Upload
cr2
View
328
Download
5
Embed Size (px)
DESCRIPTION
Citation preview
Presentation – BTG PactualPresentation – BTG Pactual
January, 2011
Business Model
Pure Play DeveloperPartnership With
Control on Each Project
2
Focus on Low-Income Segment
Strong Project Origination Platform
Ability to Anticipate Macro Trends
Ownership Breakdown – 12/02/2010
Board of Directors and Executive Officers
Board of Directors and Executive Officers
Free Float
54,7%
Free Float
54,7%
3
45,3%45,3%
Itaú Unibanco
20,6%
Itaú Unibanco
20,6%
Squadra
9,5%
Squadra
9,5%
ADRs
9,2%
ADRs
9,2%
Bovespa
15,4%
Bovespa
15,4%
54,7%54,7%
Launched PSV by Region
347,0
544,7
Total Launched PSV (R$mm)
4
126,0 22,1
183,0
544,7
55,7 42,0
164,0
126,0
64,1 55,7
2010 acum.2009200820072006
Capital and Metropoiltan Area of Rio de Janeiro Metropolitan Area of São Paulo
Launched PSV by Income Segment
404,7
347,0
544,7
Total Launched PSV (R$mm)
5
126,0 64,1
347,0
140,0
404,7
55,7
126,0
64,1 55,7
9M102009200820072006
Economy Middle-Income
Project Conclusion
We intend to reach the end of 2010 with R$702.5mm of PSV delivered, 69% of the total launched
163,9
44,1 54,3
459,3
243,2 252,0
Delivery Schedule: PSV (R$mm)
13 projects (69% of PSV Launched) 2.362
2.127 2.010 98%
90%
90%
Delivery Schedule: Units
4.489 Units
6
295,4
199,1 197,7
48,7
8,3
57,0
Delivered: from 2008 to 3Q10
4Q10 2011 2012
CR2 Partners
466
80%
Delivered: from 2008 to 3Q10
4Q10 2011 2012
Sold Inventory
ProjectTotal PSV
(R$mm)
CR2's PSV
(R$mm)Units
Felicittá 29,3 20,5 230
Jardim Paradiso I - Lotes 5 and 6 21,2 19,7 226
Parque das Águas 1A 97,7 78,1 738
Premium Cpo. Grande 47,0 42,3 196
Villagio do Campo - Lotes 3 to 5 48,0 38,4 737
Total 243,2 199,1 2.127
Cash Position
IPO: R$307,5 mm
(R$284,5 mm ex - IPO expenses)
273,8 282,8 Cash (R$ mm)
7
63,7 54,0 45,4 35,4 36,1 34,0 39,0 43,6
86,9
133,6
178,4
238,7
273,8 282,8
49,7 51,4
3Q102Q101Q104Q093Q092Q091Q094Q083Q082Q081Q084Q073Q072Q071Q072006
Net Operating Revenue - Quarterly
130,7
100,7 101,4
75,2 75,9
Net Operating Revenue (R$ mm)
8
69,3 75,2 71,8
51,7
75,9 69,0
58,6
27,2
3Q102Q101Q104Q093Q092Q091Q094Q083Q082Q081Q08
Total Contracted Sales
188,3
317,0
221,7
Total Contracted Sales (R$ mm)
9
142,9
19,9
9M102009200820072006
Period
(R$ mm)
Inventory at the
Beginning of Period
Launches
(CR2's share)
Contracted Sales
(CR2's share)
Inventory at the
End of PeriodSoS
Contracted Sales
from Launches in
the Period
Inventory's
Contracted
Sales
2006 0,0 33,4 11,9 21,5 35,7% 11,9 0,0
1Q07 21,5 62,4 31,5 52,4 37,6% 23,6 7,9
2Q07 52,4 20,4 18,5 54,3 25,4% 8,8 9,7
3Q07 54,3 63,1 32,4 85,0 27,6% 20,4 12,0
4Q07 85,0 170,3 59,2 196,1 23,2% 39,3 19,9
1Q08 196,1 47,9 27,2 216,8 11,1% 15,9 11,3
