1
Escritórios EuropaSão Paulo - SP
Launched in July, 2008100% sold
Company Presentation3Q08
2
Agenda
Company Highlights
Financial Information
Appendix
Sector Review
3
Sector Review
Floris Bosque ResidencialSão Paulo - SPLaunched in August, 200890% sold until September, 2008
4
Demand in Expansion
São Paulo Rio de Janeiro
Source: SECOVI-SP/EMBRAESP Source: ADEMI-RJ
Supply to Sales - 12 month curve in units
Porto Alegre Fortaleza
Source: SINDUSCON-CE/FIECSource: SINDUSCON-RS
Supply to Sales - 12 month curve in units
Supply to Sales - 12 month curve in units
Supply to Sales - 12 month curve in units
Mar-0111.2
Apr-076.8
Mar-0610.0
Jul-0414.1 Mar-03
11.9
Apr-0012.5
Jun-0214.0
Aug-084.5
Apr-
00Au
g-00
Dec
-00
Apr-
01Au
g-01
Dec
-01
Apr-
02Au
g-02
Dec
-02
Apr-
03Au
g-03
Dec
-03
Apr-
04Au
g-04
Dec
-04
Apr-
05Au
g-05
Dec
-05
Apr-
06Au
g-06
Dec
-06
Apr-
07Au
g-07
Dec
-07
Apr-
08Au
g-08
Feb-0516.1 Jul-08
13.9 Feb-0812.3
May-0711.3 Aug-06
9.4
Jan-0612.1
Oct-0518.9
Jul-0414.7
Jul-0
4Se
p-04
Nov
-04
Jan-
05M
ar-0
5M
ay-0
5Ju
l-05
Sep-
05N
ov-0
5Ja
n-06
Mar
-06
May
-06
Jul-0
6Se
p-06
Nov
-06
Jan-
07M
ar-0
7M
ay-0
7Ju
l-07
Sep-
07N
ov-0
7Ja
n-08
Mar
-08
May
-08
Jul-0
8
Sep-086.5
Sep-077.2
Jul-0616.7
Feb-0622.5
Feb-0424.1
May-0217.8
Jan-0013.3
Jan-0
0May
-00Sep
-00Ja
n-01
May-01
Sep-01
Jan-0
2May
-02Sep
-02Ja
n-03
May-03
Sep-03
Jan-0
4May
-04Sep
-04Ja
n-05
May-05
Sep-05
Jan-0
6May
-06Sep
-06Ja
n-07
May-07
Sep-07
Jan-0
8May
-08Sep
-08
Aug-0811.5
Aug-0715.8
Aug-0620.7
Oct-0518.6
Mar-0525.1
Sep-0317.0
Apr-0224.9
Nov-0015.2
Jan-0020.5
Jan-0
0Apr-
00Ju
l-00
Oct-00
Jan-0
1Apr-
01Ju
l-01
Oct-01
Jan-0
2Apr-
02Ju
l-02
Oct-02
Jan-0
3Apr-
03Ju
l-03
Oct-03
Jan-0
4Apr-
04Ju
l-04
Oct-04
Jan-0
5Apr-
05Ju
l-05
Oct-05
Jan-0
6Apr-
06Ju
l-06
Oct-06
Jan-0
7Apr-
07Ju
l-07
Oct-07
Jan-0
8Apr-
08Ju
l-08
5
Income and Employment
Source: MCM Consultoria and IBGE Source: CAGED
Income Growth Formal Labor Market Growth
R$ In thousands
LTM Net Variation
2006 = 100
Real Overall Wages Avg. Real Incomeper capita
99
101
103
105
107
109
111
113
115
Jun-06 Nov-06 Apr-07 Sep-07 Feb-08 Jul-081,120
1,140
1,160
1,180
1,200
1,220
1,240
1,260Sep/082,097.0
1,000
1,200
1,400
1,600
1,800
2,000
Jun-05
Sep-05
Dec-05
Mar-06
Jun-06
Sep-06
Dec-06
Mar-07
Jun-07
Sep-07
Dec-07
Mar-08
Jun-08
Sep-08
6
1.9 1.9 1.8 2.2 3.0 4.99.3
18.325.0
3.3 2.7 3 2.8 3.95.5
7.0
6.9
11.8
5.2 4.6 4.8 5.06.9
10.4
16.3
25.2
36.8
2000 2001 2002 2003 2004 2005 2006 2007 2008e
SBPE FGTS
Mortgage Credit Available
0
100
200
300
400
500
600
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
e
SBPE FGTS
Mortgage Loans Funding (in R$ billion)
Source: ABECIP and Central Bank of Brazil Source: ABECIP, Central Bank of Brazil and Banco Real
Mortgage Loans UnitsRecord = 627.000 in 1980
65%
111%
73%
20%53% 46%
13% 10% 2% 2% 8% 6% 9%
249%
166% 156%141% 137% 125%
63%46% 37% 35% 33% 28% 17%
-20%
30%
80%
130%
180%
230%
280%
USA
Neth
erla
nds UK
Sout
h Af
rica
Irela
nd
Spai
n
Chile
Hung
ary
Indi
a
Braz
ilCz
ech
Rep.
