.705
5.574 -396 5.664
-176 Nordeste São Paulo
-1.777 0,7% 40,5%
-267
-663
23,0%
Rio de Janeiro
16,1%
Estoque Vendas Lançamentos Vendas Var. Preço Estoque São Paulo - Interior
Total 3T18 Estoque 4T18 Lançamentos Total 4T18
4T18
Estoque em construção Estoque pronto
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Release de Resultados – 4T18 | 2018
37,8%
Rio de Janeiro
-12,3%
2.843
-267
68 -151 2.493
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TERRENOS
Nota: informações detalhadas referentes a terrenos estão ao final do relatório, em tabelas anexas.
Durante o 4T18, foram adquiridos 5 terrenos pela Companhia, três na região Sul e dois
em São Paulo com VGV potencial de R$ 644 milhões. Além disso, a Companhia
distratou/vendeu 8 terrenos.
76%
33,6 Permuta
Alto padrão
São Paulo
8,4 *O VGV em landbank é baseado
na última viabilidade de avaliação
do terreno corrigida a INCC até a
data de hoje.
Rio de Janeiro
21,7 4,4 São Paulo - Interior
1,1
0,7 Sul
0,3 3,0
1,5 Norte
Nordeste
Centro Oeste Minas Gerais
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Release de Resultados – 4T18 | 2018
ENTREGAS
Nota: informações detalhadas referentes a unidades entregues estão ao final do relatório, em tabelas anexas.
A Cyrela entregou 8 projetos no trimestre, com 2,5 mil unidades que representavam
R$ 486 milhões de VGV na data dos respectivos lançamentos. Dos projetos entregues no
trimestre, apenas um é do segmento MCMV 1.
No ano, a Companhia entregou 48 projetos, com 14,3 mil unidades que representavam
R$ 4.227 milhões de VGV na data dos respectivos lançamentos. Dos projetos entregues
no ano, apenas três são do segmento MCMV 1.
Entregas
-22%
5.506
227 Outros*
686 Sul
Norte
4.277 Rio de Janeiro
288 São Paulo**
1.230 32
1.859
-71%
1.666
3.303
306
2.099
1.360 486
38
448
4T17 4T18 2017 2018
Nota: * Espirito Santo, Centro Oeste e Minas Gerais. ** São Paulo e São Paulo Interior.
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Release de Resultados – 4T18 | 2018
OBRAS
79 79 79
3 4%
Terceiros Norte (1) 4
Alto Padrão 15
Sul
12
Centro Oeste (4)
Rio de Janeiro
89 88
4 84
Terceiros 4% 3 4% 3% 80 79
3 4%
3 3 4%
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Release de Resultados – 4T18 | 2018
Desempenho Econômico – Financeiro
Em função do término da parceria entre a Cyrela e a MAC, a auditoria da Companhia
interpretou que todos os projetos referentes a essa sociedade deixem de ser reconhecidos
via consolidação e passem a ser computados pelo método de equivalência patrimonial a
partir do 2T17. Para manter a comparabilidade dos períodos, todos os números de períodos
anteriores serão apresentados de modo “pró-forma”, considerando a MAC pelo método de
equivalência patrimonial.
Por fim, a Cyrela realizou uma reclassificação entre linhas de parte da provisão
referente a gastos reparatórios na região Nordeste adotada pela Companhia.
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Release de Resultados – 4T18 | 2018
RECEITA
A receita líquida total da Companhia somou R$ 1.331 milhões no 4T18, montante
64,6% superior aos R$ 809 milhões obtidos no 4T17 e 83,7% superior aos R$ 725 milhões
registrados no 3T18. Neste trimestre tivemos o impacto da reclassificação entre linhas da
provisão para distratos no montante de R$ 254 milhões na receita da Cyrela.
Em 2018, a receita líquida atingiu R$ 3.146 milhões (R$ 2.893 ex-ajustes), 20,1%
acima do que os R$ 2.619 milhões em 2017.
Receita Líquida
(R$ milhões)
+20,1%
3.146
254
2.619
+64,6% +83,7%
1.331 2.893
254
809 725
1.078
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Release de Resultados – 4T18 | 2018
CUSTO DOS BENS E/OU SERVIÇOS PRESTADOS
O custo total no trimestre foi de R$ 997 milhões, sendo 68,9% superior ao registrado
no 4T17 e 91,7% acima do reportado no 3T18. O custo do trimestre foi impactado por: (i)
R$ 167 milhões dos efeitos de provisão para distratos e (ii) R$ 67 milhões devido à
reclassificação entre linhas de parte da provisão referente aos gastos reparatórios que
tivemos na região Nordeste, sendo ambos efeitos já mencionados em itens anteriores.
Em 2018, o custo total atingiu R$ 2.311 milhões (R$ 2.077 ex-ajustes), sendo 21,5%
maior do que o ano passado.
Custo
(R$ milhões)
+21,5%
2.311
67
167
1.903
+68,9% +91,7%
997
67 2.077
167
590 520
763
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Release de Resultados – 4T18 | 2018
MARGEM BRUTA
A margem bruta total reportada pela Companhia no 4T18 foi de 25,1%, 3,2 p.p.
inferior à margem de 28,3% do 3T18 e 1,9 p.p inferior aos 27,0% reportados no 4T17.
Em 2018, a margem bruta atingiu 26,5%, 0,8 p.p. abaixo da margem bruta de 2017.
A margem bruta ajustada do trimestre foi de 26,7%, resultado 6,1 p.p. inferior à
margem bruta ajustada do 3T18 e 5,7 p.p. abaixo da margem bruta ajustada do 4T17. No
ano, a margem bruta ajustada foi de 30,0%, 4,1 p.p. inferior ao registrado no ano anterior.
Conforme descrito nos itens acima, a margem bruta do trimestre sofreu com os efeitos
das reclassificações da provisão para distratos e de parte da provisão dos gastos
reparatórios na região Nordeste. Ao excluirmos esses efeitos, a Companhia resgistrou
margem bruta recorrente de 29,2% no trimestre.
Receita Líquida 1.078 725 48,7% 809 33,2% 2.893 2.619 10,4%
Lucro Bruto 314 205 53,5% 219 43,8% 815 717 13,7%
Margem Bruta Recorrente 29,2% 28,3% 0,9 p.p. 27,0% 2,2 p.p. 28,2% 27,4% 0,8 p.p.
Juros Apropriados no Custo 22 33 -33,6% 44 -50,1% 110 176 -37,8%
Margem Bruta Ajustada 31,2% 32,8% -1,6 p.p. 32,5% -1,3 p.p. 32,0% 34,1% -2,1 p.p.
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Release de Resultados – 4T18 | 2018
+0,9 p.p.
+0,8 p.p.
29,2%
28,3% 28,2%
27,0% 27,4%
4,1% 1,7%
Não Recorrentes
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Release de Resultados – 4T18 | 2018
VENDAS A RECONHECER
Vale salientar que a margem bruta de backlog (Margem REF) não contempla o efeito
AVP e juros de SFH. Tais efeitos tipicamente têm o impacto entre 5 p.p. a 7 p.p. na margem.
Vendas a Reconhecer (R$ MM) 4T18 3T18 4T18 x 3T18 4T17 4T18 x 4T17
Custo Orçado das Unidades Vendidas a Apropriar (1.037) (881) 17,7% (1.009) 2,8%
Margem Bruta a Apropriar 40,4% 40,4% 0,0 p.p. 39,0% 1,4 p.p.
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DESPESAS COMERCIAIS
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DESPESAS GERAIS E ADMINISTRATIVAS
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Release de Resultados – 4T18 | 2018
RESULTADO FINANCEIRO
Resultado Financeiro
4T18 3T18 4T17 2018 2017
4T18 x 3T18 4T18 x 4T17 2018 x 2017
R$ MM R$ MM R$ MM R$ MM R$ MM
Despesas Financeiras
Juros SFH (11) (13) -18,2% (34) -68,3% (78) (191) -58,9%
Juros Empréstimos Nacionais e Estrangeiros (32) (33) -4,2% (22) 40,6% (98) (121) -19,7%
Juros Capitalizados 6 3 78,7% 32 -81,5% 49 172 -71,3%
Sub Total (36) (43) -15,0% (24) 52,2% (126) (140) -9,6%
Variações Monetárias sobre Financiamentos (1) (0) 540,0% (3) -58,0% (2) (8) -77,0%
Despesas bancárias (3) (3) -16,6% (0) n.a (12) (8) 46,2%
Outras Despesas Financeiras (3) (4) -24,9% (2) 18,7% (11) (11) -3,3%
Total de Despesas Financeiras (43) (50) -14,0% (29) 49,3% (151) (167) -9,6%
Receitas Financeiras
Rendimento de Aplicações 32 32 -0,1% 26 24,6% 101 151 -32,8%
Receitas Financeiras sobre Contas a Receber - - 0,0% - 0,0% - - 0,0%
Variações monetárias 5 7 -36,1% 5 -7,5% 18 16 15,7%
Outras Receitas Financeiras 22 10 118,4% 6 240,8% 53 28 87,3%
Total de Receitas Financeiras 59 49 19,1% 37 58,2% 173 195 -11,3%
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Release de Resultados – 4T18 | 2018
LUCRO LÍQUIDO E MARGEM LÍQUIDA
No 4T18, o lucro por ação da Companhia atingiu o montante de R$ 0,30. Esse valor
se compara ao montante negativo de R$ 0,31 no trimestre passado e positivo de R$ 0,13
no mesmo trimestre de 2017.
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Release de Resultados – 4T18 | 2018
100 -1,0
4T17 3T18 4T18
Lucro Líquido
(R$ milhões)
116
49
-84
-95
-121
4T17 4T18 3T18 2017 2018
Margem
Líquida 6,0% 8,7% -16,7% -3,6% -2,7%
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Destaques das Demonstrações Financeiras
CONTAS A RECEBER Cronograma do Custo a Incorrer
(ref, unidades vendidas– R$ milhões)
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IMÓVEIS A COMERCIALIZAR
4T18 3T18
Adiantamento de Clientes Var %
R$ MM R$ MM
Por recebimento de venda de imóveis 135 140 -3,8%
Permuta física - Terrenos para futura incorporação 375 504 -25,5%
Permuta física - Imóveis incorporados 154 92 68,7%
Total 664 735 -9,7%
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A rubrica “Contas a Pagar por Aquisição de Imóveis” de curto e longo prazo totaliza
R$ 420 milhões, sendo R$ 337 milhões relativos a imóveis já incorporados.
4T18 3T18
Contas a Pagar por Aquisição de Imóveis Var %
R$ MM R$ MM
Já incorporado 337 107 215,0%
Outros 83 188 -55,9%
Total 420 295 42,4%
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Release de Resultados – 4T18 | 2018
ENDIVIDAMENTO
Dívida Bruta ex-SFH
(R$ milhões)
Em 31 de dezembro de 2018, a dívida bruta com juros a -19,3%
32,3% do total da dívida (sem juros a pagar) e registrou Curto Prazo Longo Prazo
R$ (Milhões)
652
603
581
115
253
255
292
44 241
489
399 99
327
248
142
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Release de Resultados – 4T18 | 2018
Endividamento
(R$ Bilhões)
Dívida Dívida sem
Indicadores
2,9 Total SFH
2,6 Dívida Líquida/
2,4 2,4 Patrimônio Líq.
14,8%
0,3
1,0 Custo Médio
Sem SFH: 105,8% CDI
Corp. 2,0 Curto
SFH: TR + 8,7% a.a.
1,6 1,5
Corp. Duration 3,0 anos 3,0 anos
Corp.
