1Q11 Presentation

Conference Call

1Q11 Earnings1Q11 Earnings

05/16/2011

SPEAKERS

• IAN MONTEIRO DE ANDRADE

CFO and IRO

2

• MARA DIAS

IR Manager

� CCDI reached R$204.3 million in launchings, 16.8% higher than 1Q10, totaling 1,507 units. Low

income segment increased 3x, accounting for 48% of CCDI’s total launchings in 1Q11.

� Contracted Sales in 1Q11 recorded R$316.5 million, an increase of 64.1% in comparison to

1Q10. Regional offices share in total sales accounted for 26.3% in 1Q11, a 22.1 p.p. growth

when compared to 4Q10.

� Consolidated Sales over total Offer was 22.8% in 1Q11, an increase of 3.4 p.p. in comparison to

1Q10.

1Q11 highlights

3

� Net Revenue posted a 58.0% growth in comparison to 1Q10¹.

� Gross Income increased 25.6% in comparison with 1Q10¹, highlight to the low income segment,

that reached R$15.0 million in 1Q11, 59.9% higher than 1Q10.

� Ebitda accounted a growth of 5.2% in comparison to the same quarter of last year¹.

� Purchase of 2 plots : one in the metropolitan region of São Paulo and another in Curitiba.

� Delivery of 2 low income segment developments in 1Q11. In the beginning of April we

delivered the developments Innova and Interclubes phase 1 in São Paulo.

¹Does not consider the revenue from the sale of the Itautec plot on 1Q10

1Q11’s Operational Results

LAUNCHINGS (R$MM)

5

Project Location Launching Units

PSV - % CCDI

Segment(R$ MM)

Connect

Workstation

Campos dos

Goytacazes,

RJ

feb/11 243 29.1 Small Offices

Soul Jardim

SulSão Paulo, SP feb/11 180 38.3 Medium

24.0 97.7

174.9

204.3

HM CCDI

Set Cabral Curitiba, PR feb/11151

39.2 Mid High

Condomínio

Residencial

Vale das

Figueiras

Valinhos, SP mar/11 760 78.0 Low Income

Vivenda do

Horto -

Vivenda

Orquídea

Hortolândia,

SPmar/11 173 19.7 Low Income

Total Launchings in 2011 1,507 204.3

150.9 106.6

24.0 97.7

1Q10 1Q11

Launchings on 1Q11

6

SET CABRAL

Curitiba – PR

Launching: feb/11

41% sold in the first month*

Total PSV: R$52.9 million

CONNECT WORK STATION

Campos de Goytacazes– RJ

Launching : feb/11

56% sold in the first month *


Increase of Regional Offices


151 Units


243 Small Offices

* Managerial Data

Low Income Launchings

VALE DAS FIGUEIRAS

Valinhos - SP

Launching: mar/11

53% sold in the first month*

Total PSV: R$78 million

760 Units

VIVENDA HORTO - ORQUIDEA

Hortolândia - SP

Launching: mar/11

Total PSV: : R$19.7 million

173 Units

7

SOUL JARDIM SUL45445

São Paulo – SP

Launching: feb/11

100% sold in its launching*


180 units

Launching Highlight in 2011

� Differentiated concept: standard project, it can be replied in other regions.

� Main features: cost effectiveness, sustainability and accessibility.

� Designed for the medium income consumers, an economic product, but it

doesn`t let aside comfort, leisure and sustainability. Apartment of 2 and 3

dorms with 49.55 and 66 m2 and price between R$183 thousand a R$249

thousand .

� Option of customized blueprints adjusted to special needs bearer, without any

additional cost for the costumers.

� Reduced marketing expenses. Commercial success, its units were fully sold in

only 12 hours.

180 units

* Managerial DataFolha de SP Advertising

Own Construction - Status

8

PSV: R$29 MM

Launching: Dec/09

Units: 120 (1 Tower)

Beginning: Aug/2010

Evolution: 9º month of construction,

foundation: 91%, structure: 34%

Delivery: June/2012

PSV: R$49 MM

Launching: Dec/09

Units: 152 (2 Towers)

Beginning: Oct/2010

Evolution:7º month of construction, foundation: 90%,

structure: 2%

Delivery: Oct/2012

PSV: R$35 MM

Launching: Dec/09

Units: 88 (1 Tower)

Beginning: Feb/2011

Evolution: 3º month of construction , foundation: 70%

Delivery: Feb/2013

CONTRACTED SALES

9

66.9%

72.7% 64.9%79.9% 85.4%33.1%

27.3% 35.1% 20.1% 14.6%

192.9

314.8 343.5 328.2 316.5

1Q10 2Q10 3Q10 4Q10 1Q11

CONTRACTED SALES OF

LAUNCHINGS AND INVENTORYLaunching Sales(%)

Inventory Sales(%)

151.0 203.6

41.9

112.9

192.9

316.5

1Q10 1Q11

CONTRACTED SALES

(R$ MM)100% CCDIHM

CCDI

SALES ORIGINED IN THE STATE OF

SÃO PAULO: 73.8%

SALES FROM SEGMENTS UNDER R$ 500.0

THOUSAND PER UNIT REPRESENTED 82.2%

Low

Income;

