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3 q10 presentation

  1. 1. 3Q10 and 9M10 Results November 18, 2010
  2. 2. Recent Events Launches: 2 projects, for a total PSV of R$126mm (%CR2 R$112mm) Project: Jardim Paradiso IIB-III Project: Splendore Valqueire II Location: Nova Iguaçu (RJ) Location: Vila Valqueire (RJ) PSV: R$89mm (%CR2 R$82mm) PSV: R$37mm (%CR2 R$30mm) # Units: 963 # Units: 160 Income Segment: Economy Income Segment: Economy R$/unit: R$92 thousand R$/unit: R$231 thousand 3Q10 2
  3. 3. Recent Events Debenture IssuanceTotal Amount: R$ 60 millionInterest: Brazilian Interbank Rate (CDI) + 2,5% p.a.Maturity Rate: November 05, 2013 (3 years)Amortization Schedule of Principal: 3 installments every semester starting on November 05, 2012Interest Payment: Every semester, starting on May 05, 2011Coordinators: BB Banco de Investimento S.A. (Leader) e Bradesco BBI S.A.Settlement Date: November 12, 2010 3Q10 3
  4. 4. Highlights 300,6 61,9 51% 55% 198,7 40,1 20,6% 20,2% 9M09 9M10 9M09 9M10 Net Revenue (R$mm) Gross Profit (R$mm) %Margin 44,8 15,0 158% 53% 9,8 14,9% 17,3 8,7% 5,0% 5,0% 9M09 9M10 9M09 9M10 EBITDA (R$mm) %Margin Net Profit (R$mm) %Margin 3Q10
  5. 5. Contracted Sales Total and %CR2 Contracted Sales (R$mm) Total Contracted Sales by Region (R$mm) 142,9 143,2 32% 33,7 107,9 107,9 26,2 107,0 75% 94,6 88% 109,2 37,2 37,2 26,3 81,7 26,5 9,2 7,0 34,2 92% 28,0 19,3 73% 35,9 19,3 13,2 3,0 7,0 3Q09 3Q10 9M09 9M10 3Q09 3Q10 9M09 9M10 CR2 Partners Metropolitan Area of SP Capital and Metropolitan Area of RJ RJ Total Contracted Sales by Average Price (R$mm) Average Price of Units Sold (R$) 143,2 10,5 178.713 107,9 147.931 13,3 59,1 123.890 130.156 28,6 37,2 4,9 26,5 73,3 51% 66,0 61% 9,4 1,7 11,4 22,9 62% 13,2 50% 3Q09 3Q10 9M09 9M10 3Q09 3Q10 9M09 9M10 < R$130 k R$131 k - R$350 k R$351 k - R$500 k % < R$130 k 3Q10 5
  6. 6. Inventory at Market Value and SoS Contracted Sales Inventorys Period Inventory at the Launches Contracted Sales Inventory at the SoS from Launches in Contracted (R$ mm) Beginning of Period (CR2s share) (CR2s share) End of Period 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 58,4 2Q10 120.3* 0,0 31,5 88,9 26,1%* 0,0 31,5 3Q10 101,6* 0,0 19,3 82,3 19,0%* 0,0 19,5 SoS (%CR2) = [Contracted Sales in the period / (Inventory at beginning of period + launches of the period net of physical exchange)] * After price adjustment 21% of Shareholder’s Equity 3Q10 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 5% 13% 23% 20% Under Construction > R$130k Capital and Metropolitan 17% Area of RJ R$131k - R$350k Construction not Started Metropolitan Area of SP R$351k - R$500k 70% Completed 75% 77% 100% of inventory available for SFH 3Q10 7
  8. 8. Project Conclusion Total PSV of R$38.2mm delivered in 3Q10 (R$230.0mm in 9M10) Project: Jardim Paradiso 1 – Lotes 1 a 4 (58% of the total) Project: Villagio do Campo - Lote 2 (26% of the total) Location: Nova Iguaçu (RJ) Location: Campo Grande (RJ) # Units: 308 # Units: 262 Income Segment: Economy Income Segment: Economy % Sold: 98% % Sold: 94% PSV: R$21.2mm (%CR2 R$19.7mm) PSV: R$17.0mm (%CR2 R$ 13.6mm) 3Q10 8
  9. 9. Project ConclusionWe intend to reach the end of 2010 with R$702.5mm of PSV delivered, 69% of the total launched Delivery Schedule: PSV (R$mm) Delivery Schedule: Units 13 projects (69% of PSV Launched) 4.489 Units 2.362 459,3 2.127 98% 2.010 163,9 90% 243,2 252,0 90% 44,1 54,3 295,4 466 199,1 197,7 57,0 8,3 48,7 80% Delivered: from 4Q10 2011 2012 Delivered: from 4Q10 2011 2012 2008 to 3Q10 2008 to 3Q10 CR2 Partners Sold Inventory Total PSV CR2s PSV Project Units (R$mm) (R$mm) Felicittá 29,3 20,5 230 Jardim Paradiso I - Lotes 5 and 6 21,2 19,7 226 Parque das Águas 1A 97,7 78,1 738 Premium Cpo. Grande 47,0 42,3 196 Villagio do Campo - Lotes 3 to 5 48,0 38,4 737 Total 243,2 199,1 2.127 3Q10 9
