EZTEC - Investor Relations Mobile

4Q10 Earnings Release - EZTEC reaches Guidance and posts record Net Income of R$243.7 million

São Paulo, March 22, 2011 - EZTEC S.A. (BOVESPA: EZTC3), founded 32 years ago, is one of the most profitable builders and developers in Brazil. The Company announces its results for the fourth quarter of 2010 (4Q10).


  • Net Revenue was R$156.2 million in 4Q10, up 26.6% on 4Q09; and R$636.4 million in 2010, 25.8% higher than in 2009.
  • Gross Income in 4Q10 was R$76.2 million, up 68.8% in relation to 4Q09, for Gross Margin of 48.8%. In 2010, gross income came to R$297.7 million, up 46.2% from 2009, while gross margin increased 6.5 p.p. to 46.8%.
  • EBITDA in 4Q10 increased 55.2% from 4Q09 to R$52.6 million, for EBITDA Margin of 33.7%. EBITDA in 2010 stood at R$226.5 million, 41.8% higher than in 2009, for EBITDA margin of 35.6%, representing improvement of 4.0 p.p..
  • In 4Q10, Net Income was R$62.8 million, up 81.5% on 4Q09, for Net Margin of 40.2%. In 2010, Net Income was R$243.7 million, representing earnings per share of R$1.701, Net Margin of 38.3% and Annualized ROE of 26.7%.
  • EZTEC maintained its financial solidity in 4Q10, ending the period with Cash, Cash Equivalents and Financial Investments of R$192.5 million. Excluding debt (which is exclusively composed of SFH financing), the Company’s Net Cash was R$135.1 million, plus Performing Receivables from real estate projects of R$268.0 million. These receivables, which qualify for securitization, are adjusted by the IGP-M + 12% p.a..
  • In 4Q10, three projects were launched: the middle-high end residential developments Royale Prestige in the São Paulo Metropolitan Area and Art’E in the city of Jundiaí, countryside of São Paulo; and the middle end residential development Gran Village Vila Formosa in the city of São Paulo. The launches in the quarter totaled own PSV of R$254.1 million, bringing own PSV in the whole of the year to R$887.1 million, for growth of 75.4% from 2009. As a result, launch volume reached the high end of the Guidance range established for 2010.
  • In 4Q10, EZTEC’s share of Contracted Sales totaled R$202.2 million, up 103.3% from 4Q09. Contracted Sales in 2010 totaled R$748.0 million, for growth of 32.4% in relation to 2009. EZTEC always discloses its sales net of brokerage commissions and rescissions.
  • On December 31, 2010, EZTEC’s Land Bank represented R$3.8 billion in own PSV. The average cost of lot acquisitions, including the costs associated with expanding construction potential, is equivalent to 9.5% of PSV.

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Contact IR

Telephone: +55 11 5056 8313
E-mail: ri@eztec.com.br