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São Paulo, 13 de agosto de 2020 - A Cyrela Brazil Realty S.A. Empreendimentos e Participações (“CBR” ou “Companhia”
ou “Cyrela”) (B3: CYRE3; OTCQPink: CYRBY), uma das maiores empresas do mercado imobiliário brasileiro na
incorporação de empreendimentos residenciais, apresenta seus resultados referentes ao segundo trimestre de 2020
(2T20 e 6M20). As informações financeiras e operacionais a seguir, exceto onde indicado o contrário, estão
apresentadas em Reais (R$), seguem as normas contábeis internacionais (IFRS) que consideram as orientações técnicas
OCPC 04 e interpretação técnica ICPC 02 e os princípios brasileiros de contabilidade e normas para preparação de
relatório financeiro aplicáveis às entidades de incorporação imobiliárias brasileiras e regulamentações pertinentes. As
comparações referem-se aos mesmos períodos de 2019 e, eventualmente, ao primeiro trimestre de 2020.
Sumário
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MENSAGEM DA ADMINISTRAÇÃO
O segundo trimestre de 2020 foi marcado pela adesão global ao isolamento social
em meio a pandemia do coronavírus (COVID-19), o que causou severos impactos nos
indicadores de desempenho da economia brasileira.
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PRINCIPAIS INDICADORES
6M20 x 6M19
2T20 2T19 2T20 x 2T19 1T20 2T20 x 1T20 6M20 6M19
Lançamentos (1)
Número de Lançamentos 5 21 -76,2% 25 -80,0% 30 30 0,0%
VGV Lançado - R$ milhões (100%) 395 2.087 -81,1% 1.644 -76,0% 2.039 2.633 -22,5%
VGV Lançado - R$ milhões (%CBR) 287 1.667 -82,8% 1.148 -75,0% 1.435 2.091 -31,4%
Participação CBR 72,6% 79,9% -7,2 p.p. 69,8% 2,8 p.p. 70,4% 79,4% -9,0 p.p.
VGV Permutado - R$ milhões (100%) 6 135 -95,9% 46 -88,0% 52 153 -66,3%
Preço Médio por m² (R$) (ex-loteamentos) 5.536 6.825 -18,9% 6.136 -9,8% 6.020 6 94166,0%
Área útil lançada (m²) 71.408 305.718 -76,6% 267.951 -73,4% 339.359 412.338 -17,7%
Unidades Lançadas 1.634 5.137 -68,2% 6.803 -76,0% 8.437 7.295 15,7%
Vendas (2)
Vendas Totais Contratadas - R$ milhões (100%) 818 1.917 -57,3% 1.357 -39,7% 2.175 2.961 -26,6%
Vendas Totais Contratadas - R$ milhões (%CBR) 597 1.442 -58,6% 948 -37,0% 1.545 2.199 -29,7%
Participação CBR 73,0% 75,2% -229,5% 69,9% 305,6% 71,0% 74,3% -322,3%
Preço Médio por m² (R$) (ex-loteamentos) 6.370 8.439 -24,5% 6.289 1,3% 6.321 7.870 -19,7%
Área útil vendida (m²) 159.015 252.055 -36,9% 243.494 -34,7% 467.409 470.245 -0,6%
Unidades Vendidas 3.004 5.238 -42,6% 5.149 -41,7% 8.153 8.545 -4,6%
Entregas
VGV Entregue - R$ milhões (100%) 641 832 -22,9% 672 -4,6% 1.313 1.189 10,5%
Área útil entregue (m²) 125.795 79.478 58,3% 309.777 -59,4% 435.572 287.470 51,5%
Unidades Entregues 2.959 3.015 -1,9% 3.301 -10,4% 6.260 4.460 40,4%
Banco de Terrenos
VGV potencial com permuta - R$ milhões (100%) 37.339 39.324 -5,0% 37.413 -0,2% 37.339 39.324 -5,0%
VGV potencial sem permuta - R$ milhões (100%) 31.710 33.275 -4,7% 31.675 0,1% 31.710 33.275 -4,7%
Estoque de Terreno (mil m²) 8.242 9.359 -11,9% 8.635 -4,6% 8.242 9.359 -11,9%
% Permuta sobre valor do terreno 72,4% 74,6% -2,3 p.p. 73,6% -1,2 p.p. 72% 75% -2,3 p.p.
% CBR 90% 90% 0,0 p.p. 89% 0,3 p.p. 90% 90% 0,0 p.p.
Indicadores Financeiros
Receita Líquida (R$ milhões) 839 937 -10,4% 765 9,7% 1.604 1.763 -9,0%
Lucro Bruto (R$ milhões) 275 293 -6,2% 261 5,4% 536 542 -1,1%
Lucro Líquido (R$ milhões) 68 114 -40,4% 28 142,8% 96 162 -41,0%
Margem Bruta 32,8% 31,3% 1,5 p.p. 34,1% -1,3 p.p. 33,4% 30,7% 8,7%
Margem Líquida 8,1% 12,2% -4,1 p.p. 3,7% 4,4 p.p. 6,0% 9,2% -35,1%
Lucro por Ação (R$) (³) 0,18 0,30 -40,4% 0,07 142,8% 0,25 0,42 -41,0%
(11) -5.490 -3.762
Backlog 30/06/2020 30/06/2019 31/03/2020 Var. 30/06/2020 30/06/2019 Var.
Receitas Líquida a Apropriar (R$ milhões) 3.043 3.056 -0,4% 3.043 2.341 29,99%
Resultado Bruto a Apropriar (R$ milhões) 1.137 1.161 -2,0% 1.137 903 25,9%
Margem a Apropriar 37,4% 38,0% -0,6 p.p. 37,4% 38,6% -1,2 p.p.
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DESEMPENHO OPERACIONAL
Nota: informações detalhadas referentes a lançamentos estão ao final do relatório, em tabelas anexas.
LANÇAMENTOS
VGV Lançado
(em R$ milhões – 100%)
-22,5%
2.633
-81,1%
2.087 2.039
1.261
486 Alto Padrão
1.119
258 Médio
657
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Do VGV lançado no trimestre, 80% serão reconhecidos via consolidação e 20% via
equivalência patrimonial.
VGV Lançado
Ex-Permuta
(em R$ milhões – %CBR)
-29,3%
1.979
-82,0%
1.570
1.399
282
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63,5% 12,6%
Médio
71,8% MCMV 2 e 3
São Paulo
61,9% 12,8%
MCMV 2 e 3 Médio
75,3%
São Paulo
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VENDAS
Nota: informações detalhadas referentes a vendas contratadas estão ao final do relatório, em tabelas anexas.
As vendas líquidas contratadas neste trimestre somaram R$ 818 milhões, valor 57%
inferior ao registrado no 2T19 (R$ 1.917 milhões). No semestre, as vendas contratadas
atingiram R$ 2.175 milhões, sendo 27% inferior ao mesmo período de 2019.
Vendas Contratadas
(em R$ milhões – 100%)
-26,6%
2.961
A participação da Companhia nas vendas contratadas foi de 73% no 2T20 vs. 75%
no mesmo trimestre do ano anterior. No semestre a participação Cyrela nas vendas foi de
71% vs. 74% em 2019.
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Vendas Contratadas
(em R$ milhões – 100%)
-26,6%
2.961
1.189
818 975
171 1.133
486
512
517
242 135 251
2T19 2T20 6M19 6M20
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Vendas
Ex-Permuta
(em R$ milhões – %CBR)
-27,8%
2.091
-56,0%
1.509
1.345
592
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O Estado de São Paulo representou 69,8% do total vendido, seguido pelo Rio de
Janeiro com 19,8%.
A distribuição das vendas no trimestre por geografia e segmento pode ser vista
abaixo:
MCMV 2 e 3 55,2%
6,1% 63,7%
São Paulo 18,4%
São Paulo - Interior Médio
8,2% 64,0%
São Paulo
São Paulo - Interior 21,7%
Médio
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2T20 43%
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ESTOQUES
VGV Estoque a Valor de Mercado (R$ MM) Estoque por Safra de Entrega (R$ MM)
6.088
5.862 5.692
5.447 Safra de Entrega Total Consolidação Equivalência
5.211 1.345
1.238 1.238
906 1.056
Pronto 1.649 1.341 308
12 Meses 1.122 892 230
4.624 4.743
24 Meses 1.754 1.553 201
% CBR 4.305 4.391 4.454
36 Meses 1.101 943 158
48 Meses 66 66 -
Total 5.692 4.794 897
2T19 3T19 4T19 1T20 2T20
-6,5% Outros
6.088
5.692 Sul 6,1%
-512 -171 27
-135 395
-647 12,4%
9,2%
São Paulo - Interior
Estoque Vendas Lançamentos Vendas Var. Preço/ Estoque
Total 1T20 Estoque 2T20 Lançamentos Ajustes Total 2T20
2T20
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33,5%
Rio de Janeiro
-4,9%
1.735
1.649
-135 54 -5
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TERRENOS
Nota: informações detalhadas referentes a terrenos estão ao final do relatório, em tabelas anexas.
72%
31,2 Permuta
Alto padrão
São Paulo
7,5
4,8
Outros
*O VGV em landbank é baseado
na última viabilidade de avaliação
do terreno corrigida a INCC até a
data de hoje.
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ENTREGAS
Nota: informações detalhadas referentes a unidades entregues estão ao final do relatório, em tabelas anexas.
O estado de São Paulo representou 94% das entregas no semestre, seguido pelo Rio
de Janeiro com 6% do total.
+10,5%
1.313
78
1.189
152
173
-22,9% -4,6%
832 333
173
672
641
89
78 183
243 64 1.083
584
499 500
415
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+10,5%
1.313
1.189 131
213
320
-22,9% -4,6%
832
229
641 672
320
42 89
70
46 143 970
640
529
466 441
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OBRAS
Ao final do 2T20, seguindo o critério de canteiros ativos, havia 111 obras em
andamento, distribuídas conforme o gráfico abaixo nas visões de segmentos, execução e
também de acordo com a distribuição geográfica. Do total de obras em andamento, 1 é
canteiro de MCMV Faixa 1.
Número de Canteiros em Andamento
São Paulo 69
MCMV 58 Próprias 58
Médio 20%
Próprias 69% São Paulo 70%
MCMV 32%
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RECEITA
A receita líquida total da Companhia somou R$ 839 milhões no 2T20, montante 10,4%
inferior aos R$ 937 milhões obtidos no 2T19 e 9,7% superior em relação aos R$ 765
milhões registrados no 1T20. No semestre, a receita líquida somou R$ 1.604 milhões,
sendo 9,0% menor vs. 6M19.
Receita Líquida
(R$ milhões)
-9,0%
1.763
1.604
-10,4% +9,7%
937
839
765
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O custo total no trimestre foi de R$ 564 milhões, sendo 12,4% inferior ao registrado
no 2T19 (R$ 644 milhões) e 11,9% superior ao reportado no 1T20 (R$ 504 milhões). No
6M20 o custo foi de R$ 1.068 milhões, sendo 12,5% menor que o mesmo período de 2019.
