Good afternoon, ladies and gentlemen, and thank you for waiting. Welcome to Helbor's conference call for the discussion of the results of the second quarter of 2024. We inform all participants that this webcast is being recorded and translated simultaneously. Please note that for those who need simultaneous translation, we have this feature available via the globe icon labeled Interpretation, located at the bottom center of our screen.
By selecting it, you can choose your preferred language, Portuguese or English. For those listening to the conference in English, you can mute the original Portuguese audio by clicking on Mute Original Audio. We also inform that the participants will see and hear the webcast during the company's presentation. Afterward, we will begin the Q&A session. If you would like to ask a question or need assistance, please submit them through the Q&A icon located at the lower bottom of your screen.
Before we proceed, we would like to clarify that any statements made during this webcast regarding the company's business outlook, projections, and operational and financial goals are based on beliefs and assumptions of Helbor's management, as well as information currently available to the company. Forward-looking guarantees are not guarantees of performance.
They involve risks, uncertainties, and assumptions as they refer to future events, and therefore depend on circumstances that may or may not occur. General economic conditions, industry conditions, and other operational factors may affect the company's future results and could lead to results that differ materially from those expressed in such forward-looking statements. Now, I would like to give the floor to Henry Borenstein, CEO of the company. Please, Henry, you may proceed.
Good afternoon, everyone attending the Helbor Earnings Conference Call. Together with CFO and Investor Relations, Leonardo Piloto and Marcelo Bonanata, our Sales Director, we are here to discuss the company's results for the third quarter and the year-to-date results for 2024. We closed Q3 with consolidated sales of BRL 494 million. 100% of this corresponds to the sale of completed and under-construction units. Year to date, we sold a total of BRL 1.5 billion of PSV, of which 86% were finished and under-construction units and 14% new launches.
In line with the company's strategy, no new developments were launched this quarter. Regarding deliveries, three developments were handed over this quarter, totaling a net PSV of BRL 449 million, all located in São Paulo, with an average sales rate of 94%. It is also worth mentioning the success of the Só a Helbor Tem event in Mogi das Cruzes, which generated BRL 47 million PSVs sold, recording another excellent sales performance.
On the economic financial side, we reached a net revenue of BRL 965 million for the last nine months with a gross margin of 32.3%. The net income of the parent company amounted to BRL 25 million year to date, representing BRL 0.19 in earnings per share. The leverage ratio measured by the net debt to equity ratio showed a decrease reaching 68.8% for reasons we will explain during this presentation. We are confident in our ability to deliver the planned results for 2024.
With a focus on reducing the inventory of completed and under-construction units, we will be able to generate cash and reduce the company's leverage. Before I finish, I would like to mention that our Founder, Mr. Henrique Borenstein, was honored this year with the Master Real Estate Award in the Hors Concours category for his long and devoted work in the real estate market.
Additionally, the company was recognized for the W Residences São Paulo case in the mixed-use development category, a multipurpose project that housed the first W in Brazil. Leonardo Piloto and Marcelo Bonanata will present the main operational and financial data of Helbor. Over to you, Leonardo and Marcelo.
Good afternoon, everyone. Henry, Leonardo, I would like to thank you for your presence. On the first screen, we are going to talk about the land bank. Our total land bank is BRL 11 .207 billion . The Helbor shares is BRL 7.813 billion . I think it's important to mention that in the last months, we went through the review of the Strategic Master Plan, and we have our PSV adjusted, and we've sold some lots, and mainly we adjusted some accounts with the new Strategic Master Plan.
It's important to say that 77% of this land bank is located in the City of São Paulo, and 23% in the metropolitan region. In the next slide, we present some developments we would like to highlight to you. The first land lot that I would like to address, not only on our side, but the market, is considered one of the best land lot in São Paulo.
That is located at Avenida República do Líbano, is the closest one to the Ibirapuera Park, of almost 6,000 sq m , where is our pearl in our land bank. Then I would like to highlight, we have some land lots in the Jardins of almost BRL 6,000 in this neighborhood between the street Alameda Lorena and Rua Pamplona , an iconic project. We are developing two land lots in the neighborhood of Higienópolis. Many people know the complexity we face, especially launching in Higienópolis.
