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4Q17 Earnings Release
R$1.36 billion in dividends distributed within 10 years as public company
Accumulated Net Income of R$3.31 billions
São Paulo, March 15th, 2018 - EZTEC S.A. (B3: EZTC3) celebrates its 39th anniversary as one of the most profitable builders and developers in Brazil. The Company announces its results for the fourth quarter of 2017 (4Q17). Except where stated otherwise, EZTEC’s operating and financial information is presented on a consolidated basis and in Brazilian real (R$), 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).
Since January 1st, 2013, the rules of the IFRS 10 and IFRS 11 were taken into effect. These rules regard the projects with shared control. When adopting the norms of the CPC 19, a share of the Assets and Liabilities, Revenues and Expenses stop being consolidated proportionally to the Company´s stake. These changes will affect neither the Shareholder’s Equity nor the Company’s Net Income.
OPERATING AND FINANCIAL HIGHLIGHTS:
- By the end of the final quarter of 2017, EZTEC reported a Cash Equivalents and Financial Investments position of R$561.5 million. By excluding the Gross Debt of R$235.7 million (exclusively composed of SFH financing), the Company’s Net Cash stands at R$325.9 million, with a R$736.2 million Cash Generation in the year. This is complemented by Performed Receivables from real estate projects of R$664.8 million, which is available for securitization and yields IGP-M + 10 to 12% p.a.;
- Net Revenue reached R$980.3 million in 2017;
- Gross Profit totaled R$434.6 million, with Gross Margin of 44.3% in 2017;
- EBITDA reached R$315.9 million for a EBITDA Margin of 32.2% in 2017;
- Net Income reached R$358.8 million, with Net Margin of 36.6% in 2017;
- Launches of R$993.2 million (R$342.9 million, ex-EZ Towers) in PSV for the year, R$151.0 million of which in the fourth quarter;
- EZTEC’s Contracted Sales, net of rescissions, reached R$868.3 million in 2017 (R$217.9, ex-EZ Towers); and
- On December 31th, 2017, the Company’s Landbank totaled R$6.1 billion in own PSV. The average acquisition cost for these plots, including costs regarding increases in constructive potential, is 13% of the PSV.
To access the Earnings Release, click here.
March 16th, 2018
09:30 a.m. (New York Time)
10:30 a.m. (Brasília Time)
Ph.: +55 (11) 2188-0155
+55 (11) 2188-0400
Webcast: Click here