cr2 apresentacao - 3 q10-eng

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3Q10 and 9M10 Results November 18, 2010

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Page 1: Cr2   apresentacao - 3 q10-eng

3Q10 and 9M10 Results3Q10 and 9M10 Results

November 18, 2010

Page 2: Cr2   apresentacao - 3 q10-eng

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

Page 3: Cr2   apresentacao - 3 q10-eng

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

Page 4: Cr2   apresentacao - 3 q10-eng

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%

Page 5: Cr2   apresentacao - 3 q10-eng

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$)

Page 6: Cr2   apresentacao - 3 q10-eng

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

Page 7: Cr2   apresentacao - 3 q10-eng

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

Page 8: Cr2   apresentacao - 3 q10-eng

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)

Page 9: Cr2   apresentacao - 3 q10-eng

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

Page 10: Cr2   apresentacao - 3 q10-eng

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%

Page 11: Cr2   apresentacao - 3 q10-eng

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

Page 12: Cr2   apresentacao - 3 q10-eng

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.

Page 13: Cr2   apresentacao - 3 q10-eng

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

Page 14: Cr2   apresentacao - 3 q10-eng

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

Page 15: Cr2   apresentacao - 3 q10-eng

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

Page 16: Cr2   apresentacao - 3 q10-eng

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

[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.