earnings release 3q10 - mzweb.com.br€¦ · são jose do rio preto (brazil), october 27, 2010 :...

www.rodobens.com/negociosimobiliarios/ir

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N

Earnings Release 3Q10


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São Jose do Rio Preto (Brazil), October 27, 2010: Rodobens Negócios Imobiliários (Bovespa: RDNI3), integrated real estate developer and homebuilder with more than 19 years of operations and

focus on cities in the inland of Brazil, discloses today its audited results of the third quarter (3Q10).

The financial and operating information are presented on a consolidated basis in accordance with the

Brazilian standard accounting practices (BRGAAP) and in Brazilian Reais (R$).

3Q10 Performance Highlights

� Net revenue grew 143% vs. 3Q09 reaching R$210MM on 3Q10.

� Company margins maintenance:

� Gross Margin: 32.6% of net revenue, representing a growth of 4.1 percentage points

vs. 3Q09; Gross Profit of R$68MM (growth of 178% vs. 3Q09)

� EBITDA Margin: 21.0% of net revenue, an increase of 9.3 percentage points vs. 3Q09;

EBITDA of R$44MM (growth of 337% vs. 3Q09)

� Net Margin: 11.3% of net revenue, representing a growth of 8,6 percentage point vs. 3Q09; Net Profit of R$24MM (growth of 940% vs. 3Q09)

� Transfer/Sales of client balances to banks represented R$156MM for Rodobens’ share, (total of R$194MM including partners), representing a growth of 524% vs. 3Q09

� Increase of Imóvel na Planta modality (transfer to bank during construction phase), reaching R$92MM Rodobens’ share (total of R$99MM including partners), avoiding transfer bottlenecks by the end of the construction.

� Negotiation of clients receivables from delivered units: we signed a proposal with Banco Votorantim to issue R$100MM in MBS (Mortgage Backed Securities)

� Subsequent event:

� Issuance of Mortgage Backed Securities with XP Investimentos, on October 15, 2010, totalizing the amount of R$14MM.

3Q10 Earnings conference calls:

Portuguese English

October 28, 9:00am (ET time) October 28, 11:00am (ET time) Tel.: 55-11-4688-6361 Brasil: 55-11-4688-6361 Access code: Rodobens EUA: 1-888-700-0802 Other countries: 1-786-924-6977

Access code: Rodobens

The conference calls will be accompanied by slides presentation that will be available at www.rodobens.com/negociosimobiliarios/ir


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The complete and audited consolidated financial statements of the 3Q10, accompanied by the respective

explanatory notes, can be found in the document “ITR - Informações Trimestrais” (mandatory quarterly filing), available in electronic form at our investor relations website at www.rodobens.com/negociosimobiliarios/ir and at the website of the CVM-Comissão de Valores Mobiliários (the Brazilian Securities and Exchange Comission) at www.cvm.gov.br.

3Q10 vs. 9M10 vs. 3Q10 vs. 3Q10 2Q10 2Q10 9M09 3Q09

LaunchesProject Launches - Rodobens (R$000) 182.416 261.549 -30% 620.440 447.930 39% 182.416 181.758 0%

Project Launches - Total (R$000) (1) 207.847 323.844 -36% 756.837 566.471 34% 207.847 219.818 -5%RNI's share of total launches 88% 81% 7 p.p. 82% 79% 3 p.p. 88% 83% 5 p.p.Units Launched 2.390 4.431 -46% 9.502 6.095 56% 2.390 3.011 -21%Average Price of Units Launched (R$/m²) 1.716 1.650 4% 1.717 1.783 -4% 1.716 1.571 9%Average Price of Units Launched (R$000/unit) 87 73 19% 80 93 -14% 87 73 19%Usable Area Launched (m²/unit) 51 44 14% 46 52 -11% 51 46 9%Sales ContractsSales Contracts Rodobens (R$000) 185.008 238.106 -22% 598.837 382.502 57% 185.008 152.194 22%

Sales from same period launches 68.944 133.726 -48% 422.896 246.219 72% 68.944 83.351 -17%Sales from past period launches 116.064 104.380 11% 175.941 136.283 29% 116.064 68.843 69%

Sales Contracts Total (R$000) (2) 213.573 306.301 -30% 746.169 547.598 36% 213.573 208.305 3%RNI's share of total Sales contracts 87% 78% 9 p.p. 80% 70% 10 p.p. 87% 73% 14 p.p.Units sold 2.218 3.788 -41% 8.595 4.997 72% 2.218 2.429 -9%Average Price of Units Sold (R$/m²) 1.833 1.772 3% 1.793 1.939 -7% 1.833 1.728 6%Average Price of Units Sold (R$000/unit) 96 81 19% 87 110 -21% 96 86 12%Usable Area Sold (m²/unit) 53 46 15% 48 57 -14% 53 50 6%Financial Indicators in R$000 (3)

Net Revenue 209.870 157.367 33% 483.596 333.356 45% 209.870 86.325 143%% Gross Margin 32,6% 33,2% -0,6 p.p. 32,7% 28,2% 4,5 p.p. 32,6% 28,5% 4,1 p.p.EBITDA 43.992 33.755 30% 96.245 51.040 89% 43.992 10.078 337%% EBITDA Margin 21,0% 21,4% -0,5 p.p. 19,9% 15,3% 4,6 p.p. 21,0% 11,7% 9,3 p.p.Net Income 23.680 17.736 34% 45.545 27.428 66% 23.680 2.277 940%% Net Margin 11,3% 11,3% 0 p.p. 9,4% 8,2% 1,2 p.p. 11,3% 2,6% 8,6 p.p.Earnings per Share (in R$) 0,49 0,37 32% 0,94 0,56 66% 0,49 0,05 945%Results to be Recognized Revenues to be recognized (R$000) 767.411 756.307 1% 767.411 517.269 48% 767.411 517.269 48%Revenues minus Costs to be recognized (R$000) 262.068 264.376 -1% 262.068 187.665 40% 262.068 187.665 40%% margin 34,1% 35,0% -0,8 p.p. 34,1% 36,3% 0 p.p. 34,1% 36,3% -2,1 p.p.Balance SheetNet Debt (R$000) 612.789 519.193 18% 612.789 391.766 56% 612.789 391.766 56%Cash (R$000) 398.327 370.726 7% 398.327 48.419 723% 398.327 48.419 723%Shareholders' Equity (R$000) 668.410 644.730 4% 668.410 628.967 6% 668.410 628.967 6%Net Debt/Shareholders' Equity 91,7% 80,5% 11,1 p.p. 91,7% 62,3% 29,4 p.p. 91,7% 62,3% 29,4 p.p.Total Assets (R$000) 2.074.137 1.834.712 13% 2.074.137 1.338.967 55% 2.074.137 1.338.967 55%

(1) Total potential sales contracts value, including the share of Rodobens and of partners(2) Total sales contracts value of all project that Rodobens participates, includig Rodobens' share added to partners'. Including cancelations of sales contracts.

(4) EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) does not include minority interests.

Highlights 9M10 9M09 3Q10 3Q09

(3) Audited results, in conformity with the new accounting practices adopted in 4Q08 .

(4)


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Index

Message from the Management ................................................................................................. 5

The Company.......................................................................................................................... 6

Sustainability .......................................................................................................................... 7

Corporate Governance .......................................................................................................... 7

Social and environmental responsibility................................................................................... 8

Operational performance 3Q10.................................................................................................. 9

Project Launches.................................................................................................................. 9

Contracted Sales.................................................................................................................12

Completion of Construction Work ..........................................................................................15

Land bank..........................................................................................................................16

Transference of Client Balances to Banks ...............................................................................17

Financial Performance 3Q10.....................................................................................................18

Income Statement ..............................................................................................................18

Quarterly earnings discussed (3Q10 vs. 3Q09) .......................................................................18

Selected Accounting Practices...............................................................................................21

Consolidated Balance Sheet: main items................................................................................22

Cash Position ..................................................................................................................22

Credits with Clients (Receivables)......................................................................................22

Real Estate for Sale (Inventory) ........................................................................................23

Bank Debt ......................................................................................................................24

Intercompany Debt..........................................................................................................25

The Companhia Hipotecária Unibanco Rodobens (Mortgages) ......................................................26

Results and Operations ........................................................................................................26

Consolidated Balance Sheet .....................................................................................................27

Consolidated Income Statement ...............................................................................................29

Cash Flow ..............................................................................................................................30

ANNEX: % of Costs Incurred and % of Accumulated Sales, by Project ..........................................31


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Message from the Management

We present for the third quarter (3Q10), the maintenance of the margins recovered on the second quarter this year, mainly due to the continuity of construction savings, for both material purchasing as for outsourcing activities for some services. Moreover the uninterrupted and incessant evolution on the construction process. It was also a contribution factor the General & Administrative Expenses (G&A) control, which even tough had increased on absolute terms, partly impacted by non-recurrent expenses, were reduced when compared to Net Revenue, going to the levels that Company believes as compatible to the sector’s activity. It is important to highlight the continuous growth of client transfers to banks, presented for the last five quarters in a row. Furthermore, it is relevant the growing volume of Imóvel na Planta modality, in which the client is already transferred to bank during construction phase, and then eliminating some bottlenecks by the time of project conclusion, also avoiding this amount to be loaded on company’s receivables from units delivered account. We had negotiated during the quarter the sale of receivables from delivered units and signed proposal with Banco Votorantim to issue Mortgage Backed Securities (MBS), to be executed until the end of this year, and anticipated substantial part of MBS through the issuance of a Commercial Paper, which is basically a bridge loan. As a subsequent event, we had liquidated another transaction of MBS with XP Investimentos on October. Due to the operational speed in which the Company is inserted at this moment, consequence of the fast pace of construction activities, demanding a higher cash burn, there was the maintenance on indebtedness level when not considering the Commercial Paper with Votorantim, for being a MBS anticipation. Therefore we would have an adjusted net debt that, when compared to Shareholder’s equity, presents the same proportions as 2Q10. We had ended on this quarter, through the consulting work of Gradus, the full company diagnosis and it was already started the implementation of the company’s organizational restructuring. We expect, through process redesign, increase productivity indexes, avoid wastes and reduce costs, and so speeding up the G&A account adjustment, as mentioned above. Therefore, we will make Rodobens Negócios Imobiliários a company well prepared for a sustainable growth and even more competitive. In order to do this, the commitment on expenses control, the continuity and efficiency on transfer client to banks processes, the concluded units inventory levels decreasing, the constant evolution on construction process that includes the building cycle reduction, as well as the achievement of launches and contracted sales goals, outline the objectives for 4Q10, and also for the upcoming periods. The Executive Committee


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The Company

Rodobens Negócios Imobiliários is a real estate developer with more than 19 years of experience and

focus in the cities with more than 150,000 inhabitants in the countryside of Brazil. Since the beginning

of its operations in 1991, the company has launched 124 residential projects in 46 cities in 9 states of

Brazil (SP, MG, RJ, PR, RS, CE, MT, SC, BA), comprising a total of 40,608 units and more than 3MM

m² (as of September 2010).

Rodobens Negócios Imobiliários is part of Empresas Rodobens, one of Brazil’s 100 largest business

conglomerates. The group was founded in 1949 in São José do Rio Preto/SP and has a strong

presence two distinct areas of business: vehicles – origin of the group - and real estate. The group

comprises auto dealerships, truck and bus dealerships, consortium administration, insurance, auto and

truck rental, banking, e-commerce, real estate development, mortage, corporate satellite TV and

international businesses.

Our real estate development activity is focused in the acquisition of raw land for the development,

building and selling of homes that are part of gated communities (or condominiums). Our projects are

targeted at three distinct segments of the public, represented by the brands Moradas, Terra Nova and

Sistema Fácil:

Segmentation of our residential real estate products

All the Moradas, Terra Nova and the Sistema Fácil projects are developed in the concept of residential

gated communities that offer solutions of quality, leisure, security and services, plus advanced urban

and aesthetic concepts, integrated with attractive financing conditions.

We believe Rodobens to be one of the real estate developers with the best understanding of the

preferences of the population of the cities in the interior of Brazil, and better able to offer products

that meet the quality requirements of customers from those cities, at affordable prices and payment

conditions.

Besides the business of real estate development, we also own 100% of Companhia Hipotecária

Unibanco Rodobens (“CHUR”). The CHUR was founded in the end of 2004 and which main product is

the Plano Único (“Unique Plan”) – letter of credit for the purchase of a real estate property, new or used, residential or commercial.

MORADASMORADAS TERRA NOVATERRA NOVA SISTEMA FÁCIL SISTEMA FÁCIL

>3 MW (>R$1,530/month)>3 MW (>R$1,530/month)

R$50,000 - R$90,000 R$50,000 - R$90,000

40-50m², 2-3 bedrooms 40-50m², 2-3 bedrooms

6 months or less 6 months or less

5%+TR, until 30 years tenor5%+TR, until 30 years tenor

10,79010,790



R$90,000 - R$150,000 R$90,000 - R$150,000

6% +TR, until 30 years tenor6% +TR, until 30 years tenor

20,88820,888

6 months or less 6 months or less

Above R$150,000 Above R$150,000



16 months or more16 months or more

~10,5% +TR, until 30 years tenor

~10,5% +TR, until 30 years tenor

8,9308,930

Selling price (R$/unit)

Selling price (R$/unit)

Built areaBuilt area

Income Segment Target

Income Segment Target

Delivery time (months)

Delivery time (months)

Customer Financing

Customer Financing

# UnitsLaunched

# UnitsLaunched


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Sustainability

Corporate Governance Bovespa’s Novo Mercado: Rodobens Negócios Imobiliários’ shares are listed at the special trading

segment Novo Mercado of the São Paulo Stock Exchange (BM&F-Bovespa) which requires superior

practices of corporate governance such as: equity capital 100% made of voting ordinary shares, a

minimum 25% of free float, tag along of 100% of the price per share for all minority shareholders in

the event of sale of control of the company, submission to an independent Court of Arbitration for

the resolution of conflicts, Board of Directors comprised by a minimum of 20% of independent

members, among other requirements.

