12 conferência anual santander
TRANSCRIPT
1
Corporate Presentation12a Conferência Anual Santander
Disclaimer
� This presentation may contain forward-looking statements. Such forward-looking statements are and will be subject to many risksand uncertainties relating to factors that are beyond Direcional’s ability to control or estimate precisely, such as future marketconditions, competitive environment, currency and inflation fluctuations, changes in governmental and regulatory policies and otherfactors relating to the operations of Direcional, which may cause actual future results of Direcional to differ materially from thoseexpressed or implied in such forward-looking statements
� You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of thispresentation. Such forward-looking statements shall not be construed as guarantee of future performance. Direcional does notundertake to publicly review or update these forward-looking statements in view of events or circumstances occurring after the date
2
undertake to publicly review or update these forward-looking statements in view of events or circumstances occurring after the dateof this presentation
� This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities.Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever
� This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or inpart without Direcional’s prior written consent.
652
2,227
5,359
9,360
12,364
� Start-up in 1981
� Industrial projects acting as
contractor to third parties
IPO
Over 30 Years of History
A consistent track record and focus
� Capture
significant market
opportunities
� MCMV II
� Follow-on: $
228.8 million for
What’s Next?
CAGR 06-10: 110%
CAGR 06-10: 100%
67
176
710783
1,067
� Development of projects
focused on the low-income
market
� Beginning of
large scale
developments for
the low-income
market
� Operations
expansion to
PA, RO and ES
IPO � 32% growth in
units launched
from the previous
year
� 57% growth in
contracted PSV
from the previous
year
3Source: Company Reports
Units Launched
� Consolidation of
a leading
position in
Manaus and
Brasilia� Establishment of
own sales team
� Important geographic
expansion: Brasília, Rio de
Janeiro and Campinas
1981 - 2005 2006 2007 2008 2009 2010 2011
228.8 million for
the Company
� Increasing
liquidity
PSV Launched (R$ mm)
67
Management Team
Ricardo Valadares Gontijo
Chairman & CEO
Ricardo Valadares Gontijo
Chairman & CEO
• Founder, CEO and Chairman of the Board40 years of construction experience• Civil Engineer graduated by UFMG with Gold Medal Award.
Ricardo Ribeiro Gontijo
Commercial Officer
Ricardo Ribeiro Gontijo
Commercial Officer
Roberto Senna
General Manager
Roberto Senna
General Manager
• Civil Engineer degree from The Universidade Federal da Bahia, MBA degree from FGV and specialization coursesat the Wharton School - University of Philadelphia, and University of Carlifornia - Irvine.• Joined Odebrecht Group in 1979 and has held senior management positions in Brazil and abroad• He was President of Metro-Rio, Director of Telemar Holding and member of the Board of several companies of thegroup.• He was CEO of Bairro Novo, a real estate subsidiary from Odebrecht Group, focused on residential developmentand construction in the low income
•Board Member and responsible for Marketing, Sales and New Business•Civil Engineer graduated by UFMG with the Gold Medal Award•Joined Direcional in 2004.
4
Commercial OfficerCommercial Officer
Carlos Wollenweber
CFO & IR Officer
Carlos Wollenweber
CFO & IR Officer
Lucas Rocha
Engineering Officer
Lucas Rocha
Engineering Officer
Ana Carolina Huss
Human Resources Officer
Ana Carolina Huss
Human Resources Officer
•Joined Direcional in 2004.
•Extensive experience in the Brazilian real estate market.•From 2007 to 2009, Controller of BR Properties•From 2005 to 2007, Financial Director of Valora•From 2001 to 2005, Financial Manager of Gafisa•Electrical Engineer graduated by PUC / SP has master degree in Economics and Finance at PUC / SP and MBAdegree at MIT (Massachusetts Institute of Technology)
•Responsible for the engineering department with more than 30 years of experience in construction•Holds a bachelor’s degree in Civil Engineering•Joined Direcional in 1985
• Psychologist, graduated at University Paulista, MBA in Business Management, post graduate in KnowledgeManagement at FVG and certified in Bright Link in professional coaching• Human Resources Manager at Natura Cosméticos and Accor Brasil• Responsible for the department ¨People and Organization¨ of the Bairro Novo, a company of the Odebrecht group.