Custo Total
(R$ milhões)
-12,5%
1.221
1.068
-12,4% +11,9%
644
564
504
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MARGEM BRUTA
A margem bruta total reportada pela Companhia no 2T20 foi de 32,8%, 1,5 p.p.
superior à margem de 31,3% do 2T19 e 1,3 p.p. abaixo da margem de 34,1% do 1T20.
No semestre, a margem bruta atingiu 33,4%, sendo 2,7 p.p. maior que o 6M19.
A margem bruta ajustada do trimestre foi de 34,8%, resultado 1,6 p.p. superior à
margem de 33,2% do 2T19 e 0,9 p.p. abaixo da margem de 35,6% do 1T20. No semestre,
a margem bruta ajustada foi de 35,2%, 2,1 p.p. maior que o mesmo período de 2019.
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VENDAS A RECONHECER
- 0,6 p.p.
38,6% 38,0% 37,4%
Vendas a Reconhecer (R$ MM) 2T20 1T20 2T20 x 1T20 2T19 2T20 x 2T19
Custo Orçado das Unidades Vendidas a Apropriar (1.906) (1.895) 0,6% (1.438) 32,6%
Margem Bruta a Apropriar 37,4% 38,0% -0,6 p.p. 38,6% -1,2 p.p.
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DESPESAS COMERCIAIS
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RESULTADO FINANCEIRO
Resultado Financeiro
2T20 1T20 2T19 6M20 6M19
2T20 x 1T20 2T20 x 2T19 6M20 x 6M19
R$ MM R$ MM R$ MM R$ MM R$ MM
Despesas Financeiras
Juros SFH (3) (2) 53,2% (7) -54,2% (5) (17) -67,2%
Juros Empréstimos Nacionais e Estrangeiros (20) (21) -4,0% (23) -10,1% (42) (52) -20,6%
Juros Capitalizados 2 1 120,8% 4 -42,8% 3 9 -66,8%
Sub Total (22) (22) -3,8% (26) -17,7% (44) (60) -26,5%
Variações Monetárias sobre Financiamentos (10) (0) 2659,8% (0) 20950,5% (10) (0) 5338,8%
Despesas bancárias (2) (2) 20,9% (2) -1,5% (4) (5) -13,8%
Outras Despesas Financeiras (3) (3) -18,7% (3) -8,9% (6) (5) 21,2%
Total de Despesas Financeiras (36) (28) 29,4% (31) 14,8% (64) (70) -8,2%
Receitas Financeiras
Rendimento de Aplicações 14 14 -5,2% 26 -47,0% 28 54 -47,5%
Variações monetárias 8 4 119,5% 3 128,7% 12 7 61,4%
Outras Receitas Financeiras 21 13 60,1% 20 4,5% 34 29 19,0%
Total de Receitas Financeiras 43 31 36,7% 49 -13,7% 74 89 -17,6%
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No 2T20, o lucro por ação da Companhia atingiu o montante de R$ 0,18. Esse valor
se compara ao valor de R$ 0,07 no trimestre passado e de R$ 0,30 no mesmo trimestre
de 2019.
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500
Lucro
0,5
por ação
0,4
450 0,3
0,18
0,30
0,07 0,2
400
0,1
350 0,0
*Total de ações ao final do trimestre
-0,1 excluindo o saldo de ações em tesouraria na
mesma data.
300 -0,2
**Número de ações ex-tesouraria está em
-0,3
milhões.
250 -0,4
384 384 384
-0,5
200
-0,6
150 -0,7
-0,8
100 -0,9
2T19 1T20 2T20
Lucro Líquido
(R$ milhões)
-41,0%
162
-40,4% +142,8%
114
96
68
28
Margem
Líquida 12,2% 8,1% 3,7% 9,2% 6,0%
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IMÓVEIS A COMERCIALIZAR
2T20 1T20
Imóveis a Comercializar 2T20 x 1T20
R$ MM R$ MM
Imóveis em Construção 967 763 26,7%
Imóveis Concluídos 983 1.095 -10,2%
Terrenos 2.660 2.538 4,8%
Adiantamento a Fornecedores 84 156 -45,9%
Encargos Capitalizados ao Estoque 114 120 -5,0%
Provisão para Distratos 196 198 -1,1%
Total 5.004 4.870 2,8%
2T20 1T20
Adiantamento de Clientes 2T20 x 1T20
R$ MM R$ MM
Por recebimento de venda de imóveis 121 162 -25,3%
Permuta física - Terrenos para futura incorporação 617 514 20,0%
Permuta física - Imóveis incorporados 279 289 -3,4%
Total 1.017 965 5,4%
A rubrica “Contas a Pagar por Aquisição de Imóveis” de curto e longo prazo totaliza
R$ 748 milhões, sendo R$ 516 milhões relativos a imóveis já incorporados.
2T20 1T20
Contas a Pagar por Aquisição de Imóveis 2T20 x 1T20
R$ MM R$ MM
Já incorporado 516 379 36,1%
Outros 232 303 -23,4%
Total 748 682 9,7%
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representava 19,1% do total da dívida (sem juros a pagar) e Curto Prazo Longo Prazo
646
170 510
490
409 96
844
18
270
476
391 394
240
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* Custo da dívida: 0,3% da Receita Líquida de venda das unidades autônomas do empreendimento Legacy Klabin.
A dívida líquida da Companhia atingiu R$ 905 milhões no fim do trimestre, valor 7,9%
superior ao registrado no 1T20.
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Endividamento
Div Liq /
PL
R$ 350 MM (Sem Financiamento)
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GERAÇÃO DE CAIXA
No 2T20, a Companhia apresentou consumo de caixa de R$ 67 milhões, comparável à
geração de caixa de R$ 13 milhões no 1T20 e de R$ 196 milhões no 2T19. No semestre,
o consumo de caixa foi de R$ 54 milhões vs. geração de R$ 347 no 6M19.
Geração/Consumo de Caixa
(R$ milhões)
347
196
13
28 28
-15
-82
-67
-54
2T19 2T20 1T20 6M19 6M20
Não Recorrentes
Geração/Consumo de Caixa Operacional -67 -15 357,4% 195 n.a -82 346 n.a.
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EVENTOS SUBSEQUENTES
Em obras:
• Comunicação de boas práticas de comportamento para terceiros e colaboradores,
além de treinamentos;
• Afastamento de funcionários considerados como grupo de risco (acima de 60 anos
e/ou com doenças diagnosticadas como hipertensão, diabetes, etc.)
• Colaboradores que apresentem sintomas são imediatamente afastados, sem a
necessidade de apresentação de atestado;
• Distribuição de máscaras para todos os colaboradores, além da aferição de
temperatura como protocolo de entrada na obra;
• Disponibilização de vacina quadrivalente contra a gripe, para todos os
colaboradores de obras (próprios e terceiros), aplicadas no próprio local da obra;
• Limite de 2 funcionários por vez no elevador e 4 na cremalheira.
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No escritório/corporativo:
• Ampla adoção do home office, sendo mandatória para grupos de riscos, e
respeitando a carga horária diária, além de protocolos, materiais e tecnologias para o
perfeito funcionamento do mesmo;
• Análise detalhada de casos de pedidos de postergação de parcelas por clientes,
buscando a preservação dos contratos;
• Realização de campanhas de doação pelo Instituto Cyrela, em colaboração com
nossos funcionários: Campanha #Juntos Combatemos 3x Mais e Campanha #Juntos
Fazemos Mais.
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Nos dias: (i) 07 de julho de 2020, (ii) 23 de julho de 2020 e (iii) 25 de julho de
2020, a Companhia apresentou Fato Relevante informando o envio por, respectivamente,
(i) Lavvi Empreendimentos Imobiliários S.A., (ii) Plano & Plano Desenvolvimento
Imobiliário S.A., e (iii) Cury Construtora e Incorporadora S.A., do pedido de registro como
emissora de valores mobiliários, categoria “A”, e de oferta pública inicial de distribuição
primária e secundária das ações de sua emissão à Comissão de Valores Mobiliários - CVM,
a ser realizada no Brasil, em mercado de balcão não organizado, assim como o pedido
de listagem de suas ações à B3 S.A – Brasil, Bolsa, Balcão – B3, para adesão ao segmento
especial de governança corporativa, denominado Novo Mercado. A Cyrela tem
participação acionária nas três companhias, que têm como foco de sua atuação na
incorporação e construção de empreendimentos imobiliários residenciais, em todas as
faixas de renda.