Pola
nd
Mex
ico
Mortgage credit to GDP Ratio Total Credit to GDP
Mortgage to GDP Ratio
Source: Central Bank and Bradesco Corretora
CAGR 2003-2008e: 19%
CAGR 2003-2008e: 49%
7
Strong Credit Potential
Balance in Savings Accounts x Selic RateEven though interest was raised, accounts’ balance is growing
Source: Central Bank and Banco Real
60%3%Above 20k
40%97%Up to 20k
Total BalanceClients %Savings Deposits (R$)
-50
100150200250300350
2S99
1S00
2S00
1S01
2S01
1S02
2S02
1S03
2S03
1S04
2S041S
052S
051S
062S
061S
072S
071S
082S
08e
1S09
e2S
09e
1S10
e2S
10e
1S11
e2S
11e
1S12
e2S
12e
-
5
10
15
20
25
30
Savings Accounts Selic Rate
Source: Central Bank and MCM ConsultoriaNote: estimated stability of savings account with TR + 6%p.a. remuneration
R$
Bill
ion
%
8
Regulations of Mortgage Availability
Saving Accounts Funding
-
50
100
150
200
250
300
350
400
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Savings Accounts Mandatory Lending Mortgage Loans
Source: Central Bank and Banco Real
Note: assumptions for the estimates following 2007 are-stability of savings account with TR + 6%p.a. remuneration-mandatory lending at 65% of savings accounts-mortgage loans growth of 25%p.a. as of 2006-2007 growth
R$
Bill
ion
9
Low Default Rate for Mortgage
Cyrela ReceivablesOverdue receivables as the delay in payment > 31 days
Overdue Receivables 1.4%Core Business 1.6%Living 0.3%
Deliquency rate is close to zero
Source: Cyrela, ACSP, ABECIP and Banco Real* Market Data of 3Q08 not available – 3Q08 figure refers to 2Q08
Market Mortgage LoansDefault as the delay in payment > 90 days
Default on Mortgage Loans = 3.7%Default on general credit lines = 7.3%Default on loans with no collateral = 14.1%
3.6%2.4% 2.0% 1.3% 1.4% 1.4% 1.4%
11.0%
8.1%
4.0% 4.0% 3.7%2.1%
5.9%
9.2%
3.7%*
2003 2004 2005 2006 2007 1Q08 2Q08 3Q08
Cyrela 31 days overdue receivables Market Mortgage Loans with > 3 late payments
10
Market for Units of R$ 110,000 in 2006 and R$ 90,000 in 2008
> R$ 4,8004.7 mm families
From R$1,200 to R$4,80019.0 mm families
< R$1,20024.9 mm families
> R$1,40022.6 mm families
< R$1,40026.0 mm families
10%
39%
51%
47%
53%
TR+9%30 years
TR+14%10 years
Potential Demand:+17.9 mm families
Growth of Potential Demand
2005
Monthly Income Monthly Income
2008
Source: UBS Pactual
11
R$ 10.4
R$ 16.3
R$ 25.3
R$ 36.8
-$2
$3
$8
$13
$18
$23
$28
$33
$38
2005 2006 2007 2008
Mor
tgag
e Fi
n. (R
$ bn
)
10%
12%
14%
16%
18%
20%
Brazil's SELIC
Rate (%
)
The Brazil Real Estate Climate: Adding Up to Opportunity
++ ==
A Bright Future for the Real Estate Market
• For Cyrela—the Largest Real Estate Developer in Brazil—this market is a tremendous opportunity
• Cyrela’s focus on affordable housing will take advantage of the current market demand
• Based on longer terms of financing and lower interest rates there is a potential demand of 17.9 mm households
Potential Demand:+17.9 mm families
> R$ 1,40022.6mm families
< R$ 1,40026.0mm families
Monthly Income
