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Cr2 presentation fator real estate day - 01-jun-11

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Cr2 presentation fator real estate day - 01-jun-11

  1. 1. Institutional PresentationCR2 Empreendimentos Imobiliários Fator Real Estate Day June / 2011
  2. 2. Ownership Breakdown – 03/31/11 Board of Directors and Free Float Executive Officers 54,7% 45,3% Itaú Unibanco Squadra ADRs Bovespa 20,6% 9,6% 9,2% 15,3% 2
  3. 3. History 1999-2005 2006 2007 • Banco CR2 foundation in • FIP – Funding of R$60mm • IPO – Funding of R$307mm 1999 • CR2 Empreendimentos • Flexible business model allows • Focus on Credit and Real Imobiliários foundation rapid acceleration in times of Estate abundant liquidity • CR2 lauches 11 projets with • CR2 launches nine projects with R$218mm of PSV PSV of R $ 600mm (2006-2007) 2008 2009 / 2010 2011 • CR2 launches 10 projects • Policy of cash management, • Predicted finish delivery of the with R$347mm of PSV inventory reduction and first cycle of releases delivery of projects • In anticipation of the • Strategy of unlocking the value worsening global crisis, CR2 • At the end of the period, of land bank reduced rate of release reaching positive cash flow • Payment of dividends •Priorities were to raise funds for projects and preserve cash 3
  4. 4. Launched PSV – By Region Total Lauched PSV(R$mm) 544,7 376,0 347,0 544,7 164,0 250,0 55,7 64,1 183,0 42,0 126,0 55,7 22,1 2006 2007 2008 2009 2010 Capital and Metropolitan Area of Rio de Janeiro Metropolitan Area of Sao Paulo 4
  5. 5. Launched PSV – By Segment Total Launched PSV (R$mm) 544,7 376,0 347,0 404,7 250,0 347,0 55,7 64,1 140,0 126,0 55,7 64,1 2006 2007 2008 2009 2010 Economy Middle-Income Swap 5
  6. 6. Project Conclusion Prevision: R$991,1mm of cumulative delivered PSV untill the end of 2011 (87% do lançado) Delivery Schedule: PSV (R$mm) Delivery Schedule: Units Total PSV of R$991,1mm (87% of PSV launched) 6.881 Units 3.761 636,9 192,9 93% 1.637 1.483 1.207 197,6 444,0 156,6 146,3 96% 85% 147,9 138,3 123,1 34% Delivered: From 2Q11 2H11 2012 Delivered: From 2Q11 2H11 2012 2008 to 1Q11 2008 to 1Q11 Sold Inventory CR2 Partners Estoque de lançamentos do 4T10: 58% 8% 6
  7. 7. Cash Position IPO funding: R$307,5 mm (R$284,5 mm ex-IPO expenses) Cash (R$mm) 282,8 273,8 238,7 178,4 133,6 86,9 63,7 68,1 69,451,4 49,7 43,6 45,4 54,0 39,0 34,0 36,1 35,42006 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 7
  8. 8. Net Operation Revenue - Quaterly Net Operation Revenue (R$mm) 130,7 133,4 100,9 101,6 69,0 76,1 72,3 75,2 69,3 58,6 51,7 39,7 27,2 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 8
  9. 9. 2010 Strategy Unlock 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 Restructure IR Strategy Non deal Roadshows 9