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2020 2019
% %
2T20 1T20 6M20 6M19
Variação Variação
Dos Imóveis Vendidos e Revendidos (536) (470) 14,0% (1.005) (1.221) -17,6%
Loteamentos (2) (6) -63,0% (8) (12) -36,1%
Provisão Para Distrato (13) (24) -48,8% (37) 19 n.a
Da Prestação de Serviços e Outras (14) (4) 236,4% (18) (8) 124,3%
Custo das Vendas e Serviços Realizados (564) (504) 11,9% (1.068) (1.221) -12,5%
Lucro (Prejuízo) Bruto Operacional 275 261 5,4% 536 542 -1,1%
Lucro Antes da Participação dos Acionistas não Controladores 93 48 92,7% 141 204 -30,7%
Parcela de Lucro atribuida aos acionistas não controladores (25) (20) 23,7% (45) (41) 9,6%
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ANEXO IV – LANÇAMENTOS
VGV 2
Empreendimento Trimestre Mês Região Area Útil (m ) Unidades Produto % CBR
(R$ MM)
1 Wish Coimbra 1T20 jan-20 CO 50,1 11.484 165 Médio 50%
2 Plano & Reserva do Carmo - Hasegawa II - I a J (Fase2) 1T20 jan-20 SP 13,3 2.975 80 MCMV 2 e 3 50%
3 Vivaz Sacomã 1T20 jan-20 SP 79,9 17.058 500 MCMV 2 e 3 100%
4 Vivaz Jardim Pirituba 2 1T20 jan-20 SP 91,4 20.287 472 MCMV 2 e 3 100%
5 Urban Zona Norte 1T20 jan-20 RJ 78,5 13.996 388 MCMV 2 e 3 74%
6 Plano & Mooca II - Praça Alberto Lion 1T20 jan-20 SP 65,8 12.091 348 MCMV 2 e 3 50%
7 Ville Cuba 1T20 fev-20 MG 15,3 4.465 95 MCMV 2 e 3 49%
8 Jardim Vênus 1T20 fev-20 MG 32,7 11.186 238 MCMV 2 e 3 40%
9 Ville Honduras 1T20 fev-20 MG 35,7 8.390 190 MCMV 2 e 3 40%
10 Iososuke III 1T20 fev-20 SP 48,1 11.438 282 MCMV 2 e 3 50%
11 Vista Parque by Plano & Plano 1T20 fev-20 SP 49,0 6.430 223 MCMV 2 e 3 50%
12 Plano & Jardim Planalto 1T20 fev-20 SP 61,6 10.889 374 MCMV 2 e 3 50%
13 Plano & Reserva Casa Verde 1T20 fev-20 SP 58,7 9.055 299 MCMV 2 e 3 50%
14 Plano & Reserva do Cambuci - Lavapés 1T20 fev-20 SP 57,1 10.107 380 MCMV 2 e 3 50%
15 Atmosfera Vila Mariana 1T20 fev-20 SP 190,1 16.078 250 Alto Padrão 100%
16 Oka Residence Lagoa 1T20 fev-20 RJ 139,9 4.845 24 Alto Padrão 50%
17 Prime Wish 1T20 fev-20 Sul 83,7 11.191 168 Alto Padrão 80%
18 Living Concept Panamaby 1T20 mar-20 SP 62,9 8.391 238 Médio 80%
19 Plano & Mooca I - Torre B 1T20 mar-20 SP 24,1 4.372 146 MCMV 2 e 3 50%
20 Vivaz Estação Itaquera 1T20 mar-20 SP 74,4 17.208 403 MCMV 2 e 3 79%
21 Plano&Estação Capão Redondo - Dr Luis Fonseca Galvão 1T20 mar-20 SP 43,4 7.517 280 MCMV 2 e 3 50%
22 Plano&Florada Ipê - Francisco da Cruz Mellão 1T20 mar-20 SP 79,9 15.294 470 MCMV 2 e 3 50%
23 Vivaz Piedade 1T20 mar-20 RJ 41,5 8.476 236 MCMV 2 e 3 100%
24 Vivaz Jardim Prudência 1T20 mar-20 SP 94,4 17.063 500 MCMV 2 e 3 100%
25 Momento Mota Paes 1T20 mar-20 SP 72,7 7.666 54 Alto Padrão 50%
26 Completo Parque Brito 2 2T20 abr-20 RJ 77,6 20.095 500 MCMV 2 e 3 48%
27 Vivaz Transamérica 2T20 abr-20 SP 88,8 15.349 458 MCMV 2 e 3 100%
28 Plano&Penha Manuel Leiroz II 2T20 mai-20 SP 63,5 13.336 330 MCMV 2 e 3 50%
29 Living Ipiranga 2T20 jun-20 SP 144,9 18.413 228 Médio 75%
30 Vivaz Piedade - Fase 3 2T20 jun-20 RJ 20,4 4.215 118 MCMV 2 e 3 100%
Total 30 2.039,5 339.359 8.437 70%
2T20
VGV Lançado (R$ MM) VGV Lançado CBR (R$ MM) % CBR Unidades Preço Médio (m²) VGV Permutado (R$ MM) % Vendido com permuta
Por Região
2T20 2T19 Var% 2T20 2T19 Var% 2T20 2T19 Var p.p. 2T20 2T19 Var% 2T20 2T19 Var% 2T20 2T19 Var% 2T20 2T19 Var p.p.
São Paulo 297 1.530 -80,6% 229 1.188 -80,7% 77,1% 77,6% -0,5 p.p 1.016 3.569 -71,5% 6.312 6.827 -7,5% 3 77 -96,2% 36,5% 52,6% -16,1 p.p
São Paulo - Interior 0 63 -100,0% 0 63 -100,0% 0,0% 100,0% -100,0 p.p 0 248 -100,0% 0 4.518 -100,0% 0 6 -100,0% 0,0% 31,9% -31,9 p.p
Rio de Janeiro 98 319 -69,2% 58 288 -79,9% 59,0% 90,3% -31,3 p.p 618 622 -0,6% 4.034 8.115 -50,3% 3 33 -92,2% 37,4% 62,4% -25,0 p.p
Minas Gerais 0 39 -100,0% 0 19 -100,0% 0,0% 49,0% -49,0 p.p 0 232 -100,0% 0 3.587 -100,0% 0 7 -100,0% 0,0% 82,3% -82,3 p.p
Espírito Santo 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Norte 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Centro Oeste 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Sul 0 136 -100,0% 0 109 -100,0% 0,0% 80,0% -80,0 p.p 0 466 -100,0% 0 7.777 -100,0% 0 13 -100,0% 0,0% 84,1% -84,1 p.p
Nordeste 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Total 395 2.087 -81,1% 287 1.667 -82,8% 72,6% 79,9% -7,2 p.p 1.634 5.137 -68,2% 5.536 6.825 -18,9% 6 135 -95,9% 36,8% 57,0% -20,2 p.p
6M20
VGV Lançado (R$ MM) VGV Lançado CBR (R$ MM) % CBR Unidades Preço Médio (m²) VGV Permutado (R$ MM) % Vendido, com permuta
Por Região
6M20 6M19 Var% 6M20 6M19 Var% 6M20 6M19 Var p.p. 6M20 6M19 Var% 6M20 6M19 Var% 6M20 6M19 Var% 6M20 6M19 Var p.p.
São Paulo 1.464 1.987 -26,3% 1.081 1.568 -31,1% 73,8% 78,9% -5,1 p.p 6.315 5.115 23,5% 6.075 6.582 -7,7% 17 93 -81,9% 34,1% 64,1% -30,0 p.p
São Paulo - Interior 0 63 -100,0% 0 63 -100,0% 0,0% 100,0% -100,0 p.p 0 248 -100,0% 0 4.518 -100,0% 0 6 -100,0% 0,0% 80,2% -80,2 p.p
Rio de Janeiro 358 319 12,4% 227 288 -21,0% 63,6% 90,3% -26,8 p.p 1.266 622 103,5% 6.932 8.115 -14,6% 8 33 -75,5% 38,6% 92,0% -53,4 p.p
Minas Gerais 84 128 -34,7% 35 63 -44,5% 41,6% 49,0% -7,4 p.p 523 844 -38,0% 3.480 3.230 7,7% 8 9 -9,6% 22,2% 37,2% -15,0 p.p
Espírito Santo 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Norte 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Centro Oeste 50 0 0,0% 25 0 0,0% 50,0% 0,0% 50,0 p.p 165 0 0,0% 4.365 0 0,0% 5 0 0,0% 6,7% 0,0% 6,7 p.p
Sul 84 136 -38,4% 67 109 -38,4% 80,0% 80,0% 0,0 p.p 168 466 -63,9% 7.479 7.777 -3,8% 13 13 6,9% 14,3% 90,1% -75,8 p.p
Nordeste 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p 0 0 0,0% 0 0 0,0% 0 0 0,0% 0,0% 0,0% 0,0 p.p
Total 2.039 2.633 -22,5% 1.435 2.091 -31,4% 70,4% 79,4% -9,0 p.p 8.437 7.295 15,7% 6.020 6.386 -5,7% 52 153 -66,3% 36,0% 65,8% -29,8 p.p
VGV Lançado (R$ MM) VGV Lançado CBR (R$ MM) % CBR Unidades Preço Médio (m²) VGV Permutado (R$ MM) % Vendido, com permuta
Por Produto
6M20 6M19 Var% 6M20 6M19 Var% 6M20 6M19 Var p.p. 6M20 6M19 Var% 6M20 6M19 Var% 6M20 6M19 Var% 6M20 6M19 Var p.p.
Alto padrão 486 1.261 -61,4% 363 1.048 -65,3% 74,7% 83,1% -8,4 p.p 496 1.625 -69,5% 12.226 9.268 31,9% 19 110 -82,8% 35,9% 67,6% -31,7 p.p
Médio 258 657 -60,7% 184 598 -69,2% 71,4% 91,1% -19,7 p.p 631 1.387 -54,5% 6.736 6.537 3,0% 8 25 -67,2% 47,5% 56,2% -8,7 p.p
MCMV 2 e 3 1.295 716 81,0% 888 444 99,7% 68,5% 62,1% 6,4 p.p 7.310 4.283 70,7% 4.957 4.070 21,8% 24 18 38,0% 35,0% 68,3% -33,3 p.p
Total 2.039 2.633 -22,5% 1.435 2.091 -31,4% 70,4% 79,4% -9,0 p.p 8.437 7.295 15,7% 6.020 6.386 -5,7% 52 153 -66,3% 36,0% 65,8% -29,8 p.p
40
Release de Resultados – 2T20 | 2020
ANEXO V – VENDAS
2T20
Vendas Contratadas (R$ MM) Unidades Área Útil Vendida (m²) Preço Médio (R$/m²) % CBR
Por Região
2T20 2T19 Var % 2T20 2T19 Var % 2T20 2T19 Var % 2T20 2T19 Var % 2T20 2T19 Var p.p.
São Paulo 564 1.192 -52,7% 2.114 3.275 -35,5% 104.897 150.608 -30,4% 6.577 8.593 -23,5% 72,5% 70,2% 2,3 p.p
São Paulo - Interior 44 105 -58,3% 131 385 -66,0% 29.173 42.681 -31,6% 5.511 5.158 6,8% 90,8% 87,8% 3,0 p.p
Rio de Janeiro 158 379 -58,3% 591 802 -26,3% 41.479 46.407 -10,6% 5.851 9.485 -38,3% 71,3% 87,5% -16,1 p.p
Minas Gerais 24 49 -50,6% 109 263 -58,6% 16.147 8.510 89,7% 4.543 15.389 -70,5% 0,0% 0,0% 0,0 p.p
Espírito Santo 0 1 -44,5% 1 2 -50,0% 65 259 -75,0% 5.337 4.543 17,5% 60,0% 60,0% 0,0 p.p
Norte 3 4 -31,5% 18 11 63,6% 86 1.148 -92,5% 36.033 4.304 737,2% 100,0% 100,0% 0,0 p.p
Centro Oeste 3 25 -88,9% 13 36 -63,9% 972 5.380 -81,9% 4.553 4.838 -5,9% 50,0% 50,0% 0,0 p.p
Sul 19 156 -87,7% 22 453 -95,1% 5.433 17.509 -69,0% 9.621 9.929 -3,1% 89,3% 86,2% 3,3 p.p
Nordeste 3 6 -48,1% 5 11 -54,5% 561 927 -39,5% 5.493 7.628 -28,0% 40,0% 84,8% -44,8 p.p
Total 818 1.917 -57,3% 3.004 5.238 -42,6% 198.814 273.428 -27,3% 6.370 8.439 -24,5% 73,0% 75,2% -2,3 p.p
Vendas Contratadas(R$ MM) Unidades Área Útil Vendida (m²) Preço Médio(R$/m²) % CBR
Por Produto
2T20 2T19 Var % 2T20 2T19 Var % 2T20 2T19 Var % 2T20 2T19 Var % 2T20 2T19 Var p.p.
Alto padrão 196 931 -78,9% 224 1.388 -83,9% 62.989 112.544 -44,0% 11.118 10.901 2,0% 89,0% 76,3% 12,7 p.p
Médio 178 487 -63,4% 394 1.123 -64,9% 134.655 156.220 -13,8% 5.566 7.142 -22,1% 84,2% 94,3% -10,2 p.p
MCMV 2 e 3 444 499 -11,1% 2.386 2.727 -12,5% 1.170 4.664 -74,9% 4.738 3.786 25,1% 61,3% 54,6% 6,7 p.p
Total 818 1.917 -57,3% 3.004 5.238 -42,6% 198.814 273.428 -27,3% 6.370 8.439 -24,5% 73,0% 75,2% -2,3 p.p
6M20
Vendas Contratadas (R$ MM) Unidades Área Útil Vendida (m²) Preço Médio (R$/m²) % CBR
Por Região
6M20 6M19 Var % 6M20 6M19 Var % 6M20 6M19 Var % 6M20 6M19 Var % 6M20 6M19 Var p.p.
