To the conference call for results for Q3 2021 for Plano & Plano. We inform that this event is being recorded, and all participants will be in listen-only mode during the company's presentation. After the company's remarks, we will begin the Q&A session when further instructions will be given. Should any participant need assistance during this call, please dial asterisk zero to reach the operator. This event is also being transmitted via webcast and may be accessed through www//ri.planoeplano.com.br and clicking on the banner webcast. The slides will be available for download on the webcast platform. The information is available in Brazilian reais and BR GAAP and IFRS applicable to real estate developers in Brazil, except where stated otherwise.
Before beginning, we would like to mention that any forward-looking statements made in today's conference call regarding business outlook, forecasts, and financial and operating targets is based on the beliefs and assumptions of the Board of Plano & Plano, and also on information currently available to the company. Forward-looking statements are no guarantee of performance. They involve risks, uncertainties, and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur.
Investors should understand that general economic conditions, industry conditions, and other operating factors could also affect the future results of the company and could cause results to differ materially from those expressed in such forward-looking statements. We have here today Mr. Rodrigo Von and Mr. João Hopp, respectively CEO and CFO and Investor Relations Officer at Plano & Plano. Now I will turn the conference over to Mr. Rodrigo Von, CEO, who will begin the presentation. Sir, you may proceed.
Good afternoon. It's a great pleasure to talk to you, and thank you for the interest in Plano & Plano and the interest in this conference. Please, let's go on to slide number five. We want to present another period with record sales and another chapter in our sustainable growth. From January to September 2021, we had the highest value of net sales in the company's history, overcoming for the first time BRL 1 billion in net sales, 73% higher than 2020. The company's ROE in the last 12 months is 48%, one of the best in the sector when considering the results of companies with open capital.
Net sales, 1,741 units resulted in BRL 328 million in net revenue, 100% Plano & Plano, representing a growth of 45% in relation to the VGV of the previous year. Also, during the same period, the net income grew 42.4%, reaching BRL 328 million. Net income in Q3 reached BRL 14 million, with a growth of 20% in relation to the same period Q3 2020, with a net margin of 12%. Comparing the profit of Q3 with the profit of Q2 2021, there was an increase of 128%. After pressure on gross margin due to the price increases on construction material, the gradual raising of prices had a positive effect in Q3. With this, the gross adjusted margin went up from 31% in 2021 to 33.6%, rose 2%. The company continues working in the same direction, getting a gradual and progressive evolution.
This year, the company increased also the number of launches for middle class, which gradually will increase its share in the following periods. Management continues to trust that it can continue to expand operations of the company in a profitable way and with controlled risks. Now I'd like to pass the floor to João Hopp, our CFO, who will present the operational highlights and financial highlights. João, you have the floor.
Thank you. Good afternoon. Please let's go directly to slide number seven. Net sales, 100% Plano & Plano year- to- date, the first nine months, BRL 1 billion. This represents the highest sale volume in the company's history. The comparison between 2020 to 2021, a growth of 73% in 2020, BRL 590 million. Q3 sales BRL 326 million and here at BRL 326 million, 45.3% higher. Next slide, please. In Q3, the launches in Jardim Botânico and we had more launches for middle class.
The company launched five projects in Q3 with a sales volume of BRL 439 million, representing 24.2% higher in comparison with Q2 2021, BRL 354 million. Year-to-date launches BRL 896 million. Year-to-date 2021, close to BRL 905 million in the first nine months of 2020. The launches in the nine months 2021 here can be seen. Now slide number nine. On September 30th, 2021 VSO, the last 12 months, 43%, in line with the 43.1% on June 30, 2021. When comparing with the same period in 2020, there was an increase of 6 percentage points in relation to the 37% obtained on September 30, 2020. We had more growth in sales. Next slide, please. At the end of Q3, the land bank represented 1.2 million square meters worth BRL 10 billion. During Q3 2021, we bought three new plots of land in São Paulo.
These are concentrated in the metropolitan region of São Paulo, 94% and 84% of the VGV in the city of São Paulo. The cost of acquisition of the whole land bank, 3% will be paid in cash and 97% will be paid in installments as we make the sales. Now slide 12, please. The net revenue of the company, BRL 328 million in Q3 2021, 42.4% higher than in the same period last year, BRL 230 million. In spite of COVID-19 during the 2021, construction remained active because it was considered an essential activity. The revenue went up and we had sales, and we recognized revenue using percentage of completion. Year-to-date, revenue grew 55.5% from BRL 626 million in year-to-date 2020 to BRL 973 million in the first nine months of 2021.
