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1 q10 presentation

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1 q10 presentation

  1. 1. 1Q10 Results May 17, 2010
  2. 2. Highlights Contracted sales of R$76.7mm (%CR2 R$58.4mm) in 1Q10, 220% higher than R$24.0mm (%CR2R$19.0mm) in 1Q09. Revenues to be recognized of R$186.3mm and results to be recognized of R$55.4mm, with amargin to be recognized of 29.8%. CEF Track record (“Crédito Associativo”): R$91,5mm in cumulative disbursements from CEF (R$23,5mm in 1Q10) 2.595 contracted units 1.591 credits transferred (61% of the total) Another 632 units approved in 2Q10, for a total of 3.227 contracetd units Performed receivables and those from projects with delivery scheduled for 2010 totalingR$364.1mm (71% of the portfolio). Reiteration of the 2010 PSV launch Guidance of R$400mm. 2
  3. 3. Highlights 101,6 25,2 97% 159% 51,7 9,7 1Q09 1Q10 1Q09 1Q10 Net Revenue Gross Profit 18,1 7,2 (EPS R$ 0,16) 457% 698% 1,3 (EPS R$ 0,03) 2,3 1Q09 1Q10 1Q09 1Q10 EBITDA Net Profit 3
  4. 4. Contracted Sales Total and %CR2 Contracted Sales (R$mm) %CR2 Contracted Sales by Region (R$mm) 80,4 61,9 76,7 58,4 18,5 18,3 46,7 38,1 62% 34,6 39,4 67% 37,2 28,0 12,1 24,0 9,2 61,9 19,1 58,4 29,9 86% 4,9 25,4 91% 34,6 23,7 28,0 15,0 79% 19,1 19,0 4,1 4,7 2,6 1Q09 2Q09 3Q09 4Q09 1Q10 1Q09 2Q09 3Q09 4Q09 1Q10 CR2 Partners Metropolitan Area of SP Capital and Metropolitan Area of RJ %RJ 4
  5. 5. Contracted Sales %CR2 Contracted Sales by Average Price Average Price Units Sold (R$) (R$mm) 168,923 61.9 152,316 152,229 58.4 4.4 3.3 120,788 123,890 34.6 28.0 36.9 4.7 28.0 19.1 7.9 2.9 5.8 0.3 4.4 27.1 46% 22.0 64% 19.3 69% 20.5 33% 14.4 75% 1Q09 2Q09 3Q09 4Q09 1Q10 1Q09 2Q09 3Q09 4Q09 1Q10 < R$130 k R$131 k - R$350 k R$351 k - R$500 k % < R$130 k 5
  6. 6. Inventory at Market Value and SoS Inventory at the Contracted Contracted Sales Inventorys Period Launches Inventory at the Beginning of Sales SoS from Launches in Contracted(R$ mm) (CR2s share) End of Period Period (CR2s share) the Period Sales 2006 0.0 33.4 11.9 21.5 35.7% 11.9 0.0 1Q07 21.5 62.4 31.5 52.4 37.6% 23.6 7.9 2Q07 52.4 20.4 18.5 54.3 25.4% 8.8 9.7 3Q07 54.3 63.1 32.4 85.0 27.6% 20.4 12.0 4Q07 85.0 170.3 59.2 196.1 23.2% 39.3 19.9 1Q08 196.1 47.9 27.2 216.8 11.1% 15.9 11.3 2Q08 216.8 131.3 144.4 203.7 41.5% 93.7 50.6 3Q08 203.7 113.9 67.6 250.0 21.3% 44.2 23.4 4Q08 250.0 0.0 12.6 237.5 5.0% 0.0 12.6 1Q09 237.5 0.0 19.1 218.4 8.0% 0.0 19.1 2Q09 218.4 0.0 34.6 183.8 15.8% 0.0 34.6 3Q09 183.8 0.0 28.0 155.8 15.2% 0.0 28.0 4Q09 155.8 56.7 61.9 150.5 29.1% 31.5 30.4 1Q10 173,4* 0.0 58.4 115.0 33,7%* 0.0 58.4SoS (%CR2) = [Contracted Sales in the period / (Inventory at beginning of period + launches of the period net of physical exchange)]* After price adjustment 30% of Shareholders’ Equity 6
  7. 7. Inventory at Market Value and SoS Inventory at Market Value Inventory at Market Value Inventory at Market Value Construction Status Average Price Region 7% 5% 23% 18% Capital and Metropolitan19% > R$130k Area of RJ Under Construction R$131k - R$350k Metropolitan Area of SP Construction not Started R$351k - R$500k Completed 74% 77% 77% 100% of inventory available for SFH 7