Board of Directors: comprised by eight members, three of them being independent ones (number

superior than the minimum of two independent members required by the Novo Mercado).

Background information about its members, as well as of the executive officers, can be obtained at

the “Corporate Governance” section of the website www.rodobens.com/negociosimobiliarios/ir.

The company’s Board of Directors has its duties stated in the company’s By Laws and works actively

as the responsible entity for the definition of the general business strategies, monitoring and

questioning the execution of the business plan by the executive officers. The Board of Directors

gathers periodically in accordance to a pre-defined calendar of meetings but meeting more often and

as many times during the year as necessary. All the minutes and deliberations of the meetings are

timely and widely disclosed to the market, and also disclosed in English. In year 2008, the Board of

Directors created an Audit Committee to support it in the overseeing of the company’s activities and

its executive directors. There is not any executive director who is a board member or a related party

(e.g. a relative) of a board member. The structures of the Board of Directors and body of executive

officers are separated, without overlap of responsibilities.

Fiscal Council: we have a fiscal council installed on a permanent basis since the AGM held in April

2007, with the objective to help in the overseeing of and guidance for the company’s management.

It is comprised of three independent members, one of them elected by the minority shareholders.

Code of Ethics: Rodobens Negócios Imobiliários fully adheres to the Code of Ethics of the Rodobens

group (“Empresas Rodobens”). English and Portuguese versions of the Code are available at our

investor relations website (www.rodobens.com/negociosimobiliarios/ir).

Insider Trading Policy: our management - board directors and executive directors - have signed

their adherence to an Insider Trading Policy covering the company’s insiders. The adoption of such

Policy by a publicly-traded company is voluntary, non-mandatory, according to article 15 of

Instruction #358 of the CVM (the Brazilian SEC). English and Portuguese versions of the Policy can

be found at our investor relations website (www.rodobens.com/negociosimobiliarios/ir).


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Breakdown of Free Float

34%

63%

3%

Foreign institutions

Brazilian institutions

Individuals

A breakdown of our shareholder base as of the end of the 3Q10 is shown bellow:

Social and environmental responsibility

The Vida Nova (“New Life”) Rodobens Program: In 2008, Rodobens Negócios Imobiliários

initiated the most ambitious project of social inclusion of its history. The Vida Nova Rodobens

consists in the establishment of partnerships with local social support entities in the cities where we

have launched Terra Nova projects, such as the local APAEs (Association of Parents and Friends of

the Exceptionals). The partnership consists in the supply, by Rodobens, of technical learning for youngsters with

physical and/or mental disabilities, with the objetive of contributing for their inclusion in the job

market and to provide a vital source of income for the maintenance of those assistentiall

organizations. The training provided by Rodobens professionals allows those young citizens to

perform the assembly of hidraulic kits which are already being used in the construction the Terra

Nova and Moradas homes. The training is offered in a therapeutic class environment, accompanied

by specialized professionals, and Rodobens provides safety equipments well as the reforms needed

in the class venues. in 2008, this social project started to also include gardening classes, which

output will be utilized in the actual condominium of homes build by Rodobens.

Construction process of low environmental impact: For the construction of the Terra Nova Garden Village project in 2007, Rodobens adopted for its first time ever a different process than the

prevailing in the Brazilian industry for the construction of gated condominiums of homes. The

process consists in the usage of a fluid and moldable concrete for the floor (of the radier type) and

walls of the homes, and molds of recyclable aluminum. Such construction process, inspired in well-

succeeded experiences in large scale homebuilding in Mexico another countries, is already being

applied by Rodobens in the construction of Terra Nova and Moradas projects in 26 cities of 8

Brazilian states. This construction process eliminates the usage of wood and other materials present

in the bricks-based or blocks-based most-traditional construction process in Brazil, with reduction of

up to 70% in the generation of solid waste when compared to the traditional process. In 2007, the

Terra Nova Garden Village was the first ever construction site of homes in Brazil to be awarded the

Real Obra Sustentável (“sustainable construction”) qualification by Banco ABN Real, organization

widely recognized as a global leader in the adoption of corporate responsibility principles.

Shareholder Base

47%

53%

Free Float

Controlling Shareholders


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Operational performance 3Q10

Project Launches

Launches in the 3Q10 totalized R$182MM Rodobens’ PSV, with 2,390 units, maintaining the same level

as of 3Q09 and reaching total PSV of R$208MM.

There was a postponement of launches due to the delay on homebuilding registers in several

municipalities. These projects were reprogrammed to 4Q10, which shall represent the strongest

quarter of the Company’s history. We have reviewed the estimative of units to be launched in 2010,

and we expect to reach 16,000 units, so we expect to launch approximately 6,500 units on 4Q10 that

will add to the volume of 9,502 units already launched this year.

From the 2,390 units launched in the 3Q10, 33% were already sold at the end of the same period.

MORADAS product represented 48% of the quarter total units launched, which means 41% of PSV

launched in 3Q10. From the total of Terra Nova units launched this quarter, representing 58% of total

PSV, 36% correspond to Terra Nova units that frames into Minha Casa Minha Vida housing program.

Moradas: projects with avg price between R$50k and R$90k/unit. TN=Terra Nova: projects with avg price between R$90k-150k/unit. SF=Sistema Fácil: avg price above R$150k/unit. Others: store and land

3Q10 Total PSV Launched by region

3Q10 Total PSV Launched by product

PSV Launched – Rodobens’ share (R$MM)PSV Launched – Rodobens’ share (R$MM)

182182 179 176

262


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Operational performance 3Q10 Project Launches (cont.)

Projects Launched in 9M10 (Potential Sales Value (PSV) in millions of Brazilian Reais (R$MM))

Project nameLaunching

statusTotal PSV % RNI

RNI's PSV Type

Number of units

Avg. price per unit

(R$000)(1)

Alameda Jardim - Fortaleza/CE 1Q10 20 50% 8 Apart. 82 248

Moradas Lages/SC (3rd Phase) 1Q10 5 85% 4 House 86 60

Terra Nova Londrina/PR (2nd Phase) 1Q10 9 50% 4 House 107 84

Moradas Santa Maria/RS (1st Phase B1) 1Q10 6 50% 3 House 98 60

Terra Nova Santa Cruz do Sul (2nd Phase) 1Q10 5 50% 3 House 84 60

Essence Life Residence - Florianópolis/SC (3rd Phase) 1Q10 31 85% 24 Apart. 80 389

Moradas Santa Maria/RS (1st Phase B2) 1Q10 7 50% 3 House 114 60

Terra Nova Londrina/PR (3rd Phase) 1Q10 10 50% 5 House 120 87

Green Square - S. J. Rio Preto/SP (Stores) 1Q10 3 100% 3 Apart. 10 316

Moradas Itapetininga/SP (3rd Phase) 1Q10 9 100% 9 House 140 61

Moradas Araçatuba/SP (3rd Phase) 1Q10 8 100% 8 House 134 60

Terra Nova Bauru/SP (5th Phase) 1Q10 11 100% 11 House 122 88

Moradas Pelotas/RS (4th Phase) 1Q10 6 50% 3 House 96 60

Moradas Palhoça 2/SC (1st Phase) 1Q10 8 85% 7 House 124 68

Moradas Palhoça 3/SC (1st Phase) 1Q10 11 85% 9 House 132 80

Moradas São Carlos/SP (1st Phase) 1Q10 7 100% 7 House 104 70

Moradas São Carlos/SP (2nd Phase) 1Q10 8 100% 8 House 120 70

Moradas São Carlos/SP (3rd Phase) 1Q10 8 100% 8 House 120 70

Moradas Patos de Minas/MG (3rd Phase) 1Q10 8 100% 8 House 126 60

Moradas Lages/SC (4th Phase) 1Q10 6 85% 5 House 108 60

Terra Nova Uberlândia/MG (2nd Phase B) 1Q10 7 100% 7 House 80 89

Moradas Ourinhos 2/SP (1st Phase) 1Q10 7 100% 7 House 122 60

Moradas Montes Claros/MG (4th Phase) 1Q10 8 100% 8 House 124 62

Moradas Marília/SP (1st Phase) 1Q10 9 100% 9 House 132 70


Total Launched 1Q10 R$ 225 78% R$ 176 2,681 R$ 84

Moradas São Carlos/SP (4th Phase) 2Q10 8 100% 8 House 120 70

Moradas Palhoça 2/SC (2nd Phase) 2Q10 8 85% 7 House 124 68


Terra Nova Santa Cruz do Sul/RS (3rd Phase) 2Q10 5 50% 2 House 80 60

Moradas Araçatuba/SP (4th Phase) 2Q10 7 100% 7 House 125 60

Moradas Patos de Minas/MG (4th Phase) 2Q10 8 100% 8 House 126 60

Moradas Santa Maria/RS (1st Phase C1) 2Q10 6 50% 3 House 94 60


Terra Nova Uberlândia 3/MG (1st Phase) 2Q10 11 100% 11 House 126 84

Terra Nova Uberaba/MG (3rd Phase) 2Q10 3 100% 3 House 44 76


Moradas São Carlos/SP (5th Phase) 2Q10 9 100% 9 House 132 70

Moradas Palhoça 3/SC (2nd Phase) 2Q10 10 85% 8 House 120 80

Moradas Ourinhos 2/SP (2nd Phase) 2Q10 7 100% 7 House 116 60

Moradas Palhoça 2/SC (3rd Phase) 2Q10 8 85% 7 House 122 68

Terra Nova Uberlândia 3/MG (2nd Phase) 2Q10 11 100% 11 House 132 84

Moradas Parque da Liberdade V - S. J. Rio Preto/SP (1st Phase) 2Q10 9 50% 4 House 126 69

Moradas Parque da Liberdade V - S. J. Rio Preto/SP (2nd Phase) 2Q10 9 50% 4 House 126 70

Moradas Parque da Liberdade V - S. J. Rio Preto/SP (3rd Phase) 2Q10 9 50% 4 House 124 70

Moradas Parque da Liberdade V - S. J. Rio Preto/SP (4th Phase) 2Q10 8 50% 4 House 114 70

Moradas Londrina/PR (1st Phase) 2Q10 9 50% 4 House 100 87

Moradas Santa Maria/RS (1st Phase C2) 2Q10 9 50% 4 House 148 60

Moradas Pelotas 2/RS (1st Phase) 2Q10 23 50% 12 House 288 81

Terra Nova Green Life - S. J. Rio Preto/SP (1st Phase) 2Q10 7 100% 7 Apart. 64 105

Terra Nova Green Life - S. J. Rio Preto/SP (2nd Phase) 2Q10 7 100% 7 Apart. 64 105

Terra Nova Green Life - S. J. Rio Preto/SP (3rd Phase) 2Q10 6 100% 6 Apart. 56 109


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Operational performance 3Q10 Project Launches (cont.)

Projects Launched in 9M10 (Potential Sales Value (PSV) in millions of Brazilian Reais (R$MM))

Project nameLaunching

statusTotal PSV % RNI

RNI's PSV Type

Number of units

Avg. price per unit

(R$000)(1)

Innova São Francisco - Osasco/SP (Lojas) 2Q10 2 50% 1 Apart. 5 490

Terra Nova Feira de Santana/BA (3rd Phase) 2Q10 11 100% 11 House 126 89



Moradas Montes Claros/MG (5th Phase) 2Q10 8 100% 8 House 122 62


Moradas Marília/SP (2nd Phase) 2Q10 10 100% 10 House 143 70

Moradas Patos de Mina/MG (5th Phase) 2Q10 7 100% 7 House 124 60

Moradas Palhoça 2/SC (4th Phase) 2Q10 7 85% 6 House 100 68

Terra Nova Foz do Iguaçu/SC (3rd Phase) 2Q10 10 100% 10 House 124 81

Moradas Cascavel 2/PR (1st Phase) 2Q10 9 100% 9 House 98 94

Moradas Parque do Lago - Gravataí/RS (1st Phase) 2Q10 15 50% 7 House 210 71


Terra Nova Uberaba/MG (4th Phase) 3Q10 3 100% 3 House 40 76

Moradas Ourinhos 2/SP (3rd Phase) 3Q10 8 100% 8 House 127 60

Moradas Londrina/PR (2nd Phase) 3Q10 11 50% 6 House 125 90

Moradas Palhoça 3/SC (3rd Phase) 3Q10 10 85% 9 House 128 80

Terra Nova Palhoça/SC (VILA III - 5th Phase) 3Q10 12 85% 10 House 144 84

Condomínio Rio Claro - Cuiabá/MT (1st Phase) 3Q10 11 100% 11 House 110 104

Condomínio Rio Coxipó - Cuiabá/MT (1st Phase) 3Q10 9 100% 9 House 60 153

Condomínio Rio Claro - Cuiabá/MT (2nd Phase) 3Q10 12 100% 12 House 122 100

Terra Nova Uberaba/MG (5th Phase) 3Q10 3 100% 3 House 40 79

Condomínio Rio Claro - Cuiabá/MT (3rd Phase) 3Q10 11 100% 11 House 110 96

Condomínio Rio Coxipó - Cuiabá/MT (2nd Phase) 3Q10 10 100% 10 House 68 153

Terra Nova Uberlândia 3/MG (3rd Phase) 3Q10 11 100% 11 House 128 84

Terra Nova Cascavel 2/PR (4th Phase) 3Q10 18 100% 18 House 156 115


Terra Nova Santa Cruz do Sul/RS (4th Phase) 3Q10 6 50% 3 House 92 60

Terra Nova Araçatuba/SP (5th Phase) 3Q10 8 100% 8 House 88 88

Terra Nova Green Life - S. J. do Rio Preto/SP (Store) 3Q10 2 100% 2 Store 12 128

Moradas Santa Maria/RS (1st Phase D) 3Q10 7 50% 4 House 118 60

Terra Nova Rondonópolis/MT (2nd Phase A) 3Q10 6 100% 6 House 70 83

Moradas Marília/SP (3rd Phase) 3Q10 7 100% 7 House 104 70

Moradas Feira de Santana/BA (1st Phase) 3Q10 8 100% 8 House 111 75

Moradas Parque da Liberdade 6 - S. J. do Rio Preto/SP (1st Phase) 3Q10 10 50% 5 House 106 90