The gross adjusted profit in Q3, BRL 110 million, growth of 25.3% in comparison with BRL 88.1 million in Q3 2020, with a strong growth in sales. In the period, the pressure on margin due to price increases in construction material and gradual raising of prices presented a positive effect in Q3. With this, the gross adjusted margin went up 2 percentage points, going from 31.6% in Q2 2021 to 33.6% in Q3 2021. The company continues working in the same direction to increase its margins. Slide 14. The growth of operational expenses in the nine months of 2021 in comparison with the same period 2020 was inferior to the growth of net revenue. Commercial expenses went from 13.6% of the revenue in the first nine months to 12.1% of sales in the same period, nine months 2021. Administrative expenses went here to 5.9% in 2021.
Operational expenses in Q3 2021 had values 25.8% higher than the same period of the previous year. This increase is especially due to adjustments in accruals provisions as explained in the report of Q2. In Q2 2021, we had some expenses of marketing, communication, especially with our new campaign and inauguration of five new stores and strong investments in marketing once again. As expected on Q3 2021, we saw a dilution of these expenses. Part of these expenses did not continue on the same level, decreasing their participation in relation to sales because they were concentrated in Q2. Now, the expenses with personnel, with commercial and administrative, the growth in this quarter in relation to the previous are here. First, increase in personnel expenses coming from the participation in results and also all the impact of these expenses happened in December.
We recognized the results 1/12 per month of the expected amount for the year represented BRL 7 million in the first nine months of 2021. In the six months, the growth of personal expenses of Q3 in relation to the previous year, 13.7% for the same reason, increase in head count. Here with more sales, we had to reinforce the team for the new levels and also for the growth we had planned. One of the relevant actions was to really have all the employees in CLT. The objectives are we want to increase sales and also reduce costs in services rendered. Here we see the expenses of 2020, 14.6 lower than Q2 2021. In comparison with Q3, expenses were significantly higher. We did a reclassification of BRL 2.9 million in relation to the IPO, and these were recorded.
The relevant amount also with the develop-- We spent with the BRL 1 million with new systems. Next slide. Net profit reached BRL 40.1 million in Q3 2021, and here BRL 50 million. These amounts are 30.1% higher. Nine months, 2021, the company is delivering 11.1% in net margin, a drop due to the cost of materials. We are raising prices because of pressure on costs, and we're trying to recover the gross margin. This effect can be noticed in the results in Q3. Comparing Q3 with Q2 2021, the margin increased 6% from 5.3% to 12.2%. Next slide. The comparison between Q3 2021 and Q2 2020, BRL 50.6 million to BRL 58. In year-to-date, nine months, the growth was 30.6%, going from BRL 127 million to BRL 163 million in year-to-date 2021. Next slide. On September 30, 2021, net debt BRL 323 million lower than on September 2020.
Considering cash of the net debt reached BRL 99 million at the end of Q3. Now, the relation net debt over equity went from 0.36 to 0.30 on September 30, 2021, as a consequence of the increase in equity with the generation of profit in the last 12 months. Excluding the payment of dividend and repurchase of shares, we had a cash generation of half a million reais and nine months, BRL 86 million. Here we end, and we're available for que stions. Thank you.
Thank you. We'd like to begin now the Q&A session. To ask a question, please dial asterisk one. To remove, dial one, sorry. To remove your question, dial two. The first question comes from Elvis Credendio, BTG Pactual.
Good afternoon, Rodrigo, João. Two questions. The first on the middle income segment. You had a launch in Q3, Jardim Botânico. Please comment, give us more details. How was the sales performance? What was the margin? In parallel, please comment on the strategy for this segment, middle class. Within the mix, what would be the percentage? What were the changes in price and interest rates because you are having great changes in margin and prices? Thank you.
Elvis, good afternoon. Thank you. Concerning the first launch for lower middle class, the performance is similar to the other launches. It has a good performance. We believe the sales curve will not be different from the ones we have in other projects. What we are looking, we have made changes in the sales team to treat this client that has a little higher income. For us, as a first experience, it is good. We believe it should improve.
I would say that the performance is good, but it is not what we want for middle class. As I said, we are changing the client's journey. It is a little different. In terms of strategy, these products for lower middle class should represent until 2023, 20% or above 20% of our launches. We have something planned for 2022, but we are already preparing projects and adapting them for this line. Accelerated growth will be felt in 2023. In terms of Casa Verde e Amarela program, we are also making some changes. The impact on us was the rise in interest rates, especially for clients. We have seen a performance that is a little better and 0.5 percentage point higher. We were trying to recover clients who recently had the credit approved but could not pay the installments.