So there is a lack of good land lots and new launches, and the potential of that neighborhood. We have one land lot in Rua Bahia looking out to Pacaembu, another one at Rua Itacolomi, an iconic corner. The last highlight is at the Marginal Pinheiros with almost 25,000 that's being developed, and it's a new neighborhood, and that we are developing the City of São Paulo, as we have done in so many other situations.
Now, talking about launches, this is a year that, as Henry said, we wanted to sell our inventory to continue our strategy of selling our inventory. In the first quarter, we had a launch. In the second one, the second quarter, three. On the three quarters, strategically, we decided not to launch any one to better accumulate this project. We had a PSV of BRL 616 million.
I would like to give a spoiler to you that on the last weekend, we opened a development in Mogi das Cruzes. The first one is Helbor Alegria. I'm not going to say it was a surprise, but it's a great joy and happiness reaping all the fruits of the good work we have done.
We sold the entirety of the project on one weekend, and we are considering opening the phase II, that would be only in March of last year, bring it up to this year. So we are analyzing it. But perhaps we are going to open the second stage this year, showing the market potential. This is very important. The contracted sales, BRL 494 million that we sold in the last 25% increase in relation to the third quarter of 2023, a 7% as regards the 2Q 2024.
But in the nine months, we had BRL 1.469 billion sold, a 32% increase concerning the same period of last year. It is a very consistent sales that we had in the first quarter. Now, talking about Sales over Supply, we are working on levels we never. We had a total of 19% in the last quarter, against 13% of last year, and 17.7% in the second quarter 2024.
The Helbor share, 18.8% against 17% the second quarter 2024 and 13.1% concerning the third quarter of 2023, showing once again how great our sales are. Now, as regards our inventory, today we have a total inventory of BRL 2.3 billion. Helbor share is BRL 1.2 billion. 97% of this inventory is located in the southeast region. Here we have a table showing that we go through almost all economic levels from the medium-low to the high.
I would like to say that Helbor navigates very well in all segments. I would like to highlight that 83% of our inventory is under construction. Only 17% is the finished inventory. We have had higher levels. Today's BRL 397 million is our total inventory. And gentlemen, only BRL 84 million is the inventory that we say from legacy, where it has been over BRL 2 billion in a very tough moment in our market.
So we are getting at the end of them, and the majority of this inventory is concentrated in commercial in São Vicente. And then at the end of the Alphaville, which was a hotel we transformed in residential building and one in Santos. The one, say, in Santos, which was a hotel, and we transformed into residential. In this quarter, we started selling them. So we are at the end of our legacy.
Even the year to date, only 17% of our inventory of finished units or units are finished units. And finally, let us talk about the deliveries. And the year-to-date in the first nine months of 2024, we have a total of BRL 1.778 billion delivered and 2,137 units. It is important to highlight that 89% of these projects are underway. It is showing that the company is working hard to sell its inventory and to get as close as possible of the total sales. And now I would like to ask Leonardo to talk about these projects that were delivered.
So how are we doing in this area? This table has a very important, which on the one before last column, where we talk about the percentage that was paid off. It is important to remember that every time we deliver a project, the market has a sensation that a lot of money is coming in. And we have a portfolio. Instead of selling, we give credit to our buyers, and then we have to own land. On the average, everything we have delivered, 85% of the units were handover.
And so we are doing very well. So it is important to remember that we have delivered, have passed on a lot of things, and we still have 80% for the company to receive, which is about BRL 450 million of receivables that will come in in the next months, only in these completed projects. Now, the next one, the next slide. So we also have a new information showing how we have going changes semester by semester of the absolute value of transferred. Last year, BRL 119 million in the third quarter, 2024 it reached BRL 511 million.
This was the highest amount we arrived here. We had the equity equivalents and consolidated so that you can see what is accounting and not. On the right hand, we have the comparison of nine months, and we have transferred double of the nine months as compared to 2023. We are very excited with this subject, and we are working intensely to monetize our receivables concerning the recent deliveries. Now, 14, here we detailed.
Although we have delivered many this year, we have BRL 3.5 million of PSV already launched and under construction, and we are working hard to deliver them. This year will also be with a lot of deliveries. in 2025, we will deliver 1.5 of PSV, part of Helbor. 57 now, the projects are 70% sold.
Once again, we have these deliveries and transfer next year, and it will be for generating income for the company. Now, let us talk about the financial data in the next slide. I am going very briefly. Some slides are very similar to the previous quarter. In the revenue, we grew 7% year-on-year, and we grew 4% in the year to date, in line what we have done in previous periods.