2,1 0,8
1,5 Curto Prazo 12% 15%
SFH 0,9
SFH
0,8 Longo
SFH Longo Prazo 88% 85%
Dívida Dívida Dívida Prazo Caixa e Dívida
Bruta 4T17 Bruta 3T18 Bruta 4T18 Disponib. Liquída
Div Liq /
PL
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GERAÇÃO DE CAIXA
(R$ milhões)
303 311
Geração Não Recorrente
248 245
137 137
56 66
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ANEXO I – BALANÇO PATRIMONIAL
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Dos Imóveis Vendidos e Revendidos (985) (511) 93,0% (2.272) (1.862) 22,0%
Loteamentos (6) (4) 69,8% (22) (23) -5,8%
Da Prestação de Serviços e Outras (6) (6) -1,3% (18) (17) 3,3%
Custo das Vendas e Serviços Realizados (997) (520) 91,7% (2.311) (1.903) 21,5%
Lucro (Prejuízo) Bruto Operacional 334 205 63,1% 835 717 16,5%
Lucro Antes da Participação dos Acionistas não Controladores 154 (94) n.a 6 (18) n.a
Parcela de Lucro atribuida aos acionistas não controladores (38) (27) 41,6% (90) (77) 17,9%
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ANEXO IV – LANÇAMENTOS
VGV
Empreendimento Trimestre Mês Região Area Útil (m 2) Unidades Produto % CBR
(R$ MM)
1 Vida Sol 1T18 jan-18 CO 48,4 13.482 268 MCMV 2 e 3 50%
2 Plano & Parque São Vicente 1T18 jan-18 SP 95,8 21.894 634 MCMV 2 e 3 50%
3 Plano & Largo do Cambuci 1T18 jan-18 SP 58,9 12.043 298 MCMV 2 e 3 50%
4 Medplex Campinas 1T18 mar-18 SP INT 114,2 10.011 205 Alto Padrão 100%
5 Dez Portal 1T18 mar-18 RJ 55,0 13.066 286 MCMV 2 e 3 50%
6 Bela Vista São Gonçalo 1T18 mar-18 RJ 61,9 19.079 420 MCMV 2 e 3 25%
7 Completo Jacarepaguá Fase 2 2T18 abr-18 RJ 47,8 12.248 260 MCMV 2 e 3 75%
8 Living Privilège 2T18 abr-18 SP 136,7 20.150 258 Médio 80%
9 Float Residences 2T18 abr-18 Sul 158,3 15.072 246 Alto Padrão 77%
10 Dez Jardim Botanico F2 2T18 abr-18 SP 45,7 10.178 250 MCMV 2 e 3 25%
11 Plano& Estação Itaquera - Lagoa do Campelo II 2T18 abr-18 SP 56,3 13.336 330 MCMV 2 e 3 50%
12 Plano& Cupecê I - Terrenos Bentos 2T18 abr-18 SP 61,9 11.720 290 MCMV 2 e 3 50%
13 Máximo Zona Sul 2T18 mai-18 SP 41,8 8.246 198 MCMV 2 e 3 50%
14 Dez Irajá 2T18 mai-18 RJ 100,1 20.121 452 MCMV 2 e 3 75%
15 Plano& Cupecê II 2T18 mai-18 SP 54,3 8.737 293 MCMV 2 e 3 50%
16 Plano& Cursino-Ourives I 2T18 mai-18 SP 57,0 13.336 330 MCMV 2 e 3 98%
17 Living Elegance 2T18 jun-18 SP 61,8 10.144 143 Médio 100%
18 Palazzo Vila Mariana 2T18 jun-18 SP 159,8 12.855 88 Alto Padrão 40%
19 Super Cittá Paraíso 3T18 jul-18 SP 44,1 11.558 260 MCMV 2 e 3 40%
20 Plano& Largo do Cambuci - Ana Neri 3T18 jul-18 SP 58,0 11.397 282 MCMV 2 e 3 50%
21 Verdant Village Residence II 3T18 jul-18 RJ 39,2 8.342 120 Médio 100%
22 Dez Anhaia Melo 3T18 jul-18 SP 41,3 7.952 222 MCMV 2 e 3 25%
23 Living For Consolação 3T18 ago-18 SP 62,8 7.769 273 Médio 100%
24 Vintage Senior Residence 3T18 ago-18 Sul 65,8 5.051 120 Alto Padrão 90%
25 Move Tijuca 3T18 ago-18 RJ 116,8 12.847 176 Alto Padrão 100%
26 Viva Mais Engenho Novo 3T18 ago-18 RJ 60,8 17.564 380 MCMV 2 e 3 50%
27 Cyrela Haus By Yoo 3T18 set-18 SP 191,4 15.875 99 Alto Padrão 100%
28 Living Clássico 3T18 set-18 SP 118,0 18.527 239 Médio 80%
29 Máximo Zona Sul - Fase II 3T18 set-18 SP 41,0 8.330 200 MCMV 2 e 3 50%
30 Dez Parque Do Carmo 3T18 set-18 SP 79,1 18.420 450 MCMV 2 e 3 50%
31 Plano & Jacu Pessego - Augusto Bauman 4T18 out-18 SP 66,0 13.336 330 MCMV 2 e 3 50%
32 Plano & José Bonifácio -Hasegawa I 4T18 out-18 SP 51,6 11.155 300 MCMV 2 e 3 50%
33 Plano & Parque do Carmo - Iososuke II 4T18 out-18 SP 50,5 12.043 298 MCMV 2 e 3 50%
34 Plano& Cursino-Ourives II 4T18 out-18 SP 69,9 16.166 400 MCMV 2 e 3 50%
35 Plano & Raposo - Eiras Garcia 4T18 out-18 SP 77,6 16.125 399 MCMV 2 e 3 50%
36 Dez Anhaia Melo II 4T18 out-18 SP 41,3 7.952 222 MCMV 2 e 3 25%
37 Lucas By Yoo 4T18 out-18 Sul 84,8 6.599 233 Alto Padrão 93%
38 Exato Rio Grande 4T18 out-18 RJ 28,5 5.833 126 MCMV 2 e 3 100%
39 Condomínio Vitrali Moema 4T18 out-18 SP 120,6 7.738 273 Alto Padrão 65%
40 Cyrela Ibirapuera by Yoo 4T18 out-18 SP 415,7 31.776 327 Alto Padrão 50%
41 Dez Sacomã 4T18 out-18 SP 64,9 15.250 374 MCMV 2 e 3 50%
42 Dez Jacarepaguá 4T18 out-18 RJ 97,3 18.880 450 MCMV 2 e 3 25%
43 Ville Hollywood 4T18 out-18 MG 35,2 8.272 176 MCMV 2 e 3 49%
44 Ville Heliodora 4T18 out-18 MG 25,6 5.875 125 MCMV 2 e 3 49%
45 Ville Helena 4T18 out-18 MG 23,7 5.640 120 MCMV 2 e 3 49%
46 Ville Hércules 4T18 out-18 MG 15,0 4.042 86 MCMV 2 e 3 49%
47 Living Nord View 4T18 nov-18 SP 70,8 10.361 139 Médio 100%
48 Cyrela Ibirapuera - Medplex 4T18 nov-18 SP 161,0 2.712 191 Alto Padrão 50%
49 Living Vision 4T18 nov-18 SP 69,1 11.434 200 Médio 100%
50 Living Exclusive Tucuruvi 4T18 nov-18 SP 61,7 8.984 139 Médio 100%
51 Living Grand Nord 4T18 nov-18 SP 69,0 8.905 80 Médio 100%
52 Rio By Yoo 4T18 nov-18 RJ 439,3 23.033 148 Alto Padrão 100%
53 Prime 4T18 nov-18 Sul 65,2 9.063 145 Médio 80%
54 Dez Vila Guilherme 4T18 nov-18 SP 93,4 18.880 452 MCMV 2 e 3 40%
55 Legacy Klabin 4T18 nov-18 SP 174,9 15.711 180 Alto Padrão 80%
56 Plano & Butantã Manuel Dias 4T18 nov-18 SP 47,0 11.397 282 MCMV 2 e 3 50%
57 Aura Tijuca 4T18 dez-18 RJ 56,7 6.177 66 Alto Padrão 100%
58 Residencial Magia 4T18 dez-18 SP 19,8 5.338 120 MCMV 2 e 3 40%
59 Plano & Iguatemi - Santa Teresa I 4T18 dez-18 SP 59,1 13.744 398 MCMV 2 e 3 40%
60 Plano & Estação Campo Limpo - Serra Ribeiro II 4T18 dez-18 SP 50,0 11.853 296 MCMV 2 e 3 50%
Total 60 5.039,1 733.625 15.145
39
Release de Resultados – 4T18 | 2018
4T18
VGV Lançado (R$ MM) VGV Lançado CBR (R$ MM) % CBR Unidades Preço Médio (m²) VGV Permutado (R$ MM) % Vendido com permuta
Por Região
4T18 4T17 Var% 4T18 4T17 Var% 4T18 4T17 Var p.p. 4T18 4T17 Var% 4T18 4T17 Var% 4T18 4T17 Var% 4T18 4T17 Var p.p.
São Paulo 1.834 1.024 79,2% 1.095 585 87,2% 59,7% 57,2% 2,6 p.p 5.400 3.516 53,6% 7.310 5.988 22,1% 91 17 444,2% 47,7% 51,3% -3,6 p.p
São Paulo - Interior 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Rio de Janeiro 622 135 359,8% 549 101 441,5% 88,3% 74,9% 13,3 p.p 790 584 35,3% 11.530 4.518 155,2% 137 5 2671,7% 63,3% 39,6% 23,7 p.p
Minas Gerais 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Espírito Santo 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Norte 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Centro Oeste 100 0 0,0% 49 0 0,0% 49,0% 0,0% 49,0 p.p 507 0 0,0% 4.177 0 0,0% 12 0 0,0% 0,0% 0,0% 0,0 p.p
Sul 150 110 35,8% 131 99 31,3% 87,1% 90,0% -2,9 p.p 378 25 1412,0% 9.578 13.931 -31,2% 14 0 0,0% 62,7% 16,0% 46,7 p.p
Nordeste 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Total 2.705 1.269 113,1% 1.823 786 132,1% 67,4% 61,9% 5,5 p.p 7.075 4.125 71,5% 7.858 6.079 29,3% 255 22 1071,9% 52,5% 49,5% 3,0 p.p
2018
VGV Lançado (R$ MM) VGV Lançado CBR (R$ MM) % CBR Unidades Preço Médio (m²) VGV Permutado (R$ MM) % Vendido, com permuta
Por Região
2018 2017 Var% 2018 2017 Var% 2018 2017 Var p.p. 2018 2017 Var% 2018 2017 Var% 2018 2017 Var% 2018 2017 Var p.p.
São Paulo 3.194 2.425 31,7% 1.968 1.680 17,2% 61,6% 69,3% -7,6 p.p 10.134 7.122 42,3% 6.772 6.814 -0,6% 166 48 249,5% 63,1% -10,9% 73,9 p.p
São Paulo - Interior 220 0 0,0% 194 0 0,0% 88,0% 0,0% 88,0 p.p 608 0 0,0% 6.941 0 0,0% 17 0 0,0% 70,4% 0,0% 70,4 p.p
Rio de Janeiro 1.103 323 241,1% 889 228 290,6% 80,6% 70,4% 10,2 p.p 2.884 1.619 78,1% 7.019 4.165 68,5% 166 5 3263,4% 63,2% 53,4% 9,8 p.p
Minas Gerais 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Espírito Santo 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Norte 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Centro Oeste 148 85 73,8% 73 43 71,5% 49,3% 50,0% -0,7 p.p 775 56 1283,9% 3.965 5.967 -33,6% 18 2 770,8% 15,6% 32,1% -16,5 p.p
Sul 374 220 70,3% 311 200 55,2% 83,1% 91,2% -8,1 p.p 744 171 335,1% 10.453 13.145 -20,5% 19 14 29,8% 54,8% 32,8% 22,0 p.p
Nordeste 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Total 5.039 3.053 65,0% 3.435 2.150 59,7% 68,2% 70,4% -2,3 p.p 15.145 8.968 68,9% 7.025 7.283 -3,5% 386 69 459,8% 62,4% 62,2% 0,2 p.p
VGV Lançado (R$ MM) VGV Lançado CBR (R$ MM) % CBR Unidades Preço Médio (m²) VGV Permutado (R$ MM) % Vendido, com permuta
Por Produto
2018 2017 Var% 2018 2017 Var% 2018 2017 Var p.p. 2018 2017 Var% 2018 2017 Var% 2018 2017 Var% 2018 2017 Var p.p.
Alto padrão 2.259 1.168 93,4% 1.748 920 89,9% 77,4% 78,8% -1,4 p.p 2.352 579 306,2% 13.654 13.999 -2,5% 274 17 1557,8% 82,0% -8,4% 90,4 p.p
Médio 754 954 -20,9% 690 745 -7,4% 91,5% 78,2% 13,4 p.p 1.736 3.213 -46,0% 6.635 5.851 13,4% 72 44 64,5% 67,2% -79,2% 146,4 p.p
MCMV 2 e 3 2.026 931 117,6% 997 485 105,6% 49,2% 52,1% -2,9 p.p 11.057 5.176 113,6% 4.457 4.270 4,4% 40 9 357,9% 57,5% 26,2% 31,3 p.p
Total 5.039 3.053 65,0% 3.435 2.150 59,7% 68,2% 70,4% -2,3 p.p 15.145 8.968 68,9% 7.025 7.283 -3,5% 386 69 459,8% 62,4% 62,2% 0,2 p.p
40
Release de Resultados – 4T18 | 2018
ANEXO V – VENDAS
4T18
Vendas Contratadas (R$ MM) Unidades Área Útil Vendida (m²) Preço Médio (R$/m²) % CBR
Por Região
4T18 4T17 Var % 4T18 4T17 Var % 4T18 4T17 Var % 4T18 4T17 Var % 4T18 4T17 Var p.p.
