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2nd Unibanco Small and Mid Caps Conference
Verano Residence Park
2007 Launches
Parque das ÁguasSplendore Valqueire
Carlos Guedes
CEO
Rogério Furtado
CFO and Investor Relations Officer
Speakers
2
Real Estate Sector had a strong increase with the return of long-term mortgages,
encouraged by the stable macro-economic climate, decline in interest rates, higher
income levels and better legal framework related to mortgage
Apr/07: IPO funding of R$ 307 million (Bovespa: CRDE3)
77% of the CR2’s landbank of R$ 3.6 billion focused on low income segment;
R$ 2.5 billion guarantee with a signed agreement with the Caixa Econômica
Federal
Expansion to São Paulo Metropolitan area with focus on low income segment;
In partnership with Unibanco we developed an individualized mortgage to
homebuyers:
bring the client to the bank immediately from the beginning of sales transaction
improves the projects cash flow
Sector’s overview and CR2
3
Board, Management
and Diffuse Control
44,4% 33,6% 22,0%
Shareholder Structure
4
Tiebold Assets
LLC
Unibanco: 20,6%
Others: 13,0%
Pure-play developer
Outsourcing construction and brokerage services
Partnerships with niche players
Search engine
Market reading
Low fixed costs
Operational flexibility/Agility
We look for following the credit flow as it spreads through the economy
Who We Are
5
Market Segments
Diversified Portfolio to Support Our Growth
Middle Income
4 projects with total PSV
R$460 million
Main project: Verano
Total PSV R$300 million
with 890 apartments
Mid-low
6 projects with total PSV
R$677 million
Main project: Alcântara
Total PSV R$509 million
with 4.2 thousand
apartments
Low income
4 projects with total PSV
R$2.7 billion
Main project : Nova Iguaçu
Total PSV R$2.6 billion
with 32,000 units (in
phases)
Agreement with CEF to
finance up to R$2.5 billion
Commercial
4 projects with CR2’s PSV
R$570 million
Main projects: Cidade da
Barra, Warehouse ABEAR, Barra
Trade and Barrartes
6
Launches towards low income
7
2.940 3.126
2.728
2.200 2.313
1.502
2006 1Q07 2Q07 3Q07 4Q07 1Q08
R$ / m
2
2006 1Q07 2Q07 3Q07 4Q07 1Q08
230
340
380
155127
77
R$ 0
00 /
m2
Nova IguaçuLow Income segment
8
Real estate developments of 32,000 houses with an approximate area of 50m2
focused in low income segment.
Nova IguaçuLow Income segment
Nova IguaçuLow Income segment
10
Commercial segment
11
Warehouse ABEARCommercial segment
12
Our total PSV launched for the year reached R$ 773.5 millions, with the CR2’s stake coming to
R$ 534.9 millions
In 4Q07 we took part in launches representing a total PSV of R$ 463.5 millions, R$ 350.4 millions of
which the CR2 pro rata stake
Operational Highlights - Launches
13
55,7
773,5
129,7
58,9
121,5
463,5
2006 1T07 2T07 3T07 4T07 2007
Total PSV Launched (R$ millions)
33,4
534,9
77,8
30,7
76,1
350,4
2006 1T07 2T07 3T07 4T07 2007
CR2 PSV Launched (R$ millions)
For 2007, the total contracted sales were R$ 221.7 millions and CR2’s stake was R$ 141,6
millions
The contracted sales in 4Q07 totaled PSV of R$ 85.3 millions, R$ 59.2 millions of which the
CR2 pro rata stake
Operational Highlights - Sales
14
11,9
141,6
25,3
24,8
32,4
59,2
2006 1Q07 2Q07 3Q07 4Q07 2007
CR2's Contracted Sales (R$ millions)
19,9
221,7
42,1
43,6
50,8
85,3
2006 1Q07 2Q07 3Q07 4Q07 2007
Total Contracted Sales (R$ millions)
Operational Highlights - Sales
Developments Partners Location SegmentLaunched
Units
Sold
Units%
Total PSV CR2 PSV
(R$ MM) (R$ MM)
Green Park 3000/4000 Dominus Barra (RJ) Middle income 240 134 56% 56 33
Verano Dominus Barra (RJ) Middle income 889 462 52% 302 181
Villaggio Del Mare Sertenge Recreio (RJ) Middle income 156 130 83% 59 31
Splendore Valqueire I Targa Valqueire (RJ) Mid-Low 120 108 90% 16 13
Pq. das Águas I and II Dominus Alcântara (RJ) Mid-Low 2,754 361 13% 327 262
Barra Trade SIG Barra (RJ) Commercial 5 - - 30 21
Barra Allegro SIG Barra (RJ) Middle income 144 45 31% 42 29
Mirante Bonsucesso YPS Guarulhos (SP) Low income 368 250 68% 28 24
TOTAL 4,676 1,490 29% 860 594
15
Financial Highlights – 2007
16
857
39.783
2006 2007
Net Revenues - R$ million
500
8.527
2006 2007
Gross Profit - R$ million
1.478
17.887
2006 2007
Adjusted Net Income - R$ million
7.972
5.847
2007
SG&A Expenses
Selling expenses
G&A expenses
IPO in April 2007: R$ 307 million