Moradas Parque da Liberdade 6 - S. J. do Rio Preto/SP (2nd Phase) 3Q10 11 50% 5 House 118 90

Terra Nova Ponta Grossa/PR (2nd Phase A) 3Q10 4 100% 3 House 50 70

Terra Nova Rondonópolis/MT (2nd Phase B) 3Q10 6 100% 6 House 74 79


Total Launched 9M10 R$ 757 82% R$ 620 9,502 R$ 80(1) Historical average price, at the time of launching, not adjusted for inflation


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Operational performance 3Q10 Contracted Sales

Sales agreements signed in 3Q10 totalized R$185MM (Rodobens’ share only), representing a growth

of 22% over the 3rd quarter 2009 (3Q09). There were sold 2,218 units in 3Q10, which represents total

PSV of R$214MM. The sales agreements figures reported are net of cancellations in the period.

The speed of Sales of 3Q10, according to the method Sales Over Supply (SOS) quarterly was 27%

(vs. 24% in the 3Q09), as shown on the table below:

Contracted Sales – Rodobens’ share (R$MM)Contracted Sales – Rodobens’ share (R$MM)

5692 80

150

71

86

7863

73

94

10

1933

15

20

3Q09 4Q09 1Q10 2Q10 3Q10

Sistema Fácil

Terra Nova

Moradas

185152

189176

238

Contracted Sales – Rodobens’ share (R$MM)Contracted Sales – Rodobens’ share (R$MM)

5692 80

150

71

86

7863

73

94

10

1933

15

20

3Q09 4Q09 1Q10 2Q10 3Q10

Sistema Fácil

Terra Nova

Moradas

185152

189176

238

3Q10 Total PSV Sold by region

3Q10 Total PSV Sold by product

(R$MM) 3Q09 4Q09 1Q10 2Q10 3Q10Inventory at beginning of period 444 472 459 460 497 Project Launches RNI 182 187 176 262 182 Sales Contracts RNI 152 189 176 238 185

Sales from same period launches 83 83 84 134 69 Sales from past period launches 69 106 92 104 116

Sales Over Supply (SOS) 24% 29% 28% 33% 27%

Sales from same period launches / Sales Contracts 55% 44% 48% 56% 37%

Sales from past period launches / Sales Contracts 45% 56% 52% 44% 63%

Sales from same period launches / Project Launches RNI 46% 44% 48% 51% 38%

SELECTED QUARTELY SALES DATA


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Operational performance 3Q10 Contracted Sales (cont.)

Historically sales follows the launches speed. In terms of launched PSV Rodobens, 38% was sold in

the same quarter. The launches volume was lower in the beginning of the quarter, concentrating the

higher volume on August, as graph below:

The sale of inventory units, representing 63% of total sold, presented a significant growth,

demonstrating alignment to the company’s strategy for concluded units inventory reduction, obtaining

results from the campaign implemented by the Company this quarter in partnership with Santander

bank.

The efficiency of this action resulted in R$20MM contracted sales of Sistema Fácil segment units (sales

price above R$150k per unit), in which the main projects sold were: Green Fields, Green Square,

Green Tamboré, Essence Life, Santorini and Bosque Vivendas.

As occurred in the 3Q10, in which contracted sales were higher than launches, consequently not

generating inventory units, it is expected a natural recovery of the sales volume in 4Q10, due to the

higher volume to be launched, and also a satisfactory level of sales referent to launches from the end

of 3Q10.

This heterogeneous distribution between

months has directly impacted the total

volume of contracted sales, and more

specifically on sales speed for 3Q10.

Launches distribution 3Q10

July9%

August60%

September31%


of 34

Operational performance 3Q10 Contracted Sales (cont.)

Individual project information of accumulated percentage sold and percentage of completion (i.e. costs

incurred vs. budgeted) can be found in the last page of this document.

Sales Contracts by Product Type 3Q10 3Q093Q10 vs.

3Q093Q10 2Q10

3Q10 vs. 2Q10

9M10 9M099M10 vs.

9M09

Moradas Horizontal Sales Contracts - Total (R$000)¹ 86,547 64,533 34% 86,547 188,930 -54% 367,587 74,068 396%Sales Contracts RNI (R$000) 70,670 56,179 26% 70,670 149,512 -53% 300,409 65,705 357%# Units Sold 1,232 1,086 13% 1,232 2,833 -57% 5,535 1,231 350%Average price per unit (R$000/unit) 70 59 18% 70 67 5% 66 60 10%Average price of usable area (R$/m²) 1,613 1,448 11% 1,613 1,604 1% 1,584 1,439 10%

Terra Nova Horizontal Sales Contracts - Total (R$000)¹ 90,345 80,970 12% 90,345 60,271 50% 231,222 211,078 10%Sales Contracts RNI (R$000) 86,582 64,928 33% 86,582 53,258 63% 198,217 169,354 17%# Units Sold 843 992 -15% 843 672 25% 2,459 2,466 0%Average price per unit (R$000/unit) 107 82 31% 107 90 19% 94 86 10%Average price of usable area (R$/m²) 1,760 1,571 12% 1,760 1,777 -1% 1,725 1,556 11%

Terra Nova Vertical Sales Contracts - Total (R$000)¹ 8,642 39,031 -78% 8,642 26,621 -68% 41,012 147,979 -72%Sales Contracts RNI (R$000) 6,421 20,490 -69% 6,421 20,254 -68% 30,909 80,188 -61%# Units Sold 56 246 -77% 56 203 -72% 290 912 -68%Average price per unit (R$000/unit) 154 159 -3% 154 131 18% 141 162 -13%Average price of usable area (R$/m²) 2,615 2,552 2% 2,615 2,136 22% 2,314 2,580 -10%

Sistema Fácil Horizontal Sales Contracts - Total (R$000)¹ 1,187 12,156 -90% 1,187 9,319 -87% 21,943 27,540 -20%Sales Contracts RNI (R$000) (27) 4,323 -101% (27) 2,816 -101% 6,873 10,742 -36%# Units Sold - 50 -100% - 19 -100% 49 119 -59%Average price per unit (R$000/unit) - 243 n.m. - 490 n.m. 448 231 94%Average price of usable area (R$/m²) 4,456 2,494 79% 4,456 2,640 69% 2,523 2,420 4%

Sistema Fácil Vertical Sales Contracts - Total (R$000)¹ 22,984 10,255 124% 22,984 18,521 24% 77,428 85,572 -10%Sales Contracts RNI (R$000) 17,856 5,624 217% 17,856 10,978 63% 57,478 55,862 3%# Units Sold 61 39 56% 61 52 17% 219 253 -13%Average price per unit (R$000/unit) 377 263 43% 377 356 6% 354 338 5%Average price of usable area (R$/m²) 3,237 2,737 18% 3,237 3,798 -15% 3,467 3,282 6%

Others Sales Contracts - Total (R$000)¹ 3,868 1,361 184% 3,868 2,639 47% 6,977 1,361 413%Sales Contracts RNI (R$000) 3,506 651 439% 3,506 1,288 172% 4,951 651 661%# Units Sold 26 16 63% 26 9 189% 43 16 169%Average price per unit (R$000/unit) 149 85 75% 149 293 -49% 162 85 91%Average price of usable area (R$/m²) 4,380 2,431 80% 4,380 8,335 -47% 5,816 2,431 139%

TOTAL Sales Contracts Sales Contracts - Total (R$000)¹ 213,573 208,305 3% 213,573 306,301 -30% 746,169 547,598 36%Sales Contracts RNI (R$000) 185,008 152,194 22% 185,008 238,106 -22% 598,837 382,502 57%# Units Sold 2,218 2,429 -9% 2,218 3,788 -41% 8,595 4,997 72%Average price per unit (R$000/unit) 96 86 12% 96 81 19% 87 110 -21%Average price of usable area (R$/m²) 1,833 1,728 6% 1,833 1,772 3% 1,793 1,939 -8%

(1) Total sales contracts value, including the share of Rodobens and of partners.

(2) Sales contracts of land in the Alto da Boa Vista project and stores of Terra Nova Nature.

Sales Contracts by Location 3Q10 vs. 3Q10 vs. 9M10 vs.

(in R$000, Rodobens' Share only) 3Q09 2Q10 9M09Moradas Horizontal São Paulo City - - n.m. - - n.m. - - n.m.

Other Cities - State of São Paulo 28,198 12,976 117% 28,198 73,494 -62% 135,319 21,078 542%Other States 42,472 43,203 -2% 42,472 76,018 -44% 165,090 44,627 270%TOTAL 70,670 56,179 26% 70,670 149,512 -53% 300,409 65,705 357%

Terra Nova Horizontal São Paulo City - - n.m. - - n.m. - - n.m.Other Cities - State of São Paulo 17,535 41,987 -58% 17,535 11,678 50% 55,322 75,457 -27%Other States 69,047 22,941 201% 69,047 41,580 66% 142,896 93,897 52%TOTAL 86,582 64,928 33% 86,582 53,258 63% 198,217 169,354 17%

Terra Nova Vertical São Paulo City 287 1,959 -85% 287 (351) n.m. 2,658 13,716 -81%Other Cities - State of São Paulo 4,144 8,479 -51% 4,144 15,435 -73% 19,748 36,573 -46%Other States 1,990 10,051 -80% 1,990 5,170 -61% 8,503 29,899 -72%TOTAL 6,421 20,490 -69% 6,421 20,254 -68% 30,909 80,188 -61%

Sistema Fácil Horizontal São Paulo City - - n.m. - - n.m. - - n.m.Other Cities - State of São Paulo (27) 4,323 -101% (27) 2,816 -101% 6,873 10,742 -36%Other States - - n.m. - - n.m. - - n.m.TOTAL (27) 4,323 -101% (27) 2,816 -101% 6,873 10,742 -36%

Sistema Fácil Vertical São Paulo City 188 - n.m. 188 121 55% (797) 1,376 -158%Other Cities - State of São Paulo 14,588 2,141 581% 14,588 5,265 177% 29,474 10,810 173%Other States 3,081 3,483 -12% 3,081 5,592 -45% 28,801 43,676 -34%TOTAL 17,856 5,624 217% 17,856 10,978 63% 57,478 55,862 3%

Others São Paulo City - - n.m. - - n.m. - - n.m.Other Cities - State of São Paulo 3,506 60 5770% 3,506 1,288 172% 4,951 60 8189%Other States - 591 -100% - - n.m. - 591 -100%TOTAL 3,506 651 439% 3,506 1,288 172% 4,951 651 661%

TOTAL Sales Contracts São Paulo City 475 1,959 -76% 475 (230) n.m. 1,860 15,092 -88%Other Cities - State of São Paulo 67,944 69,966 -3% 67,944 109,976 -38% 251,687 154,720 63%Other States 116,589 80,269 45% 116,589 128,360 -9% 345,290 212,690 62%TOTAL 185,008 152,194 22% 185,008 238,106 -22% 598,837 382,502 57%

9M10 9M093Q10 3Q09 3Q10 2Q10

2

2


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Operational performance 3Q10 Completion of Construction Work

On 3Q10 there were completed construction phases and projects totalizing launched PSV R$262MM

and 2,142 units, which represents R$166MM PSV for Rodobens’ share. Additional to the previous

deliveries of 1,824 units and PSV Rodobens of R$129MM, we get by the end of 3Q10 with 3,966 units

and R$295MM PSV Rodobens delivered.

For 2010 the delivery of construction work forecast, regarding projects already launched, is R$570MM

in Rodobens’ PSV, corresponding to 7,588 units, a growth of 11% in PSV and 28% in units volume,

when compared to 2009. Below, the chart demonstrates the historical projects delivery (Rodobens

PSV), and forecast for 2010:

In numbers of units, there are already sold (contracted sales) 85% of the units conclusion presented

on 9M10, as well as 85% of the units programmed to be concluded on 4Q10.