São Paulo 1.491 890 67,6% 3.693 2.894 27,6% 210.509 150.496 39,9% 7.361 6.335 16,2% 62,2% 65,5% -3,4 p.p
São Paulo - Interior 161 129 24,7% 666 497 34,0% 57.355 63.144 -9,2% 4.916 4.567 7,6% 77,4% 84,2% -6,9 p.p
Rio de Janeiro 566 120 370,7% 822 570 44,2% 62.384 47.662 30,9% 10.411 4.932 111,1% 87,8% 70,3% 17,5 p.p
Minas Gerais 53 0 29432,2% 277 6 4516,7% 15.220 8.895 71,1% 5.359 0 0,0% 0,0% 0,0% 0,0 p.p
Espírito Santo 3 3 3,1% 9 14 -35,7% 689 977 -29,5% 4.489 3.210 39,8% 60,0% 75,5% -15,5 p.p
Norte 12 22 -46,7% 33 76 -56,6% 2.559 8.327 -69,3% 4.923 4.207 17,0% 85,4% 77,8% 7,6 p.p
Centro Oeste 2 5 -53,0% 13 -4 -425,0% 1.423 2.129 -33,2% 4.364 4.843 -9,9% 55,1% 50,0% 5,1 p.p
Sul 138 54 157,0% 299 102 193,1% 13.178 11.596 13,6% 11.336 7.993 41,8% 88,5% 96,3% -7,7 p.p
Nordeste 12 30 -59,9% 27 61 -55,7% 2.295 7.543 -69,6% 5.310 4.994 6,3% 86,7% 71,8% 14,9 p.p
Total 2.439 1.253 94,6% 5.839 4.216 38,5% 365.611 300.771 21,6% 7.663 5.790 32,3% 70,5% 69,6% 1,0 p.p
Vendas Contratadas(R$ MM) Unidades Área Útil Vendida (m²) Preço Médio(R$/m²) % CBR
Por Produto
4T18 4T17 Var % 4T18 4T17 Var % 4T18 4T17 Var % 4T18 4T17 Var % 4T18 4T17 Var p.p.
Alto padrão 1.480 442 234,5% 1.712 604 183,4% 174.548 109.692 59,1% 11.185 8.069 38,6% 74,9% 73,9% 1,0 p.p
Médio 343 497 -30,9% 875 1.947 -55,1% 185.038 173.349 6,7% 4.929 4.991 -1,2% 93,2% 78,0% 15,3 p.p
MCMV 2 e 3 616 314 96,3% 3.252 1.665 95,3% 6.025 17.730 -66,0% 3.904 4.253 -8,2% 47,3% 50,2% -2,9 p.p
Total 2.439 1.253 94,6% 5.839 4.216 38,5% 365.611 300.771 21,6% 7.663 5.790 32,3% 70,5% 69,6% 1,0 p.p
2018
Vendas Contratadas (R$ MM) Unidades Área Útil Vendida (m²) Preço Médio (R$/m²) % CBR
Por Região
2018 2017 Var % 2018 2017 Var % 2018 2017 Var % 2018 2017 Var % 2018 2017 Var p.p.
São Paulo 3.200 2.021 58,4% 9.329 6.075 53,6% 518.321 360.391 43,8% 6.817 6.780 0,0% 63,0% 72,2% -9,2 p.p
São Paulo - Interior 369 302 22,3% 1.371 1.119 22,5% 193.435 235.615 -17,9% 5.075 4.757 6,7% 81,5% 79,8% 1,6 p.p
Rio de Janeiro 1.045 519 101,5% 2.631 2.101 25,2% 202.889 199.862 1,5% 6.995 5.150 35,8% 81,3% 61,1% 20,2 p.p
Minas Gerais 54 -2 -3031,8% 287 15 1813,3% 32.444 40.469 -19,8% 5.359 0 0,0% 49,5% 100,0% -50,5 p.p
Espírito Santo 11 16 -30,6% 47 75 -37,3% 3.268 5.588 -41,5% 3.891 3.418 13,8% 65,3% 72,1% -6,8 p.p
Norte 48 7 602,2% 148 44 236,4% 15.631 35.384 -55,8% 4.117 4.476 -8,0% 85,5% -9,9% 95,5 p.p
Centro Oeste 37 43 -12,8% 155 24 545,8% 9.895 12.760 -22,4% 4.733 5.570 -15,0% 50,3% 48,3% 2,0 p.p
Sul 244 182 33,8% 460 488 -5,7% 41.063 66.537 -38,3% 9.763 7.305 33,7% 81,7% 102,1% -20,2 p.p
Nordeste 47 172 -72,5% 73 391 -81,3% 10.340 51.677 -80,0% 5.776 4.923 17,3% 75,0% 74,1% 0,9 p.p
Total 5.056 3.259 55,1% 14.501 10.332 40,4% 1.027.286 1.008.280 1,9% 6.654 5.872 13,3% 69,2% 72,4% -3,4 p.p
Vendas Contratadas (R$ MM) Unidades Área Útil Vendida (m²) Preço Médio (R$ mil/m²) % CBR
Por Produto
2018 2017 Var % 2018 2017 Var % 2018 2017 Var % 2018 2017 Var % 2018 2017 Var p.p.
Alto padrão 2.565 1.276 101,1% 3.268 1.655 97,5% 416.259 433.486 -4,0% 10.033 8.109 23,7% 74,4% 76,8% -2,5 p.p
Médio 860 1.049 -18,0% 2.436 3.858 -36,9% 565.118 494.905 14,2% 4.973 4.921 1,1% 91,9% 81,7% 10,3 p.p
MCMV 2 e 3 1.630 934 74,5% 8.797 4.819 82,5% 45.909 79.890 -42,5% 4.078 4.038 1,0% 49,0% 56,0% -7,0 p.p
Total 5.056 3.259 55,1% 14.501 10.332 40,4% 1.027.286 1.008.280 1,9% 6.654 5.872 13,3% 69,2% 72,4% -3,4 p.p
41
Release de Resultados – 4T18 | 2018
ANEXO VI – TERRENOS
Estoque de Terrenos
Aquisição de Terrenos
VGV Potencial VGV Potencial Permuta sobre o
Por Região com Permuta sem Permuta Terrenos Unidades valor do % CBR
(R$ MM) (R$ MM) terreno
São Paulo 417 351 2 981 96,6% 100,0%
São Paulo - Interior 0 0 0 0 0,0% 0,0%
Rio de Janeiro 0 0 0 0 0,0% 0,0%
Minas Gerais 0 0 0 0 0,0% 0,0%
Espírito Santo 0 0 0 0 0,0% 0,0%
Norte 0 0 0 0 0,0% 0,0%
Centro Oeste 0 0 0 0 0,0% 0,0%
Sul 227 198 4 993 76,9% 89,0%
Nordeste 0 0 0 0 0,0% 0,0%
Total 644 549 6 1.974 89,7% 96,1%
42
Release de Resultados – 4T18 | 2018
ANEXO VII – EMPREENDIMENTOS ENTREGUES
43
Release de Resultados – 4T18 | 2018
ANEXO VIII – MÉDIO + MCMV
Resumo
4T18 4T17 4T18 x 4T17 3T18 4T18 x 3T18
Lançamentos (1)
Número de Lançamentos 17 15 13,3% 9 88,9%
VGV Lançado - R$ MM (100%) 1.252 834 50,2% 544 130,0%
VGV Lançado - R$ MM (%CBR) 742 524 41,7% 344 115,9%
Participação CBR 59,3% 62,8% -3,5 p.p. 63,2% -3,9 p.p.
VGV Permutado - R$ MM (100%) 53 22 143,3% 7 660,4%
Preço Médio por m² (R$) 4.998 4.916 1,7% 4.955 0,9%
Área útil lançada (m²) 250.529 169.616 47,7% 109.858 128,0%
Unidades Lançadas 5.657 3.830 47,7% 2.426 133,2%
Vendas (2)
Vendas Totais Contratadas - R$ MM (100%) 959 811 18,3% 523 83,3%
Vendas Totais Contratadas - R$ MM (%CBR) 612 545 12,2% 345 77,3%
Participação CBR 63,8% 67,2% -3,4 p.p. 65,9% -2,2 p.p.
Preço Médio por m² (R$) 5.000 4.872 2,6% 4.866 2,7%
Unidades Vendidas 4.127 3.612 14,3% 2.414 71,0%
(1) incluindo as unidades permutadas
(2) líquido de rescisões e com permuta
4T18
VGV Lançado (R$ MM) VGV Lançado CBR (R$ MM) % CBR Unidades Preço Médio (m²) VGV Permutado (R$ MM) % Vendido com permuta
Por Região
4T18 4T17 Var% 4T18 4T17 Var% 4T18 4T17 Var p.p. 4T18 4T17 Var% 4T18 4T17 Var% 4T18 4T17 Var% 4T18 4T17 Var p.p.
São Paulo 962 699 37,7% 589 423 39,3% 61,2% 60,5% 0,7 p.p 4.429 3.246 36,4% 4.985 5.001 -0,3% 27 17 59,2% 37,0% 52,0% -14,9 p.p
São Paulo - Interior 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Rio de Janeiro 126 135 -7,0% 53 101 -47,9% 42,0% 74,9% -33,0 p.p 576 584 -1,4% 5.090 4.518 12,7% 0 5 -100,0% 60,8% 39,6% 21,2 p.p
Minas Gerais 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Espírito Santo 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Norte 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Centro Oeste 100 0 0,0% 49 0 0,0% 49,0% 0,0% 49,0 p.p 507 0 0,0% 4.177 0 0,0% 12 0 0,0% 0,0% 0,0% 0,0 p.p
Sul 65 0 0,0% 52 0 0,0% 80,0% 0,0% 80,0 p.p 145 0 0,0% 7.195 0 0,0% 14 0 0,0% 50,3% 0,0% 50,3 p.p
Nordeste 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Total 1.252 834 50,2% 742 524 41,7% 59,3% 62,8% -3,5 p.p 5.657 3.830 47,7% 4.998 4.916 1,7% 53 22 143,3% 43,5% 50,1% -6,6 p.p
VGV Lançado (R$ MM) VGV LançadoCBR (R$ MM) % CBR Unidades Preço Médio (m²) VGV Permutado(R$ MM) % Vendido com permuta
Por Produto
4T18 4T17 Var% 4T18 4T17 Var% 4T18 4T17 Var p.p. 4T18 4T17 Var% 4T18 4T17 Var% 4T18 4T17 Var% 4T18 4T17 Var p.p.
Médio 336 569 -41,0% 323 403 -19,9% 96,1% 70,8% 25,3 p.p 703 2.324 -69,8% 6.888 5.456 26,2% 30 22 38,2% 53,3% 49,6% 3,6 p.p
MCMV 2 e 3 916 265 246,1% 420 121 246,8% 45,8% 45,7% 0,1 p.p 4.954 1.506 229,0% 4.542 4.053 12,1% 23 0 0,0% 42,1% 50,8% -8,7 p.p
Total 1.252 834 50,2% 742 524 41,7% 59,3% 62,8% -3,5 p.p 5.657 3.830 47,7% 4.998 4.916 1,7% 53 22 143,3% 43,5% 50,1% -6,6 p.p
2018
VGV Lançado (R$ MM) VGV Lançado CBR (R$ MM) % CBR Unidades Preço Médio (m²) VGV Permutado (R$ MM) % Vendido com permuta
Por Região
2018 2017 Var% 2018 2017 Var% 2018 2017 Var p.p. 2018 2017 Var% 2018 2017 Var% 2018 2017 Var% 2018 2017 Var p.p.
São Paulo 1.970 1.561 26,2% 1.206 1.003 20,3% 61,2% 64,2% -3,0 p.p 8.976 6.770 32,6% 5.118 5.146 -0,5% 59 48 25,0% 56,6% -8,3% 64,9 p.p
São Paulo - Interior 106 0 0,0% 79 0 0,0% 75,0% 0,0% 75,0 p.p 403 0 0,0% 4.880 0 0,0% 15 0 0,0% 66,5% 0,0% 66,5 p.p
Rio de Janeiro 491 323 51,7% 276 228 21,4% 56,3% 70,4% -14,1 p.p 2.494 1.619 54,0% 4.261 4.165 2,3% 5 5 9,1% 60,1% 53,4% 6,7 p.p
Minas Gerais 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Espírito Santo 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Norte 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Centro Oeste 148 0 0,0% 73 0 0,0% 49,3% 0,0% 49,3 p.p 775 0 0,0% 3.965 0 0,0% 18 0 0,0% 15,6% 0,0% 15,6 p.p
Sul 65 0 0,0% 52 0 0,0% 80,0% 0,0% 80,0 p.p 145 0 0,0% 7.195 0 0,0% 14 0 0,0% 0,0% 0,0% 0,0 p.p
Nordeste 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Total 2.780 1.885 47,5% 1.687 1.230 37,1% 60,7% 65,3% -4,7 p.p 12.793 8.389 52,5% 4.919 4.958 -0,8% 112 52 113,9% 56,6% 63,5% -6,9 p.p
VGV Lançado (R$ MM) VGV Lançado CBR (R$ MM) % CBR Unidades Preço Médio (m²) VGV Permutado (R$ MM) % Vendido com permuta
Por Produto
2018 2017 Var% 2018 2017 Var% 2018 2017 Var p.p. 2018 2017 Var% 2018 2017 Var% 2018 2017 Var% 2018 2017 Var p.p.
