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4 q10 presentation

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4 q10 presentation

  1. 1. 4Q10 and 2010 Results March 31, 2011
  2. 2. Recent Events Feb, 2011: Acquisition of swap rights over the land corresponding to theCidade Paradiso project Cidade Paradiso Jardim Paradiso PSB R$2,1bi (25,000 units) PSV R$148mm (1,817 units) Before the Deal 3.2 million m2 Already launched Swap of 8.323% on R$2.1 billion PSV After the Deal R$30mm in cash2.3mm shares at R$9.50 4Q10 and 2010 2
  3. 3. Recent Events Feb, 2011: Capital Increase of R$ 21.9 million Before After* Change Capital Increase Total % Total % Total ∆ Shares Outstanding 46.136.250 48.443.062 2.306.812 + 5,0% Management 20.939.681 45,4% 20.939.681 43,2% 0 -2,2 p.p. Itaú Unibanco 9.512.227 20,6% 9.512.227 19,6% 0 -1,0 p.p. Squadra 4.365.800 9,5% 4.365.800 9,0% 0 -0,5 p.p. ADRs 4.244.572 9,2% 4.244.572 8,8% 0 -0,4 p.p. Bovespa 7.073.970 15,3% 9.380.782 19,4% 2.306.812 +4,0 p.p. Social Capital (R$) 369.431.745 391.346.459 21.914.714 + 5,9% R$/share 8,01 8,08 9,50 + 0,07* The preemptive rights were not exercised* Estimative based on shareholders’ base on December 31, 2010 4Q10 and 2010 3
  4. 4. 4Q10 Highlights LaunchesTotal and %CR2 PSV (R$mm) 125,6 13,6 64,0 7,3 112,0 Project: Jardim Paradiso IIB-III Project: Splendore Valqueire II Location: Nova Iguaçu (RJ) Location: Vila Valqueire (RJ) 56,7 Launch Date: 4Q10 Launch Date: 4Q10 PSV: R$ 88.6mm (%CR2 R$ 82.4mm) PSV: R$37.0 mm (%CR2 R$ 30.0mm) Units: 963 Units: 160 2009 2010 Segment: Economy Segment: Economy R$/unit: R$92 thousand (+33% vs. 1st phase) R$/unit: R$231 thousand (+78% vs. 1st phase) CR2 Partners Expected Delivery: 4Q11 Expected Delivery: 4Q12 % Financial Evolution (4Q10): 35% % Financial Evolution (4Q10): 15% % Units Sold (4Q10): 10% % Units Sold (4Q10): 32% 4Q10 and 2010 4
  5. 5. 4Q10 Highlights Dec, 2010: Sale of the Barrartes project Terra Encantada Av. Ayrton Senna Barrartes Hospital UnimedPrivate Area: 27,000 m2PSV: R$ 240 millionSegment: CommercialMaximum Launch Date: 2Q11Maximum Delivery Date: 2Q14Payment: Swap of 40% on gross PSV 4Q10 and 2010 5
  6. 6. 4Q10 Highlights Issuance of Debentures Total Amount: R$ 60 million Interest: Brazilian Interbank Rate (CDI) + 2,5% p.a. Maturity: November 05, 2013 (3 years) Amortization Schedule of Principal: 3 installments every semester, starting on November 05, 2012 Amortization Schedule of Interest: Every semester, starting on May 05, 2011 Book Runners: BB Banco de Investimento S.A. (Lead Book Runner) and Bradesco BBI S.A. Settlement Date: November 12, 2010 4Q10 and 2010 6
  7. 7. 4Q10 Highlights Management Proposition for dividends R$/share Management Proposition Before Capital After Capital R$ Increase Increase Minimum Dividends 11.151.773 0,24 0,23 Additional Dividends 13.069.758 0,28 0,27 Total 24.221.531 0,52 0,50 X Date: May 02, 2011 4Q10 and 2010 7
