(external disclosure) federal public service cvm ...cvm - brazilian securities and exchange...

(External Disclosure) FEDERAL PUBLIC SERVICE CVM - BRAZILIAN SECURITIES AND EXCHANGE COMMISSION QUARTERLY INFORMATION – ITR COMMERCIAL, INDUSTRY & OTHER TYPES OF COMPANY

September 30, 2009

Brazilian Corporate Law

REGISTRATION WITH CVM SHOULD NOT BE CONSTRUED AS AN EVALUATION OF THE COMPANY. COMPANY MANAGEMENT IS RESPONSIBLE FOR THE INFORMATION PROVIDED.

01.01 - IDENTIFICATION 1 - CVM CODE 2 - COMPANY NAME 3 - CNPJ (Corporate Taxpayer’s ID)

01446-0 CYRELA BRAZIL REALTY SA EMPRS E PARTS 73.178.600/0001-18

4 - NIRE (Corporate Registry ID)

35.300.137.728

01.02 - HEADQUARTERS

1 - ADDRESS

Rua Professor Manoelito de Ornellas, 303 2 - DISTRICT

Ch Sto Antonio

3 - ZIP CODE

04719-040 4 - CITY

São Paulo 5 - STATE

SP

6 - AREA CODE

11 7 - TELEPHONE

4502-3516 8 - TELEPHONE

4502-3516 9 - TELEPHONE

4502-3516 10 - TELEX

11 - AREA CODE

11 12 - FAX

4502-3140 13 - FAX

4502-3140 14 - FAX

4502-3140

15 - E-MAIL

[email protected]

01.03 - INVESTOR RELATIONS OFFICER (Company Mailing Address)

1- NAME

Luiz Largman

2 - ADDRESS

AV Pres Juscelino Kubitschek,1455, 5º And 3 - DISTRICT

Vila Olímpia

4 - ZIP CODE

04543-011 5 - CITY

São Paulo 6 - STATE

SP

7 - AREA CODE

11 8 - TELEPHONE

4502-3153 9 - TELEPHONE

4502-3153 10 - TELEPHONE

4502-3153 11 - TELEX

12 - AREA CODE

11 13 - FAX

4502-3225 14 - FAX

4502-3225 15 - FAX

4502-3225

16 - E-MAIL

[email protected]

01.04 – ITR REFERENCE AND AUDITOR INFORMATION

CURRENT YEAR CURRENT QUARTER PREVIOUS QUARTER 1 - BEGINNING 2 - END 3 - QUARTER 4 - BEGINNING 5 - END 6 - QUARTER 7 - BEGINNING 8 - END

1/1/2009 12/31/2009 3 7/1/2009 9/30/2009 2 4/1/2009 6/30/2009

09 - INDEPENDENT AUDITOR

Terco Grant Thornton Auditores Independentes Soc Simples 10 - CVM CODE 00635-1

11. TECHNICIAN IN CHARGE

José André Viola Ferreira

12 – TECHNICIAN’S CPF (INDIVIDUAL TAXPAYER’S ID) 163.086.958-90


September 30, 2009


01.01 - IDENTIFICATION

1 - CVM CODE

01446-0 2 - COMPANY NAME

CYRELA BRAZIL REALTY SA EMPRS E PARTS. 3 - CNPJ (Corporate Taxpayer’s ID)

73.178.600/0001-18

01.05 – CAPITAL STOCK

Number of Shares

(in thousands)

1 – CURRENT QUARTER

9/30/2009

2 – PREVIOUS QUARTER

6/30/2009

3 – SAME QUARTER, PREVIOUS YEAR

9/30/2008

Paid-up Capital

1 - Common 368,615 368,553 355,708

2 - Preferred 0 0 0

3 - Total 368,615 368,553 355,708

Treasury Stock

4 - Common 0 6 0

5 - Preferred 0 0 0

6 - Total 0 6 0 01.06 - COMPANY PROFILE 1 - TYPE OF COMPANY

Commercial, Industry and Other Types of Company

2 - STATUS

Operational 3 - NATURE OF OWNERSHIP

Domestic Private 4 - ACTIVITY CODE

3110 - HOLDING COMPANY - CONSTRUCTION, BUILDING MATERIALS AND INTERIOR DESIGN 5 - MAIN ACTIVITY

REAL ESTATE DEVELOPMENT 6 - CONSOLIDATION TYPE

Total 7 – TYPE OF REPORT OF INDEPENDENT AUDITORS

Unqualified opinion 01.07 - COMPANIES NOT INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS 1 - ITEM 2 - CNPJ (Corporate Taxpayer’s ID) 3 - COMPANY NAME

01.08 - CASH DIVIDENDS APPROVED AND/OR PAID DURING AND AFTER THE QUARTER 1 - ITEM 2 - EVENT 3 – APPROVAL 4 - TYPE 5 - DATE OF PAYMENT 6 - TYPE OF SHARE 7 - AMOUNT PER SHARE

01 AGO/E 4/30/2009 Dividend 5/11/2009 Common 0.1853979530 * AGO/E – Extraordinary and Annual General Meeting

(A free translation of the original in Portuguese) (External Disclosure)

FEDERAL PUBLIC SERVICE CVM – BRAZILIAN SECURITIES AND EXCHANGE COMMISSION QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRY & OTHER TYPES OF COMPANY

September 30, 2009


01.01 – IDENTIFICATION

1 - CVM CODE



73.178.600/0001-18 01.09 – SUBSCRIBED CAPITAL AND CHANGES IN THE CURRENT YEAR

1 - ITEM 2 - DATE OF CHANGE 3 - CAPITAL STOCK

(In thousands of reais)

4 - AMOUNT OF CHANGE

(In thousands of reais)

5 - NATURE OF CHANGE 7 - NUMBER OF SHARES ISSUED

(thousand)

8 - SHARE PRICE WHEN ISSUED

(in reais)

03 10/8/2008 1,357,354 321 Granting Plan AGO/E 4/28/2006 22 14.1696000000




07 6/4/2009 1,357,355 41,039 Company Merger 12,788 3.2090000000





01.10 – INVESTOR RELATIONS OFFICER

1 – DATE 11/12/2009

2 – SIGNATURE


September 30, 2009



1 - CVM CODE



73.178.600/0001-18

02.01 - BALANCE SHEET - ASSETS (in R$ thousand)

1 – CODE 2 – DESCRIPTION 3 – 9/30/2009 4 – 6/30/2009

1 Total Assets 5,113,176 4,569,944

1.01 Current Assets 558,047 240,854

1.01.01 Cash and Cash Equivalents 478,146 145,714

1.01.01.01 Cash and Cash Equivalents 63,742 2,169

1.01.01.02 Financial Investments 414,212 143,370

1.01.01.03 Securities 192 175

1.01.02 Credits 27,881 38,345

1.01.02.01 Clients 8,576 9,424

1.01.02.02 Sundry Credits 19,305 28,921

1.01.02.02.01 Current Account with Project Partners 0 0

1.01.02.02.02 Recoverable taxes and contributions 11,071 9,780

1.01.02.02.03 Selling expenses to be appropriated 0 0

1.01.02.02.04 Prepaid expenses 6,469 7,257

1.01.02.02.20 Other Accounts Receivable 1,765 11,884

1.01.03 Inventories 52,020 56,795

1.01.03.01 Real estate to be sold 52,020 56,795

1.01.04 Other 0 0

1.02 Non-current Assets 4,555,129 4,329,090

1.02.01 Long-term Assets 537,631 647,353

1.02.01.01 Sundry Credits 118,715 130,426

1.02.01.01.01 Accounts Receivable 7,911 6,120

1.02.01.01.02 Financial Investment 0 0

1.02.01.01.03 Accounts Receivable - expropriation 0 0

1.02.01.01.04 Recoverable Taxes 28,413 30,031

1.02.01.01.05 Real estate to be sold 82,391 94,275

1.02.01.01.06 Advances for real estate acquisition 0 0

1.02.01.02 Credits with Related Parties 404,851 503,215

1.02.01.02.01 With Direct and Indirect Associated Companies 0 0

1.02.01.02.02 With Controlled companies 404,851 503,215

1.02.01.02.03 With Other Related Parties 0 0

1.02.01.03 Other 14,065 13,712

1.02.01.03.01 Deferred Taxes (IRPJ and CSLL) 11,484 11,191


1.02.02 Permanent Assets 4,017,498 3,681,737

1.02.02.01 Investments 3,891,870 3,571,695

1.02.02.01.01 In Direct/Indirect Associated Companies 11,119 225,230

1.02.02.01.02 In Direct/Indirect Associated Companies - Goodwill 0 0

1.02.02.01.03 In Controlled companies 3,880,751 3,346,465

1.02.02.01.04 In Controlled companies - Goodwill 0 0

1.02.02.01.05 Other Investments 0 0

1.02.02.02 Fixed Assets 11,533 13,161

1.02.02.03 Intangible Assets 114,095 96,881

1.02.02.04 Deferred Charges 0 0


September 30, 2009



1 - CVM CODE


CYRELA BRAZIL REALTY SA EMPRS E PARTS 3 - CNPJ (Corporate Taxpayer’s ID)

73.178.600/0001-18

02.02 - BALANCE SHEET - LIABILITIES (in R$ thousand)

