2. 2
SPEAKERS
• MAURÍCIO TAVARES BARBOSA
Chief Executive Officer and Development Officer
• IAN MONTEIRO DE ANDRADE
CFO and IRO
3. 3
4Q11 highlights
• New budget update with an impact of :
– 4Q11: R$81.7 MM
– 2011: R$171.8 MM
• Contracted Sales:
– R$1,174.2 million in 2011, stable level compared to 2010, even with fewer
launchings
– The low income segment had 87% growth in accumulated comparison.
– inventory sales : R$1.07 billion in 2011 (91.1% of contracted sales in 2011)
• The biggest volume of deliveries : 3613 units or R$ 579.3 million in PSV in 2011.
• Low-income segment: 44% increase in the accumulated net income and strong
growth in the number of constructions in progress.
• Beginning of the construction in the ("AAA") projects in Sao Paulo totaling 88.836m ²
of GLA (part CCDI):
5. 5
CONTRACTED SALES
CONTRACTED SALES OF LAUNCHINGS
CONTRACTED SALES(R$ MM) AND INVENTORY
Low Income(HM)
100% CCDI -0,4% 412.3 launchings sales (%)
Traditional 1,179.3 1,174.2 0.3% Inventory sales (%)
328.2 316.5
242.2 301.1
-56,0% 20.1% 14.6% 6.8%
452.5
99.7%
-52,1% 144.3
937.1 79.9% 85.4% 93.2% 25.3%
328.2 301.1 721.7
79.6 105.2 144.3 74.7%
248.5 195.8 84.9
59.5
4Q10 1Q11 2Q11 3Q11 4Q11
4Q10 3Q11 4Q11 2010 2011
MARKET SEGMENT LOCATION
São
mid high
Paulo
Medium 1.3% high and
luxury (Capital +
31.4%
9.2% RMSP)
38.0%
São
Paulo
(countrys
low ide+shor
others
income/ eline)…
7.6%
economic
58.1%
SALES FROM SEGMENTS UNDER R$ 500.0 SALES ORIGINED IN THE STATE OF
THOUSAND PER UNIT REPRESENTED 90,8% SÃO PAULO: 92,4%
6. 6
LAUNCHINGS (R$MM)
PSV - %
CCDI
Project Location Launching Units Segment
(R$ MM)
Campos dos
1 Connect Workstation feb/11 243 29,1 Small Offices
Goytacazes, RJ
2 Soul Jardim Sul São Paulo, SP feb/11 180 38,3 Medium
3 Set Cabral Curitiba, PR feb/11 151 39,2 Mid-high
Condomínio Residencial Vale das
4 Valinhos, SP mar/11 760 78,0 Low Income
Figueiras
Vivenda do Horto - Vivenda
5 Hortolândia, SP mar/11 173 19,7 Low Income
Orquídea
6 Vanguard Ipiranga São Paulo, SP jun/11 70 11,7 Low Income
7 Quinta das Figueiras Cajamar, SP jun/11 117 13,9 Low Income
8 Vega Work & Life Curitiba, PR aug/11 397 87,1 Medium
9 Estação Vida Nova Itapevi, SP sep/11 480 55,0 Low Income
LANÇAMENTOS RECENTES
10 Feel Jardim Sul São Paulo, SP oct/11 198 64,1 Medium
Total Launchings in 2011 2.769 436,1
RECENT LAUNCHINGS
Location: São Paulo – Jd. Sul
PSV: R$51,3MM (100% CCDI)
40,1 m² a 55,0 m² (1 e 2 Dorms )
Launching in Jan/12
7. 7
Construction sites that we assumed
Own Construction - Status
São Paulo - SP PSV: R$71 MM Macaé - RJ São Paulo - SP
PSV: R$256 MM PSV: R$42 MM
Launching: Nov/10
Launching: Sep/10 Launching: Dec/07
Units: 312 (2 Towers)
Units: 246 (3 Towers) Units: 168
Beginning: Jun/2011
Beginning: Jun/2011 Beginning: Jan/2009
Evolution: Construction 8º month;
Evolution: Construction 8º month; Evolution: Foundation 100%; Structure 100%;