2Q08 216,8 131,3 144,4 203,7 41,5% 93,7 50,6
3Q08 203,7 113,9 67,6 250,0 21,3% 44,2 23,4
4Q08 250,0 0,0 12,6 237,5 5,0% 0,0 12,6
Inventory at Market Value and SoS
4Q08 250,0 0,0 12,6 237,5 5,0% 0,0 12,6
1Q09 237,5 0,0 19,1 218,4 8,0% 0,0 19,1
2Q09 218,4 0,0 34,6 183,8 15,8% 0,0 34,6
3Q09 183,8 0,0 28,0 155,8 15,2% 0,0 28,0
4Q09 155,8 56,7 61,9 150,5 29,1% 31,5 30,4
1Q10 173.4* 0,0 58,4 115,0 33,7%* 0,0 58,4
2Q10 120.3* 0,0 31,5 88,9 26,1%* 0,0 31,5
3Q10 101,6* 0,0 19,3 82,3 19,0%* 0,0 19,5
21% of Shareholder’s Equity
10
SoS (%CR2) = [Contracted Sales in the period / (Inventory at beginning of period + launches of the period net of physical exchange)]* After price adjustment
Balance Sheet – Receivables from Clients
R$240mm - 58% of portfolio
On/Off Balance Receivables (R$ 000) 3Q10 2Q10
Receivables from Real Estate Developments and Sales
Short Term 128.445 144.256
Long Term 230.119 238.481
(+) Total 358.564 382.737
Receivables to be Recognized
127.18231%
112.083
150.88037%
19.3895%
Total Receivables (R$ 000)
Projects Delivery Forecast
Performed Receivables
2Q10
2011
2012
11
Receivables to be Recognized
Short Term 18.258 32.208
Long Term 32.711 53.246
(+) Total 50.969 85.454
Short Term Total 146.703 176.464
Long Term Total 262.830 291.727
(=) Total Receivables 409.533 468.191
112.08327%
Receivables (R$'000)
Delivery ForecastTotal
Private
BanksCEF
Performed Receivables 127.182 100.768 26.479
4Q10 112.083 63.665 48.377
2011 150.880 91.374 59.487
2012 19.389 - 19.383
Total 409.534 255.807 153.726
Projects delivered in 3Q10: R$25,2mm
Balance Sheet – CEF Relationship
3,227 units contracted = 8 projects with a total PSV of R$304.3mm
2,275 credits transferred, 327 of which in 3Q10
R$150.1mm in cumulative disbursements, R$24.4mm of which in 3Q10
Accounts Receivable from CEF as of 3Q10: R$82.1mm
Disbursements x Receivables from CEF
(R$mm)Contracted Units x Credits Transferred
12
22,9 26,1
23,5 25,2 24,4 29,7
43,2 47,4
72,5
82,1
3Q09 4Q09 1Q10 2Q10 3Q10
(R$mm)
Disbursements R$mm Receivables (balance) R$mm
967
1.274
1.591
1.948
2.275
2.595 2.595 2.595
3.227 3.227
37%
49%
61%
60% 70%
3Q09 4Q09 1Q10 2Q10 3Q10
Credits Transferred to CEF Units Contracted by CEF %Transferred
Land BankR
esid
enti
al
100% of the residential land bank in the economy segment
Project City (State) SegmentAverage Price
(R$ 000)Units
Total PSV
(R$ mm)
CR2's PSV
(R$ mm)% CR2
Expected
Launch Date
Manaú 2 Guarulhos (SP) Econômico 109 450 49 42 86% 2011
Top Life Vil lage (Colônia Paraíso) S. J. Campos (SP) Econômico 100 392 39 34 86% 2011
Pq. das Águas - 2011 São Gonçalo (RJ) Econômico 99 1.014 100 80 80% 2011
Cidade Paradiso - 2011 Nova Iguaçu (RJ) Econômico 85 1.000 85 79 93% 2011
