Good morning one and all, and welcome to EZTEC results presentation for the second quarter of 2022. Please note that this call is being recorded and all the participants are in listening only mode. By the end of the presentation, we will begin a Q&A session when further instruction will be given. In case any of you may need any assistance over the call, please let us know through the chat box. In case you have any connection issues, you may reuse the same web link or ID to return to the presentation. You may find that link and ID as well as the slides for this presentation at our website ir.eztec.com.br. Before we start, we'd like to mention that any statements during this call pertaining to EZTEC's business projections, operational and financial targets are based on management's beliefs and premises, as well as currently available information.
Forward-looking statements do not constitute an assurance of performance. They involve risks, uncertainties and assumptions. Investors may take into account that general economic conditions, industry operational circumstances may materially affect EZTEC's future performance. They may cause the company's results to differ materially from those expressed in those forward-looking statements. Now, I would like to introduce myself. I am Pedro Lourenço, the IR coordinator for EZTEC, and along with me for this presentation, I have Emílio Fugazza, our CFO and IRO of EZTEC. I'd like to introduce to you in the third slide, we are starting talking about the launches of the second quarter of 2022. We made something close to BRL 230 million in Haus Brooklyn and BRL 180 million in Hub Brooklyn. Those projects are directed for the high income and clients.
They are segmented by the standard of a high-end and Smart Living type of product that the company is launching recently. It's something close to BRL 400 million that we launched in the second quarter. A close number that is very similar for what we have done in the first quarter of this year. In talking about those launches that we have made in the first quarter, I'd like to highlight that both Expression Ibirapuera and Exalt Ibirapuera, they are more than 51% sold at this time. Moving to the next slide, on page 4, we're gonna start talking about operational performance, and you'll be able to see that our gross sales was up to BRL 666 million at this quarter.
Net sales extended at BRL 231 million. Despite the fall in the sales performance, we'd like to point out that the majority of our sales came from our recent launches, more than 60% of it. Also, I would like to highlight that the cancellations are evolving very well for the company since it came back to the same amount that was reported in the year before. It's now at BRL 35 million. Now moving to slide number 5, we'd like to talk about the future launches, the next launches for the company. We'd like to share with you that BRL 667 million in potential sales value is ahead.
Also talking about the second phase of Unique Green is a feature and product you can look at the bottom of your right. You will see that it came with a potential sales value that at BRL 410 million. That is the same product, the second phase of the same product that we have launched in the last month, in the last quarter of 2021, in which it was already 50% sold in that first phase. Now by launching this product, we have opened their sales stands in the last weekend. We already performed something close to 25% in sales, something close to BRL 120 million for this product only.
Those numbers, I would like to remind that this project is already in our backlog. All of these sales will be affecting directly our revenues for the third quarter of 2022. Moving to the next slide, I would like to talk about what the company is going to deliver up to the end of this year. You can see that it's something close to BRL 800 million in PSV valued shares at cost, in which the charts below you can see that something close to 82% of it, talking about PSV terms, is already sold.
Our future deliveries are being done or will be done. They will not increase too much the inventory levels for the company since they are very well sold. Up to today, we have already launched something close to BRL 300 million with the deliveries from the first quarter and the second quarter together. Moving to the slide at the next page, I would like to talk about our land bank formation. Since the company is not acquiring new land spots, we are just launching our units and correcting the value by the INCC, the Inflation Index for the construction industry in Brazil.
We can see that despite having launched something close to BRL 900 million, we have a price variation at the same amount, maintaining the same level that we have reported before at BRL 11 billion in our land bank. Another thing that is really important to highlight is the project that we are carrying with resolutive clauses that are not inside at this moment of our land bank volume, but it will be soon being considered since its majority is attached to a single project only that is Extra Marginal, that it increases something close to BRL 2.5 billion for future land bank formation, going to something close to BRL 13.5 billion or BRL 14 billion.
