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4Q10 and 2010 Results4Q10 and 2010 Results
March 31, 2011
Recent Events
Feb, 2011: Acquisition of swap rights over the land corresponding to the
Cidade Paradiso project
Swap of 8.323% onR$2.1 billion PSV
Jardim Paradiso
PSV R$148mm (1,817 units)Already launched
Cidade Paradiso
PSB R$2,1bi (25,000 units)3.2 million m2Before the Deal
4Q10 and 2010 2
R$30mm in cash2.3mm shares at R$9.50
After the Deal
Recent Events
Feb, 2011: Capital Increase of R$ 21.9 million
Total % Total % Total ∆
Shares Outstanding 46.136.250 48.443.062 2.306.812 + 5,0%
Management 20.939.681 45,4% 20.939.681 43,2% 0 -2,2 p.p.
Itaú Unibanco 9.512.227 20,6% 9.512.227 19,6% 0 -1,0 p.p.
Capital IncreaseBefore After* Change
4Q10 and 2010 3
* The preemptive rights were not exercised
* Estimative based on shareholders’ base on December 31, 2010
Squadra 4.365.800 9,5% 4.365.800 9,0% 0 -0,5 p.p.
ADRs 4.244.572 9,2% 4.244.572 8,8% 0 -0,4 p.p.
Bovespa 7.073.970 15,3% 9.380.782 19,4% 2.306.812 +4,0 p.p.
Social Capital (R$) 369.431.745 391.346.459 21.914.714 + 5,9%
R$/share 8,01 8,08 9,50 + 0,07
4Q10 Highlights
13,6
125,6
Total and %CR2 PSV
(R$mm)
Launches
4Q10 and 2010 4
56,7
112,07,3
64,0
2009 2010
CR2 Partners
Project: Jardim Paradiso IIB-III
Location: Nova Iguaçu (RJ)
Launch Date: 4Q10
PSV: R$ 88.6mm (%CR2 R$ 82.4mm)
Units: 963
Segment: Economy
R$/unit: R$92 thousand (+33% vs. 1st phase)
Expected Delivery: 4Q11
% Financial Evolution (4Q10): 35%
% Units Sold (4Q10): 10%
Project: Splendore Valqueire II
Location: Vila Valqueire (RJ)
Launch Date: 4Q10
PSV: R$37.0 mm (%CR2 R$ 30.0mm)
Units: 160
Segment: Economy
R$/unit: R$231 thousand (+78% vs. 1st phase)
Expected Delivery: 4Q12
% Financial Evolution (4Q10): 15%
% Units Sold (4Q10): 32%
4Q10 Highlights
� Private Area: 27,000 m2
� PSV: R$ 240 million
� Segment: Commercial
Hospital UnimedBarrartes
Dec, 2010: Sale of the Barrartes project
Av. Ayrton Senna
Terra Encantada
4Q10 and 2010 5
� Segment: Commercial
� Maximum Launch Date: 2Q11
� Maximum Delivery Date: 2Q14
� Payment: Swap of 40% on gross PSV
4Q10 Highlights
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, 2012
4Q10 and 2010 6
� Amortization Schedule of Interest: Every semester, starting on May 05, 2011
� Book Runners: BB Banco de Investimento S.A. (Lead Book Runner) and Bradesco BBI S.A.