E = Estimative E = Estimative

Construction work completed in 3Q10 (Potential Sales Value (PSV) in millions of Brazilian Reais (R$MM))

Project name Total PSV % RNI RNI's PSV TypeNumber of units

Avg. Price per unit (R$000)

Tamboré 7 Exclusive Houses - Santana de Parnaíba/SP (8th Phase) 13 0,25 3 House 25 534Terra Nova Nature - Porto Alegre/RS (2nd Phase) 57 50% 28 Apart. 417 136Espaço Jardim - Fortaleza/CE (2nd Phase) 13 35% 4 Apart. 88 149Vila das Torres Terraza - Nova Lima/MG 30 33% 10 Apart. 57 518Terra Nova Várzea Grande/MT (2nd Phase) 22 100% 22 House 270 83Green Square - São José do Rio Preto/SP 26 100% 26 Apart. 132 200Terra Nova Nature - Porto Alegre/RS (commercial) 12 50% 6 Apart. 132 94Terra Nova Eco Life - Belo Horizonte/MG 11 50% 6 Apart. 76 150Terra Nova Marília/SP (2nd Phase A) 5 100% 5 House 76 67Moradas Itapetininga/SP (2nd Phase B) 8 100% 8 House 128 60Terra Nova Uberlândia/MG (1st Phase C) 7 100% 7 House 84 87Terra Nova Santa Maria/RS (1st Phase C) 6 50% 3 House 58 102Terra Nova Santa Maria/RS (1st Phase C2) 11 50% 5 House 108 102Terra Nova Marília/SP (2nd Phase B) 6 100% 6 House 78 76Terra Nova Pelotas/RS (5th Phase) 5 50% 2 House 54 89Terra Nova Palhoça - VILA III/SC (4th Phase A) 12 85% 10 House 144 85Terra Nova Nature - Porto Alegre/RS (Stores) 1 50% 1 Apart. 13 91Moradas Santa Maria/RS (1st Phase A1) 7 50% 4 House 124 60Terra Nova Patos de Minas/MG (2nd Phase B) 5 100% 5 House 68 79Green Square - S. J. Rio Preto/SP (Stores) 3 100% 3 Stores 10 316Total 3Q10 R$ 262 R$ 166 2,142 R$ 122

70146

512

295

275

2007 2008 2009 2010

570

9M10

4Q10E

949

1,883

5,918

3.966

3.622

2007 2008 2009 2010

7,588

9M10

4Q10E

Construction work completed – PSV Rodobens (R$MM) Construction work completed– Units

11.3% 28.2%


of 34


Land bank During 3Q10 we continued to prioritize our efforts of prospecting, negotiation, and acquisition of land

tracts that are adequate for developing lower income horizontal projects (Terra Nova and Moradas) in

several states of Brazil.

As of September 30, 2010, the total land bank – acquired and under purchase option – represented a

total potential PSV estimated at R$6.4 bi, from which R$5.5 bi is Rodobens’ share, and a building potential of approximately 78,000 housing units.

From potential PSV estimated for Rodobens, around 79.4% comes from land properties acquired

based on purchase and sale agreements, and the remaining 20.6% represented by short term

purchase option agreements. Our standard and disciplined process of purchasing lands for Terra Nova

and Moradas projects requires the previous approval of a pilot project by the municipalities while the

respective land tract is still under purchase option and previously to our purchase of that asset.

In terms of geographical diversification, the land properties are spread throughout 48 cities in 13 of

the most economically-active Brazilian states. No city represents more than 12% of the total

estimated PSV for future launches and 92,6% of the PSV is located in municipalities that are non-

capitals of a state.

We believe that the permits and pre-

approvals already obtained at the municipal

level for the projects related to many of the

properties in our land bank translates into a

substantial shareholder wealth, not yet

captured by our financial statements.

Particularly valuable are the permits

obtained for multi-phased horizontal

projects already launched and which land

inventory are booked in the balance sheet

at its historical purchase cost.

Breakdown of land bank by state of Brazil

State #Cities Acquired Under Option Total % of Total Acquired Under Option Total % of Total

BA 1 265,738 - 265,738 5% 3,893 - 3,893 5%CE 1 111,433 - 111,433 2% 3,117 - 3,117 4%GO 4 405,881 553,920 959,801 17% 5,704 3,462 9,166 12%MA 1 - 161,340 161,340 3% - 2,689 2,689 3%MG 7 561,869 - 561,869 10% 6,772 - 6,772 9%MS 1 78,624 - 78,624 1% 1,344 - 1,344 2%MT 2 225,277 - 225,277 4% 2,292 - 2,292 3%PA 1 - 140,774 140,774 3% - 1,152 1,152 1%PR 5 244,983 - 244,983 4% 3,997 - 3,997 5%RJ 2 103,110 - 103,110 2% 1,901 - 1,901 2%RS 7 430,213 - 430,213 8% 9,577 - 9,577 12%SP 12 1,318,697 289,416 1,608,113 29% 18,423 4,166 22,589 29%SC 4 656,729 - 656,729 12% 9,499 - 9,499 12%

48 4,402,553 1,145,451 5,548,003 100% 66,519 11,469 77,988 100%¹ Total number of units, regardless of other partners' participation and units given in swap for land owners

PSV RNI (in R$000) Units¹

Landbank and approved units (k units)Landbank and approved units (k units)

79.276.774.168.6

78.0


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Transference of Client Balances to Banks

We ended the 3Q10 with a total of R$194MM in client balances transferred to banks and financial

institutions, and represents a growth of 646% over 3Q09, in which R$156MM is Rodobens’ share

(524% of growth vs. 3Q09).

The volume transferred on September was impacted by financial institutions strike, reason why the

quarter has not presented the expected evolution if compared to previous quarters. Even considering

this impact the Rodobens’ share transferred presented an increase in R$5MM vs. 2Q10.

It is valid to highlight the continuous evolution over the last five quarters. In order to do that we

present below two graphs, on the left side a breakdown by banks of the total transferred (partners

and Rodobens’ share), and on the right side detailing exclusively Rodobens’ share.

PU: Plano Único product of the Companhia Hipotecária Unibanco Rodobens (CHUR), which is explained at the end of the release.

The volume growth presented is a consequence of the relationship with CEF and of company internal

preparation efforts, started on December 2009, when an exclusive team was organized to treat client

balance transfers. Currently this team, jointly with contracts formalization team, counts on 209

resources, located in the headquarter, as well as on the sales sites (SPVs).

It is valid to highlight that there is a period, minimum estimated of 45 days, between the transfer of

client balance to bank, and the effective disbursement of resources to the company cash. Such period

is destined to comply with legal and required procedures, for example the contract register at the real

state notary's office.

Another valuable data is that 59% of PSV transferred on 3Q10 (Rodobens’ share only) refer to Imóvel

na Planta modality (transfer of client during construction phase), totalizing R$92MM, which means that

bottlenecks will be avoided by the projects conclusion time, once the clients mortgage has occurred

during construction phase.

Besides the numbers presented, we had signed a proposal with Banco Votorantim for issuance of R$100MM in MBS (Mortgage Backed Securities) that shall be issued until the end of 4Q10.

9

13

36 59

108130

1015

1221

145

6 9

25

6 4 10

5

2

3

2

3Q09 4Q09 1Q10 2Q10 3Q10

Real/Santander CEF PU Receivables Sale Others

Individual mortgages (R$MM) – Rodobens’ Share

75

151

8

Individual mortgages (R$MM) – Total

59

130145

16

136

35

56

20

19

915

26

13 3 4 1642114

12

3Q09 4Q09 1Q10 2Q10 3Q10

Real/Santander CEF Plano Único Receivables Sale Others

132

212 19

4

156


of 34

Financial Performance 3Q10

Income Statement

Quarterly earnings discussed (3Q10 vs. 3Q09)

There was an increase in Net Revenue of 143%, totalizing R$210MM, due to revenue recognition, by

percentage of completion method, of a higher number of ongoing projects at a higher speed of

construction work and with higher percentage of those units sold.

Gross margin reached 32.6% of net revenue, a growth of 4.1 p.p. vs. 3Q09. Gross income

amounted to R$68MM, representing an increase of 178% when compared to 3Q09.

Adopting the same explanation of immediately previous quarter, there were basically three main

reasons that explain the increase in gross margins: (i) real unit prices adjustment, over the inflation;

(ii) savings in some projects execution, reducing incurred cost vs. originally budget cost; (iii) INCC

adjustment over receivables for units sold nominally higher than the adjustment of construction costs.

The accumulated INCC on 3Q10 was of 3.37%, representing R$27.8MM on net revenue.

Commercial and Sales expenses, although the increase from R$6MM to R$13MM, due to additional

market efforts for inventory units sales, as a matter of percentage of net revenue they reduced from

7.2% in 3Q09 to 6% in 3Q10.

Consolidated (R$000) 3Q10 2Q103Q10 vs.

2Q103Q09

3Q10 vs. 3Q09

9M10 9M099M10 vs.

9M09Net Operating Revenue 209,870 157,367 33% 86,325 143% 483,596 333,356 45%

Gross Margin 32.6% 33.2% -0.6 p.p. 28.5% 4.1 p.p. 32.7% 28.2% 4.5 p.p.

Commercial Expenses (12,627) (10,942) 15% (6,258) 102% (30,545) (26,621) 15%-6.0% -7.0% 0.9 p.p. -7.2% 1.2 p.p. -6.3% -8.0% 1.7 p.p.

General and Administrative Expenses (20,232) (16,235) 25% (14,765) 37% (55,816) (36,488) 53%-9.6% -10.3% 0.7 p.p. -17.1% 7.5 p.p. -11.5% -10.9% -0.6 p.p.

Other Operating Revenue 1,180 2,126 -44% 1,075 10% 5,260 3,844 37%0.6% 1.4% -0.8 p.p. 1.2% -0.7 p.p. 1.1% 1.2% -0.1 p.p.

Equity Pick-Up from Investments 322 650 -50% 744 -57% 1,479 1,956 -24%

EBITDA 43,992 33,755 30% 10,078 337% 96,245 51,040 89%

EBITDA Margin 21.0% 21.4% -0.5 p.p. 11.7% 9.3 p.p. 19.9% 15.3% 4.6 p.p.

Net Financial Income (Expenses) (5,017) (3,296) 52% 544 -1022% (13,191) 2,986 -542%Income Taxes (8,314) (6,817) 22% (3,627) 129% (19,733) (12,069) 64%Minority Interest (4) (6) 3 (12) (7)

Net Income 23,680 17,736 34% 2,277 940% 45,545 27,482 66%

Net Margin 11.3% 11.3% 0 p.p. 2.6% 8.6 p.p. 9.4% 8.2% 1.2 p.p.

Earnings per Share (in R$) 0.49 0.37 0.05 0.94 0.57


of 34


Quarterly earnings discussed (cont.) General and Administrative expenses grew from R$15MM to R$20MM in absolute terms, mainly

justified by the growth of Company’s activities. Comparing to Net Revenue, they reduced from 17.1%

to 9.6%.

Comparing to immediately previous quarter, find below the chart containing the main variation on

G&A accounts:

Comparing to 2Q10 there was a growth of approximately R$4MM, in which the main variations

occurred on tax over urban properties and operating expenses, which can be clarified below:

� Tax over urban properties refers to units sold and not yet transferred, that are under transference

process to banks. On 2Q10 there was an accounts reclassification, excluding from this item the tax

over inventory urban properties, reason why it was presented as revenue and not expense.

� Regarding operating expenses, 66% of the variation presented of R$1.520k occurred due to non-

recurring expenses, related to the company’s organizational restructuring process, such as

Organização Base Zero/Gradus; Executives Assessment/DM RH; Headhunting/Korn Ferry and DM

RH; Customer Care Training/Pensare), totalizing R$1MM.

It is valid to mention that on 2Q10 the Company had adopted a bunch of actions to reduce G&A, such

as telephony expenses restrictions, the outsourcing of collection structure and the Central

Administration restructuring, etc. Those actions, although remain live on the current quarter, had not

contributed to new expenses reduction when compared to last quarter.

We expect that the organizational restructuring actions that Company has started to implement will

bring some additional significant medium-long term reductions on G&A.

3Q10/2Q101Q10 2Q10 3Q10 Variation

(7,006) (7,520) (7,651) (131) (7,006) (7,520) (7,651) (131)

(10,477) (5,761) (8,983) (3,222) (767) 693 (404) (1,097) (454) (406) (309) 97 (54) - - -

(919) (872) (1,250) (378) (216) (365) (237) 128 (449) 201 (209) (410)

(6,881) (4,253) (5,773) (1,520) (737) (759) (802) (43)

(17,482) (13,281) (16,634) (3,353)

(752) (1,483) (1,965) (482)

Management fees (210) (210) (210) 0

Taxes (905) (1,261) (1,423) (162)

(19,349) (16,235) (20,232) (3,997)

Profit sharing

Professional Services(SNSAP/Shared services) Professional Services (Commercial Notes' Fee) Deprec/Amortiz. (RNI - Imob+SAP)

G&A TOTAL

Deprec./Amortiz. (Shared services+SAP) Legal Operating expenses Displacement expenses

Sub-Total Operating + Personnel

Operating Tax over urban properties

G&A Comparison (R$000)

EXPENSESPersonnelPersonnel


of 34


Quarterly earnings discussed (cont.) EBITDA reached R$44MM in the 3Q10, with 21.0% margin over net revenue, growing 9.3 p.p. vs.

3Q09. The EBITDA margin recovery is directly related to the same factors that benefited gross margin.

Net financial results was R$5MM negative, due to the increase of company’s indebtedness, mainly

on working capital and commercial papers transaction with Banco Bradesco BBI closed in December,

2009. Another reason is the increase of the outstanding balance of senior construction loans (SFH),

which went from R$256MM in 3Q09 to R$298MM in 3Q10, as a result of the core company activities.

We present below the composition of Financial Results and the financial expenses breakdown, in

comparison to 2Q10, detailing the outstanding balances that compose each credit transaction.

