cyrela - corporate presentation - november 2009
DESCRIPTION
Corporate Presentation - November 2009TRANSCRIPT
Ile St LouisSão Luis – MA Launched in August 2009
Company Presentationp yNovember 2009
Auge São Paulo – SP Launched in September 2009
ContentsContents
Brazilian Real Estate Sector Overview
Company Overview
Brazilian Real Estate Sector Overview
Market Intelligence and Launched projectsg p j
Living
Outlook for the future
3Q09 Results
Appendix
Novo Jardim Family ResortSanto André - SPLaunched in September 2009
CompanyO iOverview
Cyrela at a Glance: Scale, Execution Capacity and Leadership
Largest homebuilder in Brazil with almost 50 years of experienceLargest homebuilder in Brazil, with almost 50 years of experience
Nationwide footprint in all income-levels, with proven capacity to develop market segmentssegments
Fully integrated real estate developer from construction to sales
Strong operating performance, with 48,400 units sold from 2005 to 9M09 representing a PSV of R$ 14.9 bn (Cyrela+partners) or R$ 10.2 bn (Cyrela’sstake)stake)
4
Outstanding track-record with unique positioning to capture growth opportunities
Solid Track-Record of Growth and Value Creation
Strengthening Market PositionStrengthening Market Position Accelerating Geographic and Segment ExpansionAccelerating Geographic and Segment Expansion
(1) Value created for shareholders since IPO (Base 100) - R$
4 3924,612
4,850(2)US$100 invested in the IPO would be worthUS$ 432 currently
US$100 invested in the IPO would be worthUS$ 432 currently 211
200
300
400345
4,392100
100
210
100
0
100
200
Sep-05 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09
Pre-Sales Contracts (R$ million, 100%)1,023 1,915
BRL Debenture
CYRELA (CYRE3+CCPR3) Ibovespa CYRE3 (Since FO 2006)
1994: Brazil Realty,a JV with IRSA(George Soros) is
2002: Cyrelaacquires IRSA’sstake in Brazil
BRL Debentureoffering (US$190mm)
Sale ofstake in Agra
CCP’s spin-offLaunching of the first Living product
Follow-On(US$382mm)2000: Cyrela
starts partnership with RJZ in RJ
1962:
(George Soros), is founded
1998: BrazilRealty issuesinternationalb d
stake in BrazilRealty
Merger ofCyrela withBrazil Realty
BRLDebentureOffering(US$247mm)
BRL DebentureOffering (US$280mm)
stake in Agra(US$170mm)
Cyrela isfounded
1996: BrazilRealty goespublic
bond
IPO(US$397mm)
JoinedIbovespaIndex
(US$247mm)
5(1) Source: Bloomberg, as of 13 October, 2009(2) Considering mid point of 2009 guidance (from R$4.6bn to R$5.1bn – 100% stake)
200520051962 - 20041962 - 2004 20062006 20072007 20082008 20092009
What has been done since the IPO
PSV (R$ million) Sales (R$ million) Units Launched
4x 4,6125x 16,8757x
1,2114,827
2005 2008
4x
1,023
,
2005 2008
2,538
16,875
2005 2008
7x
Achievements1Achievements1
CAGR 2005 – 2008PSV: 59% (total 299%)Strong growthStrong growth
Sound track record in innovation► Partnerships and Joint VenturesPSV: 59% (total 299%)
Sales: 65% (total 351%)Units launched: 88% (total 565%)
Strong growthand unparallel
execution
Strong growthand unparallel
execution
► Partnerships and Joint Ventures► Geographical expansion ► In house sales force► Establishment of Living in 2006
Management team fully professionalized with deep knowledge of the real estate industryManagementManagement
g
Committee driven decision making process
Leverage upon partnership on local industry expertise
Management support
Management support
Strongest balance sheet in the industry, with capacity to grow in segments from low-income to mid-high
EBITDA margin among the highest of industry (Integrated business model)Solid balance
sheet and profitability
Solid balance sheet and
profitability
6(1) 100% stake
g g g y ( g )
Capacity to achieve excellent results with very low leverage compared to the Industryprofitabilityprofitability
Geographical Expansion
Presence in 55 cities in 17 states of Brazil and in Buenos Aires in Argentina200920092006200620052005 200920092006200620052005
AM
RR
MAPA
AP
CEAM
RR
MAPA
AP
CEAM
RR
MAPA
AP
CE
MG
GO
MT
AC
ROBA
PI
PA
TO
RN
PE
ALSE
MS ES
DF
PB
MG
GO
MT
AC
ROBA
PI
PA
TO
RN
PE
ALSE
MS ES
DF
PB
MG
GO
MT
AC
ROBA
PI
PA
TO
RN
PE
ALSE
MS ES
DF
PB
RS
SC
PR
SP RJ
BuenosAires
RS
SC
PR
SP RJ
RS
SC
PR
SP RJ
+ +
In a short period of time Cyrela has achieved tremendous success
% ofBrazilian
GDP Covered
% ofBrazilian
GDP Covered 90.5%(1)80.5% 47.9%
7
In a short period of time, Cyrela has achieved tremendous success in its geographical growth strategy
(1) Considers 2007 data, most recent.Source: Company and IBGE.
Prospects of strong growth with unique track record
Increase in sales speed in most relevant income segments: pre-crisis levels Living benefits from Housing Program “Minha Casa Minha Vida”Living benefits from Housing Program Minha Casa, Minha VidaLowest interest rate in 50 years will be positive for the activity in the mid-high segmentsLow execution risk
► 15 construction platforms distributed throughout Brazil► Constructed area grew from 232 thousand sq.m in 2005 to 1.0 mm sq.m in 2008► Conservative cash-flow managementg► 161 construction sites ongoing in Sep/2009
Constructed Area per YearConstructed Area per Year Units DeliveredUnits DeliveredPrivate area in thousands of sq.m.
ForecastedHistorical
ForecastedHistorical (until 9M09)
18,682
1,7231,917 7,661
11,577
232 372594
1,002
1,723
3,915 2 211
3,178
8Source: Company data
232
2005 2006 2007 2008 2009e 2010e
2,211
2007 2008 2009e 2010e
Cyrela Brazil Realty
2005 20072006 2008 9M09
Launches Pre-sales
R$ 1.2 bn
R$ 1.0 bn
R$ 5.4 bn
R$ 4.4 bn
R$ 2.9 bn
R$ 1.9 bn
R$ 4.9bn
R$ 4.7bn
R$ 3.1bn
R$ 3.0bn
LandbankLow income units
3.0 mm sq.m.
