Ile St Louis
São Luis – MA
Launched in Aug/09
3Q09 Results
November 13, 2009
Auge
São Paulo – SP
Launched in Sep/09
3rdd Quarter
Q
t 2009
Introduction
Elie Horn
Operating Results - Living
Antonio Guedes
Operating Results - Cyrela
Luis Largman
Financial Results
Saulo Lara
2
Current Panorama
Peak record sales in September:
 Launches: R$ 2.0 bn in 3Q09 totaling R$ 3.1 bn in 9M09
 Contracted Sales: R$ 1.6 bn in 3Q09 totaling R$ 3.0 bn in 9M09
 VSO: 32.1% in 3Q09 vs. 21.9% in 2Q09
 Net Profit: R$ 264 million
million, 239% higher than in 3Q08
Living:
 6,000 units launched, 2,824 of them within “Minha Casa, Minha Vida” p
program
g
in 9M09
 18 thousand units approved for launch within “Minha Casa, Minha Vida” (October/09)
 Opening of 2 stores: Penha Shopping Mall and Aricanduva Shopping Mall
2016 Olympic Games to take place in Rio de Janeiro:
 R$ 14 billion landbank in Barra da Tijuca, where the Olympic Village will be built
Funding:
 R$ 350 million: 3rd debenture issue, undertaken in September
 R$ 304.5
304 5 million: sale of stake in Agra
Agra, undertaken in September
 R$ 1.2 billion: follow-on, offering of 53.7 million shares
3
Shareholder Structure
Post-offering ownership2 %
Current ownership %
Controlling
XXXXX
Controlling
Shareholders,
Shareholders,
XXX
Board
Board
X
Members
and
Members and
Management
Management,
M
Management
t
38.1%
36.9%
Controlling
Shareholders,
Board
M b
Members
and
d
Management
42.3%
Free Float
57.5%
Free
Float;
Free
Float,
61.9%
63.1%
Market Cap1: R$ 8.1 bn
Post-Offering Market Cap1: R$ 9.3bn
Free-Float1: R$ 4.7bn
Post-Offering Free-Float1: R$ 5.9bn
Daily Liquidity2: R$ 71 mm
Post
Offering Daily Liquidity3: R$ 114 mm
Post-Offering
368,615,226 common shares
422,365,226 common shares
1 Considering the price of R$ 22,00 of the shares issued
2 Average volume traded per day in 2009 until 10/27/09.
3 Average volme traded per day from 10/28/09 until 11/11/09
4
Guidance 2009 - 2012
Launches and Sales for 2009 - 2012
Guidance
2009
2010
2011
2012
Launches
4 6 to 5
4.6
5.1
1
6 9 to 7
6.9
7.7
7
8 3 to 9
8.3
9.1
1
10 5 to 11
10.5
11.5
5
4.6 to 5.1
6.2 to 6.9
7.6 to 8.4
9.7 to 10.7
70% a 75%
73% a 77%
> 75%
> 75%
(R$ billion)
Sales
(R$ billion)
% Cyrela
Living’s
Living
s stake
% Living
2009
2010
2011
2012
from 30% to 35%
from 35% to 40%
from 40% to 45%
from 45% to 50%
Margins over net revenue
for 2009 - 2012
Gross margin
EBITDA margin
Net margin
33% to 37%
20% to 24%
14% to 16%
5
2016 Olympic Games
Strategically positioned landbank in Rio de Janeiro
Barra da Tijuca - RJ
R$ 14bn of PSV in Rio de Janeiro, of which
almost 90% is located in Barra da Tijuca
Cidade
Jardim
Centro
Metropolitano
Barra da Tijuca was chosen as the location for the
new Olympic Games facilities, such as the
Olympic Training Center and the Olympic Village
Village.