Following, we present the senior construction loan interest rates, on COGS’ cost composition, referring

to the under construction projects.

Outstanding Interest Outstanding Interest

Working Capital 66,481 1,400 126,057 3,009

Commercial Papers 105,045 2,569 178,149 3,1041st Issue 105,045 2,569 108,149 3,104 2nd Issue - - 70,000 -

774,328 7,626 769,102 16,035Leasing 15,406 - 14,593 - Debentures 298,099 799 304,846 7,286 Senior construction loan 295,255 1,399 297,979 494 Related parties (others) 55,974 3,311 62,242 5,268 Related parties (Contr. Shareholder) 109,593 2,117 89,442 2,987

Others 39 1,252 48 1,488

TOTAL 945,892 12,847 1,073,355 23,636

Financial expenses breakdown (in R$000)2Q10 3Q10

Financial ResultsReturn on financial investment DebenturesFinancial revenues on inter-company loan contract Interest received from clients Return on financial investment Monetary variation, net Financial expenses on inter-company loan contractDebentures Financial expenses Interest on home loans Discounts granted OthersTotal

(397)(1,130)(5,017)

(in R$000)7,8255,8411,946558

2,449(8,255)(7,286)(6,568)


of 34


Quarterly earnings discussed (cont.)

Net income of 3Q10 amounted to R$24MM, representing 11.3% of net revenue, maintaining on

levels acceptable by Company’s management. In comparison to 3Q09 there was a growth of 940% on

net income and 8.66 p.p. on net margin.

We present the low reduction of margin of Future Periods Results from 35% to 34% (3Q10 vs. 2Q10).

The result went from R$264MM to R$262MM, and the volume of revenue to appropriate reached

R$767MM. The values presented at future periods results account has not yet been charged PIS/Cofins

taxes, and are also gross COGS interests.

Selected Accounting Practices

Following we provide clarifications about some of our accounting practices which differ from some

other listed Brazilian homebuilders and which affect the comparative analysis of results:

• The revenues, costs, and the expenses from SPEs in which we participate with partners are reflected in our consolidated financial statements only proportionally to our share in those SPEs (or projects). This way, our minority interests result is irrelevant.

• Interest revenue from performed contracts with clients: recorded in the financial result, and not

in the (top line) revenue from projects. Therefore, our gross margin does not carry positive

impact of interest charged to customers.

COGS' Breakdown2Q10

(R$MM)3Q10

(R$MM)Cost of real estate and land (100,442) (136,004) Financial expenses (4,669) (5,494) Total (105,111) (141,498)

Result and Margin to be appropriated (R$MM)Result and Margin to be appropriated (R$MM)

262

187213

231264

34%35%35%36%36%

3Q09 4Q09 1Q10 2Q10 3Q10

Result to appropriate MarginREF

650591

517

756 767


262

187213

231264

34%35%35%36%36%

3Q09 4Q09 1Q10 2Q10 3Q10



262

187213

231264

34%35%35%36%36%

3Q09 4Q09 1Q10 2Q10 3Q10


650591

517

756 767


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Consolidated Balance Sheet: main items

Cash Position The cash position by the end of the quarter grew in 7.2% when compared to 2Q10, mainly due to the

disbursement of Commercial Paper by the end of September.

As a positive factor concerning free cash flow generation, we highlight the volume of transfer of client

balances to banks. Due to the period between the transfers and the resources disbursement to the

company, which delays the cash inflow, the cash generation was of R$32MM on 3Q10. The

management has the target to enhance the receivables transfer to banks along the future periods, as

well as speed up the effective transformation of this receivable into cash, progressing in every phase

of the process.

Credits with Clients (Receivables) Our balance of credits with clients registered in the balance sheet by the end of 3Q10 totalized

R$909MM, a growth of 12.5% if compared to 2Q10 (R$808MM). Of this amount, R$461MM are

represented by receivables from delivered units, in other words, with potential cash conversion via

client transfer to banks, mainly participants of the SBPE (Sistema Brasileiro de Poupança e

Empréstimo – The National Savings and Loans System).

Assets Liabilities and Shareholder'sEquity

Others395

Shareholder's equity668

Intercompany loan 89

Working Capital and Commercial Papers 304

Leasing 15

Debentures 305

Banks SFH 298

Land 133Others

299

Inventory335

Clients in progress 448

Clients performed 461

Committed Cash316

Free Cash 82

2Q10 (beginning of period) 426Completion of Construction Work (+) 67Transfer of client balances from concluded units (-) 32Balance on September, 2010 461

Receivables from delivered units (R$MM)


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Credits with Clients (Receivables) (cont.) We had reported on last quarter, and reinforce in this release that significant part of the receivables

remains being worked in different financial institutions, aiming to generate cash and amortize short

term debts, and consequently reduce the bank debt. We mention as an example the proposal signed

with Banco Votorantim to issue Mortgage Backed Securities (MBS) of R$100MM, as well as the

transaction with XP investimentos of R$14MM, as a subsequent event.

The credits not yet recorded in the balance sheet, which revenues are still unrecognized in the income

statement due to the percentage of completion method, amounted to other R$767MM, a growth of

1.4% over 2Q10. Adding up the receivables recorded (realized) to the unrecorded (or unrealized)

amount, the total credits with clients were R$1,677MM by the end of 3Q10, a growth of 7.2% over

2Q10.

Even considering the increase of receivables, the delinquancy reduced in absolute terms from R$29MM

(2Q10) to R$21MM (3Q10).

Real Estate for Sale (Inventory) Analyzing the inventory of concluded units, not considering land, points to 4.9% of the total PSV to be

sold (vs. 5.7% in the 2Q10), which means there was a reduction on concluded units inventory.

Below we report an estimative of the potential sales value (PSV) of the concluded units and the units

under construction marked to market which appear in our balance sheet at its historical cost:

Credits with clients (R$000)

3Q10 % 3Q09 %3Q10 vs.

3Q092Q10 %

3Q10 vs. 2Q10

Current AssetsAmounts realized 839,071 50% 547,055 46% 53% 722,097 46% 16%Amounts non realized 745,215 44% 433,098 37% 72% 723,004 46% 3%Total Current Assets 1,584,286 94% 980,153 83% 62% 1,445,101 92% 10%

Non Current AssetsAmounts realized 70,409 4% 115,210 10% -39% 85,715 5% -18%Amounts non realized 22,196 1% 84,171 7% -74% 33,303 2% -33%Total Non Current Assest 92,605 6% 199,381 17% -54% 119,018 8% -22%TOTAL 1,676,891 100% 1,179,534 100% 42% 1,564,119 100% 7%

Real Estate for Sale (R$MM) 3Q10 % 3Q09 %3Q10 vs.

3Q09 2Q10 %

3Q10 vs. 2Q10

Built units 16.338 3% 14.605 4% 12% 17.276 4% -5%Under construction 318.070 68% 255.508 63% 24% 285.409 67% 11%SUBTOTAL (Built units/Under construction) 334.408 270.113 302.685

Raw/Undeveloped Land 133.156 28% 137.289 34% -3% 122.066 29% 9%TOTAL 467.564 100% 407.402 100% 15% 424.751 100% 10%

Real Estate for Sale (in R$000) 3Q10 % 2Q10 %3Q10 vs.

2Q10Built units 29.483 6% 29.566 6% 0%Under construction 499.871 94% 467.766 94% 7%TOTAL 529.354 100% 497.332 100% 6%


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Financial Performance 3Q10 Real Estate for Sale (Inventory) (cont.) The company has the goal of reducing inventory, and in order to do this counts on partnerships with

private banks that improved the conditions for financing individual clients (financing up to 90% of LTV

and yearly interest rates between 8.9% and 9.5% + TR). The execution of specific sales market in the

cities where there is a concentration of inventory volume has also generated important results.

Bank Debt

The outstanding balance of bank loans raised to R$922MM vs. R$780MM in the 2Q10, due to the

increase of working capital and commercial paper with maturity on December. Find below the

composition of short and long term debts:

The Company’s credit lines are divided in five categories:

(i) Senior loan transactions under the SFH – Financial Housing System, at interest rates from 9%

to 12%p.a. plus TR, in which the outstanding balance grew 1%, comparing to 2Q10.

The chart below shows both the quarterly evolution of the outstanding bank debt balance under the

SFH and the average interest rate weighted by each project’s share in that total, and also de future

disbursements regarding the period:

Amortization TOTALSchedule (in R$000)

2011 46,073 2012 62,852 2013 100,531 After 2013 237,960 Total long term 447,417

Outstanding Balance (in R$000) 3Q10 % 3Q09 %3Q10 vs.

3Q09 2Q10 %

3Q10 vs. 2Q10

Short Term 474.257 51% 215.363 62% 120% 379.344 49% 25%Long Term 447.417 49% 130.436 38% 243% 400.982 51% 12%TOTAL 921.674 100% 345.799 100% 167% 780.326 100% 18%

Outstanding balance SFH (R$MM), Future Disbursements (R$MM) and Weighted Avg Interest Rate (% p.a. +TR)

256 287 294 295 298

228

448 421 360 372

10.30% 10.20% 10.20% 10.10%10.10%

3Q09 4Q09 1Q10 2Q10 3Q10

Future Disbursements Outstanding Balance Weighted Avg Interest Rate


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Bank Debt (cont.)

(ii) Leasing for the acquisition of 47 aluminum molds, in which the outstanding balance reduced

5%, maintaining on R$15MM, interest rate of 17.25% p.a., 60 months maturity (closing

date in Feb/09), and the collateral is the molds.

(iii) Working Capital, used on company’s cash flow, in which the outstanding balance grew 90%,

reaching R$126MM:

(iv) Commercial Papers, divided into two contracts. The first one is of R$100MM, from December

2009 with Bradesco BBI, and the second one is of R$70MM, from September 2010, with

Banco Votorantim, which represents a bridge loan to a further MBS issuance – Mortgage

Backed Securities, to be execute on December this year with the total amount of

R$100MM. The outstanding balance presented by the end of quarter for both transactions

is of R$178MM, a growth of 70%.

(v) Debentures, simple non-convertible to stocks, issued on June 2010, totalizing the amount of

R$300MM, to be used on eligible SPEs according to FGTS criteria. Interests to be applied

are TR + 8.3% p.a. minimum and 10.3% p.a. maximum, having a grace period of 36

months and payment in 5 semiannual installments expiring the first one on June 01, 2013

and the last one on June 01, 2015. The outstanding balance presented by the end of

quarter was of R$305MM.

Intercompany Debt By the end of 3Q10, Rodobens had an outstanding debt balance of R$89.4MM with the controlling

shareholder GV Holding and other companies of the Rodobens group controlled by GV Holding, having

reduced 18% (3Q10 vs. 2Q10), using part of the fund raised through the issuance of commercial paper

with Banco Votorantim.

The loan was hired at an interest rate of 0.5%p.a. plus the CDI (Brazilian interbank offering rate), clean of

collateral, with maturity until December 2010, and with prepayment option without financial penalty. The

disbursements were taken throughout the quarter as needed, like a stand-by facility but with no charge

for unused amounts.

DateTotal Amount

(R$000)Outstanding

Balance (R$000)Interest Rates

(p.a.) Maturity Collateral07.24.2009 30,000 12,534 1,44% + CDI 07.22.2011 Aval GV Holding08.07.2009 30,000 13,850 1,45% + CDI 08.08.2011 Aval GV Holding09.28.2009 15,600 12,974 11,57% + TR 09.28.2012 Hipoteca de terrenos06.28.2010 7,500 7,510 1,30% + CDI 12.27.2010 Aval GV Holding06.30.2010 10,100 9,943 0,85% + CDI 06.22.2013 Aval GV Holding07.22.2010 8,000 8,029 1,42% + CDI 12.27.2010 Aval GV Holding07.26.2010 39,000 39,138 1,03% + CDI 07.20.2013 Aval GV Holding08.30.2010 22,000 22,079 1,05% + CDI 11.29.2010 Aval GV HoldingTotal working capital 332,200 126,057 Garantee Letter 48 Total 126,105


of 34

The Companhia Hipotecária Unibanco Rodobens (Mortgages)

Results and Operations In the third quarter of 2010 the Companhia Hipotecária Unibanco Rodobens (“CHUR”), posted a net

income of R$3.2MM. The result of CHUR is reflected in the consolidated income statement of

Rodobens Negócios Imobiliários by the method of equity income (i.e. equity pick-up).

The main contributions to that bottom-line result were (i) the interest revenues of R$1.6MM, which

at CHUR are classified and reported as operating revenues due the nature of its business, and (ii) the

other operating revenues of R$2.9MM, represented by Plano Único application fees and plan administration fees.

At the end of 3Q10, CHUR had 3,501 contracts qualified by Rodobens as active by the criteria of

timely payments, representing a portfolio of client contracts with a total value of R$332MM, and an

average value of R$95k per letter of credit.

The charts below show the quarterly evolution of the balance sheet of CHUR:

Most of CHUR’s assets are represented by a cash position built up with advances from clients of

Plano Único who are saving for the future access to a letter of credit.

As of September 30, 2010, CHUR had a portfolio of performed mortgage credits, i.e. letters of credit

granted to clients, in the amount of R$27MM.

The asset account “Approved Loans” represent letters of credit that have been approved, which

customers have not solicited yet.

The financial strategy of CHUR is to negotiate the sale, to financial agents of the SBPE (Brazilian

System of Savings and Loans) or to securitization companies, of the portfolio of performed mortgage

loans generated from the granting of the letters of credit.