  10. 10. Launches – 4Q10 Launches: 2 projets, with total PSV ofR$126mm (%CR2 R$112mm) Project: Jardim Paradiso IIB-III Projeto: Jardim Paradiso IIB-III Projeto: Splendore Valqueire II II Project: Splendore Valqueire Location: Nova Iguaçu (RJ) Localização: NovaIguaçu (RJ) Localização:Vila Valqueire (RJ) Location: Vila Valqueire (RJ) PSV: R$89mm (%CR2 R$82mm) VGV: R$ 89mm (%CR2 R$ 82mm) VGV: R$37mm (%CR2 R$R$30mm) PSV: R$37mm (%CR2 30mm) Units: 963 Unidades: 963 Unidades: 160 Units: 160 Segment: Economy Segmento: Econômico Segmento: Econômico Segment: Economy R$/unit: R$92 thousand (+33% vs. 1st R$/unidade: R$92 mil (+33% vs. 1ª fase) phase) R$/unidade: R$231 mil (+78% vs. 1ªvs. 1st phase) R$/unit: R$231 thousand (+78% fase) Estimated delivery: 4Q11 Entrega Prevista: 4T11 Entrega Prevista: 4T124Q12 Estimated delivery: 10
  11. 11. Barrartes Swap – 4Q10 Terra Encantada Barrartes: Av. Ayrton Senna Barrartes Hospital Unimed* Original Project Land Area: 27.000 m2 PSV: R$240mm (aprox. R$9.000/m2) Segment: Commercial Maximum Launch Date: 2Q11 Maximum Delivery Date: 2Q14 Payment: 40% Swap over Gross PSV Loan Operations of R$20mm on IPCA + 0,5% p.m. 11
  12. 12. Land Bank Value - Niterói Plaza Niterói Plaza: Shopping Expension (SPE-30): Memorandum of understanding with BR Malls Sell: R$5mm on 2Q08 (R$7,3mm based on CDI) Right to develop a commercial tower (SPE-31): PSV R$89mm (%CR2 R$72mm) R$10.000/m2 Book value: R$622mil (1T11) 12
  13. 13. Land Bank Value - Cidade Paradiso Feb/11: Acquisition of the swap rights over Cidade Paradiso Cidade Paradiso Jardim Paradiso PSV R$2,1bi (25.000 units) PSV R$148mm (1.817 units) Befor Operation 3,2 million of m2 Launched Swap of 8,323% over PSV of R$2,1 billion After Operation R$30mm cash 2,3mm shares at R$9,50 2,5% over PSV R$23/m2 13
  14. 14. Land Bank Value - Parque das Águas Parque das Águas: Phases 1A/1B (Launched): PSV: R$140mm (%CR2 R$112mm) Conclusion: Phase 1A: 4Q10 / Phase 1B: 3Q11 Other Phases: PSV: R$447mm (%CR2 R$358mm) Land Area: 71.261 m2 Book value: R$21,7mm (R$321/m2) Sold to Helbor: Price: R$687/m2 on 3Q09 (R$805/m2 on CDI) 14
  15. 15. Land Bank Average Price Total PSV CR2 PSV Project City (State) Segment Units % CR2 (R$ 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% Cidade Paradiso - 2011 Nova Iguaçu (RJ) Economy 85 1.000 85 85 100%Residencial 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$mm) Sta. Cecília – Madureira Nova Iguaçu (RJ) 0-3 minimum 49 3.780 185 185 100% Total 49 3.780 185 185 100% Average Total Area Total PSV CR2s PSVComercial Project City (State) Segment 2 % CR2 Price (m ) (R$mm) (R$mm) 2 Niterói Plaza Niterói (RJ) Commercial 10.000 8.700 87 71 82% Total 10.000 8.700 87 71 82% 15
