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3Q13 Earnings Release


3Q13 Earnings Release

Net Income for 9M13 surpasses 2012‘s full year reaching R$426.5 million
Net Margin reaches 50.1%, ROE at 35.8%

São Paulo, November 12th, 2013 - EZTEC S.A. (BM&FBOVESPA: EZTC3; Bloomberg EZTC3: BZ) announces its results for the third quarter of 2013 (3Q13) results:

3Q13 Highlights:

  • Net Revenue reached R$851.1 million in the 9M13, up 74.5% from the 9M12;
  • Gross Profit reached R$445.5 million in the 9M13, up 68.8% from the 9M12, with Gross Margin of 52.3%, (12.3 p.p. above our Guidance for the year);
  • EBITDA reached R$418.2 million in the 9M13, increase of 77.2% from the 9M12, for EBITDA Margin of 49.1%;
  • Net Income reached R$426.5 million in the 9M13, with Net Margin of 50.1%, 20.1 p.p. above the Guidance for the year,
    representing an Annualized ROE of 35.8%. In the 3Q13, Net Income reached R$139.4 million for 55.2% Net Margin;
  • EZTEC, in the 3Q13, ended the quarter with Cash Equivalents and Financial Investments of R$275.3 million. Excluding the Debt of R$193.4 million (being exclusively of SFH financing), the Company’s Net Cash stood at R$81.9 million, which was complemented by Performed Receivables from real estate projects of R$204.3 million, which are available for securitization and yield IGP-M + 12% p.a.;
  • In the 3Q13, the Company launched 3 projects: [i] the second phase of Centro Empresarial Jardins do Brasil, called Torre Osasco, located in Osasco, in the São Paulo Metropolitan Area, with a total of 424 small offices and R$33.6 million in own PSV; [ii] Quality House Ana Costa, the first EZTEC project in the city of Santos, a residential project with 238 mid-high end units and R$109.2 million in own PSV; and [iii] Massimo Vila Mascote, located in the south zone of São Paulo, the project has 162 midhigh end units and R$132.5 million in own PSV. Together, 3Q13´s launches reached R$275.3 million which, when added to the 1S13´s launches and to stake acquisitions, Launches totaled R$999.2 million in own PSV in the 9M13, which corresponds to 76.9% of the mid-point of the Company´s launch Guidance for 2013. When considering EZ Towers - Tower A, Launches reached R$1.56 billion on the first nine months of 2013;
  • As of September 30th, 2013, EZTEC’s Land Bank totaled R$3.9 billion in own PSV. The average Cost of Lot Acquisitions,
    including the costs associated with expanding construction potential, is equivalent to 11.3% of PSV.

To access the Earnings Release, click here.


Contact IR

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