  10. 10. Residential Land Bank 100% of land bank in the economy segment Average Price Total PSV CR2s PSV Project City (State) Segment Units % CR2 (R$000) (R$mm) (R$mm) Splendore Valqueire II Rio de Janeiro (RJ) Economy 231 160 37 29,6 80% Jardim Paradiso IIB - III Nova Iguaçu (RJ) Economy 92 963 89 82,8 93% Total Launched in 4Q10 112 1.123 126 112 89% Top Life Village (Colônia Paraíso) S. J. Campos (SP) Economy 87 392 34 29,3 86% Manaú 2 Guarulhos (SP) Economy 86 420 36 31,1 86% Pq. das Águas II São Gonçalo (RJ) Economy 162 1.152 187 149,0 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 33.581 2.605 2.524 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 Project City (State) Segment Units % CR2 (R$000) (R$mm) (R$mm) Sta. Cecília – Madureira Nova Iguaçu (RJ) 0-3 minimum wage 49 3.780 185,2 185,2 100% Total 49 3.780 185 185 100% 3Q10 10
  11. 11. Commercial Land Bank 2 Average Price Total PSV CR2s PSV Project City (State) Segment Total Area (m ) 2 % CR2 (R$/m ) (R$mm) (R$mm) Barrartes Rio de Janeiro (RJ) Commercial 25.000 10.000 250,0 175,0 70% Niterói Plaza Niterói (RJ) Commercial 6.500 7.000 45,5 31,9 70% Total 31.500 9.381 296 207 70% 3Q10 11
  12. 12. Revenues and Results to be Recognized Revenues to be Recognized of R$111.6mm Results to be Recognized of R$31.7mm (margin of 28.5%) Revenues and Results to be Recognized (R$000) 3Q10 3Q09 ∆3Q/3Q 2Q10 ∆3Q/2Q Revenues to be Recognized 111.558 223.917 -50% 144.942 -23% Cost of Units Sold to be Recognized 79.819 157.824 -49% 101.207 -21% Results to be Recognized 31.739 66.093 -52% 43.735 -27% Margin to be Recognized 28,5% 29,5% -1,1 p.p. 30,2% -1,7 p.p. 3Q10 12
  13. 13. Balance Sheet - Liquidity 215,9 207,4 187,6 179,4 41,0% 141,8 37,9% 127,1 36,3% 124,1 117,9 36,8% 28,0% 131,7 117,3 6,4% 8,8% 4,9% 3,2% Cash (R$mm) 63,7 88,7 83,3 -3,1% 69,7 54,0 47,7 24,5 45,4 3Q09 4Q09 1Q10 2Q10 3Q10 36,1 35,4 Corporate Debt SFH Net Debt/Equity (ex-SFH) Net Debt/Equity (including SFH) 215,9 207,4 187,6 179,4 83,8 39% 66,8 32% 141,8 58,0 32% 74,8 40% 17,9 13% 3Q09 4Q09 1Q10 2Q10 3Q10 132,1 140,6 123,9 121,4 112,9 3Q09 4Q09 1Q10 2Q10 3Q10 Short Term Debt Long Term Debt 3Q10 13
  14. 14. Balance Sheet – Receivables from Clients R$240mm - 58% of portfolio Total Receivables (R$ 000) Projects Delivery Forecast 19.389 5% Performed 127.182 ReceivablesOn/Off Balance Receivables (R$ 000) 3Q10 2Q10 31% 2Q10 150.880Receivables from Real Estate Developments and Sales 37%Short Term 128.445 144.256 2011Long Term 230.119 238.481 2012(+) Total 358.564 382.737 112.083Receivables to be Recognized 27%Short Term 18.258 32.208Long Term 32.711 53.246 Receivables (R$000) Private Total CEF(+) Total 50.969 85.454 Delivery Forecast BanksShort Term Total 146.703 176.464 Performed Receivables 127.182 100.768 26.479Long Term Total 262.830 291.727 4Q10 112.083 63.665 48.377 2011 150.880 91.374 59.487(=) Total Receivables 409.533 468.191 2012 19.389 - 19.383 Total 409.534 255.807 153.726 Projects delivered in 3Q10: R$25,2mm 3Q10 14
  15. 15. Balance Sheet – CEF Relationship 3,227 units contracted = 8 projects with a total PSV of R$304.3mm 2,275 credits transferred, 327 of which in 3Q10 R$150.1mm in cumulative disbursements, R$24.4mm of which in 3Q10 Accounts Receivable from CEF as of 3Q10: R$82.1mm Disbursements x Receivables from CEF Contracted Units x Credits Transferred (R$mm) 82,1 3.227 3.227 72,5 2.595 2.595 2.595 2.275 1.948 47,4 43,2 1.591 60% 70% 1.274 61% 29,7 26,1 25,2 967 22,9 23,5 24,4 49% 37% 3Q09 4Q09 1Q10 2Q10 3Q10 3Q09 4Q09 1Q10 2Q10 3Q10 Disbursements R$mm Receivables (balance) R$mm Credits Transferred to CEF Units Contracted by CEF %Transferred 3Q10 15
  16. 16. IR ContactInvestor RelationsRogério FurtadoChief Financial and Investor Relations OfficerPaulo CastroFinancial and IR CoordinatorContact: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. 3Q10 16

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