CYRELA BRAZIL REALTY S.A. EMPREENDIMENTOS E PARTICIPAÇÕES 
By Operating Results Preview - 3Q13 and 9M13
Cyrela's pre-sales reach R$ 4.9 bi in 9M13, 14.2% higher vs 9M12. São Paulo, October 14, 2013 - Cyrela Brazil Realty S.A. Empreendimentos e Participações (Bovespa: CYRE3), informs the operating results for the third quarter (3Q13) versus the third quarter of 2012 (3Q12), which are subject to review by auditors. Launches
Cyrela launched, in the third quarter of 2013, a volume of R$ 1,234 million, 18.7% higher vs 3Q12 (R$ 1,518 million). In the quarter, as 3Q12, there was
no launch of "MCMV Faixa 1".
-18.7%
Launches(R$ million)
3,497.1
988.5
+13.0%
3,951.7
1,228.0
Company's stake in launches attained 73.9%, which was 3Q12 (60.2%). The increase in the company's stake
reflects a greater share of "MAP" projects
1,517.7
604.2
913.5
1Q12
1,234.2
322.5
911.7
1Q13
2,508.6
9M12
2,723.6
9M13
in the launches of the quarter that,
Economic
40.5% 21.6% 37.9% 39.0%
historically, have %CBR higher than economics and MCMV projects.
Partners
Cyrela
In the quarter, the volume launched of middle and high-end products ("MAP") totaled R$ 968 million, an increase of 7.1% vs 3Q13 (R$ 903 million) and equivalent to 78.4% of Cyrela's total launches in 3Q13 (59.5% in 3Q12). Launches of lots fall under "MAP" segment and represented
17.3% of the CBR total volume launched.
Launches totaled R$ 3,952 million in 9M13, an increase of 13.0% when compared to 9M12. Cyrela's stake in the volume launched in the year was of 68.9% vs 71.7% in 9M12. Excluding MCMV "Faixa 1", Company's stake was of 73.0% in 9M13.
Launches of "MAP" products totaled R$ 2,409 million, an increase of 11.0% when compared to R$ 2,171 million launched in 9M12 and equivalent to 61.0% of Cyrela's total launched in the period vs 62.1% in the same period of previous year.
Operating Results Preview - 3Q13 and 9M13
Pre-sales
In the quarter, pre-sales volume totaled R$ 1,361 million, 22.5% inferior to what was presented in 3Q12 (R$ 1,756 million). Company's stake increased to
75.3%, vs 73.1% in 3Q12.
(R$ million)
4,289.8
986.6
+14.2%
4,900.4
1,456.0
In the quarter, pre-sales volume of "MAP" products totaled R$ 893 million, a reduction of 22.0% vs the same period of
last year (R$ 1,146 million) and
1,755.5
472.2
1,283.3
-22.5%
1,360.6
335.7
1,024.9
3,303.2
3,444.3
equivalent to 65.7% of Cyrela's total pre-
1Q12
1Q13
9M12 9M13
sales volume in 3Q13 vs 65.3% in 3Q12.
Economic
34.7% 34.3% 34.6% 42.3%
Pre-sales of lots totaled R$ 108.4 million
and represented 8.0% of CBR pre-sales volume in the quarter.
Partners
Cyrela
Pre-sales volume totaled R$ 4,900 million in 9M13, an increase of 14.2% when compared to R$ 4,290 million in the same period of 2012. Cyrela's stake in pre-sales volume was of 70.3% in 9M13 vs 77.0% in 9M12. Excluding MCMV "Faixa 1" products, Cyrela's stake was of 73.6%.
Pre-sales volume of "MAP" products totaled R$ 2,828 million in 9M13, volume 0,8% higher to
9M12 (R$ 2,809 million), representing 57.7% of Cyrela's total pre-sales volume in the period (65.4% in
9M12).
Operating Results Preview - 3Q13 and 9M13
Sales Speed
These volumes resulted in a "VSO" LTM (Sales over Supply) of 54.0% or 18.4% in the quarter, above to the presented in the same quarter of 2012 (53.0%).
Excluding pre-sales and launches of MCMV "Faixa 1" "VSO" LTM was of 48.8%.
*Excluding "Faixa 1", "VSO" LTM of 4Q12 was of 47.1%, 50.1% in 1Q13, 50.8% in 2Q13 and 48.8% in 3Q13.
About Cyrela Brazil Realty: Cyrela Brazil Realty S.A. Empreendimentos e Participações is one of the best residential real
estate developers in Brazil. Cyrela is listed on Bovespa's Novo Mercado under the ticker CYRE3
For further information, please contact: Investor Relations
e-mail: ri@cyrela.com.br www.cyrela.com.br/ir
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