Net Cash: R$ 238.7 million
Guaranteed funding for 2008 launches
Guidance of 2008 launches:
CR2’s PSV of R$ 1.2 billion (~ total PSV R$ 1.6 billion)
Cash needs
Construction cost ~ 50% launch PSV (80% financed by banks/SFH)
Land cost ~ 5-10% launch PSV
Cash Position and guidance
17
Landbank
18
Developments Location Segment Expected Total TOTAL PSV
% CR2 CR2's PSV
Launch Date Units (R$ million) (R$ million)
Duque de Caxias Caxias (RJ) Low Income 1Q08 99 5 66% 3
Manaú – Mirante Bonsucesso Guarulhos (SP) Low Income 1Q08 368 28 86% 24
Henrique Costa Jacarepaguá (RJ) Mid-Low 1Q08 250 29 70% 20
Splendore Valqueire II Valqueire (RJ) Mid-Low 2Q08 160 25 80% 20
Residencial Itamarati – Top Life Santo André (SP) Mid-Low 2Q08 417 42 86% 36
Campo Grande I Cpo. Grande (RJ) Mid-Low 2Q08 196 45 90% 41
Nova Iguaçu I Nova Iguaçu (RJ) Low Income 2Q08 1,820 120 93% 112
Água Chata Guarulhos (SP) Low Income 2Q08 759 67 86% 57
Estrada do Campinho Cpo. Grande (RJ) Low Income 2Q08 1.000 61 80% 49
Warehouse ABEAR Barra (RJ) Commercial 3Q08 - 230 70% 161
Lote B-3 Barra (RJ) Middle Income 3Q08 240 58 60% 35
Est. de Madureira – Sta. Cecília I Nova Iguaçu (RJ) Low Income 3Q08 1,613 80 70% 56
Juquiá Santo André (SP) Low Income 3Q08 226 25 86% 22
Parque das Águas Alcântara (RJ) Mid-Low 4Q08 1,452 168 80% 134
Est. de Madureira – Sta. Cecília II Nova Iguaçu (RJ) Low Income 4Q08 1,613 80 70% 56
Barrartes Barra (RJ) Commercial 4Q08 - 120 70% 84
Cidade da Barra Barra (RJ) Commercial 4Q08 - 1,200 25% 300
Nova Iguaçu II, III e IV Nova Iguaçu (RJ) Low Income from 2009 on 30,180 2,341 100% 2,341
1Q08 717 62 77% 48
2Q08 4,352 360 87% 314
3Q08 2,079 393 70% 274
4Q08 3,065 1,568 37% 574
Total 2008 10,213 2,383 51% 1,210
From 2009 on 30,180 2,341 100% 2,341
Total Landbank to be launched 40,393 4,724 75% 3,551
IR Contact
19
Rogério Furtado
CFO and IR Officer
e-mail: [email protected]
Daniel Magno
IR Manager
e-mail: [email protected]
www.cr2.com.br/ir
phone: +55 (21) 3095-4600
Disclaimer
This presentation may contain certain forward-looking statements and information relating to CR2Empreendimentos Imobiliários S.A. and its subsidiaries (collectively, “CR2” or the “Company”) that reflectthe current views and/or expectations of the Company and its management with respect to itsperformance, business and future events. Forward looking statements include, without limitation, anystatement that may predict, forecast, indicate or imply future results, performance or achievements, andmay contain words like “believe”, “anticipate”, “expect”, “envisages”, “will likely result”, or any otherwords or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties andassumptions. We caution you that a number of important factors could cause actual results to differmaterially from the plans, objectives, expectations, estimates and intentions expressed in thispresentation. In no event, neither the Company nor any of its subsidiaries, affiliates, directors, officers,agents or employees shall be liable to any third party (including investors) for any investment or businessdecision made or action taken in reliance on the information and statements contained in thispresentation or for any consequential, special or similar damages.
This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any shares byany person in any jurisdiction in which it is unlawful for such person to make an offer or solicitation. Ourshares have not been and will not be registered under the U.S. Securities Act of 1933 (the “SecuritiesAct”) or under any state securities laws in the United States, and are being offered in the U.S. underSection 4(2) of the Securities Act only to qualified institutional buyers that are also qualified purchaserspurchasing for their own account or for the accounts of qualified institutional buyers who are alsoqualified purchasers and outside the U.S. in accordance with Regulation S to institutional and otherinvestors that are not U.S. persons. Shares may not be purchased or held by benefit plan investors(other than U.S. public and foreign public and private plans making certain representations).
This presentation and its contents are proprietary information and may not be reproduced or otherwisedisseminated in whole or in part without CR2’s prior written consent. 20