In January 2010, Rodobens Negócios Imobiliários acquired 50% of the common shares of CHUR,

which previously belonged to Banco Itaú-Unibanco. The Company now owns 100% of the common

shares of CHUR. The price of the transaction was R$15MM, of which 50% were paid on the act and the

rest in 4 quarterly equal payments with an interest rate of 102% of CDI. Transaction still under

Central Bank evaluation.

Cash Disbursed Loans Approved Loans Other credits

75

20

12

4

76

21

13

4

75

22

12

5

71

24

14

5

76

27

12

3

3Q09 4Q09 1Q10 2Q10 3Q10

2526 25 2629

757879 81 79

11 10 107

10

Net Worth Advances fromCustomers

Others

3Q09 4Q09 1Q10 2Q10 3Q10

Assets (R$MM) Net Worth and Liabilities (R$MM)


of 34

Consolidated Balance Sheet

BALANCE SHEET 09.30.2010 09.30.2009 06.30.2010

( In R$000)

ASSETS

CURRENT ASSETSCash and banks 77,837 38,869 100% 57,308 36%Financial investments 320,490 9,550 3256% 313,418 2%Credits with clients 839,071 547,055 53% 722,097 16%Real estate for sale 412,996 307,944 34% 343,589 20%Credits with third parties 114,409 101,607 13% 70,123 63%Expenses to be transfered to SPCs¹ 1,610 952 69% 1,333 21%Sales expenses to be recognized 2,480 7,359 -66% 3,878 -36%Prepaid expenses 2,644 1,684 57% 3,059 -14%Clients co-obligation 14,100 - n.a 15,669 -10%Other credits 7,769 3,276 137% 6,070 28%Total current assets 1,793,406 1,018,296 76% 1,536,544 17%

NON-CURRENT ASSETS

Credits with clients 70,409 115,210 -39% 85,715 -18%Related parties 85,244 48,776 75% 66,014 29%Legal provisions 669 420 59% 535 25%Real estate for sale 54,568 99,458 -45% 81,162 -33%Investments in related parties 24,221 15,712 54% 22,789 6%Fixed assets 36,638 31,333 17% 32,914 11%Intangible 8,982 9,762 -8% 9,039 -1%Total non-current assets 280,731 320,671 -12% 298,168 -6%

TOTAL ASSETS 2,074,137 1,338,967 55% 1,834,712 13% ¹ Special Purpose Companies for individual projects.

09.30.2010

vs.

06.30.2010

09.30.2010

vs.

09.30.2009


of 34

Consolidated Balance Sheet

BALANCE SHEET 09.30.2010 09.30.2009 06.30.2010

(In R$000)

LIABILITIES & Shareholders' Equity

CURRENT LIABILITIESSuppliers 41,386 20,641 101% 30,712 35%Loans and financing 466,480 215,363 117% 378,596 23%Debenture 7,777 - n.m. 748 940%Social charges payable and taxes payable 20,702 12,499 66% 18,638 11%Current accounts with partners in projects 54,504 42,950 27% 20,335 168%Land aquisitions payable 88,681 49,023 81% 54,762 62%Deferred income taxes 62,740 43,665 44% 54,255 16%Provision for customer warranty 5,906 3,780 56% 4,531 30%Clients co-obligation 14,100 - n.m. 15,669 -10%Related parties 151,684 118,348 28% 165,567 -8%Provision for loss in related parties 1,284 - n.m. 174 638%

Employees' profit sharing 1,748 581 201% 2,225 -21%Dividends payable - - n.m. 50 -100%Other accounts payable 15,385 22,337 -31% 14,186 8%Total current liabilities 932,377 529,187 76% 760,448 23%

NON-CURRENT LIABILITIESDeferred taxes 4,949 8,099 -39% 5,879 -16%Loans and financing 150,348 130,436 15% 103,631 45%Debenture 297,069 - n.m. 297,351 0%Provisions for contingencies 138 161 -14% 138 0%Land aquisition payable 20,833 42,033 -50% 22,527 -8%Total (long-term) non-current liabilities 473,337 180,729 162% 429,526 10%

Minority interest 13 84 -85% 8 63%

SHAREHOLDERS' EQUITY

Capital stock 512,438 512,438 n.m. 512,438 n.m.Legal reserve 7,662 6,273 22% 7,662 n.m.Retained earnings 95,837 76,051 26% 95,837 n.m.Capital reserve 6,928 6,723 3% 6,928 0%Accrued income 45,545 27,482 66% 21,865 108%Total Shareholders' Equity 668,410 628,967 6% 644,730 4%

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 2,074,137 1,338,967 55% 1,834,712 13%

09.30.2010

vs.

09.30.2009

09.30.2010

vs.

06.30.2010


of 34

Consolidated Income Statement

3Q10 3Q10 9M10

INCOME STATEMENT 3Q10 2Q10 vs. 3Q09 vs. 9M10 9M09 vs.

2Q10 3Q09 9M09(In R$000)

GROSS OPERATING REVENUES 216,197 162,149 33% 89,720 141% 499,020 346,109 44%Revenues from projects 216,197 162,149 33% 89,720 141% 499,020 346,109 44%

(-) DEDUCTIONS FROM GROSS REVENUES (6,327) (4,782) 32% (3,395) 86% (15,424) (12,753) 21%Unconditional discounts - - n.a. - n.a. - (279) -100%Sales taxes (6,327) (4,782) 32% (3,395) 86% (15,424) (12,474) 24%

NET OPERATING REVENUES 209,870 157,367 33% 86,325 143% 483,596 333,356 45%

COST OF PROJECTS SOLD (141,498) (105,111) 35% (61,764) 129% (325,493) (239,475) 36%

GROSS PROFIT 68,372 52,256 31% 24,561 178% 158,103 93,881 68%

OPERATING (EXPENSES) REVENUES (31,357) (24,401) 29% (19,204) 63% (79,622) (57,309) 39%Commercial and sales expenses (12,627) (10,942) 15% (6,258) 102% (30,545) (26,621) 15%General and administrative expenses (20,232) (16,235) 25% (14,765) 37% (55,816) (36,488) 53%Other operating revenues 1,180 2,126 -44% 1,075 10% 5,260 3,844 37%Equity Income 322 650 -50% 744 -57% 1,479 1,956 -24%

OPERATING PROFIT (LOSS) BEFORE INTEREST 37,015 27,855 33% 5,357 591% 78,481 36,572 115%

NET INTEREST (EXPENSES) REVENUES (5,017) (3,296) 52% 544 -1022% (13,191) 2,986 -542%Monetary variations, net 2,449 1,491 64% 590 315% 4,238 (1,339) -417%Interest expenses (23,636) (12,847) 84% (5,586) 323% (47,408) (11,306) 319%Interest revenues 16,170 8,060 101% 5,540 192% 29,979 15,631 92%

EARNINGS BEFORE INCOME TAX AND SOCIAL 31,998 24,559 30% 5,901 442% 65,290 39,558 65%

INCOME TAX AND SOCIAL CONTRIBUTION (8,314) (6,817) 22% (3,627) 129% (19,733) (12,069) 64%Current (4,164) (4,016) 4% (961) 333% (11,344) (3,676) 209%Deferred (4,150) (2,801) 48% (2,666) 56% (8,389) (8,393) 0%

NET INCOME BEFORE MINORITY INTERESTS 23,684 17,742 33% 2,274 942% 45,557 27,489 66%

Minority interests (4) (6) -33% 3 -233% (12) (7) 71%

NET INCOME 23,680 17,736 34% 2,277 940% 45,545 27,482 66%Earnings per share (in R$/share) 0.49 0.37 0.05 0.94 0.57

22,000,000


of 34

Cash Flow

CASH FLOW

(in R$000)

09.30.2010 09.30.2010 09.30.2009 09.30.2009 09.30.2010 09.30.2010 09.30.2009 09.30.2009 (09 Month) (03 Month) (09 Month) (03 Month) (09 Month) (03 Month) (09 Month) (03 Month)CASH FLOW FROM OPERATING ACTIVITIES

NET INCOME 45,546 23,681 27,482 2,277 45,546 23,681 27,482 2,277

Adjustments for reconciliation of loss in the period to

net cash from / for operating activitiesStock Options 51 - 769 205 51 - 769 205 Deferred taxes (364) (61) (261) 5 13,776 7,557 16,943 4,782 Depreciation 3,639 1,291 2,272 1,119 5,907 2,140 4,807 2,683 Minority Interests - - - - (6) 5 7 - Equity income (121,584) (66,780) (58,599) (13,444) (2,422) (1,265) (1,957) (745) Provisions for losses in subsidiaries 20,488 19,098 6,617 (292) 943 943 - - Sale of fixed assets 14 - 204 204 113 99 204 264 Provision for contingencies - - - - - - 23 - Interest and monetary variations on loans - - 2,966 2,966 1,241 829 8,842 7,504

Increase (decrease) in operating assetsCredits with clients 7,040 1,036 3,892 212 (169,666) (101,668) (230,897) (57,650) Real estate for sale (3,205) (9,033) 18,321 - (58,427) (42,812) (49,567) (18,243) Credits with third parties (186,669) (100,364) (144,166) (42,395) (39,407) (44,285) (6,258) (5,861) Expenses to be transfered to SPCs (536) (278) 1,610 (69) (536) (278) 2,365 (71) Selling expenses to be recognized 16 - - - 3,553 1,399 1,864 552 Prepaid expenses (112) 346 (1,610) (1,433) (61) 415 (1,504) (1,429) Other credits (4,055) (602) 7,289 (815) (5,480) (1,700) 7,730 (542) Clients co-obligation (2,011) 110 148 148 (14,100) 1,569 677 677 Related parties 106,959 (5,083) 98,095 38 22,032 (33,115) 95,586 (506) Legal provisions (77) (65) 113 - (212) (134) 82 (19)

Increase (decrease) in operating liabilities - Suppliers 941 (351) (1,600) 878 12,079 10,674 (260) (1,133) Taxes and social charges payable 1,883 364 1,788 873 2,970 (1,465) 8,800 2,947 Tax and social security liabilities - - (1,852) (0) 2,341 3,529 (5,367) (1,167) Land acquisitions payable 3,958 6,466 (7,051) (622) 21,167 32,225 (6,173) (1,913) Advances from customers 65 169 (26) 3 1,520 (547) 3,055 1,942 Advances from partners (2,491) 4,507 (2,370) (585) 21,900 34,168 4,898 (2,505) Provisions for customers warranty (10) - (499) (480) 1,447 1,376 713 (470) Provision for profit sharing - - Provision for profit sharing 1,010 (475) (1,361) (1,123) 1,011 (477) (1,361) (1,123)

Interest payment 23,006 14,017 (1,996) (1,996) 45,044 21,187 (18,898) (29,333) Others accounts payable 7,075 3,278 2,169 2,244 (17,544) 1,696 9,620 6,084 Clients co-obligation 2,011 (110) (148) (148) 14,100 (1,569) (677) (677)

NET CASH FLOW USED IN OPERATING ACTIVITIES (97,412) (108,839) (47,804) (52,230) (91,120) (85,823) (128,452) (93,470)

CASH FLOW FROM INVESTING ACTIVITIESAcquisition of fixed assets (12,784) (8,227) (6,941) (2,900) (15,921) (8,630) (8,200) (3,993) (Addition) reduction in investments (46,330) 758 (8,457) - (5,385) (1) - -

NET CASH USED IN INVESTING ACTIVITIES (59,114) (7,469) (15,398) (2,900) (21,306) (8,631) (8,200) (3,993)

CASH FLOW FROM FINANCING ACTIVITIESLoans and financings Amortization of loans and financings (26,753) (9,692) (4,462) (4,462) (191,511) (72,646) (42,206) 96,485 Leasing Payment - - - - - - - - Dividends payable (6,595) - (19,879) - (6,595) - (19,878) 0 New loans and financings 453,900 139,000 60,000 60,000 603,437 194,701 191,017 20,637

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 420,552 129,308 35,659 55,538 405,331 122,055 128,933 117,122

264,026 13,000 (27,543) 408 292,905 27,601 (7,719) 19,659

Cash balanceAt the beginning of the period 58,823 309,849 33,302 5,351 105,422 370,726 56,138 28,760 At the end of the period 322,849 322,849 5,759 5,759 398,327 398,327 48,419 48,419 Difrença

264,026 13,000 (27,543) 408 292,905 27,601 (7,719) 19,659

Parent Company

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

Consolidated


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ANNEX: % of Costs Incurred and % of Accumulated Sales, by Project

Project

2Q10 3Q10 2Q10 3Q10 2Q10 3Q10MORADAS PARQUE DA LIBERDADE 6 2010 0,0% 4,8% 0,0% 1,1% - 25

Moradas Parque da Liberdade 6 (1a Fase) 2010 0,0% 4,8% 0,0% 3,8% - - Moradas Parque da Liberdade 6 (2a Fase) 2010 0,0% 4,8% 0,0% 1,7% - -

MORADAS FEIRA DE SANTANA 2010 0,0% 9,0% 0,0% 0,3% - 13 Moradas Feira de Santana (1a Fase) 2010 0,0% 9,0% 0,0% 1,8% - -

CONDOMÍNIO RIO COXIPÓ 2010 0,0% 5,4% 0,0% 15,5% - 801 Condomínio Rio Coxipó (1a Fase) 2010 0,0% 6,7% 0,0% 90,0% - - Condomínio Rio Coxipó (2a Fase) 2010 0,0% 5,2% 0,0% 41,2% - -

