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1Q18 Earnings Release
EZTEC reaches R$ 122 million in net sales in 1Q18
1,320% growth relative to 1Q17 net sales
São Paulo, May 10th, 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 first quarter of 2018 (1Q18). 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 first quarter of 2018, EZTEC reported Cash Generation of R$60.8 million, leading to Cash Equivalents and Financial Investments position of R$547.7 million. By excluding the Gross Debt of R$161.1 million (exclusively composed of SFH financing), the Companys Net Cash stands at R$386.7 million. This is complemented by Performed Receivables from real estate projects of R$585.8 million, which is available for securitization and yields IGP-M + 10 to 12% p.a.;
- Net Revenue reached R$90.4 million in 1Q18;
- Gross Profit totaled R$31.8 million, with Gross Margin of 35.1% in 1Q18;
- Net Income reached R$5.4 million, with Net Margin of 6.0% in 1Q18;
- In 1Q18, EZTEC launched a project of R$ 105.5 million;
- EZTECs Contracted Sales, net of cancellations, reached R$121.6 million in 1Q18, net of cancellations; and
- On March 31th, 2018, the Companys 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.
May 11th, 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