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Sumário
2
Release de Resultados – 4T23 | 2023
MENSAGEM DA ADMINISTRAÇÃO
A performance apresentada em 2023 contribuiu para reforçar a estratégia que vem sendo
implementada pela Cyrela nos últimos anos. Apesar de termos iniciado o ano com diversas incertezas
em relação aos contextos macroeconômicos local e global, fomos capazes de entregar sólidos
resultados operacionais e financeiros.
Encerramos o ano com R$ 6,6 bilhões e R$ 6,4 bilhões em VGV de lançamentos e vendas
(no %CBR) respectivamente, crescimento de 13% e 17% contra os mesmos números de 2022.
Destaca-se a manutenção da velocidade de vendas (VSO) em patamares confortáveis, que nos
permitiu até reduzir os níveis relativos de estoque como proporção das vendas, mesmo com o
crescimento nos lançamentos.
Encerramos 2023 satisfeitos com nosso desempenho, mas sabemos que 2024 deverá ser
outro ano desafiador. Manteremos nossa estratégia de diferenciação de produtos e seguiremos
atentos às melhores oportunidades de mercado, porém sempre adotando cautela em nossos
movimentos.
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Release de Resultados – 4T23 | 2023
PRINCIPAIS INDICADORES
4T23 4T22 4T23 x 4T22 3T23 4T23 x 3T23 2023 2022 2023 x 2022
(1)
Lançamentos
Número de Lançamentos 13 15 (2) 13 0 51 48 3
VGV Lançado - R$ milhões (100%) 2.744 2.821 -3% 2.165 27% 9.767 9.113 7%
Participação CBR 64% 58% 5,6 p.p. 72% -7,9 p.p. 71% 71% 0,0 p.p.
VGV Permutado - R$ milhões (100%) 75 372 -80% 89 -16% 495 872 -43%
VGV Lançado ex-permuta - R$ milhões (%CBR) 1.716 1.442 19% 1.498 15% 6.626 5.853 13%
Vendas (2)
Vendas Totais Contratadas - R$ milhões (100%) 2.593 2.691 -4% 2.263 15% 8.892 7.911 12%
Participação CBR 72% 65% 7,1 p.p. 77% -5,3 p.p. 76% 77% -1,2 p.p.
Vendas ex-permuta no %CBR 1.825 1.508 21% 1.690 8% 6.439 5.494 17%
Estoques
VGV Estoque a Valor de Mercado - R$ Milhões (100%) 9.934 9.069 10% 9.761 2% 9.934 9.069 10%
VGV Estoque Pronto a Valor de Mercado - R$ Milhões (100%) 1.586 1.199 32% 1.382 15% 1.586 1.199 32%
Banco de Terrenos
VGV potencial com permuta - R$ milhões (100%) 25.975 28.463 -9% 26.677 -3% 25.975 28.463 -9%
% Permuta sobre valor do terreno 71% 73% -2,1 p.p. 71% -0,3 p.p. 71% 73% -2,1 p.p.
% CBR 93% 89% 4,0 p.p. 92% 0,8 p.p. 93% 89% 4,0 p.p.
Entregas
Número de Entregas 18 14 4 18 0 58 54 4
VGV Entregue - R$ milhões (100%) 2.093 1.043 101% 1.545 35% 5.995 4.284 40%
Unidades Entregues 4.942 3.163 56% 4.477 10% 15.521 11.098 40%
Indicadores Financeiros
Receita Líquida (R$ milhões) 1.710 1.371 25% 1.626 5% 6.253 5.412 16%
Lucro Bruto (R$ milhões) 577 431 34% 545 6% 2.044 1.734 18%
Margem Bruta 33,7% 31,4% 2,3 p.p. 33,5% 0,2 p.p. 32,7% 32,0% 0,6 p.p.
Margem Bruta Ajustada 35,4% 33,1% 2,3 p.p. 35,4% 0,1 p.p. 34,5% 33,6% 1,0 p.p.
Despesas Comerciais 176 156 13% 155 14% 629 547 15%
Despesas Gerais e Administrativas 135 125 8% 151 -11% 518 523 -1%
Lucro Líquido (R$ milhões) 248 208 19% 251 -1% 942 809 16%
Margem Líquida 14,5% 15,2% -0,7 p.p. 15,5% -1,0 p.p. 15,1% 14,9% 0,1 p.p.
ROE LTM 13,1% 12,5% 0,5 p.p. 12,8% 0,3 p.p. 13,1% 12,5% 0,5 p.p.
Dívida Líquida Ajustada / Patrimônio Líquido Ajustado (4) 10,7% 7,8% 2,9 p.p. 8,0% 2,7 p.p. 10,7% 7,8% 2,9 p.p.
Geração / Queima de Caixa (94) (54) 73,0% 7 n.a. (101) 33 n.a.
55 101 -33
Backlog 31/12/2023 31/12/2022 30/09/2023
Receitas Líquida a Apropriar (R$ milhões) 6.634 5.244 27% 6.353 4%
Margem a Apropriar 35,9% 36,0% -0,1 p.p. 34,9% 1,0 p.p.
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Release de Resultados – 4T23 | 2023
DESEMPENHO OPERACIONAL
LANÇAMENTOS
Nota: informações detalhadas referentes a lançamentos estão ao final do relatório, em tabelas anexas.
VGV Lançado
(em R$ milhões – 100%)
+7%
9.767
9.113
5.076
4.567
-3% +27%
2.821 2.744 3.063 2.880
2.165
1.511 1.491
1.086 327
901 495 817
1.109 125 1.485
77 352 583 666
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Release de Resultados – 4T23 | 2023
Ao se excluir as permutas, e tomando como base apenas o %CBR, o volume lançado no 4T23 foi
de R$ 1.716 milhões, 19% superior ao mesmo período do ano anterior (R$ 1.442 milhões no 4T22) e 15%
acima do 3T23 (R$ 1.498 milhões). Em 2023, os lançamentos foram de R$ 6.626 milhões comparados a R$
5.853 milhões em 2022.
VGV Lançado
Ex-Permuta
(em R$ milhões – %CBR)
+13%
6.626
5.853
+19% +15%
1.716 1.498
1.442
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Release de Resultados – 4T23 | 2023
A distribuição dos lançamentos em 2023 por geografia e segmento pode ser vista
abaixo:
Outros MCMV 2 e 3
15% 15%
Sul Vivaz Prime
4% 3%
Outros MCMV 2 e 3
13% 15%
Sul
5% Vivaz Prime
5%
69% 31%
São Paulo Médio
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Release de Resultados – 4T23 | 2023
VENDAS
Nota: informações detalhadas referentes a vendas contratadas estão ao final do relatório, em tabelas anexas.
As vendas líquidas contratadas neste trimestre somaram R$ 2.593 milhões, 4% abaixo do valor
registrado no 4T22 (R$ 2.691 milhões) e 15% acima do 3T23 (R$ 2.263 milhões). A participação da
Companhia nas vendas contratadas foi de 72% no 4T23, superior aos 65% do mesmo trimestre do ano
anterior e abaixo do 3T23 (77%). Em relação às demonstrações contábeis, 75% das vendas líquidas do
trimestre serão reconhecidas via consolidação e 25% via método de equivalência patrimonial. Em 2023, as
vendas contratadas atingiram R$ 8.892 milhões, sendo 12% superior ao ano de 2022.
Vendas Contratadas
(em R$ milhões – 100%)
+12%
8.892
7.911
4.303
3.923
-4% +15%
2.372
2.691 2.593 1.957
2.263
1.421 1.255 1.063 541
743
765 838 619 1.676
59 1.288
275 231 395 105 523
4T22 4T23 3T23 2022 2023
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Release de Resultados – 4T23 | 2023
Das vendas líquidas realizadas no trimestre, R$ 167 milhões se refere à venda de estoque pronto
(6%), R$ 1.153 milhões à venda de estoque em construção (45%) e R$ 1.273 milhões à venda de
lançamentos (49%). Dessa forma, a Cyrela atingiu uma velocidade de vendas (“VSO”) de lançamentos de
46% no trimestre.
Vendas Contratadas
(em R$ milhões – 100%)
+12%
8.892
7.911
4.138
4.125
-4% +15%
2.691 2.593
2.263 4.180
1.642 1.273 3.471
987
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Release de Resultados – 4T23 | 2023
Ao se excluir as permutas e tomando como base apenas o %CBR, o volume vendido atingiu R$
1.825 milhões no 4T23, 21% superior ao mesmo período do ano anterior (R$ 1.508 milhões no 4T22) e 8%
acima do 3T23 (R$ 1.690 milhões). Em 2023, as vendas alcançaram R$ 6.439 milhões, em comparação aos
R$ 5.494 milhões do ano de 2022.
