EZTC3 Ez Tec Empreendimentos Participacoes Sa

SAO PAULO, May 13, 2013 /PRNewswire/ -- EZTEC S.A. (BM&FBOVESPA: EZTC3; Bloomberg EZTC3: BZ) announces its results for the first quarter of 2013 (1Q13) results:

1Q13 Highlights:

• In January 15th, 2013, EZTEC announced the sale of one out of two towers - Tower A - of the EZ Towers corporate project for R$564 million, so far the Company´s largest transaction. The results of this sale will be recognized based on the Percentage of Completion (PoC), while Tower A is expected to be delivered by the end of 2014 and Tower B in 2015.
• Net Revenue reached R$323.1 million in the 1Q13, growth of 113.5% from 1Q12.
• Gross Profit was R$163.5 million in the 1Q13, up 108.3% from 4Q12, with Gross Margin of 50.6%, (10.6 p.p. above our Guidance for the year).
• EBITDA was R$150.3 million in the 1Q13, growth of 108.2% from 1Q12, for EBITDA Margin of 46.5%. 
• Net Income was R$150.7 million in the 1Q13, with Net Margin of 46.6%, 16.6 p.p. above the Guidance for the year, representing an Annualized ROE of 41.7%.
• EZTEC, in the 1Q13, ended the quarter with Cash Equivalents and Financial Investments of R$173.1 million. Excluding the Debt of R$97.6 million (being exclusively of SFH financing), the Company's Net Cash stood at R$75.4 million, which was complemented by Performed Receivables from real estate projects of R$364.9 million, which are available for securitization and yielding IGP-M + 12% p.a.
• In the 1Q13, the Company launched 3 residential projects in the South Zone of Sao Paulo: the middle-end Premiatto Sacoma project, with own PSV of R$50.3 million; the high-end Splendor Vila Mariana project, with own PSV of R$66.2 million; and the high-end Le Premier Paraiso project, with own PSV of R$85.4 million. These launches, added to the stake acquisitions, totaled R$292.1 million in own PSV in the 1Q13, which corresponds to 22.5% of the mid-point of the Company's launch Guidance for 2013. When considering EZ Towers - Tower A, Launches reached R$856.1 million on the first quarter of 2013. 
• EZTEC's stake of Contracted Sales, net of brokerage commissions and rescissions, reached R$207.0 million in 1Q13. When considering EZ Towers - Tower A, Sales reached R$771.0 million in the 1Q13. 
• As of March 31,  2013, EZTEC's Land Bank totaled R$4.1 billion in own PSV. The average Cost of Lot Acquisitions, including the costs associated with expanding construction potential, is equivalent to 11.1% of PSV.

www.eztec.com.br/ir  

SOURCE EZTEC S.A.