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3Q18 Earnings Release
EZTEC closes the 3Q18 with net income of R$34 million
São Paulo, November 8th, 2018 - EZTEC S.A. (B3: EZTC3) celebrates its 39th anniversary as one of the most profitable builders and developers in Brazil. The Company announces its results for the third quarter of 2018 (3Q18). Except where stated otherwise, EZTEC’s operating and financial information is presented on a consolidated basis and in Brazilian real (R$), 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 third quarter of 2018, EZTEC reported a Cash Generation of R$10.1 million, leading to Cash Equivalents and Financial Investments position of R$439.1 million. By excluding the Gross Debt of R$102.7 million (exclusively composed of SFH financing), the Company’s Net Cash stands at R$336.4 million. This is complemented by Performed Receivables from real estate projects of R$549.1 million, which is available for securitization and yields IGP-M + 10 to 12% p.a.;
- Net Revenue reached R$246.3 million in 9M18;
- Gross Profit totaled R$87.5 million, with Gross Margin of 35.5% in 9M18;
- Net Income reached R$54.0 million, with Net Margin of 21.9% in 9M18;
- EZTEC’s Contracted Sales, net of cancellations, reached R$320.1 million in 9M18, net of cancellations; and
- On September 30th, 2018, the Company’s Landbank totaled R$6.6 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.
November 9th, 2018
07:30 a.m. (New York Time)
10:30 a.m. (Brasília Time)
Ph.: +55 (11) 2188-0155
+55 (11) 2188-0400
Webcast: Click here
For further information contact:
EZTEC S.A. - Investor Relations
Phone: +55 (11) 5056-8313
With 39 years of operations, EZTEC is one of the most profitable publicly-traded companies in Brazil‘s real estate development and building industry. Based on its fully integrated business model, EZTEC has already launched 131 projects, totaling more than 3.6 million square meters of built area and area under construction, and 26,480 units. EZTEC S.A. is listed on the Novo Mercado special corporate governance segment of the São Paulo Stock Exchange (BM&FBOVESPA) under the ticker EZTC3.
"This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of EZTEC. These are merely projections and, as such, are based exclusively on the expectations of the Company‘s management concerning the future of the business and its continued access to capital to fund its business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and risks disclosed in the Company‘s filed disclosure documents and are, therefore, subject to change without prior notice".