Vendas
Ex-Permuta
(em R$ milhões – %CBR)
+17%
6.439
5.494
+21% +8%
1.825 1.690
1.508
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Release de Resultados – 4T23 | 2023
A cidade de São Paulo representou 62% do total vendido no ano, seguido pelo Rio
de Janeiro com 16%. A distribuição das vendas no ano por geografia e segmento pode ser
vista abaixo:
MCMV 2 e 3
Outros 16% 19%
Sul
6%
Vivaz Prime 6%
48% Alto Padrão
16% 62%
São Paulo
Rio de Janeiro 27%
Médio
Outros
MCMV 2 e 3
12%
20%
Sul 6%
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Release de Resultados – 4T23 | 2023
4T23 46%
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Release de Resultados – 4T23 | 2023
ESTOQUES
VGV Estoque a Valor de Mercado (R$ MM) Estoque por Safra de Entrega (R$ MM)
-1.273 9.934
Outros
9.761
2.744 22
-1.153 16%
-167
-1.320
Sul 11%
18%
Rio de Janeiro
Estoque Vendas Lançamentos Vendas Var. Preço/ Estoque
Total 3T23 Estoque 4T23 4T23 Lançamentos Ajustes Total 4T23
4T23
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Release de Resultados – 4T23 | 2023
VGV Estoque a Valor de Mercado (R$ MM) Estoque Pronto por Ano Entregue (R$ MM)
1.586
1.382 265 Período Entregue Total Consolidação Equivalência
1.199 1.248 1.249
225
206 219 221 2019 e anterior 380 268 112
2020 40 34 6
1.322 2021 92 91 1
1.158
% CBR 993 1.029 1.028 2022 228 150 78
2023 848 679 169
Total 1.586 1.221 366
4T22 1T23 2T23 3T23 4T23
1.586
20
Outros
1.382
351
-167 18%
29%
São Paulo
25%
Sul
28%
Estoque Vendas Estoque VGV Entregue 4T23 Var. Preço/ Ajustes Estoque Rio de Janeiro
Pronto 3T23 Pronto 4T23 Pronto 4T23
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Release de Resultados – 4T23 | 2023
TERRENOS
Nota: informações detalhadas referentes a terrenos estão ao final do relatório, em tabelas anexas.
Ao final do 4T23 o estoque de terrenos da Cyrela (sem considerar o landbank das JVs)
somava potencial de vendas total de R$ 26,0 bilhões. A participação da Companhia no
estoque de terrenos é de 93%, ou o equivalente a R$ 24,1 bilhões.
Médio MCMV 2 e 3
0,8
1,4
Cash
29%
71%
Swaps
23,7
Alto padrão
São Paulo
4,5
2,1 Sul
0,8 Outros
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Release de Resultados – 4T23 | 2023
ENTREGAS
Nota: informações detalhadas referentes a unidades entregues estão ao final do relatório, em tabelas anexas.
+40%
5.995
4.284
3.408
+101% +35%
3.189
2.093
1.545 1.382
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Release de Resultados – 4T23 | 2023
O segmento Alto Padrão representou 49% das entregas do trimestre, seguido pelo
segmento MCMV 2 e 3 com 31% e pelo segmento Médio com 20%.
+40%
5.995
4.284 2.748
2.230
+101% +35%
1.307
2.093
1.545
1.035 885
1.043 699
367 401 1.940
306 1.169
433 657
244 540
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Release de Resultados – 4T23 | 2023
OBRAS
Ao final do 4T23, seguindo o critério de canteiros ativos, havia 100 obras em
andamento, distribuídas conforme o gráfico abaixo nas visões de segmentos, execução e
também de acordo com a distribuição geográfica.
Terceiros 23
Alto Padrão 32
JV’s 4 São Paulo 51
Médio 30
Rio de Janeiro 13
Próprias 73
Vivaz Prime 11 Sul 7
MCMV 27 Outros 29
Próprias 83%
Médio 24% Rio de Janeiro 13%
Sul 8%
Vivaz Prime 10%
MCMV 13% Outros 18%
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Release de Resultados – 4T23 | 2023
A receita líquida total da Companhia somou R$ 1.710 milhões no 4T23, montante 25%
superior aos R$ 1.371 milhões no 4T22 e 5% acima dos R$ 1.626 milhões registrados no
3T23. No acumulado do ano, a receita líquida somou R$ 6.253 milhões vs. R$ 5.412
milhões no ano de 2022.
Receita Líquida
(R$ milhões)
+16%
6.253
5.412
+25% +5%
1.710 1.626
1.371
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Release de Resultados – 4T23 | 2023
MARGEM BRUTA
A margem bruta total reportada pela Companhia no 4T23 foi de 33,7%, 2,3 p.p. acima
da margem bruta reportada no 4T22 (31,4%) e 0,2 p.p. superior à margem de 33,5% do
3T23. Em 2023, a margem bruta atingiu 32,7%, 0,6 p.p acima de 2022 (32,0%).
A margem bruta ajustada do trimestre foi de 35,4%, 2,3 p.p. acima da margem de
33,1% do 4T22 e em linha com a margem do 3T23. Em 2023, a margem bruta ajustada
atingiu 34,5%, sendo 1,0 p.p. maior que 2022 (33,6%).
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Release de Resultados – 4T23 | 2023
VENDAS A RECONHECER
Custo Orçado das Unidades Vendidas a Apropriar (4.251) (4.135) 3% (3.356) 27%
Margem Bruta a Apropriar 35,9% 34,9% 1,0 p.p. 36,0% -0,1 p.p.
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Release de Resultados – 4T23 | 2023
DESPESAS COMERCIAIS
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Despesas Gerais e Administrativas 4T23 3T23 4T23 x 3T23 4T22 4T23 x 4T22 2023 2022 2023 x 2022
(pro forma)
R$ MM R$ MM R$ MM R$ MM R$ MM
Salários e Encargos Sociais 41 45 -9% 46 -10% 172 185 -7%
Honorários da Administração 2 2 0% 2 9% 7 6 14%
Participação dos Empregados 18 18 -5% 18 -5% 71 75 -4%
Serviços de Terceiros 24 37 -34% 28 -14% 115 141 -19%
Aluguel, viagens e representações 4 8 -42% 6 -28% 24 24 -2%
Indenizações 37 34 7% 15 152% 103 62 68%
Outros 8 6 53% 9 -10% 25 30 -17%
Total 135 151 -11% 125 8% 518 523 -1%
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Release de Resultados – 4T23 | 2023
RESULTADO FINANCEIRO
Receitas Financeiras
Rendimento de Aplicações 142 149 -5% 202 -30% 588 538 9%
Variações monetárias 2 4 -42% 6 -63% 12 26 -52%
Outras Receitas Financeiras 26 3 643% 7 262% 94 9 942%
Total de Receitas Financeiras 170 156 9% 216 -21% 695 573 21%
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Release de Resultados – 4T23 | 2023
+16%
942
809
+19% -1%
Margem
15,2% 14,5% 15,5% 14,9% 15,1%
Líquida
ROE LTM
13,8%
12,8% 13,1%
12,5% 12,3%
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Release de Resultados – 4T23 | 2023
12 Meses 870
Desse total, 12% refere-se a unidades
entregues, e 88% a unidades em construção ou em
24 Meses 563
processo de entrega. O prazo médio ponderado de
realização do Contas a Receber é de cerca de 2,0 36 Meses 211
Cronograma de Recebíveis
(em R$ milhões)
4T23 3T23
Contas a receber 4T23 x 3T23 12 Meses 4.239
R$ MM R$ MM
Unidades em construção 8.782 8.417 4%
Unidades construídas 1.147 918 25% 24 Meses 2.411
Total dos Recebíveis 9.929 9.335 6%
Compromisso com custos orçados e ainda não
(4.251) (4.135) 3%
incorridos, referente a unidades vendidas 36 Meses 2.325
Compromisso com custos orçados e ainda não (1.674) (1.747) -4%
incorridos, referente a unidades em estoque
Após 36 Meses 953
Contas a Receber Líquido 4.004 3.453 16%
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Release de Resultados – 4T23 | 2023
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 dezembro de 2023, totalizava R$ 2.302 milhões e representava 43% do total.
4T23 3T23
Imóveis a Comercializar 4T23 x 3T23
R$ MM R$ MM
Imóveis em Construção 1.835 1.815 1%
Imóveis Concluídos 773 728 6%
Terrenos 2.302 2.453 -6%
Adiantamento a Fornecedores 93 94 -2%
Encargos Capitalizados ao Estoque 113 106 6%
Provisão para Distratos 240 218 10%
Total 5.356 5.415 -1%
4T23 3T23
Adiantamento de Clientes 4T23 x 3T23
R$ MM R$ MM
Por recebimento de venda de imóveis 211 300 -30%
Permuta física - Terrenos para futura incorporação 251 277 -10%
Permuta física - Imóveis incorporados 490 522 -6%
Total 952 1.099 -13%
A rubrica “Contas a Pagar por Aquisição de Imóveis” de curto e longo prazo totaliza
R$ 854 milhões, sendo R$ 693 milhões relativos a imóveis já incorporados.
