cr2 presentation - 2q12
TRANSCRIPT
Results 2Q12
August 16, 2012
Highlights 2Q12
Following the Business Plan: continue with the Company’s unleveraging process.
� Increased sales of the units in inventory;
�Completion of Jardim Paradiso IIB-III ;
2Q12 2
�Completion of Jardim Paradiso IIB-III ;
� Reduction in gross debt.
902,2
Delivery Schedule: PSV (R$mm)
Total PSV of R$1,137.5mm (100% of PSV launched)
Completion of Projects
Expected Budget :
Projects PSV(R$mm) Delivery Schedule
Jardim Paradiso IIB-III 89,0 1H12
Acqua Park 67,3 2S12
Splendore Valqueire II 37,0 2H12
Top Life View 42,0 1H13
Total 235,3
2Q12
651,5
176,1 35,9
193,3
42,0
Delivered: From 2008 to 2011
2H12 1H13
CR2 Partners
3
Expected Budget :
� Total disbursement until conclusion: -R$42.8mm;
Funding sources
� Construction financing (SFH): +R$25.4mm;
� Crédito Associativo : +R$29.3mm;
Contracted Sales
57,4
2Q12 4
13,8
20,4
12,3
6,3
10,9
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
Contracted Sales
1.3961.341 1.379
1.278
853
Inventory in Units
-33%
2Q12 5
2Q11 3Q11 4Q11 1Q12 2Q12
Inventory
*Inventory %CR2 at Market Price in R$mm
Date 1Q12 2Q12 ∆ 1Q12 2Q12 ∆
Delivered 65.518 44.343 (21.175) 428 276 -152
3Q12 81.295 53.572 (27.723) 789 526 -263
4Q12 11.094 9.476 (1.618) 48 41 -7
1Q13 2.561 1.829 (732) 14 10 -40
0
Total 160.468 109.220 -51.248 1.279 853 -426
Inventory at Market Price* Inventory in Units*
2Q12 6
56%
0%
44%
Inventory at Market Value
Construction Status
Under Construction
Completed
92%
8%
Inventory at Market Value
Region
Capital and Metropolitan Area of RJ
Metropolitan Area of SP
48%50%
2%
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. Cecíl ia – Madureira Nova Iguaçu (RJ) Economy 100 3.500 350 350 100%
Diamond White (Chafi Chaia) Campo Grande (RJ) Medium 518 42 22 17 80%
Diamond Black (Chafi Chaia) 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%
2Q12 7
70%
14%
11%
5%
% Projects PSV on our Land bank
Cidade Paradiso
Parque das Águas
Sta. Cecília – Madureira
Outros
Total 102 30.937 3.146 3.032 96%
Jardim Paradiso
Units of Jardim Paradiso IIB-III finished and awaiting for the
certificate of acceptance of occupancy
2Q12 8
Photos from the scene
2012 Result
110 90 80
72 71
237 242 239
213 202
21%
29% 29%25%
25%
48% 50% 47%41%
41%
Gross Debt
Corporate vs. SFH (R$mm)
Reduction of R$10.1mm of Corporate Debt
Emphasize the amortization of ourR$7mm loan with Helbor, whosebalance ended 2Q12 in R$2.8 mmand as of today, has been fully paid.
Amortization of R$1.0mm of SFH
2Q12 9
127 152 158 142 132
21%25%
2Q11 3Q11 4Q11 1Q12 2Q12
Corporate Debt SFH
Net Debt/Equity (ex-SFH) Net Debt/Equity (including SFH)
Amortization of R$1.0mm of SFH
The biggest being R$7.7mm fromParque das Águas IB. R$10mm havebeen disbursed and can be mostlyexplained by Jardim Paradiso projectR$5.7mm and Valqueire II projectR$3.2mm.
5,9
13,5
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
16,0
1T12 2T12
32,5
68,5
1T12 2T12
2Q12 Results
Net Revenue (R$mm)Gross Profit (R$mm)
2Q121Q12 2Q121Q12
2Q12
-10,7
-3,6
0,0%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
70,0%
-12,0
-10,0
-8,0
-6,0
-4,0
-2,0
0,0
1T12 2T12
(5,1)
4,4
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
70,0%
80,0%
90,0%
100,0%
(6,0)
(4,0)
(2,0)
-
2,0
4,0
6,0
1T12 2T12
1T12 2T121T12 2T12
10
EBITDA (R$mm) Net Profit (R$mm)
2Q121Q12
2Q121Q12
2Q121Q12
2Q121Q12
Receivables
(R$'000) 2Q12 1Q12
Receivables from Real Estate Sales 343.067 322.323
Revenues to be Recognized 34.313 44.928
Advances from Clients (23.319) (28.964)
TOTAL Recevables from Clients 354.061 338.287
Receivable from Transfer of Receivables 51.162 58.823
Direct Financing 8.444 8.024
TOTAL Receivables 413.666 405.134
2Q12 11
Net
Receivables
114.429
22.824
51.195
154.656
343.104
Total Receivables (R$'000)Total
Receivables
Performed - SHF Paid Down 114.429
Performed - Amortizating SFH 39.385
To be Performed - 2012 105.197
2013 + 154.656
Total 413.666
SFH
-
16.561
54.002
-
70.563
Investor Relations
Rogério FurtadoChief Financial and Investor Relations Officer
Contact:
www.cr2.com.br/ri
IR Contact
2Q12 12
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.