Shareholder’s Structure
46.9% 15.0%
FiladélphiaParticipações S.A. 1 GICTarpon2 Other
7.1% 24.1%
Ridgecrest, LLC
6.9%
51. Holding owbed by Ricardo Valadares Gontijo and his family2. Funds managed by Tarpon Investimentos S.A.
6
Business Model
6
Unique Footprint� Strong footprint in markets with high growth potential, low
competition and high barriers to entry
Low competition in profitable markets
Direcional: A Unique Business Model
The best low-income player in Brazil
The most profitable and efficient player in the low income sector
‘’’’‘
� Highest efficiency and profitability in the sector
1st Annualized ROE¹ among peers~25.8% of ROE
~22.6% of Net Margin1st Net margin among peers
1
Track Record in Operating in the Low
Income
� Over 30 years of experience� Solid track record in 0-3 minimum wages projects
Low capital commitment, solid margins and high
ROIC
Focus on Large Scale Projects
Verticalized Business Model
� Strong expertise in large scale ventures
� Own work force� Performance-based compensation� Standardized and industrialized production on-site
Large scale operations in the low income segments, with strict cost control and
high margins
7Source: Company Report in the 4Q101. Annualized ROE: Annualized Quarter’s Net Profit / Average Shareholders' Equity in the same period
2
3
4
Unique Footprint: High Growth Markets with Barriers to Entry
Land Bank Composition Barriers to Entry
� Detailed mapping of logistics and supply
Scarcity of
Suppliers
� Industrialization of raw materials
� Vertically integrated model is rapidly replicated
Direcional's Approach
1
Direcional is the leading company in underpenetrated markets with high growth potential
AM13.5%
RO3.9%
PA13.4%
8
Complex
Logistics
� Detailed mapping of logistics and supply channels
� Large and vertically integrated projects
Adverse
Weather
Conditions
� Pre-manufactured building materials adapted to diverse climates
� Expertise in coordinating construction cycle and weather demands
Unskilled
Labor
� Highly-trained workers
� Standardized and fully-integrated construction
� Compensation based on performance
“MINHA CASA, MINHA VIDA”
49.9k units elegible for the program
73.4% of total Land bank
Source: Company Report
ES1.5%
MG37.8%
SP6.4%
DF22.5%
RJ1.1%
Popular,
52.8%
Commercial,
4.2% Medium,
36.1%
Upper
Middle,
6.9%
Segment Breakdown
(PSV)
Focus on Large Scale Projects …
Strong and unique expertise in large scale ventures
2
Large Scale Projects¹ Main Advantages of Scale
� Economies of Scale
� Industrialization process of raw materials
Manaus Total Ville AM Under construction 3.848 2.136
Total Ville Bella Cittá PA Under construction 4.938 3.316
Total Ville Marabá PA Under construction 5.604 4.664
Allegro Residencial Club AM Under construction 1.648 704
Setor Total Ville DF Under construction 4.362 2.064
Total Ville Porto Velho RO Under construction 2.852 1.868
Dream Park ES Under construction 1.034 752
Project Status Total UnitsUnits to be
launched
����
����
����
����
����
����
����
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9Source: Company Report1. Projects with more than 1,000 units
� Optimize construction processes
� Urbanized projects
Lower Execution Risk
Lower Inflation Risk 78.3% of the units to be launched in large scale projects1
16 projects with close to 65 thousand units
Eliza Miranda AM Under construction 1.406 128
Cachoeiras do Madeira RO Under construction 1.278 426
Total Ville Macaé RJ Under construction 1.145 399
Águas Claras DF To be Launched 1.148 1.148
Floramar MG To be Launched 1.172 1.172
