cr2 presentation jan-11

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  • 1. Institutional Presentation January, 2011

2. Business Model Partnership WithPure Play Developer Control on Each Project Focus on Low-Strong Project Income SegmentOrigination Platform Ability to Anticipate MacroTrends2 3. Ownership Breakdown 12/02/2010Board of Directors and Free FloatExecutive Officers54,7%45,3% Ita Unibanco SquadraADRs Bovespa20,6% 9,5%9,2% 15,4% 3 4. Launched PSV by Region Total Launched PSV (R$mm)544,7347,0544,7 164,0126,055,764,1183,042,0126,055,722,12006 2007 2008 20092010 acum.Capital and Metropoiltan Area of Rio de Janeiro Metropolitan Area of So Paulo 4 5. Launched PSV by Income Segment Total Launched PSV (R$mm)544,7 347,0404,7 347,0 126,055,7 64,1140,0126,055,7 64,120062007 200820099M10 Economy Middle-Income 5 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 2.362 459,32.127 98%2.010 163,990% 243,2 252,0 90%44,1 54,3 295,4466 199,1 197,7 57,0 8,3 48,7 80% Delivered: from4Q10 20112012 Delivered: from 4Q10201120122008 to 3Q10 2008 to 3Q10 CR2 Partners Sold InventoryTotal PSV CR2s PSV ProjectUnits (R$mm)(R$mm) Felicitt29,320,5 230 Jardim Paradiso I - Lotes 5 and 621,219,7 226 Parque das guas 1A97,778,1 738 Premium Cpo. Grande47,042,3 196 Villagio do Campo - Lotes 3 to 5 48,038,4 737 Total243,2 199,1 2.127 6 7. Cash Position IPO: R$307,5 mm (R$284,5 mm ex - IPO expenses)Cash (R$ mm)282,8 273,8238,7178,4133,6 86,954,0 63,751,4 49,7 43,6 45,4 39,0 34,0 36,1 35,42006 1Q07 2Q073Q074Q071Q082Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 7 8. Net Operating Revenue - QuarterlyNet Operating Revenue (R$ mm)130,7101,4 100,7 75,971,875,269,069,3 58,6 51,727,21Q08 2Q08 3Q08 4Q08 1Q092Q093Q094Q091Q102Q103Q108 9. Total Contracted Sales Total Contracted Sales (R$ mm)317,0 221,7188,3142,9 19,9 20062007 2008 2009 9M109 10. Inventory at Market Value and SoS Contracted Sales Inventorys PeriodInventory at the LaunchesContracted Sales Inventory at the SoS from Launches in Contracted(R$ mm)Beginning of Period(CR2s share) (CR2s share) End of Periodthe Period Sales2006 0,033,4 11,9 21,535,7%11,9 0,0 1Q07 21,562,4 31,5 52,437,6%23,6 7,9 2Q07 52,420,4 18,5 54,325,4% 8,8 9,7 3Q07 54,363,1 32,4 85,027,6%20,412,0 4Q07 85,0 170,3 59,2196,123,2%39,319,9 1Q08196,147,9 27,2216,811,1%15,911,3 2Q08216,8 131,3 144,4 203,741,5%93,750,6 3Q08203,7 113,9 67,6250,021,3%44,223,4 4Q08250,00,012,6237,55,0%0,012,6 1Q09237,50,019,1218,48,0%0,019,1 2Q09218,40,034,6183,815,8% 0,034,6 3Q09183,80,028,0155,815,2% 0,028,0 4Q09155,856,7 61,9150,529,1%31,530,4 1Q10 173.4*0,058,4115,033,7%*0,058,4 2Q10 120.3*0,031,5 88,926,1%*0,031,5 3Q10 101,6*0,019,3 82,319,0%*0,019,5 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 Shareholders Equity10 11. Balance Sheet Receivables from ClientsR$240mm - 58% of portfolioTotal Receivables (R$ 000)Projects Delivery Forecast 19.389 5%Performed127.182 ReceivablesOn/Off Balance Receivables (R$ 000)3Q102Q10 31% 2Q10150.880Receivables from Real Estate Developments and Sales37%Short Term128.445 144.256 2011Long Term 230.119 238.4812012(+) Total 358.564 382.737112.083Receivables to be Recognized27%Short Term18.25832.208Long Term 32.71153.246Receivables (R$000)Private TotalCEF(+) Total 50.96985.454Delivery Forecast BanksShort Term Total146.703 176.464 Performed Receivables 127.182 100.76826.479Long Term Total 262.830 291.727 4Q10112.08363.66548.3772011150.88091.37459.487(=) Total Receivables 409.533 468.1912012 19.389 -19.383Total 409.534 255.807153.726Projects delivered in 3Q10: R$25,2mm11 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$82.1mm Disbursements x Receivables from CEFContracted Units x Credits Transferred(R$mm) 82,13.227 3.22772,52.5952.595 2.595 2.275 1.948 47,4 43,21.591 60% 70% 1.274 61%29,726,1 25,2 967 22,9 23,524,4 49%37% 3Q09 4Q091Q10 2Q10 3Q10 3Q094Q091Q102Q103Q10 Disbursements R$mmReceivables (balance) R$mmCredits Transferred to CEF Units Contracted by CEF %Transferred12 13. Land Bank 100% of the residential land bank in the economy segment Average Price Total PSVCR2 PSV Expected ProjectCity (State) SegmentUnits % CR2 (R$ 000)(R$ mm)(R$ mm) Launch DateMana 2Guarulhos (SP)Economy 109 450494286% 2011 Top Life Village (Colnia Paraso) S. J. Campos (SP)Economy 100 392393486% 2011Pq. das guas 2011So Gonalo (RJ) Economy991.0141008080% 2011Cidade Paradiso - 2011Nova Iguau (RJ) Economy851.000 857993% 2011ResidentialPq. das guas IISo Gonalo (RJ) Economy 1991.029205164 80% -Pq. das guas III So Gonalo (RJ) Economy 207 294614980% -Pq. das guas IVSo Gonalo (RJ) Economy88 916816580% -Cidade Paradiso Nova Iguau (RJ) Economy8522.1831.8861.75493% -Total 9227.2782.5052.26590% 0-3 minimum wages MCMV: Project approved by the Municipal Authorities and in process of approval by CEF Average Price Total PSV CR2s PSV ExpectedDevelopment City (State) Segment % CR2 (R$000) (R$mm)(R$mm)Launch DateSta. Ceclia Madureira Nova Iguau (RJ) 0-3 minimum wage49185185 100%2011Total 49185185 100%CommercialTotal AreaAverage Price Total PSV CR2s PSVExpected Development City (State) Segment2 2% CR2 (m )(R$/m ) (R$mm)(R$mm) Launch Date Niteri Plaza Niteri (RJ)Commercial 6.500 8.000523670% 2011 Total6.500 8.000523670%*Total PSV in the land bank to be launched in 2011 of R$325mm (%CR2 R$271mm)13 14. Net Operating Revenue - YearlyNet Operating Revenue (R$ mm)300,1300,6230,720082009 9M10 14 15. EBITDA - Yearly EBITDA (R$ mm)44,833,733,0200820099M10 15 16. Net Profit - Yearly Net Profit CR2 (R$ mm)37,615,115,0200820099M10 16 17. Delivered Projects: 2008Green 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. Delivered Projects: 2009Verano ILocation: Barra (RJ)Splendore Valqueire ISegment: Middle-IncomeLocation: V. Valqueire (RJ)Units: 395Segment: Middle-IncomePSV: R$130,0mmUnits: 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. Delivered Projects: 1H10Barra AllegroVerano IILocation: Barra da Tijuca (RJ)Segment: Middle-IncomeLocation: Barra (RJ)Units: 144Segment: 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. Delivered Projects: 3Q10Villagio 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. Delivered Projects: 3Q10Jardim Paradiso I Lotes 1 a 458% over totalLocation: Nova Iguau (RJ)Segment: EconomyUnits: 308PSV: R$21,2mm% Sold: 99% (Oct-10)% Disbursed: To begin in 1Q1121 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. Recent Events 4Q10Launches: 2 projects, totaling R$126mm in total PSV (%CR2 R$112mm)Project: Jardim Paradiso IIB-III Project: Splendore Valqueire IILocation: Nova Iguau (RJ) Location: Vila Valqueire (RJ)PSV: R$89mm (%CR2 R$82mm)PSV: R$37mm (%CR2 R$30mm)# Units: 963 # Units: 160Income Segment: EconomyIncome Segment: EconomyR$/unit: R$92 thousand R$/unit: R$231 thousand 23 24. Recent Events 4Q10 Issuance of DebenturesTotal Amount: R$ 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. 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: Commercial25 26. CRDE3 Performance - 2010 % 12MEZ Tec 69,21Helbor64,44 CR235,47PDG Realty 33,25MRV 27,49Camargo22,80Even 12,62 Trisul 11,82 IMOB10,34 Tecnisa8,57IBOV -0,01 Rodobens-0,64 Brookfield-1,96Rossi-2,95JHSF -5,16 Inpar -7,08Gafisa-11,22Cyrela-11,94*Date: 01/11/201026 27. CRDE3 Performance - 4M% 4 MesesCR2 46,33 Camargo30,33 EZ Tec 23,58 JHSF22,60Tecnisa 19,00Inpar16,38 Helbor14,88Rodobens 10,82 PDG6,38 MRV 5,57 IBOV5,41 Even 0,96IMOB0,86Trisul0,75Brookfield-4,21 Gafisa -8,88 Cyrela-12,80 Rossi -13,00 *Date: 01/11/201027 28. Valuation: Price/Book Value*P/BV Inpar 0,88 CR2 0,96 Trisul 1,03Camargo 1,12 Rodobens1,25Gafisa 1,35 Brookfield 1,40Even1,42Rossi1,47 Tecnisa1,63Helbor 1,87 Eztec 1,89PDG1,91Cyrela 1,97MRV 2,72*Date: 01/11/201028 29. Master Plan Cidade Paradiso29 30. IR ContactInvestor RelationsRogrio 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 a