Foundation 95%; Structure 5%
Foundation 90%; Structure 10% Masonry 100%; Finishing 95%
Delivery: Aug/2013
Delivery: Nov/2013 Delivery: Mar/2012
INTERCLUBES
PSV: R$141,5 MM
São Paulo - SP
Launching: Mar/08
Units:876
São Paulo - SP Beginning: Oct/08
Evolution: Foundation 100%;
São Paulo - SP Structure 98%; Masonry 96%,
Finishing 79%
PSV: R$49 MM São Paulo - SP
PSV: R$29 MM PSV: R$35 MM Delivery: Aug/12
Launching: Oct/2010 Launching Feb/2011
Launching : Aug/2010
Evolution: Construction Evolution: Construction 12º
Evolution: Construction 18º
16º month; Foundation month, Foundation 98%;
month, Foundation 100%,
99%; Structure Structure 95%; Masonry 75%,
Structure 100%; Masonry
98%; Masonry 85%; Finishing 10%
98%; Finishing 40%
Finishing 25%
Delivery: Jun/2012 Delivery: Feb/2013
Delivery: Oct/2012
8. 8
Low Income (HM): Fully Verticalized Construction Process
30 projects and 8,415 under construction (dec/11)
UNITS UNDER CONSTRUCTION UNITS DELIVERED
8,415 4,290
5,550
3,934 1,723 1,828
1,025
294 404
2009 2010 2011 1T10 3T10 4T10 2010 2011 2012(E)
Águas de Março Bela Vista Varandas
Vivenda Ribeirão
PSV: R$29 MM PSV: R$26 MM PSVR$52 MM
Beginning: jun/2010 Beginning: Mar/2011 Beginning: Jun/2011
Evolution: 78.8% Evolution: 64.4% Evolution: 93.6%
Delivery: Apr/2012 Delivery: Aug/2012 Delivery: Feb/2012
(E): Estimativa
9. 9
Contruction Evolution Delivery Evolution (100% CCDI)
CONSTRUCTION PER YEAR OF CCDI 5.508
LAUNCHING* HM 4.290
2009 CCDI 1.669
CCDI 1.785 9,798
11.4% HM 3.795
2010 HM 1.828
CCDI 650 1,585 5,464
2008 25.7% HM 1.723
3,613 390.0
20.0% 2,373
897
683 579
129.0 393.0
157.1 1,195.3
2007 553.9
2011 422.2 503.5
28.6%
14.3%
2010 2011 2012(E) 2013(E)
*PSV
VGV HM R$MM VGV CCDI R$MM Unidades Entregues
Evolution of Own Construction participation in the traditional segment (in PSV)
Third-Party Construction
Own Construction
2012 (E) 2013 (E) 2014 (E) 2015 (E)
36% 45% 22%
50% 50%
64% 55%
78%
10. 10
Deliveries - 4Q11/2011
2011: 3,613 units or R$579.3 MM in PSV
4Q11: 274 units or R$96.1 MM in PSV
ID Jardim Sul Ecos’s Natureza Clube 2
Segment: High Segment: Medium
PSV: R$50.0 MM PSV: R$46.1 MM
Units delivered: 46 Units delivered: 228
Launching: Mar/08 Launching: Dec/07
11. 11
TRIPLE A
Paulista JK
Beginning of construction: april/11 Beginning of construction: may/11
Development Registration (RI):
Development Registration (RI):
1Q12 (E)
1Q13 (E)
Completion of construction (E): Completion of construction (E):
Photo of “Paulista” • Mall: 2Q15 • Tower A: 4Q14
construction site (dec/11) • Tower: 2Q15 Photo of “JK” • Tower B: 4Q15
construction site (dec/11)
Leasable Area Leasable Area
GLA m² 100% % CCDI (50%) GLA m² 100% % CCDI (60%)
Tower 22,052 6,136
2 Towers 122,000 73,200
Mall 19,000 9,500
Societary Structure Societary Structure
CCDI CCP CCDI P.M.V.