Granjas Werneck MG To be Launched 15.000 15.000
Sítio São João MG To be Launched 2.500 2.500
Ferroeste MG To be Launched 2.388 2.388
Samambaia DF To be Launched 14.614 14.614
Total 64.937 53.279
����
����
����
���� Licensed Projects
… Through a Verticalized Business Model
More than 11,000 exclusive workers assuring quality, commitment, efficiency and cost control
Verticalized Business Model Ability to Deliver
3
Best Execution in the SectorBest Execution in the Sector
Construction DNAConstruction DNA
Own Work Force
VerticalizationVerticalization
Standardized / Industrialization
10
� Performance Based Compensation
� Capacity to Hire and Train Operational Team
� Lower Turnover
On Schedule:Projects Delivered on Time
With High Quality: Lower Maintenance Cost
On Budget: Margin Stability
Own Work Force Standardized / Industrialization
� Economies of Scale
� All projects are based on few designs
Source: Company Report
Unique Expertise in the Low Income Segment
Solid track record in all the low income segments
Characteristics
� Developer approach
Companies develop projects and sell units to customers
� Price above R$170 k / unit
� CAIXA does not facilitate customer financing
� Developer approach
Companies develop projects and sell units to customers
� Price is capped at R$170 k / unit
� CAIXA facilitates customer financing
� Builder approach
Homebuilders present projects to Caixa for evaluation and approval
� Normally land/infrastructure is given by local Government
� Price is capped at R$51 k / unit
4
Mid / Low Income Low Income (MCMV – 4-10 MW) Very Low Income (MCMV – 0-3 MW)+ +
11
1. Company estimates – maximum cash exposure in % of total PSV
Main Players
Equity Commitment1
Units Launched2010
~5%~15%~20% ~10%
60% / 7,391 units12% / 1,503 units 28% / 3,470 units
PSV Launched2010
36% / R$ 380 mm23% / R$ 245 mm 41% / R$ 441 mm
Top Notch Operational Performance
Direcional has been confirming its efficient cash cycle with sound financial results
Efficient Cash Cycle Highest Results in the Sector
Land
AcquisitionSales
Speed
Land
AcquisitionSales
Speed
38% VSO80% Swaps
19%
24%
MRV
PDG
Helbor
12
Efficient CashCycle Management
Cash
Collection
Austere
Budget
Client
Financing
Construction
Financing
Cash
Collection
Austere
Budget
Client
Financing
Construction
Financing
Avg. Unit Selling Price
Net
Mar
gin
2010
Source: Company Reports in the 4Q10
80-100% of
construction
cost
G&A of 6% of
Revenues
4%
9%
14%
- 150.000 300.000 450.000
CCDI
Rodobens
PDG
Even
Inpar
Cyrela
Tecnisa
Rossi
Trisul
Gafisa
13
Growth Drivers
13
MCMV Program Highlights
� The largest housing program of the Brazilian history
� First Priority of the New Government and currently at full speed with Dilma’s recent election
� The 0-3 segment has expanded three-fold, reaching 1.2
Growth Drivers: MCMV 2nd Phase
0-3 segment presents an outstanding growth opportunity
600,000
200,000
200,000
BRL 34 billion
1.000.000 uniits
BRL 72 billion
2.000.000 units
4-6
Wages
7-10
Wages
Total
(R$'000)
% Direcional
(R$'000)
Residencial meu Orgulho - 1ª Fase * Jun Manaus -AM 190,598 190,598 3,511
Bairro Carioca Oct Rio de Janeiro - RJ 114,240 114,240 2,240
Residencial Jardim Alterosa Dec Belo Horizonte - MG 75,440 75,440 1,640
Total 2010 380,278 380,278 7,391
2010 ProjectsLaunch
DateCity - State
PSV
Nr. of
Units
� The 0-3 segment has expanded three-fold, reaching 1.2 million units
� The regional distribution of the program should benefit Direcional
14
400,000
1,200,000400,000
200,000
MCMV1 MCMV2
0-3
Wages
Growth Drivers: Selective Geographic Expansion