� Settlement Date: November 12, 2010
4Q10 Highlights
Management Proposition for dividends
R$/share
R$Before Capital
Increase
After Capital
Increase
Minimum Dividends 11.151.773 0,24 0,23
Management Proposition
4Q10 and 2010 7
Minimum Dividends 11.151.773 0,24 0,23
Additional Dividends 13.069.758 0,28 0,27
Total 24.221.531 0,52 0,50
X Date: May 02, 2011
2010 Strategy
Unlock Land Bank value
Debt profile inprovement
Launches Resume
� Jardim Paradiso IIB-III (4Q10)
� Splendore Valqueire II (4Q10)
Swap
� Barrartes (4Q10)
Sale of Land
� Warehouse ABEAR (2Q10)
4Q10 and 2010 8
Debenture Issuance
Corporate Debt Restructure
IR Strategy
Non deal Roadshows
Research prospection
Land BankR
esid
enti
al
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%
Pq. das Águas 2011 São Gonçalo (RJ) Economy 99 1.014 100 80 80%
Cidade Paradiso - 2011 Nova Iguaçu (RJ) Economy 85 1.000 85 85 100%
Pq. das Águas II São Gonçalo (RJ) Economy 199 1.029 205 164 80%
Pq. das Águas III São Gonçalo (RJ) Economy 207 294 61 49 80%
Pq. das Águas IV São Gonçalo (RJ) Economy 88 916 81 65 80%
Cidade Paradiso Nova Iguaçu (RJ) Economy 85 22.183 1.886 1.886 100%
Total 92 27.278 2.505 2.403 96%
4Q10 and 2010 9
Co
mm
erci
al
Land Cost: R$ 243 thousand
Total 92 27.278 2.505 2.403 96%
Project City (State) SegmentAverage Price
(R$'000)Units
Total PSV
(R$mm)
CR2's PSV
(R$mm)% CR2
Sta. Cecíl ia – Madureira Nova Iguaçu (RJ) 0-3 minimum 49 3.780 185 185 100%
Total 49 3.780 185 185 100%
Project City (State) SegmentAverage
Price 2
Total Area
(m2)
Total PSV
(R$mm)
CR2's PSV
(R$mm)% CR2
Niterói Plaza Niterói (RJ) Commercial 10.000 8.700 87 71 82%
Total 10.000 8.700 87 71 82%
Completion of Projects
Total PSV of R$117mm completed in 4Q10 (R$341mm in 2010)
4Q10 and 2010 10
Project: Parque das Águas 1A
Location: São Gonçalo (RJ)
# Units: 738
Income Segment: Economy
% Sold: 79%
PSV: R$98mm (%CR2 R$78mm)
Project: Villagio do Campo - Lote 3 (29% of the total)
Location: Campo Grande (RJ)
# Units: 291
Income Segment: Economy
% Sold: 95%
PSV: R$19mm (%CR2 R$ 15mm)
Completion of Projects
We intend to reach the end of 1H11 with R$834.5mm of PSV delivered, 73% of the totallaunched.
575,9
Delivery Schedule: PSV (R$mm)
Total PSV of R$834,5mm
(73% of PSV Launched)
3.391
Delivery Schedule: Units
5.398 Units
4Q10 and 2010 11
388,7
244,2 138,3 123,1
187,3
14,3
18,4 23,2
258,6
156,6 146,3
Delivered: From 2008 to 2010
1H11 2H11 2012
CR2 Partners
2.007
1.483 1.207
94%
96%
34%
83%
Delivered: From 2008 to 2010
1H11 2H11 2012
Sold Inventory
Income Statement
100,9133,4
300,1
434,1
4Q09 4Q10 2009 2010Net Operating Revenue
32%
45%
24,9
47,9
65,1
109,8
24,7%
35,9%
21,7%25,3%
15,0%
25,0%
35,0%
45,0%
55,0%
65,0%
75,0%
85,0%
4Q09 4Q10 2009 2010
0,0
20,0
40,0
60,0
80,0
100,0
120,0
140,0
Gross Profit % Margin
69%
92%
4Q10 and 2010 12
Net Operating Revenue Gross Profit % Margin
17,4
38,0 35,2
82,8
17,2%28,5% 11,7%
19,1%
7,0%
27,0%
47,0%
67,0%
87,0%
107,0%
127,0%
4Q09 4Q10 2009 2010
0,0
20,0
40,0
60,0
80,0
100,0
120,0
140,0
EBITDA % Margin
118%
135%
5,3
31,9
15,1
47,0
5,2%
23,9%
5,0%
10,8%
3,0%
13,0%
23,0%
33,0%
43,0%
53,0%
63,0%