CONDOMÍNIO RIO CLARO 2010 0,0% 1,7% 0,0% 71,3% - 388 Condomínio Rio Claro (1a Fase) 2010 0,0% 1,7% 0,0% 80,9% - - Condomínio Rio Claro (2a Fase) 2010 0,0% 1,7% 0,0% 61,5% - - Condomínio Rio Claro (3a Fase) 2010 0,0% 1,7% 0,0% 72,7% - -

MORADAS PARQUE DO LAGO 2010 7,6% 8,2% 3,2% 0,7% (19) (28) Moradas Parque do Lago (1st Phase) 2010 7,6% 8,3% 5,7% 1,4% - -

MORADAS CASCAVEL 2 2010 23,6% 24,1% 3,1% 7,4% 265 455 Moradas Cascavel 2 (1st Phase) 2010 25,6% 26,1% 15,3% 36,7% - -

MORADAS LONDRINA 2010 4,4% 4,4% 17,0% 47,6% 117 245 Moradas Londrina (1st Phase) 2010 4,4% 4,4% 67,0% 97,0% - - Moradas Londrina (2nd Phase) 2010 4,4% 4,4% 0,0% 72,0% - -

TERRA NOVA GREEN LIFE 2010 14,7% 26,1% 71,4% 96,9% 1.902 3.010 Terra Nova Green Life (1st Phase) 2010 14,7% 40,5% 65,6% 98,4% - - Terra Nova Green Life (2nd Phase) 2010 14,7% 18,6% 79,7% 96,9% - - Terra Nova Green Life (3rd Phase) 2010 14,7% 18,6% 83,9% 94,6% - - Terra Nova Green Life (store) 2010 14,7% 18,6% 0,0% 100,0% - -

MORADAS PELOTAS 2 2010 3,7% 4,5% 5,1% 26,1% 36 211 Moradas Pelotas 2 (1st Phase) 2010 3,7% 4,5% 9,0% 46,5% - -

MORADAS PARQUE DA LIBERDADE 5 2010 6,1% 8,2% 93,1% 99,8% 1.795 971 Moradas Parque da Liberdade 5 (1st Phase) 2010 6,1% 8,2% 98,4% 100,0% - - Moradas Parque da Liberdade 5 (2nd Phase) 2010 6,1% 8,2% 90,5% 100,0% - - Moradas Parque da Liberdade 5 (3rd Phase) 2010 6,1% 8,2% 93,5% 100,0% - - Moradas Parque da Liberdade 5 (4th Phase) 2010 6,1% 8,2% 89,5% 99,1% - -

TERRA NOVA UBERLÂNDIA 3 2010 7,7% 10,6% 32,9% 50,0% 1.043 1.606 Terra Nova Uberlândia 3 (1st Phase) 2010 7,8% 15,8% 82,5% 95,2% - - Terra Nova Uberlândia 3 (2nd Phase) 2010 7,7% 9,0% 50,0% 92,4% - - Terra Nova Uberlândia 3 (3rd Phase) 2010 7,7% 8,8% 0,0% 12,5% - - Terra Nova Uberlândia 3 (4th Phase) 2010 7,7% 8,9% 0,0% 0,0% - -

MORADAS PALHOÇA 3 2010 10,9% 14,9% 40,2% 56,4% 1.721 1.265 Moradas Palhoça 3 (1st Phase) 2010 10,9% 15,0% 94,7% 96,2% - - Moradas Palhoça 3 (2nd Phase) 2010 10,9% 14,9% 67,5% 88,3% - - Moradas Palhoça 3 (3rd Phase) 2010 10,9% 14,9% 0,0% 43,8% - - Moradas Palhoça 3 (4th Phase) 2010 10,9% 14,9% 0,0% 0,0% - -

MORADAS PALHOÇA 2 2010 42,6% 49,9% 80,0% 96,0% 6.774 4.344 Moradas Palhoça 2 (1st Phase) 2010 42,6% 50,1% 99,2% 97,6% - - Moradas Palhoça 2 (2nd Phase) 2010 42,6% 50,6% 98,4% 96,0% - - Moradas Palhoça 2 (3rd Phase) 2010 42,6% 49,4% 86,1% 94,3% - - Moradas Palhoça 2 (4th Phase) 2010 42,6% 49,4% 26,0% 96,0% - -

MORADAS SÃO CARLOS 2010 12,4% 22,2% 99,5% 99,7% 2.915 4.303 Moradas São Carlos (1st Phase) 2010 22,7% 40,6% 100,0% 100,0% - - Moradas São Carlos (2nd Phase) 2010 10,4% 20,7% 99,2% 99,2% - - Moradas São Carlos (3rd Phase) 2010 10,1% 19,5% 100,0% 100,0% - - Moradas São Carlos (4th Phase) 2010 10,3% 16,8% 100,0% 100,0% - - Moradas São Carlos (5th Phase) 2010 10,2% 16,3% 98,5% 99,2% - -

MORADAS OURINHOS 2010 0,8% 10,9% 30,2% 55,0% 76 2.429 Moradas Ourinhos (1st Phase) 2010 0,9% 18,6% 96,7% 99,2% - - Moradas Ourinhos (2nd Phase) 2010 0,8% 10,8% 52,6% 89,7% - - Moradas Ourinhos (3rd Phase) 2010 0,8% 8,9% 0,0% 79,5% - -

MORADAS MARÍLIA 2010 6,4% 6,7% 21,0% 33,1% 470 391 Moradas Marília (1st Phase) 2010 6,4% 6,7% 87,9% 92,4% - - Moradas Marília (2nd Phase) 2010 6,4% 6,7% 4,9% 49,0% - - Moradas Marília (3rd Phase) 2010 6,4% 6,7% 0,0% 1,9% - -

ALAMEDA JARDIM 2010 3,1% 6,8% 47,8% 53,7% 26 191 TERRA NOVA LONDRINA 2009 15,0% 26,1% 80,5% 82,9% 517 1.404

Terra Nova Londrina (1st Phase) 2009 15,0% 32,9% 70,1% 74,8% - - Terra Nova Londrina (2nd Phase) 2010 15,0% 23,0% 86,0% 88,8% - - Terra Nova Londrina (3rd Phase) 2010 15,0% 22,5% 85,0% 85,0% - -

TERRA NOVA RESERVA 2 2009 10,4% 10,7% 68,5% 76,4% 361 204 Terra Nova Reserva 2 (1st Phase) 2009 10,5% 10,7% 64,4% 70,6% - - Terra Nova Reserva 2 (2nd Phase) 2009 10,4% 10,6% 73,5% 83,3% - -

MORADAS LAGES 2009 4,9% 8,8% 74,8% 92,7% 518 1.560 Moradas Lages (1st Phase) 2009 4,9% 12,8% 100,0% 99,1% - - Moradas Lages (2nd Phase) 2009 4,9% 9,4% 97,8% 98,9% - - Moradas Lages (3rd Phase) 2010 4,9% 7,7% 81,4% 100,0% - -

Year of launch

% Costs Incurred % Accumulated Sold Gross Revenues

Recognized (R$000)


of 34

ANNEX: % of Costs Incurred and % of Accumulated Sales, by Project (cont.)

Project

2Q10 3Q10 2Q10 3Q10 2Q10 3Q10CONDOMÍNIO SANTORINI 2009 30,8% 40,0% 36,5% 40,5% 1.235 1.393

Condomínio Santorini (1st Phase) 2009 30,8% 40,0% 65,7% 72,9% - - TERRA NOVA FOZ DO IGUAÇU 2009 6,2% 12,1% 28,1% 30,9% 758 1.733

Terra Nova Foz do Iguaçu (1st Phase) 2009 6,2% 20,2% 93,3% 97,1% - - Terra Nova Foz do Iguaçu (2nd Phase) 2009 6,2% 10,4% 75,0% 78,3% - - Terra Nova Foz do Iguaçu (3rd Phase) 2010 5,9% 10,0% 2,4% 11,3% - -

MORADAS PELOTAS 2009 15,5% 31,1% 93,6% 95,7% 1.717 3.553 Moradas Pelotas (1st Phase) 2009 57,4% 100,0% 93,8% 98,4% - - Moradas Pelotas (2nd Phase) 2009 6,7% 41,7% 96,1% 97,7% - - Moradas Pelotas (3rd Phase) 2009 6,2% 8,9% 91,4% 92,2% - - Moradas Pelotas (4th Phase) 2010 6,2% 8,9% 90,7% 90,7% - - Moradas Pelotas (5th Phase) 2010 6,2% 8,9% 95,8% 95,8% - - Moradas Pelotas (6th Phase) 2010 6,2% 8,9% 94,0% 99,1% - -

MORADAS ARAÇATUBA 2009 7,7% 8,9% 71,8% 89,3% 1.158 1.255 Moradas Araçatuba (1st Phase) 2009 7,7% 9,1% 99,3% 95,8% - - Moradas Araçatuba (2nd Phase) 2009 7,7% 8,8% 99,3% 98,7% - - Moradas Araçatuba (3rd Phase) 2010 7,7% 8,8% 98,5% 99,3% - - Moradas Araçatuba (4th Phase) 2010 7,7% 8,8% 88,8% 99,2% - - Moradas Araçatuba (5th Phase) 2010 7,7% 8,8% 20,8% 100,0% - - Moradas Araçatuba (6th Phase) 2010 7,7% 8,8% 0,0% 16,9% - -

MORADAS MONTES CLAROS 2009 5,6% 20,0% 82,4% 97,7% 643 5.604 Moradas Montes Claros (1st Phase) 2009 7,4% 39,2% 100,0% 100,0% - - Moradas Montes Claros (2nd Phase) 2009 5,3% 25,6% 100,0% 99,2% - - Moradas Montes Claros (3rd Phase) 2009 5,3% 18,6% 100,0% 99,2% - - Moradas Montes Claros (4th Phase) 2010 5,3% 10,3% 98,4% 100,0% - - Moradas Montes Claros (5th Phase) 2010 5,3% 9,4% 15,6% 90,2% - -

MORADAS PATOS DE MINAS 2009 14,1% 20,4% 77,1% 97,7% 1.649 3.436 Moradas Patos de Minas (1st Phase) 2009 15,3% 41,4% 94,2% 94,2% - - Moradas Patos de Minas (2nd Phase) 2009 14,0% 17,6% 100,0% 99,2% - - Moradas Patos de Minas (3rd Phase) 2010 14,0% 16,6% 99,2% 99,2% - - Moradas Patos de Minas (4th Phase) 2010 13,8% 15,3% 88,9% 98,4% - - Moradas Patos de Minas (5th Phase) 2010 13,8% 15,2% 4,8% 96,8% - -

TERRA NOVA BAURU 2009 11,3% 17,1% 72,5% 77,3% 2.427 4.143 Terra Nova Bauru (1st Phase) 2009 14,4% 25,7% 95,6% 96,3% - - Terra Nova Bauru (2nd Phase) 2009 10,7% 17,3% 90,0% 92,3% - - Terra Nova Bauru (3rd Phase) 2009 10,5% 14,8% 82,8% 85,9% - - Terra Nova Bauru (4th Phase) 2009 10,5% 14,7% 74,2% 75,8% - - Terra Nova Bauru (5th Phase) 2010 10,3% 14,4% 88,5% 88,5% - - Terra Nova Bauru (6th Phase) 2010 10,7% 15,1% 37,9% 38,8% - - Terra Nova Bauru (7th Phase) 2010 12,2% 17,2% 14,3% 48,8% - -

MORADAS PARQUE DA LIBERDADE 4 2009 33,6% 54,2% 99,1% 99,1% 2.950 7.970 Moradas Parque da Liberdade 4 (1st Phase) 2009 55,7% 84,8% 96,2% 96,2% - - Moradas Parque da Liberdade 4 (2nd Phase) 2009 29,3% 65,5% 100,0% 100,0% - - Moradas Parque da Liberdade 4 (3rd Phase) 2009 28,4% 51,9% 100,0% 100,0% - - Moradas Parque da Liberdade 4 (4th Phase) 2009 28,6% 38,5% 100,0% 100,0% - - Moradas Parque da Liberdade 4 (5th Phase) 2009 28,9% 34,3% 99,2% 99,2% - -

MORADAS CASCAVEL 2009 21,4% 36,0% 100,0% 100,0% 2.452 6.270 Moradas Cascavel (1st Phase) 2009 45,2% 87,6% 100,0% 100,0% - - Moradas Cascavel (2nd Phase) 2009 17,9% 36,1% 100,0% 100,0% - - Moradas Cascavel (3rd Phase) 2009 17,9% 26,4% 100,0% 100,0% - - Moradas Cascavel (4th Phase) 2009 17,9% 26,3% 100,0% 100,0% - - Moradas Cascavel (5th Phase) 2009 17,9% 26,6% 100,0% 100,0% - - Moradas Cascavel (6th Phase) 2009 17,9% 26,9% 100,0% 100,0% - - Moradas Cascavel (7th Phase) 2009 17,9% 26,9% 100,0% 100,0% - -

MORADAS PONTA GROSSA 2009 21,6% 44,2% 99,1% 97,3% 2.935 8.551 Moradas Ponta Grossa (1st Phase) 2009 41,6% 92,7% 94,4% 93,5% - - Moradas Ponta Grossa (2nd Phase) 2009 19,7% 63,9% 100,0% 97,6% - - Moradas Ponta Grossa (3rd Phase) 2009 16,5% 33,4% 100,0% 98,4% - - Moradas Ponta Grossa (4th Phase) 2009 15,9% 21,0% 100,0% 97,2% - - Moradas Ponta Grossa (5th Phase) 2009 17,2% 16,9% 100,0% 99,2% - -