São Paulo 1.385 1.795 -22,8% 5.398 4.994 8,1% 250.944 243.883 2,9% 6.386 8.075 0,0% 71,4% 70,7% 0,7 p.p
São Paulo - Interior 132 222 -40,5% 394 843 -53,3% 56.760 89.264 -36,4% 5.334 4.990 6,9% 95,8% 83,0% 12,8 p.p
Rio de Janeiro 430 526 -18,3% 1.537 1.210 27,0% 96.442 80.323 20,1% 6.424 8.095 -20,6% 68,8% 84,9% -16,2 p.p
Minas Gerais 101 137 -26,5% 532 834 -36,2% 41.801 16.924 147,0% 4.362 19.675 -77,8% 47,0% 50,0% -3,0 p.p
Espírito Santo 1 3 -47,7% 5 8 -37,5% 324 787 -58,8% 4.238 4.360 -2,8% 60,0% 60,0% 0,0 p.p
Norte 4 10 -57,4% 30 30 0,0% 469 2.696 -82,6% 10.482 4.229 147,9% 97,4% 91,9% 5,7 p.p
Centro Oeste 56 29 95,4% 200 49 308,2% 7.836 7.061 11,0% 7.506 4.821 55,7% 50,0% 50,0% 0,0 p.p
Sul 61 229 -73,2% 49 557 -91,2% 11.800 27.077 -56,4% 10.950 10.048 9,0% 82,6% 86,0% -3,3 p.p
Nordeste 4 12 -62,6% 8 20 -60,0% 1.034 2.229 -53,6% 5.528 6.580 -16,0% 60,0% 76,7% -16,7 p.p
Total 2.175 2.961 -26,6% 8.153 8.545 -4,6% 467.409 470.245 -0,6% 6.321 7.870 -19,7% 71,0% 74,3% -3,3 p.p
Vendas Contratadas (R$ MM) Unidades Área Útil Vendida (m²) Preço Médio (R$ mil/m²) % CBR
Por Produto
6M20 6M19 Var % 6M20 6M19 Var % 6M20 6M19 Var % 6M20 6M19 Var % 6M20 6M19 Var p.p.
Alto padrão 574 1.357 -57,7% 617 1.962 -68,6% 124.275 187.571 -33,7% 11.647 10.486 11,1% 82,3% 78,4% 3,9 p.p
Médio 401 726 -44,7% 1.041 1.715 -39,3% 339.309 272.419 24,6% 5.409 6.655 -18,7% 83,6% 92,2% -8,5 p.p
MCMV 2 e 3 1.200 878 36,6% 6.495 4.868 33,4% 3.826 10.255 -62,7% 4.567 3.761 21,4% 61,5% 53,1% 8,4 p.p
Total 2.175 2.961 -26,6% 8.153 8.545 -4,6% 467.409 470.245 -0,6% 6.321 7.870 -19,7% 71,0% 74,3% -3,3 p.p
41
Release de Resultados – 2T20 | 2020
ANEXO VI – TERRENOS
Estoque de Terrenos
VGV Potencial VGV Potencial Perm uta sobre o
Por Região com Permuta sem Permuta Terrenos Unidades valor do % CBR
(R$ MM) (R$ MM) terreno
Aquisição de Terrenos
42
Release de Resultados – 2T20 | 2020
43
Release de Resultados – 2T20 | 2020
Glossário
VGV: Valor Geral de Vendas, que é o montante em R$ que pode ser obtido ao vender
Vendas contratadas: somatória dos valores das unidades vendidas que tenham
contratos assinados.
obra. A receita é reconhecida até o limite da relação "custo incorrido / custo total".
vendidas é apropriado conforme a evolução financeira das obras. Portanto é o resultado que
Lucro por ação: lucro líquido do período dividido pela quantidade de ações (no último
do terreno com unidades (no caso da permuta física) ou com o fluxo de caixa de vendas de
44
Earnings Release – 2Q20 | 2020
São Paulo, August 13, 2020 - Cyrela Brazil Realty S.A. Empreendimentos e Participações (“CBR” or “Company” or “Cyrela”)
(B3:CYRE3; OTCQPink:CYRBY), one of the largest residential real estate developers in Brazil, announces its earnings
results for the second quarter of 2020 (2Q20 and 6M20). The financial and operational information contained herein,
except where otherwise indicated, is presented in Brazilian Reais (R$) and follows the International Financial Reporting
Standards (IFRS), which are in line with technical guideline OCPC 04 and technical interpretation ICPC 02, the Brazilian
accounting principles, the financial reporting standards applicable to the Brazilian real estate developers and the relevant
regulation. The comparisons herein refer to the same period of 2019 and, as stated otherwise, to the first quarter of 2020.
2
Earnings Release – 2Q20 | 2020
MESSAGE FROM MANAGEMENT
The second quarter of 2020 was marked by the global adherence to social isolation
amid the coronavirus pandemic (COVID-19), which seriously affected the performance of
both the Brazilian and the global economy.
Even though the pace of our construction works did not slow significantly, sales fell
sharply, especially in April. As a result, we postponed most of the launches scheduled for
2Q20. However, the real estate industry recovered well in June, driven by interest rates at
all-time lows and the partial reopening of the economy, combined with good inventory
sales and the launch of Living Ipiranga. In terms of operations, sales under the “Minha
Casa, Minha Vida” Program were the main highlight during the quarter, once again showing
the resilience of the low-income segment during economic crises.
Considerable uncertainty persists, but the strong sales of our launches and inventory
units make us confident that the real estate industry will perform well in the coming
quarters.
3
Earnings Release – 2Q20 | 2020
MAIN INDICATORS
2Q20 2Q19 2Q20 x 2Q19 1Q20 2Q20 x 1Q20 6M20 6M19 6M20 x 6M19
Launches (1)
Number of Launches 5 21 -76.2% 25 -80.0% 30 30 0.0%
Launched PSV - R$ Million (100%) 395 2,087 -81.1% 1,644 -76.0% 2,039 2,633 -22.5%
Launched PSV - R$ Million (%CBR) 287 1,667 -82.8% 1,148 -75.0% 1,435 2,091 -31.4%
Cyrela's Share 72.6% 79.9% -7.2 p.p. 69.8% 2.8 p.p. 70.4% 79.4% -9.0 p.p.
PSV Swapped - R$ Million (100%) 6 135 -95.9% 46 -88.0% 52 153 -66.3%
Average Price per sq. m. (R$) (ex-lots) 5,536 6,825 -18.9% 6,136 -9.8% 6,020 6,386 -5.7%
Usable Area Launched (sq. m.) 71,408 305,718 -76.6% 267,951 -73.4% 339,359 412,338 -17.7%
Units Launched 1,634 5,137 -68.2% 6,803 -76.0% 8,437 7,295 15.7%
Sales (2)
Pre-Sales Contracts - R$ Million (100%) 818 1,917 -57.3% 1,357 -39.7% 2,175 2,961 -26.6%
Pre-Sales Contracts - R$ Million (%CBR) 597 1,442 -58.6% 948 -37.0% 1,545 2,199 -29.7%
Cyrela's Share 73.0% 75.2% -2.3 p.p. 69.9% 3.1 p.p. 71.0% 74.3% -3.2 p.p.
Average Price per sq. m. (R$) (ex-lots) 6,370 8,439 -24.5% 6,289 1.3% 6,321 7,870 -19.7%
Usable Area Sold (sq. m.) 159,015 252,055 -36.9% 243,494 -34.7% 467,409 470,245 -0.6%
Units Sold 3,004 5,238 -42.6% 5,149 -41.7% 8,153 8,545 -4.6%
Deliveries
Delivered PSV (100%) 641 832 -22.9% 672 -4.6% 1,313 1,189 10.5%
Usable Area Sold (sq. m.) 125,795 79,478 58.3% 309,777 -59.4% 435,572 287,470 51.5%
Delivered Units 2,959 3,015 -1.9% 3,301 -10.4% 6,260 4,460 40.4%
Landbank
PSV with exchange - R$ Million (100%) 37,339 39,324 -5.0% 37,413 -0.2% 37,339 39,324 -5.0%
PSV without exchange - R$ Million (100%) 31,710 33,275 -4.7% 31,675 0.1% 31,710 33,275 -4.7%
Landbank (thd sq. m.) 8,242 9,359 -11.9% 8,635 -4.6% 8,242 9,359 -11.9%
% Swap over land value 72.4% 74.6% -2.3 p.p. 73.6% -1.2 p.p. 72.4% 74.6% -2.3 p.p.
% CBR 90% 90% 0.0 p.p. 89% 0.3 p.p. 89.6% 89.6% 0.0 p.p.
Financial Indicators
Net Revenue (R$ Million) 839 937 -10.4% 765 9.7% 1,604 1,763 -9.0%
Gross Profit (R$ Million) 275 293 -6.2% 261 5.4% 536 542 -1.1%
Net Income (R$ Million) 68 114 -40.4% 28 142.8% 96 162 -41.0%
Gross Margin 32.8% 31.3% 1.5 p.p. 34.1% -1.3 p.p. 33.4% 30.7% 0.1 p.p.
Net Margin 8.1% 12.2% -4.1 p.p. 3.7% 4.4 p.p. 6.0% 9.2% -0.4 p.p.
Earnings per Share (R$) (³) 0.18 0.30 -40.4% 0.07 142.8% 0.25 0.42 -41.0%
4
Earnings Release – 2Q20 | 2020
OPERATING PERFORMANCE
Note: detailed information on launches can be found at the end of this report in the appendix tables.
LAUNCHES
Cyrela launched 5 projects in the quarter, reaching a volume of R$395 million, 81%
lower than the presented in 2Q19 (R$2,087 million). Of this total, the last of the 6 projects
of the Minha Casa Minha Vida segment (low income) that started commercialization in the
end of 2019 was recognized as launched (as disclosed in the 4Q19 Operating Preview).
Swaps accounted R$6 million in the launches of the quarter vs. R$135 million in 2Q19.
In 6M20, the PSV launched accounted for R$2,039 million, 23% down from 6M19.
Launched PSV
(in R$ million – 100%)
-22.5%
2,633
-81.1%
2,087 2,039
1,261
486 High end
1,119
258 Middle
657
Cyrela’s share (%CBR) in the 2Q20 launches stood at 73%, down from 80% in
2Q19.
5
Earnings Release – 2Q20 | 2020
Of the total PSV launched in the quarter, 80% will be recognized through full
consolidation and 20% through the equity method.
