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São Paulo, 11 de maio de 2023 - 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 primeiro trimestre (1T23). As
informações financeiras e operacionais a seguir, exceto onde indicado o contrário, estão apresentadas em Reais (R$),
seguem as normas contábeis internacionais (IFRS) que consideram as orientações técnicas OCPC 04 e interpretação
técnica ICPC 02 e os princípios brasileiros de contabilidade e normas para preparação de relatório financeiro aplicáveis
às entidades de incorporação imobiliárias brasileiras e regulamentações pertinentes. As comparações referem-se aos
mesmo período de 2022 (1T22) e, eventualmente, ao quarto trimestre de 2022 (4T22).
No trimestre: de 12,3%
No trimestre:
R$ 1.345 milhões, 30% superior vs. 30,7%, 0,4 p.p. abaixo do 1T22 e (Lucro líquido dos últimos 12 meses
1T22 e 52% abaixo do 4T22 0,7 p.p. menor que o 4T22 sobre o patrimônio líquido médio do
período, excluindo participações
minoritárias)
Sumário
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MENSAGEM DA ADMINISTRAÇÃO
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PRINCIPAIS INDICADORES
(1)
Lançamentos
Número de Lançamentos 8 6 2 15 -7
VGV Lançado - R$ milhões (100%) 1.345 1.038 29,6% 2.821 -52,3%
Participação CBR 69% 85% -16,0 p.p. 58% 11,2 p.p.
VGV Permutado - R$ milhões (100%) 86 192 -55,3% 372 -76,9%
VGV Lançado ex-permuta - R$ milhões (%CBR) 875 706 23,9% 1.442 -39,3%
Vendas (2)
Vendas Totais Contratadas - R$ milhões (100%) 1.545 1.312 17,7% 2.691 -42,6%
Participação CBR 75% 91% -15,9 p.p. 65% 10,4 p.p.
Vendas ex-permuta no %CBR 1.100 1.012 8,6% 1.508 -27,1%
Entregas
VGV Entregue - R$ milhões (100%) 1.098 779 41,0% 1.277 -14,1%
Unidades Entregues 2.714 902 200,9% 3.288 -17,5%
Banco de Terrenos
VGV potencial com permuta - R$ milhões (100%) 28.965 30.858 -6,1% 28.463 1,8%
VGV potencial sem permuta - R$ milhões (100%) 24.058 26.217 -8,2% 23.228 3,6%
% Permuta sobre valor do terreno 70,2% 71,2% -1,0 p.p. 72,7% -2,5 p.p.
% CBR 89,7% 91,8% -2,0 p.p. 88,7% 1,1 p.p.
Indicadores Financeiros
Receita Líquida (R$ milhões) 1.283 1.232 4,2% 1.371 -6,4%
Lucro Bruto (R$ milhões) 394 384 2,8% 431 -8,4%
Lucro Líquido (R$ milhões) 164 162 1,1% 208 -21,2%
Margem Bruta 30,7% 31,1% -0,4 p.p. 31,4% -0,7 p.p.
Margem Líquida 12,7% 13,1% -0,4 p.p. 15,2% -2,4 p.p.
Lucro por Ação (R$) (3) 0,44 0,42 3,7% 0,55 -21,1%
ROE LTM 12,3% 14,7% -2,4 p.p. 12,5% -0,3 p.p.
Dívida Líquida Ajustada / Patrimônio Líquido Ajustado (4) 6,5% 4,8% 1,7 p.p. 7,8% -1,4 p.p.
Geração / Queima de Caixa (35) (53) -33,8% (54) -34,9%
53
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DESEMPENHO OPERACIONAL
LANÇAMENTOS
Nota: informações detalhadas referentes a lançamentos estão ao final do relatório, em tabelas anexas.
VGV Lançado
(em R$ milhões – 100%)
+29,6% -52,3%
2.821
1.511
1.345
1.038
688
615 1.109
216
305 327
117 113 77 125
1T22 1T23 4T22
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Ao se excluir as permutas, e tomando como base apenas o %CBR, o volume lançado no 1T23 foi
de R$ 875 milhões, 24% superior ao mesmo período do ano anterior (R$ 706 milhões no 1T22) e 39%
abaixo do 4T22 (R$ 1.442 milhões).
VGV Lançado
Ex-Permuta
(em R$ milhões – %CBR)
+23,9% -39,3%
1.442
875
706
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A distribuição dos lançamentos em 2023 por geografia e segmento pode ser vista
abaixo:
Lançamentos por região – 2023 Lançamentos por produto – 2023
100% 100%
MCMV 2 e 3
Outros
8,4%
21,3%
Vivaz Prime
24,3%
51,2% Alto Padrão
78,7% 16,1%
São Paulo Médio
Outros MCMV 2 e 3
15,3% 10,3%
Alto Padrão
34,5%
84,7% 20,1%
São Paulo Médio
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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$ 1.545 milhões, valor 18% superior ao
registrado no 1T22 (R$ 1.312 milhões) e 43% abaixo do 4T22 (R$ 2.691 milhões). A participação da
Companhia nas vendas contratadas foi de 75% no 1T23, inferior aos 91% do mesmo trimestre do ano
anterior e acima do 4T22 (65%). Em relação às demonstrações contábeis, 72% das vendas líquidas do
trimestre serão reconhecidas via consolidação e 28% via método de equivalência patrimonial.
Vendas contratadas
(em R$ milhões – 100%)
+17,7% -42,6%
2.691
1.421
1.545
1.312
734
659 765
282
224
121 229 231
308 300 275
1T22 1T23 4T22
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Das vendas líquidas realizadas no trimestre, R$ 130 milhões se refere à venda de estoque pronto
(8%), R$ 936 milhões à venda de estoque em construção (61%) e R$ 479 milhões à venda de lançamentos
(31%). Dessa forma, a Cyrela atingiu uma velocidade de vendas (“VSO”) de lançamentos de 36,2% no
trimestre.
Vendas contratadas
(em R$ milhões – 100%)
+17,7% -42,6%
2.691
1.642
1.545
1.312
479
528
936 919
743
42 130 130
1T22 1T23 4T22
Lançamentos Estoque em Construção Estoque Pronto
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Ao se excluir as permutas e tomando como base apenas o %CBR, o volume vendido atingiu R$
1.100 milhões no 1T23, 9% superior ao mesmo período do ano anterior (R$ 1.012 milhões no 1T22) e 27%
abaixo do 4T22 (R$ 1.508 milhões).