Médio 754 954 -20,9% 690 745 -7,4% 91,5% 78,2% 13,4 p.p 1.736 3.213 -46,0% 6.635 5.851 13,4% 72 44 64,5% 67,2% -79,2% 146,4 p.p
MCMV 2 e 3 2.026 931 117,6% 997 485 105,6% 49,2% 52,1% -2,9 p.p 11.057 5.176 113,6% 4.457 4.270 4,4% 40 9 357,9% 57,5% 26,2% 31,3 p.p
Total 2.780 1.885 47,5% 1.687 1.230 37,1% 60,7% 65,3% -4,7 p.p 12.793 8.389 52,5% 4.919 4.958 -0,8% 112 52 113,9% 56,6% 63,5% -6,9 p.p
44
Release de Resultados – 4T18 | 2018
Vendas Médio + MCMV
4T18
Vendas Contratadas (R$ MM) Unidades Área Útil Vendida (m²) Preço Médio (R$/m²) % CBR
Por Região
4T18 4T17 Var % 4T18 4T17 Var % 4T18 4T17 Var % 4T18 4T17 Var % 4T18 4T17 Var p.p.
São Paulo 595 567 5,0% 2.586 2.583 0,1% 106.989 113.601 -5,8% 4.851 5.115 -5,2% 62,8% 61,6% 1,2 p.p
São Paulo - Interior 131 108 21,8% 538 398 35,2% 34.593 31.523 9,7% 4.826 4.577 5,4% 80,3% 84,0% -3,7 p.p
Rio de Janeiro 135 106 27,1% 595 511 16,4% 35.569 36.280 -2,0% 4.888 4.300 13,7% 52,2% 71,4% -19,1 p.p
Minas Gerais 54 0 0,0% 277 0 0,0% 10.105 0 0,0% 4.262 0 0,0% 49,0% 0,0% 49,0 p.p
Espírito Santo 2 2 -10,9% 8 12 -33,3% 518 891 -41,9% 4.079 3.151 29,5% 60,0% 78,0% -18,0 p.p
Norte 3 3 -12,3% 12 20 -40,0% 518 905 -42,8% 5.431 3.796 43,1% 100,0% 100,0% 0,0 p.p
Centro Oeste 3 0 -1789,2% 15 -2 -850,0% 1.350 780 73,1% 3.696 2.818 31,1% 50,0% 50,0% 0,0 p.p
Sul 34 19 81,1% 86 69 24,6% 792 4.885 -83,8% 4.418 4.681 -5,6% 81,8% 99,4% -17,6 p.p
Nordeste 3 6 -57,8% 10 21 -52,4% 630 2.213 -71,5% 3.983 4.083 -2,4% 99,9% 100,0% -0,1 p.p
Total 959 811 18,3% 4.127 3.612 14,3% 191.063 191.078 0,0% 4.866 4.824 0,9% 63,8% 67,2% -3,4 p.p
2018
Vendas Contratadas (R$ MM) Unidades Área Útil Vendida (m²) Preço Médio (R$/m²) % CBR
Por Região
2018 2017 Var % 2018 2017 Var % 2018 2017 Var % 2018 2017 Var % 2018 2017 Var p.p.
São Paulo 1.701 1.223 39,1% 7.652 5.253 45,7% 351.291 254.127 38,2% 6.860 6.817 0,6% 62,2% 67,0% -4,7 p.p
São Paulo - Interior 211 257 -17,9% 826 877 -5,8% 90.648 115.432 -21,5% 5.092 4.760 7,0% 84,7% 80,9% 3,9 p.p
Rio de Janeiro 436 348 25,2% 2.124 1.922 10,5% 140.029 146.293 -4,3% 7.749 5.156 50,3% 59,2% 58,6% 0,7 p.p
Minas Gerais 54 0 0,0% 277 0 0,0% 10.105 0 0,0% 4.627 0 0,0% 49,0% 0,0% 49,0 p.p
Espírito Santo 9 15 -39,7% 37 71 -47,9% 2.708 5.381 -49,7% 3.920 3.422 14,6% 66,5% 72,4% -6,1 p.p
Norte 8 8 -10,0% 39 51 -23,5% 1.758 5.842 -69,9% 4.152 4.501 -7,8% 100,0% 100,0% 0,0 p.p
Centro Oeste 24 1 1601,3% 138 3 4500,0% 6.926 4.410 57,1% 4.839 5.621 -13,9% 50,0% 50,0% 0,0 p.p
Sul 45 93 -51,5% 130 345 -62,3% 5.980 24.160 -75,2% 9.926 7.356 34,9% 85,6% 99,0% -13,4 p.p
Nordeste 2 38 -93,5% 10 155 -93,5% 1.581 19.150 -91,7% 5.802 4.933 17,6% 99,9% 99,9% -0,0 p.p
Total 2.491 1.984 25,6% 11.233 8.677 29,5% 611.027 574.795 6,3% 5.872 5.872 0,0% 63,8% 69,6% -5,8 p.p
Vendas Contratadas (R$ MM) Unidades Área Útil Vendida (m²) Preço Médio (R$ mil/m²) % CBR
Por Produto
2018 2017 Var % 2018 2017 Var % 2018 2017 Var % 2018 2017 Var % 2018 2017 Var p.p.
Médio 860 1.049 -18,0% 2.436 3.858 -36,9% 565.118 494.905 14,2% 4.973 4.921 1,1% 91,9% 81,7% 10,2 p.p
MCMV 2 e 3 1.630 934 74,5% 8.797 4.819 82,5% 45.909 79.890 -42,5% 4.078 4.038 1,0% 49,0% 56,0% -7,0 p.p
Total 2.491 1.984 25,6% 11.233 8.677 29,5% 611.027 574.795 6,3% 5.872 5.872 0,0% 63,8% 69,6% -5,8 p.p
45
Release de Resultados – 4T18 | 2018
Estoque de Terrenos Médio+ MCMV
46
Release de Resultados – 4T18 | 2018
Glossário
VGV: Valor Geral de Vendas, que é o montante em R$ que pode ser obtido ao
Vendas contratadas: somatória dos valores das unidades vendidas que tenham
contratos assinados.
obra. A receita é reconhecida até o limite da relação "custo incorrido / custo total".
Lucro por ação: lucro líquido do período dividido pela quantidade de ações (no
proprietário do terreno com unidades (no caso da permuta física) ou com o fluxo de caixa
47
Earnings Release – 4Q18 | 2018
2
Earnings Release – 4Q18 | 2018
MESSAGE FROM MANAGEMENT
The outcome of the 2018 elections—certainly the most important event in 4Q18—
consolidated the recovery of economic agents’ confidence and asset prices in the Brazilian
financial market. Despite some caution regarding the approval of the pension reform, a
key factor in the country’s financial recovery, we are confident about Brazil’s economic
recovery. Furthermore, the “Cancellations Law” (Law 13.768/18), important for our
industry, was enacted. After years of legal uncertainty, there are now clear rules for
canceled purchases and delayed deliveries of real estate units.
Concerning our operating results, we began to see the first signs of a rebound in
inventory sales in late 2018 and early 2019. It is worth noting Cyrela’s launches, which
sold well once again (more than 65% in 4Q18). Reducing inventory levels remains high on
our list of priorities for this year.
3
Earnings Release – 4Q18 | 2018
MAIN INDICATORS
4Q18 4Q17 4Q18 x 4Q17 3Q18 4Q18 x 3Q18 2018 2017 2018 x 2017
Launches (1)
Number of Launches 29 19 52.6% 12 141.7% 60 39 53.8%
Launched PSV - R$ Million (100%) 2,705 1,269 113.1% 918 194.6% 5,039 3,053 65.0%
Launched PSV - R$ Million (%CBR) 1,823 786 132.1% 711 156.4% 3,435 2,150 59.7%
Cyrela's Share 67.4% 61.9% 5.5 p.p. 77.4% -10.0 p.p. 68.2% 70.4% -2.3 p.p.
PSV Swapped - R$ Million (100%) 255 22 1071.9% 70 265.0% 386 69 459.8%
Average Price per sq. m. (R$) (ex-lots) 7,858 6,079 29.3% 6,393 22.9% 7,025 7,283 -3.5%
Usable Area Launched (sq. m.) 344,274 208,798 64.9% 143,631 139.7% 733,625 464,524 57.9%
Units Launched 7,075 4,125 71.5% 2,821 150.8% 15,145 8,968 68.9%
Sales (2)
Pre-Sales Contracts - R$ Million (100%) 2,439 1,253 94.6% 943 158.8% 5,056 3,259 55.1%
Pre-Sales Contracts - R$ Million (%CBR) 1,720 872 97.3% 693 148.4% 3,497 2,361 48.1%
Cyrela's Share 70.5% 69.6% 1.0 p.p. 73.5% -2.9 p.p. 69.2% 72.4% -3.3 p.p.
Average Price per sq. m. (R$) (ex-lots) 7,663 5,790 32.3% 6,078 26.1% 6,654 5,872 13.3%
Units Sold 5,839 4,216 38.5% 3,108 87.9% 14,501 10,332 40.4%
Deliveries
Delivered PSV (100%) 486 1,666 -70.8% 641 -24.1% 4,277 5,506 -22.3%
Delivered Units 2,490 6,419 -61.2% 3,536 -29.6% 14,308 19,473 -26.5%
Landbank
PSV with exchange - R$ Million (100%) 41,147 45,449 -9.5% 43,441 -5.3% 41,147 45,449 -9.5%
PSV without exchange - R$ Million (100%) 34,857 38,382 -9.2% 36,590 -4.7% 34,857 38,382 -9.2%
Landbank (thd sq. m.) 10,474 12,944 -19.1% 11,572 -9.5% 10,474 12,944 -19.1%
% Swap over land value 76.0% 75.8% 0.2 p.p. 75.0% 1.0 p.p. 76.0% 75.8% 0.2 p.p.
% CBR 90% 88% 2.2 p.p. 89% 0.8 p.p. 89.8% 87.7% 2.2 p.p.
Financial Indicators
Net Revenue (R$ Million) 1,331 809 64.6% 725 83.7% 3,146 2,619 20.1%
Gross Profit (R$ Million) 334 219 52.8% 205 63.1% 835 717 16.5%
Net Income (R$ Million) 116 49 138.1% (121) n.a (84) (95) -11.6%
Gross Margin 25.1% 27.0% -1.9 p.p. 28.3% -0.1 p.p. 26.5% 27.4% -0.8 p.p.
Net Margin 8.7% 6.0% 2.7 p.p. -16.7% n.a -2.7% -3.6% 1.0 p.p.
Earnings per Share (R$) (³) 0.30 0.13 137.2% (0.31) n.a (0.22) (0.25) -12.0%
4
Earnings Release – 4Q18 | 2018
OPERATING PERFORMANCE
Note: detailed information on launches can be found at the end of this report in the appendix tables.
LAUNCHES
Launches amounted to a total Pre-Sales Value (PSV) of R$2,705 million, up 113.1% from
R$1,269 million in 4Q17. Swaps accounted for R$255 million of the 4Q18 launches versus R$22
million in 4Q17. In the year, launches amounted to R$5,039 million, representing a 65.0% growth
over the same period in 2017. Moreover, swaps came to R$386 million versus R$69 million in 2017.
Launched PSV
(in R$ million – 100%)
+65.0%
5,039
2,259
+113.1%
3,053
2,705
1,168
1,453
1,269 2,780
High end 435 1,885
1,252
Middle + MCMV 834
The Company launched 29 projects – 17 in the city of São Paulo, 4 in Rio de Janeiro,
2 in the South Region, 2 in Campinas, and 4 in Minas Gerais – in 4Q18.
Cyrela’s share (%CBR) in the 4Q18 launches stood at 67%, up from 62% in 4Q17.
5
Earnings Release – 4Q18 | 2018
Excluding swaps and based on the %CBR alone, launches amounted to R$1,598 million in
4Q18, 106.4% up from R$774 million in 4Q17. In 2018, launches came to R$3,097 million, vs.
R$2,100 million in 2017.
Launched PSV
Ex-Swap (in R$ million - %CBR)
+47.4%
3,097
+106.4% 2,100
1,598
774
The main launches in 4Q18 were: (i) “Rio by Yoo” in the city of Rio de Janeiro, with
a Pre-Sales Value (PSV) of R$439.3 million and over 87% of sales during the quarter, and
(ii) “Cyrela Ibirapuera by Yoo” in the city of São Paulo, launched in October, with a Pre-
Sales Value (PSV) of R$415.7 million and 100% sold.
6
Earnings Release – 4Q18 | 2018
The breakdown of sales by geographical region and segment in the year can be
seen below:
Launches per Region – 2018 Launches per Product – 2018
63.4%
4.4% São Paulo
São Paulo - Other Cities
15.0%
Middle
Of the total PSV launched in the quarter, 66% will be recognized through full
consolidation and 34% through the equity method.