1 - CODE 2 – DESCRIPTION 3 – 9/30/2009 4 – 6/30/2009

2 Total Liabilities 5,113,176 4,569,944

2.01 Current Liabilities 742,983 753,014

2.01.01 Loans and Financing 102,104 110,740

2.01.02 Debentures 39,854 33,028

2.01.02.01 Interest on debentures 39,854 33,028

2.01.03 Suppliers 2,981 652

2.01.04 Taxes, Fees and Contributions 10,940 1,269

2.01.04.01 Current Taxes, Fees and Contributions 10,940 1,269

2.01.04.02 Deferred Taxes (IRPJ and CSLL) 0 0

2.01.05 Dividends Payable 0 0

2.01.06 Provisions 22,474 14,488

2.01.06.01 Payroll, charges and profit sharing 22,474 14,488

2.01.07 Debts with Related Parties 472,316 470,065

2.01.07.01 Related Parties 472,316 470,065

2.01.08 Other 92,314 122,772

2.01.08.01 Current Account with Project Partners 1,191 11,511

2.01.08.02 Advances from Clients 74,058 81,926

2.01.08.03 Accounts Payable for real estate acquisition 9,528 7,270

2.01.08.20 Other Accounts Payable 7,537 22,065

2.02 Non-current Liabilities 1,675,557 1,391,614

2.02.01 Long-Term Liabilities 1,675,557 1,391,614

2.02.01.01 Loans and Financing 431,147 375,691

2.02.01.02 Debentures 1,214,974 986,639

2.02.01.03 Provisions 29,436 29,071

2.02.01.03.01 Taxes Payable and labor suits 890 818


2.02.01.04 Debts with Related Parties 0 0

2.02.01.05 Advance for Future Capital Increase 0 0

2.02.01.06 Other 0 213

2.02.01.06.01 Accounts Payable for real estate acquisition 0 0

2.02.01.06.02 Suppliers 0 213

2.02.01.06.10 Negative Goodwill on Investments 0 0

2.02.01.06.20 Other Accounts Payable 0 0

2.03 Deferred Income 0 0

2.05 Shareholders' Equity 2,694,636 2,425,316

2.05.01 Paid-in Capital 1,399,165 1,398,394

2.05.02 Capital Reserves 36,480 32,135

2.05.02.01 Granted shares 36,480 32,135

2.05.03 Revaluation Reserves 0 0

2.05.03.01 Own Assets 0 0

2.05.03.02 Controlled/Direct and Indirect Associated Companies 0 0


September 30, 2009



1 - CVM CODE



73.178.600/0001-18

02.02 - BALANCE SHEET - LIABILITIES (in R$ thousand)


2.05.04 Profit Reserves 740,436 740,436

2.05.04.01 Legal 67,733 67,733

2.05.04.02 Statutory 0 0

2.05.04.03 For Contingencies 0 0

2.05.04.04 Unrealized Profits 102,746 102,746

2.05.04.05 Profit Retention 569,968 569,968

2.05.04.06 Special for Undistributed Dividends 0 0

2.05.04.07 Other Profit Reserves (11) (11)

2.05.04.07.01 Treasury Stock (11) (11)

2.05.05 Assets Valuation Adjustments (3,076) (3,177)

2.05.05.01 Securities Adjustments 0 0

2.05.05.02 Accumulated Translation Adjustments (3,076) (3,177)

2.05.05.03 Business Combination Adjustments 0 0

2.05.06 Retained Earnings/Accumulated Losses 521,631 257,528

2.05.07 Advance for Future Capital Increase 0 0

(External Disclosure) FEDERAL PUBLIC SERVICE CVM – BRAZILIAN SECURITIES AND EXCHANGE COMMISSION QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRY & OTHER TYPES OF COMPANY

September 30, 2009


01.01 – IDENTIFICATION 1 - CVM CODE



73.178.600/0001-18 03.01 – STATEMENT OF INCOME (in R$ thousand)

1 - CODE 2 – DESCRIPTION 3- 7/1/2009 to 9/30/2009 4- 1/1/2009 to 9/30/2009 5- 7/1/2008 to 9/30/2008 6- 1/1/2008 to 9/30/2008

3.01 Gross Revenue from Sales and/or Services 3,102 4,803 964 13,900

3.01.01 Real Estate Development and Resale 3,040 4,566 863 13,668

3.01.02 Land subdivision 0 0 0 0

3.01.03 Service Rendering and other 62 237 101 232

3.02 Gross Revenue Deductions (232) (324) (833) (1,654)

3.03 Net Revenue from Sales and/or Services 2,870 4,479 131 12,246

3.04 Cost of Goods Sold and/or Services Provided (493) (1,907) (1,188) (10,417)

3.04.01 From properties sold and resold (493) (1,907) (1,188) (10,417)

3.04.02 From land subdivision 0 0 0 0

3.04.03 From services and other 0 0 0 0

3.05 Gross Income 2,377 2,572 (1,057) 1,829

3.06 Operating Expenses/Revenue 279,392 542,725 80,456 241,607

3.06.01 Selling Expenses (9,243) (14,452) (1,336) (9,431)

3.06.02 General and Administrative (46,877) (100,580) (30,338) (85,138)

3.06.02.01 General and Administrative Expenses (45,948) (97,772) (29,401) (82,423)

3.06.02.02 Management Fees (929) (2,808) (937) (2,715)

3.06.03 Financial (24,761) (81,645) (52,472) (69,711)

3.06.03.01 Financial Revenues 15,495 44,627 (13,529) 35,215

3.06.03.02 Financial Expenses (40,256) (126,272) (38,943) (104,926)

3.06.04 Other Operating Revenues 90,268 65,523 (3,927) (15,762)

3.06.04.01 Other Investment Income 91,863 66,997 (4,016) (16,903)

3.06.04.20 Other Revenues (1,595) (1,474) 89 1,141

3.06.05 Other Operating Expenses 0 0 0 0

3.06.05.20 Other Expenses 0 0 0 0

3.06.06 Net Equity Income 270,005 673,879 168,529 421,649

3.07 Operating Income 281,769 545,297 79,399 243,436

3.08 Non-operating Income 0 0 0 0


September 30, 2009





73.178.600/0001-18 03.01 – STATEMENT OF INCOME (in R$ thousand)


3.08.01 Revenues 0 0 0 0

3.08.02 Expenses 0 0 0 0

3.09 Income Before Taxes/Interest 281,769 545,297 79,399 243,436

3.10 Provision for Income Tax and Social Contribution (9,666) (9,666) 0 0

3.11 Deferred Income Tax 0 0 0 0

3.12 Statutory Interest/Contributions (8,000) (14,000) (1,500) (3,000)

3.12.01 Interests (8,000) (14,000) (1,500) (3,000)

3.12.02 Contributions 0 0 0 0

3.13 Reversal of Interest on Equity 0 0 0 0

3.15 Income/Loss for the Period 264,103 521,631 77,899 240,436

No. SHARES, EX-TREASURY (in thousands) 368,615 368,615 355,708 355,708

EARNINGS PER SHARE (Reais) 0.71647 1.41511 0.21900 0.67594

LOSS PER SHARE (Reais)


September 30, 2009





73.178.600/0001-18 04.01 – STATEMENT OF CASH FLOW - INDIRECT METHOD (in R$ thousand) 1 - CODE 2 – DESCRIPTION 3- 7/1/2009 to 9/30/2009 4- 1/1/2009 to 9/30/2009 5- 7/1/2008 to 9/30/2008 6- 1/1/2008 to 9/30/2008

4.01 Net Cash from Operating Activities (4,633) 373,339 (5,827) 34,154

4.01.01 Cash generated in the Operations 37,034 (20,286) (247,987) 21,127

4.01.01.01 Net income for the period 264,103 521,631 77,899 240,436

4.01.01.02 Depreciation of fixed assets 2,168 3,477 746 2,163

4.01.01.03 Goodwill Amortization 1,017 4,112 541 9,038

4.01.01.04 Shareholders’ Equity/ Quota Appreciation (270,005) (673,879) (166,659) (419,779)

4.01.01.05 Increase (decrease) in taxes payable - NC 0 0 0 0

4.01.01.06 Interest, monetary variation and loans 31,751 110,373 35,082 64,566

4.01.01.07 Deferred taxes 0 0 0 (142)

4.01.01.08 Accumulated profit – effects of Law 11,638 0 0 (195,596) 124,845

4.01.01.09 Statutory provisions 8,000 14,000 0 0

4.01.01.10 Minority Interest 0 0 0 0

4.01.02 Variation in Assets and Liabilities (41,667) 393,625 242,160 13,027

4.01.02.01 Decrease (increase) in financial investments (270,842) (173,820) 158,389 9,627

4.01.02.02 Decrease (increase) in accounts receivable (943) 7,977 5,118 (1,362)

4.01.02.03 Decrease (increase) in marketable properties 16,659 9,567 (13,109) 9,239

4.01.02.04 Decrease (increase) in current accounts from partners (10,320) (16,136) 8,186 9,452

4.01.02.05 Decrease (increase) in related parties 100,615 251,061 (10,402) (94,436)

4.01.02.06 Decrease (increase) in other assets 127,011 380,807 86,710 206,812

4.01.02.07 Increase (decrease) in accounts payable from properties 2,258 1,690 2,755 (1,209)

4.01.02.08 Increase (decrease) in taxes payable 72 89 22 (2,696)

4.01.02.09 Increase (decrease) in taxes and contributions 9,671 8,723 (219) 191

4.01.02.10 Increase (decrease) in other liabilities (15,848) (76,333) 4,710 (122,591)

4.01.02.11 Increase (decrease) in minority interest 0 0 0 0

4.01.03 Other 0 0 0 0

4.02 Net Cash from Investment Activities (184,024) (408,253) 10,700 (644,342)

4.02.01 Acquisition of fixed assets 206 584 (1,841) (8,428)


September 30, 2009



1 - CVM CODE

01446-0

2 - COMPANY NAME


73.178.600/0001-18

04.01 – STATEMENT OF CASH FLOW - INDIRECT METHOD (in R$ thousand)


