Cyrela - Apresentação Institucional - Março de 2004

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Apresentação Institucional - Março de 2004

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Cyrela - Apresentação Institucional - Março de 2004

  1. 1. BRAZIL REALTY March 17th, 2004 1
  2. 2. THE COMPANY BRAZIL REALTY § Brazil Realty acts in a huge variety of segments, from residential buildings to commercial and shopping malls Cyrela / Brazil Realty group developments, being one of the most diversified has built more than 2 million sqm since its companies of the Brazilian real estate market. start In 2003 Brazil Realty was § Brazil Realty acts in all stages of the process, from land awarded with 1st places acquisition to market and property management. for the “residential launch of the year” and “commercial development” according § Brazil Realty is recognized for the high quality of its to Prêmio Folha products and active marketing strategies. Office rents revenues is enough to support § A solid financial position generates conditions to adjust to company’s fixed costs economic and market changes as well as to take advantage of buying opportunities that occurs in crisis. § Brazil Realty focus on most-profitable market niches in São Paulo, Santo Andre, Campinas and Rio de Janeiro. 2 2
  3. 3. HISTORY BRAZIL REALTY Brazil Realty redefines its focus to residential developments Total assets reach R$ 471.2 million. Portfolio of 64 proprieties. 2003 Expansion to Rio de Janeiro Brazil Realty issues 2002 US$ 75 million in 8- Meliá Campinas year Eurobonds starts regional 2001 expansion Cyrela acquires IRSA’s 2000 stake in the company 1999 JK Financial Center IRSA and Mr. Horn capitalize Brazil development is Realty with US$30 1997 completed. REIT Brazil million launched US$ 10 million capital 1996 increase 1994 Brazil Realty 1962 Mr. Elie Horn startsreal estate US$80.5 million IPO. Portfolio of 9 3 business in Brazil proprieties 3
  4. 4. GROWING ELEMENTS BRAZIL REALTY Economy of Scale / In-house sales team Proven Track Record Solid Financial Professional Position / Own Managing Team Capital Land Banking / Solid Clients Database Portfolio of Properties Construction Certify Modern ISO 9000 Managing Tools 4 4
  5. 5. GROWING ESTRATEGY BRAZIL REALTY Regional Expansion Product Partnerships with Diversification other developers Alternative New Financial Models Access to Capital Market 5 5
  6. 6. PORTFOLIO BRAZIL REALTY 1) Residential 2) Offices 3) Shopping Malls and Exposition Trade Pavillion 6 6
  7. 7. 1) RESIDENTIAL PORTFOLIO BRAZIL REALTY § Brand is associated to top-brand quality products § Innovative products and marketing strategies § Prime locations § Administration services 7 7
  8. 8. 1) RESIDENCIAL PORTFOLIO BRAZIL REALTY MARKET • Brazilian housing shortage: – 5,3 million houses. Fundação João Pinheiro, 2001 – 6,7 million houses. SECOVI, 2000 • Brazil Realty’s markets: – 1,1 million in São Paulo. EMBRAESP, 2000 – 0,5 million in Rio de Janeiro. EMBRAESP, 2000 • Critical factors: Cyrela / Brazil Realty – Inflation Group’s Market Share – Interest rates in São Paulo: 6% – Long term credits 8 8
  9. 9. 1) RESIDENTIAL PORTFOLIO BRAZIL REALTY MARKET Average price of residential properties in US$/sqm x GDP in billion US$ (source: Sinduscon / MCM) 900 800 700 600 500 400 300 200 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Price (US$/sqm) GDP (Bi US$) 9 9
