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Cr2 presentation jan-11

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Cr2 presentation jan-11

  1. 1. Institutional Presentation January, 2011
  2. 2. Business Model Partnership With Pure Play Developer Control on Each Project Focus on Low- Strong Project Income Segment Origination Platform Ability to Anticipate Macro Trends 2
  3. 3. Ownership Breakdown – 12/02/2010 Board of Directors and Free Float Executive Officers 54,7% 45,3% Itaú Unibanco Squadra ADRs Bovespa 20,6% 9,5% 9,2% 15,4% 3
  4. 4. Launched PSV by Region Total Launched PSV (R$mm) 544,7 347,0 544,7 164,0 126,0 55,7 64,1 183,0 42,0 126,0 55,7 22,1 2006 2007 2008 2009 2010 acum. Capital and Metropoiltan Area of Rio de Janeiro Metropolitan Area of São Paulo 4
  5. 5. Launched PSV by Income Segment Total Launched PSV (R$mm) 544,7 347,0 404,7 347,0 126,0 55,7 64,1 140,0 126,0 55,7 64,1 2006 2007 2008 2009 9M10 Economy Middle-Income 5
  6. 6. 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 6
  7. 7. Cash Position IPO: 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 54,0 63,751,4 49,7 43,6 45,4 39,0 34,0 36,1 35,42006 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 7
  8. 8. Net Operating Revenue - Quarterly Net Operating Revenue (R$ mm) 130,7 101,4 100,7 75,9 71,8 75,2 69,0 69,3 58,6 51,727,21Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 8
  9. 9. Total Contracted Sales Total Contracted Sales (R$ mm) 317,0 221,7 188,3 142,9 19,9 2006 2007 2008 2009 9M10 9
  10. 10. 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 10
  11. 11. 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 11
  12. 12. 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 12
  13. 13. Land Bank 100% of the residential land bank in the economy segment Average Price Total PSV CR2 PSV Expected Project City (State) Segment Units % CR2 (R$ 000) (R$ mm) (R$ mm) Launch Date Manaú 2 Guarulhos (SP) Economy 109 450 49 42 86% 2011 Top Life Village (Colônia Paraíso) S. J. Campos (SP) Economy 100 392 39 34 86% 2011 Pq. das Águas 2011 São Gonçalo (RJ) Economy 99 1.014 100 80 80% 2011 Cidade Paradiso - 2011 Nova Iguaçu (RJ) Economy 85 1.000 85 79 93% 2011Residential 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 1.754 93% - Total 92 27.278 2.505 2.265 90% 0-3 minimum wages MCMV: Project approved by the Municipal Authorities and in process of approval by CEF Average Price Total PSV CR2s PSV Expected Development City (State) Segment % CR2 (R$000) (R$mm) (R$mm) Launch Date Sta. Cecília – Madureira Nova Iguaçu (RJ) 0-3 minimum wage 49 185 185 100% 2011 Total 49 185 185 100%Commercial Total Area Average Price Total PSV CR2s PSV Expected Development City (State) Segment 2 2 % CR2 (m ) (R$/m ) (R$mm) (R$mm) Launch Date Niterói Plaza Niterói (RJ) Commercial 6.500 8.000 52 36 70% 2011 Total 6.500 8.000 52 36 70% *Total PSV in the land bank to be launched in 2011 of R$325mm (%CR2 R$271mm) 13
  14. 14. Net Operating Revenue - Yearly Net Operating Revenue (R$ mm) 300,1 300,6 230,7 2008 2009 9M10 14
  15. 15. EBITDA - Yearly EBITDA (R$ mm) 44,8 33,7 33,0 2008 2009 9M10 15
  16. 16. Net Profit - Yearly Net Profit CR2 (R$ mm) 37,6 15,1 15,0 2008 2009 9M10 16
