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2 q08 presentation

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2 q08 presentation

  1. 1. 2Q08 Conference Call2Q08 Launches Top Life Itamaraty Villagio do Campo Premium Campo Grande August 15th, 2008
  2. 2. 1H08 HighlightsTotal Launches of R$218 million, CR2’s share of R$179 million 2,309 launched units being 2,113 in low income segment.Total Contracted Sales of R$221 million, CR2’s share of R$172 million Contracted Sales of 1H08’s launches: R$157 million Sales Speed of 72.3% Sales over Total Offer of 30.5% 1,948 sold units being 1,545 in low income segment.Net Revenues: R$85 million +662% year over year (y-o-y).Net Profit: R$28 million +510% y-o-y. Net Margin of 33%Revenues to be recognized: R$332 million and margin to be recognized of 29.6%.CR2 sold its participation in CR2 Shoppings for R$16 million 2
  3. 3. Recent Events Creation of in-house brokerage office: DaCasa Consultoria Imobiliária. Further expansion to São Paulo metropolitan area with two developments launched atthe end of July: Top Life Park: 200 units launched with an average price of R$124 thousand (low income) in Santo André (SP), with a total PSV of R$25 million. Until now, 187 units were sold. Acqua Park: we launched 747 units with an average price of $89 thousand (low income) in Guarulhos (SP), with a total PSV of R$67 million. Until now, 97 units were sold. 3
  4. 4. Launches Total launches of R$217.6 million, CR2’s share R$179.3 million 6 developments launched with 2,309 units +319% y-o-y Launched PSV – R$ million 217.6 15% 188.6 38.3 155.0 23.8 80.1 163% 179.3 58.9 131.2 108.5 28.2 30.7 2T07 2Q07 2T08 2Q08 1S07 1H07 1S08 1H08 CR2 Parceiros Partnerships 4
  5. 5. Launches per SegmentFocus on low-income segment Launched PSV (R$ million) 217.6 188.6 21% 170.9 Econômico Economic Middle Renda Média Income 46.7 79% 1S07 1H07 1S08 1H08 5
  6. 6. Launches Focus on low-income segment R$ thousand per unit 700 R$ / m2 3.500 3,069 600 3.000 2,743 2,563 500 2.500 400 378 1,822 2.000 1,716 300 1.500 261 200 183 1.000 90 96 100 500 0 0 2Q07 2T07 3Q07 3T07 4Q07 4T07 1Q08 1T08 2Q08 2T08 6
  7. 7. Contracted Sales Total Contracted Sales of R$221 million, R$172 million CR2’s share 221.1 183.9 48.9 41.6 158% 456% 85.6 172.2 144.4 35.6 33.1 14.6 50.0 18.5 2T07 2T08 1H07 1S07 1H08 1S08 2Q07 2Q08 CR2 Parceiros Partnerships 7
  8. 8. 1H08 Sales Speed R$ thousand 1H08 Launches (A): 217,603 Sales of 1H08 Launches (B): 157,362 1H08 Sales Speed (B/A): 72.3% Sales of Launches (R$ millions) 72.3% 217.6 157.4 Lançamentos do 1S08 1H08 Launches Vendas Sales of 1H08 Launches Contratadas de Lançamentos do 1S08 8
  9. 9. Results to be Recognized(R$’000) 2Q08 1Q08 Var. 2Q07 Var.Revenues to be Recognized 331,852 209,752 58% 92,663 258%Cost to be Recognized (233,694) (150,543) 55% (65,637) 256%Results to be Recognized 98,158 59,209 66% 27,026 263%Margin to be Recognized - Backlog Margin 29.6% 28.2% 1.4 p.p 29.2% 0.4 p.p. Margin to be Recognized 29.6% 29.2% 29.0% 28.2% 27.6% 2Q07 2T07 3Q07 3T07 4Q07 4T07 1Q08 1T08 2Q08 2T08 9
  10. 10. Land bank Total PSV CR2 PSVDevelopment Location Units Segment Launch Date % CR2 (R$ million) (R$ million)Mirante Bonsucesso Guarulhos (SP) 368 Low Income Launched 1Q08 28 86% 25Residencial Via Parque Caxias (RJ) 99 Low Income Launched 1Q08 5 66% 3Felicittá Rio de Janeiro (RJ) 230 Low Income Launched 1Q08 29 70% 20Top Life Itamaraty Santo André (SP) 417 Low Income Launched 2Q08 43 86% 37Res. Premium Cpo. Grande Rio de Janeiro (RJ) 196 Middle Income Launched 2Q08 45 90% 41Villagio do Campo Rio de Janeiro (RJ) 999 Low Income Launched 2Q08 61 80% 49Acqua Park - Água Chata Guarulhos (SP) 747 Low Income Launched 3Q08 67 86% 57Top Life Park - Juquiá Santo André (SP) 200 Low Income Launched 3Q08 25 86% 22Jardim Paradiso – N. Iguaçu