Excluding swaps and considering only the %CBR, the volume launched in the 2Q20
was R$282million, 82% lower than the launches of the same quarter of the previous year
(R$1,570 million in 2Q19). In 6M20, launches reached R$1,399 million, vs. R$1,979 million
in 6M19.
Launched PSV
Ex-Swap (in R$ million - %CBR)
-29.3%
1,979
-82.0%
1,570
1,399
282
The main launch in 2Q20 was the “Living Ipiranga” in the city of São Paulo, with a
Pre-Sales Value (PSV 100%) of R$145.0 million and 52% sold in the quarter.
6
Earnings Release – 2Q20 | 2020
The breakdown of lauches by geographical region and segment in the year can be
seen below:
63.5% 12.6%
Middle
71.8% MCMV 2 and 3
São Paulo
61.9% 12.8%
MCMV 2 and 3 Middle
75.3%
São Paulo
7
Earnings Release – 2Q20 | 2020
SALES
Note: detailed information on pre-sales can be found at the end of this report in the appendix tables.
Net pre-sales volume totaled R$818 million in the quarter, 57% down from 2Q19
(R$1,917 million). In 6M20, net pre-sales accounted for R$2,175 million, 27% lower than
the same period of the previous year.
Pre Sales
(in R$ million – 100%)
-26.6%
2,961
Cyrela’s stake in the volume sold in the quarter was 73%, compared to 75% in the
same quarter of 2019. In the semester, Cyrela’s stake was 71% vs. 74% in 6M19.
Of the net sales recorded in 2Q20, 74% will be recognized through full consolidation
and 26% through the equity method.
8
Earnings Release – 2Q20 | 2020
In the quarter, R$135 million of total net pre-sales refers to finished inventory sales
(17%), R$512 million refers to under construction inventory sales (63%) and R$171 million
refers to sales of launches (21%). The speed of sales of projects launched in 2Q20 reached
43%.
Pre Sales
(in R$ million – 100%)
-26.6%
2,961
-57.3%
2,175
1,469
1,917
791
1,189
818 975
171 1,133
486 512
517
242 135 251
2Q19 2Q20 6M19 6M20
9
Earnings Release – 2Q20 | 2020
Excluding swaps and considering only %CBR, sales volume reached R$592 million
in 2Q20, 56% lower than the same period of 2019 (R$1,345 million in 2Q19). In 6M20, sales
reached R$1,509 million, compared to R$2,091 in 6M19.
Sales
Ex-Swap
(in R$ million – %CBR)
-27.8%
2,091
-56.0% 1,509
1,345
592
10
Earnings Release – 2Q20 | 2020
São Paulo state accounted for 69.8% of total sales, followed by Rio de Janeiro at
19.8%.
The breakdown of sales by geographical region and segment can be seen below:
South Others
3.3%
High end
Rio de Janeiro 5.4%
30.6%
19.1%
MCMV 2 and 3 47.7%
8.2% 64.0%
São Paulo - Other Cities São Paulo
21.7%
Middle
11
Earnings Release – 2Q20 | 2020
SALES SPEED (SOS)
The performance reported resulted in a sales’ speed LTM (Sales over Supply ratio)
of 50.7%, lower than sales’ speed LTM presented in the same quarter of 2019 (52.7%) and
inferior than the one presented in 1Q20 (53.3%).
54.8% 53.3%
52.7% 52.8%
50.7%
Regarding sales speed by launch vintage, 43% of the 2Q20 vintage has been sold.
2Q20 43%
12
Earnings Release – 2Q20 | 2020
INVENTORIES
At the end of 2Q20, the inventory at market value amounted to R$5,692 million
(100%) and R$4,454 million (%CBR). There was a quarter-over-quarter decrease of 6.5%
in the total inventory at market value.
From the total inventory in the amount of R$5,692 million, the share to be
consolidated into the Company’s revenues is R$4,794 million (%CBR R$4,001 million),
whereas the amount of R$897 million (%CBR R$453 million) will be accounted for under
the “Equity Income” line.
9.2%
Inventory Sales of Launches Sales of Price Inventory
1Q20 inventories 2Q20 launches change/adj 2Q20
São Paulo - Other Cities
2Q20
13
Earnings Release – 2Q20 | 2020
In 2Q20, the Company sold 7.8% of its Finished Inventory Breakdown
in 2Q20
finished inventory units from the beginning of the
Others
quarter. Considering all deliveries, the Company’s São Paulo
11.4%
19.2%
inventory of finished units decreased from R$1,735
South
million (100%) (%CBR R$1,470 million) in 1Q20 to 17.9%
R$1,649 million (%100) (%CBR R$1,382 million) in 18.1% São Paulo - Other Cities
2Q20.
33.5%
Rio de Janeiro
The share of the finished inventory to be consolidated into the Company’s revenues
is R$1,341 million (%CBR R$1,225 million), whereas R$308 million (%CBR R$156 million)
will be accounted for under the “Equity Income” line.
14
Earnings Release – 2Q20 | 2020
LANDBANK
Note: detailed information on landbank can be found at the end of this report in the appendix tables.
At the close of 2Q20, the Company’s landbank amounted 8.2 million square meters of
marketable area, with total potential sales of R$37.3 billion. Cyrela’s share in the landbank
is 90%, equivalent to R$33.5 billion.
In 2Q20, Cyrela acquired 4 landplots, in the city of São Paulo and in Rio de Janeiro,
with potential PSV of R$529 million. In addition, the Company canceled/sold 2 plots of
land.
Landbank on 06.30.2020*
Breakdown by Segment (PSV in R$billion) Method of Acquisition (in %)
MCMV 2 and 3
Middle 2.6
Cash
3.5
28%
72%
31.2 Swaps
High end
São Paulo
7.5
4.8
Others
15
Earnings Release – 2Q20 | 2020
DELIVERIES
Note: detailed information on delivered units can be found in the appendix tables at the end of this report.
Cyrela delivered 12 projects in the quarter, with 2,959 units totaling a PSV (100%) of
R$641 million on the dates of their respective launches. In the semester, 6,260 units were
delivered with a PSV (100%) of R$1,313 million in a total of 22 projects.
São Paulo’s state represented 94% of total deliveries in the quarter, followed by Rio
de Janeiro with 6%.
+10.5%
1,313
78
1,189
152
173
-22.9% -4.6%
832 333
173
672
641
89
78 183
243 64 1,083
584
499 500
415
16
Earnings Release – 2Q20 | 2020
The high end and middle segments represented 26% of the deliveries in the 2Q20,
while the projects focused on the Minha Casa Minha Vida Program represented 74% of the
total.
+10.5%
1,313
1,189 131
213
320
-22.9% -4.6%
832
229
641 672
320
42 89
70
46 143 970
640
529
466 441
17
Earnings Release – 2Q20 | 2020
CONSTRUCTION SITES
At the close of 2Q20, there were 111 projects in progress, broken down as follows,
by segment, execution and geographic location, and according to the active construction
site criteria. There is only one Faixa 1 MCMV project in progress.
São Paulo 69
MCMV 58 Cyrela 58
In line with its strategic guidelines, the Company manages a large share of the
construction sites, so as to ensure the execution monitoring of the works. At the close of
the quarter, 96% of the total PSV in construction (R$10.5 billion on the dates of their
respective launches) were managed by the Company's own team or by JV’s teams. This
corroborates Cyrela’s commitment to cost management and product quality.
Middle 20%
Cyrela 69% São Paulo 70%
MCMV 32%
18
Earnings Release – 2Q20 | 2020
Economic and Financial Performance
REVENUE
The Company’s total net revenues accounted for R$839 million in 2Q20, 10.4% lower
than the R$937 million in 2Q19, and 9.7% higher than the R$765 million registered in the
1Q20. In the semester, revenues were R$1,604 million, 9.0% down vs. 6M19.
Net Revenue
(R$ million)
-9.0%
1,763
1,604
-10.4% +9.7%
937
839
765
The decrease in revenues in 2020 can be mainly explained due to lower level of
launches recognition and inferior volume of sales in the semester. On the other hand, the
contribution of construction progress from commercialized units (accordingly to the POC
accounting methodology) in the total revenue presented evolution.
19
Earnings Release – 2Q20 | 2020
Total costs came to R$564 million, representing a decrease of 12.4% over 2Q19
(R$644 million) and 11.9% higher than the 1Q20 (R$504 million). In 6M20, costs
accounted for R$1,068 million, 12.5% down vs. the same semester of 2019.
Costs
(R$ million)
-12.5%
1,221
1,068
-12.4% +11.9%
644
564
504
20
Earnings Release – 2Q20 | 2020
GROSS MARGIN
The Company's gross margin stood at 32.8% in 2Q20, 1.5 p.p. up from the margin of
31.3% presented in 2Q19 and 1.3 p.p. down from the 34.1% margin reported in 1Q20. In
the semester, gross margin achieved a level of 33.4%, 2.7 p.p. higher than the 6M19.
Adjusted gross margin stood at 34.8% in 2Q20, 1.6 p.p. up from the adjusted gross
margin in 2Q19 and 0.9 p.p. lower than the adjusted gross margin recorded in 1Q20. In
6M20 the adjusted gross margin was 35.2%, 2.1 p.p. up from the same period of 2019.
The increase in Cyrela’s gross margin in 2020 was mainly due to higher contributions
of the projects evolution recognition in the Company’s consolidated results, which tipically
carries margins above the average.
Gross Margin Evolution
21
Earnings Release – 2Q20 | 2020
SALES TO BE RECOGNIZED
At the close of 2Q20, net revenues from sales to be recognized totaled R$3,043
million. Gross margin from revenues to be recognized stood at 37.4% in the close of the
quarter, 0.6 p.p. down from 1Q20 and 1.2 p.p. down from 2Q19.
-0.6 p.p.
38.6% 38.0% 37.4%
Sales to be Recognized (R$ MM) 2Q20 1Q20 2Q20 x 1Q20 2Q19 2Q20 x 2Q19
Gross Margin to be Recognized 37.4% 38.0% -0.6 p.p. 38.6% -1.2 p.p.
22
Earnings Release – 2Q20 | 2020
SELLING EXPENSES
Selling expenses totaled R$89 million in 2Q20, R$2 million lower from 1Q20 and R$9
million down from 2Q19. In the semester, sales expenses were R$180 million, R$6 million
lower vs. 6M19.
* Maintenance costs of the inventory of finished units such as carrying fees and property tax.
In the quarter, the Media line presented a decrease of R$10 million compared to the
1Q20 and of R$9 million related to the 2Q19. This changes can be mainly explained by
lower level of launches in the period. In the year, the Finished Inventory Maintenance line
presented a reduction of R$6 million, in line with the Company’s finished inventory
decrease.
23
Earnings Release – 2Q20 | 2020
GENERAL & ADMINISTRATIVE EXPENSES
The year-over-year changes in G&A expenses are mainly explained by the increase of
R$10 million in the Salaries and Social Charges line and R$8 million in the Employees’
expense, together with an increment of R$13 million in the Third Party Services item, in
line with the natural evolution of the operations of the Company. On the other hand, the
Indemnities line decresed R$11 million vs. 6M19.