  8. 8. Project Conclusions R$87mm of PSV delivered in 1Q10.... ...and another R$105mm in 2Q10.Project: Villaggio del Mare Project: Barra Allegro Project: Verano IILocation: Barra da Tijuca (RJ) Location: Barra da Tijuca (RJ) Location: Barra da Tijuca (RJ)# Units: 120 # Units: 144 # Units: 346% Sold: 98% (as of March, 2010) % Sold: 98% (as of March, 2010) % Sold: 89% (as of March, 2010)PSV: R$45mm PSV: R$42mm PSV: R$105mmDelivery Date: March, 2010 Delivery Date: February, 2010 Delivery Date: May, 2010 8
  9. 9. Project Conclusions We intend to reach the end of 2010 with R$782.8mm of PSV delivered, 77% of the total launched Delivery Schedule: PSV (R$mm) Delivery Schedule: Units 15 projects (77% of Launched) 5.321 Units 461 3,875 102 322 117 187 88% 1,446 1,344 359 45 204 42 142 97% 300 6 61% 36 95%Delivered: from To be Delivered To be Delivered To be Delivered Delivered: from 2008 to To be Delivered 2010 To be Delivered 2011 To be Delivered 2012 2008 to 1T10 2010 2011 2012 1T10 CR2 Partners Sold Inventory 9
  10. 10. Residential Land Bank 100% of land bank in the economy segment Average Price Total PSV CR2s PSV Development City (State) Segment Units % CR2 (R$ 000) (R$ MM) (R$ MM) Splendore Valqueire II Rio de Janeiro (RJ) Economy 188 160 30 24,0 80% Jardim Paradiso IIB - III Nova Iguaçu (RJ) Economy 68 963 65 60,7 93% Top Life Village (Colônia Paraíso) S. J. Campos (SP) Economy 87 392 34 29,2 86% Manaú 2 Guarulhos (SP) Economy 86 420 36 31,0 86% Pq. das Águas II São Gonçalo (RJ) Economy 162 1.152 187 149,3 80% Pq. das Águas III São Gonçalo (RJ) Economy 171 492 84 67,2 80% Pq. das Águas IV São Gonçalo (RJ) Economy 89 942 84 67,2 80% Cidade Paradiso Nova Iguaçu (RJ) Economy 72 30.183 2.180 2.180,0 100% Total 78 34.704 2.700,3 2.608,6 97% 0-3 minimum wages MCMV: Project already approved by the Municipal Authorities and inprocess of approval by CEF Average Price Total PSV CR2s PSV Development City (State) Segment Units % CR2 (R$ 000) (R$ MM) (R$ MM) Sta. Cecília – Madureira Nova Iguaçu (RJ) 0-3 minimum wage 49 3.780 185,2 185,2 100% Total 49 3.780 185,2 185,2 100% 10
  11. 11. Commercial Land Bank Barrartes and Warehouse projects: positively affected by the choice of Rio as the site of theOlympic Games M2 Average Total PSV CR2s Development City (State) Segment % CR2 (buildable Price (R$ MM) PSV Barrartes Rio de Janeiro (RJ) Commercial 45,000 7,500 337.5 236.3 70% Warehouse ABEAR Rio de Janeiro (RJ) Commercial 64,000 4,500 288.0 201.6 70% Niterói Plaza Niterói (RJ) Commercial 6,500 7,000 45.5 31.9 70% Total 115,500 5,810 671.0 469.7 70% 11
  12. 12. Income Statement Net Revenue (R$mm) Gross Profit (R$mm) and Gross Margin 101.357 101.557 25.062 25.223 21,8% 18,8% 19,4% 24,7% 24,8% 75.223 71.837 16.363 51.682 13.962 9.732 1Q09 2Q09 3Q09 4Q09 1Q10 1Q09 2Q09 3Q09 4Q09 1Q10 EBITDA (R$mm) and EBITDA Margin Net Profit (R$mm) and Net Margin 17,8% 7,160 15,4% 6,7% 5,2% 7,1% 10,8% 9,7% 2,5% 4,9% 4,4% 18.094 15.643 5,253 5,005 7.781 7.284 3,552 1,286 2.268 1Q09 2Q09 3Q09 4Q09 1Q10 1Q09 2Q09 3Q09 4Q09 1Q10 12
  13. 13. Revenues and Results to be Recognized Revenues to be Recognized of R$186.3mm Results to be Recognized of R$55.4mm (margin of 29.8%) Revenues and Results to be Recognized (R$ 000) 1Q10 1Q09 ∆1Q/1Q 4Q09 ∆1Q/4Q Revenues to be Recognized 186,255 284,746 -35% 201,421 -8% Cost of Units Sold to be Recognized 130,834 193,016 -32% 142,150 -8% Results to be Recognized 55,421 91,730 -40% 59,271 -6% Margin to be Recognized 29.8% 32.2% -2.5 p.p. 29.4% 0.3 p.p. 13