Pq. das Águas II São Gonçalo (RJ) Econômico 199 1.029 205 164 80% -
Pq. das Águas III São Gonçalo (RJ) Econômico 207 294 61 49 80% -
Pq. das Águas IV São Gonçalo (RJ) Econômico 88 916 81 65 80% -
Cidade Paradiso Nova Iguaçu (RJ) Econômico 85 22.183 1.886 1.754 93% -
Total 92 27.278 2.505 2.265 90%
0-3 minimum wages MCMV: Project approved by the Municipal Authorities and in process of approval by CEF
Co
mer
cial
13
*Total PSV in the land bank to be launched in 2011 of R$325mm (%CR2 R$271mm)
Total 92 27.278 2.505 2.265 90%
Project City (State) SegmentAverage Price
(R$ 000)Units
Total PSV
(R$ mm)
CR2's PSV
(R$ mm)% CR2
Expected
Launch Date
Sta. Cecíl ia – Madureira Nova Iguaçu (RJ) 0-3 salários 49 3.780 185 185 100% -
Total 49 3.780 185 185 100%
Project City (State) SegmentTotal Area
(m2)
Average Price
(R$/m2)
Total PSV
(R$ mm)
CR2's PSV
(R$ mm)% CR2
Expected
Launch Date
Niterói Plaza Niterói (RJ) Comercial 6.500 8.000 52 36 70% 2011
Total 6.500 8.000 52 36 70%
Net Operating Revenue - Yearly
300,6 300,1
230,7
Net Operating Revenue (R$ mm)
14
9M102009 2008
EBITDA - Yearly
44,8
33,0 33,7
EBITDA (R$ mm)
33,0 33,7
9M1020092008
15
Net Profit - Yearly
37,6
Net Profit CR2 (R$ mm)
16
15,0 15,1
9M102009 2008
Delivered Projects: 2008
Green Park 3000/4000
Location: Barra da Tijuca (RJ)
Segment: Middle-Income
Units: 240
PSV: R$55,7mm
% Sold: 100% (Oct-10)
% Disbursed/Paid Down: 93% (Oct-10)
Via Parque
17
Location: Caxias (RJ)
Segment: Economy
Units: 99
PSV: R$4,9mm
% Sold: 100% (Oct-10)
% Disbursed/Paid Down: 100% (Oct-10)
Delivered Projects: 2009
Verano I
Splendore Valqueire ILocation: Barra (RJ)
Segment: Middle-Income
Units: 395
PSV: R$130,0mm
% Sold: 95% (Oct-10)
% Disbursed/Paid Down: 90% (Oct-10)
Location: V. Valqueire (RJ)
Segment: Middle-Income
Units: 120
PSV: R$15,9mm
% Sold: 98% (Oct-10)
% Disbursed/Paid Down: 88% (Oct-10)
Mirante Bonsucesso
18
Location: Guarulhos (SP)
Segment: Economy
Units: 368
PSV: R$28,4mm
% Sold: 97% (Oct-10)
% Disbursed/Paid Down: 93% (Oct-10)
Delivered Projects: 1H10
Barra Allegro
Verano IILocation: Barra da Tijuca (RJ)
Segment: Middle-Income
Units: 144
PSV: R$41,5mm
% Sold: 98% (Oct-10)
% Disbursed/Paid Down: 68% (Oct-10)
Location: Barra (RJ)
Segment: Middle-Income
Units: 346
PSV: R$105,0mm
% Sold: 99% (Aug-10)
% Disbursed/Paid Down: 56% (Oct-10)
Villaggio del Mare
19
Location: Recreio (RJ)
Segment: Middle-Income
Units: 120
PSV: R$45,3mm
% Sold: 100% (Oct-10)
% Disbursed/Paid Down: 54% (Oct-10)
Delivered Projects: 3Q10
Villagio do Campo - Lote 2
26% over total
Location: Campo Grande (RJ)
Segment: Economy
Units: 262
20
Units: 262
PSV: R$17,0mm
% Sold: 97% (Oct-10)
