CR2 Empreendimentos Imobiliários S.A. (BOVESPA: CRDE3) announces its results for 2Q09:
-- Net income was R$3.6mm (vs R$1.3mm in Q109) and net revenue was R$72mm (vs R$52mm in 1Q09). EPS was R$0.08 in Q209 vs R$0.03 in Q109. -- Total contracted sales reached R$47mm, with CR2's share at R$35mm in 2Q09, +95% and +81% from 1Q09 respectively. -- We remained focused on preserving the cash position in 2Q09, which stood at R$34 million (-R$5mm vs 1Q09). Disbursements from CAIXA and an improving credit market will enable us to launch new projects in 2S09. -- Inventory at market value (CR2's share) was R$184mm in 2Q09 (-16% Q/Q), equal to 49% of shareholders' equity -- one of the lowest in the sector. Of this total, 62% are in units up to R$130.000 and 100% in units up to R$500.000, which are eligible to SFH financing. -- SFH disbursements reached R$26mm in 2Q09, bringing the total on the balance sheet to R$95mm. We have secured R$237mm in SFH financing lines from Itaú, Santander and Bradesco for 7 projects. -- Track record with CAIXA January-August/09: 709 units transferred and R$28mm in disbursements. In 1S09 we transferred 423 units and received R$18mm in disbursements. Since then, we established a record for transferring 209 units from a single project (Acqua Park) over a weekend. We have 6 projects financed by Crédito Associativo with total PSV of R$246mm. -- Low leverage with R$9mm net cash (ex-SFH) provides opportunities to raise debt and fuel growth. -- Revenue to be Recognized of R$253mm in 2Q09 and results to be recognized of R$77mm (30.3% margin). We expect to deliver 7 projects with total PSV of R$363mm in 2009 (%CR2 of R$254mm). -- Land bank represents potential sales (PSV) of R$3.3 billion, of which CR2's share was R$3.0 billion. Construction potential is estimated at over 39,000 residential units -- 100% in the economy segment.
Contact Information: INVESTOR RELATIONS Rogério Furtado CFO and IRO rogerio@cr2.com.br Daniel Grozdea IR Manager daniel.grozdea@cr2.com.br CR2 Empreendimentos Imobiliarios SA - Rio de Janeiro Tel: +55(21)3095-4600