  16. 16. Balance Sheet Adjusted Balance Sheet - 1T11 Assets Liabilities and Shareholders Equity Cash and Cash Equivalents 69.368 Debentures 62.310 Receivables of Clients (On and Off-Balance): Bank Loans 46.497 Performed 161.268 Construction Financing - SFH 122.523 2011 159.833 Loan Operations 20.308 2012+ 137.497 Real Estate Financing Receivables from Third Parties: Niterói Plaza (SPE-30) 14.042 Transfer (CEF) 75.931 Cidade Paradiso 10.096 Others 23.944 Financial Swap 447 Inventory of Units: Custo a Incorrer Vendidas (Off Balance) 63.362 Concluded 22.890 Dividends Payable 11.595 Under Construction 55.410 Others Liabilities 66.863 Lands: Niterói Plaza (SPE-30) 16.673 Niterói Plaza (SPE-31) 623 Parque das Águas 21.743 Shareholders Equity Cidade Paradiso 74.456 Shareholders Equity - Holding Company 413.622 Others 10.905 Profit to be Recognized (Off Balance) 26.305 Loan Operations 12.274 Net Property and Equipment 9.415 Minority Interest 25.715 Others Assets 31.455 TOTAL 883.685 TOTAL 883.685 16
  17. 17. Dividends Approval of Management Proposition for dividends Management Proposition R$ R$/share Minimum Dividends 11.151.773 0,23 Additional Dividends 13.069.758 0,27 Total 24.221.531 0,50 X Date: May 02, 2011 Payable until the end of the fiscal year of 2011 17
  18. 18. Valuation: Price/Book Value P/BV Viver 0,70 Trisul 0,71 Camargo 0,81 CR2* 0,87 Rodobens 0,98 Gafisa 1,00 Even 1,35 Brookfield 1,38 Rossi 1,48 Direcional 1,57 IMOB 1,60 Cyrela 1,63 Tecnisa 1,68 PDG 1,79 JHSF 1,80 Helbor 1,92 EZ Tec 2,04 MRV 2,36*Shareholders’ Equity ex-additional dividends of R$ 0,27/share *Date: 27/05/2011 18
  19. 19. IR ContactInvestor RelationsRogério FurtadoChief Financial and Investor Relations OfficerPaulo CastroFinancial and Investor Relations CoordinatorContact:www.cr2.com.br/riri@cr2.com.brPhones: (21) 3095-4600 / 3031-4600This presentation contains certain statements that are neither reported financial results or other historical information. They are forward-lookingstatements.Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in orimplied by the statements. Many of these risks and uncertainties relate to factors that are beyond CR2’s ability to control or estimate precisely, suchas future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators, the Companysability to continue to obtain sufficient financing to meet its liquidity needs; and changes in the political, social and regulatory framework in which theCompany 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 doesnot undertake any obligation to publicly release any revisions to these forward looking statements to reflect events or circumstances after the date ofthis presentation. 19
  20. 20. Annex 20
  21. 21. Net Revenue Net Revenue (R$ mm) 434,9 300,1 230,9 2008 2009 2010 21
  22. 22. EBITDA EBITDA (R$ mm) 83,7 35,2 26,6 2008 2009 2010 22
  23. 23. Net Profit Net Profit (R$ mm) 47,0 26,2 15,1 2008 2009 2010 23
  24. 24. Contracted Sales Total Contracted Sales (R$mm) 317,0 221,7 188,3 179,8 19,9 2006 2007 2008 2009 2010 24
  25. 25. Inventory at Market Value – 1Q11 Inventory at Market Value: R$185mm (%CR2 R$157mm) 38% over Shareholders Equity Inventory at Market Value Inventory at Market Value Inventory at Market Value Construction Status Average Price Region 1% 8% 22% 18% Under Construction > R$130k Capital and Metropolitan Area of RJ Construction not R$131k - R$350k11% started Metropolitan Area of SP R$351k - R$500k 67% Completed 81% 92% 100% SFH included 25
