Cr2 Presentation 2Q11
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- Net revenue increased 29% from 1Q11 to 2Q11, while gross profit increased over 300% and EBITDA improved from a loss to a small profit. However, net losses expanded due to a dividend payment. - The company completed R$140 million of residential projects in 2Q11, selling 88-98% of delivered units. - Cash decreased in the quarter due to swap rights acquisition and debt payments, though receivables total R$402 million and debt is concentrated in 2011-2012. - The land bank contains projects in São Paulo and Rio de Janeiro states with a total potential sales value (PSV) of R$2.5 billion and estimated cash recovery of
Cr2 Presentation 2Q11
- 1. Results 2Q11 August 17, 2011
- 2. Results Net Revenue (R$ mm) Gross Profit (ex-SFH Interest) (R$ mm) 50,0 39,7 45,0 40,0 30,8 35,0 30,0 25,0 20,0 15,0 9,7 10,0 2,6 5,0 0,0 1Q11 2Q11 1Q11 2Q11 0,8 EBITDA (R$ mm) Net Profit (R$ mm) 1,0 0,0 (1,0) 1Q11 2Q11 -2,0 1Q11 2Q11 -4,0 (3,0) -6,0 (5,0) -8,0 (7,1) -10,0 (7,0) -12,0 (9,0) -14,0 -16,0 (11,0) (9,6) -18,0 (13,0) (17,5) -20,0 2Q11 2
- 3. Completion of Projects Total PSV of R$140mm completed in 2Q11 Felicittá Jardim Paradiso I/IIA – Lotes 6 a 9 Income Segment: Economy Location: Jacarépaguá (RJ) Location: Nova Iguaçu (RJ) % Sold: 88% Units: 230 Units: 372 PSV: R$29mm (%CR2 R$27mm) Segment: Economy % Sold: 97% PSV: R$29mm (%CR2 R$21mm) Verano III Location: Barra da Tijuca (RJ) Units: 172 Segment: Middle Income % Sold: 98% PSV: R$67mm (%CR2 R$40mm) Villagio do Campo – Lote 5 Location: Campo Grande (RJ) Units: 215 Segment: Economy % Sold: 94% PSV: R$14mm (%CR2 R$11mm) 2Q11 3
- 4. Project Completion Launched PSV (R$mm) 545 369 126 56 42 2006 2007 2008 2009 2010 Completed PSV (R$mm) 341 235 174 140 126 61 61 2008 2009 2010 1Q11 2Q11 2H11 2012 2Q11 4
- 5. Cash Flow (R$'000) 3Q11 2Q11 1Q11 4Q10 3Q10 2Q10 Cash 39.891 69.368 68.109 63.701 54.024 Change in Cash (29.477) 1.259 4.408 9.677 8.616 Operational Activities 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 (14.197) 4.151 (5.586) (3.602) 8.682 Disbursement (Amortization) of Corporate Debt (7.118) 22.417 15.061 (9.260) 15.703 Dividends Payment (24.222) - - (17.993) (3.586) - Capital Increase - 21.915 - - - Jardim Paradiso project: Jardim Paradiso I/IIA: Post-Key Transfer -> Total Receivables R$51.7mm Jardim Paradiso IIB/III: RB Capital Financing -> FGTS line of financing: R$40.7mm 2Q11 5
- 6. Receivables and Debt Structure Calculation of Net Receivables Total Total Credit Net SFH (R$000) Receivables Obligation Assingments Receivables Performed - SFH Paid Down 121.006 5.018 - 5.018 115.988 Performed - Amortizating SFH 125.607 73.558 73.558 - 52.048 To Be Performed - 2S11 63.327 35.009 35.009 - 28.318 To Be Performed - 2012 + 207.631 1.728 1.728 - 205.902 Total 517.571 115.314 110.296 5.018 402.257 Debt Amortization Schedule (R$ mm) 2011 28,3 67,7 96,0 127,2 110,3 2012 30,8 33,0 63,9 2013 42,5 9,2 51,7 Corporate Debt SFH 2014 26,1 26,6 Corporate Debt SFH 2Q11 6
- 7. Land Bank Average Price Total PSV CR2 PSV Project City (State) Segment Units % CR2 (R$ 000) (R$ mm) (R$ mm) Manaú 2 Guarulhos (SP) Economy 109 450 49 42 86% Top Life Village (Colônia Paraíso) S. J. Campos (SP) Economy 100 392 39 34 86% Residential 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% Total 92 27.278 2.505 2.403 96% Average Price Total PSV CR2's PSV Project City (State) Segment Units % CR2 (R$'000) (R$mm) (R$mm) Sta. Cecília – Madureira Nova Iguaçu (RJ) 0-3 minimum 57 3.780 215 215 100% Total 57 3.780 215 215 100% MCMV2 Price Increase from R$ 49 thousand W/out the need to implement new construction requirements Commercial Average Total Area Total PSV CR2's PSV Project City (State) Segment 2 % CR2 Price (m ) (R$mm) (R$mm) 2 Niterói Plaza Niterói (RJ) Commercial 10.000 8.700 87 71 82% Total 10.000 8.700 87 71 82% 2Q11 7
- 8. Land Bank Niterói Plaza: Commercial Tower: PSV R$89mm (%CR2 R$72mm) Sales price: R$10,000/m2 Book value 2Q11: R$1.3mm (1.5% of PSV) 2Q11 8
- 9. Adjusted Balance Sheet Adjusted Balance Sheet - 2Q11 Assets Liabilities and Shareholder's Equity Cash 39.891 Debentures 60.626 Total Receivables from Clients (On / Off-Balance): Bank Loans 44.734 Performed - SFH Paid Down 121.006 Loans Payable 21.032 Performed - SFH under Amortization 125.607 Swap 793 To Be Performed - 2H11 63.327 SFH 110.296 To Be Performed - 2012 + 207.631 Dividends Payable 24.756 Book Value of Inventory: Others Liabilities 64.543 Concluded Units 24.623 Costs to be Incurred (Off Balance): 62.910 Units Under Construction 60.400 Book Value of Land: Niterói Plaza - Commercial Tower 1.310 Parque das Águas 21.996 Cidade Paradiso 74.292 Shareholders' Equity Others 11.477 CR2 Shareholders' Equity 383.113 Loans with Related Parties 12.638 Profit to be recognized (Off Balance) 23.715 Receivables from Third Parties 12.006 Net Property and Equipment 8.808 Minority Interest 25.366 Others Assets 36.872 TOTAL 821.884 TOTAL 821.884 2Q11 9
- 10. IR Contact Investor Relations Rogério Furtado Chief Financial and Investor Relations Officer Paulo Castro Financial and IR Coordinator Contact: www.cr2.com.br/ir [email protected] 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. 2Q11 10