Slide number 17, we show our gross and net market consolidated, 31, 32. We have been saying that we can deliver a gross margin of around 30% on a repeated manner. The last quarters are very good in sales term and has pulled our margin. The net margin was stable, around 10%.
Now on slide 18, we show the net revenue in line with the previous quarter, 24.8, and a decline concerning the third quarter of 2023 on account of the deliveries. When we are delivering the projects, they remain in the inventory. We talked about iconic projects such as W Residences São Paulo that had a huge margin of inventory, and they are no longer in the revenue to be recognized from the third to fourth. We had this drop of 16.6.
Now moving to slide 19, we show our expenses with general administrative expenses. We had here a quarter that was in line of the third quarter 2023. Our expenses grew 3%, in spite of the inflation of 4.5. In the last chart on the right, we show the last 12 months, an increase of 15%.
The most important information here is that the gross amount we have of general administrative expenses, vis-a-vis the net operating revenue, is stable. Bear in mind, this is a year of delivery, a lot of construction work, and we had to reinforce some areas because operationally, the company was very busy with a lot of work to deliver with the projects.
Even so, we continue to deliver operating revenue in line with what we did last year concerning the net operating revenue. Moving on to slide 20, we talk about the quarterly results. When another quarter, we delivered 9 million net. It is important to mention, we have delivered the 9 million of net result, even with a negative result of 11 million, with the sale of a land lot in Cuiabá. We decided strategically to disinvest a land lot with some losses.
But we brought this money in. But the negative was shown in the state of income, and the quarter was in line with BRL 9 million of net profit. Moving to slide 21. It's a new slide where we show the market. We brought the grade of our debt. We compared how we closed the debt in the third quarter. It's important to mention here, and I'm going to take here the line above when we talk about corporate. We paid BRL 205 million of corporate debt.
On the other hand, we raised 152 million BRL of corporate debt. So in practice, we paid net 53 million BRL of corporate debt. In the line below, we show how much we paid. It was 165 million BRL. Bear in mind that we continue in an intense process of construction work. We continue taking the finance of construction.
We paid 165 million BRL, released 111 million BRL. We had a net amortization of 54 million BRL in the corporate plan. It's important to bear in mind that the company continues with a lot of ongoing construction works, and we continue taking the production finance, which is very healthy, and we will continue taking this money for our construction work.
Here we had two interesting information. We paid 53 million BRL in interest, and we had an increase of accrued and not paid of 75 million BRL and made our debt to go up due to this accrual with a negative balance. It's important for you to understand the dynamic of the corporate financing. We pay a lot of debts, but on the other hand, we also take on some debt because we continue financing some construction work to deliver to our clients. Now, let's move on to slide number 22.
That's also a new slide that contains a lot of information. Before talking about the numbers, there are two things I would like to highlight, and they are very important to understand the concepts. The first one, our accounting does not reflect the timely delivery. We only consolidate in the balance those that have control over its management. On the other hand, there are several projects, high-quality project that we split the control with our partners.
So it goes through a non-consolidated result or view. For explanation, we have 2 billion BRL of PSV of launched and sold and under construction and finished, that we did not consolidate in our balance sheet. We decided to bring this table where we consolidate that. We have this situation I have just described. Just to understand, so we consolidate this.
We had a cash burn of 21 million BRL, but the SoS that we do not consolidate, but we are partners. We have generated the third column of the third quarter. The net is the generation of 4 million BRL of cash. So this is the first concept I wanted to bring you, and more and more, we are going to break this down. If you want to know what they are made of, they are on page 16 of our earnings release. So we have a lot of high-quality information.
The second explanation is that over the second quarter, we took a credit line of 250 million BRL with Bradesco, and this is consolidated in our balance sheet 100%, and we gave in guarantee the land lot at the Avenida República do Líbano. But we have 60% of the land lot, and our partner has 40%.
The approved credit at Bradesco is 100%. We have guaranteed our 60%, and our partner guaranteed 40%. As our partner is a debtor and guarantor of this operation, it was fair to transfer a part of the debt. In practice, the BRL 100 million left from Helbor's cash, and we transferred this to our partner. This is the explanation. It is not that we have paid our shareholders.