Direcional operates in Brazil’s most complex markets and expects to replicate this model in new attractive areas
Development of 0-3 MW Projects
Geographic Expansion Strategy New Sites Selection Criteria
High Housing Demand
Access to Credit Lines
15
Immediate gain of market share and visibility
New projects leveraging on our unique business model
Access to Credit Lines
Operational Complexity & Region Expertise
Land Availability
16
Operating Highlights
2Q11 and 1H11
16
158 288 300
511 191
191 131
131
176
710 783
1,067
511
Launches
+82%
CAGR 07-10: 82%
+71%
Launched PSV
(R$ million)
Launched PSV - Evolution
(R$ million)
Total
(R$'000)
% Direcional
(R$'000)
1 Verano Residencial - 1st Phase April Belém - PA 36,968 36,931 184 539 Medium
2 Total Ville Macaé - 2nd Phase - RET 1 April Macaé - RJ 27,264 13,632 340 1,145 Popular
3 Parque Ponta Negra - 3rd Phase April Manaus - AM 47,711 47,706 137 820 Upper-Middle
4 Tulip Inn Savassi - Hotel June Belo Horizonte - MG 86,238 85,376 240 240 Commercial
5 Total Ville Vida Nova - 3rd Phase - RET 1 June Manaus - AM 56,400 56,344 752 3,848 Popular
6 Bella Città Algodoal - 3rd Phase - RET 1 June Marituba - PA 48,000 47,995 640 4,938 Popular
302,581 287,984 2,293 11,530
1 Acquisition of Project - Parque Ponta Negra May Manaus - AM 131,289 131,289 545 n/a Medium
433,870 419,272 2,838 11,530
# of Units
Launched
Total Units
(All Phases)Segment
Launches 2Q11
Launches + Project Acquisition
2Q11 Projects Date City - State
PSV
2Q10 2Q11 1H10 1H11Development 0-3 mw projects Project Acquisition
176
2007 2008 2009 2010 1H11
17
54.6%65.6%
58.1% 56.2%
45.4% 37.7%
9.7%
34.4%
4.2%
34.0%
2Q10 2Q11 1H10 1H11
Launches Breakdown
Launches
(Segment Breakdown – PSV)
Launches
(Geographic Breakdown - PSV)
54,6%38,9%
7,7%
41,0%
30,0%
35,9%
37,5%
12,8%
26,7%
34,8%
16,6%
4,2%
9,3%
29,6%20,0%
2Q10 2Q11 1H10 1H112Q10 2Q11 1H10 1H11North Midwest Southeast
Tulip Inn Savassi - Hotel – PSV R$ 85.4 MM Total Ville Vida Nova 3rd phase – PSV R$ 56.4 MMVerano Residencial – PSV R$ 36.9 MM
18
Parque Ponta Negra – PSV R$ 47.7 MMTotal Ville Macaé 2nd phase – PSV R$ 13.6 MMBella Cittá Algodoal – PSV R$ 47.9 MM
2Q10 2Q11 1H10 1H11
0 - 3 MW Popular Medium Upper Middle Commercial
127
441 661
1,037
344 133 169 297 344
191
191
89
89
Sales
CAGR 07-10: 101%
+27%
+16%
Contracted PSV
(R$ million)
Contracted PSV - Evolution
(R$ million)
58,9%
39,1%
24,2%
24,3%
36,5%
30,4%
9,2%
47,2%
13,7%
49,4%
7,8%
11,8%
10,8%
10,4%
16,7% 9,7%
2Q10 2Q11 1H10 1H11
0 - 3 MW Popular Medium Upper Middle Commercial
77.9%
48.1%
72.8%
40.1%
13.2%
19.8%
17.0%
21.7%
8.9%
32.1%
10.2%
38.2%
2Q10 2Q11 1H10 1H11
North Midwest Southeast
2007 2008 2009 2010 1H112Q10 2Q11 1H10 1H11Development 0-3 mw projects Project Acquisition
19
Sales
(Geographic Breakdown)
Sales
(Segment Breakdown)
33.8%
38.3%
Sales Speed
�Sales Over Supply of 18.5% in 2Q11.
�Under RET1, a purchase agreement only becomes effective after CEF approves the mortgage credit facility. If we do not consider RET1
projects, Sales Over Supply would achieve 20.6%, whereas 51%* of the units launched in 2Q11 were sold during the same quarter
Sales Over Supply (VSO)
(Total PSV)
Sales Speed (%)
(Units)
20% 31%2T11 51%*
20.6%
23.7%
19.4% 20.8%
27.6%
22.1%18.5%
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11
With 0.3. MW project Without 0.3. mw project
20
2Q10 and 4Q10: the sales speed was positively impacted by the immediaterecognition 0-3 m.w. construction contracts2Q11: was inegatively mpacted by the RET1 projects, in which sales aresubject to the mortgage facility approval from CEF.