Above all, Cyrela’s market dominance means it is poised to profit from the favorable real estate climate in Brazil
High Demand for Housing
Source: FactSet, Bloomberg, UBS Pactual, Fundação João Pinheiro and Ministry of Cities and IBGE (Brazil Institute of Geography and Statistics1 Calculated as demand in excess of supply
Low Supply of Units
• Incremental demand should modify historical number of times an average individual moves to a new home
0
3
6
9
5.4
1991
6.7
2000 2007
7.2
Mill
ions
of H
ousi
ng U
nits
Cyrela is well-positioned to take advantage of Brazil’s fundamental drivers
A Rising Housing Deficit1
Brazil’s need is at an all time high
969075
5645
102
220195
165148
120
238
0
50
100
150
200
250
1980 1990 2000 2010 2020 2030
Popu
latio
n (m
m)
20 - 50 Years Old Total Population
Young & Growing PopulationAn expanding market for housing
Declining Interest RatesCredit is more accessible to buyers
• Currently Brazil has a housing deficit of c. 7mm to 8mm units
BrazilBrazil1,8x1,8x
MexicoMexico4,0x4,0x
G-7G-79-10x9-10x13.00%
47%
53%
12
CompanyHighlights
Vivae Residencial Clube (Living)Rio de Janeiro - RJLaunched in July, 200870% sold until September, 2008
13
272207
992
1,965
972 1,211
2,917
5,393
3,4281,924
1,004700
5,250 - 5,600
2004 2005 2006 2007 2008e
236 268
546
1,572
949 1,023
1,915
4,392
2,8201,369755713
4,675 - 4,950
2004 2005 2006 2007 2008e
Excellent Track Record of Growth
Consistent track record of growth in Launches and Pre-sales Contracts
Launches (in R$ million) Pre - Sales Contracts (in R$ million)
2004 – 2008e CAGR = 55%
2004 – 2008e CAGR = 51%
+129%+85%
Cyrela Partners Cyrela Partners
14
703 6971,466
2,693
356
679
1,352
1,058 1,053
2,145
4,045
355
3Q07 3Q08 9M07 9M08Cyrela Partners
922 7481,513
2,685
305
911
1,286
1,574
1,053
2,424
3,971
652
3Q07 3Q08 9M07 9M08
Cyrela Partners
Launches and Pre-Sales Contracts – in R$ million
3Q08 Launches – Region
Launches Pre-Sales
3Q08 Pre-Sales – Income Segment
+89%+64%
-33.1%-0.5%
21%
26%
18%
30%
6%
Luxury
Mid-High
Middle
Economic
Super EconomicSP37% RJ
15%
Expansão47%
15
Sales Speed – in R$ million
Sales Speed of Launches
Seller and Selling sales accounted for R$419.9million in 3Q08
It represents 47% of sales in the regions where Seller and Selling operate39%
64%
47%
47%
9%
30%
16% 12% 5%
39%
74%
0% 77%
81%
3Q08
2Q08
1Q08
4Q07
In 3 months In 6 months In 9 months In 12 months
51%
28%20%
1%
2,6851,721
964
1,265
733
532
538
152
386
4,587
2,693
1,893
99.3
12.4
86.9
Inventory Dec/07 +Launches 9M08
Sales 9M08 Inventory Sep/08
Launches 2008 2007 2006 Previous Years
Inventory in Sep/08 - %CBR
1,053
414
63839%
3Q08 Launches Sales of Launches3Q08 in 3Q08
3T08 Inventory
3Q08 Launch Sales
1T08Velocidade de VendasSales speed
16
LIVING – Sales Performance
Average Sales Speed
41%
63%
53%
50%
21%
32%
14% 14% 7%
2%
84%
87%
83%
41%3Q08
2Q08
1Q08
4Q07
In 3 months In 6 months In 9 months In 12 months
17
3.0
6.5
8.8
11.1
2005 2006 2007 9M08
Landbank
Income Segment
PSV: R$34.6 billion
Cyrela's Share: 76%
81% exchanged
11.1 million sq. m.
