cr2 presentation 2q11
TRANSCRIPT
Results 2Q11
August 17, 2011
Results
39,7
30,8
1Q11 2Q11
Net Revenue (R$ mm)
9,7
2,6
1Q11 2Q11
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)
2Q11 2
0,8
(9,6)
1Q11 2Q11
(13,0)
(11,0)
(9,0)
(7,0)
(5,0)
(3,0)
(1,0)
1,0 EBITDA (R$ mm)
(7,1)
(17,5)
1Q11 2Q11
-20,0
-18,0
-16,0
-14,0
-12,0
-10,0
-8,0
-6,0
-4,0
-2,0
0,0
Net Profit (R$ mm)
Completion of Projects
Total PSV of R$140mm completed in 2Q11
Felicittá
Location: Jacarépaguá (RJ)
Units: 230
Segment: Economy
% Sold: 97%
PSV: R$29mm (%CR2 R$21mm)
Jardim Paradiso I/IIA – Lotes 6 a 9
Location: Nova Iguaçu (RJ)
Units: 372
Verano III
Location: Barra da Tijuca (RJ)
Income Segment: Economy
% Sold: 88%
PSV: R$29mm (%CR2 R$27mm)
2Q11 3
Location: Barra da Tijuca (RJ)
Units: 172
Segment: Middle Income
% Sold: 98%
PSV: R$67mm (%CR2 R$40mm)
Villagio do Campo – Lote 5
Location: Campo Grande (RJ)
Units: 215
Segment: Economy
% Sold: 94%
PSV: R$14mm (%CR2 R$11mm)
Project Completion
56
545
369
42
126
2006 2007 2008 2009 2010
Launched PSV (R$mm)
2Q11 4
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 39.891 69.368 68.109 63.701 54.024
Change in Cash (29.477) 1.259 4.408 9.677 8.616
Operational Activities 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 (14.197) 4.151 (5.586) (3.602) 8.682
Disbursement (Amortization) of Corporate Debt (7.118) 22.417 15.061 (9.260) 15.703
Dividends Payment (24.222) - - (17.993) (3.586) -
2Q11 5
Jardim Paradiso project:
� Jardim Paradiso I/IIA: Post-Key Transfer -> Total Receivables R$51.7mm
� Jardim Paradiso IIB/III: RB Capital Financing -> FGTS line of financing: R$40.7mm
Dividends Payment (24.222) - - (17.993) (3.586) -
Capital Increase - 21.915 - - -
Receivables and Debt Structure
Calculation of Net Receivables
(R$000)
Total
Receivables
Total
ObligationSFH
Credit
Assingments
Net
Receivables
Performed - SFH Paid Down 121.006 5.018 - 5.018 115.988
Performed - Amortizating SFH 125.607 73.558 73.558 - 52.048
To Be Performed - 2S11 63.327 35.009 35.009 - 28.318
To Be Performed - 2012 + 207.631 1.728 1.728 - 205.902
Total 517.571 115.314 110.296 5.018 402.257
Debt Amortization Schedule (R$ mm)
2Q11 6
127,2 110,3
Corporate Debt SFH
28,3
30,8
42,5
26,1
67,7
33,0
9,2
96,0
63,9
51,7
26,6
2011
2012
2013
2014
Corporate Debt SFH
Project City (State) Segment
Average Price
(R$'000)Units
Total PSV
(R$mm)
CR2's PSV
(R$mm)% CR2
Project City (State) Segment
Average Price
(R$ 000)Units
Total PSV
(R$ mm)
CR2 PSV
(R$ mm)% CR2
Manaú 2 Guarulhos (SP) Economy 109 450 49 42 86%
Top Life Village (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%
Total 92 27.278 2.505 2.403 96%
Land BankR
esid
enti
al
2Q11
Project City (State) Segment(R$'000)
Units(R$mm) (R$mm)
% CR2
Sta. Cecíl ia – Madureira Nova Iguaçu (RJ) 0-3 minimum 57 3.780 215 215 100%
Total 57 3.780 215 215 100%
Project City (State) Segment
Average
Price 2
Total Area
(m2)
Total PSV
(R$mm)
CR2's PSV
(R$mm)% CR2
Niterói Plaza Niterói (RJ) Commercial 10.000 8.700 87 71 82%
Total 10.000 8.700 87 71 82%
7
Co
mm
erci
al
MCMV2 Price Increase from R$ 49 thousandW/out the need to implement new construction requirements
Land Bank
Commercial Tower:
� PSV R$89mm (%CR2 R$72mm)
Niterói Plaza:
2Q11 8
� PSV R$89mm (%CR2 R$72mm)
� Sales price: R$10,000/m2
� Book value 2Q11: R$1.3mm (1.5% of PSV)
Adjusted Balance Sheet
Adjusted Balance Sheet - 2Q11
Assets Liabilities and Shareholder's Equity
Cash 39.891 Debentures 60.626
Total Receivables from Clients (On / Off-Balance): Bank Loans 44.734
Performed - SFH Paid Down 121.006 Loans Payable 21.032
Performed - SFH under Amortization 125.607 Swap 793
To Be Performed - 2H11 63.327 SFH 110.296
To Be Performed - 2012 + 207.631 Dividends Payable 24.756
Book Value of Inventory: Others Liabil ities 64.543
Concluded Units 24.623 Costs to be Incurred (Off Balance): 62.910
Units Under Construction 60.400
Book Value of Land:
2Q11 9
Book Value of Land:
Niterói Plaza - Commercial Tower 1.310
Parque das Águas 21.996
Cidade Paradiso 74.292 Shareholders' Equity
Others 11.477 CR2 Shareholders' Equity 383.113
Loans with Related Parties 12.638 Profit to be recognized (Off Balance) 23.715
Receivables from Third Parties 12.006
Net Property and Equipment 8.808 Minority Interest 25.366
Others Assets 36.872
TOTAL 821.884 TOTAL 821.884
IR Contact
Investor Relations
Rogério FurtadoChief Financial and Investor Relations Officer
Paulo Castro
Financial and IR Coordinator
Contact:
2Q11 10
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.