* Not considering RET1 projects
Ex-RET1 project89%
17%
87%
48%
4%
27%
4%
21%
3%
14%
1%2T10
3T10
4T10
1T11
3M 6M 9M 12M 15M
69%
92%
67%
97%
51%*
Concluded Projects - 2Q11
Total
(R$'000)
% Direcional
(R$'000)
1 Equil ibrium Manaus - AM 49,501 43,561 136
2 Águas do Madeira Porto Velho - RO 61,520 40,973 426
3 Grand Prix Manaus - AM 42,026 36,983 192
4 Lake View Resort Brasíl ia - DF 89,513 87,812 232
5 Garden Club - 1st Phase Porto Velho- RO 34,394 27,515 313
6 Dream Park Serra - ES 44,629 35,704 282
Completed Projects - 2Q11 321,584 272,547 1,581
Completed Projects - 2Q11 City - State
PSV
# of Units
21
Completed Projects - 2Q11 321,584 272,547 1,581
22
Operating and Financials Highlights
1H11 and 2Q11
22
Highlights
158 288 300
511 191
191 131
131
2Q10 2Q11 1H10 1H11
176
710 783
1,067
511
2007 2008 2009 2010 1H11
+82%
CAGR 07-10: 82%
+71%
Launched PSV
(R$ million)
Launched PSV - Evolution
(R$ million)
102,3263,2
377,6
781,9
478,7
21,1%
24,5%22,5% 22,6%
19,1%
0,0 %
5,0 %
10, 0%
15, 0%
20, 0%
25, 0%
30, 0%
0,0
100 ,0
200 ,0
300 ,0
400 ,0
500 ,0
600 ,0
700 ,0
800 ,0
900 ,0
2007 2008 2009 2010 1H11Adjusted net Margin (%) 23
2Q10 2Q11 1H10 1H11Development 0-3 mw projects Project Acquisition
2007 2008 2009 2010 1H11
+48%
+55%
Net Revenues
(R$ million)
CAGR: 97,0%
Net Revenues - Evolution
(R$ million)
165 245
308
479
2Q10 2Q11 1H10 1H11
14,9 20,7 33,0 48,2 56,8 57,7 35,6 114,5
10,1%12,2%
15,2%17,7%
23,8% 23,0%
11,2%
23,4%
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 1H10 1H11
Revenue of Services Evolution
Highlights
1Q10 – 2Q11 Growth: +286,7% + 222%
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 1H10 1H11
% Gross Revenue
24
Gross Revenue Breakdown: 1H11
Development,
76.6%
Management
Fee, 0.8%
0-3 MW
Projects, 22.1%
Brokerage,
0.5%
Cash Position
Loans and Financing
(ex- securitization)
Cash Position 2Q11 1Q11 4Q10 ∆∆∆∆ % ∆∆∆∆ %
(R$'000) (a) (b) (c) (a/b) (a/c)
Loans and Financing 408,630 348,307 302,374 17.3% 35.1%
SFH 341,303 282,674 226,056 20.7% 51.0%
Securitization of receivables 37,216 36,429 46,843 2.2% -20.6%
FINAME and others 9,149 8,611 8,882 6.2% 3.0%
Working Capital 20,962 20,593 20,593 1.8% 1.8%
Cash and Cash Equivalents 381,768 355,410 190,852 7.4% 100.0%
Net debt 26,862 -7,103 111,522
Net debt / Equity 2.3% -0.7% 14.1%
SFH, 91.9%
Securitizati
on of
receivables,
2.5%
Working
Capital,
5.6%
14,522
25,312 22,46832,657
41,236
73,695
86,301
100,873
64,967
33,965
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11* 2Q11
Moving Average of Last 4 Quarters
25
Cash Burn¹ (R$ million)
-36%
-48%
1. Cash Burn: measured by the variation of the net debt, less capital increases* 1Q11: Adjusted by R$ 223,8 million of follow-on and R$ 40.3 million of dividends payment
Majority
Shareholder
Tarpon
15,0%
Ridgecrest
6,9%
GIC
6,9%
Follow-On
� 20.8 million new shares were issued in the primary offer and 7.2 million sold in the secondary offering� Increased the free float from 39.5% to 53.1%.
Before Follow On After Follow On
Controlling
60.5%
Tarpon
15.0%
Ridgecrest
8.0%Shareholder
46,9% Others
24,3%
540,3
1.808,3
Before Follow On After Follow On
86195
224
414
Dec. / 10 May/ 11
Investments Funds Individuals 26
60.5% 8.0%
GIC
3.6%Other
12.9%
Average Daily Volume¹
(R$’000)
+235%+76%
Total # of Shareholders
1: five months before follow-on and five months after follow-on.