Vendas
Ex-Permuta
(em R$ milhões – %CBR)
+8,6% -27,1%
1.508
1.100
1.012
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O Estado de São Paulo representou 56% do total vendido no ano, seguido pelo Rio
de Janeiro com 15%. A distribuição das vendas no ano por geografia e segmento pode ser
vista abaixo:
Outros MCMV 2 e 3
23,3% 19,4%
14,8%
Rio de Janeiro 3,3% 18,3%
Outros
MCMV 2 e 3
13,7%
21,2%
Sul 6,3% Alto Padrão
38,8%
19,1% 57,2%
Rio de Janeiro São Paulo 19,2%
Vivaz Prime
3,6%
20,7%
São Paulo - Interior
Médio
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47,7% 49,0%
46,1%
43,2% 44,3%
Observando a velocidade de vendas por safra de lançamentos, a safra lançada no 1T23 foi
36% vendida.
1T23 36%
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ESTOQUES
VGV Estoque a Valor de Mercado (R$ MM) Estoque por Safra de Entrega (R$ MM)
8.911 9.069
8.694
8.141
1.442 1.717
7.215 1.131 1.744 Safra de Entrega Total Consolidação Equivalência
840
Pronto 1.248 924 324
12 Meses 1.391 1.207 184
7.010 7.469 7.352 6.949 24 Meses 2.810 2.530 280
% CBR 6.375
36 Meses 2.400 1.795 604
48 Meses 845 760 85
Total 8.694 7.216 1.477
1T22 2T22 3T22 4T22 1T23
-4,1% Outros
9.069
-479 8.694 7,4%
-936 1.345 -176 Sul
-130
-1.066 12,5%
8,1%
Estoque Vendas Lançamentos Vendas Var. Preço/ Estoque São Paulo - Interior
Total 4T22 Estoque 1T23 1T23 Lançamentos Ajustes Total 1T23
1T23
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VGV Estoque a Valor de Mercado (R$ MM) Estoque Pronto por Ano Entregue (R$ MM)
1.283 1.248
1.199
197
1.043 1.073 219
206 Período Entregue Total Consolidação Equivalência
144 146
2019 e anterior 437 303 133
2020 74 68 6
1.087 1.029 2021 132 130 1
928 993
% CBR 898
2022 417 283 134
2023 189 140 49
Total 1.248 924 324
1T22 2T22 3T22 4T22 1T23
+4,1%
Outros
1.248
1.199 -32
9,2%
210
-130
Sul 34,8%
22,4%
São Paulo
11,2%
22,3%
São Paulo - Interior
Estoque Vendas Estoque VGV Entregue Var. Preço/ Estoque Rio de Janeiro
Pronto 4T22 Pronto 1T23 1T23 Ajustes Pronto 1T23
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TERRENOS
Nota: informações detalhadas referentes a terrenos estão ao final do relatório, em tabelas anexas.
Ao final do 1T23 o estoque de terrenos da Cyrela (sem considerar o landbank das JVs)
somava potencial de vendas total de R$ 29,0 bilhões. A participação da Companhia no
estoque de terrenos é de 90%, ou o equivalente a R$ 26,0 bilhões.
Durante o 1T23, a Cyrela adquiriu 3 novos terrenos, sendo 2 na cidade de São Paulo
e 1 na cidade de Porto Alegre, com VGV potencial de R$ 1,6 bilhão (83% participação
Companhia).
Médio MCMV 2 e 3
0,5
2,5
Caixa
30%
70%
Permuta
25,9
Alto padrão
São Paulo
6,6
2,3 Sul
Rio de Janeiro 18,6
0,8
Outros
ENTREGAS
Nota: informações detalhadas referentes a unidades entregues estão ao final do relatório, em tabelas anexas.
+41,0% -14,1%
1.277
97
1.098
136
65
231
779
85
272
1.044
802
422
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O segmento Alto Padrão representou 38% das entregas do trimestre, seguido pelo
segmento Médio Padrão com 31% e pelo segmento MCMV 2 e 3 com 30%.
+41,0% -14,1%
1.277
1.098
601
418
779
345
433
723
335
244
56
1T22 1T23 4T22*
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OBRAS
Ao final do 1T23, seguindo o critério de canteiros ativos, havia 106 obras em
andamento, distribuídas conforme o gráfico abaixo nas visões de segmentos, execução e
também de acordo com a distribuição geográfica.
São Paulo 53
MCMV 36
MCMV 20%
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Receita Líquida
(R$ milhões)
+4,2% -6,4%
1.371
1.232 1.283
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MARGEM BRUTA
A margem bruta total reportada pela Companhia no 1T23 foi de 30,7%, 0,7 p.p.
inferior à margem de 31,4% do 4T22 e 0,4 p.p. abaixo da margem bruta reportada no
1T22 (31,1%).
A margem bruta ajustada do trimestre foi de 32,7%, sendo 0,5 p.p. inferior à margem
de 33,1% do 4T22 e 0,2 p.p. acima da margem de 32,5% do 1T22.
A redução na margem bruta da Cyrela nos períodos de comparação pode ser explicada,
principalmente, pela queda nas margens dos novos lançamentos em comparação com
2022 e pelo aumento nos juros apropriados ao custo.
-0,7 p.p.
31,1% 31,4% 30,7%
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VENDAS A RECONHECER
-1,0 p.p.
36,5 % 36,0 % 35,0 %
Custo Orçado das Unidades Vendidas a Apropriar (3.743) (3.356) 11,5% (2.841) 31,8%
Margem Bruta a Apropriar 35,0% 36,0% -1,0 p.p. 36,5% -1,5 p.p.
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DESPESAS COMERCIAIS
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Despesas Gerais e Administrativas 1T23 4T22 1T23 x 4T22 1T22 1T23 x 1T22
(pro forma)
R$ MM R$ MM R$ MM
Salários e Encargos Sociais 40 46 -12,0% 45 -9,6%
Honorários da Administração 2 2 9,4% 2 12,8%
Participação dos Empregados 18 18 -4,6% 19 -7,0%
Serviços de Terceiros 26 28 -7,6% 34 -22,8%
Aluguel, viagens e representações 7 6 7,6% 6 7,3%
Indenizações 16 15 11,1% 9 76,0%
Outros 5 9 -48,6% 7 -33,3%
Total 114 125 -8,7% 122 -6,7%
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RESULTADO FINANCEIRO
Receitas Financeiras
Rendimento de Aplicações 147 202 -27,4% 107 37,0%
Variações monetárias 3 6 -55,0% 9 -67,2%
Outras Receitas Financeiras 41 7 479,7% (20) n.a
Total de Receitas Financeiras 191 216 -11,6% 96 99,0%
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Cronograma de Recebíveis
(em R$ milhões)
1T23 4T22
Contas a receber 1T23 x 4T22
R$ MM R$ MM 12 Meses 3.258
Unidades em construção 7.377 7.080 4,2%
Unidades construídas 811 831 -2,4%
24 Meses 2.528
Total dos Recebíveis 8.188 7.911 3,5%
Compromisso com custos orçados e ainda não
(3.743) (3.356) 11,5%
incorridos, referente a unidades vendidas 36 Meses 1.755
Compromisso com custos orçados e ainda não (1.834) (1.678) 9,3%
incorridos, referente a unidades em estoque
Após 36 Meses 648
Contas a Receber Líquido 2.611 2.877 -9,2%
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IMÓVEIS A COMERCIALIZAR
O principal item na linha Imóveis a Comercializar/Estoques reportado no Balanço
Patrimonial da Companhia se refere a terrenos destinados à incorporação futura que, em
31 de março de 2023, totalizava R$ 2.702 milhões e representava 49% do total.