34.6%

Economic;

5.0%Medium;

38.9%

Mid-High;

3.7%

High and

Luxury;

13.7%

Small

Offices;

4.2%

By Market Segment

São Paulo

Countryside

+

Shoreline);

34.7%

São Paulo

(Capital +

RMSP);

39.1%

Paraná and

Minas

Gerais ;

16.2%

Rio de

Janeiro;

10.1%

By Location

1Q10 2Q10 3Q10 4Q10 1Q111Q10 1Q11

LAND BANK – R$8.5 billion in PSV

10

8.5 8.5

(0.2) 0.2

Land Bank 4Q10 Launchings 1Q11 Acquisitions 1Q11 Land Bank 1Q11

Low income

segment

exclusive Land

Bank R$1.6

billion

São Paulo

Capital

42.7%

RMSP

31.8%

São Paulo

Countryside

+ Shoreline)

18.8%

ES, PR and

MG

6.2%

Rio de

Janeiro

0.5%

By Location

Low Income

29.2%

Economic

20.0%Medium

14.3%

Mid-High

4.4%

Other

17.2%

Triple A

14.8%

By Market Segment

Financial Performance

NET REVENUE (R$MM)

12

GROSS INCOME (R$MM)

34.5

59.140.1

9.4

10.7

15.043.9

69.8

55.1

1Q10* 4Q10 1Q11

HM CCDI25.6%

134.6215.3 196.2

32.6

58.4 68.1 167.2

273.7 264.3

1Q10 Ex Itautec 4Q10 1Q11

HM CCDI

1Q10* 4Q10 1Q11

26.2%

25.5%

20.8%

24.3%

27.8%

23.9%

1Q10* 4Q10 1Q11

CONSOLIDATED GROSS MARGIN

Gross Margin Gross Margin ex. Cost of Financing

1Q10 Ex Itautec 4Q10 1Q11

¹Does not consider the revenue from the sale of the Itautec plot on 1Q10

4.6

13.5

8.4

2.7%

4.9%

3.2%

0,0%

1,0%

2,0%

3,0%

4,0%

5,0%

6,0%

0

2

4

6

8

10

12

14

16

1Q10* 4Q10 1Q11

SALES EXPENSES

(R$ MM)Sales Expenses

Sales Expenses/NOR

EXPENSES

13

17.0 21.4 22.7

10.2%

7.8%8.6%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

0

5

10

15

20

25

1Q10* 4Q10 1Q11

G&A EXPENSES

(R$ MM) G&A

G&A/NOR

1Q10* 4Q10 1Q11 1Q10* 4Q10 1Q11

EBITDA

23.0

37.9 24.2

1Q10* 4Q10 1Q11

CONSOLIDATED EBITDA

(R$ MM)

13.8% 13.9%9.2%

1Q10* 4Q10 1Q11

-4.7 p.p

CONSOLIDATED EBITDA MARGIN (%)

¹Does not consider the revenue from the sale of the Itautec plot in 1Q10

REVENUES AND RESULT TO BE RECOGNIZED (R$MM)

14

1,039.61,242.2 1,287.6

REVENUES TO BE RECOGNIZED

(R$ MM)

307.9

398.4 421.3

RESULTS TO BE RECOGNIZED

(R$ MM)

29.6%

32.1%

32.7%

1Q10 4Q10 1Q11

MARGIN TO BE RECOGNIZED

(%)

1Q10 4Q10 1Q11

307.9

1Q10 4Q10 1Q11

CASH / INDEBTEDNESS (R$MM)

15

242.7363.2

469.346.6

159.0

140.4

289.3

522.2

609.7

200

300

400

500

600

700

NET DEBT

(R$ MM)

238.9

270.1

31.2

CASH CHANGE

(R$ MM)

6.4%

20.4% 17.8%

39.6%

67.1%77.2%

1Q10 4Q10 1Q11

Total Net Debt/SE

Net Debt Ex-SFH/SE

242.7

0

100

1Q10 4Q10 1Q11

SFH Net Debt ex SFH

Cash Position in

Dec/11

Cash generated in

1Q11

Cash Position in

Mar/11

NET DEBT/SHAREHOLDER’S EQUITY

315.0

98.1 50.4 5.4 0.4

12.9

198,8 198.8

327.9

98.1 50.4

204.2 199.2

GROSS DEBT TIMELINE

(R$ MM)

Debentures SFH

INDEBTEDNESS

16

Gross Debt

March/2011

R$879.8 million

50.4 0.4

2011 2012 2013 2014 2015

1,014.9

73.6 96.538.6 0.2 1.1

2011 2012 2013 2014 2015 2016 and after

ACCOUNTS RECEIVABLE TIMELINE

(R$ MM)Accounts

Receivable

Mar/2011

R$1,224.7 million

In dec/10 the debentures were renegotiated

and its deadline postponed to dec/15

CONTACT INFORMATION

Ian Monteiro de Andrade

CFO and IRO CFO and IRO

Mara Boaventura Dias

IR Manager

Gabriel De Gaetano

IR Analyst

[email protected]

Phone: (11) 3841-4824

Documents

1Q11 Presentation