Nova Iguaçu (RJ) 1,817 Low Income to launch 120 93% 112Colônia Paraíso S. J. Campos (SP) 392 Low Income to launch 32 86% 27Sta. Cecília – Madureira I Nova Iguaçu (RJ) 1,613 Low Income to launch 80 70% 56Javri Santo André (SP) 190 Middle Income to launch 33 86% 28Pinheiro Guimarães Rio de Janeiro (RJ) 128 Middle Income to launch 49 70% 34Barrartes Rio de Janeiro (RJ) 507 Comercial to launch 120 70% 84Splendore Valqueire II Rio de Janeiro (RJ) 160 Middle Income to launch 25 80% 20Warehouse ABEAR Rio de Janeiro (RJ) 389 Commercial to launch 230 70% 161Cidade da Barra Rio de Janeiro (RJ) n.d. Commercial to launch 1,200 25% 300Manaú 2 Guarulhos (SP) 420 Low Income to launch 34 86% 29Pq. das Águas III São Gonçalo (RJ) 492 Middle Income to launch 84 80% 67Pq. das Águas IV São Gonçalo (RJ) 942 Middle Income to launch 84 80% 67Sta. Cecília – Madureira II Nova Iguaçu (RJ) 1,612 Low Income to launch 80 70% 56Nova Iguaçu II, III e IV Nova Iguaçu (RJ) 30,183 Low Income to launch 2,341 100% 2,341Total already launched in 2008 3,256 303 84% 254Total to launch 38,845 4,512 75% 3,399 10
  11. 11. Land bank to launch Total PSV CR2 %PSV Potencial Units % land costSegment (R$ million) (R$ million) 100% Physical swap Financial swap CashLow Income 2,687 2,638 36,037 0% 91% 9%Middle 275 216 1,912 25% 0% 75%Commercial 1,550 545 896 42% 0% 58%TOTAL 4,512 3,399 38,845 13% 58% 29% Land Bank a Lançar –– Total PSV Land Bank to launch VGV Total 34% Low Income Econômico Média Income Middle Comercial Commercial 60% 6% 11
  12. 12. 1H08 Operating HighlightsR$ thousand1H07 Net Income 1H07 Gross Profit Lucro Bruto (R$ mil) 25.5% 19.5% 85,104 21,686 2,175 11,166 1S07 1H07 1S08 1H08 1S07 1H07 1S08 1H08 Gross Margin1H07 EBITDA Net Profit before minority interest 43.1% 37.5% 23,893 31,844 -4,428 4,816 1S07 1S08 1H07 1S07 1H08 1S08 1H08 1H07 Net Margin before minority interest 12
  13. 13. 1H08 Operanting ExpensesExpenses (R$’000) 2Q08 1Q08 Var. 1H08 1H07 Var.General and Administrative 4,970 3,949 26% 8,919 2,355 279%G&A / Revenues 8.4% 15.4% -7.0 p.p. 10.5% 21.1% -10.6 p.p.G&A / Launches 3.2% 6.3% -3.1 p.p. 4.1% 1.2% 2.9 p.p.G&A / Sales 2.7% 10.6% -7.9 p.p. 4.0% 2.7% 1.3 p.p.Sales Expenses 2,720 1,361 100% 4,081 2,871 42%Sale Expenses / Revenues 4.6% 5.3% -0.7 p.p. 4.8% 25.7% -20.9 p.p.Sale Expenses / Launches 1.8% 2.2% -0.4 p.p. 1.9% 1.5% 0.4 p.p.Sale Expenses / Sales 1.5% 3.7% -2.2 p.p. 1.8% 3.4% -1.6 p.p. 13
  14. 14. Cash Position Cash (R$ millions) IPO R$ 307mm 282.8 273.8 238.7 178.4 133.6 51.4 49.7 2006 2006 1Q07 1T07 2Q07 2T07 3Q07 3T07 4Q07 4T07 1Q08 1T08 2Q08 2T08 14
  15. 15. Investor Relations Rogério FurtadoFinancial Director and IR Daniel Magno IR Manager www.cr2.com.br/ri tel:+55 (21) 3095-4600 +55 (21) 3031-4600 15
  16. 16. DisclaimerThis presentation contains certain statements that are neither reported financial results or other historical information. Theyare forward-looking statements.Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materiallyfrom those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors that arebeyond CR2´s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior ofother market participants, the actions of governmental regulators, the Companys ability to continue to obtain sufficientfinancing to meet its liquidity needs; and changes in the political, social and regulatory framework in which the Companyoperates or in economic or technological trends or conditions, inflation and consumer confidence, on a global, regional ornational basis.Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date ofthis document. CR2 does not undertake any obligation to publicly release any revisions to these forward looking statementsto reflect events or circumstances after the date of this presentation. 16

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