RODOBENS ANNOUNCES 4Q16 AND 2016 RESULTS
São Paulo, March 16, 2017: Rodobens Negócios Imobiliários S.A. (BM&FBovespa: RDNI3, Bloomberg RDNI3:BZ), announces its results for the fourth quarter of 2016 (4Q16).
- Launches: 4 projects launched in 2016, with aggregate potential sales value (PSV) of R$273 million;
- Net Sales: R$70 million in 4Q16. In 2H16, sales volume was double the amount in the prior-year period, reflecting the creation of the sales task force;
- SBPE Inventory: 9% decline compared to 3Q16, in line with the company‘s strategy of monetizing its assets;
- Treatment of Receivables Portfolio: During 2016, the Company canceled contracts worth R$368 million, which generated a negative effect of gross profit in the year of R$119 million. Excluding these cancellations, net income amounted to R$43 million;
- SBPE Transfer: R$33 million in 4Q16, 107% more than in 3Q16;
- General and Administrative Expenses: R$69 million in 2016, down 11% from the previous year, marking the fourth straight year of reductions in G&A expenses;
- Reduction in corporate debt: from R$259 million in 3Q16 to R$218 million at end-2016;
- Solid cash position: cash (R$224 million) plus performed receivables free of debt (R$327 million) corresponded to 2.53x corporate debt at end-2016.
Click here to access the Earnings Release
This document is also available on our IR website: www.rodobens.com.br/ir e www.cvm.gov.br
Conference call in Portuguese and Webcast (with simultaneous translation into English)
March 17th, 10:00 am EDT
Brazil: + 55 (11) 3127-4971 or +55 (11) 3728-5971
USA and Other Countries: (+1) 516-300-1066
Slides and Webcast: The presentation slides will be available for reading and download from our investor relations website. The audio of the conference call will be transmitted live at our IR website.
Replay: The recorded audio of the teleconference will be available for replay from March 18th through March 25th. For access, please dial +55 (11) 3728-5820, and type the conference number for the replay in English: 24033712, then the code: 9712678, or Portuguese: 24033711, with code: 6882328 or access our IR website atwww.rodobens.com/ir.
Phone: 55 (11) 2505-7677