Gleba F
Such facilities and their benefiting to the region will
endure for long after the Olympic Games
Future facilities of
Olympic Games
2016
Until 2016, more than R$100 billion of investments
expected for the project
Península
 The civil construction sector is expected
p
to account for approximately 10% of the
investments
 The local government announced
R$ 11.4
11 4 bn investment in transportation
infrastructure to facilitate access to the
region
S
Source:
Rio
Ri 2016 official
ffi i l Ol
Olympic
i project
j t
Cyrela is the best positioned real estate company to profit from the 2016 Olympic Games
6
Vitória Pirituba (Living)
São Paulo – SP
Launched in May/09
Operating Results
Living
7
Living’s Launches

6 thousand units launched in 9M09 and 78% sold up to Oct/09
P j t
Projects
PSV
(R$ thd)
Units
% Cyrela
Average
price
(R$thd/un.)
MCMV
% sold
until Oct/09
9M09
794,160
5,967
77.2%
133
49.6%
78%
3Q09
450,897
3,501
79.1%
129
57.2%
79%
Fatto Jardim Botanico - Phase 1
52,053
379
79.0%
137
23
98%
Fatto Sport Faria Lima Phase 2
35,609
304
79.0%
117
304
70%
Fatto Sport Faria Lima – Phase 3
35,609
304
79.0%
117
304
55%
Avanti Clube
50,824
400
50.0%
127
267
52%
Liber Res - Phase 2
37,909
390
100.0%
97
390
41%
Vitoria Pirituba Gaivota
24,847
264
60.0%
94
264
97%
Dez Curuça
21,294
252
50.0%
85
252
100%
Parque Dos Sonhos Buritis
16,202
200
50.0%
81
200
100%
Ecoparque - Belem - Phase 1
41,200
255
100.0%
162
-
100%
Ecoparque - Belem – Phase 2
41,200
255
100.0%
162
-
83%
Fatto Mansoes
49,310
228
91.6%
216
-
100%
Alcance Niteroi
19 781
19,781
114
100 0%
100.0%
174
-
100%
Buritis Cond Clube - Phase 2
25,057
156
60.0%
161
-
74%
8
Living’s Highlights
Living - > R$ 130 thd/unit
Living – “Minha
Minha Casa,
Casa Minha Vida
Vida”
Alcance Niterói – Niterói (RJ)
Dez Curuça – São Paulo (SP)
Launched in July/09
PSV: R$ 20 million
Units: 114
Average price: R$174 thd/un.
Launched in July/09
PSV: R$ 21 million
Units: 252
Average price: R$ 85 thd/un.
100%
sold
Ecoparque 1st and 2nd Phases Belém (PA)
Launched in July and Aug/09
PSV: R$ 82.4 million
Units: 510
Average price: R$162 thd/un.
92%
sold
100%
sold
Vitória Pirituba Gaivota - (SP)
Launched in Sep/09
PSV R$ 25 million
PSV:
illi
Units: 264
Average price: R$94 thd/un.
97%
sold
Fatto Mansões - Campinas (SP)
Parque dos Sonhos – Buritis – (SP)
Launched in July/09
PSV: R$ 49 million
Units: 228
Average price: R$ 216 thd/un.
Launched in July/09
PSV: R$ 16 million
Units: 200
Average price: R$81 thd/un.
100%
sold
100%
sold
ld
9
R$ 941 mm of Living launches scheduled for 4Q09*
2,539 units and R$ 264.5 million already launched in 4Q09
Launches in October 2009
Estimate launches for the year: 14 thousand units
Living
Projects to be
Launched in
4Q09
Region
PSV
R$ million
26
BRASIL
10
São Paulo
393,5
3.601
5
Rio de Janeiro
233 9
233,9
1 996
1.996
4
Rio Grande do Sul
100,4
670
2
Espírito Santo
78,7
590
2
Paraná
47,6
328
2
Bahia
66,9
732
1
Pará
20,0
216
* Forecast according to guidance
941.0
Units
8,133
Ventura Clube Morar – Porto Alegre - RS
Launched in Oct/09
PSV: R$ 35 million
Units: 250
Average price: R$141 thd/ un.
un
Único Guarulhos – São Paulo
Launched in Oct/09
PSV: R$ 223 million
Units: 2.380
Average price: R$94 thd/ un.
Parque dos Sonhos – Jacarandá – São Paulo
Launched in Oct/09
PSV: R$ 30 million
Units: 355
Average price: 84 thd/un.