  17. 17. Delivered Projects: 2008 Green Park 3000/4000Location: Barra da Tijuca (RJ)Segment: Middle-IncomeUnits: 240PSV: R$55,7mm% Sold: 100% (Oct-10)% Disbursed/Paid Down: 93% (Oct-10) Via Parque Location: Caxias (RJ) Segment: Economy Units: 99 PSV: R$4,9mm % Sold: 100% (Oct-10) % Disbursed/Paid Down: 100% (Oct-10) 17
  18. 18. Delivered Projects: 2009 Verano ILocation: Barra (RJ) Splendore Valqueire ISegment: Middle-Income Location: V. Valqueire (RJ)Units: 395 Segment: Middle-IncomePSV: R$130,0mm Units: 120% Sold: 95% (Oct-10) PSV: R$15,9mm% Disbursed/Paid Down: 90% (Oct-10) % Sold: 98% (Oct-10) % Disbursed/Paid Down: 88% (Oct-10) Mirante BonsucessoLocation: Guarulhos (SP)Segment: EconomyUnits: 368PSV: R$28,4mm% Sold: 97% (Oct-10)% Disbursed/Paid Down: 93% (Oct-10) 18
  19. 19. Delivered Projects: 1H10 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% (Oct-10) PSV: R$105,0mm% Disbursed/Paid Down: 68% (Oct-10) % Sold: 99% (Aug-10) % Disbursed/Paid Down: 56% (Oct-10) Villaggio del MareLocation: Recreio (RJ)Segment: Middle-IncomeUnits: 120PSV: R$45,3mm% Sold: 100% (Oct-10)% Disbursed/Paid Down: 54% (Oct-10) 19
  20. 20. Delivered Projects: 3Q10 Villagio do Campo - Lote 226% over totalLocation: Campo Grande (RJ)Segment: EconomyUnits: 262PSV: R$17,0mm% Sold: 97% (Oct-10)% Disbursed: 82% (Oct-10) 20
  21. 21. Delivered Projects: 3Q10 Jardim Paradiso I – Lotes 1 a 458% over totalLocation: Nova Iguaçu (RJ)Segment: EconomyUnits: 308PSV: R$21,2mm% Sold: 99% (Oct-10)% Disbursed: To begin in 1Q11 21
  22. 22. Relaunch StrategyLaunches resume: Jardim Paradiso IIB-III, Splendore Valqueire IISale of the Barrartes projectDebt profile improvement Debenture issuance Corporate debt restructureIR Strategy Non deal Road Shows Research prospection 22
  23. 23. Recent Events – 4Q10 Launches: 2 projects, totaling R$126mm in total PSV (%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$231 thousand 23
  24. 24. Recent Events – 4Q10 Issuance of DebenturesTotal Amount: R$ 60 millionInterest: 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, 2012Amortization Schedule of Interest: Every semester, starting on May 05, 2011Coordinators: BB Banco de Investimento S.A. (Leader Coordinator) and Bradesco BBI S.A.Settlement Date: November 12, 2010 24
  25. 25. Recent Events - 4Q10 Sale of the Barrartes projectLand Area: 25,000 m2PSV: R$ 240 millionMaximum Launch Date: 2Q11Maximum Delivery Date: 2Q14Payment: 40% Swap on Gross PSVLand Location: Av. Ayrton Senna, Barra da Tijuca – Rio de Janeiro, RJSegment: Commercial 25
  26. 26. CRDE3 Performance - 2010 % 12M EZ Tec 69,21 Helbor 64,44 CR2 35,47 PDG Realty 33,25 MRV 27,49 Camargo 22,80 Even 12,62 Trisul 11,82 IMOB 10,34 Tecnisa 8,57 IBOV -0,01 Rodobens -0,64 Brookfield -1,96 Rossi -2,95 JHSF -5,16 Inpar -7,08 Gafisa -11,22 Cyrela -11,94 *Date: 01/11/2010 26
  27. 27. CRDE3 Performance - 4M % 4 Meses CR2 46,33 Camargo 30,33 EZ Tec 23,58 JHSF 22,60 Tecnisa 19,00 Inpar 16,38 Helbor 14,88 Rodobens 10,82 PDG 6,38 MRV 5,57 IBOV 5,41 Even 0,96 IMOB 0,86 Trisul 0,75 Brookfield -4,21 Gafisa -8,88 Cyrela -12,80 Rossi -13,00 *Date: 01/11/2010 27
  28. 28. Valuation: Price/Book Value* P/BV Inpar 0,88 CR2 0,96 Trisul 1,03 Camargo 1,12 Rodobens 1,25 Gafisa 1,35 Brookfield 1,40 Even 1,42 Rossi 1,47 Tecnisa 1,63 Helbor 1,87 Eztec 1,89 PDG 1,91 Cyrela 1,97 MRV 2,72 *Date: 01/11/2010 28
  29. 29. Master Plan – Cidade Paradiso 29
  30. 30. 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. 30

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