% Disbursed: 82% (Oct-10)
Delivered Projects: 3Q10
Jardim Paradiso I – Lotes 1 a 4
58% over total
Location: Nova Iguaçu (RJ)
Segment: Economy
21
Units: 308
PSV: R$21,2mm
% Sold: 99% (Oct-10)
% Disbursed: To begin in 1Q11
Relaunch Strategy
Launches resume:
� Jardim Paradiso IIB-III, Splendore Valqueire II
Sale of the Barrartes project
Debt profile improvement
� Debenture issuance
� Corporate debt restructure
IR Strategy
� Non deal Road Shows
� Research prospection
22
Recent Events – 4Q10
Launches: 2 projects, totaling R$126mm in total PSV (%CR2 R$112mm)
23
Project: Jardim Paradiso IIB-III
Location: Nova Iguaçu (RJ)
PSV: R$89mm (%CR2 R$82mm)
# Units: 963
Income Segment: Economy
R$/unit: R$92 thousand
Project: Splendore Valqueire II
Location: Vila Valqueire (RJ)
PSV: R$37mm (%CR2 R$30mm)
# Units: 160
Income Segment: Economy
R$/unit: R$231 thousand
Issuance of Debentures
Total Amount: R$ 60 million
Interest: Brazilian Interbank Rate (CDI) + 2,5% p.a.
Maturity: November 05, 2013 (3 years)
Amortization Schedule of Principal: 3 installments every semester, starting on November 05, 2010
Amortization Schedule of Interest: Every semester, starting on May 05, 2011
Recent Events – 4Q10
Coordinators: BB Banco de Investimento S.A. (Leader Coordinator) e Bradesco BBI S.A.
Settlement Date: November 12, 2010
24
Recent Events - 4Q10
Sale of the Barrartes project
Land Area: 25,000 m2
PSV: R$ 240 million
Maximum Launch Date: 2Q11
Maximum Delivery Date: 2Q14
Payment: 40% Swap on Gross PSV
Land Location: Av. Ayrton Senna, Barra da Tijuca – Rio de Janeiro, RJ
Segment: Commercial
25
Segment: Commercial
CRDE3 Performance - 2010
69,21
64,44
35,47
33,25
27,49
22,80
12,62
11,82
10,34
EZ Tec
Helbor
CR2
PDG Realty
MRV
Camargo
Even
Trisul
IMOB
% 12M
*Date: 01/11/2010
26
10,34
8,57
-0,01
-0,64
-1,96
-2,95
-5,16
-7,08
-11,22
-11,94
IMOB
Tecnisa
IBOV
Rodobens
Brookfield
Rossi
JHSF
Inpar
Gafisa
Cyrela
CRDE3 Performance - 4M
46,33
30,33
23,58
22,60
19,00
16,38
14,88
10,82
6,38
CR2
Camargo
EZ Tec
JHSF
Tecnisa
Inpar
Helbor
Rodobens
PDG
% 4 Meses
*Date: 01/11/2010
27
6,38
5,57
5,41
0,96
0,86
0,75
-4,21
-8,88
-12,80
-13,00
PDG
MRV
IBOV
Even
IMOB
Trisul
Brookfield
Gafisa
Cyrela
Rossi
Valuation: Price/Book Value*
1,40
1,35
1,25
1,12
1,03
0,96
0,88
Brookfield
Gafisa
Rodobens
Camargo
Trisul
CR2
Inpar
P/BV
*Date: 01/11/2010
28
2,72
1,97
1,91
1,89
1,87
1,63
1,47
1,42
MRV
Cyrela
PDG
Eztec
Helbor
Tecnisa
Rossi
Even
Master Plan – Cidade Paradiso
29
IR Contact
Investor Relations
Rogério FurtadoChief Financial and Investor Relations Officer
Paulo Castro
Financial and IR Coordinator
Contact:
www.cr2.com.br/ir
30
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.