7
Earnings Release – 4Q18 | 2018
SALES
Note: detailed information on pre-sales can be found at the end of this report in the appendix tables.
Net pre-sales came to R$2,439 million in 4Q18, up 94.6% from the amount
registered in 4Q17 (R$1,253 million). In the year, pre-sales totaled R$5,056 million, up
55.1% from the same period of the previous year.
Pre Sales
(in R$ million – 100%)
+55.1%
5,056
2,565
3,259
+94.6%
2,439 1,276
1,480
1,253
2,491
High end 442 1,984
Middle + MCMV 811 959
The Company’s share in pre-sales stood at 71% in 4Q18 versus 70% in 4Q17. In
2018, Cyrela's share in pre-sales was 69%, versus 72% in 2017.
Of the net sales recorded in 4Q18, 55% will be recognized through full consolidation
and 45% through the equity method.
8
Earnings Release – 4Q18 | 2018
Sales of finished inventory units accounted for R$267 million (11%), sales of
inventory units under construction for R$396 million (16%) and sales of launches for
R$1,777 million (73%). In result, Cyrela reached a Sales-over-Supply (SoS) ratio for
launches of 65.7% in 4Q18.
Pre Sales
(in R$ million – 100%)
+55.1%
5,056
3,259 2,859
+94.6%
2,439 1,137
9
Earnings Release – 4Q18 | 2018
Excluding swaps and based on the %CBR alone, pre-sales amounted to R$1,549
million in 4Q18, up 79.7% from the same period of the previous year (R$862 million in
4Q17). In 2018, pre-sales totaled R$3,239 million, versus R$2,321 million in 2017.
Sales
Ex-Swap
(in R$ million – %CBR)
+39.6%
3,239
2,321
79.7%
1,549
862
10
Earnings Release – 4Q18 | 2018
The breakdown of 4Q18 sales by geographical region shows that São Paulo
accounted for 70.6% of total, followed by Rio de Janeiro at 20.7%.
The breakdown of sales by geographical region and segment in 2018 can be seen
below:
7.3% 63.3%
São Paulo
São Paulo - Other Cities
17.0%
Middle
11
Earnings Release – 4Q18 | 2018
SALES SPEED (SOS)
Operational data resulted in a Sales over Supply (SoS) ratio of 45.1% for the 12-month
period, above the 34.0% SoS posted in the same period of the previous year, and above the SoS
of 39.4% of 3Q18.
45.1%
39.4%
37.9%
34.0% 35.2%
SOS LTM
As regards the sales speed by vintage, 66% of the 4Q18 vintage has been sold.
12
Earnings Release – 4Q18 | 2018
INVENTORIES
At the end of 4Q18, the inventory at market value amounted to R$5,664 million
(100%) and R$4,536 million (%CBR). There was a quarter-over-quarter increase of 1.6%
in the total inventory at market value when compared to 3Q18.
From the total inventory in the amount of R$5,664 million, the share to be
consolidated into the Company’s revenues is R$4,283 million (%CBR R$3,836 million),
whereas the amount of R$1,381 million (%CBR R$700 million) will be accounted for under
the “Equity Income” line.
+1.6%
North Others
South 1.1%
2,705 5.6%
5,574 5,664 13.0%
-176
-396 -1,777
Northeast São Paulo
-267 0.7% 40.5%
-663
23.0%
Rio de Janeiro
13
Earnings Release – 4Q18 | 2018
In 4Q18, the Company sold 9.3% of its Finished Inventory Breakdown
in 4Q18
inventory of finished units during the beginning of the
quarter. Considering all deliveries, the Company’s North Others
São Paulo
1.2%
inventory of finished units decreased from R$2,843 South
4.0% 17.1%
16.2%
million in 3Q18 to R$2,493 million in 4Q18. Rio de
Northeast 1.7%
Janeiro account for 37.8% of the Company’s total 21.9% São Paulo - Other Cities
Rio de Janeiro
-12.3%
2,843
-267
68 -151 2,493
The share of the total inventory to be consolidated into the Company’s revenues is
R$2,165 million (%CBR R$1,999 million), whereas R$328 million (%CBR R$175 million) will
be accounted for under the “Equity Income” line.
14
Earnings Release – 4Q18 | 2018
LANDBANK
Note: detailed information on landbank can be found at the end of this report in the appendix tables.
At the close of 4Q18, the Company’s landbank amounted 10.5 million sq. m. of
marketable area, with total potential sales of R$41 billion. Cyrela’s share in the landbank
is 90%, equivalent to R$37 billion.
In 4Q18, Cyrela acquired 5 landplots, three in South region and two in São Paulo, with
potential PSV of R$664 million. In addition, the Company canceled or sold 8 plots of land.
Landbank on 12/31/2018*
MCMV 2 and 3
Cash
Middle 2.0
24%
5.5
76%
33.6 Swaps
High end
São Paulo
*The Landbank PSV is based on
8.4 the latest feasibility assessment of
the land plot, adjusted by the
INCC year-to-date.
Rio de Janeiro
21.7 4.4 São Paulo - Other Cities
1.1
0.7 South
0.3 3.0
1.5 North
Northeast
Middle West Minas Gerais
15
Earnings Release – 4Q18 | 2018
DELIVERIES
Note: detailed information on delivered units can be found in the appendix tables at the end of this report.
Cyrela delivered 8 projects in 4Q18, with 2,500 units totaling a PSV of R$486 million
on the dates of their respective launches. Of all the projects delivered during the quarter,
only one is related to the MCMV 1 segment.
In 2018, the Company delivered 48 projects, with 14.3 thousand units totaling a PSV
of R$4,227 million on the dates of their respective launches. Of all the projects delivered
during the year, only three relate to the MCMV 1 segment.
Deliveries
-22%
5,506
227 Others*
686 South
North
60
4,277 Rio de Janeiro
288 São Paulo**
1,230 32
1,859
-71%
1,666
3,303
306
2,099
1,360 486
38
448
4Q17 4Q18 2017 2018
Note: * Espirito Santo, Midwest and Minas Gerais. **São Paulo and São Paulo Other Cities.
16
Earnings Release – 4Q18 | 2018
CONSTRUCTION SITES
Projects in Progress
79 79 79
Partners 3 4% North (1) 4
High end 15 South
12
Midwest (4)
RJ
In line with its strategic guidelines, the Company manages a large share of the
construction sites, so as to ensure the execution monitoring of the works. At the close of
4Q18, 96% of the construction sites were managed by the Company's own teams or joint
ventures. This corroborates Cyrela’s commitment to cost management and product quality.
Of all the 4Q18 launches, no project will be constructed by third parties.
Construction Projects
89 88
4 84
Partners 4% 3 4% 3% 80 79
3 4%
3 3 4%
17
Earnings Release – 4Q18 | 2018
Economic and Financial Performance
Because the joint venture between Cyrela and MAC was terminated, the Company’s
auditors decided all the projects related to it would no longer be recognized through
consolidation but through the equity method from 2Q17. We will be presenting “proforma”
numbers for previous periods, considering MAC through the equity method.
In accordance with the new accounting practices, the Company performed a re-
classification in the “Provisions for Cancellations” line previously fulfilled. Starting in the
fourth quarter of 2018, this provision now affects the revenues and costs lines, instead of
generating direct net impact in the “Other Expenses/Revenues” line. This re-classification
resulted in a reversion in the fourth quarter results of all the 9M18 transactions, and the
transaction referring to the fourth quarter itself.
In addition, Cyrela has made another re-classification between lines regarding a part
of the provision for reparatory expenses in the Northeast Region executed by the Company.
18
Earnings Release – 4Q18 | 2018
REVENUE
The Company’s total net revenue amounted to R$1,331 million in 4Q18, 64.6% higher
than the R$809 million in 4Q17, and up 83.7% from the amount of R$725 million registered
in the 3Q18. In 4Q18 we had an impact of R$254 million of the provision for cancellations
on Cyrela's net revenues.
The increase in the net revenues ex-provision for cancellations was mainly due to the
higher volume of recognition of launches in the period.
+64.6% +83.7%
1,331 2,893
254
809 725
1,078
19
Earnings Release – 4Q18 | 2018
COST OF GOODS SOLD AND/OR SERVICES RENDERED
Total costs came to R$997 million, representing increases of 68.9% over 4Q17 and of
91.7% over 3Q18. Costs in the quarter were impacted by: (i) R$167 million from the effects
of the provision for cancellations and (ii) R$67 million due to the re-classification between
lines of part of the provisions for reparatory expenses in the Northeast region, both impacts
already mentioned above.
Costs
(R$ million)
+21.5%
2,311
67
167
1,903
+68.9% +91.7%
997
67 2,077
167
590 520
763
20
Earnings Release – 4Q18 | 2018
GROSS MARGIN
The Company's gross margin stood at 25.1% in 4Q18, down 3.2 p.p. from the margin
of 28.3% presented in 3Q18, and 1.9 p.p. down from the 27.0% margin reported in 4Q17.
In 2018, gross margin stood at 26.5%, 0.8 p.p. down from 2017.
Adjusted gross margin stood at 26.7% in 4Q18, 6.1 p.p. down from the adjusted gross
margin in 3Q18, and 5.7 p.p. down from the adjusted gross margin recorded in 4Q17. In
2018, adjusted gross margin was 30.0%, 4.1 p.p. lower than the margin reported in the
previous year.
As described in the itens above, the 4Q18 gross margin was affected by the re-
classifications of the provision for cancellations and part of the provision for reparatory
expenses in the Northeast Region. Excluding these effects, the company registered
recurring gross margin of 29.2% in the quarter.
The increase of the recurring gross margin in the quarter can be explained due to the
higher volume of recognition of launches in the period, which margins are typically higher.
4Q18 2018
3Q18 4Q17 2017
Recurring Recurring
Gross Margin 4Q18 x 3Q18 4Q18 x 4Q17 2018 x 2017
R$ MM R$ MM R$ MM R$ MM R$ MM
Net Revenue 1,078 725 48.7% 809 33.2% 2,893 2,619 10.4%
Gross Profit 314 205 53.5% 219 43.8% 815 717 13.7%
Recurring Gross Margin 29.2% 28.3% 0.9 p.p. 27.0% 2.2 p.p. 28.2% 27.4% 0.8 p.p.
Capitalized Interest from COGS 22 33 -33.6% 44 -50.1% 110 176 -37.8%
Adjusted Gross Margin 31.2% 32.8% -1.6 p.p. 32.5% -1.3 p.p. 32.0% 34.1% -2.1 p.p.
21
Earnings Release – 4Q18 | 2018
+0.9 p.p.
+0.8 p.p.
29.2%
28.3% 28.2%
27.0% 27.4%
4.1% 1.7%
26.5%
Gross Profit 4Q18: R$334 million.
25.1%
Non Recurring
22
Earnings Release – 4Q18 | 2018
SALES TO BE RECOGNIZED
At the close of 4Q18, net revenues from sales to be recognized totaled R$1,741
million. Gross margin from revenues to be recognized stood at 40.4% during the quarter,
the same as 3Q18 and 1.4 p.p. up on 4Q17.
It is worth noting that the gross backlog margin does not consider the PVA effect
and SFH-related financing costs. These effects usually have an impact of between 5.0 - 7.0
p.p. on margins.
Backlog Margin
0.0 p.p.
40.4% 40.4%
39.0%
Sales to be Recognized (R$ MM) 4Q18 3Q18 4Q18 x 3Q18 4Q17 4Q18 x 4Q17
Gross Margin to be Recognized 40.4% 40.4% 0.0 p.p. 39.0% 1.4 p.p.
23
Earnings Release – 4Q18 | 2018
SELLING EXPENSES
Selling expenses totaled R$88 million in 4Q18, stable against 3Q18 and an increase of
R$8 million from 4Q17.
In 2018, selling expenses totaled R$333 million, R$8 million lower than in 2017.
* Maintenance costs of the inventory of finished units such as carrying fees and property tax.
24
Earnings Release – 4Q18 | 2018
GENERAL & ADMINISTRATIVE EXPENSES
25
Earnings Release – 4Q18 | 2018
FINANCIAL RESULT
The Company recorded positive financial result of R$16 million in 4Q18, versus R$1
million negative in 3Q18.
In 2018, Cyrela’s financial result was positive in R$22 million, R$6 million lower than
2017.