Like to remember also that we have a very diversified land bank that you can see in the chart below that is almost well distributed in our company. Fit Casa, EZ Inc, and EZTEC brand very well distributed, so making us available to launch whatever is necessary in the future scenario. Also in the map at your right, you can see that these lands are very well located. Most of it, BRL 6.5 billion, are located in the south zone of São Paulo, where we can make more aggressive sales and do very well projects for the neighborhood. In the next page, slide number eight, talk about our inventory evolution.
We'd like to point out that we—despite all the launches and the gross sales that we are carrying now, the EZ Inc product that we launched in the last year is now considered a non-sales inventory. It's a standby inventory, as you can see in our evolution on the chart. Because of that, we are reporting our inventory for sale that is close to BRL 2.7 billion, which is currently something close to two years of sales performance for the company. But I like to highlight that only BRL 367 million of this inventory is residential ready inventory. You can look at the chart below at your right, that the major part of this inventory is under construction at this moment.
We're looking very carefully for future launches shortly for those projects that would also provide us a good sales speed and also a good growth margin and less inventory formation on capital. Moving forward, the next part, we are going to start to talk about our financial performance, and I would like to pass the word to our CFO, Emilio Fugazza, so he can go ahead with the presentation. Mr. Emilio.
Thank you very much, Pedro. I would like to start talking about financial performance on page number 9, starting with net revenues at the top left of this slide. Second Q 2022 came at BRL 243 million compared to BRL 287 million in the first Q 2022. It's important to mention that in this Q, there was recognition of revenues about the project Unique Green, the first phase we have launched. So far, something around 50% sold of this first phase. The cost of the land is so cheap, all the cost is the minor part of the whole cost of this project. That's why the amount of the recognition is so low.
As we see the construction improving, we are gonna see the major volume of the revenues coming up. In terms of gross margin and gross profit on top right, you can see BRL 4 million at a gross margin of 35%, coming down from 39% from 1Q 2022. Here, it's important to mention the technical effect we faced in this quarter. The whole amounts of budgets of projects and the construction were adjusted by the inflation of the sector, INCC, which was something around 5.5%, something close to 5.5%. However, the receivables of our receivables from those units under construction were not adjusted by the same INCC.
Because by the contract, the clients, they have to pay this INCC with a delay of almost 2 months from the month we have to recognize this in the construction time. Meaning that, in the third quarter, you're gonna see this amount of receivables being adjusted by the same index we saw in the construction in the second Q. In the third Q, you're gonna see an amount very close to BRL 2 billion adjusted by 5.5% of INCC without the counterpart of the construction cost. Carrying the gross margin for the same level we saw in the past, very close to 44%, 43%, that is our expectation.
In terms of equity income, in the bottom left of this slide, BRL 24 million. Meaning that all the projects we have been doing with our partnerships are under construction right now. Coming with the same standards of results and gross margin, the projects we have been consolidating, so something close to 35%. It's important to mention that those projects are very well sold. Projects like Elit Mooca, the neighborhood of Mooca, east zone of São Paulo, or even low-income projects like Pin Internacional in Guarulhos, metropolitan region of São Paulo, in Osasco, the same region.
We are very excited to improve this line of our balance sheet in the next coming quarters with new launches, like Pedro mentioned before, the very first projects of EZ Co, projects located in Vila Mariana in the very high-end bairros. In the bottom right, finally, backlog margin and backlog results, BRL 361 million at a backlog margin of 38%, coming down from 40% from the first Q 2022. The same effect of gross margin, we're gonna see a rebound of this margin to another 40% or a little bit more because of the adjustment of our receivables at a pace of 5.5% INCC. Moving on, page number 10.
