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Results 1Q12
 May 17, 2012
Highlights 1Q12


Following the Business Plan: continue with the Company’s unleveraging process.


   Cash generation of the operational activity of R$ 38,9 mm;

   Increase in the cash position - R$ 6,6 mm;


   Reduction in gross debt of R$ 32,3 mm.




                                      1Q12                                2
Completion of Projects


                                                                    Projects          PSV(R$mm)     Delivery Schedule
          Delivery Schedule: PSV (R$mm)                     Jardim Paradiso IIB-III     89,0              1H12
                                                            Acqua Park                  67,3              2S12
                                                            Splendore Valqueire II      37,0              2H12
      Total PSV of R$1,137.5mm (100% of PSV launched)       Top Life View               42,0              1H13
     902,2
                                                            Total                       235,3


                                                             Expected Budget :

                                                               Total disbursement until conclusion: -R$51,1mm;
    651,5

                     89,0           104,3
                                                    42,0     Funding sources
                     89,0            87,1           35,9
Delivered: From     1H12            2H12            1H13       Construction financing (SFH): +R$35,5mm;
 2008 to 2011
                      CR2       Partners

                                                               Crédito Associativo : +R$34,3mm;




                                                           1Q12                                               3
Contracted Sales


                    Total Contracted Sales (R$mm)


                        20,4



             13,8
                                 12,3
                                                    10,9

                                           6,3




             1Q11      2Q11      3Q11     4Q11      1Q12




                               1Q12                        4
Inventory

                                      Date              Inventory at Market Price*                %          Units
                                      Delivered                                 65.518                 41%      428
                                      2Q12                                      76.567                 48%      757
                                      3Q12                                       4.728                  3%       32
                                      4Q12                                      11.094                  7%       48
                                      1Q13                                       2.561                  2%       14
                                      Total                                    160.468             100% 1.279

                                                         *Inventory %CR2 at Market Price in R$mm



      Inventory at Market Value                          Inventory at Market Value                                   Inventory at Market Value
         Construction Status                                   Average Price                                                  Region

                                                           5%
                                                                                                                      9%


                             Under Construction                                      > R$170k
                                                                                                                                          Capital and
                                                                                                                                          Metropolitan Area of RJ
44%                                                                                  R$171k - R$350k
                                                  44%                    51%
                 56%                                                                                                                      Metropolitan Area of SP
                             Completed                                               R$351k - 1,000k
                                                                                                                           91%


0%




                                                                   1Q12                                                                                 5
Land Bank

                                                                       Average Price                  Total PSV   CR2 PSV
                Project                    City (State)      Segment                       Units                            % CR2
                                                                         (R$ 000)                     (R$ mm)     (R$ mm)

           Cidade Paradiso              Nova Iguaçu (RJ)     Economy        95            23.183        2.202      2.202    100%
          Parque das Águas              São Gonçalo (RJ)     Economy       137             3.253         446       357      80%
       Sta. Cecília – Madureira         Nova Iguaçu (RJ)     Economy       100             3.500         350       350      100%
       Chafi Chaia - Residencial        Campo Grande (RJ)    Medium        518              42           22         17      80%
       Chafi Chaia - Comercial          Campo Grande (RJ) Commercial       316              117          37         30      80%
               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%
                 Total                                                     102            30.937        3.146      3.032    96%




                                                            % Projects PSV on our Land bank
                                                      5%
                                               11%
                                                                                       Cidade Paradiso
                                            14%                                        Parque das Águas
                                                            70%                        Sta. Cecília – Madureira
                                                                                       Outros




                                                              1Q12                                                                  6
2011 Result


    Increase in the cash position and Reduction in gross debt



                                                                        Gross Debt
              Cash (R$mm)                                         Corporate vs. SFH (R$mm)
 39.891                                       251,6                           242,4
                                                              237,5                            238,9
                                   37.199
                                                                                                       47,2%
                                                                                      50,4%                     213,5
             29.741     30.640
                                                                      48,4%   90,4              80,4
                                              122,5 41,5%     110,3                                    29,0%
                                                                                      29,0%                     71,6 41,3%

                                                                                                                        24,5%
                                                                      21,4%

                                                      13,6%
                                                                              151,9            158,5            141,9
                                              129,1           127,2



 2Q11        3Q11       4Q11        1Q12      1Q11            2Q11            3Q11              4Q11            1Q12

                                                 Corporate Debt                               SFH

                                                 Net Debt/Equity (ex-SFH)                     Net Debt/Equity (including SFH)




                                            1Q12                                                                        7
1Q12 Results
         Net Revenue (R$mm)                         Gross Profit (R$mm)
          39,7                               6,6      6,5
                           32,5              6,5
                                             6,4
                                             6,3
                                             6,2
                                             6,1
                                             6,0                      5,9
                                             5,9
                                             5,8
                                             5,7
                                             5,6
         1Q11
          1T11            1Q12
                           1T12                       1T11
                                                     1Q11             1T12
                                                                     1Q12



