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Julho/2008
2Q08 Results Presentation
August 07, 2008
2Operational Data
CCDI
252.1
255.0%
2Q08
Partnerships
71.0
105.5
2Q07
403.5%
71.0
357.6
Contracted Sales (R$ million)
0.7158.3
159.0
1Q07
604.5%
327.3%
1,120.2
676.5
1Q08
443.7
3Operational Data
26.7%
25.9%
Countryside and Shoreline
Sao Paulo (capital)
47.4%
Sao Paulo (Metropolitan Region)
2Q08 Sales by Location (%)
5.4%
Low Income and Economic
42.4%
50.3%
Medium Income
Commercials
1.9%
Others - Residentials
2Q08 Sales by Segment (%)
4Operational Data
2Q08 Launches (segment %)
Commercial
1.2%11.2%
Low Income
25.1%
Luxury
27.2%
Medium
35.3%
Economic
Launches (R$ million)
708.3
240.0
468.3
2Q07
60.6
136.1
2Q08
196.7
-72.2%
CCDI
Partnerships
-70.9%
5Operational Data
10,000Land Bank (Beginning of 2Q08)
113HM
170Curitiba
66Recife
1362Q08 Launches
10,213Land Bank (End of 2Q08)
2Q08 Land Bank CompositionPSV (R$ million)
62Q08 Events
� R$4.2 billions financing line agreement
� CCDI, HM and Caixa Econômica Federal signed on June 27.
� R$2.2 billions: will be invested on financing 22,000 units to be developed by HM
Engenharia (Low Income segment – below R$100 thousand).
� R$ 2 billions: is going to be directed to financing 13,700 units to be developed by
CCDI (Economic and Medium segment – between R$100 and R$350 thousand).
� Exercise of the acquisition option of 4.28% stake in HM Engenharia
� CCDI current participation of the social capital of HM is 81%.
� Entrance in Pernambuco
� Land acquisition in Recife (PE), with estimated PSV of R$70 millions.
7Financial Performance
Gross Revenues (R$ million)
42.9
2Q07 2Q08
89.0
1S07
353.0
1S08
151.6%
296.6%
107.9
41.3
2Q07 2Q08
85.6
1S07
339.8
1S08
152.1%
297.1%
104.0
Net Revenues (R$ million)
10.5
2Q07 2Q08
20.4
1S07
129.5
1S08
184.6%
30.0
533.3%
Gross Profit (R$ million)
25.5%
2Q07 2Q08
23.9%
1S07
38.1%
3.3 p.p.
+14.2 p.p.
28.8%
1S08
Gross Margin (%)
8Reconciliation
Reconciliation to reflect accounting practices of other real estate players, for comparison purposes
Income Statement
Reconciliation 2Q08
2Q08 (Pro
Forma)
Income Statement
Reconciliation 1S08
1S08 (Pro
Forma)
Total Revenues 112,2 112,2 Total Revenues 366,9 366,9
Brokerage Fees (4,3) - Brokerage Fees (13,9) -
Cost of Land (swaps) - (1,4) Cost of Land (swaps) - (11,3)
Recognized Gross Revenues 107,9 110,8 Recognized Gross Revenues 353,0 355,6
Deductions (3,9) (4,0) Deductions (13,2) (13,0)
Recognized Net Revenues 104,0 106,7 Recognized Net Revenues 339,8 342,6
Cost of Goods Sold (57,4) (57,4) Cost of Goods Sold (163,7) (163,7)
Cost of Land Recognized (13,5) (12,1) Cost of Land Recognized (39,6) (28,3)
Cost of Financing (2,4) - Cost of Financing (3,3) -
Other Costs (0,8) (0,8) Other Costs (3,7) (3,7)
Gross Income 30,0 36,4 Gross Income 129,5 146,9
Gross Margin 28,8% 34,1% Gross Margin 38,1% 42,9%
Sales Expenses (4,5) (4,5) Sales Expenses (18,6) (18,6)
Brokerage Fees - (4,1) Brokerage Fees - (13,4)
G&A Expenses (19,3) (19,3) G&A Expenses (34,6) (34,6)
Other Operational Expenses (2,9) (2,9) Other Operational Expenses (7,9) (7,9)
Operational Income 3,2 5,5 Operational Income 68,4 72,4
Financial Revenues 9,4 9,4 Financial Revenues 17,5 17,5
Financial Expenses (4,4) (6,8) Financial Expenses (7,8) (11,1)
Non-operating Results 0,1 0,1 Non-operating Results 0,1 0,1
Pre-tax Income 8,2 8,2 Pre-tax Income 78,2 78,9
Income Tax (0,1) (0,1) Income Tax (2,7) (2,7)
Minority Shareholders 0,1 0,1 Minority Shareholders 0,8 0,8
Net Income 8,2 8,1 Net Income 76,3 77,1
Net Margin 7,8% 7,6% Net Margin 22,5% 22,5%
9Financial Performance
-2.9
2Q07* 2Q08
-0.8
1S07*
72.7
1S08
5.4
EBITDA (R$ million)
* Excludes IPO expenses
-7.0%
2Q07* 2Q08
-0.9%
1S07*
21.4%
1S08
12.2 p.p.
5.2%
+22.3 p.p.
EBITDA Margin (%)
10Financial Performance
2.7
2Q07 2Q08
-10.1
1S07
76.3
1S08
197.9%
8.2
Net Profit(R$ million)
Net Margin (%)
6.7%
2Q07 2Q08
-11.8%
1S07
22.5%
1S08
1.1 p.p.
7.8%
11Financial Performance
274.7
2Q07
570.1
1Q08 2Q08
164.5%
726.6
27.5%
Revenues to be Recognized (R$ million)
70.1
2Q07
164.2
1Q08 2Q08
195.1%
206.9
26.0%
Result to be Recognized (R$ million)
25.5%
2Q07
28.8%
1Q08 2Q08
3.0 p.p.
28.5%
-0.3 p.p.
Margin over Revenues of Sales to be Recognized (%)
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