4Q11 and 2011 Results
April 2, 2012
Completion of Projects
Total PSV R$326mm delivered in 2011
Jardim Paradiso I/IIA
Location : Nova Iguaçu (RJ)
Units: 854
Verano III
Location : Barra da Tijuca (RJ)
Segment: Economy
% Sold: 81%
VGV: R$ 110mm (%CR2 R$110mm)
4Q11 2
Location : Barra da Tijuca (RJ)
Units: 172
Segment: Medium
% Sold: 99%
PSV: R$67mm (%CR2 R$40mm)
Parque das Águas 1–B
Localização: São Gonçalo (RJ)
Units: 320
Segment: Economy
% Sold: 75%
PSV: R$42mm (%CR2 R$34mm)
Premium Cpo. Grande
Location: Campo Grande (RJ)
Units: 196
Segment: Economy
% Sold: 98%
PSV: R$47mm (%CR2 R$42mm)
326,2
193,3
Delivery Schedule: PSV (R$mm)
2.527
1.870
Delivery Schedule: Units
Completion of Projects
4Q11
61,0
139,6 125,7
193,3
1Q11 2Q11 3Q11 4Q11 2011 2012
Total PSV
370
989 1.168
1.870
88%87%
91%
89%
52%
1Q11 2Q11 3Q11 4Q11 2011 2012
%Sold Inventory
3
52,7
52,7
Total Contracted Sales (R$mm)
Contracted Sales
4Q11
13,820,4
12,36,3
52,7
13,8
20,4
12,3
6,3
1Q11 2Q11 3Q11 4Q11 2011
4
Inventory
*Inventory %CR2 at Market Price in R$mm
Date Inventory at Market Price* % Units
Delivered 66.584 40% 453
2Q12 78.367 47% 778
3Q12 7.464 4% 55
4Q12 11.377 7% 50
1Q13 2.531 2% 14
Total 166.323 100% 1.350
4Q11 5
57%
43%
Inventory at Market Value
Construction Status
Under Construction
Construction not started
Completed
89%
11%
Inventory at Market Value
Region
Capital and Metropolitan Area of RJ
Metropolitan Area of SP
56%
41%
3%
Inventory at Market Value
Average Price
> R$170k
R$171k - R$350k
R$351k - 1,000k
Land Bank
Project City (State) SegmentAverage Price
(R$ 000)Units
Total PSV
(R$ mm)
CR2 PSV
(R$ mm)% CR2
Cidade Paradiso Nova Iguaçu (RJ) Economy 95 23.183 2.202 2.202 100%
Parque das Águas São Gonçalo (RJ) Economy 137 3.253 446 357 80%
Sta. Cecília – Madureira Nova Iguaçu (RJ) Economy 100 3.500 350 350 100%
Chafi Chaia - Residencial Campo Grande (RJ) Medium 518 42 22 17 80%
Chafi Chaia - Comercial Campo Grande (RJ) Commercial 316 117 37 30 80%
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%
Total 102 30.937 3.146 3.032 96%
4Q11 6
70%
14%
11%
5%
% Projects PSV on our Land bank
Cidade Paradiso
Parque das Águas
Sta. Cecília – Madureira
Outros
Land Bank – Jardim Paradiso
2,7 million m² of land;
1.817 launched units in twophases;
Phase 1A (Delivered): 854 unitsconstructed with self capital in processof transfer of receivebles by Caixa1: Jardim Paradiso 5: Parque Urbano
4Q11 7
of transfer of receivebles by CaixaEconômica
Phase 1B (May/12 to Ago/12):Launched at 3Q10 with 963 units, usesSFH financing.
Project near Queimados industrialzone.
1: Jardim Paradiso2: Clube Paradiso3: Complexo Industrial4: Equipamentos Comunitários
5: Parque Urbano6: Setor Residêncial7: Setor Comercial Misto / Terminal Rodoviário8: Setor Comercial
Land Bank – Parque das Águas
� 1058 residencial units delivered;
� Project in Alcântara, city of São Gonçalo;
� Near COMPERJ;
� Shopping construction prevision in the landinfront of.