10
Living’s Launches and Sales – 3Q09 and 9M09
Launches
Contracted Sales
(R$ million)
1,459
(R$ million)
1,171
441
369
794
736
181
217
451
1,018
94
518
613
357
3Q08
3Q09
Living
9M08
9M09
808
215
474
440
139
107
335
333
3Q08
3Q09
Living
Partners
802
9M08
593
9M09
Partners
Average Sales Speed
3Q08
47%
4Q08
1Q09
7%
35%
9%
41%
41%
3Q09
8%
6% 75%
7% 4% 55%
29%
2Q09
7%
1%72%
37%
78%
61%
In 3 months
In 6 months
In 9 months
In 12 months
In 15 months
11
Living’s Lanbank – 3Q09
Landbank distribution
PSV:
 R$ 6.8 billion (100%)
 R$ 5.4 billion (% Living)
MCMV
55%
76 plots of land
Others
45%
69% paid through swaps
Landbank by unit price
60,000
24 248
24,248
53,457
From
R$ 130 thd to
R$ 200 thd
Total
50,000
40,000
18,267
30,000
20,000
10,942
10,000
Up to
R$ 100 thd
From
R$ 100 thd to
R$ 130 thd
12
PS.: Calculations done in units
Varanda NovaAmérica
São Paulo - SP
Launched in Aug/09
Operating
R
Results
lt
13
Cyrela’s Highlights
NovAmérica with PSV of R$ 691.8 million, totally launched in 2009 with 1.7 mil units and
80% sold until November/2009
NovAmérica
Office
ParkSãoPaulo
Paulo(SP)
Varanda Nova
América
- São
(SP)
Lançado em
Launched
in ago/09
Mar/09
VGV:
R$
$
92
milhões
PSV: R$ 195.1
195 1 million
Área
útil:
23.526
m2 sq.m.
Usable area:
32,979
Unidades:
Units: 548 324
94%
100%
vendido
sold
N A é i Colorado
NovAmérica
C l
d Residence
R id
Menara Residencial – São Paulo (SP)
Park
Lançado em ago/09
Launched in Mar/09
VGV: R$ 120 milhões
PSV: R$ 82.6 million
Área útil: 21.847 m2
Usable area: 24,961
24 961 sq.m.
sq m
Unidades: 254
Units: 216
91%
sold
CEO
– Corporate
Executive
Offices
NovAmérica
Florida
Residence
Park–
Rio de Janeiro (RJ)
Launched
in ago/09
May/09
Lançado em
PSV:
R$ 308
90.6milhões
million
VGV: R$
Usable
area:
24,961
Área útil:
44.330
m2 sq.m.
Units:
216 939
Unidades:
U
dades
Note: until 10/30/09
90%
71
%
sold
Vendido
Varanda NovAmérica
Launched in Aug/09
PSV: R$
$ 91.6 million
Usable area: 23,526 sq.m.
Units: 324
98%
sold
NovAmérica California Collection
Launched in Sep/09
PSV: R$ 139.1 million
Usable area: 36,696 msq.m.
Units: 224
21%
sold
NovAmérica Michigan
g
Launched in Oct/09
PSV: R$ 92.8 million
Usable area: 24,961 msq.m.
Units: 216
35%
sold
14
Cyrela’s Launches

Sales speed of launches was high for the traditional segments (medium, mid-high and
luxury segments)
Ile Saint Louis – São Luis (MA)
Launched in Aug/09
PSV: R$ 92 million
Usable area: 23,526 sq.m.
Units: 324
67%
sold
Varandas da Serra - Belo Horizonte
(MG)
Launched in Jul/09
PSV: R$ 47 million
Usable area: 11,385 sq.m.
Units: 132
Menara Residencial – São Paulo (SP)
Stillo – Natal – (RN)
Launched in Aug/09
PSV: R$ 120 million
Usable area: 21,847 sq.m.
q
Units: 254
Launched in Sep/09
PSV: R$ 63 million
Usable area: 24,334 sq.m.
q
Units: 330
100%
sold
100%
sold
88%
sold
CEO – Corporate Executive Offices –
Rio de Janeiro (RJ)
Quinta dos Moinhos – Porto Alegre
(RS)
Launched in Aug/09
PSV: R$ 308 million
Usable area: 44,330 sq.m.