  14. 14. Balance Sheet - Liquidity ...and improved debt profile. 179,4 187,6 37,9% 36,8% 141,8 SFH 119,5 28,0% 117,9 Stronger cash position.... 87,6 22,7% 131,7 Corporate Debt 13,0% 117,3 94,8 Net Debt/Equity Cash (R$mm) 68,5 6,4% (ex-SFH) 3,2% Net Debt/Equity +R$10,0mm 45,4 69,7 -3,1% 47,7 (including SFH) 39,0 19,1 -5,3% 24,7 -2,5% 24,5 34,0 36,1 35,4 1Q09 2Q09 3Q09 4Q09 1Q10 179,4 187,6 141,8 40% 58,0 32% 74,8 119,5 17,9 13%1Q09 2Q09 3Q09 4Q09 1Q10 29,9 25% Long Term Debt 87,6 Short Term Debt 29,7 34% % Long Term Debt 123,9 121,4 112,9 89,6 57,9 1Q09 2Q09 3Q09 4Q09 1Q10 14
  15. 15. Balance Sheet – Receivables from Clients Total Receivables (R$ 000) 70% of portfolio Projects Delivery Forecast 39,046 8% 102,839 20% 108,313 Performed 21% Receivables 2010On/Off Balance Receivables (R$ 000) 1Q10 4Q09Receivables from Real Estate Developments and Sales 2011 261,217Short Term 147.984 155.432 51%Long Term 213.955 183.642 2012(+) Total 361.939 339.074Receivables to be RecognizedShort Term 61.115 73.823 Total Receivables (R$ 000)Long Term 88.360 87.221 Financing Bank(+) Total 149.475 161.044Short Term Total 209.099 229.255Long Term Total 302.315 270.863 CEF(=) Total Receivables 511.414 500.118 204,119 40% Private Banks 307,295 60% Credits to be tranferred during construction 15
  16. 16. Balance Sheet – CEF Relationship CEF Status: 1,591 credits transferred, equivalent to R$138.9mm of PSV on mortgages R$91.5mm cash disbursed by CEF Accounts Receivable from CEF: R$47.4mm Another 632 units contracted in 2Q10, for a total of 3,227 units Disbursements x Receivables from CEF Contracted Units x Credits Transferred (R$mm) 47.4 3,227 43.2 2,595 2,595 2,595 2,595 29.7 26.1 22.9 23.5 1,591 1,274 967 61% 9.8 6308.7 8.8 49% 7.5 495 37% 174 19% 28% 1Q09 2Q09 3Q09 4Q09 1Q10 1Q09 2Q09 3Q09 4Q09 1Q10 Disbursements R$000 Receivables (balance) R$000 Credits tranferred to CEF Units contracted by CEF % Transferred 16
  17. 17. IR ContactInvestor RelationsRogério FurtadoChief Financial and Investor Relations OfficerPaulo CastroFinancial and IR AnalystContact:www.cr2.com.br/irri@cr2.com.brPhone: +55 (21) 3095-4600 / 3031-4600This presentation contains certain statements that are neither reported financial results or other historical information. They are forward-looking statements.Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied bythe statements. Many of these risks and uncertainties relate to factors that are beyond CR2’s ability to control or estimate precisely, such as future marketconditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators, the Companys ability to continue to obtainsufficient financing to meet its liquidity needs; and changes in the political, social and regulatory framework in which the Company operates or in economic ortechnological trends or conditions, inflation and consumer confidence, on a global, regional or national basis.Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. CR2 does notundertake any obligation to publicly release any revisions to these forward looking statements to reflect events or circumstances after the date of thispresentation. 17

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