Agregate Value
4Q11 8
� Area: 71.261m²;
�Book Value: R$21,7mm (R$321/m²);
Other Phases
Land Bank – Santa Cecília
Land with 786 thousand m² and
potential for 4 thousand units, located at
Estrada de Madureira , Nova Iguaçu;
Due the increase of the income of the
region, it was decided to amend the project
from a 0-3 wages to a “Crédito Associativo”
4Q11 9
financing with a average price of R$110
thousand per unit.
The project will be develop in phases to
agregate value during it development.
4Q11 Results
Net Revenue (R$mm) Gross Profit (ex-SFH) (R$mm)
EBITTDA (R$mm) Net Profit (R$mm)
55,1
70,1
3Q11 4Q11
28,7
45,8
46,8%
62,9%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
70,0%
80,0%
90,0%
100,0%
0,05,0
10,015,020,025,030,035,040,045,050,0
3Q11 4Q11
EBITDA (R$mm)
4Q11 10
EBITTDA (R$mm) Net Profit (R$mm)
21,5
29,5
39,0% 42,1%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
70,0%
80,0%
90,0%
100,0%
-
5,0
10,0
15,0
20,0
25,0
30,0
35,0
3Q11 4Q11
8,2
23,8
14,9%
34,0%
0,0%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
70,0%
0,0
5,0
10,0
15,0
20,0
25,0
3Q11 4Q11
EBITDA (R$mm)
2011 Result
434,1
195,6
2010 2011
122,2
86,8
25,3%
38,6%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
70,0%
80,0%
90,0%
100,0%
0,0
20,0
40,0
60,0
80,0
100,0
120,0
140,0
2010 2011
Net Revenue (R$mm) Gross Profit (ex-SFH) (R$mm)
EBITTDA (R$mm) Net Profit (R$mm)EBITDA (R$mm)
4Q11 11
83,7
42,2
19,3%21,6%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
-
10,0
20,0
30,0
40,0
50,0
60,0
70,0
80,0
90,0
2010 2011
47,0
7,4
10,8%
3,8% 0,0%5,0%10,0%15,0%20,0%25,0%30,0%35,0%40,0%45,0%50,0%
-5,0
10,0 15,0 20,0 25,0 30,0 35,0 40,0 45,0 50,0
2010 2011
EBITTDA (R$mm) Net Profit (R$mm)EBITDA (R$mm)
Cash Flow
(R$'000) 2011 4Q11 3Q11 2Q11 1Q11 4Q10
Cash 30.640 30.640 29.741 39.891 69.368 68.1090 0 0 0 0
0 0 0 0 0
Change in Cash (37.469) 899 (10.150) (29.477) 1.259 4.408
Operational Activities 23.027 12.669 13.734 1.934 (5.310) 12.926
4Q11 12
Operational Activities 23.027 12.669 13.734 1.934 (5.310) 12.926
Acquisition of Cidade Paradiso Swap Rights (52.011) - - (10.096) (41.915) -
Disbursement (Amortization) of SFH Debt (41.275) (12.205) (19.024) (14.197) 4.151 (5.586)
Disbursement (Amortization) of Corporate Debt 35.096 435 19.362 (7.118) 22.417 15.061
Dividends Payment (24.222) - (24.222) - - (17.993)
Capital Increase 21.915 - - - 21.915 -
Receivables
(R$'000) 2011 2010
Receivables from Real Estate Sales 380.366 434.517
Revenues to be Recognized 63.413 111.671
Advances from Clients (37.420) (61.185)
TOTAL Recevables from Clients 406.359 485.003
Receivable from Transfer of Receivables 66.796 83.622
Direct Financing 7.530 10.539
TOTAL Receivables 480.685 579.164
4Q11 13
Total Receivables (R$'000)Total
Receivables
Total
ObligationSFH
Credit
Assingments
Net
Receivables
Performed - SHF Paid Down 105.712 19 - 19 105.693
Performed - Amortizating SFH 110.297 58.397 58.397 - 51.900
To be Performed - 2012 91.411 22.038 22.038 - 69.373
Link Swap 150.506 - - - 150.506
Niteroi Plaza Land 22.759 - - - 22.759
Total 480.685 80.454 80.435 19 400.231
Investor Relations
Rogério FurtadoChief Financial and Investor Relations Officer
Contact:
www.cr2.com.br/ri
IR Contact
4Q11 14
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.