Units: 939
Launched in Aug/09
PSV: R$ 46 million
Usable area: 18,322 sq.m.
Units: 168
* Until August, 31 2009
71%
sold
93%
sold
15
Launches
27 projects launched in 3Q09 and 49 in 9M09
Average price: R$ 248 thd /unit or R$ 3.5
3 5 thd /sq.m.
/sq m
LIVING: 23.1% of PSV launched in 3Q09 and 25.7% in 9M09
Launches
Distribution by region – 3Q09
(R$ million)
4,505
SP
53%
1,447
,
3,127
742
RJ
19%
1,952
461
1,138
327
3,058
2,385
1,491
811
3Q08
Expansion
28%
3Q09
Cyrela
9M08
9M09
Partners
16
Contracted Sales
Sales peak record in September (45% of 3Q09 sales)
11.4 thousand units sold in 9M09
Sales Over Supply: 32.1% in 3Q09 vs. 21.9% in 2Q09
LIVING: 27.0%
27 0% of 3Q09 sales and 27.2
27 2 of 9M09 sales
35% of sales in 9M09 were from inventory
Sales
S l by
Sales
b region
i and
d brand
b
d – 2Q09
(R$ million)
SP
52%
4,611
1,528
2,973
769
RJ
16%
1,631
1,161
389
771
3Q08
400
3,083
2,203
1,231
3Q09
Cyrela
9M08
9M09
Expansion
E
i
32%
Partners
17
Sales Speed – Cyrela + Living
Average Sales Speed
3Q08
44%
4Q08
37%
1Q09
37%
2Q09
12%
10%
14%
9%
30%
49%
3Q09
5% 6% 5% 71%
69%
9%
30%
75%
79%
52%
In 3 months
In 6 months
In 9 months
In 12 months
In 15 months
18
Units Delivered
Units Delivered
Usable Area Constructed
(thd sq.m.)
Historical (up to 9M09)
18,682
Forecast
1,917
Historical (up to 9M09)
1,723
Forecast
11,577
7,661
1,002
594
2,211
2007
3,178
3,915
,
2008
2009e
372
232
2010e
2005
2006
2007
2008
2009e
2010e
3,915 units delivered in 9M09 (R$ 1.7 billion of PSV launched)
96% of the units delivered in 9M09 were already sold
161 construction work sites (95 from proprietary construction company) on September 30,
2009 - 60 of them from Living
1.7 million sq.m. built in 2009 (full year)
19
Landbank
R$ 37.2 billion in PSV (Cyrela’s stake is R$ 30.6 billion)
185 projects with 136.9 thd units, 117.3 thd of which eligible for SFH financing
Units in
landbank
21% up to R$ 130 thd
86% up toR$ 500 thd
140,000
11,283
7,331
1,073
136,946
9,763
120,000
39,150
100,000
80 000
80,000
39,137
60,000
40,000
20,000
18,267
,
10,942
Up to
From
From
From
From
From
From
Above R$
R$ 100 thd R$ 100 thd R$ 130 thd R$ 200 thd R$ 350 thd R$ 500 thd R$ 600 thd 1,200 thd
to
to
to
to
to
to
R$ 130 thd R$ 200 thd R$ 350 thd R$ 500 thd R$ 600 thd R$ 1,200
thd
Total
20
Fatto Jardiim Botânico (Living)
São Paulo – SP
Launched in Sep/09
Financial
Results
21
Financial Results
Net Revenue
(R$ million)
+38.1%
2,895.9
2,096.4
+79.7%
1,348.9
750.7
3Q08
3Q09
Gross Income
9M08
9M09
Backlog
Net Revenue
34,7%
(R$ million)
(R$ million)
33,6%
34,0%
4.173,5
4.355,8
1H09
9M09
39 9%
39.9%
40 7%
40.7%
34.0%
34.9%
+20.9%
1,010.5
4.741,0
836.0
+50.0%
458.6
305.7
3Q08
3Q09
Gross Profit
9M08
Gross Margin
9M09
1Q09
Revenue to be Recog.
Gross Mg. To be Recog.