1T23 4T22
Imóveis a Comercializar 1T23 x 4T22
R$ MM R$ MM
Imóveis em Construção 1.779 1.718 3,5%
Imóveis Concluídos 615 622 -1,0%
Terrenos 2.702 2.797 -3,4%
Adiantamento a Fornecedores 86 96 -11,0%
Encargos Capitalizados ao Estoque 98 94 3,8%
Provisão para Distratos 236 226 4,3%
Total 5.516 5.553 -0,7%
1T23 4T22
Adiantamento de Clientes 1T23 x 4T22
R$ MM R$ MM
Por recebimento de venda de imóveis 280 122 129,5%
Permuta física - Terrenos para futura incorporação 464 553 -16,1%
Permuta física - Imóveis incorporados 489 465 5,2%
Total 1.233 1.140 8,2%
A rubrica “Contas a Pagar por Aquisição de Imóveis” de curto e longo prazo totaliza
R$ 690 milhões, sendo R$ 584 milhões relativos a imóveis já incorporados.
1T23 4T22
Contas a Pagar por Aquisição de Imóveis 1T23 x 4T22
R$ MM R$ MM
Já incorporado 584 612 -4,6%
Outros 106 154 -31,2%
Total 690 766 -9,9%
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ENDIVIDAMENTO
R$ (Milhões)
1.048
1.016
870
349
397
428 627
116 502
2 482
699
619
511 500
443
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Endividamento
Dívida
Indicadores Dívida Corporativa
Total
Dívida Líquida/
6,5%
Patrimônio Líq.
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GERAÇÃO DE CAIXA
-33,8% -34,9%
22
-35 -77
-53
-54
1T22 1T23 4T22
Não Recorrentes
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Governança
Treinamentos e Comunicações:
Live Privacy day
Assédio sexual e moral
Gestão de Riscos para as áreas Jurídico, GRC e Sustentabilidade
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Planeta
Prosperidade
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v. Inovação aberta:
POCs com Recigreen para gestão de resíduos e em condomínios com Minha
Coleta;
POCs para otimização na experiência do cliente com Chat GPT e Human Data;
Rollout para redução do consumo de energia e água com Cubi Energia;
Rollout para onboarding e capacitação de corretores com ScaffoldEducation;
Pessoas
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EVENTOS SUBSEQUENTES
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%
1T23 4T22
Variação
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ANEXO IV – LANÇAMENTOS
VGV
Empreendimento Trimestre Mês Região Unidades Produto % CBR
(R$ MM)
1T23
VGV Lançado (R$ MM) VGV Lançado CBR (R$ MM) % CBR Unidades Preço Médio (m²) VGV Permutado (R$ MM)
Por Região
1T23 1T22 Var% 1T23 1T22 Var% 1T23 1T22 Var p.p. 1T23 1T22 Var% 1T23 1T22 Var% 1T23 1T22 Var%
São Paulo 1.059 477 122,2% 791 334 136,6% 74,7% 70,1% 4,6 p.p 1.726 776 122,4% 10.439 9.925 5,2% 42 39 5,3%
São Paulo - Interior 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%
Rio de Janeiro 0 549 -100,0% 0 549 -100,0% 0,0% 100,0% -100,0 p.p 0 442 -100,0% 0 17.633 -100,0% 0 153 -100,0%
Minas Gerais 0 13 -100,0% 0 4 -100,0% 0,0% 30,0% -30,0 p.p 0 66 -100,0% 0 4.006 -100,0% 0 0 0,0%
Centro Oeste 286 0 0,0% 143 0 0,0% 50,0% 0,0% 50,0 p.p 397 0 0,0% 10.066 0 0,0% 44 0 0,0%
Sul 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%
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%
Total 1.345 1.038 29,6% 934 887 5,3% 69,4% 85,4% -16,0 p.p 2.123 1.284 65,3% 10.358 12.616 -17,9% 86 192 -55,3%
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ANEXO V – VENDAS
1T23
Vendas Contratadas (R$ MM) Unidades Área Útil Vendida (m²) Preço Médio (R$/m²) % CBR
Por Região
1T23 1T22 Var % 1T23 1T22 Var % 1T23 1T22 Var % 1T23 1T22 Var % 1T23 1T22 Var p.p.
São Paulo 812 759 6,9% 1.799 2.121 -15,2% 104.920 99.372 5,6% 9.435 8.526 10,7% 81,7% 89,5% -7,8 p.p
São Paulo - Interior 51 6 770,3% 91 24 279,2% 7.789 3.127 149,1% 8.418 6.342 32,7% 81,8% 68,0% 13,7 p.p
Rio de Janeiro 228 454 -49,8% 470 450 4,4% 29.200 30.931 -5,6% 9.791 16.712 -41,4% 96,8% 98,6% -1,7 p.p
Minas Gerais 11 19 -42,9% 52 87 -40,2% 2.735 5.211 -47,5% 4.498 4.453 1,0% 39,0% 40,8% -1,8 p.p
Espírito Santo 0 0 -100,0% 0 1 -100,0% 0 65 -100,0% 0 5.103 -100,0% 0,0% 60,0% n.a.
Norte 1 0 238,4% 3 0 0,0% 173 60 188,3% 3.744 5.514 -32,1% 100,0% 100,0% 0,0 p.p
Centro Oeste 238 20 1097,1% 431 70 515,7% 27.308 4.900 457,3% 9.397 5.685 65,3% 50,1% 50,0% 0,1 p.p
Sul 94 55 70,7% 106 70 51,4% 9.244 6.298 46,8% 12.638 11.886 6,3% 78,4% 81,1% -2,6 p.p
Nordeste 111 -1 -10651,1% 58 -2 -3000,0% 9.910 0 0,0% 12.327 0 0,0% 32,0% 89,9% -57,9 p.p
Total 1.545 1.312 17,7% 3.010 2.821 6,7% 191.279 149.963 27,6% 9.672 10.073 -4,0% 75,0% 90,9% -15,9 p.p
Vendas Contratadas(R$ MM) Unidades Área Útil Vendida (m²) Preço Médio(R$/m²) % CBR
Por Produto
1T23 1T22 Var % 1T23 1T22 Var % 1T23 1T22 Var % 1T23 1T22 Var % 1T23 1T22 Var p.p.