4T23 3T23
Contas a Pagar por Aquisição de Imóveis 4T23 x 3T23
R$ MM R$ MM
Já incorporado 693 697 -1%
Outros 161 96 68%
Total 854 793 8%
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Release de Resultados – 4T23 | 2023
ENDIVIDAMENTO
702 1.021
R$ (Milhões)
1.461
1.312
1.177
290
694
561
689
130
1.021
767
616 282
559 74
152
209
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Release de Resultados – 4T23 | 2023
Endividamento
Dívida Dívida
Indicadores
Total Corporativa
Dívida Líquida/
10,7%
Patrimônio Líq.
(R$ Milhões)
Prazo Médio 2,5 anos 2,6 anos
5.073 5.073 4.603
4.776 4.811 Curto Prazo 26% 31%
Curto
1.312
Longo Prazo 74% 69%
Corp.
Corp.
Corp. 3.325
3.121 Custo Médio de Custo Médio de Dívida
3.529 4.205
Financiamentos Corp.*
Longo
Poupança +
3.762 74,0% TJLP + 3,78% 4,4%
2,81%
Financ. Financ.
868 100% do CDI 17,6%
Financ. 1.689 1.749 TR + 9,04% 26,0%
1.247 398 398
471
TOTAL 100,0% CDI + 1,28% 77,6%
Dívida Dívida Dívida Prazo 4T23 Caixa e Dívida
Bruta 4T22 Bruta 3T23 Bruta 4T23 Disponib. Liquída
4T23 4T23 Taxa Mínima TR + 7,99% Pré (7,0%) 0,4%
7,8% 8,0% 10,7%
AVJORA CashMe
Poupança +
Taxa Máxima TOTAL 100,0%
5,0%
Div Liq / PL * Exclui dívidas da CashMe (R$ 1.428 MM)
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Release de Resultados – 4T23 | 2023
GERAÇÃO DE CAIXA
No 4T23, a Companhia apresentou queima de caixa de R$ 94 milhões, comparável a
queima de caixa de R$ 54 milhões no 4T22 e geração de caixa de R$ 7 milhões no 3T23.
No acumulado do ano, a Cyrela apresentou consumo de caixa de R$ 101 milhões,
comparável à geração de caixa de R$ 33 milhões atingido no mesmo período de 2022.
Além disso, o cálculo da geração de caixa exclui o efeito do AVJORA da CashMe, no
montante de R$ 398 milhões.
(R$ milhões)
33
206
7
+73% 83
49
22
-43
-77
-94
-101
4T22 4T23 3T23 2022 2023
Não Recorrentes
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Release de Resultados – 4T23 | 2023
EVENTOS SUBSEQUENTES
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Release de Resultados – 4T23 | 2023
% %
4T23 3T23 2023 2022
Variação Variação
Dos Imóveis Vendidos e Revendidos (1.149) (1.066) 7,8% (4.194) (3.604) 16,4%
Loteamentos (0) (0) 47,6% (1) (6) -78,1%
Da Prestação de Serviços e Outras (7) (4) 61,8% (28) (76) -63,4%
Provisão Para Distrato 22 (10) n.a 14 8 81,1%
Custo das Vendas e Serviços Realizados (1.134) (1.081) 4,9% (4.209) (3.678) 14,4%
Lucro (Prejuízo) Bruto Operacional 577 545 5,7% 2.044 1.734 17,9%
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Release de Resultados – 4T23 | 2023
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Release de Resultados – 4T23 | 2023
ANEXO IV – LANÇAMENTOS
VGV
Empreendimento Trimestre Mês Região Unidades Produto % CBR
(R$ MM)
38
Release de Resultados – 4T23 | 2023
4T23
VGV Lançado (R$ MM) VGV Lançado CBR (R$ MM) % CBR Unidades Preço Médio (m²) VGV Permutado (R$ MM)
Por Região
4T23 4T22 Var% 4T23 4T22 Var% 4T23 4T22 Var p.p. 4T23 4T22 Var% 4T23 4T22 Var% 4T23 4T22 Var%
São Paulo 1.932 1.193 62% 1.309 655 100% 68% 55% 12,9 p.p 1.655 1.422 16% 13.176 13.522 -3% 27 222 -88%
Rio de Janeiro 359 327 10% 215 327 -34% 60% 100% -40,0 p.p 603 477 26% 7.886 9.739 -19% 11 55 -80%
Sul 0 409 -100% 0 286 -100% 0% 70% -70,0 p.p 0 809 -100% 0 14.167 -100% 0 25 -100%
Outros 453 893 -49% 226 374 -39% 50% 42% 8,1 p.p 998 1.990 -50% 7.136 7.179 -1% 37 70 -47%
Total 2.744 2.821 -3% 1.751 1.642 7% 64% 58% 5,6 p.p 3.256 4.698 -31% 10.734 10.259 5% 75 372 -80%
VGV Lançado (R$ MM) VGV Lançado CBR (R$ MM) % CBR Unidades Preço Médio (m²) VGV Permutado (R$ MM)
Por Produto
4T23 4T22 Var% 4T23 4T22 Var% 4T23 4T22 Var p.p. 4T23 4T22 Var% 4T23 4T22 Var% 4T23 4T22 Var%
Alto padrão 1.491 1.511 -1% 884 892 -1% 59% 59% 0,2 p.p 667 1.638 -59% 14.884 16.069 -7% 37 299 -87%
Médio 901 1.109 -19% 614 584 5% 68% 53% 15,4 p.p 1.268 2.382 -47% 8.834 7.422 19% 32 73 -56%
Vivaz Prime 0 125 -100% 0 125 -100% 0% 100% -100,0 p.p 0 428 -100% 0 6.817 -100% 0 0 n.a
MCMV 2 e 3 352 77 357% 253 41 518% 72% 53% 18,7 p.p 1.321 250 428% 6.584 5.795 14% 6 0 -87%
Total 2.744 2.821 -3% 1.751 1.642 7% 64% 58% 5,6 p.p 3.256 4.698 -31% 10.734 10.259 5% 75 372 -80%
2023
VGV Lançado (R$ MM) VGV Lançado CBR (R$ MM) % CBR Unidades Preço Médio (m²) VGV Permutado (R$ MM)
Por Região
2023 2022 Var% 2023 2022 Var% 2023 2022 Var p.p. 2023 2022 Var% 2023 2022 Var% 2023 2022 Var%
São Paulo 6.377 5.360 19% 4.797 3.964 21% 75% 74% 1,3 p.p 6.926 8.286 -16% 12.468 11.327 10% 269 518 -48%
Rio de Janeiro 1.463 1.291 13% 959 1.266 -24% 66% 98% -32,5 p.p 2.822 2.054 37% 8.852 10.628 -17% 41 245 -83%
Sul 415 509 -18% 317 357 -11% 76% 70% 6,3 p.p 1.274 913 40% 14.574 13.647 7% 55 35 60%
Outros 1.512 1.953 -23% 896 912 -2% 59% 47% 12,5 p.p 2.956 2.933 1% 7.784 8.709 -11% 129 74 73%
Total 9.767 9.113 7% 6.969 6.500 7% 71% 71% 0,0 p.p 13.978 14.186 -1% 10.859 10.697 2% 495 872 -43%
VGV Lançado (R$ MM) VGV Lançado CBR (R$ MM) % CBR Unidades Preço Médio (m²) VGV Permutado (R$ MM)
Por Produto
2023 2022 Var% 2023 2022 Var% 2023 2022 Var p.p. 2023 2022 Var% 2023 2022 Var% 2023 2022 Var%
Alto padrão 5.076 4.567 11% 3.415 2.890 18% 67% 63% 4,0 p.p 3.922 3.636 8% 15.899 15.476 3% 298 637 -53%
Médio 2.880 3.063 -6% 2.176 2.381 -9% 76% 78% -2,2 p.p 3.832 5.319 -28% 9.441 8.914 6% 150 192 -22%
Vivaz Prime 327 817 -60% 327 700 -53% 100% 86% 14,4 p.p 918 2.536 -64% 7.606 7.678 -1% 28 27 1%
CVA 2 e 3 1.485 666 123% 1.051 529 99% 71% 79% -8,6 p.p 5.306 2.695 97% 6.393 5.996 7% 18 15 20%
Total 9.767 9.113 7% 6.969 6.500 7% 71% 71% 0,0 p.p 13.978 14.186 -1% 10.859 10.697 2% 495 872 -43%
39
Release de Resultados – 4T23 | 2023
ANEXO V – VENDAS
4T23
VGV Vendido (R$ MM) VGV Vendido CBR (R$ MM) % CBR Unidades Preço Médio (R$/m²)
Por Região
4T23 4T22 Var % 4T23 4T22 Var % 4T23 4T22 Var p.p. 4T23 4T22 Var % 4T23 4T22 Var %
São Paulo 1.668 1.414 18% 1.234 940 31% 74% 66% 7,5 p.p 2.273 2.517 -10% 11.752 11.958 -2%
Rio de Janeiro 467 257 82% 327 254 28% 70% 99% -29,0 p.p 927 602 54% 8.463 11.501 -26%
Sul 135 288 -53% 109 211 -49% 81% 74% 7,0 p.p 268 671 -60% 14.036 11.877 18%
Outros 323 732 -56% 191 334 -43% 59% 46% 13,4 p.p 593 1.507 -61% 7.809 8.419 -7%
Total 2.593 2.691 -4% 1.860 1.739 7% 72% 65% 7,1 p.p 4.061 5.297 -23% 10.342 10.738 -4%
VGV Vendido (R$ MM) VGV Vendido CBR (R$ MM) % CBR Unidades Preço Médio (R$/m²)
Por Produto
4T23 4T22 Var % 4T23 4T22 Var % 4T23 4T22 Var p.p. 4T23 4T22 Var % 4T23 4T22 Var %
