EBITDA Increased 340% to R$82.8 Million
SAO PAULO, Brazil, May 9 /PRNewswire-FirstCall/ -- JHSF Participacoes S.A. ("JHSF") (Bovespa: JHSF3), one of the leading companies in Brazil's real estate industry, with operations in large-scale and mixed-use residential and commercial real estate development, shopping mall development and management, class A office rentals and high-end hotels, announces today its results for the first quarter of 2008. The full release is available at http://www.jhsf.com.br/ir.
Highlights
-- Gross revenues reached R$195.4 million in 1Q08, 340% higher than 1Q07.
-- EBITDA of R$82.8 million in 1Q08 was 340% higher than the adjusted EBITDA(1) of 1Q07. EBITDA margin in the quarter was 44%, same level of 1Q07.
-- Net income of R$64.7 million, up 478% over the adjusted net income of 1Q07.
-- The Company launched Cidade Jardim Corporate Center and initiated sales of the first tower (Capital Building), totaling a potential sales value ("PSV") of R$140.7 million, with contracted sales of R$88.4 million or 63% of PSV in the first month of sales. For 2Q08, the Company will initiate sales of the other phases with estimated potential PSV of R$594 million.
-- Contracted sales of R$208.3 million in 1Q08, a growth of 136.7% over the R$88.0 million of 1Q07. By the end of the quarter, the residential towers of Parque Cidade Jardim were 77% sold (90% of Phase 1, 84% of Phase 2 and 56% of Phase 3), while Fazenda Boa Vista presented contracted sales representing 56% of PSV.
-- Strategic acquisition: the Company acquired a controlling stake in Developer, a company targeting the low- and middle-income market segments focused on the North, Northeast and Midwest regions, with a land bank of R$3.0 billion and strong growth outlook (material fact and presentation of the transaction available at http://www.jhsf.com.br/ir).
Consolidated Financial Indicators of the First Quarter of 2008
In R$ million, except indicated otherwise.
Contracted Sales: 208.3 - growth of 137% over 1Q07
Gross Revenues: 195.4 - growth of 340% over 1Q07
Gross Profit: 99.8 - growth of 334% over 1Q07
Gross Margin: 53.2%
EBITDA: 82.8 - growth of 340% over 1Q07
EBITDA Margin: 44.2%
Net Income: 64.7 - growth of 478% over 1Q07
Net Margin: 34.5%
(1) 1Q07 Net Income and EBITDA are adjusted for IPO expenses.
The information contained in this release is presented in Brazilian Reais and according to Brazilian accounting practices (BRGAAP) except where otherwise indicated. The information reflects the consolidated income statement.
1Q08 Results Conference Call
English
May 12, 2008
1:00 p.m. (EDT) / 2:00 p.m. (Brazil)
Tel.: (1 973) 935 8893
Code: 42664361
Replay: (1 706) 645-9291
Portuguese
May 12, 2008
2:30 p.m. (EDT) /3:30 p.m. (Brazil)
Tel.: (55 11) 2188 0188
Code: JHSF
Replay: (55 11) 2188 0188
Live webcast available at http://www.jhsf.com.br/ir
Investor Relations Contact
ri@jhsf.com.br
http://www.jhsf.com.br/ir
55 11 3702-JHSF
Eduardo S. Camara
Marcio Fenelon
Bruno Fritsch
Media Relations Contact
MZ Media Relations
55 11 3186-3883
JHSF Participacoes S.A.