Financial Result
4Q18 3Q18 4Q17 2018 2017
4Q18 x 3Q18 4Q18 x 4Q17 2018 x 2017
R$ MM R$ MM R$ MM R$ MM R$ MM
Financial Expenses
SFH Interest (11) (13) -18.2% (34) -68.3% (78) (191) -58.9%
Interest on Corporate Loans (32) (33) -4.2% (22) 40.6% (98) (121) -19.7%
Capitalized Interest 6 3 78.7% 32 -81.5% 49 172 -71.3%
Sub Total (36) (43) -15.0% (24) 52.2% (126) (140) -9.6%
Monetary Adjustment on Loans (1) (0) 540.0% (3) -58.0% (2) (8) -77.0%
Bank Expenses (3) (3) -16.6% (0) n.a (12) (8) 46.2%
Other financial expenses (3) (4) -24.9% (2) 18.7% (11) (11) -3.3%
Total Financial Expenses (43) (50) -14.0% (29) 49.3% (151) (167) -9.6%
Financial Revenues
Income on Investments 32 32 -0.1% 26 24.6% 101 151 -32.8%
Income on Receivables - - 0.0% - 0.0% - - 0.0%
Monetary Adjustment 5 7 -36.1% 5 -7.5% 18 16 15.7%
Other financial income 22 10 118.4% 6 240.8% 53 28 87.3%
Total Financial Revenues 59 49 19.1% 37 58.2% 173 195 -11.3%
As a result of a change in internal accounting practices, the financial result of the 4Q18
was impacted, mainly, by the MTM of interest rate swaps, which resulted in gains of R$12.5
million, recognized in the “Other Financial Income” line.
26
Earnings Release – 4Q18 | 2018
NET INCOME AND NET MARGIN
In addition to the accounts detailed and discussed above, it is worth noting the
following items:
(i) A positive impact of: (i) R$29 million from Cyrela's share in Cury’s net
income and, (ii) R$37 million from the Company’s share in the “Ibirapuera
by Yoo” project results, both recognized under the “Equity Income” line;
(ii) A negative impact of R$13 million from the cancellation of 8 plots of land
in São Paulo, Rio de Janeiro and South regions;
(iii) Negative impact of R$26 million due to the impairment of land plots (R$12
million) and inventories (R$14.5 million) in São Paulo, South region, Rio
de Janeiro and Belém, with R$23 million recognized under the “Costs” line
and R$3 million under the ”Equity Income” line;
(iv) A negative impact of R$42 million from new contingencies;
(v) Negative net impact of R$15 million from an increase in the provisions for
credit risk regarding cancellations.
As a result of the performance described above, the Company recorded net income
of R$116 million in 4Q18, versus net loss of R$121 million in 3Q18 and R$49 million net
income in 4Q17. In the year, Cyrela reported net loss of R$84 million, below the net loss
of R$95 million recorded in 2017.
In 4Q18, the Company’s earnings per share (EPS) was R$0.30, compared to a
negative EPS of R$0.31 in 3Q18 and positive R$0.13 in 4Q17.
27
Earnings Release – 4Q18 | 2018
EPS
600 0.5
550 0.4
500 0.30 0.3
450
0.13 0.2
400
0.1 *Total shares at the close of the quarter, not
350 including Treasury shares on the same date.
0.0
300
-0.1 **Number of shares without Treasury shares
250 in millions.
-0.2
200 383 384 384
150 -0.3
100 -0.4
-0.31
50 -0.5
0 -0.6
4Q17 3Q18 4Q18
Net Profit
(R$ million)
116
49
-84
-95
-121
4Q17 4Q18 3Q18 2017 2018
28
Earnings Release – 4Q18 | 2018
Financial Statements Highlights
ACCOUNTS RECEIVABLE Cost to be incurred
(ref, sold units – R$ million)
12 Months 216.7
Delivered units accounts for 29.5% and units
under construction or in the delivery process, for 24 Months 146.9
Receivables Schedule ¹
4Q18 3Q18 (in R$ million)
Accounts Receivable Chg %
R$ MM R$ MM
Units under construction 2,525 2,316 9.0%
Finished Units 1,057 1,159 -8.9% 12 Months 1,341.0 1,812.1
Total Accounts Receivable 3,582 3,476 3.1%
Construction Cost to be Realized
(1,037) (881) 17.7% 24 Months 686.8 844.8
from sold units
Construction Cost to be Realized
(434) (350) 23.8%
from inventory units
36 Months 815.5 1,117.2
Construction Cost to be Realized
(416) (333) 25.1%
from inventory units - Launched Phases
Construction Cost to be Realized After 36 Months 267.4 278.8
(17) (17) 0.0%
from inventory units - Unlaunched Phases
(1) Economic Concept: considers full and immediate payment on the “Habite-se” date.
Cash Concept: Considers the Company’s projection for the actual cash receipt.
29
Earnings Release – 4Q18 | 2018
MARKETABLE REAL ESTATE
The main item under Inventory is land earmarked for future development, that
represented 43.3% of the total inventory on December 31, 2018.
In Cyrela’s Balance Sheet, the landbank totaled R$2,044 million, under “Marketable
Real Estate”.
4Q18 3Q18
Marketable Real Estate Chg %
R$ MM R$ MM
Units under construction 531 471 12.5%
Finished units 1,578 1,710 -7.7%
Landbank 2,044 2,218 -7.8%
Suppliers 99 90 9.5%
Interest capitalized in inventories 179 195 -8.0%
Provision for Cancellations 286 0 n.a
Total 4,717 4,685 0.7%
In addition to the actual advance payments from customers, the “Advances from
Customers” account comprises liabilities, which stem from physical swaps in land
purchases (counterpart entries to land swaps), value at cost price. Under this account,
land for future development amounts to R$375 million and developed projects to R$154
million, totaling R$529 million, corresponding to the cost value of swapped units. Such
obligations shall be written off by following the same procedure as that used for sales
revenue recognition, with no actual cash outflows.
4Q18 3Q18
Advances from Customers Chg %
R$ MM R$ MM
Receiving of real estate sales 135 140 -3.8%
Land for future incorporation 375 504 -25.5%
Incorpotared real estate units 154 92 68.7%
Total 664 735 -9.7%
30
Earnings Release – 4Q18 | 2018
The short- and long-term “Accounts Payable for Real Estate Acquisition” lines amount
to R$420 million, R$337 million of which are related to corresponds to developed projects.
4Q18 3Q18
Accounts Payable - Real estate acquisition Chg %
R$ MM R$ MM
Incorporated 337 107 215.0%
Others 83 188 -55.9%
Total 420 295 42.4%
31
Earnings Release – 4Q18 | 2018
DEBT
Gross debt ex-SFH
(R$ million)
On December 31, 2018, gross debt including accrued
-19.3%
interest accounted R$2,372 million, 17.9% lower than the
1,989
amount of R$2,889 million reported on September 30, 2018. 1,604
651
248
(R$MM)
652
603
581
115
253
255
292
44 241
489
399 99
327
248
142
32
Earnings Release – 4Q18 | 2018
The Company’s net debt amounted to R$820 million, up 12.7% from 3Q18.
The Company’s leverage ratio, as measured by means of the Net Debt/Equity ratio,
showed a quarter-over-quarter increase, up to 14.8% at the close of 4Q18,
reinforcing the commitment to maintain this index in healthy levels and ratifying the
financial strength of the company.
33
Earnings Release – 4Q18 | 2018
Debt
(R$ Billion)
2.9
2.6 Total Debt
2.4 2.4 Indicators
Debt Ex-SFH
0.3 Net Debt/
1.0 Short 14.8%
Corp. 2.0 Equity
1.6 1.5 W/o SFH: 105.8% CDI
Average Cost
SFH: TR + 8.7% p.y.
Corp. Corp.
2.1 0.8 Duration 3.0 y 3.0 y
1.5 Long
SFH
0.9 0.8 Short Term 12% 15%
SFH SFH
Long Term 88% 85%
Gross Gross Gross Term Cash and Net Debt
Debt 4Q17 Debt 3Q18 Debt 4Q18 Cash
Equivalents
Without SFH* = R$ 55 MM
18.8% 12.9% 14.8%
34
Earnings Release – 4Q18 | 2018
CASH GENERATION
In 4Q18, the Company recorded cash generation of R$137 million, versus R$303
million in 3Q18 and R$311 million in 4Q17. The decrease compared to the previous quarters
is mainly explained by: (i) the concentration of deliveries, and consequently of transfers, in
the first half of 2018, and (ii) an increase in bisbursements with construction costs, land
plots purchasing and sales expenses.
(R$ million)
303 311
Non Recurring
248 245
137 137
56 66
35
Earnings Release – 4Q18 | 2018
ANNEX I – BALANCE SHEET
36
Earnings Release – 4Q18 | 2018
ANNEX II – INCOME STATEMENT
% %
4Q18 3Q18 2018 2017
Change Change
Real Estate Sales and Resales (985) (511) 93.0% (2,272) (1,862) 22.0%
Lots for Development (6) (4) 69.8% (22) (23) -5.8%
Services Rendered and Others (6) (6) -1.3% (18) (17) 3.3%
Cost of Goods and/or Services Sold (997) (520) 91.7% (2,311) (1,903) 21.5%
Earnings Before Income Taxes on Profit and Shareholders 181 (79) n.a 75 45 65.1%
Income (Loss) Before Minority Interest 154 (94) n.a 6 (18) n.a
37
Earnings Release – 4Q18 | 2018
38
Earnings Release – 4Q18 | 2018
ANNEX IV – LAUNCHES
PSV Usable Area
Project Quarter Month Region Units Segment % CBR
(R$ MM) (sq. m.)