Alto padrão 734 659 11,4% 614 587 4,6% 64.239 44.403 44,7% 13.591 17.125 -20,6% 61,2% 91,6% -30,3 p.p
Médio 282 224 25,8% 504 409 23,2% 37.468 42.391 -11,6% 9.360 9.016 3,8% 85,0% 84,2% 0,9 p.p
Vivaz Prime 229 121 89,5% 666 423 57,4% 34.968 0 0,0% 9.812 0 0,0% 97,5% 100,0% -2,5 p.p
MCMV 2 e 3 300 308 -2,9% 1.226 1.402 -12,6% 54.604 63.169 -13,6% 6.283 5.825 7,9% 82,2% 90,7% -8,6 p.p
Total 1.545 1.312 17,7% 3.010 2.821 6,7% 191.279 149.963 27,6% 9.672 10.073 -4,0% 75,0% 90,9% -15,9 p.p
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ANEXO VI – TERRENOS
Estoque de Terrenos
Aquisição de Terrenos
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VGV
Unidades
Empreendimentos Entregues Lançamento Entrega Região Lançamento Produto % CBR
Entregues
(R$ MM)
1 Glass Art By Yoo set-19 jan-23 SP 188 184 Alto Padrão 100%
2 Living Infinity nov-19 jan-23 SP 161 265 Médio 75%
3 Living Concept Panamaby mar-20 jan-23 SP 63 238 Médio 80%
4 Vivaz Vila Guilherme out-20 jan-23 SP 122 595 MCMV 2 e 3 100%
5 Vivaz Ecoville I jul-20 jan-23 Sul 65 316 MCMV 2 e 3 100%
6 Living Wish Tatuapé set-19 fev-23 SP 121 193 Médio 100%
7 Vivaz Lapa jul-20 fev-23 SP 89 343 MCMV 2 e 3 80%
8 Vivaz Estação Guaianeses ago-20 fev-23 SP 60 377 MCMV 2 e 3 100%
9 Oka Residence Lagoa fev-20 fev-23 RJ 140 24 Alto Padrão 50%
10 Rjz Cyrela Like Residencial Club - Fase 2 set-20 mar-23 RJ 91 179 Alto Padrão 100%
Total 1.098 2.714
44
Release de Resultados – 1T23 | 2023
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
45
Earnings Release – 1Q23 | 2023
São Paulo, May 11, 2023 - 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 first quarter of 2023 (1Q23). 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 2022 (1Q22) and, as stated otherwise, to the fourth
quarter of 2022 (4Q22).
R$1,345 million, 30% higher than (Net income for the past 12 months
1Q22 and 52% down from 4Q22 30.7%, 0.4 p.p. down from 1Q22 over the period’s average
and 0.7 p.p. down than 4Q22 shareholders' equity, excluding
minority interests)
R$1,545 million, up 18% from 1Q22 R$164 million net profit, vs. Cash burn of R$35 million vs. cash
and 43% lower than 4Q22 R$162 million net profit in 1Q22 burn of R$53 million in 1Q22 and
and R$208 million in 4Q22 R$54 million in 4Q22
1
Earnings Release – 1Q23 | 2023
MESSAGE FROM MANAGEMENT ................................................................ 3
MAIN INDICATORS ................................................................................... 4
LAUNCHES ................................................................................................. 5
SALES ............................................................................................................................................. 8
SALES SPEED (SOS) ..................................................................................................................... 12
INVENTORIES .............................................................................................................................. 13
LANDBANK ................................................................................................................................... 15
DELIVERIES.................................................................................................................................. 16
CONSTRUCTION SITES ................................................................................................................ 18
2
Earnings Release – 1Q23 | 2023
MESSAGE FROM MANAGEMENT
Continuing the good results reported in 2022, Cyrela's operations in the first quarter
of 2023 performed satisfactorily. Still in a challenging macroeconomic scenario and
uncertainties regarding supply and demand within our segment, the Company remained
faithful to its strategic plan to continue launching unique projects in selected regions, always
offering a differentiated experience for the client.
The Company understands the size of the challenge that the year 2023 presents
and will continue to act with diligence to maintain its positive performance, always seeking
to maximize its return to customers, shareholders and other stakeholders.
3
Earnings Release – 1Q23 | 2023
MAIN INDICATORS
Launches (1)
Number of Launches 8 6 2 15 -7
Launched PSV - R$ Million (100%) 1,345 1,038 29.6% 2,821 -52.3%
Launched PSV - R$ Million (%CBR) 69% 85% -16.0 p.p. 58% 11.2 p.p.
Cyrela's Share 86 192 -55.3% 372 -76.9%
PSV Swapped - R$ Million (100%) 875 706 23.9% 1,442 -39.3%
(2)
Sales
Pre-Sales Contracts - R$ Million (100%) 1,545 1,312 17.7% 2,691 -42.6%
Pre-Sales Contracts - R$ Million (%CBR) 75% 91% -15.9 p.p. 65% 10.4 p.p.
Cyrela's Share 1,100 1,012 8.6% 1,508 -27.1%
Deliveries
Delivered PSV (100%) 1,098 779 41.0% 1,277 -14.1%
Delivered Units 2,714 902 200.9% 3,288 -17.5%
Landbank
PSV with exchange - R$ Million (100%) 28,965 30,858 -6.1% 28,463 1.8%
PSV without exchange - R$ Million (100%) 24,058 26,217 -8.2% 23,228 3.6%
% Swap over land value 70.2% 71.2% -1.0 p.p. 72.7% -2.5 p.p.
% CBR 89.7% 91.8% -2.0 p.p. 88.7% 1.1 p.p.
Financial Indicators
Net Revenue (R$ Million) 1,283 1,232 4.2% 1,371 -6.4%
Gross Profit (R$ Million) 394 384 2.8% 431 -8.4%
Net Income (R$ Million) 164 162 1.1% 208 -21.2%
Gross Margin 30.7% 31.1% -0.4 p.p. 31.4% -0.7 p.p.
Net Margin 12.7% 13.1% -0.4 p.p. 15.2% -2.4 p.p.
Earnings per Share (R$) (3) 0.44 0.42 3.7% 0.55 -21.1%
LTM ROE 12.3% 14.7% -2.4 p.p. 12.5% -0.3 p.p.
(4)
Adjusted Net Debt / Adjusted Shareholders Equity 6.5% 4.8% 1.7 p.p. 7.8% -1.4 p.p.
Cash Generation / Burn (35) (53) -33.8% (54) -34.9%
4
Earnings Release – 1Q23 | 2023
LAUNCHES
Letter: detailed information on launches can be found at the end of this report in the appendix tables.
Cyrela launched 8 projects in the quarter, reaching a volume of R$1,345 million, 30% higher than
the presented in 1Q22 (R$1,038 million) and 52% down from 4Q22 (R$2,821 million). Swaps accounted
R$86 million in the launches of the quarter vs. R$192 million in 1Q22 and R$372 million in 4Q22. Cyrela’s
stake in 1Q23 launches reached 69%, lower than the stake presented in 1Q22 (85%) and higher than 4Q22
(58%). Of the total PSV launched in 1Q23, 75% will be recognized through full consolidation and 25%
through the equity method.