No. We have distributed to Helbor share and to our partner due to the fact that he is the owner and also guarantor of the operation. On the middle column and on the right-hand side, we have isolated this effect in practice. in the second quarter of this year, BRL 20 million left. We have lent to this partner, and it was BRL 5 or BRL 10 million of cash burn. On the third quarter, we sent the other BRL 18 million to this partner.
We go from a consolidated cash burn of BRL 21 million of cash burn to BRL 62 million of generation. In our opinion, this is the most accurate view, because here we are isolating this loan that is going to this and leaving a number with no pollution. The transfers are helping us in our deleverage process. In the middle column, we have the consolidated and non-consolidated. We have a cash of 62 and non-consolidated BRL 26 million. The sum total of both adds, the company has generated BRL 87 million in cash this quarter. I think that is all. Now, giving more details of this loan, how we are going to pay this off.
The BRL 250 million is a bridge loan until we make the final financing of this project, where we are going to bring some investors that are going to buy a small portion of this project at the street, and then we are going to pay our debt and also our partner will pay. We want to clear the loan in the fourth quarter. This is very clear. Now, I talked about República do Líbano.
Moving on to slide number 23, we are doing here a new breakdown concerning our total debt. We close this semester with BRL 205 million, and we have a new breakdown so that everybody becomes familiar on how we see this. We marked in green BRL 516 million and BRL 526 million. They are self-paid off. They are going to be paid with their own guarantee and the housing financial system.
We are going to deliver the construction work. The secure CRI, we have three units in guarantee. Every month we sold and transfer, and we pay this. They are self-liquidated debts and the non-self liquidated in gray. They are CRIs that depending on the generation and CCB bank note, important is BRL 260 million of the República do Líbano street.
Two-thirds of this debt in CCB will be via this operation I talked about in the República do Líbano, and we are going to finally remove it from our balance sheet. It is very important to make it clear how the company's debt work and explain a good deal is paid with the monetization of the guarantee itself. Moving on to the next slide. We took here a part of our balance sheet, basically our current liability, and we are zooming in the finances.
Because when you see BRL 910 million of loans in the short term, again, we are going to break down and to explain in detail our strategy so that this does not affect us. BRL 910 million of debt, 314 is the housing financial system is self-paid off. These are units we are going to sell and pay then zooming the CCB, which the majority, BRL 508 million.
We show that over 50% of this amount is the working capital for the Avenida República do Líbano that we are going to finally pay off in the fourth quarter. In practice, what we are going to have as corporate debt are BRL 130 million plus the BRL 66 million of the guaranteed account. I am giving a lot of detail, explain of the BRL 910 million in the short run.
It is 130 and 60 is already well taken care of so that we can postpone this timeframe. Now, talking about leveraging, we left the second quarter 2024 from 71% to 68.8%. We had a deleveraging concerning the net debt, concerning the shareholders' equity. The consolidated shareholders' equity grew, and some had the funds raised by the partners. In addition, we had this, the shareholders' equity grew, went up, and this helped, and this made us to have our indicator slightly lower than the second quarter.
With that, I finish the presentation and now we are open to answer your questions. You can type in the Q&A, and I am going to read and answer your questions. Okay, the first question by Herman Lee, which analyst of sell-side Bradesco BBI. Thank you, Herman, for your question. I want to understand the cash expense that led the company to cash burn, for example, and the loan with a partner. If you have bought the land lot now. I am going to read the second.
We have not bought any new land lot. But this is very relevant. We made some acquisitions in the past that had installments to pay during the quarter. In the third quarter, we paid for land lots we had bought some time ago. This is the reason why we say the payment of the land lots that helped us to do the cash burn. In addition, it is not only the payment, but also the granting of the city government is also included here.
The first one, you talked about the partner. Thank you, Herman. Just to make it clear, the breakdown that Leo showed concerning that irrespective of the loan that was done, taking into account the non-consolidated, that is part of our business. It is a very important part of PSV. We have generated cash, and the cash generate X mutual or X loan is much better.
Now going back, Herman, concerning the technical aspect, where we did the Avenida República do Líbano, there was a CRI that was about to mature. We talked to Bradesco, our partner bank. We obtained a new credit line to pay this debt and to extend the liability. But the approval of the credit was with 100% of the land lot, but we do not owe 100%. But the debt was consolidated in our balance sheet. And obviously, our partner said, "I am also the guarantor, so it is fair for me to remain with part of the loan." So momentaneously.
