business performance
Operational Performance
In 2022, we focused our attention on selling our inventories and were selective in launching new projects, aware of the most challenging expectations for the year, due to the post-pandemic scenario, combined with fluctuations in interest rates and instabilities typical of election periods. The strategy proved to be quite assertive. We achieved a favorable return, especially in the compact property segment (studios) and we took advantage of the countercyclical moment to carry out good acquisitions of large plots of land in prime areas of the city of São Paulo, which provides very positive future prospects for the Company.
In São Paulo, we launched six projects in the year, totaling a PSV of R$827 million, of which 53% have already been sold. Emphasis on the launches of 799 compact units (essentially second-phases), of which 87% were sold within the same year, a strategy that significantly reduced our exposure in this segment of products aimed at investors.
Net sales for the year in São Paulo totaled R$1 billion in Even % and R$176 million in the quarter, representing an average SOS of 8% in 4Q22. In the last 12 months, Even's average SoS was 34%. We highlight the sale of inventories, which represented R$729 million of this volume.
We ended the quarter with R$2 billion in PSV in inventory (Even's %) in São Paulo, which represents an average of 24 months of LTM net sales. Completed inventory volume makes up only 13% of the total. It is worth noting that of the units expected to be delivered in 2023, 75% have already been sold.
Throughout 2022, we purchased five plots of land in São Paulo with a potential PSV of R$1.6 billion. Our Land Bank comprises 24 projects or phases, totaling a PSV of R$6.1 billion (R$5.0 billion % Even), located essentially in upscale neighborhoods in the city of São Paulo. Notably, the medium, medium-high, and high-standard typologies represent 93% of the land bank.
In 2022, we delivered seven projects in São Paulo, totaling 1,525 units and a PSV of R$1.2 billion % Even.
Net sales by product type
Operational & Financial | Releases
| Items | Unit | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Projects launched | Unit | 17 | 13 | 18 | 16 |
| Units launched | Unit | 2,922 | 2,488 | 3,651 | 3,225 |
| PSV of launched units (Even) | BRL thousands | 1,987,000 | 1,370,081 | 2,398,395 | 1,104,149 |
Operational & Financial | Sales
| Items | Unit | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| PSV of units sold (Even) | BRL thousands | 1,859,543 | 1,675,546 | 1,621,122 | 1,304,872 |
| Units sold | Unit | 4,108 | 3,333 | 2,410 | 3,169 |
Operational & Financial | Stock
| Unit | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| PSV of units in stock (Even) | BRL thousands | 2,020,749 | 1,713,985 | 2,653,071 | 2,497,036 |
| PSV of finished units in stock (Even) | BRL thousands | 800,622 | 365,071 | 307,432 | 417,254 |
| Units in stock | Unit | 4,318 | 3,610 | 4,959 | 5,006 |
| Ready-made units in stock | Unit | 2,125 | 1,445 | 1,426 | 1,629 |
| Projects with stock | Unit | 133 | 107 | 113 | 125 |
| Ready-made projects with stock | Unit | 96 | 67 | 65 | 78 |
Operational & Financial | Land
| Items | Unit | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Land bank PSV (Even) | BRL thousands | 8,145,473 | 5,996,050 | 5,895,670 | 6,668,919 |
| São Paulo | BRL thousands | 3,278,783 | 4,075,343 | 3,872,503 | 4,683,187 |
| Rio de Janeiro | BRL thousands | 252,882 | 289,240 | 289,240 | 289,240 |
| Rio Grande do Sul | BRL thousands | 4,597,077 | 1,614,735 | 1,717,196 | 1,696,491 |
| Minas Gerais | BRL thousands | 16,731 | 16,731 | 16,731 | 0 |
| Number of plots or phases in the land bank | Unit | 64 | 63 | 58 | 54 |
| São Paulo | Unit | 18 | 20 | 19 | 20 |
| Rio de Janeiro | Unit | 3 | 4 | 4 | 4 |
| Rio Grande do Sul | Unit | 42 | 38 | 34 | 30 |
| Minas Gerais | Unit | 1 | 1 | 1 | 0 |
Operational & Financial | Active construction sites
| Items | Unit | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Active construction sites | Unit | 37 | 28 | 37 | 35 |
| São Paulo | Unit | 16 | 11 | 14 | 15 |
| Rio de Janeiro | Unit | 1 | - | - | - |
| Rio Grande do Sul | Unit | 20 | 17 | 23 | 18 |
| Minas Gerais | Unit | - | - | - | 2 |