~126.7 thd units
Landbank – Usable Area(in million of sq.m)
+117%
+26%
+35%
Rio de Janeiro49.7%
Northeast19.8%
North3.0%
South5.7%
Minas Gerais0.5%
Espírito Santo3.0%
Southeast71.4%
São Paulo Capital29.6%
São Paulo Other cities
17.3%
4%
25%
31%
32%
8%Luxury
Mid-High
Middle
Economic
SuperEconomic
18
Guidance Revision
63 to 68%UnderRevision62 to 67%63 to 68%%CBR
20092008(R$ million)
PreviousNewPreviousNew
UnderRevision
UnderRevisionLaunches – 100% 5,250 to 5,600 7,000 8,800
Pre-Sales – 100% 4,675 to 4,950 5,500 7,000
19
Financial Information
Brisas Altos do Calhau (Living)São Luis - MALaunched in August, 200875% sold until September, 2008
20
2007
1,577.6
3,328.6
(60.8)
1,283.0
(1,919.0)
3,202.0
(1,703.7)
40.1%
2006
1,020.0
1,630.7
(36.8)
653.9
(923.7)
1,577.6
(1,072.8)
41.4%
R$ million
Sales to be recognized at the Beginning of the period
Net Sales recorded in the period
Revenues recognized in the period
Sales to be recognized at the End of the period
Cost of units sold to be recognized
Selling Expenses
Gross Profit to be recognized
Percentage of Gross Profit
9M08
3,201.9
3,529.7
(81.8)
1,832.5
(2,800.5)
4,714.8
(2,016.4)
40.6%
Pre-Sales to be Recognized
21
Financial Results – in R$ million
Net Revenues
Gross Profit Backlog
+125%
+82%
+81%
180.5300.4 294.2
449.1
812.2
40.4% 41.5%42.3%43.5% 41.8%
3Q07 2Q08 3Q08 9M07 9M08
Gross Profit Gross Margin
2,099.1
3,202.03,581.1
4,425.9 4,714.8
40.1% 40.6%40.2%40.5% 40.5%
9M07 2007 3M08 1H08 9M08Revenue to be Recog. Gross Mg. To be Recog.
+68%
+63%
414.8
743.9 695.8
1,073.6
1,958.6
3Q07 2Q08 3Q08 9M07 9M08
Net Revenues
22
Financial Results – in R$ million
Expenses on Pre-Sales Contracts
EBITDA
Expenses on Net Revenue
+51%
110.4162.8 151.4
279.9
423.6
21.9% 21.8% 21.6%
26.6% 26.1%
3Q07 2Q08 3Q08 9M07 9M08
EBITDA EBITDA Margin
+37%
2.8% 2.5%
4.0%
2.6%
5.6%
4.2% 3.8%
5.6%4.6%
7.6%
3Q07 4Q07 1Q08 2Q08 3Q08
Gen. & Admin. Expenses Selling Expenses
8.9%8.1%
6.7%
8.5%7.2%
10.7%
13.6%
11.3%12.1% 11.6%
3Q07 4Q07 1Q08 2Q08 3Q08
Gen. & Admin. Expenses Selling Expenses
23
Financial Results – in R$ million
Adjusted Net Income
+26%
Adjustment: net of the appreciation of Agra's shares in 2Q07 and 9M07.
90.0119.2
72.4
221.0
277.4
14.2%16.0% 20.6%21.7% 10.4%
3Q07 2Q08 3Q08 9M07 9M08
Adjusted Net Profit Adjusted Net Margin
-20%
24
Accounts Receivable
Accounts Receivable Evolution(R$ million)
Units under construction
Finished units
Construction Cost to be Realized
Remuneration of Receivables
Finished units: IGP-M + 12%Under construction: INCC
Schedule of Receivables (R$ million)
5,149
6,3666,886
4,607
3,206
1.3% 1.3% 1.4% 1.4% 1.4%
9M07 2007 3M08 1H08 9M08
Receivables 31-days overdue Receivables
+115%
6,388
4986,886
2,801
599
1,1871,372
845
473 437 391 352 313
917
2008 2009 2010 2011 2012 2013 2014 2015 2016 Up to2027
25
Liquidity
Debt(R$ million)
Balance on 09/30/2008 Maturity Cost
Debentures 1st issuance 500.0 2012, 2013, 2014 CDI + 0.48% p.a.