It is important to highlight, and I have emphasized that this is an operation that is going to be settled in the fourth quarter. We stand well to liquidate this definitely in the fourth quarter. We are going to pay off our part, and we will receive BRL 100 million from our partner. As it is temporary, in a transparent manner, we wanted to give this transparency to the market and why the cash generation was lower than we expected. We decided to be transparent and to say that this is going to be solved in the next quarter.
It is important to highlight that, bear in mind that this land lot, the company bought in another market condition, and it had the utilization of 2x the area. The benefit of this new Strategic Master Plan, we have gained a great potential in this land lot and in others too. What I mean, that we rest assured that we to do this operation based on the land lot and will be self-settled. The company has the PSV to support all of that.
The next question is by Francisco Silveyra from Darwin Inversiones. Thank you for your question. He asked why the cash flow in the third quarter were high. I am going to answer part of it. Francisco, this is a very important year for deliveries of the company. The moment of delivery of the company, when we do all or nothing, that is a moment we can no longer pay the installment and have to take on the long-term financing.
Usually, there is an increase in cancellations, but we are in peace because both in the credit and commercial, we are working very closely. Every time the client asks us for a cancellation, we reopen it for sales. These units that are discarded, they are the first ones to be sold. They are usually at high floors, and they have a very good liquidity. Those that are being canceled.
Yes, undoubtedly. First, we have to say the termination or cancellation. A deep one was from 2016 until 2019. Then the market collapsed and the country collapsed. Today is a natural cancellation. We have also seen that between 5% and 10%, there is no accrue of delivery together. But we have been working together with the transfer sector, and we have been selling. We opening up and people signal their cancellation for some reason.
They cannot get the financing and life changes and what we see, as Leo very well said, the liquidity. In many cases, we even get a better price at the time of resale. This is very important of the development, different from 2016 where the inventory went down 30%, 40%. Today, we see some units even have a price increase as compared to the original sale.
In many cases, we did the cancellation. We retained 50%. The cancellation law is consolidated, and on average, we have resold these units with an 8% increase. Francisco, I think it is a moment we are going to see that, but it does not scare us. I think we have very good news. That is a way of oxygenate the portfolio, gain price and accelerate that. We have zero concern with this topic.
The next question by Herman from Bradesco. The metric net debt equity improved, but that went out, implying that the equity went up more in spite of the lower profit in the proportion. I remarked that a little before. The SPE is consolidated and the capital of some SPE went up, and so the consolidated shareholders' equity went up a little bit. That is why the ratio net debt and equity went down a little bit. On equity went down a little bit. Going back, another question by Francisco Silveyra from Darwin Inversiones. He asks about the speed of sale of the Figueira Leopoldo.
Francisco, thank you very much for your question. The high standard, ultra-high, is natural to have a percentage of sale. We start the construction work, and we have the reception of the cruise flight near the delivery. Three months ago, we sold a unit in a week.
We left a decorated unit. In a week, we were able to have a volume of visit of people who were waiting for this event, and it started affecting this development. So we are in the natural course, and we have to deliver up to mid-next year, but it is a moment of the maturation of this development. We have no doubt concerning the location and the quality of these products. A very appropriate product, but the ultra-high standard have the right moment to resume the speed of sale. We are very optimistic and we are very self-assured, and we won a prize with this project.
To cooperate with Marcelo, I would like to remind you, there is a development in front of ours, and they sold at the end, even for a higher price. Again, we believe that is a good product in a good neighborhood, has the appropriate price, which is very important. Undoubtedly, we want to sell everything at the very beginning. But the ultra-high standard people wait until the end of the construction work.
Because the buyer already lives well and is not in a hurry. Which is interesting is that we have the contact with the majority of these clients. They monitor the construction work together with us. This is a high moment. The decorated unit is ready and close to the delivery. In a week, we had a movement we did not have a long time. So another one that we sold last week, and it happened the same. The building will be delivered in the first quarter of next year. So we are waiting, and now we have sold one unit. There is another one underway. That is the way it goes.
The next question is by Daniel Silveira, investor in the company. Good afternoon. I have three questions. How many launches will be made in Q4? Because in Q3 we did not have any launches. Second, take into account the increase in Selic. We are talking about 14% for 2025. How are you preparing for that? Lastly, do you have any plan to rebuy the shares? Would you like to answer the first part? I answered the others.