4.02.02 Investment Acquisition (166,024) (425,157) 10,113 (647,210)

4.02.03 Funds invested in deferred assets (18,977) (25,490) (2,591) (3,282)

4.02.04 Dividends allocations 0 0 0 0

4.02.05 Capital Increase 771 771 5,019 14,578

4.02.06 Increase (decrease) in capital merger/spin-off 0 41,039 0 0

4.03 Net Cash from financing activities 250,230 95,400 6,420 633,479

4.03.01 Entry of new loans and financing 140,640 213,418 48,159 191,656

4.03.02 Debentures 228,220 228,220 130 528,967

4.03.03 Payment of loans and financing (85,182) (203,120) (12,948) (26,701)

4.03.04 Interests paid (33,448) (143,118) (28,921) (60,4,43)

4.04 Exchange Variation on cash and cash equivalents 0 0 0 0

4.05 Increase (Decrease) in cash and cash equivalents 61,573 60,486 11,293 23,291

4.05.01 Opening balance of cash and cash equivalents 2,169 7,613 21,860 37,532

4.05.02 Closing balance of cash and cash equivalents 63,742 68,099 33,153 60,823


September 30, 2009



1 - CVM CODE



73.178.600/0001-18

08.01 – CONSOLIDATED BALANCE SHEET - ASSETS (in R$ thousand)


1 Total Assets 8,863,939 7,896,224

1.01 Current Assets 5,164,840 4,179,246

1.01.01 Cash and Cash Equivalents 837,424 404,905

1.01.01.01 Cash and Cash Equivalents 227,792 71,763

1.01.01.02 Financial Investments 609,378 332,905

1.01.01.03 Securities 254 237

1.01.02 Credits 2,438,605 2,114,029

1.01.02.01 Clients 2,185,294 1,908,685

1.01.02.02 Sundry Credits 253,311 205,344

1.01.02.02.01 Current Account with Project Partners 93,334 44,803


1.01.02.02.03 Unearned Sale Expenses 23,536 19,769

1.01.02.02.04 Prepaid Expenses 7,153 8,116


1.01.03 Inventories 1,888,811 1,660,312

1.01.03.01 Marketable Real Estate 1,888,811 1,660,312

1.01.04 Other 0 0

1.02 Non-current Assets 3,699,099 3,716,978

1.02.01 Long-term Assets 3,434,743 3,272,072

1.02.01.01 Sundry Credits 3,018,119 2,798,034

1.02.01.01.01 Accounts Receivable 1,693,838 1,332,702

1.02.01.01.02 Financial Investments 27,667 93,456

1.02.01.01.03 Accounts Receivable due to Expropriation 4,812 4,662


1.02.01.01.05 Marketable Real Estate 1,258,815 1,332,817

1.02.01.01.06 Advances due to real estate acquisition 0 0

1.02.01.02 Credits with Related Parties 379,106 429,700

1.02.01.02.01 With Direct and Indirect Associated Companies 0 0

1.02.01.02.02 With Controlled companies 379,106 429,700

1.02.01.02.03 With Other Related Parties 0 0

1.02.01.03 Other 37,518 44,338



1.02.02 Permanent Assets 264,356 444,906

1.02.02.01 Investments 11,119 225,230

1.02.02.01.01 In Direct/Indirect Associated Companies 11,119 225,230

1.02.02.01.02 In Controlled Companies 0 0

1.02.02.01.03 Other Investments 0 0

1.02.02.01.06 Goodwill 0 0

1.02.02.02 Fixed Assets 124,435 105,835

1.02.02.03 Intangible Assets 128,802 113,841

1.02.02.04 Deferred Charges 0 0


September 30, 2009



1 - CVM CODE



73.178.600/0001-18

08.02– CONSOLIDATED BALANCE SHEET - LIABILITIES (in R$ thousand)


2 Total Liabilities 8,863,939 7,896,224

2.01 Current Liabilities 3,164,301 2,892,687

2.01.01 Loans and Financing 349,119 266,772

2.01.02 Debentures 39,854 33,028

2.01.02.01 Interest on debentures 39,854 33,028

2.01.03 Suppliers 232,607 131,375

2.01.04 Taxes, Fees and Contributions 193,259 160,811

2.01.04.01 Taxes, fees and contributions 177,924 152,799

2.01.04.02 Deferred taxes and contributions 15,335 8,012

2.01.05 Dividends Payable 0 0

2.01.06 Provisions 50,928 33,231

2.01.06.01 Payroll, charges and profit sharing 50,928 33,231

2.01.07 Debts with Related Parties 183,514 199,669

2.01.07.01 Related Parties 183,514 199,669

2.01.08 Other 2,115,020 2,067,801

2.01.08.01 Current account with project partners 202,252 166,789

2.01.08.02 Advances from clients 1,676,059 1,628,054

2.01.08.03 Accounts Payable for real estate acquisition 169,365 245,363

2.01.08.20 Other accounts payable 67,344 27,595

2.02 Non-current Liabilities 2,809,495 2,404,179

2.02.01 Long-Term Liabilities 2,809,495 2,404,179

2.02.01.01 Loans and Financing 1,242,965 1,029,332

2.02.01.02 Debentures 1,214,974 986,639

2.02.01.03 Provisions 189,303 175,223

2.02.01.03.01 Taxes payable and labor proceedings 29,702 29,402


2.02.01.04 Debts with Related Parties 0 0

2.02.01.05 Advance for Future Capital Increase 0 0

2.02.01.06 Other 162,253 212,985

2.02.01.06.01 Accounts Payable for real estate acquisition 100,222 125,092

2.02.01.06.02 Suppliers 31,076 47,539

2.02.01.06.10 Negative goodwill in investments 1,459 7,994

2.02.01.06.20 Other Accounts Payable 29,496 32,360

2.03 Deferred Income 0 0

2.04 Minority Shareholders Interest 195,507 174,042

2.05 Shareholders' Equity 2,694,636 2,425,316

2.05.01 Paid-in Capital 1,399,165 1,398,394

2.05.02 Capital Reserves 36,480 32,135

2.05.02.01 Stock Option Plan 36,480 32,135

2.05.03 Revaluation Reserves 0 0

2.05.03.01 Own Assets 0 0


September 30, 2009



1 - CVM CODE



73.178.600/0001-18

08.02– CONSOLIDATED BALANCE SHEET - LIABILITIES (in R$ thousand)


2.05.03.02 Controlled/Direct and Indirect Associated Companies 0 0

2.05.04 Profit Reserves 740,436 740,436

2.05.04.01 Legal 67,733 67,733

2.05.04.02 Statutory 0 0

2.05.04.03 For Contingencies 0 0

2.05.04.04 Unrealized Profits 102,746 102,746

2.05.04.05 Profit Retention 569,968 569,968

2.05.04.06 Special for Undistributed Dividends 0 0

2.05.04.07 Other Profit Reserves (11) (11)

2.05.04.07.01 Treasury stock (11) (11)

2.05.05 Assets Valuation Adjustments (3,076) (3,177)

2.05.05.01 Securities Adjustments 0 0

2.05.05.02 Accumulated Translation Adjustments (3,076) (3,177)

2.05.05.03 Business Combination Adjustments 0 0

2.05.06 Retained Earnings/Accumulated Losses 521,631 257,528

2.05.07 Advance for Future Capital Increase 0 0


September 30, 2009





73.178.600/0001-18 09.01 – CONSOLIDATED STATEMENT OF INCOME (in R$ thousand)

1- CODE 2- DESCRIPTION 3- 7/1/2009 to 9/30/2009 4- 1/1/2009 to 9/30/2009 5- 7/1/2008 to 9/30/2008 6- 1/1/2008 to 9/30/2008

3.01 Gross Revenue from Sales and/or Services 1,396,986 3,005,697 773,992 2,176,690

3.01.01 Real Estate Development and Resale 1,370,602 2,943,159 761,546 2,139,721

3.01.02 Land subdivision 13,033 31,637 4,301 12,336

3.01.03 Service Rendering and other 13,351 30,901 8,145 24,633

3.02 Gross Revenue Deductions (48,118) (109,775) (23,275) (80,247)

3.03 Net Revenue from Sales and/or Services 1,348,868 2,895,922 750,717 2,096,443

3.04 Cost of Goods Sold and/or Services Provided (890,296) (1,885,397) (445,046) (1,260,479)

3.04.01 From real estate sold and resold (872,920) (1,846,708) (435,700) (1,234,560)

3.04.02 From land subdivision (8,462) (17,870) (2,651) (6,628)

3.04.03 From services and other (8,914) (20,819) (6,695) (19,291)

3.05 Gross Income 458,572 1,010,525 305,671 835,964

3.06 Operating Expenses/Revenue (90,744) (288,511) (189,157) (477,034)

3.06.01 Selling Expenses (95,819) (200,993) (91,352) (268,110)

3.06.02 General and Administrative (66,884) (163,982) (63,820) (164,259)

3.06.02.01 General and Administrative Expenses (64,087) (156,335) (61,052) (157,477)

3.06.02.02 Management Fees (2,797) (7,647) (2,768) (6,782)

3.06.03 Financial (12,602) (18,828) (28,122) (19,896)

3.06.03.01 Financial Revenues 41,683 144,415 20,683 112,963

3.06.03.02 Financial Expenses (54,285) (163,243) (48,805) (132,859)

3.06.04 Other Operating Revenues 67,647 71,569 (5,863) (24,769)

3.06.04.01 Other Investment Income 91,649 93,386 (6,929) (27,407)

3.06.04.20 Other Revenues (24,002) (21,817) 1,066 2,638

3.06.05 Other Operating Expenses 0 0 0 0

3.06.05.20 Other Expenses 0 0 0 0


September 30, 2009





73.178.600/0001-18 09.01 – CONSOLIDATED STATEMENT OF INCOME (in R$ thousand)

1- CODE 2- DESCRIPTION 3- 7/1/2009 to 9/30/2009 4- 1/1/2009 to 9/30/2009 5- 7/1/2008 to 9/30/2008 6- 1/1/2008 to 9/30/2008