  10. 10. 1) RESIDENTIAL PORTFOLIO BRAZIL REALTY PARTNERSHIP STRUCTURE PARTNERS IN PARTNERS IN BRAZIL BRAZIL PARNERS IN PARNERS IN DEVELOPMENT DEVELOPMENT REALTY REALTY DEVELOPMENT DEVELOPMENT (A) (A) (B) (B) SPECIFIC SPECIFIC SPECIFIC SPECIFIC PURPOSE PURPOSE PURPOSE PURPOSE COMPANY (A) COMPANY (A) COMPANY (B) COMPANY (B) DEVEPLOPMENT (A) DEVEPLOPMENT (A) DEVELOPMENT (B) DEVELOPMENT (B) 10 10
  11. 11. 1) RESIDENTIAL PORTFOLIO BRAZIL REALTY TYPICAL CASH FLOW ws Launch sh Inflo Last ated Ca installment umul Land Acc acquisition Net Cash Flow End of + + project Year 0 - 1 2 3 4 5 Accumulated Cash Outflows Construction ends Construction Construction starts acelerates 11 11
  12. 12. 1) RESIDENTIAL PORTFOLIO BRAZIL REALTY SÃO PAULO • New developments (2003) – Mandarim (56% B.Realty) • Brooklin Novo • 338 units • Sale Volume of R$ 57 million (R$ 32 MM B.Realty) – A Reserva (50% B.Realty) • Chácara Flora • 264 units • Sale Volume of R$ 53 million (R$ 26,5 MM B.Realty) – Grand Garden (50% B.Realty) • Jardim Avelino • 324 units • Sale Volume of R$ 53 milhões (R$ 26,5 MM B.Realty) 12 12
  13. 13. 1) RESIDENTIAL PORTFOLIO BRAZIL REALTY SÃO PAULO • New developments (2003) – Atmosfera (25% B.Realty) • Vila Olímpia • 220 units • Sale Volume of R$ 68 million (R$ 17MM B.Realty) – Contemporâneo Moema (34% B.Realty) • Moema • 39 units • Sale Volume R$ 25 milhões (R$ 8,5MM B.Realty) 13 13
  14. 14. 1) RESIDENTIAL PORTFOLIO BRAZIL REALTY SÃO PAULO (CYRELA / B.REALTY GROUP) • New developments (2004) – 11 developments through partnerships – Brazil Realty’s stake in sale volume is R$ 250 million • Potential land banking not used (2004) – 6 developments through partnerships – Brazil Realty’s stake in sale volume is R$ 160 million 14 14
  15. 15. 1) RESIDENTIAL PORTFOLIO BRAZIL REALTY SÃO PAULO ÇIRAGAN § Jardins / Paulista Ave. § Site: 6.360 sqm § 252 unis § Units of 51 to 224 sqm § 48 office units § Sale Volume of R$ 80 million § Delivery date: April 2007 § Architect: Itamar Berezin § 38% Brazil Realty’s stake 15 15
  16. 16. 1) RESIDENTIAL PORTFOLIO BRAZIL REALTY RIO DE JANEIRO • New development (2003) – Le Parc (53%) • Barra da Tijuca • 768 units • Sale Volume of R$ 323 million (R$ 170 MM B.Realty) • New development (2004) – 6 developments in partnerships – Brazil Realty’s stake in sale volume is R$ 140 million • Potential land banking not used – 4 developments in partnerships – Brazil Realty’s stake in sale volume is R$ 135 milhões 16 16
  17. 17. 1) RESIDENTIAL PORTFOLIO BRAZIL REALTY RIO DE JANEIRO LE PARC § Barra da Tijuca § Land: 55.000 sqm § 13 buildings / 768 units § Sale Volume of R$ 323 million § Units of 100 to 350 sqm § Delivery date: June 2006 § Architect: S&W / Collaço & Monteiro § 53% Brazil Realty’s stake 17 17
  18. 18. 2) OFFICE PORTFOLIO BRAZIL REALTY § Prime location § Large Floorplates § State-of-art technology and features § Top-notch quality § Long term tenants, large national and multi-national companies § Own property managing team 18 18