As I gave a spoiler, this past weekend, we launched of the phase I of Helbor Alegria in Mogi das Cruzes, and 100% of the units were totally sold. We have , only the phase I of Helbor Alegria. But due to the speed of sale we had, and it is a single development, we are analyzing the opportunity. We have created a natural demand.
There is the possibility of opening the phase II still this year. We are considering that, and we will open the phase II. That is what we are planning for the fourth quarter. In the third quarter, since as we had no project, there was a common agreement. We are going to fill the market in each project as to the possibility of success.
Just to launch and present to the market the PSV, that is not our goal. In the third quarter, we concentrated ourselves in showing, selling our inventory, conducting our events, and decreasing the inventory. It was not the right moment for launches. So much so, we did the first launch, and we were taken by surprise with the speed of sales.
Supplementing Marcelo, thank you for the question. The company's strategy for those who monitor us since the beginning of this year was, let us withhold the launches, let us stop buying land lots, and let us concentrate in showing what we have in inventory under construction and finished units. To our surprise, to be honest, we had a speed of sale greater than we expected, 32% more than last year. It was the company's strategy, this policy concerning launches.
Next year we are going to launch new projects, always very careful concerning the commercial aspect of each project. But we started this year with this strategy to close this year with a deleverage in our balance sheet. If we launched more, we had product on inventory and we decided to generate cash with the inventory.
Okay, Daniel, you asked about the increase in the Selic. That will be 14% of 2025. We had a more conservative scenario, and obviously it was higher than we expected. We didn't expect the Selic rate to go down. What we have done to prepare ourselves is to focus on our deliveries and on lending, and this is going to help our deleverage and the exposure of the corporate debt, especially the CDI.
May I supplement, Leo? An important fact, Daniel. We have a major debt in our balance sheet, which is a corporate debt, and it became a pre-debt. And this was very good for the company. Giving more details, we did a CRI in the first quarter 2024, where more than 70% was spread, 12% per year. At that time, it seemed to be an expensive debt, but it was appropriate, and luckily, and we not only count on CDI and we are protected concerning this debt.
About the second point, we have to be a very flexible company to adjust to the macro scenario. We do not control, but we surf on it, and it is part of it. If we see that the macro is worsening, we are going to step on the brake concerning the launches for 2025. We have talked very little about that. There is another question we are going to answer, but that is what we have decided.
If the market is on the buy side and the interest rate is not too high, we are going to continue a more robust pipeline. If the market changes, we are going to change with it. We are going to be very flexible to accelerate the cash generation, and second, to be flexible and not to have a very rigid debt and strategic plan that prevent us to adjust to the macro.
Leo, now talking about the Selic, when we talk about the interest rate for the client, the interest for the client still continue at 10.5%. In the boom from 2008 until 2014, we had interest rate of 14% at the end, and now we are talking about that 10.5%. The majority of our projects are in the medium and medium-high. Today, for these two standards, there is very important, the capacity to solve the debts.
Throughout time, the client is able to absorb this debt. It's a change in the Brazilian consumer behavior. We are able to perform because 10.5% for Brazil today is very good, and the client is buying because of that. At this point in time, talking to the banks, we don't see any signal, and the CDI is not in the mortgage market. We see the signal of going up, and this is not going to block or lock our market.
Answer your question about the repurchase of shares. We would love to do that, but we are not going to do that. At this point in time, we are not going to do that. The focus of the company is the sale under construction and finished units, and we think that is this being negotiated at below what we think fair. We would like to do that, but for the time being, the best way to oxygenate is to pay our financial debts. That's it. I think we are able to change in the future the strategic decision.
The next question by Elvis Credendio, sell-side analyst of BTG Pactual. Thanks for your question. Now, could you give us an expectation of reducing your leverage for the next quarters? About this loan, I think I have talked a lot. If you have any question, please let me know. Concerning the reduction of our leverage, we also talked a lot about that. We began the year, the first quarter of this year, we said this would be a year that we would concentrate on leverage.
We continue with the same state of mind. We are going to deliver a deleveraging in the next quarter because a good deal of the deliveries were delivered. Also we are going to exchange the financial debt of Avenida República do Líbano and bring in some investors that will have a small share in the project. This is going to help us with the financial deleveraging. For 2025, as I said throughout the presentation again, it's a very important year for deliveries. We think there will be more deleveraging along the year.