3.06.06 Net Equity Income 16,914 23,723 0 0

3.07 Operating Income 367,828 722,014 116,514 358,930

3.08 Non-operating Income 0 0 0 0

3.08.01 Revenues 0 0 0 0

3.08.02 Expenses 0 0 0 0

3.09 Income Before Taxes/Interest 367,828 722,014 116,514 358,930

3.10 Provision for Income Tax and Social Contribution (30,803) (64,448) (24,581) (57,096)

3.11 Deferred Income Tax (17,529) (34,600) (11,504) (29,077)

3.12 Statutory Interest/Contributions (9,800) (15,800) (1,570) (3,070)

3.12.01 Interests (9,800) (15,800) (1,570) (3,070)

3.12.02 Contributions 0 0 0 0

3.13 Reversal of Interest on Equity 0 0 0 0

3.14 Minority Interest (45,593) (85,535) (960) (29,251)

3.15 Income/Loss for the Period 264,103 521,631 77,899 240,436

NUMBER OF SHARES, EX-TREASURY (in thousands) 368,615 368,615 355,708 355,708

EARNINGS PER SHARE (Reais) 0.71647 1.41511 0.21900 0.67594

LOSS PER SHARE (Reais)


September 30, 2009





73.178.600/0001-18 10.01 – CONSOLIDATED STATEMENT OF CASH FLOW - INDIRECT METHOD (in R$ thousand)


4.01 Net Cash from Operating Activities (478,436) (626,733) 126,604 (697,651)

4.01.01 Cash generated in the Operations 416,133 830,550 (40,662) 430,808

4.01.01.01 Net income for the period 264,103 521,631 77,899 240,436

4.01.01.02 Depreciation of fixed assets 2,820 5,370 1,277 2,074

4.01.01.03 Goodwill Amortization 484 4,159 2,586 16,481

4.01.01.04 Shareholders’ Equity/ Quota Appreciation 16,914 23,723 0 0

4.01.01.05 Increase (decrease) in taxes payable - NC 0 0 0 0

4.01.01.06 Interest, monetary variation and loans 51,244 152,134 46,437 47,721

4.01.01.07 Deferred taxes 25,175 42,376 30,391 10,219

4.01.01.08 Accumulated profit – effects of Law 11,638 0 0 (195,596) 124,845

4.01.01.09 Statutory provisions 9,800 15,800 0 0

4.01.01.10 Minority Interest 45,593 65,357 (3,656) (10,968)

4.01.02 Variation in Assets and Liabilities (894,569) (1,457,283) 167,266 (1,128,459)

4.01.02.01 Decrease (increase) in financial investments (210,684) 134,983 308,441 12,461

4.01.02.02 Decrease (increase) in accounts receivable (637,745) (1,218,100) (412,093) (919,729)

4.01.02.03 Decrease (increase) in marketable properties (154,497) (221,765) (14,551) (986,402)

4.01.02.04 Decrease (increase) in current accounts from partners (13,068) (48,087) 9,151 134,4,45

4.01.02.05 Decrease (increase) in related parties 34,439 23,929 2,838 37,571

4.01.02.06 Decrease (increase) in other assets 4,555 8,270 (14,132) 88,678

4.01.02.07 Increase (decrease) in accounts payable for real estate (100,868) (153,296) (277,562) 121,418

4.01.02.08 Increase (decrease) in taxes payable 300 674 1,045 3,103

4.01.02.09 Increase (decrease) in taxes and contributions 25,125 42,832 47,573 77,823

4.01.02.10 Increase (decrease) in other liabilities 182,002 155,121 252,549 313,314

4.01.02.11 Increase (decrease) in minority interest (24,128) (181,844) 264,007 (11,141)

4.01.03 Other 0 0 0 0


September 30, 2009





73.178.600/0001-18 10.01 – CONSOLIDATED STATEMENT OF CASH FLOW - INDIRECT METHOD (in R$ thousand)


4.02 Net Cash from Investment Activities 154,568 144,840 (75,646) (49,523)

4.02.01 Acquisition of Fixed Assets (20,420) (43,106) (24,908) (82,961)

4.02.02 Investment Acquisition 197,197 168,477 (52,958) 22,519

4.02.03 Funds invested in intangible assets (22,980) (22,341) (2,799) (3,659)

4.02.04 Dividends Allocations 0 0 0 0

4.02.05 Capital Increase 771 771 5,019 14,578

4.02.06 Increase (decrease) in capital merger/spin-off 0 41,039 0 0

4.03 Net Cash from Financing Activities 479,897 618,300 106,884 894,985

4.03.01 Entry of new loans and financing 447,779 946,135 168,205 513,131

4.03.02 Debentures 344,760 344,760 130 528,967

4.03.03 Payment of loans and financing (262,963) (493,257) (22,810) (75,173)

4.03.04 Interests paid (49,679) (179,338) (38,641) (71,940)

4.04 Exchange variation on cash and cash equivalents 0 0 0 0

4.05 Increase (decrease) in cash and cash equivalents 156,029 136,407 157,842 147,811

4.05.01 Opening balance of cash and cash equivalents 71,763 227,815 77,225 232,001

4.05.02 Closing balance of cash and cash equivalents 227,792 364,222 235,067 379,812


September 30, 2009





73.178.600/0001-18 11.01 – CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY FROM 7/1/2009 TO 9/30/2009 (in R$ thousands) 1- CODE 2 – DESCRIPTION 3 - CAPITAL

STOCK 4 - CAPITAL RESERVES

5 - REVALUATION RESERVES

6 - PROFIT RESERVES

7 - ACCRUED PROFIT/LOSS

8 - ADJUSTMENT TO ASSETS VALUATION

9 – TOTAL SHAREHOLDERS’ EQUITY

5.01 Opening Balance 1,398,394 32,135 0 740,436 257,528 (3,177) 2,425,316

5.02 Adjustments of Previous Years 0 0 0 0 0 0 0

5.03 Adjusted Balance 1,398,394 32,135 0 740,436 257,528 (3,177) 2,425,316 5.04 Income/Loss for the Period 0 0 0 0 264,103 0 264,103 5.05 Allocations 0 0 0 0 0 0 0

5.05.01 Dividends 0 0 0 0 0 0 0 5.05.02 Interests on Equity 0 0 0 0 0 0 0 5.05.03 Other Allocations 0 0 0 0 0 0 0 5.06 Realization of Profit Reserves 0 0 0 0 0 0 0 5.07 Assets Valuation Adjustments 0 0 0 0 0 101 101 5.07.01 Securities Adjustments 0 0 0 0 0 0 0

5.07.02 Accumulated Translation Adjustments 0 0 0 0 0 101 101

5.07.03 Business Combination Adjustments 0 0 0 0 0 0 0 5.08 Increase/decrease in Capital Stock 771 0 0 0 0 0 771 5.09 Recording/Realization of Capital Reserves 0 0 0 0 0 0 0 5.10 Treasury Shares 0 0 0 0 0 0 0 5.11 Other Capital Transactions 0 0 0 0 0 0 0 5.12 Other 0 4,345 0 0 0 0 4,345 5.13 Closing Balance 1,399,165 36,480 0 740,436 521,631 (3,076) 2,694,636


September 30, 2009





73.178.600/0001-18 11.02 – CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY FROM 1/1/2009 TO 9/30/2009 (in R$ thousands)