Launched PSV
(in R$ million – 100%)
+29.6 % -52.3 %
2,821
1,511
1,345
1,038
688
615 1,109
216
305 327
117 113 77 125
1Q22 1Q23 4Q22
5
Earnings Release – 1Q23 | 2023
Excluding swaps and considering only the %CBR, the volume launched in the 1Q23 was R$875
million, 24% higher than the launches of the same quarter of the previous year (R$706 million in 1Q22) and
39% down from 4Q22 (R$1,442 million).
Launched PSV
Ex-Swap (in R$ million - %CBR)
+23.9 % -39.3 %
1,442
875
706
6
Earnings Release – 1Q23 | 2023
The breakdown of launches by geographical region and segment in the quarter can
be seen below:
MCMV 2 and 3
Others
8.4%
21.3%
Vivaz Prime
24.3%
51.2% High end
78.7% 16.1%
São Paulo Middle
15.3% 10.3%
High end
34.5%
84.7% 20.1%
São Paulo Middle
7
Earnings Release – 1Q23 | 2023
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$1,545 million in the quarter, 18% up from 1Q22 (R$1,312 million)
and 43% lower than the presented in 4Q22 (R$2,691 million). Cyrela’s stake in the volume sold in the quarter
was 75%, lower than the 91% presented in the same quarter of 2022 and higher than the 4Q22 (65%). Of
the total sales of the quarter, 72% will be recognized through full consolidation and 28% through the equity
method.
Pre Sales
(in R$ million – 100%)
+17.7 % -42.6 %
2,691
1,421
1,545
1,312
734
659 765
282
224
121 229 231
308 300 275
1Q22 1Q23 4Q22
8
Earnings Release – 1Q23 | 2023
In the quarter, R$130 million of total net pre-sales refer to finished inventory sales (8%), R$936
million refer to under construction inventory sales (61%) and R$479 million refer to sales of launches (31%).
The speed of sales of projects launched in 1Q23 reached 36.2%.
Pre Sales
(in R$ million – 100%)
+17.7 % -42.6 %
2,691
1,642
1,545
1,312
479
528
936 919
743
42 130 130
1Q22 1Q23 4Q22
Launches Under Construction Inventory Finished Inventory
9
Earnings Release – 1Q23 | 2023
Excluding swaps and considering only %CBR, sales volume reached R$1,100 million in 1Q23, 9%
higher than the same period of 2022 (R$1,012 million in 1Q22) and 27% down from 4Q22 (R$1,508 million).
Pre Sales
Ex-Swap (in R$ million – %CBR)
+8.6 % -27.1 %
1,508
1,100
1,012
10
Earnings Release – 1Q23 | 2023
São Paulo state accounted for 56% of total sales, followed by Rio de Janeiro at
15%. The breakdown of sales by geographical region and segment can be seen below:
MCMV 2 and 3
Others
23.3% 19.4%
14.8%
Rio de Janeiro 18.3%
3.3%
São Paulo - Other Cities Middle
Others
MCMV 2 and 3
13.7%
South 21.2%
6.3% High end
38.8%
19.1% 57.2%
Rio de Janeiro São Paulo 19.2%
3.6%
20.7%
São Paulo - Other Cities
Middle
11
Earnings Release – 1Q23 | 2023
SALES SPEED (SOS)
The performance reported resulted in a sales’ speed LTM (Sales over Supply ratio) of 49.0%, higher
than the sales’ speed LTM presented in the same quarter of 2022 (46.1%) and up from 4Q22 (47.7%).
47.7% 49.0%
46.1%
43.2% 44.3%
Regarding sales speed by launch vintage, 36% of the 1Q23 vintage has been sold.
1Q23 36%
12
Earnings Release – 1Q23 | 2023
INVENTORIES
At the end of 1Q23, the inventory at market value amounted to R$8,694 million
(100%) and R$6,949 million (%CBR). There was a quarter-over-quarter decrease of 4% in
the total inventory at market value.
From the total inventory in the amount of R$8,694 million, the share to be
consolidated into the Company’s revenues is R$7,216 million (%CBR R$6,318 million),
whereas the amount of R$1,477 million (%CBR R$631 million) will be accounted for under
the “Equity Income” line.
PSV Inventory at Market Value (R$ MM) Inventory by Delivery Schedule (R$ MM)
8,911 9,069
8,694
8,141
1,442 1,717
7,215 1,131 1,744 Delivery Schedule Total Consolidation Equity
840
Finished 1,248 924 324
12 Months 1,391 1,207 184
7,010 7,469 7,352 6,949
24 Months 2,810 2,530 280
% CBR 6,375
36 Months 2,400 1,795 604
48 Months 845 760 85
Total 8,694 7,216 1,477
1Q22 2Q22 3Q22 4Q22 1Q23
-4.1% Others
9,069
-479 7.4%
-936 1,345 -176
-130 South
-1,066
12.5%
8,694
13
Earnings Release – 1Q23 | 2023
In 1Q23, the Company sold 11% of its finished inventory from the beginning of the
quarter. Considering all deliveries, the Company’s inventory of finished units increased from
R$1,199 million (100%) (%CBR R$993 million) in 4Q22 to R$1,248 million (%100) (%CBR
R$1,029 million) in 1Q23.
The share of the finished inventory to be consolidated into the Company’s revenues
is R$924 million (%CBR R$861 million), whereas R$324 million (%CBR R$167 million) will
be accounted for under the “Equity Income” line.
PSV Finished Inventory at Market Value (R$MM) Finished Inventory by Delivery Period (R$MM)
1,283 1,248
1,199
197
1,043 1,073 219 Delivery Period Total Consolidation Equity
206
144 146
2019 and before 437 303 133
2020 74 68 6
1,087 1,029
2021 132 130 1
928 993
% CBR 898 2022 417 283 134
2023 189 140 49
Total 1,248 924 324
1Q22 2Q22 3Q22 4Q22 1Q23
+4.1% Others
1,248
1,199 -32 9.2%
210
-130
São Paulo
South 34.8%
22.4%
11.2%
22.3%
São Paulo - Other Cities
Finished Sales of finished PSV Delivered Price change/adj Finished Rio de Janeiro
Units 4Q22 units 1Q23 1Q23 Units 1Q23
14
Earnings Release – 1Q23 | 2023
LANDBANK
Note: detailed information on landbank can be found at the end of this report in the appendix tables.
At the close of 1Q23, the Company’s landbank (JVs’ landbank is not considered)
amounted potential sales of R$29.0 billion. Cyrela’s share in the landbank is 90%,
equivalent to R$26.0 billion.