  8. 8. 2010 StrategyUnlock Land Bank value Launches Resume Swap Sale of Land Jardim Paradiso IIB-III (4Q10) Barrartes (4Q10) Warehouse ABEAR (2Q10) Splendore Valqueire II (4Q10)Debt profile inprovement Debenture Issuance Corporate Debt RestructureIR Strategy Non deal Roadshows Research prospection 4Q10 and 2010 8
  9. 9. 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% Pq. das Águas 2011 São Gonçalo (RJ) Economy 99 1.014 100 80 80%Residential Cidade Paradiso - 2011 Nova Iguaçu (RJ) Economy 85 1.000 85 85 100% Pq. das Águas II São Gonçalo (RJ) Economy 199 1.029 205 164 80% Pq. das Águas III São Gonçalo (RJ) Economy 207 294 61 49 80% Pq. das Águas IV São Gonçalo (RJ) Economy 88 916 81 65 80% Cidade Paradiso Nova Iguaçu (RJ) Economy 85 22.183 1.886 1.886 100% Total 92 27.278 2.505 2.403 96% Average Price Total PSV CR2s PSV Project City (State) Segment Units % CR2 (R$000) (R$mm) (R$mm) Sta. Cecília – Madureira Nova Iguaçu (RJ) 0-3 minimum 49 3.780 185 185 100% Total 49 3.780 185 185 100% Average Total Area Total PSV CR2s PSVCommercial Project City (State) Segment 2 % CR2 Price (m ) (R$mm) (R$mm) 2 Niterói Plaza Niterói (RJ) Commercial 10.000 8.700 87 71 82% Total 10.000 8.700 87 71 82% Land Cost: R$ 243 thousand 4Q10 and 2010 9
  10. 10. Completion of Projects Total PSV of R$117mm completed in 4Q10 (R$341mm in 2010) Project: Parque das Águas 1A Project: Villagio do Campo - Lote 3 (29% of the total) Location: São Gonçalo (RJ) Location: Campo Grande (RJ) # Units: 738 # Units: 291 Income Segment: Economy Income Segment: Economy % Sold: 79% % Sold: 95% PSV: R$98mm (%CR2 R$78mm) PSV: R$19mm (%CR2 R$ 15mm) 4Q10 and 2010 10
  11. 11. Completion of Projects We intend to reach the end of 1H11 with R$834.5mm of PSV delivered, 73% of the total launched. Delivery Schedule: PSV (R$mm) Delivery Schedule: Units Total PSV of R$834,5mm 5.398 Units (73% of PSV Launched) 575,9 3.391 94% 187,3 2.007 258,6 1.483 96% 1.207 14,3 146,3 388,7 156,6 244,2 18,4 23,2 83% 138,3 123,1 34% Delivered: From 1H11 2H11 2012 Delivered: From 1H11 2H11 2012 2008 to 2010 2008 to 2010 Sold Inventory CR2 Partners 4Q10 and 2010 11
  12. 12. Income Statement 85,0% 140,0 434,1 75,0% 109,8 120,0 45% 65,0% 69% 100,0 300,1 55,0% 80,0 65,1 45,0% 47,9 60,0 32% 133,4 92% 100,9 35,0% 40,0 24,9 35,9% 25,3% 25,0% 21,7% 20,0 24,7% 15,0% 0,0 4Q09 4Q10 2009 2010 4Q09 4Q10 2009 2010 Net Operating Revenue Gross Profit % Margin 127,0% 140,0 73,0% 80,0 120,0 70,0 107,0% 63,0% 60,0 100,0 53,0% 87,0% 82,8 47,0 50,0 80,0 43,0% 67,0% 31,9 40,0 135% 60,0 33,0% 211% 38,0 23,9% 30,0 47,0% 35,2 118% 40,0 23,0% 508% 15,1 20,0 27,0% 17,4 10,8% 19,1% 20,0 13,0% 5,3 28,5% 11,7% 10,0 5,2% 5,0% 17,2% 7,0% 3,0% 0,0 0,0 4Q09 4Q10 2009 2010 4Q09 4Q10 2009 2010 EBITDA % Margin Net Profit % Margin 4Q10 and 2010 12
