Q2 2024 MRV Engenharia e Participacoes SA Earnings Call (English, Portuguese) Transcript
Key Points
- Record-high quarter with exceptional gross margins and almost zero cancellations.
- Significant capital allocation to land bank with innovative land swap strategy.
- Strong ecosystem for Minha Casa Minha Vida (MCMV) with regional incentive programs.
- LUGGO's innovative rental model showing significant growth and market adoption.
- Resia's disciplined operations and geographic focus in the U.S. showing promising future potential.
- URBA faced tough years in 2022 and 2023 with profitability negatively affected.
- High inflation and increased cost of capital impacted financial performance.
- Legacy projects from 2021 and 2022 still affecting current financials.
- Pro-Soluto funding remains a challenge, though it has been reduced.
- Cash generation guidance for the year remains a concern despite positive outlook.
Ladies and gentlemen, good morning. Thank you for holding, and welcome to MRV's second quarter of 2024 results conference call for analysts and investors. Today with us, we have the CEOs of the company, Mr. Rafael Menin and Mr. Eduardo Fischer; and the Chief Financial and IR Officer, Mr. Ricardo Paixão. (Operator Instructions) Now I would like to turn the floor over to Mr. Rafael Menin. Mr. Menin, you may proceed.
Good morning, everyone. Thank you for attending another earnings conference call of MRV.
I would go through the subsidiaries. Starting with MRV Incorporação Brasil, MRV Real Estate Development Company. Now going through the main KPIs of MRV, we already operate better than we used to before COVID pandemic. We had a record-high quarter with a record presales, with cancellations almost close to zero, gross margins better than the before COVID period, exceptional gross margins, contribution to SG&A also
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