Alto padrão 1.255 1.421 -12% 828 867 -5% 66% 61% 4,9 p.p 880 1.617 -46% 15.567 16.161 -4%
Médio 838 765 10% 602 448 34% 72% 59% 13,2 p.p 1.285 1.764 -27% 9.212 9.256 0%
Vivaz Prime 105 231 -54% 102 214 -52% 97% 93% 4,2 p.p 358 791 -55% 7.442 7.048 6%
MCMV 2 e 3 395 275 44% 328 209 57% 83% 76% 6,9 p.p 1.538 1.125 37% 6.630 6.158 8%
Total 2.593 2.691 -4% 1.860 1.739 7% 72% 65% 7,1 p.p 4.061 5.297 -23% 10.342 10.738 -4%
2023
VGV Vendido (R$ MM) VGV Vendido CBR (R$ MM) % CBR Unidades Preço Médio (R$/m²)
Por Região
2023 2022 Var % 2023 2022 Var % 2023 2022 Var p.p. 2023 2022 Var % 2023 2022 Var %
São Paulo 5.518 4.954 11% 4.463 4.024 11% 81% 81% -0,3 p.p 8.904 10.190 -13% 11.142 10.581 5%
Rio de Janeiro 1.410 1.183 19% 1.106 1.159 -5% 78% 98% -19,5 p.p 2.937 2.068 42% 9.092 11.645 -22%
Sul 536 482 11% 426 369 15% 80% 77% 3,0 p.p 1.084 936 16% 14.823 12.056 23%
Outros 1.428 1.292 11% 780 570 37% 55% 44% 10,5 p.p 2.771 2.310 20% 8.106 8.532 -5%
Total 8.892 7.911 12% 6.776 6.123 11% 76% 77% -1,2 p.p 15.696 15.504 1% 10.294 10.414 -1%
VGV Vendido (R$ MM) VGV Vendido CBR (R$ MM) % CBR Unidades Preço Médio (R$ mil/m²)
Por Produto
2023 2022 Var % 2023 2022 Var % 2023 2022 Var p.p. 2023 2022 Var % 2023 2022 Var %
Alto padrão 4.303 3.923 10% 3.070 2.792 10% 71% 71% 0,2 p.p 3.656 3.450 6% 15.514 16.232 -4%
Médio 2.372 1.957 21% 1.837 1.570 17% 77% 80% -2,8 p.p 3.736 3.997 -7% 9.636 9.847 -2%
Vivaz Prime 541 743 -27% 531 670 -21% 98% 90% 8,0 p.p 1.691 2.408 -30% 7.534 7.509 0%
MCMV 2 e 3 1.676 1.288 30% 1.339 1.092 23% 80% 85% -4,9 p.p 6.613 5.649 17% 6.460 5.947 9%
Total 8.892 7.911 12% 6.776 6.123 11% 76% 77% -1,2 p.p 15.696 15.504 1% 10.294 10.414 -1%
40
Release de Resultados – 4T23 | 2023
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
41
Release de Resultados – 4T23 | 2023
42
Release de Resultados – 4T23 | 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
43
Earnings Release – 4Q23 | 2023
São Paulo, March 14, 2024 - 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 fourth quarter of 2023 (4Q23). 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 (4Q22) and, as stated otherwise, to the third
quarter of 2023 (3Q23).
1
Earnings Release – 4Q23 | 2023
MESSAGE FROM MANAGEMENT ................................................................ 3
MAIN INDICATORS ................................................................................... 3
OPERATIONAL PERFORMANCE ................................................................. 5
LAUNCHES ...................................................................................................................................... 5
PRE-SALES...................................................................................................................................... 8
SALES SPEED (SOS) ..................................................................................................................... 12
INVENTORIES .............................................................................................................................. 13
LANDBANK ................................................................................................................................... 15
DELIVERIES.................................................................................................................................. 16
CONSTRUCTION SITES ................................................................................................................ 18
2
Earnings Release – 4Q23 | 2023
MESSAGE FROM MANAGEMENT
The performance presented in 2023 contributed to reinforce the strategy that has been
implemented by Cyrela in the last years. Although we started the year with several uncertainties
regarding the local and global macroeconomic contexts, we were able to deliver solid operating and
financial results.
We ended the year with R$6.6 billion and R$6.4 billion in PSV of launches and sales (in
%CBR) respectively, growth of 13% and 17% against last year. It’s important to note the
maintenance of sales velocity (VSO) at comfortable levels, which has even allowed us to reduce
relative inventory levels as a proportion of sales, even with the growth in launches.
Financial performance also presented strength. Net revenues grew 16% in the year,
reaching R$6.3 billion, and there was a recovery in gross margin, which totaled 32.7%, an increase
of 0.7 percentage points versus 2022. Even with the growth of the operation, we were able to keep
sales, general and administrative expenses at controlled levels. As a result, net income reached
R$942 million in the year, with a net margin of 15.1% and ROE of 13.1%.
We ended 2023 satisfied with our performance, but we know that 2024 shall be another
challenging year. We will maintain our strategy of product differentiation and remain alert to the
best market opportunities, but always cautious in our movements.
3
Earnings Release – 4Q23 | 2023
MAIN INDICATORS
4Q23 x 4Q23 x
4Q23 4Q22 4Q22
3Q23 3Q23
2023 2022 2023 x 2022
Launches (1)
Number of Launches 13 15 (2) 13 0 51 48 3
Launched PSV - R$ Million (100%) 2,744 2,821 -3% 2,165 27% 9,767 9,113 7%
Cyrela's Share 64% 58% 5.6 p.p. 72% -7.9 p.p. 71% 71% 0.0 p.p.
Swapped PSV - R$ Million (100%) 75 372 -80% 89 -16% 495 872 -43%
Launched PSV ex-swaps - R$ Million (%CBR) 1,716 1,442 19% 1,498 15% 6,626 5,853 13%
Sales (2)
Pre-Sales Contracts - R$ Million (100%) 2,593 2,691 -4% 2,263 15% 8,892 7,911 12%
Cyrela's Share 72% 65% 7.1 p.p. 77% -5.3 p.p. 76% 77% -1.2 p.p.
Pre-Sales ex-swaps - R$ Million (%CBR) 1,825 1,508 21% 1,690 8% 6,439 5,494 17%
Inventories
PSV Inventory at Market Value - R$ Million (100%) 9,934 9,069 10% 9,761 2% 9,934 9,069 10%
PSV Finished Inventory at Market Value - R$ Million (100%) 1,586 1,199 32% 1,382 15% 1,586 1,199 32%
Landbank
PSV with exchange - R$ Million (100%) 25,975 28,463 -9% 26,677 -3% 25,975 28,463 -9%
% Swap over land value 71% 73% -2.1 p.p. 71% -0.3 p.p. 71% 73% -2.1 p.p.
% CBR 93% 89% 4.0 p.p. 92% 0.8 p.p. 93% 89% 4.0 p.p.
Deliveries
# of Projects Delivered 18 14 4 18 0 58 54 4
Delivered PSV (100%) 2,093 1,043 101% 1,545 35% 5,995 4,284 40%
Delivered Units 4,942 3,163 56% 4,477 10% 15,521 11,098 40%
Financial Indicators
Net Revenue (R$ Million) 1,710 1,371 25% 1,626 5% 6,253 5,412 16%
Gross Profit (R$ Million) 577 431 34% 545 6% 2,044 1,734 18%
Gross Margin 33.7% 31.4% 2.3 p.p. 33.5% 0.2 p.p. 32.7% 32.0% 0.6 p.p.
