Brookfield does not provide for new adjustments after 1st annual loss

Brookfield Incorporações believes it has left behind the period of adjustments that resulted in the first annual loss in company history, and hopes to generate cash in the second half year.
The development has reduced the net loss in the fourth quarter of 2012 to $ 39.7 million, compared to negative result of R $ 90.2 million a year earlier, despite a fall in sales and releases.
The result contradicted the average of four analysts ' estimates obtained by Reuters, r $ 47.8 million profit for the company during the period.
In 2012, the loss was $ 388 million, reversing a profit of R $ 161,5 million the previous year. The second quarter, when adjustments were performed and reviewing budgets, was the period that weighed on the result.
"2012 was bad for the company, and for the first time we had the injury," said the Chief Executive of Brookfield, Nicholas Reade, in Conference call on Thursday. "It was a year of correction and resizing of Brookfield and the market as a whole," he added, referring also to changes in personnel structures and processes of the company.
In the statement, the company attributed the performance to the combination between the process of integration and redefinition of the operations, budgets, implementation of systems and project termination, in addition to the weaker market as a whole, which resulted in new settings.
Reade, however, pointed out that should not occur new relevant adjustments going forward. "Adjustment of work is something constant, but there should be no large variations. After checking, the new risk decreases, "he said.
From October to December, the Ebitda (earnings before interest, taxes, depreciation and amortization) totaled r $ 38.4 million, down from $ 55.2 million achieved a year earlier, with the margin falling from 6.8% to 3.9%.
Projections
For this year, Brookfield hopes that the contracted sales are in the range between $ 3 billion and $ 3.5 billion. Closed in 2012, contracted sales reached r $ 3.4 billion, 23.5% annual fall.
The releases, meanwhile, were 21.8% lower on the year, for $ 3.1 billion, reaching the minimum point of the company's projection. Brookfield did not disclose forecast for launches in 2013.
Also this year, the developer estimates of 20,000 to 25,000 units deliver, which should total sales value (PSV) of r $ 3.5 billion and $ 4 billion.
The company also said that should generate cash in the second half of this year, supported by high volume of deliveries and scheduled transfers.
"We must consume cash in the first half, in the third quarter the cashier should be neutral and in the fourth quarter the box back to the company," said Reade. According to him, the company offers $ 100 million from asset sales.