We are talking to them to see if we can recover the sales for these people. Our average ticket is BRL 185,000 , and some products that were hitting the ceiling in terms of the subsidy curves, there should be changes maybe in March next year, but this should affect subsidies for lower sales. Since our clients have an income of BRL 4,000 , we do not see great changes in the subsidy curve.
Fine. Very clear. A follow-up question based on the growth. You said you wanted to reach 20% market share in 2023. How about the plots of land? Do you have the plots of land to have 20% share for middle-class clients, or do you have to buy more plots of land? How is competition for the purchase of land? We see many players talking about growth in this segment, units for middle class.
Elvis, the plots of land, we have some where we will launch products for lower middle class, but we are negotiating plots of land and we are looking at the feasibility. We will buy new plots of land. We have some plots of land already in our land bank, and we will buy more for this line. The other question you asked was? Can you repeat?
Competition for middle-class clients. We see that competition is very similar. They are not different from what they were. Competition is the same as it was. We are studying the feasibility, and we are thinking of buying plots of land for middle-class clients. But the purchase process, we analyze more than 1,000 plots of land per year, and there are many opportunities. We are buying 15, 18 plots of land per year, and we always have good opportunities. We're not concerned with this, but it's not becoming more difficult to buy plots of land. We're buying 15 to 20 per year, and we analyze 1,000 plots of land.
Thank you.
Thank you. Our next question comes from webcast. Investor Luis Cotaca. Good afternoon. Congratulations for the results. Could you talk about the last program for repurchasing shares and dividends?
Luis, thank you for the question. The program for repurchase of shares was approved in September. We bought the day before yesterday. According to Resolution 44, the company acquired 1.5 million shares. This represents 10.7% of the company shares. In the last 16 days, the company stopped then, and what I can say is that we have permission to buy until 6 million shares. There's a great probability that we will continue buying back shares. We do this according to Resolution 44 .
Concerning dividends, in the previous year, we had a distribution of BRL 40 million in dividends, a payout a little above the minimum by law. Our profit was BRL 182 million. We distributed BRL 40 million. Looking forward, the probability of paying dividends after the end of the year, it will be also close to the minimum that is mandatory.
We have a net debt over equity that is very healthy, and a year and a half ago, it was 0.9, so we're in a good situation over, and we want to get to 0.2. With moments of volatility and with cash available, probably dividends will be distributed after next year's general meeting and should be close to the minimum that is mandatory. From then on, the policy will be all excess cash. Everything we won't use in the operation, we don't want to have it in the company, we're going to distribute to shareholders.
Thank you. Next question, also webcast, Andre Santana. Was there an evolution in the average price? What are the perspectives for prices in the next quarters, and how was the sales evolution of the space product?
Andre, thank you. In terms of average price, it's interesting to see our average price is BRL 185,000, and our price per square meter in the last year went up 10%. We have been raising prices because of inflation and higher costs. It's a case-by-case decision, so sometimes we want to accelerate more the sale of the units. The price per square meter went up 10% in the last 12 months.
In relation to the next quarters, inflation is growing, is higher, and for example, we're also looking at construction costs. We believe things will be more benign. We're always looking at this. It's difficult to say how much the price will go up. What we will try to do is raising prices because of higher costs because we have a goal to increase our gross margin, net margin, to go back to the same levels of 12 months ago. Our sales were reasonable, were very similar to other launches, and within our parameters, I believe there are things we can improve. For the time being, everything is in line with the projects we launched.
Thank you. Next question, also webcast, Bruno Duni. In this quarter, the company recovered part of the drop in gross margin. Is the current level sustainable for the next quarters?
Bruno, thank you for your concern. Gross margin, we're working, yes. We have the phenomenon of backlog of sales that had happened. What happens in Casa Verde e Amarela is that it will improve. We want it to improve even more in the next quarters.
Thank you. Reminding you to ask a question, please dial asterisk one. You can also send a question via webcast in writing. Since there are no more questions, I'd like to pass the floor to Mr. Rodrigo Von for his final comments.
Well, I'd like to conclude with an important message. After a year of IPO, I'd like to say that we are on a very positive track. We are on a higher level of management. I'd like to mention three points. The first, formalization of our ESG department and our first ESG and sustainability report in August 2021, which was totally aligned with our objectives for ESG and an average cost in the long term. Here, we formalized also our risk mapping with actions to mitigate the risks.
We increased our human resource policy, improving the work environment, and I'd like to say that we're a great place to work since March 2021. These are good examples of the improvements that we make every day. I'm sure that we're on the right track to deliver growth and development, sustainable growth and development. Thank you very much and happy year-end, and we will meet again in March 2022.
The conference call of Plano & Plano is concluded. We thank you all for participating. We wish you a good afternoon.