50% 50% 60% 40%
SPE: CAMARGO CORRÊA CYRELA PAULISTA 1230
SPE: VIOL EMPREENDIMENTOS IMOBILIÁRIOS S.A.
13. 13
Despite the wide update budget held in 2Q11, new "overruns" of R$
121.4 MM were quantified in the 4Q11
Deviations caused by:
1. Manpower and material Cost pressures
2. Management challenges in the outsourced constructions
3. Contractual disputes with some contractors
New budget update reflects the following measures taken by the
Administration:
1. Hiring independent engineering firms to evaluate the budgets of most
critical constructions (10 works)
2. Creation of the Budget Department in the engineering board
3. Replacement of contractors in the constructions with low physical and/
or financial performance
14. 14
The 4Q11 budget update...
• The budget update is still concetrated in developments launched until 2008
2011 Total Budget update
Budget update 4Q11
(2T11 + 4T11)
R$121.4MM R$262.6MM
3.8% 2009-11 8.5% 2009-11
30% 19%
2007-08 2007-08
70% 81%
Por ano
Year of Por ano
Year of launch
Launch
de Lançamento de Lançamento
Total Budgeted cost Total Budgeted cost*
* Budget base dec/11 CCDI Consolidated R$3.1 bi
15. 15
.. that impacted in the result non recurringly in R$ 81.7 million...
INCOME STATEMENTS (R$ MM) 4Q11 Pro Update
Update 4T11 Reported 2011 pro forma 2011 Reported
CONSOLIDATED Forma
GROSS REVENUE FROM SALES AND/OR
285,4 (87,6) 197,7 1.161,6 (183,5) 978,2
SERVICES
GROSS REVENUE DEDUCTIONS (10,2) 3,2 (7,0) (37,9) 6,7 (31,2)
NET REVENUE FROM SALES AND/OR
275,1 (84,4) 190,7 1.123,7 (176,8) 946,9
SERVICES
COST OF SALES, RENTALS AND SERVICES (232,8) - (232,8) (906,9) - (906,9)
GROSS PROFIT 42,3 (84,4) (42,2) 216,8 (176,8) 40,1
GROSS MARGIN 15,4% -22,1% 19,3% (0,2) 4,2%
OPERATING INCOME (EXPENSES) (43,2) - (43,2) (163,4) - (163,4)
Selling Expenses (5,6) - (5,6) (33,8) - (33,8)
General and Administrative Expenses (37,6) - (37,6) (129,7) - (129,7)
General and Administrative Expenses (29,8) - (29,8) (100,9) - (100,9)
Other Expenses (7,8) - (7,8) (28,7) - (28,7)
INCOME(LOSS) FROM OPERATIONS BEFORE (0,9) (84,4) (85,4) 53,4 (176,8) (123,4)
FINANCIAL
INCOME (EXPENSES) (12,8) - (12,8) (42,4) - (42,4)
INCOME BEFORE INCOME TAX AND SOCIAL (13,7) (84,4) (98,2) 11,0 (176,8) (165,8)
CONTRIBUTION
INCOME TAX AND SOCIAL CONTRIBUTION (5,3) 2,7 (2,6) (31,9) 4,9 (27,0)
NET INCOME (19,0) (81,7) (100,7) (21,0) (171,8) (192,8)
NET MARGIN (%) -6,9% - -52,8% -1,9% - -20,4%
In 2011 a provision was made to cover fines and compensations to customers for late
deliveries (R$ 20.4 million)
16. 16
NET REVENUE (R$ MM) AND MARGIN Net Revenue
900 30.0%
800 25.5% 21.3% 25.6% 10.0%
Gross Margin
700
600 4.2% -10.0%
500
932.5 946.9 -30.0%
400 -22.1%
300 *Excluding the sale of the Itautec
-50.0%
Piece of land by the amount of
200
R$100 million in 1Q10, this deal
273.7 308.7 -70.0%
created an impact in the amount of
100 190.7 R$49.4 million in Net Income.