During 1Q23, Cyrela acquired 3 land plots, 2 of which in the city of Sao Paulo and 1 in
Porto Alegre, with potential PSV of R$1.6 billion (Cyrela’s stake of 83%).
Landbank on 03.31.2023*
70%
Swaps
25.9
High end
São Paulo
6.6
2.3 South
Rio de Janeiro 18.6
0.8 *The Landbank PSV is based on
Others the latest feasibility assessment of
the land plot, adjusted by the
INCC year-to-date.
15
Earnings Release – 1Q23 | 2023
DELIVERIES
Note: detailed information on delivered units can be found in the appendix tables at the end of this report.
Cyrela delivered 10 projects in the quarter, with 2,714 units totaling a PSV (100%) of
R$1,098 million on the dates of their respective launches.
+41.0% -14.1%
1,277
97
1,098 136
65
231
779
85
272
1,044
802
422
16
Earnings Release – 1Q23 | 2023
+41.0% -14.1%
1,277
1,098
601
418
779
345
433
723
335
244
56
1Q22 1Q23 4Q22
17
Earnings Release – 1Q23 | 2023
CONSTRUCTION SITES
At the close of 1Q23, there were 106 projects in progress, broken down as follows,
by segment, execution and geographic location, and according to the active construction
site criteria.
106
106 106
SP - Other 7
Partners 18 MG
8
High End 33 JV’s 3 9
South
10
RJ 19
Middle 28
In line with its strategic guidelines, the Company manages a large share of the
construction sites, to ensure the execution monitoring of them. At the close of the quarter,
93% of the total PSV in construction (R$15.7 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.
100%
100% 100%
2%
Partners 7% Minas Gerais 5%
1% 5%
JV’s Midwest 10%
High End 48% SP - Other 18%
South
Rio de Janeiro
Cyrela 91%
Middle 22%
São Paulo 60%
Vivaz Prime 10%
MCMV 20%
18
Earnings Release – 1Q23 | 2023
Economic and Financial Performance
REVENUE
The Company’s total net revenues accounted for R$1,283 million in 1Q23, 6% lower
than the R$1,371 million in 4Q22, and 4% up from the R$1,232 million registered in the
1Q22.
Net Revenue
(R$ million)
+4.2% -6.4%
1,371
1,232 1,283
19
Earnings Release – 1Q23 | 2023
GROSS MARGIN
The Company's gross margin was 30.7% in 1Q23, 0.7 p.p. lower than the margin of
31.4% presented in 4Q22 and 0.4 p.p. down from the margin presented in 1Q22 (31.1%).
Adjusted gross margin was 32.7% in 1Q23, 0.5 p.p. down from the adjusted gross
margin of 4Q22 (33.1%) and 0.2 p.p. higher than the adjusted gross margin recorded in
1Q22 (32.5%).
The decrease in Cyrela’s gross margin in the periods was mainly due to the lower
margins in launches compared to 2022 and the increase in capitalized interest from COGS.
-0.7 p.p.
31.1% 31.4% 30.7%
20
Earnings Release – 1Q23 | 2023
SALES TO BE RECOGNIZED
At the close of 1Q23, net revenues from sales to be recognized totaled R$5,758
million. Gross margin from revenues to be recognized stood at 35.0%, 1.0 p.p lower than
4Q22 (36.0%) and 1.5 p.p. down from 1Q22 (36.5%).
-1.0 p.p.
36.5% 36.0%
35.0%
Sales to be Recognized (R$ MM) 1Q23 4Q22 1Q23 x 4Q22 1Q22 1Q23 x 1Q22
Gross Margin to be Recognized 35.0% 36.0% -1.0 p.p. 36.5% -1.5 p.p.
21
Earnings Release – 1Q23 | 2023
SELLING EXPENSES
In line with the best practices of transparency and governance, since the third quarter
of 2022, we chose to change the disclosure format of the Selling and General &
Administrative Expenses sections, considering the impact of the operations of CashMe on
Selling Expenses. In previous periods, the aggregate of the two lines was disclosed only
under the heading General & Administrative Expenses. To maintain period comparability,
all prior period figures in the Selling and General & Administrative Expenses sections will
be presented on a “pro forma” basis.
Selling expenses for the quarter were R$142 million, R$14 million lower in relation to
4Q22 and R$30 million higher vs. 1Q22.
The lower amount of Selling Expenses compared to 4Q22 is mainly related to the
decrease in the volume of launches and sales of the Company.
22
Earnings Release – 1Q23 | 2023
GENERAL & ADMINISTRATIVE EXPENSES
General and administrative expenses totaled R$114 million in 1Q23, R$11 million lower
than 4Q22 (R$125 million) and R$8 million down vs. 1Q22.
General & Administrative Expenses 1Q23 4Q22 1Q23 x 4Q22 1Q22 1Q23 x 1Q22
(pro forma)
R$ MM R$ MM R$ MM
Salaries and Social Charges 40 46 -12.0% 45 -9.6%
Board Members/Management Remuneration 2 2 9.4% 2 12.8%
Employees' 18 18 -4.6% 19 -7.0%
Third-Party Services 26 28 -7.6% 34 -22.8%
Rent, travelling and representation 7 6 7.6% 6 7.3%
Indemnities 16 15 11.1% 9 76.0%
Others 5 9 -48.6% 7 -33.3%
Total 114 125 -8.7% 122 -6.7%
CashMe's G&A totaled R$15 million in the quarter, compared to R$22 million in 4Q22
and R$19 million in 1Q22 (pro forma).
23
Earnings Release – 1Q23 | 2023
FINANCIAL RESULT
The Company recorded positive net financial result of R$46 million in 1Q23, up from
R$26 million net positive result registered in the 4Q22 and higher than the positive R$9
million from the 1Q22.
Financial Revenues
Income on Investments 147 202 -27.4% 107 37.0%
Monetary Adjustment 3 6 -55.0% 9 -67.2%
Other financial income 41 7 479.7% (20) n.a
Total Financial Revenues 191 216 -11.6% 96 99.0%
The increase in Financial Income and Expenses in the year comparison is mainly
explained by the increase in the Interbank Deposit rate over the last few months, in addition
to the increase in the levels of gross indebtedness and the Company's cash and financial
investments.
In this quarter, due to the change in the criteria for the Provision for Doubtful
Settlement Credits in CashMe, the financial revenues item was positively impacted by R$27
million by the reversal of part of the previously constituted provision.
