Cyrela (CYRE3) released last Thursday (13), the preview of its operating results for Q3 2022, compared to the same periods of 2021 and eventually to Q2 2022 .
The operating results presented are subject to audit review.
Launches
The Company launched 14 projects in the quarter totaling R$2.928 billion, 33% higher than the third quarter 2022 (R$2.200 billion) and 26% higher than the second quarter 2022 (R$2.326 billion).
The swaps on launches were R$ 145 million in Q3 2022. R$92 million in the third quarter of 2021 and R$162 million in the second quarter of 2022.
The Company’s share in the launchings in the quarter was 73%, lower than in the third quarter of 2022 (90%) and in the second quarter of 2022 (78%).
Of the PSV launched in the quarter, 76% will be recognized via consolidation and 24% via the equity method.
In the year, the PSV of launches reached R$ 6.292 billion, 38% higher than in 2021.
Excluding swaps and based only on %CBR, the volume launched in the third quarter of 2022 was R$2.033 billion, 7% higher than the same period of the previous year (R$1.897 billion in the third quarter of 2021) and 22% higher than the second quarter of 2022.
In the nine months of 2022, launches were R$4,412 million compared to R$3,706 million in the nine months of 2021.
Sales
Net sales contracted this quarter totaled R$2.286 billion, 67% higher than in the third quarter of 2021 (R$1.366 billion) and 41% higher than in the second quarter of 2022.
The Company’s share of contracted sales was 79% in Q3 2022, down from 91% in the same quarter last year and down from Q2 2022 (86%).
In relation to the financial statements, 81% of net sales for the quarter will be recognized via consolidation and 19% via the equity method.
In the nine months of 2022, contracted sales reached R$ 5,220 million, 32% higher than the same period of 2021. In the year Cyrela’s stake was 84% vs 88% in 2021.
Of the net sales in the quarter, R$ 76 million referred to the sale of ready inventory (3%), R$ 1.0 billion to the sale of inventory under construction (44%) and R$ 1.2 billion to the sale of launchings (53%).
Thus, Cyrela reached a launching sales speed (VSO) of 41.3% in the quarter.
When excluding swaps and based only on %CBR, the volume sold reached R$ 1,713 million in Q3 2022, 49% higher than the same period last year and 36% higher than in Q2 2022.
In the nine months of 2022, sales reached R$3,986 million, compared to R$3,214 million in the nine months of 2021.
VSO
Operating data resulted in a 12-month Sales Over Supply (VSO) indicator of 44.3%, which is below the 12-month VSO presented in the same quarter last year (49.6%) and above the VSO presented in the second quarter of 2022 (43.2%).
Cyrela’s Results for the Second Quarter of 2022
Cyrela’s (CYRE3) Q2 2022 result, released on August 11, showed a net profit of R$161.6 million in Q2 2022, down -44.3% from the same quarter last year.
Cyrela’s gross margin reached 31.3% in the second quarter of 2022, presenting a retraction of -5.3 percentage points compared to the second quarter of 2021.
Cyrela’s net margin reached 12.9% in the second quarter of 2022, showing a retraction of -11.6 percentage points compared to the second quarter of 2021.
Cyrela (CYRE3) shares have accumulated a 5.40% drop in the stock market in the last 7 days and a 6.01% rise in the last 12 months.