24
Earnings Release – 2Q20 | 2020
FINANCIAL RESULT
The Company recorded positive net financial result of R$7 million in 2Q20, higher than
the R$3 million net positive result registered in the 1Q20 and lower than the positive R$18
million from the 2Q19. In the semester, the financial result was positive in R$10 million,
being lower than the R$20 million of 6M19.
Financial Result
2Q20 1Q20 2Q19 6M20 6M19
2Q20 x 1Q20 2Q20 x 2Q19 6M20 x 6M19
R$ MM R$ MM R$ MM R$ MM R$ MM
Financial Expenses
SFH Interest (3) (2) 53.2% (7) -54.2% (5) (17) -67.2%
Interest on Corporate Loans (20) (21) -4.0% (23) -10.1% (42) (52) -20.6%
Capitalized Interest 2 1 120.8% 4 -42.8% 3 9 -66.8%
Sub Total (22) (22) -3.8% (26) -17.7% (44) (60) -26.5%
Monetary Adjustment on Loans (10) (0) 2659.8% (0) 20950.5% (10) (0) 5338.8%
Bank Expenses (2) (2) 20.9% (2) -1.5% (4) (5) -13.8%
Other financial expenses (3) (3) -18.7% (3) -8.9% (6) (5) 21.2%
Total Financial Expenses (36) (28) 29.4% (31) 14.8% (64) (70) -8.2%
Financial Revenues
Income on Investments 14 14 -5.2% 26 -47.0% 28 54 -47.5%
Monetary Adjustment 8 4 119.5% 3 128.7% 12 7 61.4%
Other financial income 21 13 60.1% 20 4.5% 34 29 19.0%
Total Financial Revenues 43 31 36.7% 49 -13.7% 74 89 -17.6%
In the quarter, the financial revenues registered positive impact of R$16.3 million due
to gains from the mark-to-market of interest rate swap operations on financing loans,
recognized under "Other Financial Income" line.
25
Earnings Release – 2Q20 | 2020
NET INCOME AND NET MARGIN
In addition to the accounts detailed and discussed above, it is worth noting the
following items:
(i) Positive impact of R$16 million from Cyrela's share in Cury’s results;
(ii) Positive impact of R$8 million in the “Other Results in Investments”, from
gains with shares appreciation from Tecnisa (R$5 million) and Cyrela
Commercial Properties (R$3 million).
(iii) Negative impact of R$29 million from legal contingencies, of which R$14
million paid in General & Administrative expenses and R$15 million from
changes in the Provisions line in the balance sheet, recognized in “Other
Operating Expenses/Revenues”.
As a result of the performance described above, the Company recorded net income
of R$68 million in 2Q20, versus net income of R$28 million in 1Q20 and R$114 million net
profit in 2Q19.
In the semester, the net profit was R$96 million vs. R$162 million in 6M19.
In 2Q20, the Company’s earnings per share (EPS) was R$0.18, compared to R$0.07
in 1Q20 and R$0.30 in 2Q19.
26
Earnings Release – 2Q20 | 2020
600 0.5
550 Earnings0.4
Per Share
500 0.3
450 0.30 0.18
0.2
400 0.07
0.1
350
0.0
300
-0.1
250 *Total shares at the close of the quarter, not
-0.2 including Treasury shares on the same date.
200 384 384 384
150 -0.3 **Number of shares without Treasury shares
in millions.
100 -0.4
50 -0.5
0 -0.6
2Q19 1Q20 2Q20
Net Profit
(R$ million)
-41,0%
162
-40,4% +142,8%
114
96
68
28
Net
12.2% 8.1% 3.7% 9.2% 6.0%
Margin
27
Earnings Release – 2Q20 | 2020
Financial Statements Highlights Cost to be incurred
(ref, sold units – R$ million)
28
Earnings Release – 2Q20 | 2020
MARKETABLE REAL ESTATE
The main item under the Inventories account reported in the Company’s Balance Sheet
refers to land earmarked for future development, which totaled R$2,660 million on June 30,
2020 and represented 53.2% of the total.
2Q20 1Q20
Marketable Real Estate 2Q20 x 1Q20
R$ MM R$ MM
Units under construction 967 763 26.7%
Finished units 983 1,095 -10.2%
Landbank 2,660 2,538 4.8%
Suppliers 84 156 -45.9%
Interest capitalized in inventories 114 120 -5.0%
Provision for Cancellations 196 198 -1.1%
Total 5,004 4,870 2.8%
In addition to the actual advance payments from customers, the “Advances from
Customers” account comprises liabilities, which stem from physical swaps in land
purchases (counterpart entries to land swaps), value at cost price. Under this account,
land for future real estate incorporation amounts to R$617 million and incorporated real
estate projects to R$279 million, totaling R$896 million, corresponding to the book value
of swapped units. Such obligations shall be written off by following the same procedure as
that used for sales revenue recognition, with no actual cash outflows.
2Q20 1Q20
Advances from Customers 2Q20 x 1Q20
R$ MM R$ MM
Receiving of real estate sales 121 162 -25.3%
Land for future incorporation 617 514 20.0%
Incorpotared real estate units 279 289 -3.4%
Total 1,017 965 5.4%
The short- and long-term “Accounts Payable for Real Estate Acquisition” lines amount
to R$748 million, R$516 million of which are related to developed projects.
2Q20 1Q20
Accounts Payable - Real estate acquisition 2Q20 x 1Q20
R$ MM R$ MM
Incorporated 516 379 36.1%
Others 232 303 -23.4%
Total 748 682 9.7%
29
Earnings Release – 2Q20 | 2020
DEBT
Corporate Debt
(R$ million)
On June 30, 2020, gross debt including accrued interest +11.6%
844
646
170 510
490
409 96
844
18
270
476
391 394
240
30
Earnings Release – 2Q20 | 2020
* Cost of debt: 0.3% of net revenue of units sold from the Legacy Klabin project.
The Company’s net debt amounted to R$905 million, an increase of 7.9% from 1Q20.
31
Earnings Release – 2Q20 | 2020
The Company’s leverage, as measured by means of the Net Debt / Total Equity ratio,
reached 17.1% by the end of the quarter, reinforcing Cyrela’s commitment to maintain
this index in healthy levels and ratifying the financial strength of the company.
Debt Overview
(R$ million)
Total Corporate
Indicators
2,899 2,899 Debt Debt
32
Earnings Release – 2Q20 | 2020
CASH GENERATION
In 2Q20, the Company recorded cash consumption of R$67 million, versus cash
generation of R$13 million in 1Q20 and cash generation of R$196 million in 2Q19. In the
semester, the cash consumption was R$54 million vs. a cash generation of R$347 million
in 6M19.
Cash Generation/Consumption
(R$ million)
347
196
13
28 28
-15
-82
-67
-54
2Q19 2Q20 1Q20 6M19 6M20
Non Recurring
The Company’s cash consumption ocurred mainly due to an interruption in the pace
of the sales of the period, beside some renegotiation of clients installments, both impacted
by the COVID-19 pandemic crisis.
Operational Cash Generation/Burn -67 -15 357.4% 195 n.a -82 346 n.a.
33
Earnings Release – 2Q20 | 2020
SUBSEQUENT EVENTS
The Company is closely monitoring all developments and taking mitigation measures
to ensure the safety of all its stakeholders. The related initiatives are designed to protect
the health of our entire workforce (including employees and third-party service providers
in both construction sites and offices) and, consequently, of society as a whole. Our action
plan is intended to flatten the coronavirus curve in Brazil in order not to overburden the
health system and ensure the most serious cases are treated effectively. In addition, the
Company is seeking the best financial solution for our customers and suppliers to protect
its contracts and cash reserves. Its coronavirus response mainly includes the following
initiatives:
In construction sites:
• Disseminating information and providing training about good behaviors among third-
party service providers and employees
• Furloughing high-risk employees (those over age 60 and/or diagnosed with high
blood pressure, diabetes, etc.)
• Immediately furloughing any workforce members showing COVID-19 symptoms with
no need for a medical certificate
• Providing face masks for all workforce members and taking the temperature of
everyone entering construction sites
• Providing quadrivalent flu shots for all construction workers (employees and third-
party service providers) in the construction site itself and
• Setting a limit of two people at a time in the elevator and four on the rack.
34
Earnings Release – 2Q20 | 2020
In offices / corporate departments:
• A large number of workforce members–and mandatorily all high-risk individuals–now
perform their daily workload from home. Specific protocols, materials and technologies
have been adopted to ensure the system works smoothly.
• All requests for postponement of payments are being examined thoroughly in an
attempt to protect contracts
• Instituto Cyrela has run the following campaigns jointly with our employees: #Juntos
Combatemos 3x Mais [#Together We Fight 3 Times As Much] and #Juntos Fazemos Mais
[#Together We Achieve More.]
The Company did not have relevant impact in its receivables in the second quarter. In
addition, we regularly test our cash flows under different scenarios to maintain cash
reserves at appropriate levels. Based on those projections, we expect no pressure on our
cash reserves for the next 12 months.
35
Earnings Release – 2Q20 | 2020
On (i) July 7, 2020, (ii) July 23, 2020 and (iii) July 25, 2020, we published Material
Fact Notices informing (i) Lavvi Empreendimentos Imobiliários S.A., (ii) Plano & Plano
Desenvolvimento Imobiliário S.A. and (iii) Cury Construtora e Incorporadora S.A. had
respectively submitted to the CVM [Comissão de Valores Mobiliários, or Brazilian Securities
Commission] both applications for registration as Category A issuers of securities and
requests for Initial Public Offerings of their respective shares, for primary and secondary
trading on the Brazilian non-organized OTC market, as well as applied for listing in B3 S.A
– Brasil, Bolsa, Balcão – B3’s Novo Mercado special corporate governance segment. We
have equity interests in all three companies, which focus on residential real estate
development and construction for all income brackets.
On July 23, 2020, Cyrela's Annual General Meeting approved paying registered
shareholders as of July 23, 2020 a minimum mandatory dividend totaling R$98.8 million,
or R$0.26 per share (not considering Treasury shares), by December 31, 2020.
As shown in our 1Q20 Earnings Release, we recorded in the income statement, under
“Other Results in Investment,” a positive effect of R$33 million connected with the deal
with Canada Pension Plan Investment Board (CPPIB.) The R$56 million related to that deal
was paid on July 16, 2020.
36
Earnings Release – 2Q20 | 2020
ANNEX I – BALANCE SHEET
Consolidated Balance Sheet
R$ million
37
Earnings Release – 2Q20 | 2020
ANNEX II – INCOME STATEMENT
Consolidated Income Statement
R$ million
% %
2Q20 1Q20 6M20 6M19
Change Change
Real Estate Sales and Resales (536) (470) 14.0% (1,005) (1,221) -17.6%
Lots for Development (2) (6) -63.0% (8) (12) -36.1%
Cancellations Provision (13) (24) -48.8% (37) 19
Services Rendered and Others (14) (4) 236.4% (18) (8) 124.3%
Cost of Goods and/or Services Sold (564) (504) 11.9% (1,068) (1,221) -12.5%
Earnings Before Income Taxes on Profit and Shareholders 109 65 67.9% 174 241 -27.7%
38
Earnings Release – 2Q20 | 2020
ANNEX III – REVENUE RECOGNITION
*Considers only revenues from Residential Real Estate Development activities
39
Earnings Release – 2Q20 | 2020
ANNEX IV – LAUNCHES
PSV Usable Area
Project Quarter Month Region Units Segment % CBR
(R$ MM) (sq. m.)