0
8.8 mm sq.m.
6.7 thd
4.9 mm sq.m.
720
11.2 mm sq.m.
10.5 thd
11.9 mm sq.m.
6 thd
EBITDA Margin*Gross Margin
27.1%
48.5%
22.9%
41.2%
22.3%
42.2%
20.1%
40.1%
22.6%
34.9%
# Homebuilders listed
Net Margin*
2
23.2%
21
24.7%
4
21.7%
20 20
13.7% 18.0%
Market Cap CyrelaMarket Cap of the Industry
R$ 2.4 bn
R$ 6.0 bn
R$ 8.6 bn
R$ 48.1 bn
R$ 4.5 bn
R$ 10.0 bn
R$ 3.3 bn
R$ 13.4 bn
R$ 8.5 bn
R$ 40.9 bn
776EmployeesNumber of cities
202
3
529
47
327
8
514
55 55
9
1,150
*Adjusted for IPO expenses and according to BR GAAP before Law 11,638 until 2007.
Seller Brokers & Team 100 743200 637
Vitória Pirituba GaivotaSão Paulo, SPLaunched in September 2009
BrazilianBrazilianReal Estate
Sector Overview
Favorable Macroeconomic Conditions
Mortgage Loans Funding (R$ bn)Mortgage Loans Funding (R$ bn) Unemployment Rate Variation (‘000 people)Unemployment Rate Variation (‘000 people)2,20025045.8
1 200
1,400
1,600
1,800
2,000
0
50
100
150
200
10.5
25.2
40.615.0
400
600
800
1,000
1,200
-200
-150
-100
-50
0
Level (th people) (LHS)
Accumulated Last Twelve Months (RHS)
1.9 1.9 1.8 2.2 3.0 4.9 9.318.3
30.0 30.8
3.3 2.7 3 2.8 3.95.5
7.0
6.9
5.2 4.6 4.8 5.0 6.910.4
16.3
GDP Growth (%)GDP Growth (%) Consumer Confidence IndexConsumer Confidence Index
200-250 Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009E
SBPE FGTS
11
120
125
Sep/09
Consumer confidence returns to pre-crisis level5.7
5.1 4.8
100
105
110
115p
111.0111.73.2
4.08
90
95
Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-092005 2006 2007 2008
0.1
2009E 2010E
11
Despite international crisis, macroeconomics in Brazil shows strong recovery trendsSource: Brazil Central Bank, IBGE, Credit Suisse, FGV .
Real Estate Financing: Still a Considerably Small Percentage of Brazilian GDPg
Total Real Estate Financing in Brazil (R$ billion)Total Real Estate Financing in Brazil (R$ billion) Total Real Estate Financing (% of GDP)Total Real Estate Financing (% of GDP)
83.1%76.9
58.6%
59.2%
45 9
63.3
32 2%
51.3%
25 829.1
35.7
45.9
18.0%
32.2%24.4 25.1 25.8
2.4%
13.0%
2002 2003 2004 2005 2006 2007 2008 Jul-09
Source: Spanish Mortgage Association, Central Bank of Brazil and ABECIP (Nov/08)
Source: Central Bank of Brazil, Caixa Econômica Federal, and Câmara Brasileira da Indústria da Construção
12
Significant potential growth for Real Estate financing in Brazil
A Booming Real Estate Market: Strong Fundamentals
The Brazilian real estate market is poised to benefit from a favorable environmentLow Supply of UnitsLow Supply of UnitsHigh Demand for HousingHigh Demand for Housing Low Supply of UnitsLow Supply of UnitsHigh Demand for HousingHigh Demand for Housing
3. Rising Housing Deficit(1)
Expanding the market for housing (Millions of housing Unit)1. Population and families
In millions Persons
5.46.7 7.2Year
2007
2017E
Families
60.3
75 6
Population
189.1
211 2
Personsper family
3.1
2 8
4 N b f H M P
1991 2000 2009
2017E
2030E
75.6
95.5
211.2
233.6
2.8
2.4
4. Number of Home Moves per PersonLow number of home moves as compared to other countries
BrazilBrazil 1.8x1.8x
2. Monthly income evolution
2007 2030(E)
In millions of families Growth rate(%) per year
BrazilBrazil
MexicoMexico
1.8x1.8x
4.0x4.0xup to R$ 1,000
from R$ 1,000 to R$ 8,000
31.7
27.2
29.1
60.4
more than R$ 8,000 1.4 5.9
-0.4%
3.9%
7.1%
Cyrela is uniquely positioned to take advantage of the positive Brazilian real estate environment
G-7G-7 9-10x9-10xTotal 60.3 95.5 2.0%
13
Cy e a s u que y pos t o ed to ta e ad a tage o t e pos t e a a ea estate e o e t
(1) Considers demand in excess of supply.Source: IBGE (Brazilian Institute of Geography and Statistics), Brazilian Central Bank, Ministry of Cities, Fundaçāo Pinheiro, FactSet, Bloomberg, Fundação Getulio Vargas and Wall Street Research.
Impact for Cyrela: The future is now
I t l I t l
20052005 20082008 20092009
> R$ 4,8005.7 mm families10%
Incremental Demand (vs. 2005):+24.0 mm families
Monthly Income
Monthly Income
Incremental Demand (vs. 2005):+35.7 mm families
Monthly Income
From R$1,200 to R$4,80022.4 mm families
> R$1,40028.8 mm families
39%
> R$1,40041.4 mm families
families
47%
67%67%
~30 millionfamilies
< R$1,20029.3 mm families
< R$1,40032.1 mm families51%
53%
< R$1,40020.4 mm families
33%
Minimum monthly family income to purchase a property
TR+9%30 years
TR+14%10 years
families
TR+5%1
30 years
Cyrela’sCyrela’s
Cyrela’s addressable market increased from 10% to 67%
Cyrela sLowest
Ticket perunit available
Cyrela sLowest
Ticket perunit available
R$ 80,000.00R$ 90,000.00R$ 110,000.00
14
Cyrela s addressable market increased from 10% to 67%of the Brazilian population in the past years
Source: IBGE (Brazilian Institute of Geography and Statistics).(1) Within Minha Casa Minha Vida Program
Low-Income Segment: Renewed Growth Opportunity
Minha Casa, Minha Vida program - Potential demand growth in BrazilLow mortgage rates + incentives = high affordability levelsMonthly rent vs. mortgage payment already in tandem
Purchase Power – Impact of Minha Casa, Minha Vida ProgramPurchase Power – Impact of Minha Casa, Minha Vida Program
Before the Program Post-Program
93 291105,199
117,107
92 700 93 309 97,122109,509
121,896
57,08364,505 59,104
71,32081,382
93,291
78,80090,400 92,700 93,309
84,73597,122
3MW 4MW 5MW 6MW 7MW 8MW 9MW 10MW
419 558 698 837 977 1,116 1,256 1,395Max monthly installment
Effectiverate
(p.a.)5.12% 5.12% 5.12% 6.12% 8.47% 8.47% 8.47% 8.47%
(R$)
15Source: IBGE (Brazilian Institute of Geography and Statistics) and Company data
Minha Casa, Minha Vida program enables millions of families to purchase houses
Economic Segment : Sector’s Outlook
7 MW3 MW3 MW 4 MW4 MW 5 MW5 MW 6 MW6 MW 8 MW8 MW 9 MW9 MW 10 MW10 MW
1,3951,395 1,8601,860 2,3252,325 2,7902,790 3,7203,720 4,1854,185 4,6504,650Minimum wage (R$) 3,255
7 MW
3,255
419419 558558 698698 837837 1,1161,116 1,2561,256 1,3951,395
5.12%5.12% 5.12%5.12% 5.12%8.47% 6.17%8.47% 8.47%8.47% 8.47%8.47% 8.47%8.47%
Max Installment - 30% (R$)
Effective Rate (p.a.)
977
8.47%
977
8.47%
300300 300240 240240 240240 240240 240240 240240
90%90% 90%100% 100%100% 100%100% 100%100% 100%100% 100%100%
Term (months)
Loan to Value (%)
240
100%
240
100%
55,80050,699 74,40061,705 83,70059,104 91,30971,320 97,12293,291 109,509105,199 121,896117,107
23,0006,384 16,0002,800 9,000- 2,000- - - - - - -
Maximum financing (R$)
Maximum Incentive (R$)
84,73581,382
-
With the Program
Before the Program
78,80057,083 90,40064,505 92,70059,104 93,30971,320 97,12293,291 109,509105,199 121,896117,107Purchase Power (R$) 84,73581,382
16Source: IBGE (Brazilian Institute of Geography and Statistics) and Company data
Financing: Interest and Term Impact
Model:Monthly Installment (R$)
Model:
Unit Value: R$ 120,00010 15 20 25 30
12% 1377 1152 1057 1011 98711% 1322 1091 991 941 914
Loan Term (years)
%)
Loan-To-Value: 80%
Loan: R$ 96,000
10% 1269 1032 926 872 8429% 1216 974 864 806 7728% 1165 917 803 741 7047% 1115 863 744 679 6396% 1066 810 688 619 576te
rest
Rat
e (%
Loan: R$ 96,000
Mortgage Effort: 30%
6% 1066 810 688 619 5765% 1018 759 634 561 5154% 972 710 582 507 4583% 927 663 532 455 4052% 883 618 486 407 355
Rea
l Int
Example
Rental : R$800 per monthMinimum Wages Required (monthly salary)
Loan Term (years)Rental : R$800 per monthAnnual Yield: 8%
Equivalent to Loan Instalment with
10 15 20 25 3012% 10 8 8 7 711% 9 8 7 7 710% 9 7 7 6 6(%
)
Loan Term (years)
Real Interest Rate at 8% and 20 years term.
9% 9 7 6 6 68% 8 7 6 5 57% 8 6 5 5 56% 8 6 5 4 45% 7 5 5 4 4In
tere
st R
ate
17
5% 7 5 5 4 44% 7 5 4 4 33% 7 5 4 3 32% 6 4 3 3 3
Rea
l
Dez CuruçáSão Paulo, SPLaunched in July 2009
MarketMarketIntelligence
andLaunchedLaunchedProjectsj
Sales Performance – Residential – 2009
São Paulo Rio de Janeiro(R$ million) (R$ million)
2,556 1,6044,8918,289
MarketCyrela
961 2219611,386 961
Launches in RJ
221
Pre-Sales in RJ
961
Pre-Sales in SP
,386
Launches in SP
17% 20% 15% 14%17% 20% 15% 14%
Launches Pre-Sales Launches Pre-Sales
Cyrela’s stakes indicate strong sales performance in the main markets
19
Source: Cyrela MID
Launches 2004 to 2009 - SP Metropolitan Region
Potential Sales ValueUnits(R$ million)
58 512
65,83317,422 17,822
19,074
18,864
7,030
9,61158,512
5,0527,282
11,274
21,524 28,9875,3078,567 10,129
9,0
9,0403,224
3,688 4,051 1,88628,78234,345 35,350 33,153
3 894
7,3265,626
3,119
3,320
3,939
2,012
7,997
9,6078,290
11,314 11,821 8,449 10,884 8,371 6,710
8,937 10,26912,721 15,517
1,098 1,117 753 972 760 698
1,803 1,928 2,6884,072 4,154
2,376
1,9773,242
3,8943,204
L R$ 3 500/
2004 2005 2006 2007 2008 9M09* 2004 2005 2006 2007 2008 9M09*
Luxury > R$ 3,500/sq.m.
S E i < R$ 1 900/
Economic > R$ 1,900/sq.m., <2,700/sq.m.
Middle > R$ 2,700/sq.m., <3,500/sq.m.
20
Super-Economic < R$ 1,900/sq.m.
Source: Cyrela MID
* 2009 price ranges updated to: Luxury > R$4500 sq.m., Middle > R$ 3000 sq.m. < 4500 sq.m., Economic > R$2,200 sq.m < R$ 3,000 sq.m and Super-Economic < R$ 2,200 sq.m.
Launches 2004 to 2009 - RJ and Region
Potential Sales ValueUnits(R$ million)
2 363
4,419 13,350
15,911
1 8943,147
3,446
4,121
3,885 4,484
1,761 1,491 1,734
2,363
2,945 6,856 7,019 7,831
9,933
975 1,225 883
1,729
1,272 1,894
1,226 1,353
2,354 2,443
907 1,171 506 1,302 2,449 1,657 1,142
2,680 3,080
5,800 4,559 3,570
1,141
1,677 2,511 ,
3,666
221 203 69 219 211 249 200
759 659
980 791 577 273
509 690
,
391 659
L R$ 3 500/
2004 2005 2006 2007 2008 9M09 2004 2005 2006 2007 2008 9M09
Luxury > R$ 3,500/sq.m.
S E i < R$ 1 900/
Economic > R$ 1,900/sq.m., <2,700/sq.m.
Middle > R$ 2,700/sq.m., <3,500/sq.m.
21
Super-Economic < R$ 1,900/sq.m.
Source: Cyrela MID
Successful Track Record: São Paulo and Rio de Janeiro
MenaraSão Paulo
CosmopolitanRio de JaneiroL h d M /06Launched: Aug/09
80% sold on the first day
PSV R$ 81.3 million
Launched: May/06
94% sold upon launch
PSV R$ 19.5 million254 units91% sold until Oct/09
R J di
114 units100% sold until Oct/09
NovAmérica (several phases)São PauloLaunched: Mar/09, May/09, Aug/09 and Sep/09
Reserva JardimRio de JaneiroLaunched: Oct/07
Antecipated phases due to g p
PSV R$ 599.0 million1,528 units86% sold until Oct/09
high demand
PSV R$ 368.2 million1,292 units74% sold until Oct/09
Escritórios EuropaSão PauloLa nched J l/08
CEO (1st phase)Rio de JaneiroL h d A /09Launched: Jul/08
100% sold in the launch weekend
PSV R$ 55 5 illi
Launched: Aug/09
90% sold in the first month
PSV R$ 112.9 millionff
22
PSV R$ 55.5 million254 units
469 offices92% sold until Oct/09
Successful Track Record: Other regions
Urban Concept Residence and CommercialPorto Alegre – RS
Le ParcSalvador – BAg
Launched: Oct/08
62% sold in the first month
PSV R$ 105.9 million
Launched: Nov/07
739 units sold in 6 days
PSV R$ 502.5 millionPSV R$ 105.9 million180 flats and 204 offices83% and 92% sold until Oct/09
990 units89% sold until Oct/09
Acqua VerdeCuritiba - PRLaunched: Dec/08
Île Saint Louis (1st phase)São Luis - MALaunched: Aug/09
PSV R$ 72.9 million215 units85% sold until Oct/09
PSV R$ 57.8 million60 units90% sold until Oct/09
Grand Lider Olympus (phases I/II/III)Belo Horizonte MG
VitrineBelém PABelo Horizonte – MG
Launched: Jun/06, Aug/07, May/08
PSV R$ 347.9 million246 it
Belém – PALaunched: Jun/09
PSV R$ 37.0 million50 units96% ld til O t/09
23
246 units85% sold until Oct/09
96% sold until Oct/09
Cyrela’s Highlights
NovAmérica with PSV of R$ 691.8 million, totally launched in 2009 with 1.7 mil units and 80% sold until November/2009
NovAmérica Office Park Varanda NovAmérica
Launched in Mar/09PSV: R$ 195.1 millionUsable area: 32,979 sq.m.Units: 548
Launched in Aug/09PSV: R$ 91.6 millionUsable area: 23,526 sq.m.Units: 324
NovAmérica Colorado Residence Park
NovAmérica CaliforniaCollection
Launched in Mar/09PSV: R$ 82.6 millionUsable area: 24,961 sq.m.
Launched in Sep/09PSV: R$ 139.1 millionUsable area: 36,696 msq.m.U it 224
NovAmérica Florida Residence Park
Units: 216
NovAmérica Michigan
Units: 224
Residence Park
Launched in May/09PSV: R$ 90.6 millionUsable area: 24,961 sq.m.
Launched in Oct/09PSV: R$ 92.8 millionUsable area: 24,961 msq.m.U it 216
24
, qUnits: 216 Units: 216
Living Proven Success Track Record - Living
Minas VillageBelo Horizonte – MGLaunched: Apr/08
Vita PraiaSalvador – BALaunched: Feb/08
First Living Project in Minas Gerais
PSV R$ 49 9 illi
Launched: Feb/08
100% sold
PSV R$ 37.7 million
Avanti Vida
PSV R$ 49.9 million386 units
Paradiso
PSV R$ 37.7 million264 units
São PauloLaunched: Jun/09
60% sold in the day of l h
ParadisoSerra – ESLaunched: Oct/07
100% sold in 20 dayslaunchPSV R$ 46.5 million400 units89% sold until Oct/09
100% sold in 20 days
PSV R$ 60.3 million383 units
25
Fatto Jardiim BotânicoSão Paulo – SPLaunched in September 2009
Living
Paving the way to grow fast with a lean structure
1. Solid Track Record of Growth
2. Know-How of the Segment
7. Nationwide presence
3. Sufficient Supply of Raw6. Management Team
ith th 15 Supply of Raw Materials /
Services and Personnel
with more than 15 years experience in
the low income segmentsegment
4. Landbank Already Available
5. Secured Financing AvailableFinancing
27
Short Cycle Process
Launch Go-ahead DeliveryFinancing
0 – 6 monthsPre-Launching
12M 16M Up to 20M8M4M0M
Construction
Living Corporate EnvironmentEngineeringProduct
Servicing the client from purchase onwards, through a single communication channel: the Customer Servicing Platform
Use of “Lean Construction” ConceptAssembly lineReduction of waste and costs
Simple, standard and easily executed projects focused on low income segment. Standardization of: g
In-house and trained sales forceFinancing availability through CaixaEconômica Federal
Enhancement of construction methods for popular housingIncreased productivity and quality during works execution
► Land acquisition► Real Estate Development► Sales g
Increased costumer satisfactionPrice defined by product (not by sq.m.)
► Construction► Customer Relationship
Prices from R$90,000 to R$ 200 000
Source: Company
15% cost reduction expected200,000Units from 45sq.m. to 75sq.m
28
Source: Company
Low Income Operation
Independent activity in all steps of the business:
L d i iti C t tiLand acquisition
Real Estate Development
Sales
Construction
Customer Relationship
100% Financing with balance transfer
Prices up to R$ 90,000 Prices from R$90,000 to R$130,000
Prices from R$130,000 to R$200,000
Líber, Mérito and Avanti Clube
Units from 45sq.m. to 62sq.m.
1 parking space
Living, Vitória, Dez, Parque dos Sonhos, and Avanti VidaUnits from 45sq.m. to 62sq.m.P ki ti l
Fatto, Avanti and Garden
Units from 48sq.m. to 75sq.m.