73,0%
4Q09 4Q10 2009 2010
0,0
10,0
20,0
30,0
40,0
50,0
60,0
70,0
80,0
Net Profit % Margin
508%
211%
Contracted Sales
49,629,8
142,3132,930,8
7,1
46,0
47,0
80,4
36,9
188,3 179,8
62%81%
76% 74%
4Q09 4Q10 2009 2010
Total Contracted Sales by Region (R$mm)
Capital and Metropolitan Area of RJ Metropolitan Area of SP %RJ
61,9
29,6
143,6 138,718,5
7,4
44,741,1
80,4
36,9
188,3 179,8
4Q09 4Q10 2009 2010
Total and %CR2 Contracted Sales (R$mm)
4Q10 and 2010 13
Capital and Metropolitan Area of RJ Metropolitan Area of SP %RJCR2 Partners
152.316
162.630
138.778
150.728
4Q09 4Q10 2009 2010
Average Price of Units Sold(R$)
26,7 19,7
100,0 99,548,0
13,9
72,270,3
5,7
3,3
16,110,1
80,4
36,9
188,3 179,8
33% 53%
53%
55%
4Q09 4Q10 2009 2010
Total Contracted Sales by Average Price (R$mm)
< R$130 K R$131 K - R$350 K R$351 K - R$500 K % < R$130 K
Inventory at Market Value
Inventory at Market Value: R$195mm (%CR2 R$165mm)
41% of CR2’s Equity
18%
Inventory at Market Value
Construction Status
Under Construction
9%
Inventory at Market Value
Region
Capital and
21%
1%
Inventory at Market Value
Average Price
> R$130k
4Q10 and 2010 14
100% available for SFH
70%
12% Construction not started
Completed
91%
Capital and Metropolitan Area of RJ
Metropolitan Area of SP
78%
R$131k - R$350k
R$351k - R$500k
Dívida Bruta
35,4
45,4
54,0
63,7 68,1
4Q09 1Q10 2Q10 3Q10 4Q10
Cash (R$mm)
24,6
31,0
42,1
4,7
87,2
25,5
5,2
111,8
56,4
47,3
4,8
2011
2012
2013
2014
Debt Amortization Schedule (R$ mm)
Corporate Debt SFH
Liquidity
Gross Debt (including SFH) Short Term vs. Long Term (R$mm)Gross Debt Corporate vs. SFH (R$mm)
4Q10 and 2010
47,7 69,7
88,7 83,3 102,4
131,7 117,9
127,1 124,1 118,0
179,4 187,6
215,9 207,4
220,4
3,2%6,3% 8,8%
4,9%8,6%
37,9% 36,7%41,0%
36,3%
38,2%
4Q09 1Q10 2Q10 3Q10 4Q10
Dívida Bruta
SFH vs. Corporativa (R$mm)
Corporate Debt SFH
Net Debt/Equity CR2 (ex-SFH) Net Debt/Equity CR2 (including SFH)
121,4 112,9 132,1 140,6
111,8
58,0 74,8
83,8 66,8 108,6
32%40%
39% 32%49%
179,4 187,6
215,9 207,4 220,4
4Q09 1Q10 2Q10 3Q10 4Q10
Short Term Debt Long Term Debt % Long Term Debt
15
Gross Debt (including SFH) Short Term vs. Long Term (R$mm)Gross Debt Corporate vs. SFH (R$mm)
Receivables (R$'000)
Delivery ForecastTotal
Private
BanksCEF
Performed Receivables 146.023 116.538 29.485
1S11 149.848 75.051 74.797
Receivables from Clients
On/Off Balance Receivables (R$ 000) 2010 2009
Receivables from Real Estate Developments and Sales
Short Term 186.320 155.432
Long Term 248.196 183.642
Total 434.516 339.074
Receivables to be Recognized
4Q10 and 2010
1S11 149.848 75.051 74.797
2S11 53.770 34.463 19.307
2012 38.161 9.516 28.645
2013 97.200 97.200 -
Total 485.002 332.768 152.234
16
Receivables to be Recognized
Short Term 21.648 69.512
Long Term 28.838 82.127
Total 50.486 151.639
Short Term Total 207.968 224.944
Long Term Total 277.034 265.769
Total Receivables 485.002 490.713
IR Contact
Investor Relations
Rogério FurtadoChief Financial and Investor Relations Officer
Paulo Castro
Financial and IR Coordinator
Contact:
4Q10 and 2010 17
Contact:
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.