Adjusted Gross Margin 35.4% 33.1% 2.3 p.p. 35.4% 0.1 p.p. 34.5% 33.6% 1.0 p.p.
Sales Expenses 176 156 13% 155 14% 629 547 15%
G&A Expenses 135 125 8% 151 -11% 518 523 -1%
Net Income (R$ Million) 248 208 19% 251 -1% 942 809 16%
Net Margin 14.5% 15.2% -0.7 p.p. 15.5% -1.0 p.p. 15.1% 14.9% 0.1 p.p.
LTM ROE 13.1% 12.5% 0.5 p.p. 12.8% 0.3 p.p. 13.1% 12.5% 0.5 p.p.
(4) 10.7% 7.8% 2.9 p.p. 8.0% 2.7 p.p. 10.7% 7.8% 2.9 p.p.
Adjusted Net Debt / Adjusted Shareholders Equity
Cash Generation / Burn (94) (54) 73.0% 7 n.a. (101) 33 n.a.
4
Earnings Release – 4Q23 | 2023
OPERATIONAL PERFORMANCE
LAUNCHES
Letter: detailed information on launches can be found at the end of this report in the appendix tables.
Cyrela launched 13 projects in the quarter, reaching a volume of R$2,744 million, 3% lower than
the presented in 4Q22 (R$2,821 million) and 27% up from 3Q23 (R$2,165 million). Swaps accounted R$75
million in the launches of the quarter vs. R$372 million in 4Q22 and R$89 million in 3Q23. Cyrela’s stake in
4Q23 launches reached 64%, up from the stake presented in 4Q22 (58%) and lower than 3Q23 (72%). Of
the total PSV launched in 4Q23, 63% will be recognized through full consolidation and 37% through the
equity method. In 2023, the PSV launched accounted for R$9,767 million, 7% up from 2022.
Launched PSV
(in R$ million – 100%)
+7%
9,767
9,113
5,076
4,567
-3% 27%
2,821 2,744 3,063 2,880
2,165
1,511 1,491
1,086 327
901 495 817
1,109 125 1,485
77 352 583 666
5
Earnings Release – 4Q23 | 2023
Excluding swaps and considering only the %CBR, the volume launched in the 4Q23 was R$1,716
million, 19% higher than the launches of the same quarter of the previous year (R$1,442 million in 4Q22)
and 15% up from 3Q23 (R$1,498 million). In the year, launches reached R$6,626 million, compared to
R$5,853 million in 2022.
Launched PSV
Ex-Swap (in R$ million - %CBR)
+13%
6,626
5,853
+19% +15%
1,716 1,498
1,442
6
Earnings Release – 4Q23 | 2023
69% 31%
São Paulo Middle
7
Earnings Release – 4Q23 | 2023
PRE-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$2,593 million in the quarter, 4% down from 4Q22 (R$2,691 million)
and 15% higher than the presented in 3Q23 (R$2,263 million). Cyrela’s stake in the volume sold in the
quarter was 72%, higher than the 65% presented in the same quarter of 2022 and lower than the 3Q23
(77%). Of the total sales of the quarter, 75% will be recognized through full consolidation and 25% through
the equity method. In 2023, net pre-sales accounted for R$8,892 million, 12% higher than the previous
year.
Pre Sales
(in R$ million – 100%)
+12%
8,892
7,911
4,303
3,923
-4% +15%
2,372
2,691 2,593 1,957
2,263
1,421 1,255 1,063 541
743
765 838 619 1,288 1,676
59
275 231 395 105 523
4Q22 4Q23 3Q23 2022 2023
8
Earnings Release – 4Q23 | 2023
In the quarter, R$167 million of total net pre-sales refer to finished inventory sales (6%), R$1,153
million refer to under construction inventory sales (45%) and R$1,273 million refer to sales of launches
(49%). The speed of sales of projects launched in 4Q23 reached 46%.
Pre Sales
(in R$ million – 100%)
+12%
8,892
7,911
4,138
4,125
-4% +15%
2,691 2,593
2,263 4,180
1,642 1,273 3,471
987
9
Earnings Release – 4Q23 | 2023
Excluding swaps and considering only %CBR, sales volume reached R$1,825 million in 4Q23, 21%
higher than the same period of 2022 (R$1,508 million in 4Q22) and 8% up from 3Q23 (R$1,690 million). In
the year, sales reached R$6,439 million, compared to R$5,494 million in 2022.
Sales
Ex-Swap
(in R$ million – %CBR)
+17%
6,439
5,494
+21% +8%
1,825 1,690
1,508
10
Earnings Release – 4Q23 | 2023
São Paulo city accounted for 62% of total sales, followed by Rio de Janeiro at 16%.
The breakdown of sales by geographical region and segment can be seen below:
Other
MCMV 2 and 3
12%
South 20%
6%
11
Earnings Release – 4Q23 | 2023
SALES SPEED (SOS)
The performance reported resulted in a sales’ speed LTM (Sales over Supply ratio) of 47.2%, lower
than the sales’ speed LTM presented in the same quarter of 2022 (47.7%) and down from 3Q23 (47.9%).
Regarding sales speed by launch vintage, 46% of the 4Q23 vintage has been sold.
4Q23 46%
12
Earnings Release – 4Q23 | 2023
INVENTORIES
At the end of 4Q23, the inventory at market value amounted to R$9,934 million
(100%) and R$7,505 million (%CBR). There was a quarter-over-quarter increase of 2% in
the total inventory at market value.
From the total inventory in the amount of R$9,934 million, the share to be
consolidated into the Company’s revenues is R$7,896 million (%CBR R$6,653 million),
whereas the amount of R$2,038 million (%CBR R$852 million) will be accounted for under
the “Equity Income” line.
PSV Inventory at Market Value (R$ MM) Inventory by Delivery Schedule (R$ MM)
South 11%
18%
Inventory 3Q23 Sales of Launches 4Q23 Sales of Price Inventory
Rio de Janeiro
inventories launches 4Q23 change/adj 4Q23
4Q23
13
Earnings Release – 4Q23 | 2023
In 4Q23, the Company sold 12% of its finished inventory from the beginning of the
quarter. Considering all deliveries, the Company’s inventory of finished units increased from
R$1,382 million (100%) (%CBR R$1,158 million) in 3Q23 to R$1,586 million (%100) (%CBR
R$1,322 million) in 4Q23.
The share of the finished inventory to be consolidated into the Company’s revenues
is R$1,221 million (%CBR R$1,130 million), whereas R$366 million (%CBR R$192 million)
will be accounted for under the “Equity Income” line.
PSV Finished Inventory at Market Value (R$MM) Finished Inventory by Delivery Period (R$MM)
1,586
1,382 265
1,199 1,248 1,249 Delivery Period Total Consolidation Equity
225
206 219 221
2019 and before 380 268 112
2020 40 34 6
1,322 2021 92 91 1
1,158
% CBR 993 1,029 1,028 2022 228 150 78
2023 848 679 169
Total 1,586 1,221 366
4Q22 1Q23 2Q23 3Q23 4Q23
+15%
Other
1,586
20 18% São Paulo
1,382
351 29%
-167
25%
South
28%
Rio de Janeiro
Finished Units 3Q23 Sales of finished PSV Delivered 4Q23 Price change/adj Finished Units 4Q23
units 4Q23
14
Earnings Release – 4Q23 | 2023
LANDBANK
Note: detailed information on landbank can be found at the end of this report in the appendix tables.
At the close of 4Q23, the Company’s landbank (JVs’ landbank is not considered)
amounted potential sales of R$26.0 billion. Cyrela’s share in the landbank is 93%,
equivalent to R$24.1 billion.
During 4Q23, Cyrela acquired 6 land plots, 5 in the city of Sao Paulo and 1 in Rio de
Janeiro, with potential PSV of R$1.2 billion (Cyrela’s stake of 100%).
Landbank on 12.31.2023*
71%
Swaps
23.7
High end
São Paulo
4.5
2.1 South
0.8 Other
15
Earnings Release – 4Q23 | 2023
DELIVERIES
Note: detailed information on delivered units can be found in the appendix tables at the end of this report.
Cyrela delivered 18 projects in the quarter, with 4,942 units totaling a PSV (100%) of
R$2,093 million on the dates of their respective launches. In 2023, the Company delivered
15,521 units with PSV (100%) of R$5,995 million, in 58 projects.
+40%
5,995
4,284
3,408
16
Earnings Release – 4Q23 | 2023
+40%
5,995
2,748
4,284
2,230
+101% +35%
1,307
2,093
1,545 885
1,035
1,043 699
367 1,940
401
306 1,169
433
657 540
244
4Q22 4Q23 3Q23 2022 2023
17
Earnings Release – 4Q23 | 2023
CONSTRUCTION SITES
At the close of 4Q23, there were 100 projects in progress, broken down as follows,
by segment, execution and geographic location, and according to the active construction
site criteria.
