CR2 Apresentação - 3Q11

Results 3Q11

November 16, 2011

Results

69,3

55,1

3Q10 3Q11

Net Revenue (R$ mm)

16,4

28,7

19,0%

46,8%

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

60,0%

70,0%

80,0%

90,0%

3Q10 3Q11

0,0

5,0

10,0

15,0

20,0

25,0

30,0

35,0

40,0

45,0

50,0

Gross Profit (ex-SFH Interest) (R$ mm) % Margin

3Q11 2

0,4

8,2

0,6%

14,9%

-50,0%

-40,0%

-30,0%

-20,0%

-10,0%

0,0%

10,0%

20,0%

30,0%

40,0%

3Q10 3Q11

-10,0

-8,0

-6,0

-4,0

-2,0

0,0

2,0

4,0

6,0

8,0

10,0

Net Profit (R$ mm) % Margin

7,8

11,3%

38,5%

-50,0%

-40,0%

-30,0%

-20,0%

-10,0%

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

3Q10 3Q11

(10,0)

(8,0)

(6,0)

(4,0)

(2,0)

-

2,0

4,0

6,0

8,0

10,0

EBITDA (R$ mm) % Margin

21,2

Completion of Projects

Total PSV R$126mm completed in 3Q11

Top Life Park

Location: : Santo André (SP)

Units: 200

Segment: Economy

% Sold: 96%

PSV: R$25mm (%CR2 R$22mm)

Parque das Águas 1-B

Location: São Gonçalo (RJ)

Units: 320

Top Life Itamaraty


Segment: Economy

% Sold: 70%


3Q11 3


Units: 417

Segment: Economy

% Sold: 100%


Villagio do Campo – Lote 4

Location: Campo Grande (RJ)

Units: 231

Segment: Economy

% Sold: 97%


Completion of Projects

56

545

369

42

126

2006 2007 2008 2009 2010

Launched PSV (R$mm)

3Q11 4

2006 2007 2008 2009 2010

61

174

341

61

140 126

235

2008 2009 2010 1Q11 2Q11 2H11 2012

Completed PSV (R$mm)

Cash Flow

(R$'000) 3Q11 2Q11 1Q11 4Q10 3Q10 2Q10

Cash 29.741 39.891 69.368 68.109 63.701 54.0240 0 0 0 0 0

0 0 0 0 0 0

Change in Cash (10.150) (29.477) 1.259 4.408 9.677 8.616

Operational Activities 13.734 1.934 (5.310) 12.926 26.125 (15.768)

Acquisition of Cidade Paradiso Swap Rights - (10.096) (41.915) - - -

Disbursement (Amortization) of SFH Debt (19.024) (14.197) 4.151 (5.586) (3.602) 8.682

Disbursement (Amortization) of Corporate Debt 19.362 (7.118) 22.417 15.061 (9.260) 15.703

3Q11 5

Disbursement (Amortization) of Corporate Debt 19.362 (7.118) 22.417 15.061 (9.260) 15.703

Dividends Payment (24.222) - - (17.993) (3.586) -

Capital Increase - - 21.915 - - -

Receivables and Debt Structure

Total Receivables (R$'000)Total

Receivables

Total

ObligationSFH

Credit

Assingments

Net

Receivables

Performed - SHF Paid Down 102.428 8.100 - 8.100 94.328

Performed - Amortizating SFH 167.201 80.275 80.275 - 86.926

To be Performed - 2012 97.110 10.150 10.150 - 86.961

To be Performed - 2013 + 125.252 - - - 125.252

Total 491.992 98.525 90.425 8.100 393.467

Debt Amortization Schedule (R$ mm)

3Q11 6

24,7

54,2

45,6

27,4

24,2

46,4

19,1

48,9

100,6

64,7

28,2

2011

2012

2013

2014

Corporate Debt SFH

151,9

90,4

Corporate Debt SFH

Land Bank

Project City (State) SegmentAverage Price

(R$ 000)Units

Total PSV

(R$ mm)

CR2 PSV

(R$ mm)% CR2

Manaú 2 Guarulhos (SP) Economy 109 450 49 42 86%

Top Life Vil lage (Colônia Paraíso) S. J. Campos (SP) Economy 100 392 39 34 86%

Cidade Paradiso Nova Iguaçu (RJ) Economy 85 23.183 1.971 1.971 100%

Pq. das Águas São Gonçalo (RJ) Economy 137 3.253 446 357 80%

Chafi Chaia - Residencial Campo Grande (RJ) Medium 468 42 20 16 80%

Chafi Chaia - Comercial Campo Grande (RJ) Commercial 253 133 34 27 80%

Total 92 27.453 2.558 2.446 96%

3Q11

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 57 3.780 215 215 100%

Total 57 3.780 215 215 100%

7

MCMV2 Price Increase from R$ 49 thousandW/out the need to implement new construction requirements

Sell Niteroi Plaza (Set/11)

Commercial Tower(SPE-31):

� PSV R$89mm (%CR2 R$72mm)

Niterói Plaza:

3Q11 8

� PSV R$89mm (%CR2 R$72mm)

� Book value 2T11: R$1,3mm (1,5% of PSV)

Sales Price: R$32,27mm

� Cash received: R$6,27mm

� Outstanding balance untill Feb/14: R$26mm(corrected by IPCA)

Adjusted Balance Sheet

Adjusted Balance Sheet - 3Q11

Assets Liabilities and Shareholder's Equity

Cash 29.741 Debentures 62.967

Total Receivables from Clients (On e Off-Balance): Bank Loans 67.461

Performed - SFH Paid Down 102.428 Loan Operations 21.509

Performed - Amortizating SFH 167.201 Swap 0

To Be Performed - 2S11 97.110 SFH 90.425

To Be Performed - 2012 + 125.252 Dividends Payable 535

Inventory at Market Price%CR2: Custo a Incorrer (Off Balance): 54.074

Concluded 42.655 Accounts Payable 21.219

Under Construction 58.487 Others Liabilities 47.014

3Q11 9

Under Construction 58.487 Others Liabilities 47.014

Lands:

Parque das Águas 23.028

Cidade Paradiso 74.338

Others 11.577 Shareholders' Equity

Loan Operations 12.802 Shareholders' Equity - Holding Company 391.728

Recebíveis de Terceiros 12.020 Profit to be recognized (Off Balance) 20.650

Net Property and Equipment 8.636

Others Assets 42.040 Minority Interest 29.734

TOTAL 807.316 TOTAL 807.316

Investor Relations

Rogério FurtadoChief Financial and Investor Relations Officer

Contact:

www.cr2.com.br/ri

[email protected]

IR Contact

3Q11 10

[email protected]

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.

CR2 Apresentação - 3Q11

Documents

Transcript of CR2 Apresentação - 3Q11