          EBITDA (R$mm)                                Net Profit (R$mm)
 2,0                              100,0%
           0,8                                0,0
 1,0                              90,0%
                                  80,0%      -2,0
  -
(1,0)                             70,0%      -4,0
                                  60,0%
(2,0)                                        -6,0
                                  50,0%
(3,0)
                                  40,0%      -8,0      -7,1
(4,0)                             30,0%
(5,0)                                       -10,0
                                  20,0%
(6,0)                     (5,1)   10,0%     -12,0                    -10,7
          1T11
        1Q11          1Q12
                      1T12                            1T11
                                                      1Q11           1T12
                                                                     1Q12



                                           1Q12                              8
Cash Flow



(R$'000)                                         1Q12       4Q11       3Q11       2Q11       1Q11
Cash                                            37.199
                                                    0
                                                           30.640
                                                                0
                                                                      29.741
                                                                         0
                                                                                 39.891
                                                                                    0
                                                                                            69.368
                                                                                                0




                                                    0           0        0          0           0




Change in Cash                                  6.559          899    (10.150)   (29.477)   1.259
Operational Activities                          38.861     12.669     13.734      1.934     (5.310)
Acquisition of Cidade Paradiso Swap Rights         -            -        -       (10.096)   (41.915)
Disbursement (Amortization) of SFH Debt         (10.398)   (12.205)   (19.024)   (14.197)    4.151
Disbursement (Amortization) of Corporate Debt   (21.904)       435    19.362     (7.118)    22.417
Dividends Payment                                  -            -     (24.222)      -          -
Capital Increase                                   -            -        -          -       21.915




                                                        1Q12                                        9
Receivables

          (R$'000)                                             1Q12              4Q11
          Receivables from Real Estate Sales                  322.323           380.366
          Revenues to be Recognized                           44.928            63.413
          Advances from Clients                               (28.964)          (37.420)

          TOTAL Recevables from Clients                       338.287           406.359
          Receivable from Transfer of Receivables             58.823            66.796
          Direct Financing                                     8.024             7.530

          TOTAL Receivables                                   405.134           480.685


                                                  Total                                      Net
        Total Receivables (R$'000)                                       SFH
                                               Receivables                               Receivables

   Performed - SHF Paid Down                        109.918               -                109.918
   Performed - Amortizating SFH                     56.969             27.574               29.395
   To be Performed - 2012                           98.137             44.035               54.102
   2013 +                                           140.111               -                140.111
                     Total                          405.134            71.608              333.526



                                               1Q12                                                    10
IR Contact


Investor Relations
Rogério Furtado
Chief Financial and Investor Relations Officer


Contact:
www.cr2.com.br/ri
ri@cr2.com.br
Phone: +55 (21) 3095-4600 / 3031-4600


This 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 by
the statements. Many of these risks and uncertainties relate to factors that are beyond CR2’s ability to control or estimate precisely, such as future market
conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators, the Company's ability to continue to obtain
sufficient financing to meet its liquidity needs; and changes in the political, social and regulatory framework in which the Company operates or in economic or
technological 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 not
undertake any obligation to publicly release any revisions to these forward looking statements to reflect events or circumstances after the date of this
presentation.




