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2 q07 presentation

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2 q07 presentation

  1. 1. 2Q07 Conference Call Speakers: Rogério Furtado g CFO and IR Officer
  2. 2. Initial Public Offering IPO on April 23, 2007 - Novo Mercado Bovespa code : CRDE3 Total of 15,378,750 ordinary shares (ON) IPO´s Proceeds of R$ 307.6 million $ Funds raised will be used in the development and launch of new projects: Residencials – R$ 229 million Commercials – R$ 42.9 million Shoppings Centers – R$ 14.3 million Shareholder’s Structure pos IPO Free Float per Investor Type (06/30/2007) (06/30/2007)
  3. 3. The Company CR2 is a pure real estate developer. Forming partnerships for each project particularly with local contractors and project, developers, seeking to draw on their specific expertise to complement the Company’s project execution. CR2 maintains control of the projects and decision making power in all stages from land stages, acquisition to project development, marketing strategies, launch, construction, financing and delivery. CR2 created and implemented a unique business model focused exclusively on real estate development and based on project-specific partnerships managed and controlled by the Company Focused on low income segment: low-income Products tailored, since this segment has been the most poorly assisted over the last decades, without credit access and less benefited by the economic growth. Business model based on two strategies: partnerships with real estate players; strong risk management
  4. 4. Portfolio Segments Middle Income Mid-Low Income Low Income- 4 projects - total VGV of R$465 - 4 projects – total VGV of j l fmillion R$580 million - 2 projects – total VGV of R$2,615 million- Main Project: Verano - Main Project: Alcântara - Partnership with CEF for- Total VGV of R$290 million with - Total VGV of R$470 million financing potential buyers up890 units with 4.3 thousand units to 2.5 billion. launched on 4Q07 with launches- First phase: Launched 395 units (1stt and 2nd phases) iin 4Q07 d d h ) - Main Project: Nova Iguaçúin 1Q07 -Launch of Splendore Valqueire - 32,000 units (4 phases)- Launch of Villaggio Del Mare in in Jul/07 with Unibanco alreadyMay/07 with total VGV of R$59 - Total VGV of R$2.6 billion offering a new fi ff i financing t i type.million
  5. 5. Launches in 2007 Villaggio Del Mare Launched i 2Q07 L h d in Segment: Middle Income Residencial 156 units launched in 2Q07 (19 Physical Exchange) 48 units sold till 06/30/07- accumulated sales of 35% net of physical exchange 35%, exchange. Total VGV of R$ 59 million – CR2´s share of R$30.6 million
  6. 6. Launches in 2007 Splendore Valqueire Financial A Fi i l Agreement with U ib t ith Unibanco – d l i a new lloan t developing type Segment: Mid Low Income The two phases of the development consist in 280 units units. 1st Phase: 4 buildings have been launched with 120 units: 2 buildings of 40 units and 2 buildings of 20 units Total potencial VGV of this phase is R$15.7 million Until now 113 units were sold representing 94% of total units 2nd Phase: 3 buildings with 160 units Total potencial VGV of R$23 million
  7. 7. 1H07 Highlights Financial Agreements The launch of a new type of loan with Unibanco, already applied to Splendore Valqueire, offering 25 years to pay and direct loan of 95% of the property value. Signed a financial agreement with Caixa Econômica Federal (a federal S&L bank) for g g ( ) developments focused on low-income segments, in line with PAC (Accelerated Growth Program) launched by the Federal Government, in the amount of R$2.5 billion.