1- CODE 2 – DESCRIPTION 3 - CAPITAL STOCK

4 - CAPITAL RESERVES

5 - REVALUATION RESERVES

6 - PROFIT RESERVES

7 - ACCRUED PROFIT/LOSS

8 - ADJUSTMENT TO ASSETS VALUATION

9 – TOTAL SHAREHOLDERS’ EQUITY

5.01 Opening Balance 1,357,355 23,522 0 740,436 0 (364) 2,120,949

5.02 Adjustments of Previous Years 0 0 0 0 0 0 0

5.03 Adjusted Balance 1,357,355 23,522 0 740,436 0 (364) 2,120,949

5.04 Income/Loss for the Period 0 0 0 0 521,631 0 521,631

5.05 Allocations 0 0 0 0 0 0 0

5.05.01 Dividends 0 0 0 0 0 0 0

5.05.02 Interests on Equity 0 0 0 0 0 0 0

5.05.03 Other Allocations 0 0 0 0 0 0 0

5.06 Realization of Profit Reserves 0 0 0 0 0 0 0

5.07 Assets Valuation Adjustments 0 0 0 0 0 (2,712) (2,712)

5.07.01 Securities Adjustments 0 0 0 0 0 0 0

5.07.02 Accumulated Translation Adjustments 0 0 0 0 0 (2,712) (2,712)

5.07.03 Business Combination Adjustments 0 0 0 0 0 0 0

5.08 Increase/decrease in Capital Stock 41,810 0 0 0 0 0 41,810

5.09 Recording/Realization of Capital Reserves 0 0 0 0 0 0 0

5.10 Treasury Shares 0 0 0 0 0 0 0

5.11 Other Capital Transactions 0 0 0 0 0 0 0

5.12 Other 0 12,958 0 0 0 0 12,958

5.13 Closing Balance 1,399,165 36,480 0 740,436 521,631 (3,076) 2,694,636


September 30, 2009


01446-0 CYRELA BRAZIL REALTY SA EMPRES E PARTS 73.178.600/0001-18

06.01 – NOTES TO THE FINANCIAL STATEMENTS

1. Operating context

Cyrela Brazil Realty S/A Empreendimentos e Participações (“Company”) is a publicly-held joint stock company with headquarters in the City of São Paulo, State of São Paulo, with its shares traded on the São Paulo Stock Exchange – BOVESPA – Novo Mercado – under the ticker CYRE3. The Company has as corporate purpose and main activity the development and construction of residential property, mainly jointly with other partners through the interest in controlled companies or consortia. The controlled companies share the corporate, managerial and operational costs and structures of the Company or of the partner, as each case. 2. Presentation of quarterly information and main accounting practices adopted 2.1–Accounting practices adopted in these financial statements The financial statements were prepared in accordance with the new accounting practices adopted in Brazil, based on the provisions contained in the Brazilian Corporation Law (Law 6,404/76 and Law 11,638/07), on the standards issued by the Brazilian Exchange and Securities Commission - CVM, on the technical pronouncements issued by IBRACON – Brazilian Independent Auditors Institute and Interpretations issued by the Brazilian Accounting Standards Board (CPC). The Company adopted the changes in the corporate legislation introduced by Law 11,638, approved on December 28, 2007, with the respective changes introduced by the Provisional Measure 449 of December 3, 2008 for the first time in preparing the December 31, 2008 and 2007 individual and consolidated financial statements. Law 11,638/07 and Provisional Measure 449/08, amended and approved by Law 11,941/09, have amended Law 6,404/76 in aspects related to the preparation and disclosure of the financial statements. These laws mainly had the purpose of updating the Brazilian corporate legislation to enable the convergence process of the accounting practices adopted in Brazil with those in the international accounting rules (IFRS) and allow that new accounting rules and procedures are issued by the Brazilian Securities and Exchange Commission - CVM in accordance with the international accounting rules. The Company’s Management chose to adopt January 1, 2007 as the initial date for adopting the changes introduced by Law 11,638/07 and provisional measure 449/08, reflecting the adjustments retroactively to December 31, 2008 and 2007. The amendments introduced by Law 11,638 are changes in accounting practices, therefore, the quarterly information referring to the period ended September 30, 2008 were adjusted to comply with the new accounting practices, allowing the comparison between the periods ended September 30, 2008 and 2009.


September 30, 2009




The main changes introduced by Law 11,638/07 and by the new technical pronouncements, issued by CPC, which had impact on the financial statements disclosed as of December 31, 2008, can be summarized as follows:

i) Presentation impacts: a) Replacement of the statement of changes in financial position for the statement of cash

flows. b) Creation of the new subgroup of accounts “Intangible assets”. Rights of use of software,

project development, and trademarks and patents are recorded in this account. c) Exclusion of item “Non-operating income” in the statement of income, pursuant to regulation

by Provisional Measure 449/08. d) Recording of public offering of securities for the received net value. Therefore, the expenses

referring to the issue of debentures were reclassified to item “Debentures” as disclosed in note 13.

ii) Adjustment impacts:

e) Recording and disclosure of the stock option plan, whose information is described in note 24 (c).

f) Requirements that investments in financial instruments be recorded:(i) by their market value or equivalent value, when investments destined to trading or available for sale; and (ii) by the acquisition cost value or issuance value, restated according to legal or contractual provisions, adjusted at probable realization value, when it is lower, in case of held-to-maturity investments; and (iii) at the amortized cost, the loans and financings, and accounts receivable; pursuant to CPC 14 – Financial Instruments: Recognition, Measurement and Evidence. This change did not cause effects to be recorded in the financial statements as of December 31, 2008.

g) The exchange variations of investments in controlled companies (those not having the characteristics of branch, agency or extension of the parent company’s activities) and associated companies in other functional currency than the Brazilian Real (R$) may not affect the income for the period, and are directly recorded in transition account of shareholders’ equity, as “Accumulated Translation Adjustments” or equivalent to it, which may be recognized in the income only when the investment is written-off.

h) A mandatory periodic analysis regarding the recovery capacity of amounts recorded in fixed, intangible and deferred assets (impairment test), pursuant to CPC 01 – Asset Impairment.

i) Item of adjustment of Law 11,638/07 / CPC O 01: On December 17, 2008, the Brazilian Accounting Standards Board issued guidance CPC-O-01, approved by CVM Resolution 561, to clarify matters which caused doubts regarding the accounting practices adopted by real estate development companies. The chief guidelines are:

1) Property swap recorded at fair value: The property swaps in the purchase of land

with units to be constructed, which were recorded by the budgeted cost, started to be recorded by the fair value, assessed by the sale value of swap units, accounted in contra account to advances from clients and recognizing the sale of real estate revenue according to revenue recognition criteria described in note 3(c).

2) Unearned selling expenses (sales commission): must be activated and recognized in the income for the year with the same recognition criteria of revenues described in note 3(c). This criterion was already adopted by the Company.

3) Advertising, marketing and promotion expenses: must be recognized in the income for the year as selling expenses when they effectively occur. This criterion was already adopted by the Company.


September 30, 2009




4) Sales stands and model apartment expenses: expenses directly incurred regarding

the sale stands construction, as well as those for furniture and interior design acquisition, which were previously recorded in the “Unearned selling expenses” and allocated to income by the same criteria of real estate development revenue allocation, started to be recorded under “Property, Plant and Equipment” and depreciated according to the respective useful life term.

5) Capitalization of financial charges: the interests incurred from loans and financings related to projects development comprise the unit cost and, therefore, must be capitalized for the units under construction and not sold, as well as recognized as cost of sold properties proportionally to the ideal portion sold.

6) Provision for warranty: the provision for warranty is calculated over the eligible construction costs proportional to the units sold and amortized to the result as they are carried out.

7) Adjustment to present value: recognition of adjustment to present value of not performed credits receivable from clients (before the delivery of the keys) and accounts payable for property acquisition. The discount rate used is based on the average rate of loans and financings obtained by the Company, which is in compliance with the remuneration rates of government bonds of similar risk and term.

Due to the changes in accounting practices, as a result of the adoption of CVM new resolutions already approved and disclosed, the financial statements of year ended September 30, 2008 were adjusted aiming at reflecting these effects and compare them to the balances of September 30, 2009. The effects of changes in accounting practices on the individual and consolidated income of the Company, as of September 30, 2008, are presented as follows:

Parent Company Consolidated

Original balances on

September 30, 2008 277,437 277,437

Property swaps - 44,505

Adjustment at present value - (20,467)

Sales stand depreciation (26) (39,315)

Construction guarantees (149) (4,249)

Stock option plans (13,701) (13,701)

Goodwill impairment (7,681) (7,681)

Deferred taxes - (1,007)

Exchange rate variation on investment abroad 364 689

Equity accounting (15,808) -

Minority interest - 4,225

Adjusted net income on

September 30, 2008 240,436 240,436


September 30, 2009




2.2 -New accounting pronouncements and interpretations approved in 2009:

The following accounting pronouncements and interpretations were issued in 2009 and are mandatory for the years as of 2010: a) CPC 15 – Business Combinations (IFRS 3) – On July 31, 2009, CVM issued Resolution 580 whose objective is to increase the relevance, reliability and comparability of information given by the entity in its accounting statements regarding business combinations and their effects. b) CPC 16 – Inventories (IAS 2) – On June 5, 2009, CVM issued Resolution 575 that approves CPC 16 and provides guidance on the determination of inventory costs and their subsequent recognition in the result, including any impairment. c) CPC 17 – Construction Contracts (IAS 11) – On June 5, 2009, CVM issued Resolution 576 that approves CPC 17 which prescribes the accounting treatment of revenue and costs associated with construction contracts. d) CPC 20 – Borrowing Costs (IAS 23) – On June 5, 2009, CVM issued Resolution 577 that approves CPC 20 which deals with the inclusion of borrowing costs, in assets, attributed to acquisition, construction or production of an asset. e) CPC 21 – Interim Report (IAS 34) – On July 31, 2009, CVM issued Resolution 581 that approves CPC 21 that establishes the minimum content of an interim financial report and the principles for the recognition and measurement of complete or condensed statements for interim periods. In timely and reliable interim reports increase the ability of investors, creditors and other users to understand the capacity the entity has in generating profits and cash flows and its financial and liquidity situations. f) CPC 22 – Operating Segments (IFRS 8) – On July 31, 2009, CVM issued Resolution 582 that specifies the ways to disclose information on its operating segments in annual financial information, allowing accounting statements users to assess nature and financial effects of the business unit it is involved and the economic environments it operates. g) CPC 23 – Accounting Practices, Change of Accounting Estimates and Error Correction (IAS 8) – On September 15, 2009, CVM issued Resolution 592 that establishes criteria for the selection and change of accounting practices, along with the accounting treatment and disclosure of changes in accounting practices, change in accounting estimates and error correction. h) CPC 24 – Subsequent Event (IAS 10) – On September 15, 2009, CVM issued Resolution 593 that establishes when and which information must be disclosed and/or adjusted in compliance with the date in which is the issuance of the accounting statements and subsequent events for the fiscal period to which these statements refer to is authorized. i) CPC 25 – Provisions, Contingent Liabilities and Assets (IAS 37) – On September 15, 2009, CVM issued Resolution 594 that establishes the application of recording criteria and measurement basis suitable to provisions and contingent liabilities and assets, and the disclosure of sufficient information in the explanatory notes that allow users to understand its nature, opportunity and value. j) CPC 26 – Presentation of the Accounting Statements (IAS 1) – On September 15, 2009, CVM issued Resolution 595 that establishes general requirements for the presentation of the accounting statements, guidelines for its structure and minimum requirements for its contents.