Again, it's not going to be a huge deleveraging, but it's going to be very important for the company. I don't want to give you a projection, but we expect that 2024, we are going to finish lower than 2023 and 2025 lower than 2024. The major message here is that the operational area of the company is in line. We have margin, we are selling, and the market is anxious about deleveraging.
The major message is that we are focused on that. As Leo said, in the last quarter, we are going to see more deleverage and even more next year on account of the deliveries. We have to understand that sometimes we want to do, but a developer does not live on that. Sometimes you take four or five years to deliver a project, and sometimes we cannot transfer something in a specific quarter. Inside, as we are driving our machine, our company, we know what's going on, and we can say is that the deleverage is going to happen this year and a major portion next year.
Herman Lee from Bradesco BBI has another question concerning the pipeline for launches in 2025. Herman, thank you for your question. Based on, because we have lowered our level of inventory. We have always had an inventory for 24 months, and now it's a 14 month. The expectation we have is for next year to resume the launch. We have a land bank of high quality and very sturdy, as you can see.
The expectation is to have more launches than 2024. But undoubtedly, Herman, we are going to be cautious. Begin the year, see the macroeconomics, the project by project. Two is, I cannot give you a guidance for next year, but the company expectation, differently from 2024, is that 2025 will be a greater resumption as compared to 2024.
Also, Herman, because if we don't do that, Marcelo will not have anything to do. He's going to be fired because if we have an inventory for a year, it's been a long time. I don't see the company with this scenario. We have to launch anyway.
Next question by Mariangela, the sell-side at Itaú BBA. Thank you for your question. So how are you feeling the cost and inflation pressure in the sector? What's the expected margin for the next quarters?
Thank you, Mariangela. This is Henry speaking. Undoubtedly, I think that the greatest concern inside Helbor is the cost of construction, and mainly what's happening in the lack of labor. This is leading us to a higher price for each new project. What I can say, which is the company's strategy, and in a way, it help us to face this problem. The company has a very good land bank, as you saw, focused especially in São Paulo and premium neighborhoods.
We had, and the market also had, the benefits of some land lots that were bought before. The sum of good land bank and the market is selling it. We don't have price decline. We were able to readjust our tables, our price list, to face this new wave of costs. So the project we are closing today are more expensive than two years ago, and the price of sale also went up. So this has helped the company.
That's why, although we are not buying land lots, we have a very good land and large land bank. But we are very much focused on the location. This give us peace of mind when we launch a project. So you also asked about margin. During the presentation, I said that we think the company can deliver recurrently 30% of margin depending on the mix during the quarter. In spite of the price increase in the new hiring, the sales price has offset, at least partly, the cost issue.
The last question by Rafael. He asked us what segment Helbor wants to act on. I think that it's very important when you analyze a developer, the segment is guided by its land bank. Helbor has a profile of leaving Minha Casa, Minha Vida in the medium-high, and ultra-high. Our land bank indicates that we have these four pillars or segments.
Our land bank is guided by that. It is very much concentrated and totally concentrated in the State of São Paulo, in the metropolitan region, and also the greater São Paulo by Campinas and São Paulo, the city as a whole. We have been navigating on it for 47 years, being successful in this market. The segment is medium-high, and ultra-high standard, and this is well-aligned with our land bank. Would you like to add anything?
That is true. I agree. And mainly the residential segment. In the past, the company had a greater diversity of products, and we served in the commercial rooms with the cancellations. We saw that when there is a crisis in the real estate market, it is more difficult to get out of the crisis.
We focus mostly in the residential, the state of São Paulo, mainly in the city of São Paulo, and these are well-located land lots. It is there. If we look at República, Lorena and Pamplona, Rua Bahia, Itacolomi, all these locations, there is a land lot that was an important swap that we are going to disclose that the company is well-focused, and what we want to do is the deleveraging. We are focused on that. We are not going to launch it just for the sake of it. We are going to do it only if it is the right moment, as it was in Mogi. We sold 100% of the project.
We basically went through all questions, and some of them were repeated, and we tried not to answer them again. We would like to thank you all. Would you like to give your final message?
I would like to thank all of you who participated in the conference, the whole team at Helbor, Leo, Thiago, Luiz, Marcelo, and his enriching participation in our call, and to thank the company as a whole. I think that we are on the right path. Helbor is doing very well, and for sure, we are going to surprise the market and deliver what we have promised to deliver. Thank you, everyone.