SAO JOSE DO RIO PRETO, Brazil, Nov. 10 /PRNewswire-FirstCall/ -- Rodobens Negocios Imobiliarios (Bovespa: RDNI3), real estate developer with more than sixteen years of operations and focus on cities in Brazil's interior, announces today its results of the third quarter of 2008 (3Q08) and nine-month period ended September 30, 2008 (9M08).
Financial and operating information are presented on a consolidated basis in accordance with Brazilian standard accounting practices (BRGAAP) and in Brazilian Reais (R$).
3Q08 Financial and Operating Highlights - Net income(1) of R$32 million in 3Q08, accumulating R$74 million in 9M08 with net margin of 26.0% and growth of 341% over 9M07. - EBITDA(1) of R$29 million in 3Q08, with margin of 26.1% of net revenue. In 9M08, accumulated EBITDA of R$67 million, with 430% growth over 9M07 and margin of 23.5%, already including the negative impact of interest expenses recorded as cost of projects (2.3% of net revenue). - Net Revenue(1) of R$113 million in 3Q08, 9% higher than the previous quarter (2Q08). In 9M08, net revenue accumulated R$283 million, 280% growth over 9M07. - Cash available of R$131 million and bank debt of R$144 million as of September 30, 2008, 100% from the SFH (funded by savings accounts) and comprised of construction loans only. Ratio of net debt divided by shareholders' equity of only 2% at the end of the quarter. The company has no exposure to FX and derivatives. - Construction financing (loans) hired/signed by SPEs in the amount of R$597 million for projects launched, with R$424 million to be disbursed by the banks (Rodobens' share R$295 million), with average interest rate of 9.9% p.a. +TR. - New Sales Contracts of R$103 million (Rodobens' share only), reaching R$446 million in 9M08, 160% growth over 9M07. - Project Launches of R$149 million in PSV(2) (Rodobens' share only), reaching R$554 million in 9M08, 84% growth over 9M07.
(1) Pro forma figures, adjusted according to new mandatory Brazilian accounting practices applicable to current year 2008, as per CVM Instruction #469 as of 05/02/08 and IBRACON's Technical Notice #5 as of 07/04/08. The pro forma figures presented herein are lower than those recorded without the accounting adjusted mentioned above.
(2) Potential total sales value (PSV), estimated at launching.
3Q08 Earnings conference calls:
Portuguese English
November 11, 7:00am (ET time) November 11, 9:00am (ET time)
Tel.: 55-11-4688-6301 Brasil: 55-11-4688-6301
Access code: Rodobens EUA: 1-888-700-0802
Other countries: 1-786-924-6977
Access code: Rodobens
Contacts:
Investor Relations
Orlando Viscardi
Tel.: 55-17-2137-1754/3/2
E-mail:
