1Q11 Results May 17, 2011
1Q11 Results1Q11 Results
May 17, 2011
Recent Events
Approval of Management Proposition for dividends
Management Proposition R$ R$/share
Minimum Dividends 11.151.773 0,23
Additional Dividends 13.069.758 0,27
Total 24.221.531 0,50
1Q11 2
X Date: May 02, 2011
Ellection of new member of the Board of Directors: Mr. Eduardo Grande Bittencourt
Payable until the end of the fiscal year of 2011
Land BankR
esid
enti
al
Project City (State) SegmentAverage Price
(R$ 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%
Pq. das Águas 2011 São Gonçalo (RJ) Economy 99 1.014 100 80 80%
Cidade Paradiso - 2011 Nova Iguaçu (RJ) Economy 85 1.000 85 85 100%
Pq. das Águas II São Gonçalo (RJ) Economy 199 1.029 205 164 80%
Pq. das Águas III São Gonçalo (RJ) Economy 207 294 61 49 80%
Pq. das Águas IV São Gonçalo (RJ) Economy 88 916 81 65 80%
Cidade Paradiso Nova Iguaçu (RJ) Economy 85 22.183 1.886 1.886 100%
Total 92 27.278 2.505 2.403 96%
1Q11 3
Co
mm
erci
al
Land Cost: R$ 622 thousand
Total 92 27.278 2.505 2.403 96%
Project City (State) SegmentAverage Price
(R$'000)Units
Total PSV
(R$mm)
CR2's PSV
(R$mm)% CR2
Sta. Cecíl ia – Madureira Nova Iguaçu (RJ) 0-3 minimum 49 3.780 185 185 100%
Total 49 3.780 185 185 100%
Project City (State) SegmentAverage
Price 2
Total Area
(m2)
Total PSV
(R$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%
Completion of Projects
Total PSV of R$61mm completed in 1Q11
1Q11 4
Project: Premium Cpo. Grande
Location: Campo Grande (RJ)
# Units: 196
Income Segment: Economy
% Sold: 92%
PSV: R$47mm (%CR2 R$42mm)
Project: Jardim Paradiso – Lotes 5 e 20
Location: Nova Iguaçu (RJ)
# Units: 174
Income Segment: Economy
% Sold: 90%
PSV: R$14mm (%CR2 R$13mm)
Completion of Projects
We intend to reach the end of 2011 with R$991.1mm of PSV delivered (87% of total launched)
192,9
636,9
Delivery Schedule: PSV (R$mm)
Total PSV of R$991,1mm (87% of PSV launched)
3.761
93%
Delivery Schedule: Units
6.881 Units
1Q11 5
Inventory from 4Q10 Launches: 58% 8%
444,0
147,9 138,3 123,1
197,6 156,6 146,3
Delivered: From 2008 to 1Q11
2Q11 2H11 2012
CR2 Partners
1.637 1.483 1.207
96%
34%
85%
Delivered: From 2008 to 1Q11
2Q11 2H11 2012
Sold Inventory
Income Statement
101,6
39,7
1Q10 1Q11Net Revenue (R$ mm)
28,4
9,727,9%
24,5%23,0%
25,0%
27,0%
29,0%
31,0%
33,0%
35,0%
37,0%
39,0%
1Q10 1Q11
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
1Q11 6
Net Revenue (R$ mm) Gross Profit (ex-SFH Interest) (R$ mm) % Margin
17,9
0,8
17,6%
2,1%
0,0%
5,0%
10,0%
15,0%
20,0%
25,0%
30,0%
35,0%
40,0%
1Q10 1Q11
-
2,0
4,0
6,0
8,0
10,0
12,0
14,0
16,0
18,0
20,0
EBITDA (R$ mm) % Margin
7,2
(7,1)
7,1%
-18,0%
-30,0%
-20,0%
-10,0%
0,0%
10,0%
20,0%
1Q10 1Q11
-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
Contracted Sales
51,7
11,8
25,0
2,0
76,7
13,8 67%
85%
1Q10 1Q11
Metropolitan Area of SP
Capital and Metropolitan Area of RJ%RJ
58,4
9,2
18,3
4,7
76,7
13,8
1Q10 1Q11
CR2 Partners
Total and %CR2 Contracted Sales (R$mm) Total Contracted Sales by Region
(R$mm)
1Q11 7
CR2 Partners
152.229
213.901
1Q10 1Q11
27,1
2,5
28,0
9,9
3,3
1,4
76,7
13,8 46%
18%
1Q10 1Q11
R$351 K - R$500 K
R$131 K - R$350 K
< R$130 K
% < R$130 K
Average Price of Units Sold (R$)Total Contracted Sales by Average Price
(R$mm)
Inventory at Market Value
Inventory at Market Value: R$185mm (%CR2 R$157mm)
38% of CR2’s Equity
22%
Inventory at Market Value
Construction Status
8%
Inventory at Market Value
Region
18%
1%
Inventory at Market Value
Average Price
1Q11 8
100% available for SFH
67%
11%
22%
Under Construction
Construction not started
Completed
92%
Capital and Metropolitan Area of RJ
Metropolitan Area of SP
81%
18%
> R$130k
R$131k - R$350k
R$351k - R$500k
Liquidity
45,4
54,0
63,7 68,1 69,4
1Q10 2Q10 3Q10 4Q10 1Q11
Cash (R$mm)
30,0
31,9
42,0
25,2
95,6
22,2
4,7
125,6
54,1
46,7
25,3
2011
2012
2013
2014
Debt Amortization Schedule (R$ mm)
Corporate Debt SFH
1Q11 9
69,7 88,7 83,3 102,4 129,1
117,9 127,1 124,1
118,0
122,5 187,6
215,9 207,4 220,4
251,6
6,3%8,8%
4,9%8,6%
14,4%
36,7% 41,0%36,3%
38,2%
44,1%
1Q10 2Q10 3Q10 4Q10 1Q11
Gross Debt
Corporate vs. SFH (R$mm)
Corporate Debt SFH
Net Debt/Equity CR2 (ex-SFH) Net Debt/Equity CR2 (including SFH)
112,9 132,1 140,6
111,8 138,3
74,8
83,8 66,8 108,6 113,3
40%39%
32% 49%45%
187,6 215,9 207,4 220,4 251,6
1Q10 2Q10 3Q10 4Q10 1Q11
Gross Debt (including SFH)
Short Term vs. Long Term RS(mm)
Short Term Debt Long Term Debt
Receivables from Clients
On/Off Balance Receivables (R$ 000) 1Q11 1Q10
Receivables from Real Estate Developments and Sales
Short Term 181.437 147.984
Long Term 243.147 213.955
Total 424.584 361.939
Receivables to be Recognized Receivables (R$'000)Total
Private CEF
1Q11 10
Receivables to be Recognized
Short Term 14.535 61.115
Long Term 19.479 88.360
Total 34.014 149.475
Short Term Total 195.972 209.099
Long Term Total 262.626 302.315
Total Receivables 458.598 511.414
Receivables (R$'000)
Delivery ForecastTotal
Private
BanksCEF
Performed Receivables 187.565 152.201 35.364
2Q11 81.923 42.928 38.995
2H11 51.614 34.178 17.435
2012 + 137.497 108.761 28.736
Total 458.598 338.067 120.531
IR Contact
Investor Relations
Rogério FurtadoChief Financial and Investor Relations Officer
Paulo Castro
Financial and IR Coordinator
Contact:
1Q11 11
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.