  19. 19. 2) OFFICE PORTFOLIO BRAZIL REALTY Occupancy and Rent Revenues History 30000 95% 95% 102% 100% 99% 24.000 (e) 25000 96% 100% 92% 98% 20000 ,000 R$ 15.881 96% 15000 12.266 11.400 94% 7.622 9.000 10000 92% 5000 90% 0 88% 1999 2000 2001 2002 2003 2004 Rent Values in Latin America 2004: according to data table presented ahead 35 -63% 30 -7% -36% -5% US$ per sqm 25 -15% 20 -20% 15 10 5 0 ile ico il i a ua na as Ch el éx ug nti Br zu M ge Ur ne Ar Ve 2001 2003 source: CB Richard Ellis / Cushman Wakefield Semco Dec/03 19 19
  20. 20. 2) OFFICE PORTFOLIO BRAZIL REALTY OFFCIES Monthly Total Occupancy Value Value B.Realty Revenues (R$) Area (sqm) R$ / 000 per sqm Stake Nova São Paulo 429.484 12.485 100% 53.860 3.748 100% Verbo Divino 228.562 8.403 75% 28.663 2.975 100% CENESP 63.137 2.844 100% 7.918 2.207 100% Brasílio Machado 346.130 10.585 78% 43.406 4.000 50% Brasilinvest 133.581 2.923 100% 16.752 5.369 100% Faria Lima Financial Center 430.742 6.914 56% 54.017 10.685 100% Corporate Park 232.265 4.510 100% 29.127 7.369 41% ABC Office 144.482 5.572 89% 18.119 3.252 20% Total 2.008.382 54.236 251.862 Sep 30, 2003 20 20
  21. 21. 2) PORTFOLIO ESCRITÓRIOS BRAZIL REALTY LOCAÇÃO UNDER Acquisition Site Total Delivery B.Realty DEVELOPMENT Date (sqm) Area (sqm) Date Stake Faria Lima Square mai/01 4.825 18.000 jul/05 13% Av, JK 1455 jul/00 5.257 20.197 jul/05 54% Faria Lima Square JK 1455 21 21
  22. 22. 2) OFFICE PORTFOLIO BRAZIL REALTY FARIA LIMA FINANCIAL CENTER § Site: 6.900 sqm § Total Private Area: 26.512 sqm § 17 floors from 1.280 to 2.220 sqm § Delivery date: Feb 2003 § Architect: HOK / Collaço & Monteiro § Triple A building (new technologies / sofisticated high class) § Quality Award Prêmio Folha 2003: 1st place – office building § Tenants: Itaú-BBA, Credit Suisse, ING Bank, among others. 22 22
  23. 23. 3) SHOPPING MALLS AND BRAZIL REALTY TRADE PAVILLION SHOPPING CENTERS Delivery Gross Leasable Annual Revenues B.Realty Date Area (sqm) (,000 R$) Stake ITM Expo jun/96 44.430 5.250 36% ABC Plaza Shopping set/97 32.765 16.050 20% Avenida Industrial nov/99 23.551 2.940 34% § 100.700 m² of leasable area § Own managing team § Diversified mix of stores 23 23
  24. 24. 4) LAND INVENTORY BRAZIL REALTY § Prime location § Potential sale volume R$ 690 MM (R$ 293 MM B.Realty’s stake) § Changes in municipal laws: potential for construction is already assured 24 24
  25. 25. 5) ECONOMICS / FINANCIAL BRAZIL REALTY DATA Annual Sales - B.Realty 160 140 120 100 MM R$ 140 80 127 60 40 84 20 - 2001 2002 set/03 New Developments - Brazil Realty 18 16 14 12 10 # 8 6 4 2 - 2001 2002 set/03 2004 (e) 25 25
  26. 26. 1.000 2.000 3.000 4.000 5.000 6.000 7.000 8.000 9.000 10.000 0 jan/02 DATA fev/02 mar/02 abr/02 mai/02 jun/02 jul/02 ago/02 set/02 out/02 5) ECONOMICS / FINANCIAL nov/02 dez/02 Cash Flow jan/03 Construction fev/03 mar/03 BRAZIL abr/03 mai/03 jun/03 jul/03 ago/03 set/03 26 REALTY 26
  27. 27. 5) ECONOMICS / FINANCIAL BRAZIL REALTY DATA Net Operational Revenues 180 160 140 120 MM R$ 100 80 60 40 20 Stockholder's Equity - 350 1999 2000 2001 2002 set/03 300 250 MM R$ 200 150 Net Profit 100 50 50 40 - 30 1999 2000 2001 2002 set/03 MM R$ 20 10 - 1999 2000 2001 2002 set/03 27 27
  28. 28. 5) ECONOMICS / FINANCIAL BRAZIL REALTY DATA Net Profit per Share 0,70 0,60 0,50 0,40 R$ 0,30 0,20 0,10 - 1999 2000 2001 2002 set/03 Return on Net Equity 30% 25% 20% MM R$ 15% 10% 5% 0% 1999 2000 2001 2002 set/03 Pro-rata 28 28
  29. 29. 5) ECONOMICS / FINANCIAL BRAZIL REALTY DATA – BALANCE SHEET 700 Permanent 600 79,5 500 Stockholder’s 125,8 Long-Term 363,7 Equity and 400 Minority MM R$ Receivables Interests 300 200 401,2 117,7 Long-Term Liabilities Current 100 Assets 125,1 Current 0 Liabilities Assets Liabilities 29 29
