Cr2 apresentacao - 3 q10-eng
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Transcript of Cr2 apresentacao - 3 q10-eng
3Q10 and 9M10 Results3Q10 and 9M10 Results
November 18, 2010
Recent Events
Launches: 2 projects, for a total PSV of R$126mm (%CR2 R$112mm)
3Q10 2
Project: Jardim Paradiso IIB-III
Location: Nova Iguaçu (RJ)
PSV: R$89mm (%CR2 R$82mm)
# Units: 963
Income Segment: Economy
R$/unit: R$92 thousand
Project: Splendore Valqueire II
Location: Vila Valqueire (RJ)
PSV: R$37mm (%CR2 R$30mm)
# Units: 160
Income Segment: Economy
R$/unit: R$231 thousand
Recent Events
Debenture Issuance
Total Amount: R$ 60 million
Interest: Brazilian Interbank Rate (CDI) + 2,5% p.a.
Maturity Rate: November 05, 2013 (3 years)
Amortization Schedule of Principal: 3 installments every semester starting on November 05, 2012
Interest Payment: Every semester, starting on May 05, 2011
3Q10 3
Interest Payment: Every semester, starting on May 05, 2011
Coordinators: BB Banco de Investimento S.A. (Leader) e Bradesco BBI S.A.
Settlement Date: November 12, 2010
300,6
198,7
9M109M09Net Revenue (R$mm)
61,9
40,1
20,6%20,2%
9M109M09
Gross Profit (R$mm) %Margin
Highlights
55%51%
3Q10
Net Revenue (R$mm) Gross Profit (R$mm) %Margin44,8
17,314,9%
8,7%
9M109M09
EBITDA (R$mm) %Margin
15,0
9,8
5,0%5,0%
9M109M09
Net Profit (R$mm) %Margin
158%53%
Contracted Sales
28,0 19,3
81,7
109,2
9,27,0
26,2
33,7
37,226,3
107,9
142,9
3Q09 3Q10 9M09 9M10
Total and %CR2 Contracted Sales (R$mm)
CR2 Partners
3,0 7,0 13,2
35,9 34,2 19,3
94,6
107,0
37,226,5
107,9
143,2
92% 73%
88%
75%
3Q09 3Q10 9M09 9M10
Total Contracted Sales by Region (R$mm)
Metropolitan Area of SP Capital and Metropolitan Area of RJ RJ
32%
3Q10 5
22,9 13,2
66,0 73,3 9,4
11,4
28,6
59,1
4,9
1,7
13,3
10,5
37,2
26,5
107,9
143,2
62%50%
61% 51%
3Q09 3Q10 9M09 9M10
Total Contracted Sales by Average Price (R$mm)
< R$130 k R$131 k - R$350 k R$351 k - R$500 k % < R$130 k
123.890
178.713
130.156
147.931
3Q09 3Q10 9M09 9M10
Average Price of Units Sold (R$)
Inventory at Market Value and SoS
Period
(R$ mm)
Inventory at the
Beginning of Period
Launches
(CR2's share)
Contracted Sales
(CR2's share)
Inventory at the
End of PeriodSoS
Contracted Sales
from Launches in
the Period
Inventory's
Contracted
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
3Q10 6
21% of Shareholder’s Equity
SoS (%CR2) = [Contracted Sales in the period / (Inventory at beginning of period + launches of the period net of physical exchange)]* After price adjustment
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
Inventory at Market Value and SoS
17%
13%
Inventory at Market Value
Construction Status
Under Construction
Construction not
20%
5%
Inventory at Market Value
Average Price
> R$130k
R$131k - R$350k
23%
Inventory at Market Value
Region
Capital and Metropolitan Area of RJ
3Q10 7
100% of inventory
available for SFH
70%
Construction not Started
Completed75%
R$351k - R$500k
77%
Metropolitan Area of SP
Project Conclusion
Total PSV of R$38.2mm delivered in 3Q10 (R$230.0mm in 9M10)
3Q10 8
Project: Jardim Paradiso 1 – Lotes 1 a 4 (58% of the total)
Location: Nova Iguaçu (RJ)
# Units: 308
Income Segment: Economy
% Sold: 98%
PSV: R$21.2mm (%CR2 R$19.7mm)
Project: Villagio do Campo - Lote 2 (26% of the total)
Location: Campo Grande (RJ)
# Units: 262
Income Segment: Economy
% Sold: 94%
PSV: R$17.0mm (%CR2 R$ 13.6mm)
Project Conclusion
We intend to reach the end of 2010 with R$702.5mm of PSV delivered, 69% of the total launched
163,9
44,1 54,3
459,3
243,2 252,0
Delivery Schedule: PSV (R$mm)
13 projects (69% of PSV Launched) 2.362
2.127 2.010 98%
90%
90%
Delivery Schedule: Units
4.489 Units
3Q10 9
295,4
199,1 197,7
48,7
8,3
57,0
Delivered: from 2008 to 3Q10
4Q10 2011 2012
CR2 Partners
466
80%
Delivered: from 2008 to 3Q10
4Q10 2011 2012
Sold Inventory
ProjectTotal PSV
(R$mm)
CR2's PSV
(R$mm)Units
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
Residential Land Bank
100% of land bank in the economy segment