0 -90.0%
4Q10 3Q11 4Q11 2010 2011
SALES EXPENSES(R$MM) GENERAL AND ADMINISTRATIVE EXPENSES
(R$MM)
Sales Expenses Sales Expenses/Contracted Sales G&A G&A/Contracted Sales
Sales reduced 52.1% in 20.7%
6.0%
4.1% 98.0 4Q11 21.0%
30
3.4% 3.9%
88.0
25 2.8% 2.9% 4.0%
78.0
16.0%
8.7% 8.6%
20 68.0
2.0% 6.5% 6.2% 11.0%
58.0
15
33.3 33.8 100.9 6.0%
48.0
0.0%
1.0%
10 38.0
72.9
13.5 28.0
-2.0%
5 10.2 -4.0%
5.6 18.0
21.4 26.3 29.8
0 8.0
-4.0% -9.0%
4Q10 3Q11 4T11 2010 2011 4Q10 3Q11 4Q11 2010 2011
17. 17
Results and Margin to be recognized per year of launching
REVENUES TO BE RECOGNIZED (R$MM) RESULTS TO BE RECOGNIZED (R$MM)
1,600.0 500.0
1,400.0 450.0
400.0
1,200.0
350.0
1,000.0 300.0
800.0 250.0
1,495.9 1,437.6 200.0 398.4 449.8 400.1
600.0 1,242.1 150.0
400.0
100.0
200.0 50.0
- -
4Q10 3Q11 4Q11 4Q10 3Q11 4Q11
MARGIN TO BE RECOGNIZED
MARGIN TO BE RECOGNIZED
YEAR OF LOW CONSOLIDATE
TRADITIONAL
LAUNCHING INCOME D
2007 7.0% - 7.0%
2008 17.1% 2.,2% 17.3%
2009 25.8% 25.6% 25.8%
2010 34.3% 27.5% 31.7%
2011 32.2% 29.8% 31.0%
TOTAL DEC
27.8% 27.9% 27.8%
2011
18. 18
Increase in debt aligned with increase of construction
CASH CHANGE (R$MM) NET DEBT (R$MM)
SFH Dívida Líquida ex SFH
971,2 1.028,5
26.6
761,1 411,0
412.2
154.6 397.9
128,0
559.1 617.5
363.2
Caixa em Set/11 Caixa Líquido usado Caixa em Dez/11 4T10 3T11 4T11
60.0% no 4T11
NET DEBT/SE 154,0%
50.0% 150net debt ex SFH/ SE
119,2%
48.4%
40.0% 100
67,1% 37.6% 28.7% net debt ex sfh/(SE+
30.0% ref)
22.7%
20.4% 50
20.0%
13.5% net debt/SE
10.0% 0
4Q10 3Q11 4Q11
19. 19
Long-term and low cost debt profile
GROSS DEBT TIMELINE
(R$ MM)
Debêntures SFH
Gross Debt
396.8
dec/2011
0.2
243.2 214.9 R$1,028.5
396.6 173.5 millions
205.4 205.4
173.5 Custo das Debêntures: DI+1,9%
37.8 9.5
2012 2013 2014 2015 em diante
CRONOGRAMA DE RECEBIMENTO DO CONTAS A RECEBER
1,037.7 (R$ MM)
Accounts
Receivable
dec/2011
221.1
R$1,332 milhões
73.2
2012 2013 2014 em diante
20. CONTACT INFORMATION
Ian Monteiro de Andrade
CFO and IRO
ri.ccdi@camargocorrea.com.br
Mara Boaventura Dias Tel: (11) 3841-8809/4824
IR Manager
Caio Sampaio Rodrigues
IR Analyst