1 parking space
Eligible for Minha Casa Minha Vida financing
100% financed
Parking space optionalEligible for Minha Casa Minha Vida financing100% financed
Eligible for SFH financing
80% financed
29
Well shaped for the low-income segmentSource: Company
Economic Construction Concept
‘’Lean Construction’’ Concept Living’s Concept
Simple standardized projects, easily
executed, and focused on process
Market research Partners + R&D Center
management
Synergy gains from the integration of Product Technology
product development, technology and
production process Production process
Architecture
Better relationship between designers,
manufactures and construction
Industrial management
Integrated process management
This new concept allowed Living to be
competitive in the lower segments of
management
g
the pyramid
30
Living’s Historical Figures
Over 23,000 units launched from December/2006 to September/2009
Units launchedUnits launched Units soldUnits sold
13,500
11,000
6,666
10,4597,533
5 9678,934
5,333
,
720
5,967
2006 2007 2008 2009E 2006 2007 2008 2009E
3905,077 5,667
Launches (R$ million)(1)Launches (R$ million)(1) Sales (R$ million)(1)Sales (R$ million)(1)
Achieved Estimate Achieved Estimate
1,600
1,499 806
1 247492
1,300
85
884
794
44641
1,247
808
31Note: 1 Considering 100% stake
Achieved Estimate Achieved Estimate
2006 2007 2008 2009E 2006 2007 2008 2009E
Living - Construction Method
Use of “Lean Construction” ConceptSimple projects easily executed with
Landbank - Minha Casa, Minha Vida (units)Landbank - Minha Casa, Minha Vida (units)
September 30, 2009Simple projects, easily executed, with repetitions, standardized and focused on managementAssembly lineAssembly lineReduction of wastes and costsIncreased productivity during works
tiMCMV Others
executionIncreased construction qualityIncreased flexibility of requirements
52% 48%
Flexibility of works execution scheduleIncreased costumer satisfaction
Enhancement of construction methods for popular housing
Product blueprint definition developed together with suppliers
PSV: R$ 7.2 billion (100%)R$ 5 7 billion (% Living)together with suppliers
Land bought to fit the productPrice defined by product (not by sq.m.)In ho se and trained labor
R$ 5.7 billion (% Living)81 plots of land Land Swaps: 66%
32
In-house and trained labor15% cost reduction expected
Living Environment
Customer Service Platform EngineeringMonitoring of the
SalesTermination of
Centralizes all phases of the process, from the time a client buys a property until he/she pays the last installment.
gconstruction worksTechnical visitsCondominium meetingsTechnical assistance
agreementsSales terms and conditionsSales officePrice table
Reduces risks and consolidates the relationship with clients
Increases client assistance capabilities
Customer Service Platform
Participation in promotional campaigns
LegalFinancialIncreases client assistance capabilities
Financing Availability
Termination of agreementsPurchase agreements
Credit AnalysisFinancial productsCollectionPrice tableOn lending schedule
Strengthened relationship with the Housing Financing System (SFH) and Caixa Econômica Federal (CEF)
g
CEF correspondents serve all Brazilian regions
B d il bilit f f d d th
DevelopmentMarketing
► Communication► Research
Broad availability of funds under the Minha Casa, Minha Vida Program
► Brochures► Promotional campaigns► Campaigns
Indication/Benefits/Performance
33
CEO Salvador ShoppingSalvador - BALaunched in September 2009
Outlook for theF tFuture:Cyrela’sCyrela s
Revised Plan
Excellent Track Record of Growth
Launches(R$ million)
Pre - Sales Contracts(R$ million)
5,3934,827 4,392 4,612
1 211
2,9171,915
972 1,211 3,3323,428
1,9241,004700
949 1,023
713 7551,369
2,815 3,074
2004 2005 2006 2007 2008
Cyrela Partners
2004 2005 2006 2007 2008
Cyrela Partners
35
Consistent track record of growth in Launches and Pre-sales Contracts
Growth Opportunities Ahead
Ride the exceptional growth of the low-income segment in Brazil1
Increase momentum of national expansion2
Profitability driven growth in our core market3Sales (R$ billion)(1)Sales (R$ billion)(1)Launches (R$ billion)(1)Launches (R$ billion)(1)
3
6.9 - 7.7
4 6 - 5 1
6.2 - 6.9
4.6 - 5.14.6 - 5.1
36
2009E 2010E 2009E 2010E
(1) Guidance range – Considering 100% stake
Guidance 2009 - 2012Xxxx
Launches and Sales for 2009 - 2012
Guidance 2009 2010 2011 2012
Launches (R$ billion)
4.6 to 5.1 6.9 to 7.7 8.3 to 9.1 10.5 to 11.5
SalesSales (R$ billion)
4.6 to 5.1 6.2 to 6.9 7.6 to 8.4 9.7 to 10.7
% Cyrela 70% a 75% 73% a 77% > 75% > 75%
Margins over net revenuefor 2009 - 2012
Living’s stakefor 2009 - 2012
Gross margin 33% to 37%2009 from 30% to 35%2010 from 35% to 40%
% Living
EBITDA margin 20% to 24%Net margin 14% to 16%
2010 from 35% to 40%2011 from 40% to 45%2012 from 45% to 50%
37
Landbank Analysis – Acquisition of LandCyrela’s Landbank Maturity to
Launch (R$ million)Cyrela’s Landbank Maturity to
Launch (R$ million)Living’s Landbank Maturity
to Launch (100% stake - R$ million)1Living’s Landbank Maturity
to Launch (100% stake - R$ million)1
2 900
16,900
1,6002,400
1,600
2,900
800821341
500
Mid-High Income Landbank Maturityt L h (100% t k R$ illi )1
Mid-High Income Landbank Maturityt L h (100% t k R$ illi )1
2009E 2010E 2011E 2012E Post 2012
809
7,700
to Launch (100% stake - R$ million)1to Launch (100% stake - R$ million)1