24
Earnings Release – 1Q23 | 2023
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$45 million recognized under the “Equity Income” line
from Cyrela's share in the JVs’ results, as follows: (a) R$20 million from
Cury, (b) R$14 million from Plano&Plano and (c) R$11 million from Lavvi;
25
Earnings Release – 1Q23 | 2023
Financial Statements Highlights
ACCOUNTS RECEIVABLE Cost to be incurred
(ref, sold units – R$ million)
12 Months 1,936
Considering all pre-sales contracts signed,
Accounts Receivable totaled R$8.2 billion on March 24 Months 1,306
Delivered units accounts for 10% and units under 12 Months 949
After 36 Months 19
1Q23 4Q22
Accounts Receivable 1Q23 x 4Q22 Receivables Schedule
R$ MM R$ MM (in R$ million)
Units under construction 7,377 7,080 4.2%
Finished Units 811 831 -2.4%
Total Accounts Receivable 8,188 7,911 3.5% 12 Months 3,258
Construction Cost to be Realized
(3,743) (3,356) 11.5%
from sold units
24 Months 2,528
Construction Cost to be Realized
(1,834) (1,678) 9.3%
from inventory units
26
Earnings Release – 1Q23 | 2023
MARKETABLE REAL ESTATE
The main item under the Marketable Real Estate account reported in the Company’s
Balance Sheet refers to land earmarked for future development, which totaled R$2,702
million on March 31, 2023 and represented 49% of the total.
1Q23 4Q22
Marketable Real Estate 1Q23 x 4Q22
R$ MM R$ MM
Units under construction 1,779 1,718 3.5%
Finished units 615 622 -1.0%
Landbank 2,702 2,797 -3.4%
Suppliers 86 96 -11.0%
Interest capitalized in inventories 98 94 3.8%
Provision for Cancellations 236 226 4.3%
Total 5,516 5,553 -0.7%
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), valued at cost price. Under this account,
land for future real estate incorporation amounts to R$464 million and incorporated real
estate projects to R$489 million, totaling R$953 million, corresponding to the book value
of swapped units. Such obligations shall be written off by following the same procedure as
that used for sales revenue recognition, with no actual cash outflows.
1Q23 4Q22
Advances from Customers 1Q23 x 4Q22
R$ MM R$ MM
Receiving of real estate sales 280 122 129.5%
Land for future incorporation 464 553 -16.1%
Incorpotared real estate units 489 465 5.2%
Total 1,233 1,140 8.2%
The short- and long-term “Accounts Payable for Real Estate Acquisition” lines amount
to R$690 million, R$584 million of which are related to developed projects.
1Q23 4Q22
Accounts Payable - Real estate acquisition 1Q23 x 4Q22
R$ MM R$ MM
Incorporated 584 612 -4.6%
Others 106 154 -31.2%
Total 690 766 -9.9%
27
Earnings Release – 1Q23 | 2023
DEBT
(R$MM)
1,048
1,016
870
349
397
428 627
116 502
2 482
699
619
511 500
443
28
Earnings Release – 1Q23 | 2023
29
Earnings Release – 1Q23 | 2023
As of 4Q22, CashMe realizes the fair value valuation of its portfolios (securitizable and
already securitized), due to the existence of spread of the origination rate of these
portfolios versus the cost of securitization. This fair value valuation is listed in the
Company's Balance Sheet Assets within the Marketable Securities item and is listed in
Shareholders' Equity through the Other Comprehensive Income (FVTOCI) line. The net
indebtedness and leverage data presented below exclude this fair value assessment.
The Company’s leverage, as measured by means of the Net Debt / Total Equity ratio,
reached 6.5% 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. The net
indebtedness includes R$1,008 million of gross debt and R$1,739 million of Marketable
Securities of CashMe’s operation.
30
Earnings Release – 1Q23 | 2023
Debt Overview
31
Earnings Release – 1Q23 | 2023
CASH GENERATION
In 1Q23, the Company recorded cash burn of R$35 million, versus cash burn of R$53
million in 1Q22 and cash burn of R$54 million in 4Q22. It is relevant to note that, of this
accumulated cash generation of the year, R$132 million are non-recurring effects related
to the deconsolidation of SKR's results in Cyrela's financial statements, which occurred in
this quarter. In addition, the calculation of cash generation excludes the effect of CashMe’s
FVTOCI, in the amount of R$ 359 million.
Cash Generation/Consumption
(R$ Million)
-33.8% -34.9%
22
-35 -77
-53
-54
1Q22 1Q23 4Q22
Non Recurring
32
Earnings Release – 1Q23 | 2023
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG)
The pursuit for sustainable results is among the Company's essencial values.
Therefore, since the creation of the Committee, Cyrela's performance in the ESG agenda is
disclosed through the sustainability reports and, from this quarter and onwards, the
evolution in each of the ESG themes will be disclosed in this section, as well as the actions
taken each quarter.
Cyrela believes that the framework adopted by the World Economic Forum is the
most appropriate for structuring and organizing ESG information. Thus, the actions related
to the four basic pillars of this framework (Governance, Planet, People and Prosperity) were
listed and described below:
Governance
33
Earnings Release – 1Q23 | 2023
Planet
Prosperity
34
Earnings Release – 1Q23 | 2023
v. Open Innovation:
POCs with Recigreen for management in condominiums with Minha Coleta”;
POCs for client experience optimization with GPT Chat and Human Data;
Rollout to reduce energy and water consumption with “Cubi Energia”;
Rollout for onboarding and brokers capacitation with Scaffold Education;
People
35
Earnings Release – 1Q23 | 2023
SUBSEQUENT EVENTS
Cyrela, through CashMe, placed a CRI in the amount of R$204 million in 2Q23, with
the objective of securitizing a portfolio of performed receivables. The issue has senior
shares of 85% of the volume without Cyrela endorsement, partially subscribed and paid
by third parties and subordinated shares of 15%, fully subscribed and paid up by the
Company.
36
Earnings Release – 1Q23 | 2023
ANNEX I – BALANCE SHEET
37
Earnings Release – 1Q23 | 2023
38
Earnings Release – 1Q23 | 2023
ANNEX II – INCOME STATEMENT
Consolidated Income Statement
R$ million
%
1Q23 4Q22
Var.