Project City (State) SegmentAverage Price
(R$'000)Units
Total PSV
(R$mm)
CR2's PSV
(R$mm)% CR2
Splendore Valqueire II Rio de Janeiro (RJ) Economy 231 160 37 29,6 80%
Jardim Paradiso IIB - III Nova Iguaçu (RJ) Economy 92 963 89 82,8 93%
Total Launched in 4Q10 112 1.123 126 112 89%
Top Life Vil lage (Colônia Paraíso) S. J. Campos (SP) Economy 87 392 34 29,3 86%
Manaú 2 Guarulhos (SP) Economy 86 420 36 31,1 86%
Pq. das Águas II São Gonçalo (RJ) Economy 162 1.152 187 149,0 80%
Pq. das Águas III São Gonçalo (RJ) Economy 171 492 84 67,2 80%
3Q10 10
0-3 minimum wages MCMV: Project already approved by the Municipal Authorities and inprocess of approval by CEF
Pq. das Águas IV São Gonçalo (RJ) Economy 89 942 84 67,2 80%
Cidade Paradiso Nova Iguaçu (RJ) Economy 72 30.183 2.180 2.180,0 100%
Total 78 33.581 2.605 2.524 97%
Project City (State) Segment
Average Price
(R$'000)Units
Total PSV
(R$mm)
CR2's PSV
(R$mm)% CR2
Sta. Cecíl ia – Madureira Nova Iguaçu (RJ) 0-3 minimum wage 49 3.780 185,2 185,2 100%
Total 49 3.780 185 185 100%
Commercial Land Bank
Project City (State) Segment Total Area (m
2)
Average Price
(R$/m2)
Total PSV
(R$mm)
CR2's PSV
(R$mm)% CR2
Barrartes Rio de Janeiro (RJ) Commercial 25.000 10.000 250,0 175,0 70%
Niterói Plaza Niterói (RJ) Commercial 6.500 7.000 45,5 31,9 70%
Total 31.500 9.381 296 207 70%
3Q10 11
Revenues and Results to be Recognized
Revenues to be Recognized of R$111.6mm
Results to be Recognized of R$31.7mm (margin of 28.5%)
Revenues and Results to be Recognized (R$'000) 3Q10 3Q09 ∆3Q/3Q 2Q10 ∆3Q/2Q
Revenues to be Recognized 111.558 223.917 -50% 144.942 -23%
Cost of Units Sold to be Recognized 79.819 157.824 -49% 101.207 -21%
3Q10 12
Cost of Units Sold to be Recognized 79.819 157.824 -49% 101.207 -21%
Results to be Recognized 31.739 66.093 -52% 43.735 -27%
Margin to be Recognized 28,5% 29,5% -1,1 p.p. 30,2% -1,7 p.p.
Balance Sheet - Liquidity
36,1 35,4
45,4
54,0
63,7 Cash (R$mm)
24,5 47,7
69,7 88,7 83,3
117,3
131,7 117,9
127,1 124,1 141,8
179,4
187,6
215,9 207,4
-3,1%
3,2% 6,4% 8,8% 4,9%
28,0%
37,9%
36,8%
41,0%36,3%
3Q09 4Q09 1Q10 2Q10 3Q10
Corporate Debt SFH
Net Debt/Equity (ex-SFH) Net Debt/Equity (including SFH)
3Q10 13
3Q09 4Q09 1Q10 2Q10 3Q10
Net Debt/Equity (ex-SFH) Net Debt/Equity (including SFH)
123,9 121,4 112,9 132,1 140,6
17,9 58,0 74,8
83,8 66,8
13%
32% 40%
39% 32%
141,8
179,4 187,6
215,9 207,4
3Q09 4Q09 1Q10 2Q10 3Q10
Short Term Debt Long Term Debt
Balance Sheet – Receivables from Clients
R$240mm - 58% of portfolio
On/Off Balance Receivables (R$ 000) 3Q10 2Q10
Receivables from Real Estate Developments and Sales
Short Term 128.445 144.256
Long Term 230.119 238.481
(+) Total 358.564 382.737
Receivables to be Recognized
127.18231%
112.083
150.88037%
19.3895%
Total Receivables (R$ 000)
Projects Delivery Forecast
Performed Receivables
2Q10
2011
2012
3Q10 14
Receivables to be Recognized
Short Term 18.258 32.208
Long Term 32.711 53.246
(+) Total 50.969 85.454
Short Term Total 146.703 176.464
Long Term Total 262.830 291.727
(=) Total Receivables 409.533 468.191
112.08327%
Receivables (R$'000)
Delivery ForecastTotal
Private
BanksCEF
Performed Receivables 127.182 100.768 26.479
4Q10 112.083 63.665 48.377
2011 150.880 91.374 59.487
2012 19.389 - 19.383
Total 409.534 255.807 153.726
Projects delivered in 3Q10: R$25,2mm
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$82.1mm
Disbursements x Receivables from CEF
(R$mm)Contracted Units x Credits Transferred
3Q10 15
22,9 26,1
23,5 25,2 24,4 29,7
43,2 47,4
72,5
82,1
3Q09 4Q09 1Q10 2Q10 3Q10
(R$mm)
Disbursements R$mm Receivables (balance) R$mm
967
1.274
1.591
1.948
2.275
2.595 2.595 2.595
3.227 3.227
37%
49%
61%
60% 70%
3Q09 4Q09 1Q10 2Q10 3Q10
Credits Transferred to CEF Units Contracted by CEF %Transferred
IR Contact
Investor Relations
Rogério FurtadoChief Financial and Investor Relations Officer
Paulo Castro
Financial and IR Coordinator
Contact:
3Q10 16
Contact:
www.cr2.com.br/ir
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.