1 Vida Sol 1Q18 Jan-18 CO 48.4 13,482 268 MCMV 2 and 3 50%
2 Plano & Parque São Vicente 1Q18 Jan-18 SP 95.8 21,894 634 MCMV 2 and 3 50%
3 Plano & Largo do Cambuci 1Q18 Jan-18 SP 58.9 12,043 298 MCMV 2 and 3 50%
4 Medplex Campinas 1Q18 Mar-18 SP - Other 114.2 10,011 205 High end 100%
5 Dez Portal 1Q18 Mar-18 RJ 55.0 13,066 286 MCMV 2 and 3 50%
6 Bela Vista São Gonçalo 1Q18 Mar-18 RJ 61.9 19,079 420 MCMV 2 and 3 25%
7 Completo Jacarepaguá Fase 2 2Q18 Apr-18 RJ 47.8 12,248 260 MCMV 2 and 3 75%
8 Living Privilège 2Q18 Apr-18 SP 136.7 20,150 258 Middle 80%
9 Float Residences 2Q18 Apr-18 South 158.3 15,072 246 High end 77%
10 Dez Jardim Botanico F2 2Q18 Apr-18 SP 45.7 10,178 250 MCMV 2 and 3 25%
11 Plano& Estação Itaquera - Lagoa do Campelo II 2Q18 Apr-18 SP 56.3 13,336 330 MCMV 2 and 3 50%
12 Plano& Cupecê I - Terrenos Bentos 2Q18 Apr-18 SP 61.9 11,720 290 MCMV 2 and 3 50%
13 Máximo Zona Sul 2Q18 May-18 SP 41.8 8,246 198 MCMV 2 and 3 50%
14 Dez Irajá 2Q18 May-18 RJ 100.1 20,121 452 MCMV 2 and 3 75%
15 Plano& Cupecê II 2Q18 May-18 SP 54.3 8,737 293 MCMV 2 and 3 50%
16 Plano& Cursino-Ourives I 2Q18 May-18 SP 57.0 13,336 330 MCMV 2 and 3 98%
17 Living Elegance 2Q18 Jun-18 SP 61.8 10,144 143 Middle 100%
18 Palazzo Vila Mariana 2Q18 Jun-18 SP 159.8 12,855 88 High end 40%
19 Super Cittá Paraíso 3Q18 Jul-18 SP 44.1 11,558 260 MCMV 2 and 3 40%
20 Plano& Largo do Cambuci - Ana Neri 3Q18 Jul-18 SP 58.0 11,397 282 MCMV 2 and 3 50%
21 Verdant Village Residence II 3Q18 Jul-18 RJ 39.2 8,342 120 Middle 100%
22 Dez Anhaia Melo 3Q18 Jul-18 SP 41.3 7,952 222 MCMV 2 and 3 25%
23 Living For Consolação 3Q18 Aug-18 SP 62.8 7,769 273 Middle 100%
24 Vintage Senior Residence 3Q18 Aug-18 South 65.8 5,051 120 High end 90%
25 Move Tijuca 3Q18 Aug-18 RJ 116.8 12,847 176 High end 100%
26 Viva Mais Engenho Novo 3Q18 Aug-18 RJ 60.8 17,564 380 MCMV 2 and 3 50%
27 Cyrela Haus By Yoo 3Q18 Sep-18 SP 191.4 15,875 99 High end 100%
28 Living Clássico 3Q18 Sep-18 SP 118.0 18,527 239 Middle 80%
29 Máximo Zona Sul - Fase II 3Q18 Sep-18 SP 41.0 8,330 200 MCMV 2 and 3 50%
30 Dez Parque Do Carmo 3Q18 Sep-18 SP 79.1 18,420 450 MCMV 2 and 3 50%
31 Plano & Jacu Pessego - Augusto Bauman 4Q18 Oct-18 SP 66.0 13,336 330 MCMV 2 and 3 50%
32 Plano & José Bonifácio -Hasegawa I 4Q18 Oct-18 SP 51.6 11,155 300 MCMV 2 and 3 50%
33 Plano & Parque do Carmo - Iososuke II 4Q18 Oct-18 SP 50.5 12,043 298 MCMV 2 and 3 50%
34 Plano& Cursino-Ourives II 4Q18 Oct-18 SP 69.9 16,166 400 MCMV 2 and 3 50%
35 Plano & Raposo - Eiras Garcia 4Q18 Oct-18 SP 77.6 16,125 399 MCMV 2 and 3 50%
36 Dez Anhaia Melo II 4Q18 Oct-18 SP 41.3 7,952 222 MCMV 2 and 3 25%
37 Lucas By Yoo 4Q18 Oct-18 South 84.8 6,599 233 High end 93%
38 Exato Rio Grande 4Q18 Oct-18 RJ 28.5 5,833 126 MCMV 2 and 3 100%
39 Condomínio Vitrali Moema 4Q18 Oct-18 SP 120.6 7,738 273 High end 65%
40 Cyrela Ibirapuera by Yoo 4Q18 Oct-18 SP 415.7 31,776 327 High end 50%
41 Dez Sacomã 4Q18 Oct-18 SP 64.9 15,250 374 MCMV 2 and 3 50%
42 Dez Jacarepaguá 4Q18 Oct-18 RJ 97.3 18,880 450 MCMV 2 and 3 25%
43 Ville Hollywood 4Q18 Oct-18 MG 35.2 8,272 176 MCMV 2 and 3 49%
44 Ville Heliodora 4Q18 Oct-18 MG 25.6 5,875 125 MCMV 2 and 3 49%
45 Ville Helena 4Q18 Oct-18 MG 23.7 5,640 120 MCMV 2 and 3 49%
46 Ville Hércules 4Q18 Oct-18 MG 15.0 4,042 86 MCMV 2 and 3 49%
47 Living Nord View 4Q18 Nov-18 SP 70.8 10,361 139 Middle 100%
48 Cyrela Ibirapuera - Medplex 4Q18 Nov-18 SP 161.0 2,712 191 High end 50%
49 Living Vision 4Q18 Nov-18 SP 69.1 11,434 200 Middle 100%
50 Living Exclusive Tucuruvi 4Q18 Nov-18 SP 61.7 8,984 139 Middle 100%
51 Living Grand Nord 4Q18 Nov-18 SP 69.0 8,905 80 Middle 100%
52 Rio By Yoo 4Q18 Nov-18 RJ 439.3 23,033 148 High end 100%
53 Prime 4Q18 Nov-18 South 65.2 9,063 145 Middle 80%
54 Dez Vila Guilherme 4Q18 Nov-18 SP 93.4 18,880 452 MCMV 2 and 3 40%
55 Legacy Klabin 4Q18 Nov-18 SP 174.9 15,711 180 High end 80%
56 Plano & Butantã Manuel Dias 4Q18 Nov-18 SP 47.0 11,397 282 MCMV 2 and 3 50%
57 Aura Tijuca 4Q18 Dec-18 RJ 56.7 6,177 66 High end 100%
58 Residencial Magia 4Q18 Dec-18 SP 19.8 5,338 120 MCMV 2 and 3 40%
59 Plano & Iguatemi - Santa Teresa I 4Q18 Dec-18 SP 59.1 13,744 398 MCMV 2 and 3 40%
60 Plano & Estação Campo Limpo - Serra Ribeiro II 4Q18 Dec-18 SP 50.0 11,853 296 MCMV 2 and 3 50%
Total 60 5,039.1 733,625 15,145
39
Earnings Release – 4Q18 | 2018
4Q18
Launched PSV CBR Launched % CBR Units Averege Price PSV - Swaps % Sold with
Region
4Q18 4Q17 Chg % 4Q18 4Q17 Chg % 4Q18 4Q17 Chg p.p. 4Q18 4Q17 Chg % 4Q18 4Q17 Chg % 4Q18 4Q17 Chg % 4Q18 4Q17 Chg p.p.
São Paulo 1,834 1,024 79.2% 1,095 585 87.2% 59.7% 57.2% 2.6 p.p 5,400 3,516 53.6% 7,310 5,988 22.1% 91 17 444.2% 47.7% 51.3% -3.6 p.p
São Paulo - Other Cities 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p 0 0 0.0% 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p
Rio de Janeiro 622 135 359.8% 549 101 441.5% 88.3% 74.9% 13.3 p.p 790 584 35.3% 11,530 4,518 155.2% 137 5 2671.7% 63.3% 39.6% 23.7 p.p
Minas Gerais 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p 0 0 0.0% 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p
Espírito Santo 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p 0 0 0.0% 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p
North 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p 0 0 0.0% 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p
Midwest 100 0 0.0% 49 0 0.0% 49.0% 0.0% 49.0 p.p 507 0 0.0% 4,177 0 0.0% 12 0 0.0% 0.0% 0.0% 0.0 p.p
South 150 110 35.8% 131 99 31.3% 87.1% 90.0% -2.9 p.p 378 25 1412.0% 9,578 13,931 -31.2% 14 0 0.0% 62.7% 16.0% 46.7 p.p
Northeast 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p 0 0 0.0% 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p
Total 2,705 1,269 113.1% 1,823 786 132.1% 67.4% 61.9% 5.5 p.p 7,075 4,125 71.5% 7,858 6,079 29.3% 255 22 1071.9% 52.5% 49.5% 3.0 p.p
2018
Launched PSV (R$ MM) CBR Launched PSV (R$ MM) % CBR Units Averege Price (per sq. m.) PSV - Swaps (R$ MM) % Sold with Swaps
Region
2018 2017 Chg % 2018 2017 Chg % 2018 2017 Chg p.p. 2018 2017 Chg % 2018 2017 Chg % 2018 2017 Chg % 2018 2017 Chg p.p.
São Paulo 3,194 2,425 31.7% 1,968 1,680 17.2% 61.6% 69.3% -7.6 p.p 10,134 7,122 42.3% 6,772 6,814 -0.6% 166 48 249.5% 63.1% -10.9% 73.9 p.p
São Paulo - Other Cities 220 0 0.0% 194 0 0.0% 88.0% 0.0% 88.0 p.p 608 0 0.0% 6,941 0 0.0% 17 0 0.0% 70.4% 0.0% 70.4 p.p
Rio de Janeiro 1,103 323 241.1% 889 228 290.6% 80.6% 70.4% 10.2 p.p 2,884 1,619 78.1% 7,019 4,165 68.5% 166 5 3263.4% 63.2% 53.4% 9.8 p.p
Minas Gerais 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p 0 0 0.0% 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p
Espírito Santo 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p 0 0 0.0% 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p
North 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p 0 0 0.0% 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p
Midwest 148 85 73.8% 73 43 71.5% 49.3% 50.0% -0.7 p.p 775 56 1283.9% 3,965 5,967 -33.6% 18 2 770.8% 15.6% 32.1% -16.5 p.p
South 374 220 70.3% 311 200 55.2% 83.1% 91.2% -8.1 p.p 744 171 335.1% 10,453 13,145 -20.5% 19 14 29.8% 54.8% 32.8% 22.0 p.p
Northeast 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p 0 0 0.0% 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p
Total 5,039 3,053 65.0% 3,435 2,150 59.7% 68.2% 70.4% -2.3 p.p 15,145 8,968 68.9% 7,025 7,283 -3.5% 386 69 459.8% 62.4% 62.2% 0.2 p.p
Launched PSV (R$ MM) CBR Launched PSV (R$ MM) % CBR Units Averege Price (per sq. m.) PSV - Swaps (R$ MM) % Sold with Swaps
Segment
2018 2017 Chg % 2018 2017 Chg % 2018 2017 Chg p.p. 2018 2017 Chg % 2018 2017 Chg % 2018 2017 Chg % 2018 2017 Chg p.p.
High end 2,259 1,168 93.4% 1,748 920 89.9% 77.4% 78.8% -1.4 p.p 2,352 579 306.2% 13,654 13,999 -2.5% 274 17 1557.8% 82.0% -8.4% 90.4 p.p
Middle 754 954 -20.9% 690 745 -7.4% 91.5% 78.2% 13.4 p.p 1,736 3,213 -46.0% 6,635 5,851 13.4% 72 44 64.5% 67.2% -79.2% 146.4 p.p
MCMV 2 and 3 2,026 931 117.6% 997 485 105.6% 49.2% 52.1% -2.9 p.p 11,057 5,176 113.6% 4,457 4,270 4.4% 40 9 357.9% 57.5% 26.2% 31.3 p.p
Total 5,039 3,053 65.0% 3,435 2,150 59.7% 68.2% 70.4% -2.3 p.p 15,145 8,968 68.9% 7,025 7,283 -3.5% 386 69 459.8% 62.4% 62.2% 0.2 p.p
40
Earnings Release – 4Q18 | 2018
ANNEX V – SALES
4Q18
Pre-Sales Contracts (R$ MM) Units Usable Area Sold (sq. m.) Avg. Price (R$/sq. m.) % CBR
Region
4Q18 4Q17 Chg % 4Q18 4Q17 Chg % 4Q18 4Q17 Chg % 4Q18 4Q17 Chg % 4Q18 4Q17 Chg p.p.
São Paulo 1,491 890 67.6% 3,693 2,894 27.6% 210,509 150,496 39.9% 7,361 6,335 16.2% 62.2% 65.5% -3.4 p.p
São Paulo - Other Cities 161 129 24.7% 666 497 34.0% 57,355 63,144 -9.2% 4,916 4,567 7.6% 77.4% 84.2% -6.9 p.p
Rio de Janeiro 566 120 370.7% 822 570 44.2% 62,384 47,662 30.9% 10,411 4,932 111.1% 87.8% 70.3% 17.5 p.p
Minas Gerais 53 0 29432.2% 277 6 4516.7% 15,220 8,895 71.1% 5,359 0 0.0% 0.0% 0.0% 0.0 p.p
Espírito Santo 3 3 3.1% 9 14 -35.7% 689 977 -29.5% 4,489 3,210 39.8% 60.0% 75.5% -15.5 p.p
North 12 22 -46.7% 33 76 -56.6% 2,559 8,327 -69.3% 4,923 4,207 17.0% 85.4% 77.8% 7.6 p.p
Midwest 2 5 -53.0% 13 -4 -425.0% 1,423 2,129 -33.2% 4,364 4,843 -9.9% 55.1% 50.0% 5.1 p.p
South 138 54 157.0% 299 102 193.1% 13,178 11,596 13.6% 11,336 7,993 41.8% 88.5% 96.3% -7.7 p.p
Northeast 12 30 -59.9% 27 61 -55.7% 2,295 7,543 -69.6% 5,310 4,994 6.3% 86.7% 71.8% 14.9 p.p
Total 2,439 1,253 94.6% 5,839 4,216 38.5% 365,611 300,771 21.6% 7,663 5,790 32.3% 70.5% 69.6% 1.0 p.p
Pre-SalesContracts (R$ MM) Units Usable Area Sold(sq. m.) Avg. Price(R$/sq. m.) % CBR
Segment
4Q18 4Q17 Chg % 4Q18 4Q17 Chg % 4Q18 4Q17 Chg % 4Q18 4Q17 Chg % 4Q18 4Q17 Chg p.p.
High end 1,480 442 234.5% 1,712 604 183.4% 174,548 109,692 59.1% 11,185 8,069 38.6% 74.9% 73.9% 1.0 p.p
Middle 343 497 -30.9% 875 1,947 -55.1% 185,038 173,349 6.7% 4,929 4,991 -1.2% 93.2% 78.0% 15.3 p.p
MCMV 2 and 3 616 314 96.3% 3,252 1,665 95.3% 6,025 17,730 -66.0% 3,904 4,253 -8.2% 47.3% 50.2% -2.9 p.p
Total 2,439 1,253 94.6% 5,839 4,216 38.5% 365,611 300,771 21.6% 7,663 5,790 32.3% 70.5% 69.6% 1.0 p.p
2018
Pre-Sales Contracts (R$ MM) Units Usable Area Sold (sq. m.) Avg. Price (R$/sq. m.) % CBR
Region
2018 2017 Chg % 2018 2017 Chg % 2018 2017 Chg % 2018 2017 Chg % 2018 2017 Chg p.p.