  26. 26. Balance Sheet - Receivables from Clients R$321mm - 70% of portfolio Total Receivables (R$ 000) Projects Delivery Forecast 137.497 Performed 30% ReceivablesOn/Off Balance Receivables (R$ 000) 1Q11 1Q10 161.268 2Q11 35%Receivables from Real Estate Developments and Sales 2H11Short Term 181.437 147.984Long Term 243.147 213.955 51.614 2012 + 11% 108.219Total 424.584 361.939 24%Receivables to be RecognizedShort Term 14.535 61.115Long Term 19.479 88.360Total 34.014 149.475 Receivables (R$000) Private Total CEFShort Term Total 195.972 209.099 Delivery Forecast BanksLong Term Total 262.626 302.315 Performed Receivables 161.268 125.904 35.364Total Receivables 458.598 511.414 2Q11 108.219 69.224 38.995 2H11 51.614 34.178 17.435 2012 + 137.497 108.761 28.736 Total 458.598 338.067 120.531 26
  27. 27. Balance Sheet – CEF Relationship 3,227 units contracted = 8 projects with a total PSV of R$304.3mm 2,532 credits transferred, 148 of which in 1Q11 R$196.3mm in cumulative disbursements, R$26.1mm of which in 1Q11 Accounts Receivable from CEF as of 1Q11: R$75.9mm Disbursements x Receivables from CEF Contracted Units x Credits Transferred (R$mm) 3.227 3.227 3.227 3.227 82,1 83,6 75,9 2.595 72,5 2.532 2.384 2.275 78% 1.948 74% 47,4 70% 1.591 60% 61% 23,5 25,2 24,4 26,1 20,1 1Q10 2Q10 3Q10 4Q10 1Q11 1Q10 2Q10 3Q10 4Q10 1Q11 Disbursements R$mm Receivables (balance) R$mm Credits Transferred to CEF Units Contracted by CEF % Transferred 27
  28. 28. Delivered Projects: 2008 Green Park 3000/4000Location: Barra da Tijuca (RJ)Segment: Middle-IncomeUnits: 240PSV: R$55,7mm% Sold: 100% (Mar-11) Via Parque Location: Caxias (RJ) Segment: Economy Units: 99 PSV: R$4,9mm % Sold: 100% (Mar-11) 28
  29. 29. Delivered Projects: 2009 Verano I Splendore Valqueire ILocation: Barra (RJ)Segment: Middle-Income Location: V. Valqueire (RJ)Units: 395 Segment: Middle-IncomePSV: R$130,0mm Units: 120% Sold: 98% (Mar-11) PSV: R$15,9mm % Sold: 98% (Mar-11) Mirante BonsucessoLocation: Guarulhos (SP)Segment: EconomyUnits: 368PSV: R$28,4mm% Sold: 98% (Mar-11) 29
  30. 30. Delivered Projects: 2010 Barra Allegro Verano IILocation: Barra da Tijuca (RJ)Segment: Middle-Income Location: Barra (RJ)Units: 144 Segment: Middle-IncomePSV: R$41,5mm Units: 346% Sold: 98% (Mar-11) PSV: R$105,0mm % Sold: 99% (Mar-11) Villaggio del MareLocation: Recreio (RJ)Segment: Middle-IncomeUnits: 120PSV: R$45,3mm% Sold: 100% (Mar-11) 30
  31. 31. Delivered Projects: 2010 (cont.) Villagio do Campo - Lotes 2 e 3 Parque das Águas - 1ALocation: Barra da Tijuca (RJ)Segment: Economy Location: São Gonçalo (RJ)Units: 553 Segment: EconomyPSV: R$36,0mm Units: 738% Sold: 94% (Mar-11) PSV: R$98mm (%CR2 R$78mm) % Sold: 82% (Mar-11) Jardim Paradiso – Lotes 1 a 4Location: Nova Iguaçu (RJ)Segment: EconomyUnidades: 308VGV: R$15,6mm% Vendido: 90% (Mar-11) 31
