3 q11 presentation

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3 q11 presentation

  1. 1. Results 3Q11November 16, 2011
  2. 2. Results 50,0 69,3 90,0% 45,0 80,0% 40,0 55,1 70,0% 35,0 28,7 60,0% 30,0 50,0% 25,0 40,0% 16,4 46,8% 20,0 30,0% 15,0 20,0% 10,0 19,0% 10,0% 5,0 0,0% 0,0 3Q10 3Q11 3Q10 3Q11 Net Revenue (R$ mm) Gross Profit (ex-SFH Interest) (R$ mm) % Margin 21,2 40,0% 10,0 50,0% 10,0 8,2 7,8 38,5% 40,0% 8,0 30,0% 8,0 30,0% 6,0 20,0% 6,0 14,9% 20,0% 4,0 0,4 4,0 11,3% 10,0% 10,0% 2,0 0,6% 2,0 0,0% 0,0% - 0,0 3Q10 3Q11 -10,0% 3Q10 3Q11 -10,0% (2,0) -2,0 -20,0% -20,0% (4,0) -4,0 EBITDA (R$ mm) % Margin Net Profit (R$ mm) % Margin -30,0% -30,0% (6,0) -6,0 -40,0% -40,0% (8,0) -8,0 -50,0% (10,0) -50,0% -10,0 3Q11 2
  3. 3. Completion of Projects Total PSV R$126mm completed in 3Q11 Top Life Park Parque das Águas 1-B Segment: Economy Location: : Santo André (SP) Location: São Gonçalo (RJ) % Sold: 70% Units: 200 Units: 320 PSV: R$42mm (%CR2 R$34mm) Segment: Economy % Sold: 96% PSV: R$25mm (%CR2 R$22mm) Top Life ItamaratyLocation: : Santo André (SP)Units: 417Segment: Economy% Sold: 100%PSV: R$43mm (%CR2 R$37mm) Villagio do Campo – Lote 4 Location: Campo Grande (RJ) Units: 231 Segment: Economy % Sold: 97% PSV: R$16mm (%CR2 R$15mm) 3Q11 3
  4. 4. Completion of Projects Launched PSV (R$mm) 545 369 126 56 42 2006 2007 2008 2009 2010 Completed PSV (R$mm) 341 235 174 140 126 61 61 2008 2009 2010 1Q11 2Q11 2H11 2012 3Q11 4
  5. 5. Cash Flow (R$000) 3Q11 2Q11 1Q11 4Q10 3Q10 2Q10 Cash 29.741 39.891 69.368 68.109 63.701 54.024 Change in Cash (10.150) (29.477) 1.259 4.408 9.677 8.616 Operational Activities 13.734 1.934 (5.310) 12.926 26.125 (15.768) Acquisition of Cidade Paradiso Swap Rights - (10.096) (41.915) - - - Disbursement (Amortization) of SFH Debt (19.024) (14.197) 4.151 (5.586) (3.602) 8.682 Disbursement (Amortization) of Corporate Debt 19.362 (7.118) 22.417 15.061 (9.260) 15.703 Dividends Payment (24.222) - - (17.993) (3.586) - Capital Increase - - 21.915 - - - 3Q11 5
  6. 6. Receivables and Debt Structure Total Total Credit Net Total Receivables (R$000) SFH Receivables Obligation Assingments Receivables Performed - SHF Paid Down 102.428 8.100 - 8.100 94.328 Performed - Amortizating SFH 167.201 80.275 80.275 - 86.926 To be Performed - 2012 97.110 10.150 10.150 - 86.961 To be Performed - 2013 + 125.252 - - - 125.252 Total 491.992 98.525 90.425 8.100 393.467 Debt Amortization Schedule (R$ mm) 2011 24,7 24,2 48,9 90,4 2012 54,2 46,4 100,6 151,9 2013 45,6 19,1 64,7 2014 27,4 28,2 Corporate Debt SFH Corporate Debt SFH 3Q11 6
  7. 7. Land Bank Average Price Total PSV CR2 PSV Project City (State) Segment Units % CR2 (R$ 000) (R$ mm) (R$ mm) Manaú 2 Guarulhos (SP) Economy 109 450 49 42 86% Top Life Village (Colônia Paraíso) S. J. Campos (SP) Economy 100 392 39 34 86% Cidade Paradiso Nova Iguaçu (RJ) Economy 85 23.183 1.971 1.971 100% Pq. das Águas São Gonçalo (RJ) Economy 137 3.253 446 357 80% Chafi Chaia - Residencial Campo Grande (RJ) Medium 468 42 20 16 80% Chafi Chaia - Comercial Campo Grande (RJ) Commercial 253 133 34 27 80% Total 92 27.453 2.558 2.446 96% Average Price Total PSV CR2s PSV Project City (State) Segment Units % CR2 (R$000) (R$mm) (R$mm) Sta. Cecília – Madureira Nova Iguaçu (RJ) 0-3 minimum 57 3.780 215 215 100% Total wage 57 3.780 215 215 100% MCMV2 Price Increase from R$ 49 thousand W/out the need to implement new construction requirements 3Q11 7
  8. 8. Sell Niteroi Plaza (Set/11) Niterói Plaza: Commercial Tower(SPE-31):  PSV R$89mm (%CR2 R$72mm)  Book value 2T11: R$1,3mm (1,5% of PSV) Sales Price: R$32,27mm  Cash received: R$6,27mm  Outstanding balance untill Feb/14: R$26mm (corrected by IPCA) 3Q11 8
  9. 9. Adjusted Balance Sheet Adjusted Balance Sheet - 3Q11 Assets Liabilities and Shareholders Equity Cash 29.741 Debentures 62.967 Total Receivables from Clients (On e Off-Balance): Bank Loans 67.461 Performed - SFH Paid Down 102.428 Loan Operations 21.509 Performed - Amortizating SFH 167.201 Swap 0 To Be Performed - 2S11 97.110 SFH 90.425 To Be Performed - 2012 + 125.252 Dividends Payable 535 Inventory at Market Price%CR2: Custo a Incorrer (Off Balance): 54.074 Concluded 42.655 Accounts Payable 21.219 Under Construction 58.487 Others Liabilities 47.014 Lands: Parque das Águas 23.028 Cidade Paradiso 74.338 Others 11.577 Shareholders Equity Loan Operations 12.802 Shareholders Equity - Holding Company 391.728 Recebíveis de Terceiros 12.020 Profit to be recognized (Off Balance) 20.650 Net Property and Equipment 8.636 Others Assets 42.040 Minority Interest 29.734 TOTAL 807.316 TOTAL 807.316 3Q11 9
  10. 10. IR ContactInvestor RelationsRogério FurtadoChief Financial and Investor Relations OfficerContact:www.cr2.com.br/riri@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. 3Q11 10

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