Debentures 2nd issuance 499.5 2018 CDI + 0.65% p.a.
Total Debt 999.5
Cash and Cash Equivalents (818.2)
Net Debt 181.3
Financing through SFH(R$ billion)
Net Debt
LTM EBITDA= 0.3 times
Operational financing through SFH not accounted for
3.1 0.6ContractedBalance Due
26
Appendix
Ineditto Clube Residencial (Living)São Bernardo do Campo, SP
Launched in June, 200873% sold until September, 2008
27
Cyrela Brazil Realty
*Adjusted for IPO expenses**Market caps as of Nov 11, 2008
EmployeesSeller Brokers & Team
Number of cities
Launches (Full Year)Pre-sales (Full Year)LandbankLow income units
Market Cap Cyrela Brazil Realty# Homebuilders listed
Market Cap of the Industry
Baixa RendaEBITDA Margin*Baixa RendaGross Margin
Baixa RendaNet Margin*
2005
202
100
3
R$ 1.2 bn
R$ 1.0 bn
3.0 mn sq.m.
0
R$ 2.4 bn
2
R$ 6.0 bn
524.427.1%
524.448.5%
524.423.2%
2007
529
743
47
R$ 5.4 bn
R$ 4.4 bn
8.8 mn sq.m.
6.7 thd
R$ 8.6 bn
21
R$ 48.1 bn
688.822.9%
688.841.2%
688.824.7%
2006
327
200
8
R$ 2.9 bn
R$ 1.9 bn
4.9 mn sq.m.
720
R$ 4.5 bn
4
R$ 10.0 bn
688.822.3%
688.842.2%
688.821.7%
9M08
~600
~700
55
R$ 4.0 bn
R$ 4.0 bn
11.1 mn sq.m.
9.5 thd
R$ 2.9 bn**
21
R$ 12.7 bn**
688.821.6%
688.841.5%
688.814.2%
28
Joint Ventures
2008Middle / Mid-HighSão Paulo50%
% CBR Region Segment Year
50% São Paulo Middle / Mid-High 2006
50% South All 2006
50% São Paulo Mid-High / Luxury 2007
50% MG and DF All 2007
50% Buenos Aires All 2007
50% São Paulo Economic / Super Economic 2007
80% São Paulo Economic / Super Economic 2007
75% São Paulo Economic / Super Economic 2007
79% São Paulo Economic / Super Economic 2006
29
70 Projects outside SP – RJ regionR$ 10.8 billion of PSV
(Cyrela’s stake: 59.0%)
Geographical Expansion
Barueri Belém Belford Roxo Belo Horizonte Cabo Frio Campinas Campos Canoas Caxias do Sul Caxias Cotia Curitiba Diadema Duque de Caxias Ferraz de Vasconcelos Florianópolis Fortaleza Goiânia GravataíGuarulhos Jacareí Jacarepaguá Joao Pessoa Jundiaí Lauro de Freitas Maceió Manaus Mogi das Cruzes Natal Niterói Nizia Floresta Nova Iguaçu Novo Hamburgo Palhoça ParnamirimPorto Alegre Praia Grande Recife Rezende Ribeirão Preto Rio de Janeiro Salvador Santo André São Bernardo São Caetano São Gonçalo São J. dos Campos São José do Rio Preto São Luis São Paulo São Sebastião Serra Sorocaba Vila Velha Vitória
Presence in 55 cities in 17 states of Brazil and Buenos Aires in Argentina
30
Cyrela’s Distinct Brands: Maximizing Exposure to Demand
These brands allow Cyrela to reach all sectors of the Brazilian housing market
• Core business : “Mid” to “High End” housing
• “Economic” and “Super Economic”projects to enhance company’s growth and explore opportunities
• Strong demand with income growth and a favorable population pyramid
• Strong demand powered by lower interest rates and longer terms of financing
Demand
Description
Typical Cycle
Average Gross Margin
Other Information
36 months24 months
~40%~35%
• Collections of 40-60% until the delivery of the units
• Performed receivables are indexed at IGP-M + 12% p.a.