39
Earnings Release – 1Q23 | 2023
ANNEX III – REVENUE RECOGNITION
*Considers only revenues from Residential Real Estate Development activities
% ACCRUED FINANCIAL ACCRUED REVENUE
PROJECT SEGMENT RECOGNITION DATE
EVOLUTION (R$ MM)
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Earnings Release – 1Q23 | 2023
ANNEX IV – LAUNCHES
PSV
Project Quarter Month Region Units Segment % CBR
(R$ MM)
1Q23
Launched PSV CBR Launched % CBR Units Averege Price PSV - Swaps
Region
1Q23 1Q22 Chg % 1Q23 1Q22 Chg % 1Q23 1Q22 Chg p.p. 1Q23 1Q22 Chg % 1Q23 1Q22 Chg % 1Q23 1Q22 Chg %
São Paulo 1.059 477 122,2% 791 334 136,6% 74,7% 70,1% 4,6 p.p 1.726 776 122,4% 10.439 9.925 5,2% 42 39 5,3%
São Paulo - Other Cities 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%
Rio de Janeiro 0 549 -100,0% 0 549 -100,0% 0,0% 100,0% -100,0 p.p 0 442 -100,0% 0 17.633 -100,0% 0 153 -100,0%
Minas Gerais 0 13 -100,0% 0 4 -100,0% 0,0% 30,0% -30,0 p.p 0 66 -100,0% 0 4.006 -100,0% 0 0 0,0%
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%
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%
Midwest 286 0 0,0% 143 0 0,0% 50,0% 0,0% 50,0 p.p 397 0 0,0% 10.066 0 0,0% 44 0 0,0%
South 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%
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%
Total 1.345 1.038 29,6% 934 887 5,3% 69,4% 85,4% -16,0 p.p 2.123 1.284 65,3% 10.358 12.616 -17,9% 86 192 -55,3%
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Earnings Release – 1Q23 | 2023
ANNEX V – SALES
1Q23
Pre-Sales Contracts (R$ MM) Units Usable Area Sold (sq. m.) Avg. Price (R$/sq. m.) % CBR
Region
1Q23 1Q22 Chg % 1Q23 1Q22 Chg % 1Q23 1Q22 Chg % 1Q23 1Q22 Chg % 1Q23 1Q22 Chg p.p.
São Paulo 812 759 6.9% 1,799 2,121 -15.2% 104,920 99,372 5.6% 9,435 8,526 10.7% 81.7% 89.5% -7.8 p.p
São Paulo - Other Cities 51 6 770.3% 91 24 279.2% 7,789 3,127 149.1% 8,418 6,342 32.7% 81.8% 68.0% 13.7 p.p
Rio de Janeiro 228 454 -49.8% 470 450 4.4% 29,200 30,931 -5.6% 9,791 16,712 -41.4% 96.8% 98.6% -1.7 p.p
Minas Gerais 11 19 -42.9% 52 87 -40.2% 2,735 5,211 -47.5% 4,498 4,453 1.0% 39.0% 40.8% -1.8 p.p
Espírito Santo 0 0 -100.0% 0 1 -100.0% 0 65 -100.0% 0 5,103 -100.0% 0.0% 60.0% n.a.
North 1 0 238.4% 3 0 0.0% 173 60 188.3% 3,744 5,514 -32.1% 100.0% 100.0% 0.0 p.p
Midwest 238 20 1097.1% 431 70 515.7% 27,308 4,900 457.3% 9,397 5,685 65.3% 50.1% 50.0% 0.1 p.p
South 94 55 70.7% 106 70 51.4% 9,244 6,298 46.8% 12,638 11,886 6.3% 78.4% 81.1% -2.6 p.p
Northeast 111 -1 -10651.1% 58 -2 -3000.0% 9,910 0 0.0% 12,327 0 0.0% 32.0% 89.9% -57.9 p.p
Total 1,545 1,312 17.7% 3,010 2,821 6.7% 191,279 149,963 27.6% 9,672 10,073 -4.0% 75.0% 90.9% -15.9 p.p
Pre-SalesContracts (R$ MM) Units Usable Area Sold (sq. m.) Avg. Price(R$/sq. m.) % CBR
Segment
1Q23 1Q22 Chg % 1Q23 1Q22 Chg % 1Q23 1Q22 Chg % 1Q23 1Q22 Chg % 1Q23 1Q22 Chg p.p.
High end 734 659 11.4% 614 587 4.6% 64,239 44,403 44.7% 13,591 17,125 -20.6% 61.2% 91.6% -30.3 p.p
Middle 282 224 25.8% 504 409 23.2% 37,468 42,391 -11.6% 9,360 9,016 3.8% 85.0% 84.2% 0.9 p.p
Vivaz Prime 229 121 89.5% 666 423 57.4% 34,968 0 0.0% 9,812 0 0.0% 97.5% 100.0% -2.5 p.p
CVA 2 and 3 300 308 -2.9% 1,226 1,402 -12.6% 54,604 63,169 -13.6% 6,283 5,825 7.9% 82.2% 90.7% -8.6 p.p
Total 1,545 1,312 17.7% 3,010 2,821 6.7% 191,279 149,963 27.6% 9,672 10,073 -4.0% 75.0% 90.9% -15.9 p.p
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Earnings Release – 1Q23 | 2023
ANNEX VI – LANDBANK
Landbank
PSV - with PSV - without
Region swaps swaps Land Units Swap % CBR
(R$ MM) (R$ MM)
São Paulo 6,591 5,802 36 15,886 47.4% 81.3%
São Paulo - Other Cities 604 365 9 7,904 77.5% 100.0%
Rio de Janeiro 18,645 15,262 21 40,185 82.8% 95.6%
Minas Gerais 17 17 2 134 0.0% 50.0%
Espírito Santo 0 0 0 0 0.0% 0.0%
North 488 459 15 3,623 20.6% 36.5%
Midwest 318 279 5 1,467 97.1% 50.0%
South 2,302 1,873 9 2,584 66.0% 80.8%
Northeast 0 0 0 0 0.0% 0.0%
Total 28,965 24,058 97 71,783 70.2% 89.7%
,
Land Acquisition
PSV - with PSV - without
Region swaps swaps Land Units Swap % CBR
(R$MM) (R$ MM)
São Paulo 247 191 2 530 65.0% 100.0%
São Paulo - Other Cities 0 0 0 0 0.0% 0.0%
Rio de Janeiro 0 0 0 0 0.0% 0.0%
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 1,307 1,015 1 1,190 67.1% 80.0%
Northeast 0 0 0 0 0.0% 0.0%
Total 1,554 1,206 3 1,720 66.7% 83.2%
,
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Earnings Release – 1Q23 | 2023
ANNEX VII – PROJECTS DELIVERED
PSV Launched Units
Delivered Projects LaunchDate DeliveryDate Location Product % CBR
(R$ MM) Delivered
1 Glass Art By Yoo set-19 jan-23 SP 188 184 High end 100%
2 Living Infinity nov-19 jan-23 SP 161 265 Middle 75%
3 Living Concept Panamaby mar-20 jan-23 SP 63 238 Middle 80%
4 Vivaz Vila Guilherme out-20 jan-23 SP 122 595 MCMV 2 and 3 100%
5 Vivaz Ecoville I jul-20 jan-23 South 65 316 MCMV 2 and 3 100%
6 Living Wish Tatuapé set-19 fev-23 SP 121 193 Middle 100%
7 Vivaz Lapa jul-20 fev-23 SP 89 343 MCMV 2 and 3 80%
8 Vivaz Estação Guaianeses ago-20 fev-23 SP 60 377 MCMV 2 and 3 100%
9 Oka Residence Lagoa fev-20 fev-23 RJ 140 24 High end 50%
10 Rjz Cyrela Like Residencial Club - Fase 2 set-20 mar-23 RJ 91 179 High end 100%
Total 1,098 2,714
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Earnings Release – 1Q23 | 2023
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).
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