16,100
6 891
5,100
4,241
4 491
3093,500
4,800
3,420
1 539
5,100
6,891
1,880
Existing Landbank Incremental Purchases
3,5004,491 1,539
2009E 2010E 2011E 2012E Post 2012
2009E 2010E 2011E 2012E Post 2012
38
70% of proceeds to be directed to landbank(1) Potential PSV, 100%
Landbank Analysis – as of September 30, 2009
LIVING Region breakdown(1)LIVING Region breakdown(1)CYRELA Region breakdown(1) CYRELA Region breakdown(1)
São Paulo (Metropolitan)
10 3%South + São Paulo
South + Southeast 7.7%
10.3%Southeast 24.7%
(Metropolitan) 19.1%Northeast
18.3%
São Paulo Northeast 10.2%
São Paulo(Other Cities)
10.3%North
(Other Cities) 32.3%
North1.0%
4.0%
Rio de Janeiro 21.5%
Rio de Janeiro 40.7%
39
Landbank to be acquired in all geographical regions(1) PSV, 100%
2016 Olympic Games
R$ 14bn of PSV in Rio de Janeiro of which almostBarra da Tijuca RJ
Strategically positioned landbank in Rio de Janeiro
R$ 14bn of PSV in Rio de Janeiro, of which almost
90% is located in Barra da Tijuca
Barra da Tijuca was chosen as the location for the new
Barra da Tijuca - RJ
C Barra da Tijuca was chosen as the location for the new
Olympic Games facilities, such as the Olympic Training
Center and the Olympic Village. Such facilities and their
Cidade Jardim Centro
Metropolitano
benefiting to the region will endure for long after the
Olympic GamesGleba F
Future facilities of
Until 2016, more than R$100 billion of investments
expected for the projectP í l
Olympic Games 2016
► The civil construction sector is expected to account for approximately 10% of the investments
$
Península
► The local government announced R$ 11.4 bninvestment in transportation infrastructure to facilitate access to the region
Source: Rio 2016 official Olympic project
40
Cyrela is the best positioned real estate company to profit from the 2016 Olympic Games
Cyrela’s Investment Plan
Use of proceeds 100% related to growthSources (R$ million)Sources (R$ million)Uses (R$ million)Uses (R$ million)
1,000850
2,500
900
2,5001,000
600
350
Working capital Cost ofLandbank (Low
Cost ofLandbank (Mid-
Total
300
Sale ofstake in
BondOffering
Follow-onOffering
OtherFinancing
Total
41
Landbank (LowIncome)
Landbank (MidHigh Income)
stake inAgra
Offering Offering Financing
Quinta dos MoinhosCanoas - RSLaunched in August 2009
3Q09 R lt3Q09 Results
Living’s Launches
6 thousand units launched in 9M09 and 78% sold up to Oct/09
AProjects PSV
(R$ thd)Units % Cyrela
Average price
(R$thd/un.)MCMV % sold
until Oct/09
9M09 794,160 5,967 77.2% 133 49.6% 78%
3Q09 450,897 3,501 79.1% 129 57.2% 79%
Fatto Jardim Botanico - Phase 1 52 053 379 79 0% 137 23 98%Fatto Jardim Botanico - Phase 1 52,053 379 79.0% 137 23 98%
Fatto Sport Faria Lima Phase 2 35,609 304 79.0% 117 304 70%
Fatto Sport Faria Lima – Phase 3 35,609 304 79.0% 117 304 55%
Avanti Clube 50,824 400 50.0% 127 267 52%
Liber Res - Phase 2 37,909 390 100.0% 97 390 41%
Vitoria Pirituba Gaivota 24,847 264 60.0% 94 264 97%
Dez Curuça 21,294 252 50.0% 85 252 100%
Parque Dos Sonhos Buritis 16,202 200 50.0% 81 200 100%
Ecoparque - Belem - Phase 1 41,200 255 100.0% 162 - 100%
Ecoparque - Belem – Phase 2 41,200 255 100.0% 162 - 83%
Fatto Mansoes 49,310 228 91.6% 216 - 100%
Alcance Niteroi 19,781 114 100.0% 174 - 100%
43
Buritis Cond Clube - Phase 2 25,057 156 60.0% 161 - 74%
R$ 941 mm of Living launches scheduled for 4Q09*
Launches in October 2009
2,539 units and R$ 264.5 million already launched in 4Q09 until October 30, 2009
Estimate launches for the year: 14 thousand units
Ventura Clube Morar – Porto Alegre - RSLaunched in Oct/09PSV: R$ 35 million
Living Projectsto be Region PSV Units
y
PSV: R$ 35 millionUnits: 250Average price: R$141 thd/ un.
Único Guarulhos São Paulo
to beLaunched in
4Q09
Region PSVR$ million
Units
26 BRASIL 941.0 8,133 Único Guarulhos – São PauloLaunched in Oct/09PSV: R$ 223 millionUnits: 2.380Average price: R$94 thd/ un
26 BRASIL 941.0 8,133
10 São Paulo 393.5 3.601
5 Rio de Janeiro 233 9 1 996 Average price: R$94 thd/ un.
Parque dos Sonhos – Jacarandá – São PauloLaunched in Oct/09
233.9 1.996
4 Rio Grande do Sul 100.4 670
2 Espírito Santo 78.7 590PSV: R$ 30 millionUnits: 355Average price: 84 thd/un.
8 590
2 Paraná 47.6 328
2 Bahia 66.9 732
1 Pará 20.0 216
44* Forecast according to guidance
Living’s Launches and Sales – 3Q09 and 9M09
Launches(R$ million)
Pre-Sales(R$ million)
369
1,171
808
441
1,459
802593
139 107
369
215 474 440
808
518
1,018613
217
94
181 736
451
794
335 333593
3Q08 3Q09 9M08 9M09Li i P t
518 357613
3Q08 3Q09 9M08 9M09
47% 7% 7% 8% 6% 75%3Q08
Living PartnersLiving Partners
Average Sales Speed
29%
35%
47%
41%
9%
7%
1%
7%
7%
4%
8% 6%
72%
55%
75%
1Q09
4Q08
3Q08
61%
41%
29%
37%
41% 1%
78%
72%
3Q09
2Q09
1Q09
45
61%3Q09
In 3 months In 6 months In 9 months In 12 months In 15 months
Living’s Lanbank – 3Q09
Landbank distributionPSV:
R$ 6.8 billion (100%)
R$ 5 4 billion (% Living) R$ 5.4 billion (% Living)
76 plots of land
MCMV55% Others
45%
Landbank by unit price
69% paid through swaps
Landbank by unit price
24,248 53,457 50,000
60,000
18,267 30,000
40,000
10,942
-
10,000
20,000
46PS.: Calculations done in units
Up toR$ 100 thd
FromR$ 100 thd to
R$ 130 thd
FromR$ 130 thd to
R$ 200 thd
Total
Launches
27 projects launched in 3Q09 and 49 in 9M09
Average price: R$ 248 thd /unit or R$ 3.5 thd /sq.m.
