Towards improved margins
The revision of costs impacted the results of the year, but the outlook is sound and consistent
2010 was an important period in financial management of Cyrela business. The gross revenues reflected the effects of revised budgets of construction costs to incur, which caused a significant increase in the budgeted cost. This procedure affected the net income and net margin, as well as the EBITDA, which had results below the historic levels of the Company.
Anyway, these are isolated events and do not endanger the financial soundness of the Company, which remains sound and with good outlook of creation of cash, especially motivated by the high volume of deliveries and transfers along the next years. Some indicators evidence this soundness: the Company’s cash closed 2010 with total R$ 1.1 billion, and the net debt, considering SFH, amounts to R$ 2.3 billion.
Cyrela holds its firm purpose of creating value to shareholders and satisfying its customers, supported by partners, suppliers, and financing agents.
|
Gross revenue |
2010 (R$ thousand) |
Share (%) |
2009 (R$ thousand) |
Share (%) |
Variation (%) |
|
Residential real estate development |
4,911.1 |
97.2 |
4,144.2 |
97.9 |
18.5 |
|
Lots |
65.4 |
1.3 |
48.1 |
1.1 |
36.1 |
|
Services rendered |
77.0 |
1.5 |
41.7 |
1.0 |
84.8 |
|
Total |
5,053.6 |
100.0 |
4,234.0 |
100.0 |
19.4 |