  32. 32. Delivered Projects: 1Q11 Total PSV of R$61mm concluded on 1Q11 Project: Jardim Paradiso – Lotes 5 e 20 Project: Premium Cpo. Grande Location: Nova Iguaçu (RJ) Location: Campo Grande (RJ) Segment: Economy Segment: Economy Units: 174 Units: 196 PSV: R$14mm (%CR2 R$13mm) PSV: R$47mm (%CR2 R$42mm) % Sold: 90% (Mar-11) % Sold: 92% (Mar-11) 32
  33. 33. Projects: Tracking Average CR2s Financial % Units Inventory Total CR2s Launched Total PSV Acquisition Development City (State) Launch Date Segment Price % CR2 PSV Evolution Sold 1Q11 Inventory Inventory Units (R$mm) (1) (R$000) (R$mm) 1Q11 1Q11(2) (units)(2) 1Q11 1Q11Green Park 3000/4000 Barra (RJ) mar/sep 06 Middle-Income 240 232 55,7 60% 33,4 Financial Swap 100% 100% - (R$mm)(2) 0 - (R$mm)(2) 0 - Total 2006 240 232 55,7 60% 33,4 100% 0 0,0 0,0 Verano I Barra (RJ) mar/07 Middle-Income 395 329 130,0 60% 78,0 Financial Swap 100% 98% 6 5,0 3,0 Villaggio Del Mare Recreio (RJ) may/07 Middle-Income 120 378 45,3 52% 23,6 Csh+Phs. Swap 100% 100% - - -Splendore Valqueire I V. Valqueire (RJ) jul/07 Middle-Income 120 130 15,9 80% 12,7 Cash 100% 98% 2 0,4 0,3 Verano II Barra (RJ) sep/07 Middle-Income 346 303 105,0 60% 63,0 Financial Swap 100% 99% 4 2,0 1,2Parque das Águas 1A S. Gonçalo (RJ) oct/07 Economy 738 130 98,0 80% 78,4 Cash 100% 83% 129 18,5 14,8Parque das Águas 1B S. Gonçalo (RJ) oct/07 Economy 320 130 42,0 80% 33,6 Cash 92% 68% 101 24,1 19,3 Verano III Barra (RJ) oct/07 Middle-Income 172 390 67,0 60% 40,2 Financial Swap 94% 97% 5 3,3 2,0 Barra Allegro Barra (RJ) nov/07 Middle-Income 144 288 41,5 70% 29,0 Csh+Phs. Swap 100% 98% 3 1,4 1,0 Total 2007 2.355 231 544,7 66% 358,5 89% 250 54,7 41,6 Mirante Bonsucesso Guarulhos (SP) mar/08 Economy 368 77 28,4 86% 24,3 Cash 100% 98% 6 0,9 0,8 Via Parque Caxias (RJ) mar/08 Economy 99 50 4,9 66% 3,2 Physical Swap 100% 100% - - - Felicittá Jacarepaguá (RJ) mar/08 Economy 230 128 29,3 70% 20,5 Cash 100% 94% 13 2,7 1,9 Top Life Itamaraty Santo André (SP) apr/08 Economy 417 103 43,0 86% 36,8 Cash 100% 100% - - - Villagio do Campo Campo Grande (RJ) jun/08 Economy 999 65 65,0 80% 52,0 Cash 100% 95% 53 4,3 3,5Premium Cpo. Grande Campo Grande (RJ) jun/08 Economy 196 240 47,0 90% 42,3 Cash 100% 92% 15 4,7 4,2 Acqua Park I Guarulhos (SP) jul/08 Economy 415 90 37,4 86% 32,0 Cash 85% 96% 17 2,2 1,9 Acqua Park II(3) Guarulhos (SP) jul/08 Economy 332 90 29,9 86% 25,6 Cash 18% 83% 56 7,2 6,2 Top Life Park Santo André (SP) jul/08 Economy 200 127 25,3 86% 21,8 Cash 96% 94% 13 2,4 2,1 Jardim Paradiso I Nova Iguacu (RJ) sep/08 Economy 534 69 36,8 93% 34,2 Cash(4) 100% 92% 43 3,2 3,0 Total 2008 3.790 92 347,0 84% 292,7 94% 216 27,6 23,4 Jardim Paradiso IIA Nova Iguaçu (RJ) nov/09 Economy 320 69 22,1 93% 20,5 Cash(4) 99% 88% 38 2,8 2,6 Top Life View Santo André (SP) nov/09 Economy 300 140 42,0 86% 35,9 Cash 16% 97% 10 1,8 1,6 Total 2009 620 103 64,1 88% 56,4 92% 48 4,7 4,2 Splendore Valqueire II Rio de Janeiro (RJ) nov/10 Economy 160 231 37,0 80% 29,6 Cash 15% 39% 98 21,9 17,6Jardim Paradiso IIB - III Nova Iguaçu (RJ) nov/10 Economy 963 92 88,6 93% 82,4 Cash(4) 35% 11% 859 75,7 70,4 Total 2010 1.123 112 125,6 89% 112,0 15% 957 97,6 87,9 Total 8.128 140 1.137,0 75% 853,0 82% 1.471 184,6 157,1 33