TERRA NOVA PORTAL DO VALE 2009 16,8% 16,9% 51,6% 27,8% (67) (188) TERRA NOVA ARAÇATUBA 2009 19,3% 40,8% 48,7% 54,0% 1.577 7.211

Terra Nova Araçatuba (1st Phase) 2009 25,4% 70,2% 74,2% 76,7% - - Terra Nova Araçatuba (2nd Phase) 2009 20,1% 46,1% 79,1% 79,1% - - Terra Nova Araçatuba (3rd Phase) 2009 18,4% 40,3% 59,1% 58,0% - - Terra Nova Araçatuba (4th Phase) 2009 16,4% 24,9% 60,4% 81,3% - - Terra Nova Araçatuba (5th Phase) 2010 16,4% 26,1% 0,0% 8,0% - -

TERRA NOVA PARQUE DA LIBERDADE 3 2009 20,6% 39,0% 100,0% 100,0% 2.617 1.549 Terra Nova Parque da Liberdade 3 (1st Phase) 2009 26,0% 76,9% 100,0% 100,0% - - Terra Nova Parque da Liberdade 3 (2nd Phase) 2009 19,6% 35,9% 100,0% 100,0% - - Terra Nova Parque da Liberdade 3 (3rd Phase) 2009 33,3% 45,0% 100,0% 100,0% - - Terra Nova Parque da Liberdade 3 (4th Phase) 2009 16,4% 15,9% 100,0% 100,0% - -

Year of launch


Recognized (R$000)


of 34


Project

2Q10 3Q10 2Q10 3Q10 2Q10 3Q10TERRA NOVA UBERLÂNDIA 2008 58,7% 65,5% 41,9% 41,9% 5.543 2.507

Terra Nova Uberlândia (1st Phase A) 2008 100,0% 100,0% 82,6% 88,0% - - Terra Nova Uberlândia (1st Phase B) 2009 100,0% 100,0% 100,0% 98,8% - - Terra Nova Uberlândia (1st Phase C) 2009 100,0% 99,5% 82,1% 83,3% - - Terra Nova Uberlândia (2nd Phase A) 2009 53,7% 81,2% 61,3% 58,8% - - Terra Nova Uberlândia (2nd Phase B) 2010 73,4% 85,0% 60,0% 56,3% - -

TERRA NOVA ECO LIFE 2008 66,5% 85,3% 98,0% 98,0% 1.796 2.514 Terra Nova Eco Life (1st Phase) 2008 78,7% 97,4% 97,4% 97,4% - - Terra Nova Eco Life (2nd Phase) 2009 54,0% 72,9% 98,6% 98,6% - -

INNOVA BLUE 2008 19,7% 21,5% 99,9% 99,5% 1.812 1.950 Innova Blue (1st Phase) 2008 19,7% 21,5% 99,8% 99,8% - - Innova Blue (2nd Phase) 2008 19,7% 21,5% 100,0% 99,3% - -

TERRA NOVA PELOTAS 2008 99,9% 100,0% 98,2% 98,2% 2.533 456 Terra Nova Pelotas (1st Phase) 2008 100,0% 100,0% 97,0% 97,0% - - Terra Nova Pelotas (2nd Phase A) 2009 100,0% 100,0% 100,0% 100,0% - - Terra Nova Pelotas (2nd Phase B) 2009 100,0% 100,0% 100,0% 96,9% - - Terra Nova Pelotas (3rd Phase) 2009 100,0% 100,0% 96,9% 100,0% - - Terra Nova Pelotas (4th Phase) 2009 100,0% 100,0% 100,0% 100,0% - - Terra Nova Pelotas (5th Phase) 2009 99,1% 100,0% 100,0% 100,0% - -

TERRA NOVA SÃO CARLOS 2008 100,0% 95,2% 65,2% 69,9% 1.149 3.087 Terra Nova São Carlos (1st Phase) 2008 100,0% 100,0% 79,1% 84,3% - - Terra Nova São Carlos (1st Phase B) 2009 100,0% 100,0% 100,0% 100,0% - - Terra Nova São Carlos (2nd Phase A) 2009 100,0% 100,0% 86,7% 100,0% - - Terra Nova São Carlos (2nd Phase B) 2009 100,0% 100,0% 90,0% 100,0% - - Terra Nova São Carlos (2nd Phase C) 2009 100,0% 100,0% 78,1% 81,3% - -

LA VIE 2008 100,0% 100,0% 94,7% 94,7% 1.281 159 TERRA NOVA UBERABA 2008 42,6% 47,7% 24,6% 35,4% 6.486 5.451

Terra Nova Uberaba (1st Phase) 2008 100,0% 99,7% 89,7% 94,0% - - Terra Nova Uberaba (2nd Phase) 2009 100,0% 99,7% 100,0% 100,0% - - Terra Nova Uberaba (3rd Phase) 2010 100,0% 99,7% 86,4% 100,0% - - Terra Nova Uberaba (4th Phase) 2010 42,5% 98,7% 0,0% 97,5% - - Terra Nova Uberaba (5th Phase) 2010 32,2% 38,3% 0,0% 67,5% - -

TERRA NOVA FEIRA DE SANTANA 2008 46,6% 52,8% 36,6% 38,2% 5.450 3.566 Terra Nova Feira de Santana (1st Phase) 2008 98,9% 96,7% 85,1% 88,6% - - Terra Nova Feira de Santana (2nd Phase) 2009 75,3% 98,4% 99,2% 99,2% - - Terra Nova Feira de Santana (3rd Phase) 2010 22,1% 37,4% 1,6% 6,3% - -

TERRA NOVA CASCAVEL 2 2008 77,6% 86,5% 49,1% 58,4% 2.608 4.381 Terra Nova Cascavel 2 (1st Phase) 2008 100,0% 100,0% 61,5% 60,9% - - Terra Nova Cascavel 2 (2nd Phase) 2009 100,0% 100,0% 100,0% 100,0% - - Terra Nova Cascavel 2 (3rd Phase) 2009 71,3% 91,3% 80,2% 80,2% - - Terra Nova Cascavel 2 (4th Phase) 2010 53,1% 66,3% 0,0% 28,2% - -

TERRA NOVA PATOS DE MINAS 2008 68,8% 75,1% 27,9% 27,6% 1.420 264 Terra Nova Patos de Minas (1st Phase) 2008 100,0% 99,9% 54,4% 54,4% - - Terra Nova Patos de Minas (2nd Phase A) 2009 100,0% 100,0% 73,8% 71,4% - - Terra Nova Patos de Minas (2nd Phase B) 2009 100,0% 100,0% 38,2% 38,2% - -

GREEN SQUARE 2008 83,6% 100,0% 77,5% 89,8% 7.244 10.657 Green Square (aparts) 2008 83,5% 100,0% 78,8% 90,9% - - Green Square (stores) 2010 84,1% 100,0% 60,0% 100,0% - -

TERRA NOVA SÃO JOSÉ DOS CAMPOS 2008 98,9% 99,8% 88,7% 87,2% 5.672 926 Terra Nova São José dos Campos (1st Phase) 2008 100,0% 100,0% 92,9% 92,3% - - Terra Nova São José dos Campos (2nd Phase A) 2008 100,0% 100,0% 82,2% 78,0% - - Terra Nova São José dos Campos (2nd Phase B) 2009 100,0% 100,0% 100,0% 100,0% - - Terra Nova São José dos Campos (3rd Phase) 2009 100,0% 100,0% 95,7% 91,4% - - Terra Nova São José dos Campos (4th Phase) 2009 95,2% 99,4% 82,3% 83,1% - -

TERRA NOVA GARDEN VILLAGE 2 2008 100,0% 100,0% 66,7% 74,1% 268 548 TERRA NOVA PALHOÇA 2008 99,3% 97,5% 76,0% 78,4% 5.804 4.182

Terra Nova Palhoça (VILA I - 1st Phase) 2008 100,0% 100,0% 97,5% 96,9% - - Terra Nova Palhoça (VILA II - 2nd Phase) 2008 100,0% 100,0% 95,8% 95,5% - - Terra Nova Palhoça (VILA III - 3rd Phase A) 2008 100,0% 100,0% 69,2% 71,8% - - Terra Nova Palhoça (VILA III - 3rd Phase B) 2009 100,0% 100,0% 100,0% 97,5% - - Terra Nova Palhoça (VILA III - 3rd Phase C) 2009 100,0% 100,0% 57,5% 60,0% - - Terra Nova Palhoça (VILA III - 4th Phase A) 2009 100,0% 99,9% 68,1% 70,1% - - Terra Nova Palhoça (VILA III - 4th Phase B) 2010 93,3% 81,2% 0,0% 18,1% - -

TERRA NOVA VISTA ALEGRE 2008 48,8% 57,9% 87,5% 90,2% 8.722 9.997 Terra Nova Vista Alegre (1st Phase) 2008 62,2% 61,1% 99,8% 100,0% - - Terra Nova Vista Alegre (2nd Phase) 2008 51,7% 75,6% 90,4% 93,4% - - Terra Nova Vista Alegre (3rd Phase) 2009 16,7% 16,4% 58,3% 64,2% - -

TERRA NOVA RESERVA 2008 100,0% 100,0% 93,1% 93,1% (44) (1) TERRA NOVA PONTA GROSSA 2008 68,3% 70,3% 32,9% 34,6% 1.066 922

Terra Nova Ponta Grossa (1st Phase) 2008 100,0% 100,0% 89,3% 87,9% - - Terra Nova Ponta Grossa (2nd Phase) 2010 74,7% 89,6% 0,0% 2,0% - -

TERRA NOVA CASCAVEL 2008 100,0% 100,0% 74,9% 76,1% 142 633

Year of launch


Recognized (R$000)


of 34


Project

2Q10 3Q10 2Q10 3Q10 2Q10 3Q10TERRA NOVA RONDONÓPOLIS 2008 86,6% 76,2% 37,1% 39,5% 1.380 2.248

Terra Nova Rondonópolis (1st Phase) 2008 99,4% 99,5% 76,1% 78,4% - - Terra Nova Rondonópolis (2nd Phase A) 2010 98,1% 75,8% 0,0% 8,6% - - Terra Nova Rondonópolis (2nd Phase B) 2010 91,1% 74,0% 0,0% 4,1% - -

TERRA NOVA MARÍLIA 2008 71,6% 68,9% 46,0% 48,1% 3.456 3.956 Terra Nova Marília (1st Phase) 2008 83,4% 67,1% 21,5% 25,3% - - Terra Nova Marília (2nd Phase A) 2009 70,3% 83,9% 92,1% 92,1% - - Terra Nova Marília (2nd Phase B) 2009 47,5% 63,7% 66,7% 66,7% - - Terra Nova Marília (2nd Phase C) 2009 49,5% 70,3% 70,5% 70,5% - -

INNOVA SÃO FRANCISCO 2007 53,8% 65,9% 99,9% 100,0% 11.410 19.363 TERRA NOVA PARQUE DA LIBERDADE 2 2007 100,0% 100,0% 88,2% 90,1% (71) 630 TERRA NOVA VÁRZEA GRANDE 2007 100,0% 100,0% 84,3% 88,7% 3.540 4.917 TERRA NOVA SOROCABA 2007 100,0% 100,0% 74,6% 80,3% 793 7.315

GREEN FIELDS RESIDENCE CLUB 2007 96,4% 94,6% 52,0% 61,7% 1.182 8.211 TERRA NOVA PARQUE DA LIBERDADE 2007 100,0% 100,0% 95,0% 97,1% (74) 485 TERRA NOVA BELVEDERE I 2007 100,0% 100,0% 100,0% 100,0% 131 (7) TERRA NOVA NATURE 2007 83,4% 89,8% 91,9% 91,5% 11.910 8.530 LE BRISE 2007 100,0% 100,0% 100,0% 100,0% - - SAN DIEGO I 2006 100,0% 100,0% 100,0% 98,4% 106 (324) BOSQUE VIVENDAS 2006 100,0% 100,0% 89,3% 91,5% 348 1.191 VILA DAS TORRES 2006 100,0% 99,9% 71,8% 74,2% 1.444 1.265 ESPAÇO JARDIM 2006 100,0% 100,0% 100,0% 100,0% 524 108 GARDEN CLUB 2006 100,0% 100,0% 100,0% 100,0% 1.039 (0) TERRA NOVA GARDEN VILLAGE 2006 100,0% 100,0% 98,9% 99,7% (47) 169 GREEN TAMBORÉ 2006 100,0% 99,9% 96,7% 99,7% 1.649 1.267 GUARAPIRANGA PARK 2006 100,0% 100,0% 97,5% 97,5% (345) 227 JARDINS DE ATHENAS 2006 100,0% 100,0% 100,0% 100,0% 0 - QUINTAS DE TAMBORÉ 2006 100,0% 100,0% 93,5% 88,0% (230) (1.760) BARRA CENTRAL PARK 2005 100,0% 100,0% 98,8% 98,2% 140 7 DOLCE VITA RESIDENZIALE 2004 100,0% 100,0% 100,0% 100,0% 57 - TAMBORÉ 7 EXCLUSIVE HOUSES 2002 99,2% 100,0% 89,0% 90,1% 984 560 OTHERS 100,0% 296 811

Total 162.148 216.197

Year of launch


Recognized (R$000)

earnings release 3q10 - mzweb.com.br€¦ · são jose do rio preto (brazil), october 27, 2010 :...

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