22
Financial Results
EBITDA
Net Profit
(R$ million)
(R$ million)
19.6%
22.6%
21.7%
19.6%
18.0%
18.8%
653 9
653.9
+65.8%
11.5%
10.4%
%
521 6
521.6
+117.0%
+99.6%
394.3
293.3
+239.0%
146 9
146.9
264.1
240.4
77.9
3Q08
3Q09
9M08
EBITDA
9M09
3Q08
3Q09
9M08
Net Profit
EBITDA Margin
g
Expenses over Contracted Sales
9M09
Net Margin
Expenses over Net Revenue
14.5%
12.2%
11.6%
10.9%
7.8%
7.9%
9.6%
9.5%
5.5%
6.3%
5.9%
8.5%
7.6%
6.1%
6.0%
6.8%
5.8%
4 1%
4.1%
3Q09
4Q08
Selling Expenses
1Q09
2Q09
3Q09
Gen. & Admin. Expenses
3Q09
4Q08
Selling Expenses
1Q09
2Q09
7.1%
5.0%
3Q09
Gen. & Admin. Expenses
23
Accounts Receivable
Accounts receivable performance
Receivables’ remuneration
(R$ million)
(R$ million)
8,327
7,685
Built: IGP-M + 12%
Under construction: INCC
7,464
8,327
765
7,561
1Q09
1H09
9M09
Receivables
2,877
Receivables Schedule
(R$ million)
Constructed units
Units under construction
2 412
2,412
C
Construction
t ti costt to
t incuri
sold
ld
1,646
1,181
798
518 410 376 354 329 302
2009 2010 2011 2012 2013 2014 2015 2016 2017 Until
2028
24
Liquidity
Debt
(R$ million)
SFH
Balance
Sep 30, 2009
Maturity
Cost
1,117.6
2009 to 2014
TR + ~ 10.4% p.a.
Debentures 1st issuance
500.0
2012, 2013, 2014
CDI + 0.48% p.a.
Debentures 2nd issuance*
373.0
2018
CDI + 0.65% p.a.
Debentures 3rd issuance
350.0
2014
CDI + 0.81% p.a.
Bradesco (stand-by) and others
378.6
Nov/2010, Nov/2011,
Nov/2012, Nov/2013
CDI + 0.81% p.a.
88.9
Sep/2011
p
and Sep/2012
p
Libor + 3.5% and 4.3% p
p.a.
g currency)
y) – US$ 50 million
Loans ((foreign
Total Debt withSFH
2,808.1
Total Debt without SFH
1,690.5
Net Debt withSFH
Cash and Cash Equivalents
(865.1)
LTM EBITDA
Net Debt withSFH
1,943.0
Net Debt without SFH
825 4
825.4
Net Debt without SFH
= 3.0 times
= 1.3 time
LTM EBITDA
* Repactuation in 2010 and 2011
25
Overdue payments from clients
Delays
3,11%
2,27%
2,06%
1,92%1,87%1,82%
2,00%
1,34%
1,43%
1,52%
1,38%
1,35%
1,09%
1,26%
1,43%
1,37%
1,64%
1,79%
1,59%
1,39%
1,92%
Delays above 31 days
Cancellations
0,36%
0,26%
0 23%
0,23%
0,21%
0,24%
0,21%
0 22%
0,22%
0,20%
0,22%
0,18%
0,27%
0,26%
0 23%
0,23%
0,17%
0,23%
0,14%
0,20%
0,13%
0,07%
0,09%
0,07%
Cancellation index = cancellations / active clients
Obs.: Considering only the portfolio managed by Cyrela
26
Contact us
Cyrela Brazil Realty S.A. Empreendimentos e Participações
Av. Presidente Juscelino Kubitschek, 1.455, 3rd floor
São Paulo - SP – Brasil
CEP 04543-011
Investor Relations
Phone: (55 11) 4502-3153
4502 3153
[email protected]
www.cyrela.com.br/ir
l
b /i
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
C
Company's
' business
b i
plan.
l
S h future
Such
f t
considerations
id ti
rely
l substantially
b t ti ll on changes
h
i market
in
k t conditions,
diti
governmentt
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.
27