1 Wish Coimbra 1Q20 Jan-20 CO 50.1 11,484 165 Middle 50%
2 Plano & Reserva do Carmo - Hasegawa II - I a J (Fase2) 1Q20 Jan-20 SP 13.3 2,975 80 MCMV 2 and 3 50%
3 Vivaz Sacomã 1Q20 Jan-20 SP 79.9 17,058 500 MCMV 2 and 3 100%
4 Vivaz Jardim Pirituba 2 1Q20 Jan-20 SP 91.4 20,287 472 MCMV 2 and 3 100%
5 Urban Zona Norte 1Q20 Jan-20 RJ 78.5 13,996 388 MCMV 2 and 3 74%
6 Plano & Mooca II - Praça Alberto Lion 1Q20 Jan-20 SP 65.8 12,091 348 MCMV 2 and 3 50%
7 Ville Cuba 1Q20 Feb-20 MG 15.3 4,465 95 MCMV 2 and 3 49%
8 Jardim Vênus 1Q20 Feb-20 MG 32.7 11,186 238 MCMV 2 and 3 40%
9 Ville Honduras 1Q20 Feb-20 MG 35.7 8,390 190 MCMV 2 and 3 40%
10 Iososuke III 1Q20 Feb-20 SP 48.1 11,438 282 MCMV 2 and 3 50%
11 Vista Parque by Plano & Plano 1Q20 Feb-20 SP 49.0 6,430 223 MCMV 2 and 3 50%
12 Plano & Jardim Planalto 1Q20 Feb-20 SP 61.6 10,889 374 MCMV 2 and 3 50%
13 Plano & Reserva Casa Verde 1Q20 Feb-20 SP 58.7 9,055 299 MCMV 2 and 3 50%
14 Plano & Reserva do Cambuci - Lavapés 1Q20 Feb-20 SP 57.1 10,107 380 MCMV 2 and 3 50%
15 Atmosfera Vila Mariana 1Q20 Feb-20 SP 190.1 16,078 250 High end 100%
16 Oka Residence Lagoa 1Q20 Feb-20 RJ 139.9 4,845 24 High end 50%
17 Prime Wish 1Q20 Feb-20 South 83.7 11,191 168 High end 80%
18 Living Concept Panamaby 1Q20 Mar-20 SP 62.9 8,391 238 Middle 80%
19 Plano & Mooca I - Torre B 1Q20 Mar-20 SP 24.1 4,372 146 MCMV 2 and 3 50%
20 Vivaz Estação Itaquera 1Q20 Mar-20 SP 74.4 17,208 403 MCMV 2 and 3 79%
21 Plano&Estação Capão Redondo - Dr Luis Fonseca Galvão 1Q20 Mar-20 SP 43.4 7,517 280 MCMV 2 and 3 50%
22 Plano&Florada Ipê - Francisco da Cruz Mellão 1Q20 Mar-20 SP 79.9 15,294 470 MCMV 2 and 3 50%
23 Vivaz Piedade 1Q20 Mar-20 RJ 41.5 8,476 236 MCMV 2 and 3 100%
24 Vivaz Jardim Prudência 1Q20 Mar-20 SP 94.4 17,063 500 MCMV 2 and 3 100%
25 Momento Mota Paes 1Q20 Mar-20 SP 72.7 7,666 54 High end 50%
26 Completo Parque Brito 2 2Q20 Apr-20 RJ 77.6 20,095 500 MCMV 2 and 3 48%
27 Vivaz Transamérica 2Q20 Apr-20 SP 88.8 15,349 458 MCMV 2 and 3 100%
28 Plano&Penha Manuel Leiroz II 2Q20 May-20 SP 63.5 13,336 330 MCMV 2 and 3 50%
29 Living Ipiranga 2Q20 Jun-20 SP 144.9 18,413 228 Middle 75%
30 Vivaz Piedade - Fase 3 2Q20 Jun-20 RJ 20.4 4,215 118 MCMV 2 and 3 100%
Total 30 2,039.5 339,359 8,437 70%
2Q20
Launched PSV CBR Launched % CBR Units Averege Price PSV - Swaps % Sold with
Region
2Q20 2Q19 Chg % 2Q20 2Q19 Chg % 2Q20 2Q19 Chg p.p. 2Q20 2Q19 Chg % 2Q20 2Q19 Chg % 2Q20 2Q19 Chg % 2Q20 2Q19 Chg p.p.
São Paulo 297 1,530 -80.6% 229 1,188 -80.7% 77.1% 77.6% -0.5 p.p 1,016 3,569 -71.5% 6,312 6,827 -7.5% 3 77 -96.2% 36.5% 52.6% -16.1 p.p
São Paulo - Other Cities 0 63 -100.0% 0 63 -100.0% 0.0% 100.0% -100.0 p.p 0 248 -100.0% 0 4,518 -100.0% 0 6 -100.0% 0.0% 31.9% -31.9 p.p
Rio de Janeiro 98 319 -69.2% 58 288 -79.9% 59.0% 90.3% -31.3 p.p 618 622 -0.6% 4,034 8,115 -50.3% 3 33 -92.2% 37.4% 62.4% -25.0 p.p
Minas Gerais 0 39 -100.0% 0 19 -100.0% 0.0% 49.0% -49.0 p.p 0 232 -100.0% 0 3,587 -100.0% 0 7 -100.0% 0.0% 82.3% -82.3 p.p
Espírito Santo 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p 0 0 0.0% 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p
North 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p 0 0 0.0% 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p
Midwest 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p 0 0 0.0% 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p
South 0 136 -100.0% 0 109 -100.0% 0.0% 80.0% -80.0 p.p 0 466 -100.0% 0 7,777 -100.0% 0 13 -100.0% 0.0% 84.1% -84.1 p.p
Northeast 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p 0 0 0.0% 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p
Total 395 2,087 -81.1% 287 1,667 -82.8% 72.6% 79.9% -7.2 p.p 1,634 5,137 -68.2% 5,536 6,825 -18.9% 6 135 -95.9% 36.8% 57.0% -20.2 p.p
6M20
Launched PSV (R$ MM) CBR Launched PSV (R$ MM) % CBR Units Averege Price (per sq. m.) PSV - Swaps (R$ MM) % Sold with Swaps
Region
6M20 6M19 Chg % 6M20 6M19 Chg % 6M20 6M19 Chg p.p. 6M20 6M19 Chg % 6M20 6M19 Chg % 6M20 6M19 Chg % 6M20 6M19 Chg p.p.
São Paulo 1,464 1,987 -26.3% 1,081 1,568 -31.1% 73.8% 78.9% -5.1 p.p 6,315 5,115 23.5% 6,075 6,582 -7.7% 17 93 -81.9% 34.1% 64.1% -30.0 p.p
São Paulo - Other Cities 0 63 -100.0% 0 63 -100.0% 0.0% 100.0% -100.0 p.p 0 248 -100.0% 0 4,518 -100.0% 0 6 -100.0% 0.0% 80.2% -80.2 p.p
Rio de Janeiro 358 319 12.4% 227 288 -21.0% 63.6% 90.3% -26.8 p.p 1,266 622 103.5% 6,932 8,115 -14.6% 8 33 -75.5% 38.6% 92.0% -53.4 p.p
Minas Gerais 84 128 -34.7% 35 63 -44.5% 41.6% 49.0% -7.4 p.p 523 844 -38.0% 3,480 3,230 7.7% 8 9 -9.6% 22.2% 37.2% -15.0 p.p
Espírito Santo 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p 0 0 0.0% 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p
North 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p 0 0 0.0% 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p
Midwest 50 0 0.0% 25 0 0.0% 50.0% 0.0% 50.0 p.p 165 0 0.0% 4,365 0 0.0% 5 0 0.0% 6.7% 0.0% 6.7 p.p
South 84 136 -38.4% 67 109 -38.4% 80.0% 80.0% 0.0 p.p 168 466 -63.9% 7,479 7,777 -3.8% 13 13 6.9% 14.3% 90.1% -75.8 p.p
Northeast 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p 0 0 0.0% 0 0 0.0% 0 0 0.0% 0.0% 0.0% 0.0 p.p
Total 2,039 2,633 -22.5% 1,435 2,091 -31.4% 70.4% 79.4% -9.0 p.p 8,437 7,295 15.7% 6,020 6,386 -5.7% 52 153 -66.3% 36.0% 65.8% -29.8 p.p
Launched PSV (R$ MM) CBR Launched PSV (R$ MM) % CBR Units Averege Price (per sq. m.) PSV - Swaps (R$ MM) % Sold with Swaps
Segment
6M20 6M19 Chg % 6M20 6M19 Chg % 6M20 6M19 Chg p.p. 6M20 6M19 Chg % 6M20 6M19 Chg % 6M20 6M19 Chg % 6M20 6M19 Chg p.p.
High end 486 1,261 -61.4% 363 1,048 -65.3% 74.7% 83.1% -8.4 p.p 496 1,625 -69.5% 12,226 9,268 31.9% 19 110 -82.8% 35.9% 67.6% -31.7 p.p
Middle 258 657 -60.7% 184 598 -69.2% 71.4% 91.1% -19.7 p.p 631 1,387 -54.5% 6,736 6,537 3.0% 8 25 -67.2% 47.5% 56.2% -8.7 p.p
MCMV 2 and 3 1,295 716 81.0% 888 444 99.7% 68.5% 62.1% 6.4 p.p 7,310 4,283 70.7% 4,957 4,070 21.8% 24 18 38.0% 35.0% 68.3% -33.3 p.p
Total 2,039 2,633 -22.5% 1,435 2,091 -31.4% 70.4% 79.4% -9.0 p.p 8,437 7,295 15.7% 6,020 6,386 -5.7% 52 153 -66.3% 36.0% 65.8% -29.8 p.p
40
Earnings Release – 2Q20 | 2020
ANNEX V – SALES
2Q20
Pre-Sales Contracts (R$ MM) Units Usable Area Sold (sq. m.) Avg. Price (R$/sq. m.) % CBR
Region
2Q20 2Q19 Chg % 2Q20 2Q19 Chg % 2Q20 2Q19 Chg % 2Q20 2Q19 Chg % 2Q20 2Q19 Chg p.p.