  30. 30. 5) ECONOMICS / FINANCIAL BRAZIL REALTY DATA (MM R$) Sep 30, 2003 CURRENT ASSETS 401,157 Available Funds 143,559 Accounts Receivable 71,632 Properties for Sale 185,966 LONG-TERM RECEIVABLES 125,831 PERMANENT ASSETS 79,547 TOTAL ASSETS 606,535 CURRENT LIABILITIES 125,144 LONG-TERM LIABILITIES 117,692 STOCKHOLDER'S EQUITY + MINORITY INTERESTS 363,699 TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY 606,535 30 30
  31. 31. 5) ECONOMICS / FINANCIAL BRAZIL REALTY DATA – STATEMENT OF INCOME (,000 R$) Jul 01 - Sep 30, 2003 Jan 01 - Sep 30, 2003 Gross Sales and Services 39.088 99.932 Developments 32.562 83.739 Rent of Properties 5.933 14.583 Services rendered and other 593 1.610 Deductions of Gross Revenues -1.728 -3.943 Net Revenues of Sales and Services 37.360 95.989 Cost of Goods and Services -13.602 -43.454 Gross Profit 23.758 52.535 Operating Expences / Income -3.180 -15.630 Operating Profits 20.578 36.905 Profit before Taxation 20.578 36.905 Income Tax and Social Contrib. Provision -1.170 -3.079 Deferred 562 1.656 Minority Interest -303 -504 Net Income for the Period 19.667 34.978 Number of Shares 79.777 79.777 Profit per Share 0,2465 0,4384 31 31
  32. 32. 5) ECONOMICS / FINANCIAL BRAZIL REALTY DATA American Companies Economic Value Economic Value Economic Value / Assets / Net Profit / Shareholder's Equity CONS TOMOKA LAND CO-FLORIDA 1,56 36,37 2,20 NEWHALL LAND & FARMING CO-LP 2,08 29,44 n.d. THE ST JOE COMPANY 2,16 26,83 5,26 CENTEX CORP 0,85 21,82 3,70 WCI COMMUNITIES INC 0,60 17,20 1,71 TECHNICAL OLYMPIC USA INC 0,81 17,08 2,08 WILLIAM LYON HOMES INC 0,75 16,95 2,54 AVATAR HOLDINGS INC 0,49 16,27 0,86 TOLL BROTHERS INC 0,97 14,14 2,84 DR HORTON INC 1,02 12,10 2,45 STANDARD-PACIFIC CORP 0,84 12,05 1,94 DOMINION HOMES INC 0,79 11,50 1,72 PULTE HOMES INC 0,61 11,08 1,52 KB HOME 0,94 10,94 2,49 HOVNANIAN ENTERPRISES-A 0,77 10,94 2,18 source: Banco Bradesco BEAZER HOMES USA INC 0,82 10,48 1,82 M/I SCHOTTENSTEIN HOMES INC 0,87 10,43 1,48 MDC HOLDINGS INC 0,91 10,10 1,82 RYLAND GROUP INC 0,67 9,87 1,63 ORLEANS HOMEBUILDERS INC 0,80 9,77 2,69 NVR INC 2,04 9,11 5,97 LENNAR CORP-CL A 0,74 8,92 1,91 HOMEFED CORP 1,07 4,86 n.d. Average 1,01 14,71 2,40 Brazil Realty 0,60 8,82 1,44 32 32
  33. 33. AWARDS BRAZIL REALTY Ÿ Most Admired Companies in the Real Estate Sector (Interscience/ Carta Capital magazine) – 2000 - Cyrela 1st, Brazil Realty 2nd place – 2001 - Cyrela 3rd, Brazil Realty 1st place – 2002 - Cyrela 2nd place – 2003 - Cyrela 2nd place Ÿ Top Imobiliário – 1996, 1997, 1998, 1999, 2000, 2001, 2002 Ÿ Valor Econômico – 2001 - Executivo de Valor 33 33
  34. 34. PREMIAÇÕES BRAZIL REALTY Ÿ Fiabci’s Prix D’Excellence – 1997 - Centro Têxtil Ÿ Top de Marketing / ADVB – 2001 Ÿ Summit de Varejo / IPEDV FGV - 2002 Ÿ Prêmio Qualidade Folha – 2003 – 1st place Launch of the Year: Vert Supreme – 2003 – 1st place Office Building: Faria Lima Financial Center 34 34
  35. 35. BRAZIL REALTY Office Av. Brigadeiro Faria Lima, 3.400 10 andar 04538-132 - São Paulo – Brasil Tel. (11) 4502-3000 Investors Relationship Luis Largman – Director luis.largman@brazilrealty.com.br (11) 4502-3153 Symbol CYRE4 35

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