RIO DE JANEIRO, BRAZIL--(Marketwire - March 29, 2010) - CR2 Empreendimentos Imobiliários S.A. (BOVESPA: CRDE3) (
2009 OPERATING AND FINANCIAL HIGHLIGHTS
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Net revenue was R$101mm in 4Q09 totaling R$301mm in 2009. Net revenue increased throughout the year, from a bottom of R$51mm in 1Q09.
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Gross profit of R$25mm in 4Q09 totaling R$65mm in 2009. Gross profit also increased throughout the year, from a bottom of R$10mm in 1Q09.
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EBITDA of R$16mm in 4Q09 totaling R$33mm in 2009.
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Best performance in contracted sales during 4Q09 with R$80mm (%CR2 of R$62mm), compared with R$37mm (%CR2 of R$28mm) in 3Q09. In 2009 contracted sales totaled R$188mm (%CR2 of R$144mm).
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CEF track-record (Crédito Associativo) 2009: 2.595 contracted units, 1.213 credits transferred and R$68mm in disbursements, of which R$26mm in 4Q09. We transferred 307 units in 4Q09, in what is the best leading indicator for CEF disbursements. With the first disbursement from Top Life Park in 1Q10, all projects approved at CEF are now contributing positively to cash flow.
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New Launches already in 4Q09, including 320 units of the Jardim Paradiso phase 2A project in Nova Iguaçu (RJ) with a PSV of R$22mm (%CR2 of R$20mm) and 300 units of the Top Life View project in Santo Andre (SP) with a PSV of R$43mm (%CR2 of R$36mm). As of end 2009, both projects presented excellent sales speed with 50% at Jardim Paradiso 2A and 59% at Top Life View.
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2010 PSV guidance of R$400mm, supported by the uptrend in cash flow and improvement in macroeconomic environment.
2009 EARNINGS CONFERENCE CALL
Portuguese Conference Call
March 31st, 2010
11:00 a.m. (Brasília Time) - 10:00 a.m. (Eastern Time)
Phone: +55 11 4688-6361
Code: CR2
English Conference Call
March 31st, 2010
01:00 p.m. (Brasília Time) - 12:00 p.m. (Eastern Time)
Phone USA: (+1) 888-700-0802
Phone Other Countries: (+1) 786-924-6977
Code: CR2
Contact Information:
INVESTOR RELATIONS
Rogério Furtado
Chief Financial Officer and Investor Relations Officer
Tel: +55 (21) 3095-4600