                                                                            1Q12                                                                                  11

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Cr2 presentation - 1 q12

  • 1. Results 1Q12 May 17, 2012
  • 2. Highlights 1Q12 Following the Business Plan: continue with the Company’s unleveraging process. Cash generation of the operational activity of R$ 38,9 mm; Increase in the cash position - R$ 6,6 mm; Reduction in gross debt of R$ 32,3 mm. 1Q12 2
  • 3. Completion of Projects Projects PSV(R$mm) Delivery Schedule Delivery Schedule: PSV (R$mm) Jardim Paradiso IIB-III 89,0 1H12 Acqua Park 67,3 2S12 Splendore Valqueire II 37,0 2H12 Total PSV of R$1,137.5mm (100% of PSV launched) Top Life View 42,0 1H13 902,2 Total 235,3 Expected Budget : Total disbursement until conclusion: -R$51,1mm; 651,5 89,0 104,3 42,0 Funding sources 89,0 87,1 35,9 Delivered: From 1H12 2H12 1H13 Construction financing (SFH): +R$35,5mm; 2008 to 2011 CR2 Partners Crédito Associativo : +R$34,3mm; 1Q12 3
  • 4. Contracted Sales Total Contracted Sales (R$mm) 20,4 13,8 12,3 10,9 6,3 1Q11 2Q11 3Q11 4Q11 1Q12 1Q12 4
  • 5. Inventory Date Inventory at Market Price* % Units Delivered 65.518 41% 428 2Q12 76.567 48% 757 3Q12 4.728 3% 32 4Q12 11.094 7% 48 1Q13 2.561 2% 14 Total 160.468 100% 1.279 *Inventory %CR2 at Market Price in R$mm Inventory at Market Value Inventory at Market Value Inventory at Market Value Construction Status Average Price Region 5% 9% Under Construction > R$170k Capital and Metropolitan Area of RJ 44% R$171k - R$350k 44% 51% 56% Metropolitan Area of SP Completed R$351k - 1,000k 91% 0% 1Q12 5
  • 6. Land Bank Average Price Total PSV CR2 PSV Project City (State) Segment Units % CR2 (R$ 000) (R$ mm) (R$ mm) Cidade Paradiso Nova Iguaçu (RJ) Economy 95 23.183 2.202 2.202 100% Parque das Águas São Gonçalo (RJ) Economy 137 3.253 446 357 80% Sta. Cecília – Madureira Nova Iguaçu (RJ) Economy 100 3.500 350 350 100% Chafi Chaia - Residencial Campo Grande (RJ) Medium 518 42 22 17 80% Chafi Chaia - Comercial Campo Grande (RJ) Commercial 316 117 37 30 80% 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% Total 102 30.937 3.146 3.032 96% % Projects PSV on our Land bank 5% 11% Cidade Paradiso 14% Parque das Águas 70% Sta. Cecília – Madureira Outros 1Q12 6
  • 7. 2011 Result Increase in the cash position and Reduction in gross debt Gross Debt Cash (R$mm) Corporate vs. SFH (R$mm) 39.891 251,6 242,4 237,5 238,9 37.199 47,2% 50,4% 213,5 29.741 30.640 48,4% 90,4 80,4 122,5 41,5% 110,3 29,0% 29,0% 71,6 41,3% 24,5% 21,4% 13,6% 151,9 158,5 141,9 129,1 127,2 2Q11 3Q11 4Q11 1Q12 1Q11 2Q11 3Q11 4Q11 1Q12 Corporate Debt SFH Net Debt/Equity (ex-SFH) Net Debt/Equity (including SFH) 1Q12 7
  • 8. 1Q12 Results Net Revenue (R$mm) Gross Profit (R$mm) 39,7 6,6 6,5 32,5 6,5 6,4 6,3 6,2 6,1 6,0 5,9 5,9 5,8 5,7 5,6 1Q11 1T11 1Q12 1T12 1T11 1Q11 1T12 1Q12 EBITDA (R$mm) Net Profit (R$mm) 2,0 100,0% 0,8 0,0 1,0 90,0% 80,0% -2,0 - (1,0) 70,0% -4,0 60,0% (2,0) -6,0 50,0% (3,0) 40,0% -8,0 -7,1 (4,0) 30,0% (5,0) -10,0 20,0% (6,0) (5,1) 10,0% -12,0 -10,7 1T11 1Q11 1Q12 1T12 1T11 1Q11 1T12 1Q12 1Q12 8
  • 9. Cash Flow (R$'000) 1Q12 4Q11 3Q11 2Q11 1Q11 Cash 37.199 0 30.640 0 29.741 0 39.891 0 69.368 0 0 0 0 0 0 Change in Cash 6.559 899 (10.150) (29.477) 1.259 Operational Activities 38.861 12.669 13.734 1.934 (5.310) Acquisition of Cidade Paradiso Swap Rights - - - (10.096) (41.915) Disbursement (Amortization) of SFH Debt (10.398) (12.205) (19.024) (14.197) 4.151 Disbursement (Amortization) of Corporate Debt (21.904) 435 19.362 (7.118) 22.417 Dividends Payment - - (24.222) - - Capital Increase - - - - 21.915 1Q12 9
  • 10. Receivables (R$'000) 1Q12 4Q11 Receivables from Real Estate Sales 322.323 380.366 Revenues to be Recognized 44.928 63.413 Advances from Clients (28.964) (37.420) TOTAL Recevables from Clients 338.287 406.359 Receivable from Transfer of Receivables 58.823 66.796 Direct Financing 8.024 7.530 TOTAL Receivables 405.134 480.685 Total Net Total Receivables (R$'000) SFH Receivables Receivables Performed - SHF Paid Down 109.918 - 109.918 Performed - Amortizating SFH 56.969 27.574 29.395 To be Performed - 2012 98.137 44.035 54.102 2013 + 140.111 - 140.111 Total 405.134 71.608 333.526 1Q12 10
  • 11. IR Contact Investor Relations Rogério Furtado Chief Financial and Investor Relations Officer Contact: www.cr2.com.br/ri ri@cr2.com.br Phone: +55 (21) 3095-4600 / 3031-4600 This 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 by the statements. Many of these risks and uncertainties relate to factors that are beyond CR2’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators, the Company's ability to continue to obtain sufficient financing to meet its liquidity needs; and changes in the political, social and regulatory framework in which the Company operates or in economic or technological 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 not undertake any obligation to publicly release any revisions to these forward looking statements to reflect events or circumstances after the date of this presentation. 1Q12 11