Shares Performance Since IPO
Since IPO
DIRR3: +4,2%
IBOVESPA: -6,2%
IMOB: -1,3%
80
100
120
140
160
5.000
6.000
7.000
8.000
9.000
10.000
Pre
ço d
a A
ção
Vo
lum
e (
R$
mil
)
80
100
120
140
160
5.000
6.000
7.000
8.000
9.000
10.000
Sto
ck P
erf
orm
ace
Vo
lum
e (
R$
'0
00
)
Before Follow On After Follow On
27
0
20
40
60
80
-
1.000
2.000
3.000
4.000
5.000
19
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v-0
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3-d
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16
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7-a
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10
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Pre
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Vo
lum
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R$
mil
)
Volume (R$ mil)
0
20
40
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-
1.000
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18
-No
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9
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23
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06
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r-1
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19
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r-1
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-May
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16
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16
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29
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11
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r-1
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26
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r-1
1
09
-May
-11
20
-May
-11
02
-Ju
n-1
1
15
-Ju
n-1
1
29
-Ju
n-1
1
Sto
ck P
erf
orm
ace
Vo
lum
e (
R$
'0
00
)
Average Volume (21 days) Direcional Ibovespa IMOB
28
Appendix
28
115
120
500
600
Rising Income
▲ Basic Goods Basket
▲ Real Minimum Wage
▲ Average Wage (Monthly)
HOUSEHOLDS’ DISPOSABLE INCOME (Jan/03 – Aug/10)
Emerging Class C
EMERGING CLASS C (1)
(% households, 2003 – 2009)
Positive Job Market Trends
Poised to Capitalize on Soaring Demand
+ +
Brazil’s social upward mobility has favored the sector
‘04-’10 EMPLOYMENT GROWTH(%, Jan/04 – Nov/10)
50%
58%
27%
38%
3%
6%
9%
12%
15%
Jan
-03
Oct
-03
Jul-
04
Ap
r-0
5
Jan
-06
Oct
-06
Jul-
07
Ap
r-0
8
Jan
-09
Oct
-09
Jul-
10
Ap
r-1
1
90
95
100
105
110
-
100
200
300
400
jan/03 out/05 jul/08 abr/11
29
� The steady increase of household disposable income, along with a higher availability of housing credit, drives the search for new homes
� 29 million individuals entered the class C income segment in the last 6 years, and 18 million are expected to join it in the next 5 years
Source: FGV (A Nova Classe Média: O Lado Brilhante dos Pobres), DIEESE, IPEA and McCann Erickson do Brasil1. Households earning R$1,126 to R$4,854 per month.
2.2x
1.8xUNEMPLOYMENT RATE(%, 12-month moving average)
37%
2003 2009 2014
66mm 95mm+29mm
113mm+18mm
-3%Total Formal Informal
Jan-04 - Abr-11 %
Min 5,3%Max 13,1%Nov/10 6,4%
Average of 12M 6,4%
Corporate Governance
Board of Directors
Shareholderes► Own Governance Standards
► Nominate Members to the Board of Directors
Advisory Committees
► Nominated by the Board of Directors
► Not deliberative
Investment Committee
Finance Committee
Compensation Committee
► Fixed Assets
► Diversification
► Mergers and Acquisitions
► Cash Management Policies
► Capital Structure
► Risk Management
Board of Executive Officers
Operations
► Not deliberative
► Bi-monthly meetings or ad-hoc
Deliberative Committees
► Board of Directors + Directors + Guests
► Monthly meetings or ad-hoc
Committee
Investment Committees
Engineering Committee
Human Resource
Committee
► Land bank purchases
► Launchings
► Pre-budget approval (release)► Approval of budget and
planning (beginning work)
► Performance Valuation
► Variable Compensation
30
Company Structure
Engineering/Construction
Detailed Design
Health, Safety & Environment
AdministrativeSupport
Quality/Technology
AM
DF,PA,RO
MG,ES
SP,RJ
CFO / IRHR Budget/Supply/
Planning
Sha
reho
lder
sC
lients
31Source: Company
Development / Commercial
Viability Studies
Market Support/Sales
Conceptual Design /Products
Legal (Real Estate)
AM
Special Projects (“0 – 3”)
President CEO
Legal(Corporate)
Comunic. & Market. Corp.
Sustainability/Customer
Relationship
Guidelines
Results
Sha
reho
lder
s
MG,ES
DF,PA,RO
SP,RJ
Clients
Contacts
Carlos WollenweberCFO | IR Officer
Lucas BousasIR Analyst
32
IR Analyst
Paulo SousaIR Analyst
www.direcional.com.br
(55 31) 3214-6200
(55 31) 3214-6450