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Results 3Q12
November 19, 2012
Recent Events
Change in the maturity of the debentures
� Postponement of 6 month of all installments;
� Reduction in the short term disbursements;
3Q12 2
� Stretching the maturity of an important portion of our debt at low cost.
Completion of Projects
Total PSV R$126 mm delivered in 3Q12
Jardim Paradiso IIB-III
Location: Nova Iguaçu (RJ)
Units: 963
PSV: R$ 88,6mm (%CR2 R$88,6mm)
Segment: Economy
% Sold: 98%
Acqua Park I
Location: Guarulhos (SP)
Units: 415
PSV: R$ 37,5mm (%CR2 R$32,0mm)
Segment: Economy
% Sold: 47%
3Q12 3
Completion of Projects
Projects Delivery Schedule PSV (R$mm) Units
Acqua Park II 4T12 12,8 166
Splendore Valqueire II 4T12 12,8 160
Acqua Park II* 1T13 29,6 166
Top Life View 2T13 35,9 300
� Costs are 100% covered SFH (21%) and Crédito Associativo (79%)
*2 buildings from Acqua II
Delivery Schedule: PSV (R$mm)
Total PSV of R$1,137.5mm (100% of PSV launched)
Delivery Schedule: Units
8.088 Units
4Q124Q121Q132Q13
3Q12 4
652
121 42 13 36
902
126 52
15 42
Delivered: From 2008 to
2011
9M12 4Q12 1Q13 2Q13
CR2 Partners
Total PSV of R$1,137.5mm (100% of PSV launched)
5.918
1.378
326 166 300
95%
63%85% 95% 97%
Delivered: From 2008 to 2011
9M12 4Q12 1Q13 2Q13
Sold Inventory
8.088 Units
57,4
77,1
Vendas Contratadas Totais (R$mm)
Contracted Sales
Gross sales 361 units Sales cancellations 354 units
� 177 in Jardim Paradiso � 266 in Jardim Paradiso (67% was already resold )
3Q12
10,98,7
46,5
1T12 2T12 3T12 9M11 9M12
5
1Q12 2Q12 3Q12 9M11 9M12
Inventory
13791278
853846
Estoque (unidades)Units in Inventory
- 7,3%
3Q12 6
846
2011 1T12 2T12 3T121Q12 2Q12 3Q12
- 33,3%- 0,8%
Inventory
*Inventory %CR2 at Market Price in R$mm
Data 1Q12 2Q12 3Q12 1Q12 2Q12 3Q12
Delivired 146.813 97.915 90.104 1.217 802 800
4Q12 11.094 9.476 9.419 48 41 38
1Q13 2.561 1.829 596 14 10 4
2Q13 - - 678 - - 4
Total 160.468 109.220 100.797 1.279 853 846
Inventory at Market Price* Units in Inventory
3Q12 7
12%
0%
88%
Inventory at Market Value
Construction Status
Under Construction
Completed61%
38%
1%
Inventory at Market Value
Average Price
> R$170k
R$171k - R$350k
R$351k - 1,000k
58%22%
14%
6%
Inventory at Market Value
Region
Jardim Paradiso - RJ
Parque das Águas - RJ
Others RJ
Metropolitan Area of SP
Land Bank
Project City (State) SegmentAverage Price
(R$ 000)Units
Total PSV
(R$ mm)
CR2 PSV
(R$ mm)% CR2
Cidade Paradiso Nova Iguaçu (RJ) Economy 95 23.183 2.202 2.202 100%
Parque das Águas São Gonçalo (RJ) Economy 137 3.253 446 357 80%
Sta. Cecíl ia – Madureira Nova Iguaçu (RJ) Economy 100 3.500 350 350 100%
Diamond White (Chafi Chaia) Campo Grande (RJ) Medium 518 42 22 17 80%
Diamond Black (Chafi Chaia) Campo Grande (RJ) Commercial 316 117 37 30 80%
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%
Total 102 30.937 3.146 3.032 96%
3Q12 8
70%
14%
11%
5%
% Projects PSV on our Land bank
Cidade Paradiso
Parque das Águas
Sta. Cecília – Madureira
Outros
Total 102 30.937 3.146 3.032 96%
123 110 90 80
72 77
252 237 242 239
213 202 207
Dívida Bruta
SFH vs. Corporativa (R$mm)
3Q12 Results
Debts Reduction
Gross Debt
Corporate vs. SFH (R$mm)
3Q12
129 127 152 158 142 132 130
110 72 71 77
1T11 2T11 3T11 4T11 1T12 2T12 3T12
Dívida Corporativa SFH
1Q12 2Q12 3Q124Q113Q112Q111Q11
9
Corporate Debt SFH
3Q12 Results
39.891
29.741 30.640
37.199
26.456
34.223
Cash (R$mm)
3Q12 10
2T11 3T11 4T11 1T12 2T12 3T121Q12 2Q12 3Q124Q113Q112Q11
5,9
13,5
8,1
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
16,0
1T12 2T12 3T12
32,5
68,5
30,0
1T12 2T12 3T12
3Q12 Results
Net Revenue (R$mm) Gross Profit (R$mm)
2Q121Q12 2Q121Q123Q12 3Q12
3Q12
(10,65)
(3,63)
(6,03)
0,0%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
70,0%
-12,0
-10,0
-8,0
-6,0
-4,0
-2,0
0,0
1T12 2T12 3T12
(5,1)
4,4
(2,1)
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
70,0%
80,0%
90,0%
100,0%
(6,0)
(4,0)
(2,0)
-
2,0
4,0
6,0
1T12 2T12 3T12
1T12 2T12 3T12
11
EBITDA (R$mm) Net Profit (R$mm)
2Q121Q12
2Q12
2Q121Q123Q12 3Q12
1Q12 3Q12
1Q12 3Q122Q12
Receivables
(R$'000) 3Q12 2Q12
Receivables from Real Estate Sales 326.178 343.067
Revenues to be Recognized 20.783 34.313
Advances from Clients (15.790) (23.319)
TOTAL Receivables from Clients 331.171 354.061
Receivable from Transfer of Receivables 46.075 51.162
Direct Financing 8.812 8.444
TOTAL Receivables 386.058 413.666
3Q12 12
TOTAL Receivables 386.058 413.666
Total Receivables (R$'000) Total % Total
Performed 141.317 37%
2012 80.947 21%
2013+ (ex. Link) 33.286 9%
Link 130.509 34%
Total 386.058 100%
*R$72mm in Jardim Paradiso
*
Investor Relations
Rogério FurtadoChief Financial and Investor Relations Officer
Bruno Barreto SilvaFinancial and Investor Relations Analyst
Contact:
www.cr2.com.br/ir
IR Contact
3Q12 13
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.