On top left, financial result and net revenues, BRL 48 million. This is one of the most or higher financial results ever for this company. BRL 48 million means, meaning that, one-third of this value is coming from the cash equivalents. Here in Brazil, we are facing something close to 14% basic interest rates. Obviously, 14% applied at almost BRL 1 billion cash is one-third of the results you can see. Two-thirds, the remaining two-thirds are coming from the portfolio of direct receivables we are financing to our clients. Nowadays, on top right, you can see BRL 378 million, a little bit more than 1,000 clients we have been providing this financing.
On average, adjusted by IGP, the regular inflation index here in Brazil, IGP + 10%. Apart from that, we have something around BRL 200 million of receivables in a time of being transferred to the banks, even though adjusted by IGP + 12%. On the bottom left, net income. Net income coming at a pace of BRL 83 million. Together with the first Q 2022, BRL 105 million. Meaning the first half close ended up at BRL 188 million of net income. Meaning net margin very close to the gross margin for this company at 35%. Moving on to slide number 11, capital structure.
You can see on the left side of this slide, the third-party capital has little improvement this quarter, specifically because we raised the first debenture of this company, BRL 304 million. Together with BRL 91 million of loans in projects financed, and BRL 164 million of payments to be done with the lands we have acquired so far. Meaning that the whole capital structure, 17% of it, is third party. On the right side of this slide, BRL 5.4 billion of assets, meaning that the majority of the growth of this line was land bank.
You can see the first line in 2Q 2022, BRL 1.7 billion. Meaning that something close to BRL 500 million is the land and construction of Esther Towers. Esther Towers is our project, corporate project, two commercial towers, Triple-A towers located in the south zone of São Paulo. 40% is a unit, the price, the potential sales value is close to BRL 1.8 billion. Cash and equivalents, BRL 1 billion. Inventory under construction, something close to BRL 600 million.
Another important measure is the finished units receivables, BRL 457 million, meaning that something close to 75% of this whole value under management of EZTEC, we are providing financing for over 20 years for our clients. It's important to mention that nowadays we have been open to our clients another, I would say, line of financing close to 35 years, and IPCA or IGP +8% in order to improve sales, in order to take advantage of this branch of our company providing so much income, so much good results for this company in the last 4-5 years.
Finally, it's important to mention that the book value of this company per share is very close to BRL 20 compared to the current price of our shares, close to BRL 18 per share. On the slide on page 12, finally, coming to an end this presentation, two important facts to mention. First of all, share buyback program. As consolidated so far we have acquired almost 9 million shares, meaning that from 227 million shares at the beginning of last year, nowadays it's something close to 218 million shares. A dilution of almost 5%. Now, investing a total value of BRL 177 million at an average price of 20 reals per share.
In this third program, nowadays it's about 2.8 million shares already bought in a total value of BRL 45 billion, average price of almost BRL 16 per share. In terms of dividends, the coming to a regular pace to pay dividends quarterly, the board of directors have approved the payment of BRL 0.09 per share at thirty-first of August, the next thirty-first of August, which meaning something close to BRL 19.7 million to be paid, which means close to 25% of the total amount net profit to re-release it at this moment.
With that, I would like to open for questions and considerations that myself and Pedro are completely available to answer. Thank you very much, guys. Now we will open the Q&A session. For those who wish to manifest themselves, we require that you use the functionality Raise Hand. As long as time allows, we will also answer the question that arrive via chat. If it's not possible to answer them within the allocated time, we request that you forward the question with an email contact to the EZTEC IR team, so we can contact you after this conference call. Since there was no manifestation, we would like to please all of you that have heard this presentation, results presentation, and like to point out that EZTEC results call, conference call is now closed.
As IR coordinator, I would like to manifest that we would like to inform that we are all developing new tools and revising our layouts for our materials, in order to try to bring you more transparency, accurate information, and more engagement to our readers regarding the company businesses and strategies. Be sure to check out our materials in our investor relations website, the data, the new earnings release, this webcast presentation, and take part in our opinion poll. We thank you a lot for your participation, and we wish you a great day. Have a nice week