• Collections of 20% of the PSV up to delivery of the units
• 80% of the PSV is assigned to banks which fully finance the customer
31
4 – 6 minimum wages
6 -12 minimum wages
R$ 55 thd
R$ 100 thd
R$ 200 thd
Super Economic
Economic
Unit Price per Family Income
Cyrela seeks for a leadership position in this segmentLIVING offers units starting at R$ 55 thousand
Growth Strategy on Economic Segment
Launched in the 2nd half of 2006, LIVING is already one of the largest players of this segment
32
History
Brazil Realty -Joint Venture with IRSA to develop and rent office properties (1994)
Brazil Realty IPO (1996)
First real estate development, mostly land
Cyrela was created in 1962 focusing on the residential development business
Partnership with RJZ to enter Rio de Janeiro market
Acquisition of IRSA stake in Brazil Realty
Merger of Cyrela and Brazil Realty
Public Offering
90s 2000 2002 200560s 2006
Acquisition of RJZ
New JointVentures
Follow on
Living (Economicsegment)
Debenturesissued part I
2007
Spin-off of RentalProperties(CCP)
33
Smart and Efficient Financial Management
Exchange agreements (80%) when acquiring land to reduce cash disbursements
Construction financed by customers
12% received before start of construction
47% received before delivery of the unit
More than 70% of units sold before start of construction
Use of SFH (1) funds (TR + 10% p.a.)
Customer financing of receivables at INCC (2)
Customer financing of remaining receivables at IGP-M + 12% p.a.(3)
Insignificant losses from default
Land
Construction
Post -delivery
(1) Brazilian mortgage financing system, reference rate index (TR) was 2.9% p.a. in 2005(2) Residential Construction Cost index(3) General market price index
34
Typical Cyrela Project
Pre-sales 0 50 70 90 100 10080 95
% Budget Costs - - 0% 40% 100% 100%20% 65%
Revenues - - 0 36 100 10016 62
Up to 100M18M 24M 30M 36M12M6M0M
Assumptions for this example:
Potential sales: R$125 million
Exchange agreements (land): R$25 million
Does not include financial revenues in customer financing
Collections(cumulative)
Construction
Launch Go-ahead Delivery Completionof payments
6M - 9MLicensing
- 7 14 28 50 10020 34
35
Typical Economic Project
Contracted Sales(cumulative) - 70 80 10090 100
%Construction Cost - - 23% 100%55% 100%
Revenues(cumulative) - - 19 10049 100
18M 24M Up to 28M12M6M0M
Assumptions for this example:Potential Sales: R$110 millionExchange agreements: 100% (R$10 mn), Unit price 80% financed by partner banksClient is fully financed by the banks after the assignment of the financing to them
Collections(cumulative)
Launch Go-ahead Delivery
6 – 9 monthsPre-Launching
- 6 11 2013 100
Financing
Construction
Shorter operating cycle: 24 months
36
Addressable Market Analysis
2005Conditions
Dec/2007Conditions
2008 +Low Income
Cheapest Unit Value Offered ('000 R$) 110 110 70Funding Rate (Nominal) 17.0% 11.4% 9.9%
Reference Tax (floating) 3.0% 0.9% 0.9%Spread 14.0% 10.5% 9.0%
(-) Expected Inflation 4.0% 3.0% 3.0%Funding Rate (Real) 13.0% 8.4% 6.9%# years 10 25 30Montly Instalment ('000 R$) 1.7 0.9 0.5% Household Income 33.3% 33.3% 33.3%Min. Monthly Income ('000 R$/month) 5.1 2.7 1.4Addressable Mkt (mn households) 5.2 11.7 22.61 Developers' entrance on the affordable segment has brought down the price of the cheapest unit offered.
1
Source: UBS Pactual
37
Financing: Interest and Term Impact
Model:Unit Value: R$ 120,000Loan-To-Value: 80%Loan: R$ 96,000Mortgage Effort: 30%
Example
Rental : R$800 per monthAnnual Yield: 8%
Equivalent to Loan Instalment with Real Interest Rate at 8% and 20 years
term.