September 30, 2009




k) CPC 27 – Property, Plant and Equipment (IAS 16) – On July 31, 2009, CVM issued Resolution 583 that establishes the accounting treatment for property, plant and equipment in such a way the users of accounting statements can discern on information regarding the entity’s investment in its property, plant and equipment, as well as its changes. The main issues to be considered when recording property, plant and equipment are the recognition of assets, the determination of their carrying values and the depreciation and devaluation losses to be recognized in relation to them. l) CPC 28 – Investment Property (IAS 40) – On July 31, 2009, CVM issued Resolution 584 that established the accounting treatment of investment properties and their respective disclosure requirements. m) CPC 29 – Biological Assets and Agricultural Product (IAS 41) – On September 15, 2009, CVM issued Resolution 596 that establishes the accounting treatment and respective disclosures related to biological assets and agricultural products. This pronouncement does not affect the company’s activities. n) CPC 30 – Revenue (IAS 18) – On September 15, 2009, CVM issued Resolution 597 that establishes the accounting treatment of revenues from certain types of transactions and events. o) CPC 31 – Non-Current Assets Held for Sale and Discontinued Operations (IFRIC 5) – On September 15, 2009, CVM issued Resolution 598 that establishes the accounting of non-current assets held for sale and presentation and disclosure of discontinued operations. p) CPC 32 – Taxes on Income (IAS 12) – On September 15, 2009, CVM issued Resolution 599 that establishes the accounting treatment to taxes on income. q) CPC 33 –Employee Benefits (IAS 19) – On October 7, 2009, CVM issued Resolution 600 that establishes the accounting and disclosure of benefits granted to employees. r) ICPC 08 – Accounting of the Proposal for Dividend Payment – On October 7, 2009, CVM issued Resolution 601 regarding the accounting of the proposal for dividend payment. 3. Summary of significant accounting policies The main accounting practices adopted in the preparation of these financial statements are outlined as follows: (a) Cash and cash equivalents Pursuant to CPC 03 – Statement of Cash Flows, the Company and its subsidiaries classified as Cash Equivalents the short-term investments, which are immediately convertible into a known cash amount and which are subject to an insignificant risk of change in value. Investments in investment funds are stated at the value of the quota on the balance sheet date, plus the yield earned less, when applicable, the provision for adjustment to its net realization value. (b) Financial Investments The financial investments to be held up to their maturity date are stated at cost, increased by the yield earned up to the balance sheet date. Those investments that are intended for trading are stated at cost and adjusted by a provision that might be necessary so that they are not stated in an amount higher than the market value.


September 30, 2009




(c) Determination of income regarding the development activities and sales of real

estate, among others The procedures and standards established by Resolution CFC 963 of the Federal Accounting Council and guidance pronouncement CPC-O - 01 for such projects are observed. (i) For installment sales of units completed:

- Income is appropriated at the time the sale is made effective, regardless of the maturity term for receiving the contractual value.

- Interest and monetary variation, incurring on the accounts receivable as of the delivery of the keys, are appropriated to the income in the development, real estate sale and the financial revenue, when incurred, in compliance with the accrual basis of accounting.

(ii) For sales of units not yet completed:

- The cost incurred (including the expenditures with land, development, construction, financial charges during the construction), corresponding to the units sold, is totally appropriated to income.

- The percentage of the cost incurred regarding units sold (including the cost of the land) is calculated in relation to its total budgeted cost. That percentage is applied on the revenue from units sold, adjusted according to the conditions in the sales agreements, and on selling expenses (commissions) so as to determine the amount of sales revenue and expenses to be recognized.

- The amounts of revenues from recorded sales that are higher than the amounts actually received from clients are recorded under current assets or long-term assets. The amounts received from the sale of units that are higher than the amounts registered in the revenue are recorded in item “Advance from clients”.

- The financial charges of real estate credit operations and of financing directly attributed to the real estate project, during the construction period are appropriated to the cost of the units being appropriated to the result (cost) due to the sale. Other financial charges are appropriated to the financial result when incurred, as well as real estate credit operations incurred after the completion of the construction.

(iii) Other real estate-related practices:

Swaps: for land swaps, upon delivery of apartments; the value of the land acquired by the Company and by its controlled companies is determined based on the fair value of real estate units to be delivered, and was recorded as land bank, as a counter entry of advances from clients at liabilities, at the moment the risks were assumed, and whenever it is possible to measure the project value. These transactions shall have the same appropriation criteria applied to the result of real estate development as a whole. Provision for warranty: recorded to cover expenses with repairs in projects covered by a warranty period. The provision is recorded as a counter entry in the result (cost), as cost of units sold is incurred; any eventual unused balance of the provision is reversed after the expiration of the warranty, which is usually after five years from the delivery of the project.


September 30, 2009




(d) Accounts receivable The accounts receivable of units not completed is determined according to the criteria mentioned in the previous item. The prefixed interest of accounts receivable of units completed is appropriated to the result, pro rata die, observing the accrual basis regardless of when it is received, and recorded under financial revenues. The allowance for doubtful accounts is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the accounts receivable. The Company deems the credit risk low, since there is actual guarantee of recovery of the assets sold and it does not record an allowance for doubtful accounts. According to CPC-O-01 – Real Estate Development Entities – when units not yet completed are sold in installments, receivables monetarily restated, including the installment due upon delivery of keys, without interests, must be discounted at present value, since contracted monetary restatement indexes do not include interests. The adjustment and its reversion, when performed during construction period, are recorded as a counter entry of real estate development revenue. The average rate used in 3Q09 was 7.67%. (e) Real estate for sale 1) Cost breakdown: The real estate ready to be sold are stated at formation costs, which do not exceed their net realizable value. In the event of real estate under construction, the portion in the inventory corresponds to the cost incurred of the units not yet sold. The net realizable amount is the sale price estimated for the normal course of the businesses, less execution costs and selling expenses and taxes. The formation cost comprises cost of the land and expenditures necessary to its legalization, expenditures with development and with construction, related to materials, labor (own or outsourced) and other construction-related costs, including the financial cost of the financing invested (incurred during the project development period until its construction is completed). 2) Swap: The Company acquires part of its land through swap operations, in which in exchange for land, it undertakes to: (a) deliver real estate units of projects under construction, or (b) percentage of accounts receivable from the sales of real estate units of the projects.

3) Capitalization of financial charges: Interests levied on loans, financing and debentures, identified directly to the real estate projects are qualified to be capitalized as cost of properties to be sold if: a) land acquisition costs or real estate construction costs are being incurred; b) loans costs are being incurred; and c) the activities necessary to prepare the real estate for sale are in progress, and will be appropriated to the income as part of the cost, observing the same criteria adopted to recognize revenues and cost of units sold.


September 30, 2009




4) Distinction between long and short term: Distinction between long and short term is performed by the Management based on the expectation of launching of the real estate projects, which is periodically revised through launching estimates. (f) Unearned selling expenses These refers to the brokerage expenses on real estate sales and are appropriated to income as part of the commercial expenses by observing the same criterion adopted for the recognition of revenues and costs of the units sold (Note 3(c)). The charge related to the sale commission belonging to the acquirer of the real estate, does not constitute a revenue or expense of the Company and its controlled companies. The other selling expenses, including advertising, are appropriated to the income when incurred, according to the accrual basis of accounting, having as reference their insertion. (g) Income tax and social contribution on income In the companies taxed by the actual profit, income tax and social contribution are calculated at the regular rates of 15%, increased of an additional rate of 10%, for income tax and 9% for social contribution, on the accounting profit for the year, adjusted according to criteria established by the tax legislation in force. As allowed by the tax legislation, certain controlled companies, that records annual revenue lower than R$48,000 in the previous year, have chosen the presumed profit tax regime. For those companies, the income tax basis is calculated at the ratio of 8% and the tax basis for social contribution is calculated at the ratio of 12% over gross revenues (32% when the income stems from service rendering and 100% from financial revenues), over which the regular rates of the respective tax and contribution are applied. Also as allowed by Law 12,024 as of August 27, 2009, which amended Law 10,931/2004, which introduced the special taxation regime (RET), certain controlled companies decided to submit their projects to the detached assets, which are made irrevocably and irreversibly upon their registration. For these projects, the charge of the income tax and social contribution is calculated at the ratio of 3.34% on gross revenues (6% also considering the charge of the Contribution for the Social Security Financing – COFINS and the Social Integration Program – PIS). Deferred tax assets are recognized in the extension in which is probable that the future taxable income is available to be used in the compensation of temporary differences, based on projections of future results prepared and based on internal assumptions and on future economic scenarios that may, therefore, undergo changes. The deferred income tax and social contribution are presented in Note 21 (a). Tax effects deriving from the first-time adoption of Law 11,638/07 and PM 449/08 were recorded as per the existing rules, particularly when booking Income Tax and Social Contribution on Net Income, when applicable. The Company and its controlled companies chose to adopt the RTT, as per PM 449/08, through the 2009 Corporate Income Tax Return.


September 30, 2009




(h) Investments (i) In wholly-owned controlled company or company under shared control – Equity value When the Company holds more than half of the voting capital stock of other company, it is considered a controlled company. In the companies in which the Company holds less than 50% of the voting capital, agreements ensure the Company the right of veto in decisions that significantly affect the businesses of the controlled company, ensuring it the shared control. The investments in controlled companies are recorded by the equity method of accounting. According to this method, the participation of the Company in the increase or in the decrease of the shareholders’ equity of the controlled companies, after the acquisition, due to the determination of the net income or loss in the period or due to gains or losses in capital reserves or adjustments from previous years, exception made for the changes introduced by Law 11,638/07 and Provisional Measure 449/08, is recognized as operating revenue (or expense). The cumulative movements after the acquisitions are adjusted against the investment cost. The investments of the Company in the controlled companies include goodwill (net of accumulated amortization) or negative goodwill in the acquisition. When the participation of the Company in losses of the controlled companies is equal or exceeds the investment amount, the Company does not recognize additional losses, unless it assumed obligations, made payments on behalf of these companies or made advances for future capital increase. The acquisition cost of a controlled company is measured by the amount of assets granted or liabilities assumed on the date of the acquisition, plus costs directly attributable to the acquisition. The amount of the acquisition cost which exceeds the book value of the net assets of the controlled company acquired is recorded as goodwill. When necessary, the accounting practices of the controlled companies are changed to ensure consistence with the practices adopted by the Company. (ii) In associated companies Interest held in associated companies is analyzed by the equity accounting method, as described in the previous item (i). Agra Empreendimentos Imobiliários S.A. (“Agra”): the Company does not hold interest in Agra on September 30, 2009, due to the sale of the totality of interest of (23.1384%) for R$305 million, as per material fact as of September 25, 2009. The Company did not include Agra in its consolidated financial statements, since it is not the controlling shareholder of the latter. Cyrela Commercial Properties S.A. Empreendimentos e Participações (“CCP”): the Company holds a stake smaller than 5% in this company; however, it has significant influence in its political, financial and operational decisions, thus assessing the investment by the equity method of accounting. (iii) Investments assessed at cost Investments assessed at acquisition cost are deducted of provision to adjust them to the realization value, when applicable.