  13. 13. Contracted Sales Total and %CR2 Contracted Sales (R$mm) Total Contracted Sales by Region (R$mm) 188,3 188,3 179,8 179,8 44,7 46,0 41,1 47,0 80,4 80,4 18,5 143,6 142,3 76% 138,7 30,8 132,9 74% 36,9 36,9 61,9 7,4 7,1 49,6 62% 29,6 29,8 81% 4Q09 4Q10 2009 2010 4Q09 4Q10 2009 2010 Capital and Metropolitan Area of RJ Metropolitan Area of SP %RJ CR2 Partners Average Price of Units Sold(R$) Total Contracted Sales by Average Price (R$mm) 188,3 179,8 16,1 10,1 162.630 72,2 70,3 152.316 150.728 80,4 5,7 138.778 48,0 36,9 100,0 53% 99,5 3,3 13,9 55% 26,7 33% 19,7 53% 4Q09 4Q10 2009 2010 4Q09 4Q10 2009 2010 < R$130 K R$131 K - R$350 K R$351 K - R$500 K % < R$130 K 4Q10 and 2010 13
  14. 14. Inventory at Market Value Inventory at Market Value: R$195mm (%CR2 R$165mm) 41% of CR2’s Equity Inventory at Market Value Inventory at Market Value Inventory at Market Value Construction Status Average Price Region 1% 9% 18% 21% Under Construction > R$130k Capital and Metropolitan Area of RJ12% Construction not R$131k - R$350k started Metropolitan Area of R$351k - R$500k SP Completed 70% 78% 91% 100% available for SFH 4Q10 and 2010 14
  15. 15. Liquidity Cash (R$mm) Debt Amortization Schedule (R$ mm) 68,1 63,7 2011 24,6 87,2 111,8 54,0 45,4 2012 31,0 25,5 56,4 35,4 2013 42,1 5,2 47,3 2014 4,7 4,8 4Q09 1Q10 2Q10 3Q10 4Q10 Corporate Debt SFH Dívida Bruta Gross Debt Corporate vs. SFH (R$mm) Gross Debt (including SFH) Short Term vs. Long Term (R$mm) SFH vs. Corporativa (R$mm) 215,9 220,4 215,9 207,4 220,4 207,4 187,6 179,4 41,0% 38,2% 187,6 36,7% 83,8 66,8 179,4 37,9% 36,3% 32% 108,6 39% 58,0 74,8 40% 49% 118,0 32% 127,1 124,1 117,9 131,7 132,1 140,6 8,6% 121,4 112,9 111,8 6,3% 8,8% 102,4 3,2% 69,7 88,7 83,3 4,9% 47,7 4Q09 1Q10 2Q10 3Q10 4Q10 4Q09 1Q10 2Q10 3Q10 4Q10 Corporate Debt SFH Short Term Debt Long Term Debt % Long Term Debt Net Debt/Equity CR2 (ex-SFH) Net Debt/Equity CR2 (including SFH) 4Q10 and 2010 15
  16. 16. Receivables from ClientsOn/Off Balance Receivables (R$ 000) 2010 2009Receivables from Real Estate Developments and SalesShort Term 186.320 155.432 Receivables (R$000) PrivateLong Term 248.196 183.642 Total CEF Delivery Forecast BanksTotal 434.516 339.074 Performed Receivables 146.023 116.538 29.485Receivables to be Recognized 1S11 149.848 75.051 74.797Short Term 21.648 69.512 2S11 53.770 34.463 19.307Long Term 28.838 82.127 2012 38.161 9.516 28.645Total 50.486 151.639 2013 97.200 97.200 -Short Term Total 207.968 224.944Long Term Total 277.034 265.769 Total 485.002 332.768 152.234Total Receivables 485.002 490.713 4Q10 and 2010 16
  17. 17. 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. 4Q10 and 2010 17

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