Partners 23
High End 32
JV’s 4 São Paulo 51
Middle 30
RJ 13
Cyrela 73 South 7
Vivaz Prime 11
Other 29
MCMV 27
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,
86% of the total PSV in construction (R$19.2 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.
Projects in Progress (% of PSV)
Partners 14%
JV’s 3%
High End 53% São Paulo 61%
Cyrela 83%
Middle 24% RJ 13%
South 8%
Vivaz Prime 10%
Other 18%
MCMV 13%
4Q23 4Q23 4Q23
18
Earnings Release – 4Q23 | 2023
ECONOMIC AND FINANCIAL PERFORMANCE
REVENUE
The Company’s total net revenues accounted for R$1,710 million in 4Q23, 25% higher
than the R$1,371 million in 4Q22, and 5% up from the R$1,626 million registered in the
3Q23. In 2023, revenues were R$6,253 million vs. R$5,412 million in 2022.
Net Revenue
(R$ Million)
+16%
6,253
5,412
+25% +5%
1,710 1,626
1,371
19
Earnings Release – 4Q23 | 2023
GROSS MARGIN
The Company's gross margin was 33.7% in 4Q23, 2.3 p.p. up from the margin
presented in 4Q22 (31.4%) and 0.2 p.p. higher than the margin of 33.5% presented in
3Q23. In 2023, gross margin achieved 32.7%, 0.6 p.p. higher than 2022 (32.0%).
Adjusted gross margin was 35.4% in 4Q23, 2.3 p.p. higher than the adj. gross margin
recorded in 4Q22 (33.1%) and in line with the adj. gross margin of 3Q23. In 2023, adj.
gross margin achieved 34.5%, 1.0 p.p. higher than 2022 (33.6%).
The increase in Cyrela’s gross margin in the periods was mainly due to the higher
margins in launches compared to 2022.
20
Earnings Release – 4Q23 | 2023
SALES TO BE RECOGNIZED
At the close of 4Q23, net revenues from sales to be recognized totaled R$6,634
million. Gross margin from revenues to be recognized stood at 35.9%, 0.1 p.p. down from
4Q22 (36.0%) and 1.0 p.p higher than 3Q23 (34.9%).
Sales to be Recognized (R$ MM) 4Q23 3Q23 4Q23 x 3Q23 4Q22 4Q23 x 4Q22
Gross Margin to be Recognized 35.9% 34.9% 1.0 p.p. 36.0% -0.1 p.p.
21
Earnings Release – 4Q23 | 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$176 million, higher than 3Q23 (R$155 million)
and 4Q22 (R$156 million). In 2023, sales expenses were R$629 million, an increase of
R$82 million vs. 2022 (pro forma).
The higher amount of Selling Expenses compared to the other periods is mainly related
to the increase in the volume of launches and sales of the Company.
22
Earnings Release – 4Q23 | 2023
GENERAL & ADMINISTRATIVE EXPENSES
General and administrative expenses totaled R$135 million in 4Q23, R$16 million lower
than 3Q23 (R$151 million) and R$10 million up from 4Q22 (R$125 million).
In 2023, the G&A expenses amounted R$518 million, R$5 million lower vs. 2022 (pro
forma). This result confirms the Company's capacity to gain operational leverage, since it
was possible to grow launches and sales in the period.
General & Administrative Expenses 4Q23 3Q23 4Q23 x 3Q23 4Q22 4Q23 x 4Q22 2023 2022 2023 x 2022
(pro forma)
R$ MM R$ MM R$ MM R$ MM R$ MM
Salaries and Social Charges 41 45 -9% 46 -10% 172 185 -7%
Board/Management Remuneration 2 2 0% 2 9% 7 6 14%
Employees' 18 18 -5% 18 -5% 71 75 -4%
Third-Party Services 24 37 -34% 28 -14% 115 141 -19%
Rent, travelling and representation 4 8 -42% 6 -28% 24 24 -2%
Indemnities 37 34 7% 15 152% 103 62 68%
Others 8 6 53% 9 -10% 25 30 -17%
Total 135 151 -11% 125 8% 518 523 -1%
CashMe's G&A totaled R$13 million in the quarter, compared to R$13 million in 3Q23
and R$22 million in 4Q22. Year to date, CashMe's G&A expenses were R$54 million, down
from the same period last year (R$86 million – pro forma).
23
Earnings Release – 4Q23 | 2023
FINANCIAL RESULT
The Company recorded positive net financial result of R$34 million in 4Q23, up from
R$28 million net positive result registered in the 3Q23 and higher than the positive R$26
million from the 4Q22. In 2023, the financial result was positive R$137 million, higher than
the R$68 million of 2022.
Financial Revenues
Income on Investments 142 149 -5% 202 -30% 588 538 9%
Monetary Adjustment 2 4 -42% 6 -63% 12 26 -52%
Other financial income 26 3 643% 7 262% 94 9 942%
Total Financial Revenues 170 156 9% 216 -21% 695 573 21%
CashMe’s participation in Net Financial Results totaled R$185 million in 2023, higher
than the previous year (R$179 million).
24
Earnings Release – 4Q23 | 2023
NET INCOME AND NET MARGIN
The Company recorded net income of R$248 million in 4Q23, versus net income of
R$251 million in 3Q23 and R$208 million net profit in 4Q22. This result led to a LTM ROE
of 13.1%. In 2023, net income totaled R$942 million, an increase of 16% compared to 2022
(R$809 million).
In the quarter, the Company’s earnings per share (EPS) was R$0.66, compared to
R$0.55 in 4Q22 and R$0.67 in 3Q23.
Net Profit
(R$ million)
+16%
942
809
+19% -1%
248 251
208
Net
15.2% 14.5% 15.5% 14.9% 15.1%
Margin
ROE LTM
13.8%
12.8% 13.1%
12.5% 12.3%
25
Earnings Release – 4Q23 | 2023
Financial Statements Highlights
Cost to be incurred
ACCOUNTS RECEIVABLE (ref, sold units – R$ million)
12 Months 2,208
12 Months 870
After 36 Months 30
Receivables Schedule
(in R$ million)
4Q23 3Q23
Accounts Receivable 4Q23 x 3Q23 12 Months 4,239
R$ MM R$ MM
Units under construction 8,782 8,417 4%
Finished Units 1,147 918 25% 24 Months 2,411
Total Accounts Receivable 9,929 9,335 6%
Construction Cost to be Realized
(4,251) (4,135) 3%
from sold units
36 Months 2,325
Construction Cost to be Realized
(1,674) (1,747) -4%
from inventory units
After 36 Months 953
Net Accounts Receivable 4,004 3,453 16%
26
Earnings Release – 4Q23 | 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$2,302
million on December 31, 2023 and represented 43% of the total.
4Q23 3Q23
Marketable Real Estate 4Q23 x 3Q23
R$ MM R$ MM
Units under construction 1,835 1,815 1%
Finished units 773 728 6%
Landbank 2,302 2,453 -6%
Suppliers 93 94 -2%
Interest capitalized in inventories 113 106 6%
Provision for Cancellations 240 218 10%
Total 5,356 5,415 -1%
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$251 million and incorporated real
estate projects to R$490 million, totaling R$741 million, corresponding to the book value
of swapped units. Such obligations shall be written off by following the same procedure as
that used for sales revenue recognition, with no actual cash outflows.
4Q23 3Q23
Advances from Customers 4Q23 x 3Q23
R$ MM R$ MM
Receiving of real estate sales 211 300 -30%
Land for future incorporation 251 277 -10%
Incorpotared real estate units 490 522 -6%
Total 952 1,099 -13%
The short- and long-term “Accounts Payable for Real Estate Acquisition” lines amount
to R$854 million, R$693 million of which are related to developed projects.
4Q23 3Q23
Accounts Payable - Real estate acquisition 4Q23 x 3Q23
R$ MM R$ MM
Incorporated 693 697 -1%
Others 161 96 68%
Total 854 793 8%
27
Earnings Release – 4Q23 | 2023
DEBT
702 1,021
1,312
1,177
290
694
561
689
130
1,021
767
616 282
559 74
152
209
28
Earnings Release – 4Q23 | 2023
29
Earnings Release – 4Q23 | 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 10.7% 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$1,428 million of gross debt and R$2,192 million of Marketable
Securities of CashMe’s operation.
30
Earnings Release – 4Q23 | 2023
Debt Overview
31
Earnings Release – 4Q23 | 2023
CASH GENERATION
In 4Q23, the Company recorded cash burn of R$94 million, versus cash burn of R$54
million in 4Q22 and cash generation of R$7 million in 3Q23. In 2023, the Company recorded
cash burn of R$101 million, vs. cash generation of R$33 million in 2022. In addition, the
calculation of cash generation excludes the effect of CashMe’s FVTOCI, for the amount of
R$398 million.
