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3Q14 Earnings Release

3Q14 Earnings Release

EZTEC reaches Net Income of R$342.7 million in the 9M14

Gross Margin rises to 53.2% and ROE reaches 22.3%

São Paulo, November 10th, 2014 - EZTEC S.A. (BM&FBOVESPA: EZTC3; Bloomberg EZTC3: BZ) announces its results for the third quarter of 2014 (3Q14) results:

3Q14 Highlights:

  • Net Revenue reached R$230.7 million in the 3Q14, accumulating R$666.0 million in the 9M14;
  • Gross Profit totaled R$124.7 million in the 3Q14, with Gross Margin of 54.0%; accumulating R$354.1 million in the 9M14, with Gross Margin of 53.2%;
  • EBITDA reached R$123.6 million in the 3Q14, for EBITDA Margin of 53.6%; totaling R$319.5 million in the 9M14, for EBITDA Margin of 48.0%;
  • Net Income beat R$124.9 million in the 3Q14, with Net Margin of 54.1%; reaching R$342.7 million in the 9M14, with Net Margin of 51.5%, representing an Quarterly Annualized ROE of 23.3% and 22.3% Annualized ROE in the nine months of the year;
  • By the end of the 3Q14, EZTEC reported a Cash Equivalents and Financial Investments position of R$381.5 million. Excluding the Gross Debt of R$470.5 million (being exclusively of SFH financing and including EZ Tower´s), the Company’s Net Debt stood at R$89.0 million, complemented by Performed Receivables from real estate projects of R$226.8 million, which are available for securitization and yield IGP-M + 12% p.a.;
  • In the 3Q14, EZTEC launched the Le Premier Flat Campos do Jordão, in the countryside of São Paulo. This residential project has 108 high-end units for R$119.4 million in EZTEC PSV, and is 82% sold so far. Aside from that, EZTEC acquired stakes in the Cidade Maia project, adding another R$284.4 million to the launched volume. Therefore, in third quarter of 2014, the Company launched an own PSV of R$403.7 million, accumulating R$898.8 million in the 9M14;
  • EZTEC’s Contracted Sales, net of brokerage commissions, cancelations and rescissions, reached R$352.1 million in the 3Q14; and R$689.0 million in the 9M14, out of which R$154.0 million referring to the stake acquisition of the Cidade Maia project. It is important to point out the good sales performance of inventory units, reaching R$281 million of units launched in previous years.
  • As of September 30, 2014, EZTEC’s Land Bank totaled R$5.4 billion in own PSV. The average Cost of Lot Acquisitions, including the costs associated with expanding construction potential, is equivalent to 13.0% of PSV. During this quarter, EZTEC acquired 2 new land pieces, which increased the Company´s landbank position in R$508.2 million.

To access the Earnings Release, click here.

Conference Calls

November 11th, 2014
09:00 a.m. (New York Time)
12:00 p.m. (Brasília Time)
Ph.: +1 (412) 317-6776

+1 (412) 317-0088
Code: 10054168
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November 11th, 2014
07:30 a.m. (New York Time)
10:30 a.m. (Brasília Time)
Ph.: +55 (11) 3728-5971

+55 (11) 3127-4999
Code: 29766528
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For further information contact:
EZTEC S.A. - Investor Relations
Phone: +55 (11) 5056-8313
E-mail: ri@eztec.com.br

Contact IR

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