  34. 34. Project: Types of Funding Total PSV Project Type of Funding Project Delivery / Forecast Financing Status Line of Credit (R$ mm)Green Park 3000/4000 55,7 "Repasse nas Chaves" Delivered 4Q08 Transfer of credit finalized Itaú/UnibancoVerano I 130,0 "Plano Empresário" Delivered 3Q09 Transfer of credit finalized / "Plano Emp". Paid Down R$160mm Plano Emp. (R$69mm in active lines)Verano II 105,0 "Plano Empresário" Delivered 2Q10 Transfer of credit finalized / "Plano Emp." Paid DownParque das Águas Delivered 4Q10/To be delivered 1A - "Plano Emp." under payment R$431mm of PSV 140,0 "Plano Empresário"1A/1B 3Q11 1B - Financing kicked-inParque das Águas 1A 97,7 "Repasse na Delivered 4Q10 Transfer of credits finalized Itaú/UnibancoSplendore Valqueire I 15,9 "Repasse na Planta" Delivered 3Q09 Transfer of credits finalized R$29mm of PSVVillaggio Del Mare 45,3 "Plano Empresário" Delivered 1Q10 Transfer of credit in progress / "Plano Emp". Paid Down Real/SantanderBarra Allegro 41,5 "Plano Empresário" Delivered 1Q10 Transfer of credit in progress / "Plano Emp". Paid Down R$42mm of "Plano Emp." (R$12mm in active lines)Felicittá 29,3 "Plano Empresário" To be delivered 2Q11 Contract Signed - financing kicked-in R$116mm of PSVVerano III 67,0 Plano Empresário 2Q11 Contract Signed - financing kicked-in Bradesco R$52mm of "Plano Emp." (R$33mm in active lines)Splendore Valqueire II 37,0 Plano Empresário 4Q12 Contract to be Signed R$104mm of PSVVia Parque 4,9 "Repasse nas Chaves" Delivered 1Q08 Transfer of credits finalizedMirante Bonsucesso 28,4 "Crédito Associativo" Delivered 3Q09 Contract Signed - financing kicked-inTop Life Itamaraty 43,0 "Crédito Associativo" 2Q11 Contract Signed - financing kicked-in Lote 2 and 3 - Delivered 3Q10/4Q10Villagio do Campo 65,0 "Crédito Associativo" Contract Signed - financing kicked-in Lotes 4 and 5 - To be delivered 2Q11Premium Cpo. Grande 47,0 "Crédito Associativo" Delivered 1Q11 Contract Signed - financing kicked-inAcqua Park I 37,4 "Crédito Associativo" 2Q12 Contract Signed - financing kicked-in CEF(1)Acqua Park II 29,9 "Crédito Associativo" 2Q12 to 3Q12 Contract Signed - financing kicked-in R$ 2,5 bilion of PSVTop Life Park 25,3 "Crédito Associativo" 3Q11 Contract Signed - financing kicked-in Lotes 1 to 4 - Delivered 3Q10Jardim Paradiso I 36,8 "Crédito Associativo" Lote 5 - Delivered 1Q11 Post-key credit transfer already started Lote 6 - To be delivered 2Q11 Lotes 7, 8 e 9 - To be deliveredJardim Paradiso IIA 22,1 "Crédito Associativo" 2Q11 To begin post-key credit transfer Lote 20 - Delivered 1Q11Top Life View 42,0 "Crédito Associativo" 3Q12 Contract Signed - financing kicked-in FGTS FinancingJardim Paradiso IIB - III 88,6 4Q11 Contract already Signed "Plano Empresário" 34

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