Cash Generation/Consumption
(R$ Million)
33
206
7
+73% 83
49
22
-43
-77
-94
-101
4Q22 4Q23 3Q23 2022 2023
Non Recurring
32
Earnings Release – 4Q23 | 2023
SUBSEQUENT EVENTS
In 1Q24, Cyrela, through CashMe, issued two fixed income instruments in the
approximate amount R$178 million, in order to securitize portfolios of performed
receivables, as follows: (i) a Certificate of Real Estate Receivables (FDIC) in the
approximate amount of R$107 million, with the issuance of senior shares of 90% of the
volume; subscribed and paid by third parties, and mezzanine and subordinated quotas of
10%, fully subscribed and paid by the Company and (ii) a Credit Rights Investment Fund
(CRIF) in the amount of approximately R$71 million, with the issuance of senior quotas of
70% of the volume, subscribed and paid by third parties, and mezzanine and subordinated
quotas of 30%, fully subscribed and paid by the Company.
33
Earnings Release – 4Q23 | 2023
34
Earnings Release – 4Q23 | 2023
35
Earnings Release – 4Q23 | 2023
% %
4Q23 3Q23 2023 2022
Change Change
Real Estate Sales and Resales (1,149) (1,066) 7.8% (4,194) (3,604) 16.4%
Lots for Development (0) (0) 47.6% (1) (6) -78.1%
Services Rendered and Others (7) (4) 61.8% (28) (76) -63.4%
Cancellations Provision 22 (10) n.a 14 8 81.1%
Cost of Goods and/or Services Sold (1,134) (1,081) 4.9% (4,209) (3,678) 14.4%
Profit (Loss) Before Financial Result 312 318 -1.8% 1,125 913 23.2%
Income (Loss) Before Minority Interest 302 305 -0.9% 1,106 859 28.8%
36
Earnings Release – 4Q23 | 2023
ANNEX III – REVENUE RECOGNITION
% ACCRUED FINANCIAL ACCRUED REVENUE
PROJECT SEGMENT RECOGNITION DATE
EVOLUTION (R$ MM)
37
Earnings Release – 4Q23 | 2023
ANNEX IV – LAUNCHES
PSV
Project Quarter Month Region Units Segment % CBR
(R$ MM)
38
Earnings Release – 4Q23 | 2023
4Q23
Launched PSV (R$ MM) CBR Launched PSV (R$ MM) % CBR Units Averege Price (per sq. m.) PSV - Swaps (R$ MM)
Region
4Q23 4Q22 Chg % 4Q23 4Q22 Chg % 4Q23 4Q22 Chg p.p. 4Q23 4Q22 Chg % 4Q23 4Q22 Chg % 4Q23 4Q22 Chg %
São Paulo 1,932 1,193 62% 1,309 655 100% 68% 55% 12.9 p.p 1,655 1,422 16% 13,176 13,522 -3% 27 222 -88%
Rio de Janeiro 359 327 10% 215 327 -34% 60% 100% -40.0 p.p 603 477 26% 7,886 9,739 -19% 11 55 -80%
South 0 409 -100% 0 286 -100% 0% 70% -70.0 p.p 0 809 -100% 0 14,167 -100% 0 25 -100%
Other 453 893 -49% 226 374 -39% 50% 42% 8.1 p.p 998 1,990 -50% 7,136 7,179 -1% 37 70 -47%
Total 2,744 2,821 -3% 1,751 1,642 7% 64% 58% 5.6 p.p 3,256 4,698 -31% 10,734 10,259 5% 75 372 -80%
Launched PSV (R$ MM) CBR Launched PSV (R$ MM) % CBR Units Averege Price (per sq. m.) PSV - Swaps (R$ MM)
Segment
4Q23 4Q22 Chg % 4Q23 4Q22 Chg % 4Q23 4Q22 Chg p.p. 4Q23 4Q22 Chg % 4Q23 4Q22 Chg % 4Q23 4Q22 Chg %
High end 1,491 1,511 -1% 884 892 -1% 59% 59% 0.2 p.p 667 1,638 -59% 14,884 16,069 -7% 37 299 -87%
Middle 901 1,109 -19% 614 584 5% 68% 53% 15.4 p.p 1,268 2,382 -47% 8,834 7,422 19% 32 73 -56%
Vivaz Prime 0 125 -100% 0 125 -100% 0% 100% -100.0 p.p 0 428 -100% 0 6,817 -100% 0 0 n.a
CVA 2 and 3 352 77 357% 253 41 518% 72% 53% 18.7 p.p 1,321 250 428% 6,584 5,795 14% 6 0 -87%
Total 2,744 2,821 -3% 1,751 1,642 7% 64% 58% 5.6 p.p 3,256 4,698 -31% 10,734 10,259 5% 75 372 -80%
2023
Launched PSV (R$ MM) CBR Launched PSV (R$ MM) % CBR Units Averege Price (per sq. m.) PSV - Swaps (R$ MM)
Region
2023 2022 Chg % 2023 2022 Chg % 2023 2022 Chg p.p. 2023 2022 Chg % 2023 2022 Chg % 2023 2022 Chg %
São Paulo 6,377 5,360 19% 4,797 3,964 21% 75% 74% 1.3 p.p 6,926 8,286 -16% 12,468 11,327 10% 269 518 -48%
Rio de Janeiro 1,463 1,291 13% 959 1,266 -24% 66% 98% -32.5 p.p 2,822 2,054 37% 8,852 10,628 -17% 41 245 -83%
South 415 509 -18% 317 357 -11% 76% 70% 6.3 p.p 1,274 913 40% 14,574 13,647 7% 55 35 60%
Other 1,512 1,953 -23% 896 912 -2% 59% 47% 12.5 p.p 2,956 2,933 1% 7,784 8,709 -11% 129 74 73%
Total 9,767 9,113 7% 6,969 6,500 7% 71% 71% 0.0 p.p 13,978 14,186 -1% 10,859 10,697 2% 495 872 -43%
Launched PSV (R$ MM) CBR Launched PSV (R$ MM) % CBR Units Averege Price (per sq. m.) PSV - Swaps (R$ MM)
Segment
2023 2022 Chg % 2023 2022 Chg % 2023 2022 Chg p.p. 2023 2022 Chg % 2023 2022 Chg % 2023 2022 Chg %
High end 5,076 4,567 11% 3,415 2,890 18% 67% 63% 4.0 p.p 3,922 3,636 8% 15,899 15,476 3% 298 637 -53%
Middle 2,880 3,063 -6% 2,176 2,381 -9% 76% 78% -2.2 p.p 3,832 5,319 -28% 9,441 8,914 6% 150 192 -22%
Vivaz Prime 327 817 -60% 327 700 -53% 100% 86% 14.4 p.p 918 2,536 -64% 7,606 7,678 -1% 28 27 1%
CVA 2 and 3 1,485 666 123% 1,051 529 99% 71% 79% -8.6 p.p 5,306 2,695 97% 6,393 5,996 7% 18 15 20%
Total 9,767 9,113 7% 6,969 6,500 7% 71% 71.3% 0.0 p.p 13,978 14,186 -1% 10,859 10,697 2% 495 872 -43%
39
Earnings Release – 4Q23 | 2023
ANNEX V – SALES
4Q23
Pre-Sales PSV (R$ MM) CBR Pre-Sales PSV (R$ MM) % CBR Units Avg. Price (R$/sq. m.)
Region
4Q23 4Q22 Chg % 4Q23 4Q22 Chg % 4Q23 4Q22 Chg p.p. 4Q23 4Q22 Chg % 4Q23 4Q22 Chg %
São Paulo 1,668 1,414 18% 1,234 940 31% 74% 66% 7.5 p.p 2,273 2,517 -10% 11,752 11,958 -2%
Rio de Janeiro 467 257 82% 327 254 28% 70% 99% -29.0 p.p 927 602 54% 8,463 11,501 -26%
South 135 288 -53% 109 211 -49% 81% 74% 7.0 p.p 268 671 -60% 14,036 11,877 18%
Other 323 732 -56% 191 334 -43% 59% 46% 13.4 p.p 593 1,507 -61% 7,809 8,419 -7%
Total 2,593 2,691 -4% 1,860 1,739 7% 72% 65% 7.1 p.p 4,061 5,297 -23% 10,342 10,738 -4%
Pre-Sales PSV (R$ MM) CBR Pre-Sales PSV (R$ MM) % CBR Units Avg. Price (R$/sq. m.)
