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11 19-2007 - 3 q07 earnings presentation

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11 19-2007 - 3 q07 earnings presentation

  1. 1. 3Q07 Earnings PresentationNovember 19th, 2007Rogério Furtado, CFO and IR Officer
  2. 2. Strategic view of the sector Real estate market in a strong expansion, due to increasing credit availability, long-termfinancing and lower interest rates Focus on the segment which was more affected by the credit availability, starting to operateon the mid-low income segment: Launch of the first phase of Splendore Valqueire (Jul/07) Accumulated sales of 93% of total units launched Launch in Alcântara of the 1st phase of Parque das Águas (Oct/07) Comprising 4 phases and total PSV of R$ 509 million.
  3. 3. Recent Events Parque das Águas: 1st phase launched in Oct/07 Location: Alcântara (RJ) Mid-Low Income segment with average price of R$110,000 Total PSV of R$ 140 million, CR2’s PSV of R$ 112 million 4 phases total PSV: R$ 509 million
  4. 4. Sales Speed Sales Speed of launched developments: Verano’s 1st phase: 79% in 6 months; Villaggio Del Mare: 57% in 5 months; Splendore Valqueire: 93% in 2 months; Verano’s 2nd phase: 19% in only 2 weeks.
  5. 5. Market Maker and Expansion to São Paulo In order to increase the liquidity of our common shares (Bovespa: CRDE3), on October 1st we hired Credit Suisse as our Market Maker Expansion to São Paulo with the acquisition of a site in Guarulhos (SP) allocated to the low income segment with PSV of R$32 million
  6. 6. Operating Highlights 3Q07 Total launched PSV 3Q07: R$ 121.5 MM, CR2’s PSV of R$ 76.0 MM Verano’s 2nd phase: R$ 105.6 MM, CR2’s PSV: R$ 63.4 MM 346 units launched on the 2nd week of September, with 65 units sold until 09/30/2007 Splendore Valqueire’s 1st phase: R$ 16 MM, CR2’s PSV: R$ 12.6 MM 120 units launched, more than 90% sold on the first weekend The launch of a new type of loan developed with Unibanco: payment in advance improves the cash flow increasing the return on investment
  7. 7. Operating Highlights 9M07 Total launched PSV: R$ 310.1 MM, CR2’s PSV of R$ 184,5 MM 1,017 units launched 101.348 m2 of private area launched 608 units sold Verano’s 1st phase: 311 units Green Park: 31 units Villaggio Del Mare: 89 units Splendore Valqueire: 112 units Verano’s 2nd phase: 65 units
  8. 8. Financial Highlights 9M07 Revenues to be recognized: R$ 134 MM Results to be recognized: R$ 38.8 MM Margin to be recognized: 29.0% Contracted Sales (R$ Million) 50.8 43.6 136.4 42.1 19.9 2006 1Q07 2Q07 3Q07 2007 YTD
  9. 9. Financial Highlights 9M07 Gross Revenue: R$ 21.2 MM Gross Profit: R$ 4.4 MM, Gross Margin of 21.6% G&A expenses including wages and management’s fees: R$ 5 MM Selling Expenses: R$ 3.7 million Adjusted Net Income: R$ 11.0 MM, adjusted net margin of 53.8%
  10. 10. Financial Highlights 9M07 R$ 8.9 MM negative variation on Cash and Cash Equivalents comparing 3Q07 x 2Q07: Land Acquisition: R$ 4 MM (Estrada do Campinho, Henrique Costa and Barra Allegro) Construction Expenses: R$ 9.7 MM (Green Park and Caxias) Selling Expenses: R$ 2.9 MM (Verano’s 2nd phase and Splendore Valqueire’s 1st phase) Property & Equipment: R$ 1 MM (infra-structure, furniture and IT) Intercompany Loan: R$ 1.5 MM R$ 7 MM of financial income and customer’s receivable
  11. 11. Landbank PSV CR2 PSV Development Localization Lauching Segment R$ MM % CR2 R$ MM Verano I e II Barra da Tijuca Launched Middle 235 60% 141 Villaggio Del Mare Recreio Launched Middle 59 52% 31 Splendore Valqueire I Valqueire (RJ) Launched Mid-Low 16 80% 13 Parque das Águas I Alcântara (RJ) Launched Mid-Low 140 80% 112 Henrique Costa Jacarepaguá 4Q07 Mid-Low 29 70% 20 Barra Trade Barra da Tijuca 4Q07 Commercial 30 70% 21 Barra Allegro Barra da Tijuca 4Q07 Middle 42 70% 29 Parque das Águas II Alcântara (RJ) 4Q07 Mid-Low 187 80% 150 Verano III Barra da Tijuca 4Q07 Middle 67 60% 40 Splendore Valqueire II Valqueire (RJ) 4Q07 Mid-Low 25 80% 20 Duque de Caxias Caxias (RJ) 1Q08 Low Income 5 66% 3 Manaú Guarulhos (SP) 1Q08 Low Income 32 80% 26 Parque das Águas III Alcântara (RJ) 2Q08 Mid-Low 57 80% 45 Lote B-3 Barra da Tijuca 3Q08 Middle 58 60% 35 Estr. Madureira Nova Iguaçú (RJ) 3Q08 Low Income 161 80% 129 Cidade da Barra Barra da Tijuca 4Q08 Commercial 1,200 25% 300 Parque das Águas IV Alcântara (RJ) 4Q08 Mid-Low 111 80% 89 Estrada do Campinho Cpo. Grande (RJ) 4Q08 Mid-Low 65 70% 46 (1) Nova Iguaçu I Nova Iguaçú (RJ) 4Q08 Low Income 147 100% 147 Nova Iguaçu II, III e IV Nova Iguaçú (RJ) From 2009 on Low Income 2,415 100% 2,415 (2) Total 2007 - Launched 450 66% 296 Total 2007 - to be Launched 380 74% 281 Total 2007 830 70% 577 Total 2008 1,836 45% 819 Total from 2009 on 2,415 100% 2,415 Landbank Total to be Launched 4,631 3,515
  12. 12. Guidance Guidance 2008 : CR2’s PSV of R$ 1.2 billion Acquired land for 2008’s launches: Estrada do Madureira in Nova Iguaçu (RJ): PSV R$ 161 million Estrada do Campinho in Campo Grande (RJ): PSV R$ 65 million
  13. 13. IR Contact Rogério Furtado CFO and IR Officere-mail: rogerio@cr2.com.br Daniel Magno IR Managere-mail: dmagno@cr2.com.br www.cr2.com.br/irphone: +55 (21) 3095-4600

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