São Paulo 564 1,192 -52.7% 2,114 3,275 -35.5% 104,897 150,608 -30.4% 6,577 8,593 -23.5% 72.5% 70.2% 2.3 p.p
São Paulo - Other Cities 44 105 -58.3% 131 385 -66.0% 29,173 42,681 -31.6% 5,511 5,158 6.8% 90.8% 87.8% 3.0 p.p
Rio de Janeiro 158 379 -58.3% 591 802 -26.3% 41,479 46,407 -10.6% 5,851 9,485 -38.3% 71.3% 87.5% -16.1 p.p
Minas Gerais 24 49 -50.6% 109 263 -58.6% 16,147 8,510 89.7% 4,543 15,389 -70.5% 0.0% 0.0% 0.0 p.p
Espírito Santo 0 1 -44.5% 1 2 -50.0% 65 259 -75.0% 5,337 4,543 17.5% 60.0% 60.0% 0.0 p.p
North 3 4 -31.5% 18 11 63.6% 86 1,148 -92.5% 36,033 4,304 737.2% 100.0% 100.0% 0.0 p.p
Midwest 3 25 -88.9% 13 36 -63.9% 972 5,380 -81.9% 4,553 4,838 -5.9% 50.0% 50.0% 0.0 p.p
South 19 156 -87.7% 22 453 -95.1% 5,433 17,509 -69.0% 9,621 9,929 -3.1% 89.3% 86.2% 3.3 p.p
Northeast 3 6 -48.1% 5 11 -54.5% 561 927 -39.5% 5,493 7,628 -28.0% 40.0% 84.8% -44.8 p.p
Total 818 1,917 -57.3% 3,004 5,238 -42.6% 198,814 273,428 -27.3% 6,370 8,439 -24.5% 73.0% 75.2% -2.3 p.p
Pre-SalesContracts (R$ MM) Units Usable Area Sold(sq. m.) Avg. Price(R$/sq. m.) % CBR
Segment
2Q20 2Q19 Chg % 2Q20 2Q19 Chg % 2Q20 2Q19 Chg % 2Q20 2Q19 Chg % 2Q20 2Q19 Chg p.p.
High end 196 931 -78.9% 224 1,388 -83.9% 62,989 112,544 -44.0% 11,118 10,901 2.0% 89.0% 76.3% 12.7 p.p
Middle 178 487 -63.4% 394 1,123 -64.9% 134,655 156,220 -13.8% 5,566 7,142 -22.1% 84.2% 94.3% -10.2 p.p
MCMV 2 and 3 444 499 -11.1% 2,386 2,727 -12.5% 1,170 4,664 -74.9% 4,738 3,786 25.1% 61.3% 54.6% 6.7 p.p
Total 818 1,917 -57.3% 3,004 5,238 -42.6% 198,814 273,428 -27.3% 6,370 8,439 -24.5% 73.0% 75.2% -2.3 p.p
6M20
Pre-Sales Contracts (R$ MM) Units Usable Area Sold (sq. m.) Avg. Price (R$/sq. m.) % CBR
Region
6M20 6M19 Chg % 6M20 6M19 Chg % 6M20 6M19 Chg % 6M20 6M19 Chg % 6M20 6M19 Chg p.p.
São Paulo 1,385 1,795 -22.8% 5,398 4,994 8.1% 250,944 243,883 2.9% 6,386 8,075 0.0% 71.4% 70.7% 0.7 p.p
São Paulo - Other Cities 132 222 -40.5% 394 843 -53.3% 56,760 89,264 -36.4% 5,334 4,990 6.9% 95.8% 83.0% 12.8 p.p
Rio de Janeiro 430 526 -18.3% 1,537 1,210 27.0% 96,442 80,323 20.1% 6,424 8,095 -20.6% 68.8% 84.9% -16.2 p.p
Minas Gerais 101 137 -26.5% 532 834 -36.2% 41,801 16,924 147.0% 4,362 19,675 -77.8% 47.0% 50.0% -3.0 p.p
Espírito Santo 1 3 -47.7% 5 8 -37.5% 324 787 -58.8% 4,238 4,360 -2.8% 60.0% 60.0% 0.0 p.p
North 4 10 -57.4% 30 30 0.0% 469 2,696 -82.6% 10,482 4,229 147.9% 97.4% 91.9% 5.7 p.p
Midwest 56 29 95.4% 200 49 308.2% 7,836 7,061 11.0% 7,506 4,821 55.7% 50.0% 50.0% 0.0 p.p
South 61 229 -73.2% 49 557 -91.2% 11,800 27,077 -56.4% 10,950 10,048 9.0% 82.6% 86.0% -3.3 p.p
Northeast 4 12 -62.6% 8 20 -60.0% 1,034 2,229 -53.6% 5,528 6,580 -16.0% 60.0% 76.7% -16.7 p.p
Total 2,175 2,961 -26.6% 8,153 8,545 -4.6% 467,409 470,245 -0.6% 6,321 7,870 -19.7% 71.0% 74.3% -3.3 p.p
Pre-Sales Contracts (R$ MM) Units Usable Area Sold (sq. m.) Avg. Price (R$/sq. m.) % CBR
Segment
6M20 6M19 Chg % 6M20 6M19 Chg % 6M20 6M19 Chg % 6M20 6M19 Chg % 6M20 6M19 Chg p.p.
High end 574 1,357 -57.7% 617 1,962 -68.6% 124,275 187,571 -33.7% 11,647 10,486 11.1% 82.3% 78.4% 3.9 p.p
Middle 401 726 -44.7% 1,041 1,715 -39.3% 339,309 272,419 24.6% 5,409 6,655 -18.7% 83.6% 92.2% -8.5 p.p
MCMV 2 and 3 1,200 878 36.6% 6,495 4,868 33.4% 3,826 10,255 -62.7% 4,567 3,761 21.4% 61.5% 53.1% 8.4 p.p
Total 2,175 2,961 -26.6% 8,153 8,545 -4.6% 467,409 470,245 -0.6% 6,321 7,870 -19.7% 71.0% 74.3% -3.3 p.p
41
Earnings Release – 2Q20 | 2020
ANNEX VI – LANDBANK
Landbank
PSV - with PSV - without
Region swaps swaps Land Units Swap % CBR
(R$ MM) (R$ MM)
São Paulo 7,547 6,752 53 15,197 47.3% 91.2%
São Paulo - Other Cities 2,489 2,159 11 11,330 71.8% 86.1%
Rio de Janeiro 21,284 17,061 33 44,882 82.8% 91.9%
Minas Gerais 321 321 7 1,107 0.0% 90.0%
North 2,808 2,721 18 4,013 48.2% 76.5%
Midwest 297 234 4 1,730 95.8% 60.3%
South 1,254 1,180 10 2,656 30.1% 87.2%
Northeast 1,339 1,284 2 2,778 67.0% 87.1%
Total 37,339 31,710 138 83,692 72.4% 89.6%
,
Land Acquisition
PSV - with PSV - without
Region swaps swaps Land Units Swap % CBR
(R$MM) (R$ MM)
São Paulo 454 414 3 1,138 53.7% 100.0%
São Paulo - Other Cities 0 0 0 0 0.0% 0.0%
Rio de Janeiro 76 76 1 317 0.0% 100.0%
Minas Gerais 0 0 0 0 0.0% 0.0%
Espírito Santo 0 0 0 0 0.0% 0.0%
North 0 0 0 0 0.0% 0.0%
Midwest 0 0 0 0 0.0% 0.0%
South 0 0 0 0 0.0% 0.0%
Northeast 0 0 0 0 0.0% 0.0%
Total 529 490 4 1,455 44.8% 100.0%
,
42
Earnings Release – 2Q20 | 2020
ANNEX VII – PROJECTS DELIVERED
Launch Delivery Usable PSV Launched Units
Delivered Projects Location Product % CBR
Date Date Area (sq mts) (R$ MM) Delivered
1 Cyrela Landscape Taubaté SP - Other Cities May-15 Jan-20 194,439 88.6 540 High end 50%
2 Dez Vila Ema SP Aug-17 Jan-20 11,953 67.3 294 MCMV 2 and 3 25%
3 Hum liberdade SP Oct-17 Jan-20 8,549 64.0 292 MCMV 2 and 3 50%
4 Meu Lar Cantareira SP Oct-17 Jan-20 13,686 47.8 300 MCMV 2 and 3 50%
5 Plano & Estação Itaquera SP Nov-17 Jan-20 12,367 50.6 306 MCMV 2 and 3 50%
6 Plano & Largo do Cambuci SP Jan-18 Jan-20 12,043 58.9 298 MCMV 2 and 3 50%
7 Living Wish Lapa - Fase 1 SP Jun-17 Mar-20 12,934 86.7 183 Middle 100%
8 Living Wish Lapa - Fase 2 SP Aug-17 Mar-20 8,576 56.0 124 Middle 100%
9 Plano & Parque São Vicente SP Jan-18 Mar-20 21,894 95.8 634 MCMV 2 and 3 50%
10 Plano& Estação Itaquera - Lagoa do Campelo II SP Apr-18 Mar-20 13,336 56.3 330 MCMV 2 and 3 50%
11 Plano & José Bonifácio -Hasegawa I SP Oct-18 Apr-20 11,155 51.6 300 MCMV 2 and 3 50%
12 Dez Tiradentes SP Dec-17 May-20 11,433 52.1 268 MCMV 2 and 3 48%
13 Dez Bom Retiro SP Nov-17 May-20 10,894 51.5 268 MCMV 2 and 3 48%
14 Completo Jacarepaguá RJ Aug-17 May-20 19,736 78.4 420 MCMV 2 and 3 75%
15 Living Near Pacaembu SP Oct-17 May-20 8,178 70.5 104 Middle 100%
16 Plano& Cupecê I - Terrenos Bentos SP Apr-18 Jun-20 11,720 61.9 290 MCMV 2 and 3 50%
17 Plano&Cupecê II SP May-18 Jun-20 8,737 54.3 293 MCMV 2 and 3 50%
18 Plano & Parque do Carmo - Iososuke II SP Oct-18 Jun-20 12,043 50.5 298 MCMV 2 and 3 50%
19 Moou SP Oct-17 Jun-20 2,916 42.1 38 High end 50%
20 Dez Cerejeira SP Mar-17 Jun-20 12,088 64.5 300 MCMV 2 and 3 48%
21 Super Cittá Paraíso SP - Other Cities Jul-18 Jun-20 11,558 44.1 260 MCMV 2 and 3 48%
22 Residencial Magia SP - Other Cities Dec-18 Jun-20 5,338 19.8 120 MCMV 2 and 3 48%
Total 22 Projects 435,572 1,313.4 6,260
43
Earnings Release – 2Q20 | 2020
Glossary
PSV: Pre-Sales Value, or the amount in R$ obtainable by selling each real estate
unit.
%CBR: the Company’s share, or the sum of its direct and indirect share in each
project.
Pre-sales: the sum of values of all units sold the contracts for which have been
signed.
Result to be recognized: due to the "PoC" accounting method, results from units
Net debt: total debt plus debenture and MBS issuance costs, net of accrued
interest, less cash position (cash and cash equivalents + short- and long-term marketable
securities).
Earnings per share: net income for the period divided by total shares (on the last
Swap: land purchase arrangement whereby the Company pays for land with units
(in the case of unit swaps) or with cash flows from sales of units (in the case of financial
swaps).
44