  8. 8. 1H07 Highlights VGV Launched: R$ 182 million and in 2Q07 R$ 59 million CR2 VGV: R$ 104.4 million and in 2Q07 R$30.6 million Gross operating revenue: R$ 11.6 million Gross profit : R$ 2.2 million/ Gross Margin: 19.5% Adjusted Net Income: R$ 4.6 million j Contracted Sales: R$ 105.6 million Revenues to be Recognized: R$ 92.7 million Results to be Recognized: R$ 27.0 million/ Margin to be Recognized: 29.2% Adjusted EBITDA: R$ (4.4) million Cash and Equivalents: R$ 283 million
  9. 9. Contracted Sales in 1H07 442 units sold Verano: 278 units Green Park: 116 units Villaggio Del Mare: 48 units Total Contracted Sales: R$ 105.6 million - CR2´s share R$62 million Contracted Sales Contracted Sales % of CR2´s Total Sales Recognized Launching Year % of the Revenue Total (R$ 000) CR2 (R$ 000) (R$ 000) Revenue (R$ 000) Launched in 2007 82,219 47,975 77.4% 4,613 39.8% Launched in 2006 23,346 14,008 22.6% 6,992 60.2% TOTAL 105,565 61,982 100.0% 11,605 100.0%
  10. 10. Record Launches in 1H07 Month / Year Total Private Area Percentage Recognized Revenue Development Accrued Sales (%) of Launching m2 Completion (%) (R$ 000) 000) 1H07 2Q07 1Q07 1H07Green Park 3000 Mar-06 9,709 36.55% 52.50% 42.50% 4,069Green Park 4000 Sep-06 9,709 34.22% 44.20% 39.20% 2,923Verano - Marbella Mar-07 10,677 3.92% 87.10% 70.20% 856Verano - Ibiza/ Mallorca Mar-07 20,173 3.49% 52.70% 35.10% 924Verano - Termoli Mar-07 9,428 3.98% 74.80% 17.90% 677Villaggio Del Mare May-07 21,488 12.71% 35.00% - 2,156TOTAL 81,184 11,605 + Acquisition of new land bank located in Barra da Tijuca ( ) with 7,344m² for the q j (RJ) , launch of Residencial Américas in the 4Q07 with potential VGV of R$ 42 million.
  11. 11. Landbank in 1H07 Expected Total TOTAL VGV CR2 VGV Developments Localization CR2 % Segment Launch Units (R$ MM) (R$ MM) Verano (Rio 2) I Barra Launched 395 123 60% 74 Residential Villaggio Del Mare Recreio Launched 156 59 52% 31 Residential Splendore Valqueire I V. Valqueire Launched 120 16 80% 13 Residential Verano (Rio 2) II Barra 3Q07 346 102 60% 61 Residential Henrique Costa Jacarepaguá 3Q07 250 29 70% 20 Residential Barra Trade Barra 3Q07 5 28 60% 17 Commercial Residencial Américas Barra 4Q07 144 42 70% 29 Residential Lote B-3 Barra 4Q07 240 58 60% 35 Residential Verano (Rio 2) III Barra 4Q07 148 65 60% 39 Residential Splendore Valqueire II V. Valqueire 4Q07 160 23 80% 18 Residential Alcântara I Alcântara 4Q07 1.212 133 80% 107 Residential Alcântara II Alcântara 4Q07 1.616 178 80% 142 Residential Alcântara III Alcântara 2Q08 492 54 80% 43 Residential Alcântara IV Alcântara 3Q08 960 106 80% 84 Residential Duque de Caxias Caxias 1Q08 83 5 66% 3 Residential Cidade da Barra Barra 1Q08 - 1.370 25% 342 Commercial Nova Iguaçu I Nova Iguaçu 4Q08* 3.000 195 100% 195 Residential Nova Iguaçu II, III e IV Nova Iguaçu from 2009 on 29.000 2.415 100% 2.415 Residential TOTAL 2007 launched 671 198 59% 117 TOTAL 2007 to be launched 4.121 658 71% 469 TOTAL 2007 4.792 4 792 855 68% 586 TOTAL 2008 4.535 1.729 39% 668 TOTAL from 2009 on 29.000 2.415 100% 2.415 Total Land Bank 38.327 5.000 73% 3.670 Land Bank to be Launched 37.656 4.800 74% 3.550 8 residencials developments and 2 commercials , Total VGV to be launched R$ 4.8 billion – CR2´s stake of 74% representing R$3.6 billion.
  12. 12. 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/ri phone: +55 21 3806-2924

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