September 30, 2009




(iv) Investments in companies located abroad Functional currency and presentation currency of financial statements The Company’s functional currency is the Brazilian Real, the same currency in which these financial statements were prepared and are presented. Brazil Realty Serviços e Investimentos Ltd.: this controlled company is located in the Bahamas and it is, in essence, an extension of our financial operations in Brazil. Therefore, assets, liabilities and results are adapted to the accounting practices adopted in Brazil and translated into Brazilian Reais using the following method: (i) monetary assets and liabilities by the closing rate; (ii) non-monetary assets and liabilities, and shareholders’ equity are translated by the effective rate on the transaction dates; (iii) revenues and expenses are translated at the average rate, as long as no significant fluctuations occurred in the exchange rate. Gains and losses from the translation are recorded in the income for the period. Rummaala S.A. and Cyrsa S.A.: these companies under common control are located in Argentina and have their own management, as well as administrative, financial and operational independence. Therefore, their assets and liabilities, as well as results, are translated by the following method: (i) assets and liabilities by the closing rate; (ii) shareholders’ equity is translated by the effective rate on the transaction dates; (iii) revenues and expenses are translated at the average rate, as long as no significant fluctuations occurred in the exchange rate. Exchange rate variations are recorded in the accumulated translation adjustments account, in shareholders’ equity. Liveck S.A., Zetol S.A. and Vista Al Muelle S.A..: these companies under common control are located in Uruguay and have their own management, same as Rummala S.A. and Cyrsa S.A., as well as administrative, financial and operational independence. Therefore, their assets and liabilities, as well as results, are translated by the following method: (i) assets and liabilities by the closing rate; (ii) shareholders’ equity is translated by the effective rate on the transaction dates; (iii) revenues and expenses are translated at the average rate, as long as no significant fluctuations occurred in the exchange rate. Exchange rate variations are recorded in the accumulated translation adjustments account, in shareholders’ equity. (i) Tangible assets Stated at the acquisition cost, combined with the depreciation calculated by the straight-line method, based on the assets’ estimated useful life (Note 10). As per guidance of CPC-O-01 – Real Estate Development Entities – expenses from the construction of sales stand, model apartments and respective furniture are now part of the Company’s and its controlled companies’ property, plant and equipment. These assets are depreciated after the launching and execution of the project within twenty-four (24) months, in average, and are subject to periodic impairment analysis. (j) Intangible assets Stated at acquisition cost, combined with annual amortization rates calculated by the straight-line method, mentioned in Note 11.


September 30, 2009




(k) Goodwill and negative goodwill The goodwill is ascertained in the acquisition or subscription of capital in other company, represented by the value of the acquisition cost of the investment which exceeds the equity accounting value, calculated from the percentage of acquisition or subscription on the value of the shareholders’ equity of other company. The goodwill is recorded in the equity account, under item “Intangible assets”, taking into consideration economic grounds of the project’s future profitability expectation, during its expected useful life period, note 9(b). The estimated useful life of the investment is based on the capacity of generation of results in the projects launched and/or to be launched in the future and other inherent factors. The goodwill is recognized as loss, in the income for the year as the future profitability is realized and whose analysis are carried out at the preparation of each financial statements (Impairment Test). When the future profitability is completely realized, the balance of goodwill recorded in an equity account will be fully recorded in the income of the year, pursuant to CPC-01 – Asset Impairment. In case a negative goodwill occurs, this is realized in connection with the investment which has originated it, and presented as non-current liability in the consolidated, under “negative goodwill on investments”. (l) Benefits to employees and managers The Company and its controlled companies do not maintain private pension plans or any retirement plan or benefit after leaving the Company. The Company has a benefit program for: (i) Profit sharing – PLR: see details in Note 24(b) (ii) Stock option plan: see details in Note 24 (c).

The fair value of services rendered by employees in the plans, in exchange for options, is determined based on the fair value of the shares, established at the granting date of each plan. The fair value of the services rendered by employees and managers in exchange for options is recognized as expenses during the vesting period (vesting period up to the date when there is possibility to begin the exercise of the option). (m) Accounts payable in the acquisition of real estate and advances from clients by

swap The obligations in the acquisition of real estate are recognized by the amounts corresponding to the contractual obligations assumed. Subsequently, they are presented by the amortized cost, i.e., plus, when applicable, charges and interest proportional to the period incurred until the balance sheet date. Swap operations between land and real estate units are stated at their fair value, as advances from clients, and recognized in the income as revenue from the sale of real estate units by the same criteria of item 3(c). (n) Loans, financing and debentures The funds borrowed, be them loans, financing or debentures are initially recognized in the receipt of funds, net of transaction costs and are presented by the amortized cost, i.e., plus charges and interest proportional to the period incurred until the balance sheet date.


September 30, 2009




(o) Contingent liabilities and legal liabilities Contingent liabilities are provisioned when losses are evaluated as probable and the amounts involved are measurable with sufficient security. When the losses are considered as probable, but the amounts involved are not measurable with sufficient security or when losses are considered possible, they are disclosed in Note 23. The other contingent liabilities, whose losses are considered remote, are not provisioned neither disclosed. The legal liabilities are recorded when incurred. (p) Other assets and liabilities Other assets and liabilities are presented at the cost or realization value (assets), or for known or calculable values (liabilities), plus, when applicable, proceeds and financial charges incurred. (q) Adjustment to present value Specific assets and liabilities, referring to monetary and long-term items, or short-term and relevant items, have been adjusted to present value based on discount rates that aim at expressing the best current market evaluations regarding the value of money in time and specific assets and liabilities risk. Due to analysis carried out, adjustments at present value were executed in accounts receivable (item 3(d)) and accounts payable for real estate acquisition (item 3(l)). The average rate used in 3Q09 was 7.67%. Assets and liabilities are adjusted in the initial recording of the transaction, taking into account contract cash flows, express or implied interest rate, as the case may be, the respective assets and liabilities and the market rates used in similar transactions. The interest is subsequently reallocated in financial expense and revenue lines, in the income, except for income from real estate activities, which will be dealt with according to Note 3 (d), using the effective interest rate method for contract cash flows. (r) Interest rates swap derivatives recorded at fair value through the result One of the Company’s controlled companies maintains a derivative instrument to mitigate the risk of its exposure to currency, indexes and rates volatility resulting from the financing indexed to foreign currency, which are recognized in the income for the year by their fair value. (s) Use of estimates When preparing the financial statements, it is necessary to use estimates that affect the amounts of assets, liabilities and other operations in the periods reported and which require the disclosure of contingent assets and liabilities on that date. Financial statements include estimates used to determine items including, among others, the costs budgeted for the projects, the allowances for doubtful accounts, guarantees – necessary for the assets economic non-recovery, the allowance for non-recognized credits referring to the deferred income tax and the recognition of liabilities contingencies, whose real results might vary from the estimates.


September 30, 2009




(t) Impairment test The management revises, as presented in the quarterly and annual accounting statement, the net book value of its assets in order to evaluate events or changes in economic, operating or technological circumstances that might show impairment. Whenever these evidences are identified and the net book value exceeds the recoverable value, the allowance for impairment is created, adjusting the net book value to the recoverable value. As described in under Securities (note 5), Real estate for sale (note 3(e)), Investments (note 9(b)), property, plant and equipment (note 10), Intangible assets (note 11) and Investments listed on stock exchange (note 25(b), (v)). (u) Net earnings per share The net earnings per share are calculated based on the number of outstanding shares on the balance sheet dates. (v) Consolidated accounting statements The consolidated accounting statements comprise the Company’s accounting statements and those of its controlled companies (individually and under common control or created for specific purposes regarding the management of real estate projects), as mentioned in Note 9. The checking accounts, the revenues and expenses among the consolidated companies, as well as the investments, for which minority interest is highlighted, have been eliminated from the consolidated accounting statements. Associated companies (note 3(h)) are not consolidated. 4 Cash and cash equivalents

Equivalent inthousands ofU.S. Dollars

Parent Company Consolidated Consolidated09/2009 06/2009 09/2009 06/2009 09/2009 06/2009

Cash and cash equivalentsCash and banks

National currency 63,742 2,169 226,090 69,872 Foreign currency - - 1,499 1,668 843 855

Investment funds - equity incomeForeign currency - - 203 223 114 114

Public debt securities (ii)Foreign currency (cost) - - - - - -

63,742 2,169 227,792 71,763 957 969

Financial investmentsInvestment funds - multimarket

National currency - 4,205 52 10,261

Bank deposit certificatesNational currency (i) 414,212 139,165 636,993 416,100

414,212 143,370 637,045 426,361 (-) Long-term assets - - 27,667 93,456 Current assets 414,212 143,370 609,378 332,905

(i) Average monthly rates equivalent to 101% of the Interbank Deposit Certificate (CDI). (ii) Valuation as per the Nikkei index.


