- Net revenue was R$101.6mm in 1Q10, 97% higher than R$51.7mm in 1Q09.
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Gross profit of R$25.2mm in 1Q10, 159% higher than R$9.7mm in 1Q09. Gross margin of 24.8% in 1Q10 was 6.0p.p. higher than 18.8% in 1Q09. Gross margin (ex-SFH interest) of 27.9% in 1Q10 was 6.2p.p. higher than 21.7% in 1Q09.
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EBITDA of R$18.1mm in 1Q10, 698% higher than R$2.3mm in 1Q09. EBITDA margin of 17.8% in 1Q10 was 13.4p.p. higher than 4.4% in 1Q09.
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Net profit of R$7.2mm (EPS of R$0.16) in 1Q10, 457% higher than R$1.3mm (EPS of R$0.03) in 1Q09.
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Contracted sales of R$76.7mm (%CR2 R$58.4mm) in 1Q10, 220% higher than R$24.0mm (%CR2 R$19.0mm) in 1Q09.
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Revenues to be recognized of R$186.3mm and results to be recognized of R$55.4mm, with a margin to be recognized of 29.8%.
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CEF track-record (“Crédito Associativo”): 2,595 contracted units, 1,591 credits transferred (61% of the total) and R$91.5mm in cummulative disbursements, of which R$23.5mm in 1Q10. We transferred 317 units in 1Q10, in what is the best leading indicator for disbursements. Already in 2Q10 we contracted another 632 units in two projects, for a total of 3,227 contracted units. Up to 1Q10, all projects approved by CEF were already contributing positively to the cash flow.
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Performed receivables and those from projects with delivery scheduled for 2010 totaling R$364.1mm (71% of the portfolio).
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Reiteration of the 2010 PSV launch Guidance of R$400mm.
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