3Q21 OPERATING RESULTS
LAVVI LAUNCHES R$331 MILLION AND SELLS R$192 MILLION IN QUARTER
IN THE YEAR, LAUNCHES SURPASS R$1 BILLION AND SALES REACH R$785 MILLION, 965% HIGHER THAN 9M20
São Paulo, October 14, 2021 - Lavvi Empreendimentos Imobiliários S.A. (B3: LAVV3) announces its preliminary operating esults for the third quarter of 2020 (3Q21). The operating results presented here are subject to review by the auditor.
HIGHLIGHTS
- Launches: R$331 million, represented by Wonder Ipiranga. In 9M20, 2 projects were launched with PSV of R$1.0 billion;
- Net Sales: R$192 million in 3Q21, up 469% from 3Q20. In 9M21, net sales were R$785 million, up 965% on 9M20;
- Inventory Turnover Ratio: 27% in 3Q21 and 44% for launches;
- Inventory: R$504 million, of which only 1% correspond to finished inventory, even considering the two projects delivered in the period;
- Landbank: R$4.2 billion at end-3Q21, considering the acquisition of one land plot in São Paulo city, aimed to the luxury segment (R$665 million in PSV).
LAUNCHES
During 3Q21, the Company launchedWonder Ipiranga, in the Ipiranga region of São Paulo city. The project has 576 units, which include residential units from 75 sqm to 127 sqm and studio units from 28 sqm to 36 sqm. Located 100 meters from the Sacomã metro station, the project offers complete leisure amenities and club infrastructure.
With gross PSV of R$331 million, or R$272 million net of swap, Wonder Ipiranga is the second launch of the year. Including the project, PSV launched in the YTD amounts to R$1 billion, or twice the volume launched in 2020. In the first month, 48% of units were sold.
✓ Launch: August 2021
✓ Units: 576
✓ PSV: R$331 million
✓ PSV, ex-swap:R$272 million
✓ Location: Ipiranga, São Paulo
✓ %Lavvi: 100%
✓ % Sales (PSV): 44%
✓ % Sales (units): 48%
3Q21 OPERATING RESULTS
SALES & CANCELLATIONS
Net sales in 3Q21 amounted to R$192 million, increasing 469% from 3Q20 and decreasing 62% from 2Q21, period when Villa was launched. In the year to date, net sales were R$785 million, surpassing by 965% the net sales in 9M20.
Sales performance in the quarter was mainly driven by i) the excellent initial results of the launch of Wonder Ipiranga, with 48% of units sold in the first month; ii) the continued good sales and weight of the Villa project; and iii) the contribution from the product One Park. The huge growth when comparing to 2020 reiterates the Company's fast operating acceleration.
Supported by the launch of Wonder Ipiranga, the inventory turnover ratio (VSO) ended 3Q21 at 27%, with launches registering a VSO of 44%. VSO in the last 12 months was 69%, and of 61% in 9M21.
Net Sales 100% | ||||||
(R$ Million) | 61% | |||||
57% | 59% | |||||
36% | 36% | |||||
27% | ||||||
20% | 785 | |||||
354 | 507 | |||||
192 | ||||||
34 | 86 | 74 | ||||
3Q20 | 4Q20 | 1Q21 | 2Q21 | 3Q21 | 9M20 | 9M21 |
VSO |
Excluding swap agreements and commissions, Lavvi's net sales came to R$120 million in 3Q21, representing an increase of 545% from 3Q20 and a decrease of 70% from 2Q21. In the year to date, net sales on the same basis came to R$581 million, compared to R$43 million in 9M20, an increase of 1,262%.
Net Sales %Lavvi | |||||||
(R$ Million) | |||||||
785 | |||||||
205 | |||||||
507 | |||||||
354 | 108 | ||||||
132 | 192 | 74 | 581 | ||||
86 | |||||||
400 | 72 | 31 | |||||
34 | 222 | 25 | |||||
120 | |||||||
15 | 61 | 43 | |||||
19 | |||||||
3Q20 | 4Q20 | 1Q21 | 2Q21 | 3Q21 | 9M20 | 9M21 | |
Net Sales %Lavvi | %Partners + Swaps + Commission |
Gross sales came to R$208 million in 3Q21, advancing 366% from 3Q20 and decreasing 60% from 2Q21. In 9M21, gross sales were
R$813 million, increasing 657% from 9M20.