São Paulo 3,200 2,021 58.4% 9,329 6,075 53.6% 518,321 360,391 43.8% 6,817 6,780 0.0% 63.0% 72.2% -9.2 p.p
São Paulo - Other Cities 369 302 22.3% 1,371 1,119 22.5% 193,435 235,615 -17.9% 5,075 4,757 6.7% 81.5% 79.8% 1.6 p.p
Rio de Janeiro 1,045 519 101.5% 2,631 2,101 25.2% 202,889 199,862 1.5% 6,995 5,150 35.8% 81.3% 61.1% 20.2 p.p
Minas Gerais 54 -2 -3031.8% 287 15 1813.3% 32,444 40,469 -19.8% 5,359 0 0.0% 49.5% 100.0% -50.5 p.p
Espírito Santo 11 16 -30.6% 47 75 -37.3% 3,268 5,588 -41.5% 3,891 3,418 13.8% 65.3% 72.1% -6.8 p.p
North 48 7 602.2% 148 44 236.4% 15,631 35,384 -55.8% 4,117 4,476 -8.0% 85.5% -9.9% 95.5 p.p
Midwest 37 43 -12.8% 155 24 545.8% 9,895 12,760 -22.4% 4,733 5,570 -15.0% 50.3% 48.3% 2.0 p.p
South 244 182 33.8% 460 488 -5.7% 41,063 66,537 -38.3% 9,763 7,305 33.7% 81.7% 102.1% -20.2 p.p
Northeast 47 172 -72.5% 73 391 -81.3% 10,340 51,677 -80.0% 5,776 4,923 17.3% 75.0% 74.1% 0.9 p.p
Total 5,056 3,259 55.1% 14,501 10,332 40.4% 1,027,286 1,008,280 1.9% 6,654 5,872 13.3% 69.2% 72.4% -3.4 p.p
Pre-Sales Contracts (R$ MM) Units Usable Area Sold (sq. m.) Avg. Price (R$/sq. m.) % CBR
Segment
2018 2017 Chg % 2018 2017 Chg % 2018 2017 Chg % 2018 2017 Chg % 2018 2017 Chg p.p.
High end 2,565 1,276 101.1% 3,268 1,655 97.5% 416,259 433,486 -4.0% 10,033 8,109 23.7% 74.4% 76.8% -2.5 p.p
Middle 860 1,049 -18.0% 2,436 3,858 -36.9% 565,118 494,905 14.2% 4,973 4,921 1.1% 91.9% 81.7% 10.3 p.p
MCMV 2 and 3 1,630 934 74.5% 8,797 4,819 82.5% 45,909 79,890 -42.5% 4,078 4,038 1.0% 49.0% 56.0% -7.0 p.p
Total 5,056 3,259 55.1% 14,501 10,332 40.4% 1,027,286 1,008,280 1.9% 6,654 5,872 13.3% 69.2% 72.4% -3.4 p.p
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Earnings Release – 4Q18 | 2018
ANNEX VI – LANDBANK
Landbank
Land Acquisition
PSV - with PSV - without
Region swaps swaps Land Units Swap % CBR
(R$MM) (R$ MM)
São Paulo 417 351 2 981 96.6% 100.0%
São Paulo - Other Cities 0 0 0 0 0.0% 0.0%
Rio de Janeiro 0 0 0 0 0.0% 0.0%
Minas Gerais 0 0 0 0 0.0% 0.0%
Espírito Santo 0 0 0 0 0.0% 0.0%
North 0 0 0 0 0.0% 0.0%
Midwest 0 0 0 0 0.0% 0.0%
South 227 198 4 993 76.9% 89.0%
Northeast 0 0 0 0 0.0% 0.0%
Total 644 549 6 1,974 89.7% 96.1%
,
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Earnings Release – 4Q18 | 2018
ANNEX VII – PROJECTS DELIVERED
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Earnings Release – 4Q18 | 2018
ANNEX VIII – MIDDLE + MCMV
Summary
Launches (1)
Number of Launches 17 15 13.3% 9 88.9%
Launched PSV - R$ MM (100%) 1,252 834 50.2% 544 130.0%
Launched PSV - R$ MM (%CBR) 742 524 41.7% 344 115.9%
Cyrela's Share 59.3% 62.8% -3.5 p.p. 63.2% -3.9 p.p.
PSV Swaped - R$ MM (100%) 53 22 143.3% 7 660.4%
Average Price per sq. m. (R$) 4,998 4,916 1.7% 4,955 0.9%
Usable Area Launched (sq. m.) 250,529 169,616 47.7% 109,858 128.0%
Units Launched 5,657 3,830 47.7% 2,426 133.2%
Sales (2)
Pre-Sales Contracts - R$ MM (100%) 959 811 18.3% 523 83.3%
Pre-Sales Contracts - R$ MM (%CBR) 612 545 12.2% 345 77.3%
Cyrela's Share 63.8% 67.2% -3.4 p.p. 65.9% -2.2 p.p.
Average Price per sq. m. (R$) 5,000 4,824 3.7% 4,866 2.7%
Units Sold 4,127 3,612 14.3% 2,414 71.0%
2018
Launched PSV (R$ MM) CBR Launched PSV (R$ MM) % CBR Units Averege Price (per sq. m.) PSV - Swaps (R$ MM) % Sold with Swaps
Region
2018 2017 Chg% 2018 2017 Chg% 2018 2017 Chg p.p. 2018 2017 Chg% 2018 2017 Chg% 2018 2017 Chg% 2018 2017 Chg p.p.
São Paulo 1,970 1,561 26.2% 1,206 1,003 20.3% 61.2% 64.2% -3.0 p.p 8,976 6,770 32.6% 5,118 5,146 -0.5% 59 48 25.0% 56.6% -8.3% 64.9 p.p
São Paulo - Other Cities 106 0 0.0% 79 0 0.0% 75.0% 0.0% 75.0 p.p 403 0 0.0% 4,880 0 0.0% 15 0 0.0% 66.5% 0.0% 66.5 p.p
Rio de Janeiro 491 323 51.7% 276 228 21.4% 56.3% 70.4% -14.1 p.p 2,494 1,619 54.0% 4,261 4,165 2.3% 5 5 9.1% 60.1% 53.4% 6.7 p.p
Minas Gerais 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p 0 0 0.0% 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p
Espírito Santo 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p 0 0 0.0% 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p
North 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p 0 0 0.0% 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p
Midwest 148 0 0.0% 73 0 0.0% 49.3% 0.0% 49.3 p.p 775 0 0.0% 3,965 0 0.0% 18 0 0.0% 15.6% 0.0% 15.6 p.p
South 65 0 0.0% 52 0 0.0% 80.0% 0.0% 80.0 p.p 145 0 0.0% 7,195 0 0.0% 14 0 0.0% 0.0% 0.0% 0.0 p.p
Northeast 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p 0 0 0.0% 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p
Total 2,780 1,885 47.5% 1,687 1,230 37.1% 60.7% 65.3% -4.7 p.p 12,793 8,389 52.5% 4,919 4,958 -0.8% 112 52 113.9% 56.6% 63.5% -6.9 p.p
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Earnings Release – 4Q18 | 2018
4Q18
Pre-Sales Contracts (R$ MM) Units Usable Area Sold (sq. m.) Avg. Price (R$/sq. m.) % CBR
Region
4Q18 4Q17 Chg % 4Q18 4Q17 Chg % 4Q18 4Q17 Chg % 4Q18 4Q17 Chg % 4Q18 4Q17 Chg p.p.
São Paulo 595 567 5.0% 2,586 2,583 0.1% 106,989 113,601 -5.8% 4,851 5,115 -5.2% 62.8% 61.6% 1.2 p.p
São Paulo - Other Cities 131 108 21.8% 538 398 35.2% 34,593 31,523 9.7% 4,826 4,577 5.4% 80.3% 84.0% -3.7 p.p
Rio de Janeiro 135 106 27.1% 595 511 16.4% 35,569 36,280 -2.0% 4,888 4,300 13.7% 52.2% 71.4% -19.1 p.p
Minas Gerais 54 0 0.0% 277 0 0.0% 10,105 0 0.0% 4,262 0 0.0% 49.0% 0.0% 49.0 p.p
Espírito Santo 2 2 -10.9% 8 12 -33.3% 518 891 -41.9% 4,079 3,151 29.5% 60.0% 78.0% -18.0 p.p
North 3 3 -12.3% 12 20 -40.0% 518 905 -42.8% 5,431 3,796 43.1% 100.0% 100.0% 0.0 p.p
Northeast 3 0 -1789.2% 15 -2 -850.0% 1,350 780 73.1% 3,696 2,818 31.1% 50.0% 50.0% 0.0 p.p
South 34 19 81.1% 86 69 24.6% 792 4,885 -83.8% 4,418 4,681 -5.6% 81.8% 99.4% -17.6 p.p
Midwest 3 6 -57.8% 10 21 -52.4% 630 2,213 -71.5% 3,983 4,083 -2.4% 99.9% 100.0% -0.1 p.p
Total 959 811 18.3% 4,127 3,612 14.3% 191,063 191,078 0.0% 4,866 4,824 0.9% 63.8% 67.2% -3.4 p.p
4Q18 4Q17 Chg % 4Q18 4Q17 Chg % 4Q18 4Q17 Chg % 4Q18 4Q17 Chg % 4Q18 4Q17 Chg p.p.
Middle 343 497 -30.9% 875 1,947 -55.1% 185,038 173,349 6.7% 5,245 5,245 0.0% 93.2% 78.0% 15.3 p.p
MCMV 2 and 3 616 314 96.3% 3,252 1,665 95.3% 6,025 17,730 -66.0% 4,379 4,379 0.0% 47.3% 50.2% -2.9 p.p
Total 959 811 18.3% 4,127 3,612 14.3% 191,063 191,078 0.0% 4,866 4,824 0.9% 63.8% 67.2% -3.4 p.p
2018
Pre-Sales Contracts (R$ MM) Units Usable Area Sold (sq. m.) Avg. Price (R$/sq. m.) % CBR
Region
2018 2017 Chg % 2018 2017 Chg % 2018 2017 Chg % 2018 2017 Chg % 2018 2017 Chg p.p.
São Paulo 1,701 1,223 39.1% 7,652 5,253 45.7% 351,291 254,127 38.2% 6,860 6,817 0.6% 62.2% 67.0% -4.7 p.p
São Paulo - Other Cities 211 257 -17.9% 826 877 -5.8% 90,648 115,432 -21.5% 5,092 4,760 7.0% 84.7% 80.9% 3.9 p.p
Rio de Janeiro 436 348 25.2% 2,124 1,922 10.5% 140,029 146,293 -4.3% 7,749 5,156 50.3% 59.2% 58.6% 0.7 p.p
Minas Gerais 54 0 0.0% 277 0 0.0% 10,105 0 0.0% 4,627 0 0.0% 49.0% 0.0% 49.0 p.p
Espírito Santo 9 15 -39.7% 37 71 -47.9% 2,708 5,381 -49.7% 3,920 3,422 14.6% 66.5% 72.4% -6.1 p.p
North 8 8 -10.0% 39 51 -23.5% 1,758 5,842 -69.9% 4,152 4,501 -7.8% 100.0% 100.0% 0.0 p.p
Northeast 24 1 1601.3% 138 3 4500.0% 6,926 4,410 57.1% 4,839 5,621 -13.9% 50.0% 50.0% 0.0 p.p
South 45 93 -51.5% 130 345 -62.3% 5,980 24,160 -75.2% 9,926 7,356 34.9% 85.6% 99.0% -13.4 p.p
Midwest 2 38 -93.5% 10 155 -93.5% 1,581 19,150 -91.7% 5,802 4,933 17.6% 99.9% 99.9% -0.0 p.p
Total 2,491 1,984 25.6% 11,233 8,677 29.5% 611,027 574,795 6.3% 5,872 5,872 0.0% 63.8% 69.6% -5.8 p.p
Pre-Sales Contracts (R$ MM) Units Usable Area Sold (sq. m.) Avg. Price (R$/sq. m.) % CBR
Segment
2018 2017 Chg % 2018 2017 Chg % 2018 2017 Chg % 2018 2017 Chg % 2018 2017 Chg p.p.
Middle 860 1,049 -18.0% 2,436 3,858 -36.9% 565,118 494,905 14.2% 4,973 4,921 1.1% 91.9% 81.7% 10.2 p.p
MCMV 2 and 3 1,630 934 74.5% 8,797 4,819 82.5% 45,909 79,890 -42.5% 4,078 4,038 1.0% 49.0% 56.0% -7.0 p.p
Total 2,491 1,984 25.6% 11,233 8,677 29.5% 611,027 574,795 6.3% 5,872 5,872 0.0% 63.8% 69.6% -5.8 p.p
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Earnings Release – 4Q18 | 2018
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Earnings Release – 4Q18 | 2018
Glossary
PSV: Pre-Sales Value, or the amount in R$ obtainable by selling each real estate
unit.
%CBR: the Company’s share, or the sum of its direct and indirect share in each
project.
Pre-sales: the sum of values of all units sold the contracts for which have been
signed.
Result to be recognized: due to the "PoC" accounting method, results from units
Net debt: total debt plus debenture and MBS issuance costs, net of accrued
interest, less cash position (cash and cash equivalents + short- and long-term marketable
securities).
Earnings per share: net income for the period divided by total shares (on the last
Swap: land purchase arrangement whereby the Company pays for land with units
(in the case of unit swaps) or with cash flows from sales of units (in the case of financial
swaps).
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