CR2 Apresentação - 3Q11
Transcript of CR2 Apresentação - 3Q11
Results 3Q11
November 16, 2011
Results
69,3
55,1
3Q10 3Q11
Net Revenue (R$ mm)
16,4
28,7
19,0%
46,8%
0,0%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
70,0%
80,0%
90,0%
3Q10 3Q11
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
3Q11 2
0,4
8,2
0,6%
14,9%
-50,0%
-40,0%
-30,0%
-20,0%
-10,0%
0,0%
10,0%
20,0%
30,0%
40,0%
3Q10 3Q11
-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
7,8
11,3%
38,5%
-50,0%
-40,0%
-30,0%
-20,0%
-10,0%
0,0%
10,0%
20,0%
30,0%
40,0%
50,0%
3Q10 3Q11
(10,0)
(8,0)
(6,0)
(4,0)
(2,0)
-
2,0
4,0
6,0
8,0
10,0
EBITDA (R$ mm) % Margin
21,2
Completion of Projects
Total PSV R$126mm completed in 3Q11
Top Life Park
Location: : Santo André (SP)
Units: 200
Segment: Economy
% Sold: 96%
PSV: R$25mm (%CR2 R$22mm)
Parque das Águas 1-B
Location: São Gonçalo (RJ)
Units: 320
Top Life Itamaraty
Location: : Santo André (SP)
Segment: Economy
% Sold: 70%
PSV: R$42mm (%CR2 R$34mm)
3Q11 3
Location: : Santo André (SP)
Units: 417
Segment: Economy
% Sold: 100%
PSV: R$43mm (%CR2 R$37mm)
Villagio do Campo – Lote 4
Location: Campo Grande (RJ)
Units: 231
Segment: Economy
% Sold: 97%
PSV: R$16mm (%CR2 R$15mm)
Completion of Projects
56
545
369
42
126
2006 2007 2008 2009 2010
Launched PSV (R$mm)
3Q11 4
2006 2007 2008 2009 2010
61
174
341
61
140 126
235
2008 2009 2010 1Q11 2Q11 2H11 2012
Completed PSV (R$mm)
Cash Flow
(R$'000) 3Q11 2Q11 1Q11 4Q10 3Q10 2Q10
Cash 29.741 39.891 69.368 68.109 63.701 54.0240 0 0 0 0 0
0 0 0 0 0 0
Change in Cash (10.150) (29.477) 1.259 4.408 9.677 8.616
Operational Activities 13.734 1.934 (5.310) 12.926 26.125 (15.768)
Acquisition of Cidade Paradiso Swap Rights - (10.096) (41.915) - - -
Disbursement (Amortization) of SFH Debt (19.024) (14.197) 4.151 (5.586) (3.602) 8.682
Disbursement (Amortization) of Corporate Debt 19.362 (7.118) 22.417 15.061 (9.260) 15.703
3Q11 5
Disbursement (Amortization) of Corporate Debt 19.362 (7.118) 22.417 15.061 (9.260) 15.703
Dividends Payment (24.222) - - (17.993) (3.586) -
Capital Increase - - 21.915 - - -
Receivables and Debt Structure
Total Receivables (R$'000)Total
Receivables
Total
ObligationSFH
Credit
Assingments
Net
Receivables
Performed - SHF Paid Down 102.428 8.100 - 8.100 94.328
Performed - Amortizating SFH 167.201 80.275 80.275 - 86.926
To be Performed - 2012 97.110 10.150 10.150 - 86.961
To be Performed - 2013 + 125.252 - - - 125.252
Total 491.992 98.525 90.425 8.100 393.467
Debt Amortization Schedule (R$ mm)
3Q11 6
24,7
54,2
45,6
27,4
24,2
46,4
19,1
48,9
100,6
64,7
28,2
2011
2012
2013
2014
Corporate Debt SFH
151,9
90,4
Corporate Debt SFH
Land Bank
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%
Cidade Paradiso Nova Iguaçu (RJ) Economy 85 23.183 1.971 1.971 100%
Pq. das Águas São Gonçalo (RJ) Economy 137 3.253 446 357 80%
Chafi Chaia - Residencial Campo Grande (RJ) Medium 468 42 20 16 80%
Chafi Chaia - Comercial Campo Grande (RJ) Commercial 253 133 34 27 80%
Total 92 27.453 2.558 2.446 96%
3Q11
Project City (State) Segment
Average Price
(R$'000)Units
Total PSV
(R$mm)
CR2's PSV
(R$mm)% CR2
Sta. Cecíl ia – Madureira Nova Iguaçu (RJ) 0-3 minimum 57 3.780 215 215 100%
Total 57 3.780 215 215 100%
7
MCMV2 Price Increase from R$ 49 thousandW/out the need to implement new construction requirements
Sell Niteroi Plaza (Set/11)
Commercial Tower(SPE-31):
� PSV R$89mm (%CR2 R$72mm)
Niterói Plaza:
3Q11 8
� PSV R$89mm (%CR2 R$72mm)
� Book value 2T11: R$1,3mm (1,5% of PSV)
Sales Price: R$32,27mm
� Cash received: R$6,27mm
� Outstanding balance untill Feb/14: R$26mm(corrected by IPCA)
Adjusted Balance Sheet
Adjusted Balance Sheet - 3Q11
Assets Liabilities and Shareholder's Equity
Cash 29.741 Debentures 62.967
Total Receivables from Clients (On e Off-Balance): Bank Loans 67.461
Performed - SFH Paid Down 102.428 Loan Operations 21.509
Performed - Amortizating SFH 167.201 Swap 0
To Be Performed - 2S11 97.110 SFH 90.425
To Be Performed - 2012 + 125.252 Dividends Payable 535
Inventory at Market Price%CR2: Custo a Incorrer (Off Balance): 54.074
Concluded 42.655 Accounts Payable 21.219
Under Construction 58.487 Others Liabilities 47.014
3Q11 9
Under Construction 58.487 Others Liabilities 47.014
Lands:
Parque das Águas 23.028
Cidade Paradiso 74.338
Others 11.577 Shareholders' Equity
Loan Operations 12.802 Shareholders' Equity - Holding Company 391.728
Recebíveis de Terceiros 12.020 Profit to be recognized (Off Balance) 20.650
Net Property and Equipment 8.636
Others Assets 42.040 Minority Interest 29.734
TOTAL 807.316 TOTAL 807.316
Investor Relations
Rogério FurtadoChief Financial and Investor Relations Officer
Contact:
www.cr2.com.br/ri
IR Contact
3Q11 10
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.