Segment
4Q23 4Q22 Chg % 4Q23 4Q22 Chg % 4Q23 4Q22 Chg p.p. 4Q23 4Q22 Chg % 4Q23 4Q22 Chg %
High end 1,255 1,421 -12% 828 867 -5% 66% 61% 4.9 p.p 880 1,617 -46% 15,567 16,161 -4%
Middle 838 765 10% 602 448 34% 72% 59% 13.2 p.p 1,285 1,764 -27% 9,212 9,256 0%
Vivaz Prime 105 231 -54% 102 214 -52% 97% 93% 4.2 p.p 358 791 -55% 7,442 7,048 6%
MCMV 2 and 3 395 275 44% 328 209 57% 83% 76% 6.9 p.p 1,538 1,125 37% 6,630 6,158 8%
Total 2,593 2,691 -4% 1,860 1,739 7% 72% 65% 7.1 p.p 4,061 5,297 -23% 10,342 10,738 -4%
2023
Pre-Sales PSV (R$ MM) CBR Pre-Sales PSV (R$ MM) % CBR Units Avg. Price (R$/sq. m.)
Region
2023 2022 Chg % 4Q23 4Q22 Chg % 2023 2022 Chg p.p. 2023 2022 Chg % 2023 2022 Chg %
São Paulo 5,518 4,954 11% 4,463 4,024 11% 81% 81% -0.3 p.p 8,904 10,190 -13% 11,142 10,581 5%
Rio de Janeiro 1,410 1,183 19% 1,106 1,159 -5% 78% 98% -19.5 p.p 2,937 2,068 42% 9,092 11,645 -22%
South 536 482 11% 426 369 15% 80% 77% 3.0 p.p 1,084 936 16% 14,823 12,056 23%
Other 1,428 1,292 11% 780 570 37% 55% 44% 10.5 p.p 2,771 2,310 20% 8,106 8,532 -5%
Total 8,892 7,911 12% 6,776 6,123 11% 76% 77% -1.2 p.p 15,696 15,504 1% 10,294 10,414 -1%
Pre-Sales PSV (R$ MM) CBR Pre-Sales PSV (R$ MM) % CBR Units Avg. Price (R$/sq. m.)
Segment
2023 2022 Chg % 4Q23 4Q22 Chg % 2023 2022 Chg p.p. 2023 2022 Chg % 2023 2022 Chg %
High end 4,303 3,923 10% 3,070 2,792 10% 71% 71% 0.2 p.p 3,656 3,450 6% 15,514 16,232 -4%
Middle 2,372 1,957 21% 1,837 1,570 17% 77% 80% -2.8 p.p 3,736 3,997 -7% 9,636 9,847 -2%
Vivaz Prime 541 743 -27% 531 670 -21% 98% 90% 8.0 p.p 1,691 2,408 -30% 7,534 7,509 0%
MCMV 2 and 3 1,676 1,288 30% 1,339 1,092 23% 80% 85% -4.9 p.p 6,613 5,649 17% 6,460 5,947 9%
Total 8,892 7,911 12% 6,776 6,123 11% 76% 77% -1.2 p.p 15,696 15,504 1% 10,294 10,414 -1%
40
Earnings Release – 4Q23 | 2023
ANNEX VI – LANDBANK
Landbank
PSV - with PSV - without
Region swaps swaps # Land Units Swap % CBR
(R$ MM) (R$ MM)
São Paulo 4,534 4,116 32 10,966 38% 88%
Rio de Janeiro 18,522 15,144 20 39,561 83% 96%
South 2,120 1,729 7 2,181 64% 80%
Other 798 561 23 9,354 55% 64%
Total 25,975 21,550 82 62,062 71% 93%
,
Land Acquisition
PSV - with PSV - without
Region swaps swaps # Land Units Swap % CBR
(R$MM) (R$ MM)
São Paulo 754 674 5 1,829 43% 100%
Rio de Janeiro 483 380 1 466 97% 100%
South 0 0 0 0 0% 0%
Other 0 0 0 0 0% 0%
Total 1,236 1,054 6 2,295 63% 100%
,
41
Earnings Release – 4Q23 | 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 Guaianases - F1 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 - F2 set-20 mar-23 RJ 91 179 High end 100%
11 Cyrela Arti Perdizes out-19 abr-23 SP 106 168 High end 100%
12 Living Magic Rudge Ramos F1 dez-19 abr-23 SP INT 141 474 Middle 100%
13 Vivaz Transamérica 2 nov-20 abr-23 SP 97 458 MCMV 2 and 3 100%
14 Prime Wish fev-20 mai-23 Sul 84 168 High end 80%
15 Vivaz Ramos dez-20 mai-23 RJ 80 368 MCMV 2 and 3 100%
16 Living Vila Mariana jul-20 mai-23 SP 114 130 Middle 75%
17 Meu Mundo Estação Mooca F1 dez-20 mai-23 SP 78 379 MCMV 2 and 3 50%
18 Vivaz Socorro F1 dez-20 mai-23 SP 67 316 MCMV 2 and 3 100%
19 Ville Roma out-19 mai-23 RJ 60 288 MCMV 2 and 3 49%
20 Atmosfera nov-19 jun-23 Sul 216 255 High end 80%
21 Atmosfera Vila Mariana fev-20 jun-23 SP 190 250 High end 100%
22 Vida Mar abr-21 jun-23 CO 25 134 MCMV 2 and 3 50%
23 Living Grand Wish set-20 jul-23 SP 105 116 Middle 100%
24 Vivaz Estação Belem nov-20 jul-23 SP 89 500 MCMV 2 and 3 100%
25 Vivaz Estação Guaianases - F2 mai-21 jul-23 SP 60 377 MCMV 2 and 3 100%
26 Latitud 1ª Fase jul-20 jul-23 RJ 156 102 High end 100%
27 Latitud Condominium Design (2ª Fase) set-20 jul-23 RJ 69 38 High end 100%
28 Latitud 3ª Fase jan-21 jul-23 RJ 102 64 High end 100%
29 Vivaz Andarai fev-21 jul-23 RJ 42 177 MCMV 2 and 3 100%
30 Wish Coimbra jan-20 jul-23 CO 52 165 Middle 50%
31 Cyrela For You Moema ago-20 ago-23 SP 143 330 High end 100%
32 Jardim Austria out-20 ago-23 MG 48 334 MCMV 2 and 3 30%
33 Vida Milão - F2 ago-21 ago-23 CO 26 136 MCMV 2 and 3 50%
34 The Arch ago-20 set-23 Sul 68 159 High end 80%
35 Vivaz Santa Fé jun-21 set-23 Sul 73 420 MCMV 2 and 3 71%
36 Mudrá Full Living nov-20 set-23 RJ 161 152 High end 100%
37 Vivaz Prime Zona Norte dez-20 set-23 RJ 119 498 MCMV 2 and 3 100%
38 Living Sunset abr-21 set-23 RJ 52 178 Middle 100%
39 Living Magic Rudge Ramos - F2 jul-20 set-23 SP INT 97 316 Middle 100%
40 Vivaz Socorro - F2 jul-21 set-23 SP 84 415 MCMV 2 and 3 100%
41 Way Orquidário (Azaleia e Hortênsia) nov-19 out-23 SP INT 142 364 Middle 100%
42 Iconyc dez-19 out-23 SP 290 250 High end 100%
43 Vivaz Vila Romana nov-20 out-23 SP 80 389 MCMV 2 and 3 100%
44 Meu Mundo Estação Mooca - F2 ago-21 out-23 SP 77 397 MCMV 2 and 3 50%
45 Vivaz Marechal Rondon abr-21 out-23 RJ 50 208 MCMV 2 and 3 100%
46 Jardim Indonésia abr-21 out-23 MG 55 410 MCMV 2 and 3 94%
47 Wish Areião fev-21 out-23 CO 52 160 Middle 50%
48 Living Wish Norte nov-21 nov-23 RJ 100 298 MCMV 2 and 3 100%
49 Isla By Cyrela F1 nov-20 nov-23 SP 216 219 High end 100%
50 Isla By Cyrela F2 fev-21 nov-23 SP 118 110 High end 100%
51 Panorama jun-21 nov-23 SP 114 60 High end 50%
52 Living Ipiranga jun-20 dez-23 SP 145 228 Middle 75%
53 Vivaz Estacao Itaquera 2 dez-20 dez-23 SP 83 404 MCMV 2 and 3 59%
54 Cyrela For You Paraíso dez-20 dez-23 SP 136 271 High end 80%
55 Vivaz Estacao Vila Prudente dez-20 dez-23 SP 109 505 MCMV 2 and 3 100%
56 Vivaz João De Luca abr-21 dez-23 SP 103 500 MCMV 2 and 3 100%
57 Prime Wallig out-20 dez-23 Sul 62 130 Middle 80%
58 Riserva Golf Vista Mare Residenziale - Laguna fev-21 dez-23 RJ 161 39 High end 100%
Total 5,995 15,521
42
Earnings Release – 4Q23 | 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).
43