LIVING: 23.1% of PSV launched in 3Q09 and 25.7% in 9M09
Distribution by region – 3Q09Launches
4,505
Distribution by region 3Q09(R$ million)
1,447
4,505
3,127
SP53%
3,0582 385
461
742
1,138
1,952 RJ19%
8111,491
2,385327 1,138
3Q08 3Q09 9M08 9M09
Expansion28%
47
3Q08 3Q09 9M08 9M09
Cyrela Partners
Contracted Sales
Sales peak record in September (45% of 3Q09 sales)
11 4 thousand units sold in 9M0911.4 thousand units sold in 9M09
Sales Over Supply: 32.1% in 3Q09 vs. 21.9% in 2Q09
LIVING 27 0% f 3Q09 l d 27 2 f 9M09 lLIVING: 27.0% of 3Q09 sales and 27.2 of 9M09 sales
35% of sales in 9M09 were from inventory
Sales (R$ million)
Sales by region and brand – 3Q09
SP52%
1 528
4,611
RJ16%
1,528
769 1,631
2,973
Expansion771 1,231
3,0832,203389
400 1,161
48
Expansion32%3Q08 3Q09 9M08 9M09
Cyrela Partners
Sales Speed – Cyrela + Living
Average Sales Speed
44% 12% 5% 6% 5% 71%3Q08
37%
37%
30%
10%
9%
14% 9%
75%
69%
1Q09
4Q08
49%
37%
30%
30% 9%
79%
75%
2Q09
1Q09
52%3Q09
In 3 months In 6 months In 9 months In 12 months In 15 months
49
Landbank
R$ 37.2 billion in PSV (Cyrela’s stake is R$ 30.6 billion)
185 projects with 136 9 thd units 117 3 thd of which eligible for SFH financing
Units in l db k
185 projects with 136.9 thd units, 117.3 thd of which eligible for SFH financing
landbank
21% up to R$ 130 thd 86% up toR$ 500 thd
39,150 9,763
11,283 7,331 1,073 136,946
120,000
140,000
39,137 80,000
100,000
10 94218,267
20 000
40,000
60,000
10,942
-
20,000
Up toR$ 100 thd
FromR$ 100 thd
FromR$ 130 thd
FromR$ 200 thd
FromR$ 350 thd
FromR$ 500 thd
FromR$ 600 thd
Above R$ 1,200 thd
Total
50
R$ 100 thd R$ 100 thdto
R$ 130 thd
R$ 130 thdto
R$ 200 thd
R$ 200 thdto
R$ 350 thd
R$ 350 thdto
R$ 500 thd
R$ 500 thdto
R$ 600 thd
R$ 600 thdto
R$ 1,200 thd
1,200 thd
Financial Results
2 895 9
Net Revenue(R$ million)
+38.1%
2,096.4
2,895.9
+79.7%
750.7
1,348.9
3Q08 3Q09 9M08 9M09BacklogG I
40.7%
34.0%
39.9%34.9%
Net RevenueBacklog(R$ million)
Gross Income(R$ million) 34,7% 33,6% 34,0%
836.0 1,010.5
34.0%
+50 0%
+20.9%4.741,0
4.173,5 4.355,8
305.7 458.6
+50.0%
51
3Q08 3Q09 9M08 9M09Gross Profit Gross Margin
1Q09 1H09 9M09
Revenue to be Recog. Gross Mg. To be Recog.
Accounts Receivable
Accounts receivable performance(R$ million)
Receivables’ remuneration(R$ million)(R$ million) (R$ million)
Built: IGP-M + 12%Under construction: INCC
8 32
7,685 7,464 8,327
765 8,327
7,561 1Q09 1H09 9M09
Receivables Schedule
2,877 Receivables
Units under construction
Constructed units
Construction cost to incur- sold
(R$ million)
2,412
1,181 798 518 410 376 354 329 302
1,646
52
2009 2010 2011 2012 2013 2014 2015 2016 2017 Until 2028
Financial Results
21 7% 22.6%19.6%
18 0%
EBITDA(R$ million)
Net Profit(R$ million)
19.6%21.7%
18.8%
22.6%
11 5%
18.0%
293 3394.3
653.9
264 1 240 4
521.6 10.4%
11.5%
+99.6%
+65.8%
+117.0%
146.9 293.3
77.9
264.1 240.4 +239.0%
3Q08 3Q09 9M08 9M09EBITDA EBITDA Margin
3Q08 3Q09 9M08 9M09Net Profit Net Margin
Expenses over Contracted Sales Expenses over Net Revenue
12.2% 11.6%
7.8% 7 1%7 9%
14.5%
10.9%
7.8%6.0%
7.1%8.5% 7.6% 6.8%
5.8% 5.0%
7.9%6.3% 5.9%
5.5%
9.6% 9.5%
6.1%4.1%
533Q09 4Q08 1Q09 2Q09 3Q09
Selling Expenses Gen. & Admin. Expenses
3Q09 4Q08 1Q09 2Q09 3Q09
Selling Expenses Gen. & Admin. Expenses
Liquidity
Debt(R$ illi )
BalanceMaturity Cost(R$ million) Sep 30, 2009Maturity Cost
SFH 1,117.6 2009 to 2014 TR + ~ 10.4% p.a.
Debentures 1st issuance 500.0 2012, 2013, 2014 CDI + 0.48% p.a.
Debentures 2nd issuance* 373.0 2018 CDI + 0.65% p.a.
Debentures 3rd issuance 350.0 2014 CDI + 0.81% p.a.
Bradesco (stand-by) and others 378.6 Nov/2010, Nov/2011, Nov/2012, Nov/2013 CDI + 0.81% p.a.
Loans (foreign currency) – US$ 50 million 88.9 Sep/2011 and Sep/2012 Libor + 3.5% and 4.3% p.a.
