Results 4Q12 and 2012
March 28, 2013
Highlight 4Q12 and 2012
Conclusion of the Delivery Cycle.
Reduction in the G&A of 16% in 4Q12 when compared with 4Q11.
Reduction of Corporate Debt by 29% in 2012.
4Q12 and 2012 2
Reduction of Corporate Debt by 29% in 2012.
Reduction in the inventory of Market Value by 48% in 2012.
Completion of Projects
Segment: Economy
% Sold: 85%
Segment: Economy
% Sold: 95%
Acqua Park II
Location: Guarulhos (SP)
Units: 332
PSV: R$ 29,9mm (%CR2 R$25,6mm)
Valqueire II
Location Vila Valqueire (RJ)
Units: 160
PSV: R$ 88,6mm (%CR2 R$88,6mm)
4Q12 and 2012 3
95,7
Vendas Contratadas Totais (R$mm)
+ 82%
Contracted Sales
Net sales of 627 units in 2012
4Q12 and 2012
6,3
18,6
52,7
4T11 4T12 2011 2012
4
4Q11 4Q12
Inventory
- 7,3%
1.279 1.350
Units in Inventory
- 46%
Reduction in the inventory of Market Value by 48% in 2012
160,5 165,9
Inventory at Market Price* (R$'000)
- 48%
(R$ mm)
R$86.1 mm, representing only 22.1% of the Company's net equity.
4Q12 and 2012 5
- 33,3%- 0,8%
853 846723 723
1Q12 2Q12 3Q12 4Q12 2011 2012
* Inventory at market price (%CR2)
109,2 100,8
86,1 86,1
1Q12 2Q12 3Q12 4Q12 2011 2012
- 48%
Land Bank
Project City (State) SegmentBook Value
(R$'000 )
Book/m²
(R$)
Total PSV
(R$mm)% CR2
Cidade Paradiso Nova Iguaçu (RJ) Economy 74.568 28 2.202 100%
Parque das Águas São Gonçalo (RJ) Economy 26.615 375 446 80%
Sta. Cecíl ia – Madureira Nova Iguaçu (RJ) Economy 5.113 9 350 100%
Diamond White (Chafi Chaia) Campo Grande (RJ) Medium 2.099 525 22 80%
Diamond Black (Chafi Chaia) Campo Grande (RJ) Commercial 4.999 1.250 37 80%
Manaú 2 Guarulhos (SP) Economy 1.955 176 49 100%
Top Life Vil lage (Colônia Paraíso) S. J. Campos (SP) Economy 4.083 110 39 100%
Total 119.432 35 3.146
4Q12 and 2012 6
70%
14%
11%
5%
% Projects PSV on our Land bank
Cidade ParadisoParque das ÁguasSta. Cecília – Madureira Outros
Corporate Debts
28% of Debts Reduction in 2012
Gross Debt
Corporate vs. SFH (R$mm)
4Q12 and 2012
129 127152 158
142 132 130113
158
113
123110
90 80
7271 77
76
1T11 2T11 3T11 4T11 1T12 2T12 3T12 4T12 4T11 4T12
SFH
Divida corporativa
7
Corporate Debt
SFH
-28%
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 2011 2012
30,6
37,2
26,5
34,2
20,0
Evolução do Caixa (R$mm)
Cash
Cash (R$mm)
4Q12 and 2012
20,0
4T11 1T12 2T12 3T12 4T12
8
1Q12 2Q12 3Q124Q11 4Q12
G&A
4.812 4.779
G&A Holding(R$’000)
(R$'000) 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
G&A 7.337 9.201 9.684 10.079 10.560 8.811 8.929 8.500
SPE's 2.903 4.389 4.905 5.797 6.010 4.914 4.777 4.877
Judicia l Expenses 25 1.462 1.650 2.808 3.585 2.628 2.682 2.231
Others 2.878 2.927 3.255 2.989 2.425 2.286 2.095 2.646
Holding 4.434 4.812 4.779 4.282 4.550 3.897 4.152 3.623
4Q12 and 2012 9
Reduction:� 2Q11 x 4Q12 = - 27,7%
-15%
4.434
4.282
4.550
3.897
4.152
3.623
4.282
3.623
1T11 2T11 3T11 4T11 1T12 2T12 3T12 4T12 4T11 4T121Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 4Q11 4Q12
1.462 1.650
2.808
3.585
2.628 2.682
2.231
2.808
2.231
1T11 2T11 3T11 4T11 1T12 2T12 3T12 4T12 4T11 4T12
Desp Judiciais
-20%
G&A – SPE’s
Reduction:� 1Q12 x 4Q12 = - 37,8%
Judicial Expenses (R$’000)
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 4Q11 4Q12
4Q12 and 2012 10
2.878 2.927
3.255
2.989
2.425 2.286
2.095
2.646
2.989
2.646
1T11 2T11 3T11 4T11 1T12 2T12 3T12 4T12 4T11 4T12
Outros
-11%Reduction:� 3Q11 x 4Q12 = - 18,7%
(R$’000)
Others
3Q11 4Q11 3Q12 4Q12
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 4Q11 4Q12
32,5
68,5
30,0 26,4
157,4
1T12 2T12 3T12 4T12 2012
Receita Líquida (R$ mm)
4Q12 and 2012 Results
Net Revenue (R$mm)
1Q12
5,9
13,5
8,15,4
32,9
0,0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
1T12 2T12 3T12 4T12 2012
Lucro Bruto (R$mm)Gross Profit (R$mm)
1Q12 2Q12 3Q12 4Q12 20121Q12 2Q12 3Q12 4Q12 2012
4Q12 and 2012
-10,7
-3,6-6,0 -5,3
-25,6(30,0)
(25,0)
(20,0)
(15,0)
(10,0)
(5,0)
-
1T12 2T12 3T12 4T12 2012
(5,1)
4,4
0,7
(2,1) (2,1)
(6,0)
(4,0)
(2,0)
-
2,0
4,0
6,0
1T12 2T12 3T12 4T12 2012
EBITDA (R$ mm)
11
EBITDA (R$mm) Net Profit (R$mm)
2Q12
1Q12 4Q12
1Q12 3Q12 4Q12
2Q12 3Q12 2012
Receivables
(R$'000) 4Q12 3Q12
Receivables from Real Estate Sales 316.066 326.178
Revenues to be Recognized 15.858 20.783
Advances from Clients (14.112) (15.790)
TOTAL Receivables from Clients 317.812 331.171
Receivable from Transfer of Receivables 34.581 46.075
Direct Financing 7.959 8.812
4Q12 and 2012 12
TOTAL Receivables 360.352 386.058
Total Receivables (R$'000) Total % Total
Performed 214.241 59%
2013+ (ex link) 21.931 6%
Link 124.181 34%
Total 360.353 100%
Investor Relations
Rogério FurtadoChief Financial and Investor Relations Officer
Bruno Barreto SilvaFinancial and Investor Relations Analyst
Contact:
www.cr2.com.br/ir
IR Contact
4Q12 and 2012 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.