Cancellations decreased 17% on the prior-yearperiod, corresponding to only 3% of gross sales. In 3Q21, contracts were cancelled for only 11 units, totaling R$16 million, with 6 units already sold during the quarter,
3Q21 OPERATING RESULTS | |||||||||||
Sales (R$ 000) | 3Q21 | 2Q21 | Q/Q | 3Q20 | Y/Y | 9M21 | 9M20 | Y/Y | |||
Gross Sales 100% | 207,608 | 514,688 | (59.7%) | 44,526 | 366.3% | 813,349 | 107,437 | 657.0% | |||
Cancellations 100% | 15,727 | 7,232 | 117.5% | 10,774 | 46.0% | 27,905 | 33,681 | (17.1%) | |||
Net Sales 100% | 191,881 | 507,456 | (62.2%) | 33,752 | 468.5% | 785,444 | 73,757 | 964.9% | |||
Net Sales %Lavvi | 119,709 | 399,872 | (70.1%) | 18,521 | 546.3% | 580,852 | 42,630 | 1262.6% | |||
Cancellations / | Gross Sales | 8% | 1% | 6.2 p.p. | 24% | -16.6 p.p. | 3% | 31% | -27.9 p.p. | ||
Gross Sales 100% | |||||||||||
(R$ Million) | 813 | Finished: 3% | |||||||||
28 | |||||||||||
28 | Launches 2018-19: 3% | ||||||||||
119 | Launches 2020: 15% | ||||||||||
638 | |||||||||||
405 | |||||||||||
90 | 180 | 107 | Launches 2021: 78% | ||||||||
9M17 | 9M18 | 9M19 | 9M20 | 9M21 |
INVENTORY
At end-3Q21, the market value of our inventory stood at R$504 million, corresponding to 536 units. Of the total inventory, i) 78% corresponds to the products launched in 2021, Villa and Wonder Ipiranga, ii) 21% corresponds to products under construction, and iii) only 1% corresponds to finished units. It is important to note that, excluding the products launched since 2020, Lavvi's
projects already have sold 99% of their units.
Project | Status | Launch | PSV¹ | PSV Lavvi¹ | Units | Inventory | % Sold |
Praça Piratininga | Finished | mai-16 | 0 | 0 | 335 | - | 100.0% |
Praça Mooca | Finished | jun-17 | 3,918 | 1,997 | 377 | 8 | 97.9% |
Movva | Finished | set-17 | 210 | 210 | 258 | 1 | 99.6% |
Palazzo Vila Mariana | Under Construction | mai-18 | - | - | 95 | - | 100.0% |
Vitrali Moema | Under Construction | out-18 | 450 | 315 | 262 | 1 | 99.6% |
Nativ Tatuapé | Under Construction | mai-19 | - | - | 301 | - | 100.0% |
Moema by Cyrela | Under Construction | jun-19 | 6,907 | 2,763 | 53 | 6 | 88.7% |
One Park Perdizes | Under Construction | out-19 | 30,102 | 24,081 | 103 | 11 | 89.3% |
Wonder by Praças da Cidade Under Construction | out-20 | 21,248 | 10,832 | 236 | 33 | 86.0% | |
Lumiere | Under Construction | nov-20 | 46,699 | 46,699 | 306 | 85 | 72.2% |
Villa Versace | Stand | jun-21 | 218,379 | 218,379 | 409 | 95 | 76.8% |
Wonder Ipiranga | Launch | ago-21 | 176,323 | 176,323 | 576 | 296 | 48.6% |
Total | 504,235 | 481,600 | 3,311 | 536 | 83.8% | ||
¹ R$ Million |
Launch: projects launched in the quarter;
Sales Offices: projects launched in prior periods, but for which construction has not yet started or will start in the quarter.
Under Construction: projects with construction in progress;
Finished: completed projects.
3Q21 OPERATING RESULTS
DELIVERIES
In 3Q21, the projects Palazzo Vila Mariana and Vitrali Moema were delivered, both with 100% of their units sold. In all, 372 units were delivered, corresponding to a PSV of R$259 million, with 98% of acceptance in the first inspection.
PALAZZO VILA MARIANA
LANDBANK
In 3Q21, the Company acquired one land plot in São Paulo city, with total PSV of R$665 million. It was acquired for the future launch of a project in the luxury segment, similar to Villa in terms of market niche. The acquisition cost corresponds to 27% of PSV. Settlement was 90% via cash and 10% via swap agreements.
At period end, the landbank represented PSV of R$4.2 billion. Settlement was 84% via cash and 16% via swap agreements, with Lavvi the majority partner in all projects, with an average ownership interest of 91%.
Landbank
(R$ Million)
R$ Milhões | Luxo | Alto | Médio-Alto | Médio | Total |
Zona Norte | 251 | 251 | |||
Zona Oeste | 312 | 312 | |||
Centro | 405 | 405 | |||
Zona Leste | 943 | 943 | |||
Zona Sul | 665 | 1.454 | 219 | 2.338 | |
Total | 665 | 1.454 | 531 | 1.599 | 4.249 |
Middle: projects with average price of up to R$9,000/m²;
Upper-Middle: projects with average price from R$9,001/m² to R$12,000/m²;
High: projects with average price from R$12,001/m² to R$20,000/m²;
Luxury: projects with average price of over R$20,000/m².
318 | 271 | |||
665 | ||||
3,631 | 4,249 | |||
Landbank | Launches | New | Changes in | Landbank |
2Q21 | Acquisitions | Projects | 3Q21 |
About Lavvi: Lavvi Empreendimentos Imobiliários S.A. ("Lavvi" or "Company") is a the middle, upper-middle and high income segments in the city of São Paulo. listing segment of the B3 under the ticker LAVV3.
developer and builder of residential projects for Lavvi's shares are traded on the Novo Mercado
Register for the Investor Relations team's mailing list to receive updates about Lavvi.
3Q21 OPERATING RESULTS
For more information, please contact:
Investor Relations
Tel: (11) 4210-1377 Ext.: 7051
Mobile: (11) 98358-4917
Twitter: @rilavviri@lavvi.com.br|ri.lavvi.com.br
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Lavvi Empreendimentos Imobiliarios Ltda. published this content on 14 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 October 2021 20:31:07 UTC.