Total Debt withSFH 2,808.1Net Debt withSFH
Total Debt without SFH 1,690.5
Cash and Cash Equivalents (865.1)
Net Debt withSFH
LTM EBITDA= 3.0 times
Net Debt withSFH 1,943.0
Net Debt without SFH 825.4 Net Debt without SFH = 1.3 time
54
* Repactuation in 2010 and 2011LTM EBITDA
Pre-Sales to be Recognized
2007R$ million 2008 September 30 ‘09
1,597.1
4 515 2
Sales to be recognized at the beginning of the period
Net sales recorded in the period
4,081.6
3 974 4
5,124.2
2 401 24,515.2
(2,030.3)
Net sales recorded in the period
Revenues recognized in the period
3,974.4
(2,930.8)
2.401,2
(2.974,8)
4,081.6Sales to be recognized at the end of the period 5,124.1 4.520,8
(149 0) (187 0) (165 0)
(2,604.7)Cost of units sold to be recognized (3,217.2) (2.876,6)
(149.0)Taxes (187.0) (165,0)
(26.3)Selling Expenses (37.6) (23,5)
1,327.9
32.5%
Gross profit to be recognized
Percentage of gross profit
1,719.9
33.5%
1.479,3
34,0%
55
Delays and Cancellations
Delays3 11%
1,09%
1 26%
1,34%
1,43%
1,43%
1,37%
1,35%
1,39%
1,38%1,52%
1,59%
1,64%
1,79%
2,00%
1,92%
1,92%1,87%1,82%2,06%
2,27%
3,11%
1,26% ,
Delays above 31 days
Cancellations
0,21% 0,20%0,23%
0,26%0,23%
0 22%
0,22%
0 23%
0,26% 0,27%
0,17%0,21%
0,24%
0,36%
0,18%0,22% 0,23%
0,20%
0,07%
0,14%,
0,13%
0,07%0,09%
56Obs.: Considering only the portfolio managed by Cyrela
Cancellation index = cancellations / active clients
NovaAmérica - Califórnia CollectionSão Paulo-SPLaunched in September 2009
A diAppendix
Shareholder Structure
Current ownership %Current ownership % Post-offering ownership %Post-offering ownership %
ControllingShareholders,
ControllingShareholders,
BoardMembers andShareholders,
BoardMembers andManagement;
42.3%
36.9%
Members andManagement;
Free Float;Free Float
63.1%Free Float; 57.7%
63.1%
Market Cap1: R$ 8.1 bn Market Cap post-offering1: R$ 9.3 bnp $
Free Float1: R$ 4.7 bn
Daily liquidity2: R$ 71 mm
p p g $
Free Float post-offering1: R$ 5.9 bn
Daily liquidity post-offering: R$ 114 mm
368,615,226 common shares 422,365,226 common shares2
1- Based on the price offer of R$ 22 00
58
1 Based on the price offer of R$ 22.002- ADTV in 2009 until Oct 27, 20093- ADTV from Oct 28, 2009 until Nov 11, 2009
Typical Cyrela Project
Launch Go-ahead Delivery Completionof payments
Construction6M - 18MLicensing
Pre sales 0 50 70 90 100 10080 95
Up to 100M18M 24M 30M 36M12M6M0M
Licensing
Pre-sales 0 50 70 90 100 10080 95
% Budget Costs - - 0% 40% 100% 100%20% 65%
Revenues - - 0 36 100 10016 62
Assumptions for this example:
Collections(cumulative) - 7 14 28 50 10020 34
Potential sales: R$ 100 million
Exchange agreements (land): R$ 20 million (recognized as revenues and COGS)
59
Exchange agreements (land): R$ 20 million (recognized as revenues and COGS)
Does not include financial revenues deriving from customer financing
Typical Living Project
Shorter operating cycle: 24 months
Launch Go-ahead Delivery Financing
0 - 6 monthsPre-Launching
Construction
Contracted Sales(cumulative)
- 70 80 10090 100
18M 24M Up to 28M12M6M0M
%Construction Cost - - 23% 100%55% 100%
Revenues(cumulative) - - 19 10049 100
Collections - 6 11 2013 100
Assumptions for this example: Potential Sales: R$ 100 million
(cumulative) - 6 11 2013 100
60
Exchange agreements: 100% (R$10 mm), 80% of unit price financed by commercial banks Client is fully financed by the banks after keys handover
Joint Ventures
% CBR Region Segment Year% CBR Region Segment Year
50% São Paulo Middle / Mid-High 2006
50% São Paulo Mid-High / Luxury 2007
50% MG and DF All 200750% MG and DF All 2007
50% São Paulo Middle / Mid-High 2008
50% Buenos Aires All 2007
50% São Paulo Economic / Super 200750% São Paulo Economic 2007
79% São Paulo Economic / Super Economic 2006
The former JV Goldsztein Cyrela was acquired in June 2009.
61
Geographical Expansion
Presence in 55 cities in 17 states of Brazil and Buenos Aires in Argentina
64 Projects outside SP – RJ regionR$ 11.2 billion of PSVR$ 11.2 billion of PSV (Cyrela’s stake: 72%)
Barueri | Belém | Belford Roxo | Belo Horizonte |Cabo Frio | Campinas | Campos | Canoas | Caxiasdo Sul | Caxias | Cotia | Curitiba | Diadema | Duquede Caxias | Ferraz de Vasconcelos | Florianópolis| F t l | G iâ i | G t í | G lh || Fortaleza | Goiânia | Gravataí | Guarulhos |Jacareí | Jacarepaguá | João Pessoa | Jundiaí |Lauro de Freitas | Maceió | Manaus | Mogi dasCruzes | Natal | Niterói | Nizia Floresta | NovaCruzes | Natal | Niterói | Nizia Floresta | NovaIguaçu | Novo Hamburgo | Palhoça | Parnamirim |Porto Alegre | Praia Grande | Recife | Rezende| Ribeirão Preto | Rio de Janeiro | Salvador || be ão eto | o de Ja e o | Sa ado |Santo André | São Bernardo | São Caetano | SãoGonçalo | São J. dos Campos | São José do RioPreto | São Luis | São Paulo | São Sebastião |
62
Serra | Sorocaba | Vila Velha | Vitória
Contact us
Cyrela Brazil Realty S.A. Empreendimentos e ParticipaçõesAv Presidente Juscelino Kubitschek 1 455 3rd floorAv. Presidente Juscelino Kubitschek, 1.455, 3rd floorSão Paulo - SP – BrasilCEP 04543-011
Investor RelationsPhone: (55 11) 4502-3153 [email protected]
www.cyrela.com.br/ir
Statements contained in this press release may contain information which is forward-looking and reflects management'scurrent view and estimates of future economic circumstances, industry conditions, company performance and the financialresults of Cyrela Brazil Realty. These are just projections and, as such, exclusively based on management's expectationsof Cyrela Brazil Realty regarding future business and continuous access to capital to finance the Company's businessplan. Such future considerations rely substantially on changes in market conditions, government rules, competitor's
63
plan. Such future considerations rely substantially on changes in market conditions, government rules, competitor spressure, segment performance and the Brazilian economy, among other factors, in addition to the risks presented on thereleased documents filed by Cyrela Brazil Realty, and therefore can be modified without prior notice.