Monthly Installment (R$)
Minimum Wages Required (monthly salary)
10 15 20 25 3012% 1,377 1,152 1,057 1,011 987 11% 1,322 1,091 991 941 914 10% 1,269 1,032 926 872 842 9% 1,216 974 864 806 772 8% 1,165 917 803 741 704 7% 1,115 863 744 679 639 6% 1,066 810 688 619 576 5% 1,018 759 634 561 515
Loan Term (years)
Rea
l Int
eres
t Rat
e (%
)10 15 20 25 30
12% 13 11 10 10 911% 13 10 9 9 910% 12 10 9 8 89% 12 9 8 8 78% 11 9 8 7 77% 11 8 7 6 66% 10 8 7 6 55% 10 7 6 5 5R
eal I
nter
est R
ate
(%)
Loan Term (years)
38
Financial Statements
Dez AricanduvaSão Paulo, SP
Launched in September, 2008100% sold
39
Income Statement
Consistent Growth in Sales with Sustained Profitability
(1) Includes residential development revenues, rentals and services until 2006
R$ million
Margin %
Margin %
Growth %
Gross Profit
Income Taxes
Net Revenues(1)
EBITDA
Net Income
Minority Interest
Adjusted Net Income
CAGR
48.6%
57.4%
57.4%
81.7%
65.8%
2005
46.2%
22.9%
31.4%
318.6
(17.8)
688.8
157.7
127.8
(16.1)
153.6
2006
48.0%
22.3%
62.1%
471.5
(58.0)
1,116.7
248.5
242.3
(24.0)
263.1
2007
41.2%
22.9%
52.9%
703.2
(55.7)
1,707.3
390.5
422.1
(24.5)
422.1
2005 - 079M08
812.1
(81.1)
1,958.6
423.6
277.4
(33.5)
277.4
41.5%
21.6%
40
Consolidated Balance Sheet
R$ millionCash and Equivalents ReceivablesReal Estate in ST Inventory
Long term receivablesOther long term assets
TOTAL ASSETSST loans and financing
TOTAL LIABILITIES
Costs to complete projectsAccounts payable
Other Current Assets
Other current liabilitiesLT loans and financingOther LT liabilitiesMinority Interest
Permanent Assets
Shareholders’ Equity
2006558.2549.6787.2
299.0417.7
[ ][ ]
3,025.5
[ ][ ]
201.7
[ ][ ][ ][ ]
3,025.557.250.1
250.1286.167.5
265.6100.3
212.2
1,948.6
200595.5
190.3421.0
271.0556.6
[ ][ ]
1,775.3
[ ][ ]
129.0
[ ][ ][ ][ ]
1,775.395.125.277.1
205.9108.7166.078.5
111.9
1,018.8
2007682.8788.5
1,029.9
678.11,002.6
[ ][ ]
4,723.6
[ ][ ]
309.7
[ ][ ][ ][ ]
4,723.690.349.6
405.0376.6728.5804.0198.8
232.0
2,070.8
9M08818.2
1,374.81,519.7
884.3912.7
[ ][ ]
6,140.7
[ ][ ]
367.0
[ ][ ][ ][ ]
6,140.7255.8
-420.9439.9
1,506.3906.6262.1
264.0
2,349.7
41
Net Financial Debt
R$ million 2007
728.5
90.3
(682.9)
135.9
818.8
Long-term Debt
Short-term Debt
Cash & Cash Equivalents
Net Debt
Total Debt
9M08*
1,503.7
208.9
(818.2)
894.4
1,712.7
Net Debt of R$ 894.4 million as of September 30, 2008
2006
67.5
57.2
(560.6)
(435.9)
124.7
* Accounts for the principal debt due
42
IR Contact
Luis Largman Juliana De ZagottisCFO and IR Officer IR ManagerTelephone: (55 11) 4502-3153 Telephone: (55 11) [email protected] [email protected]
Cyrela Brazil Realty S.A. Empreendimentos e Participações
Av. Presidente Juscelino Kubitschek, 1.455, 3th floorSão Paulo - SP – BrazilZIP Code: 04543-011
www.cyrela.com.br/ir
Statements contained in this press release may contain information which is forward-looking and reflects management's current view and estimates of future economic circumstances, industry conditions, company performance and the financial results of Cyrela Brazil Realty. These are just projections and, as such, exclusively based on management's expectations of Cyrela Brazil Realty regarding future business and continuous access to capital to finance the Company's business plan. Such future considerations rely substantially on changes in market conditions, government rules, competitor's pressure, segment performance and the Brazilian economy, among other factors, in addition to the risks presented on the released documents filed by Cyrela Brazil Realty, and therefore can be modified without prior notice.
Cyrela Brazil Realty S.A. Empreendimentos e ParticipaçõesAv. Presidente Juscelino Kubitschek, 1455, 3th floor – Itaim Bibi – ZIP Code 04543-011 – São Paulo/SP – Brazil
www.cyrela.com.br/ir
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