September 30, 2009




5 Securities They correspond to interest of the Company of 0.10% in Portobello S.A and, in the consolidated, is added the interest of 0.26% in Fundo Financial Center de Investimento Imobiliário; the values are presented at the acquisition cost adjusted by provision for adjustment to its net realization value, when applicable. 6 Accounts receivable


09/2009 06/2009 09/2009 06/2009

Concluded projects 16,487 15,514 765,348 885,555

Projects under Construction

Appropriated income - - 5,416,218 4,505,740

Installments received - - (2,308,263) (2,154,419)

- - 3,107,955 2,351,321

Appropriated accounts receivable 16,487 15,514 3,873,303 3,236,876

Administration services - 30 5,829 4,511

- 30 5,829 4,511

Total accounts receivable 16,487 15,544 3,879,132 3,241,387

(-) Long-term assets 7,911 6,120 1,693,838 1,332,702

Current Assets 8,576 9,424 2,185,294 1,908,685

The accounts receivable are substantially restated by the variation of the Civil Construction National Index - INCC - up to the delivery of the keys. Post-key receivables bear interest of 12% p.a. plus monetary restatement by IGP-M, which is ensured by the corresponding financing of works. As mentioned in Note 3(c), the Company and its controlled companies adopt the procedures and standards established by Resolution CFC 963 and CVM Resolution 561/08 (CPC-O-01) for the accounting recognition of the taxable income earned regarding the real estate operations carried out. Consequently, the accounts receivable balance of units sold and not completed is not fully reflected in the financial statements, since its recording is limited to the portion of the income that is recognized accounting wise, net of the installments already received. Post-key receivables bear interest of 12% p.a. plus monetary restatement by IGP-M, which is ensured by the corresponding financing of works.


September 30, 2009




As complementary information, the balance of accounts receivable, considering that not reflected in the records and accounting balances as of September 30, 2009 and June 30, 2009, referring to the activity of real estate development and sales, already deducted from the installments received, may be stated as follows:

Parent Company Consolidated09/2009 06/2009 09/2009 06/2009

Current 8,576 9,394 2,179,465 1,904,174

Long term 7,911 6,120 1,693,838 1,332,702

16,487 15,514 3,873,303 3,236,876

Revenue from sales to be appropriated - - 4,520,845 4,331,559

Installment classified as advances from clients - - (67,615) (104,737)

16,487 15,514 8,326,533 7,463,698

Current 10,107 10,040 3,251,438 2,483,238

Long term 6,380 5,474 5,075,095 4,980,460

16,487 15,514 8,326,533 7,463,698

Receivables portfolio timeline Long-term portfolio is totaled by receivables with maturity after twelve months from the period stated.

Year Parent Company Consolidated

09/2009 06/2009 09/2009 06/2009

2009 7,806 8,812 1,180,919 1,577,617

2010 3,687 1,971 2,412,131 1,674,930

2011 1,930 1,464 798,224 778,816

2012 1,142 992 518,474 491,943

2013 812 761 410,111 396,988

2014 585 602 375,668 358,169

2015 224 339 353,614 331,624

2016 153 284 329,042 303,358

up to 2028 148 289 1,948,350 1,550,253

Total 16,487 15,514 8,326,533 7,463,698


September 30, 2009




7 Accounts receivable from expropriation They are represented by the value receivable from the State of São Paulo Finance Department, relative to the expropriation of commercial property, receivable in annual installments, the final maturity date of which has been forecast for the year 2012. The restatement of the installments is performed based on the index for the updating of debts, disclosed by the Court of Justice. The total balance receivable on September 30, 2009 is R$9,272 (Jun/2009: R$9,123), being R$4,460 recorded in the item “Other accounts receivable” of current assets on September 30, 2009 (Jun/2009: R$4,461). 8 Real estate for sale They are represented by the costs of the property units available for sale (both ready and under construction) and land for future developments, in addition to advances to real estate suppliers, as shown below:


Property under construction 37,763 32,898 951,563 918,412 Completed property 565 1,753 106,700 36,600 Plots of land 93,848 110,237 2,078,563 2,027,747

132,176 144,888 3,136,826 2,982,759

Advance to suppliers 2,235 6,182 10,800 10,370 134,411 151,070 3,147,626 2,993,129

Short term 52,020 56,795 1,888,811 1,660,312 Long term 82,391 94,275 1,258,815 1,332,817

134,411 151,070 3,147,626 2,993,129


September 30, 2009




9 Investments a) The main information on interest held in companies is summarized below:

Interest - % Netprofit (loss)

Total Direct Shareholders' Equty for the year

06/2009 06/2009 03/2009 06/2009 03/2009 06/2009 03/2009

Directly and indirectly controlled companies

Abc Ii De Investimentos Imobiliarios Ltda 63.92 34.00 34.00 9,904 10,752 136 83 Abc Realty De Investimentos Imobiliarios 95.00 95.00 95.00 8,478 8,342 1,692 556 Adiel Empreendimentos Imobiliarios Ltda 75.00 0.01 0.01 12,628 9,977 (1,083) (4) Agra Cyrela Spe Ltda 58.01 25.00 25.00 5,046 12,288 (33) (14) Aldeia Da Colina Empreend Imobil Spe Ltd 60.00 60.00 60.00 30,909 20,115 6,435 3,187 Angra Dos Reis Empreendimentos Imobiliar 99.99 99.99 99.99 334 99 (107) (17) Atlantida Empreendimentos Imobiliarios S 80.00 60.00 60.00 (1,581) (2,840) 2,625 1,591 B R - Servicos E Invest. Ltd - Bahamas 100.00 100.00 100.00 1,891 6,571 (107) (129) Barao De Miracema Empreendimentos Imobil 70.00 70.00 70.00 1,807 1,917 177 287 Belgica Empreendimentos Imobiliarios Ltd 100.00 99.99 49.91 2,453 4,359 (47) (3) Boa Vista Empreendimentos Imobiliarios S 60.00 60.00 60.00 6,645 6,574 (11) (1) Brazil Realty - Cia Securitizadora De Cr 98.00 98.00 98.00 (84) (4) (31) (14) Brc Administracao E Participacao Ltda 99.99 99.99 99.99 1,874 1,896 160 183 Cabo Frio Empreendimentos Imobiliarios L 99.99 99.99 99.99 1 2 - - Calafate Investimentos Imobiliarios Ltda 99.99 99.90 99.90 2,012 8,872 2,869 1,498 Cananeia Empreendimentos Imobiliarios Lt 67.50 30.00 30.00 (1) - (2) - Caninde De Investimento Imobiliario Ltda 96.84 53.35 53.35 14,155 16,484 (258) (279) Canoa Quebrada Empreendimentos Imobiliar 99.99 99.99 99.99 (6) (6) (1) - Capital Realty De Investimentos Imobilia 99.99 99.99 99.99 6,483 6,475 9 6 Carcavelos Empreendimentos Imobiliarios 99.99 99.99 99.99 6,119 6,119 - - Cbr 002 Empreendimentos Imobiliarios Ltd 85.00 85.00 85.00 5,540 3,471 442 209 Cbr 004 Empreendimentos Imobiliarios Ltd 99.99 99.99 99.99 410 287 (184) (167) Century De Investimentos Imobiliarios Lt 99.99 99.99 99.99 105,905 122,795 2 1,056 Country De Investimentos Imobiliarios Lt 97.23 72.24 72.24 54,565 55,368 3,805 1,608 Cybra De Invest imento Imobiliario Ltda 99.99 99.99 99.99 352,052 318,889 99,914 73,774 Cyrela Alasca Empreendimentos Imobiliari 99.99 99.99 99.99 1 7 (89) (76) Cyrela Andrade Mendonca Empreendimentos 80.00 80.00 80.00 69,503 65,955 11,787 9,892 Cyrela Asteca Empreendimentos Imobiliari 99.99 99.99 99.99 1 3 (4) - Cyrela Bolivia Empreendimentos Imobiliar 99.99 99.99 99.99 599 598 - - Cyrela Boraceia Empreendimentos Imobilia 90.00 90.00 90.00 4,589 4,201 (71) 21 Cyrela Bracy De Investimentos Imobiliari 96.41 61.24 61.24 47,722 64,558 2,387 2,306 Cyrela Braga Empreendimentos Imobiliario 99.99 99.99 99.99 65,847 62,735 6,188 3,841 Cyrela Braganca Empreendimentos Imobilia 100.00 99.99 99.99 866 858 13 10 Cyrela Brazil Realty Rjz Empreendimentos 99.99 99.99 99.99 27,124 26,524 (165) (15) Cyrela Chavin Empreendimentos Imobiliari 99.99 99.99 99.99 5 - (4) (4) Cyrela Chile Empreendimentos Imobiliario 75.00 75.00 75.00 9,770 8,946 3,153 2,328 Cyrela Classic De Investimento Imobiliar 95.63 50.00 50.00 2,145 3,999 (127) 1,727 Cyrela Coimbra Empreendimentos Imobiliar 99.99 99.99 99.99 3 (4) 6 (1) Cyrela Comercial Imobiliaria Ltda. 89.00 89.00 89.00 23,676 26,040 1,205 1,771 Cyrela Construtora Ltda 99.99 99.99 99.99 10,316 11,882 (4,956) (1,843) Cyrela Costa Rica Empreendimentos Imobil 100.00 99.99 70.00 1,641 1,249 (340) (106) Cyrela Cuzco Empreendimentos Imobiliario 100.00 99.99 99.99 64 1 (15) (4) Cyrela Dinamarca Empreendimentos Imobili 99.99 99.99 99.99 2,284 2,042 (27) (2) Cyrela Dinamica De Investimentos Imobili 96.38 50.00 50.00 24,751 27,915 1,627 1,892 Cyrela Elwing Empreendimentos Imobiliari 80.00 80.00 80.00 15,269 9,020 11,192 4,942 Cyrela Empreendimentos Imobil. Coml. Imp 99.98 99.98 99.98 123,482 126,629 7,327 3,216 Cyrela Europa Empreendimentos Imobiliari 99.99 99.99 99.99 35 1 (28) (10) Cyrela Genova Empreendimentos Imobiliari 100.00 99.99 99.99 4 1 (6) - Cyrela Greenfield De Investimentos Imobi 95.63 50.00 50.00 2,691 2,722 (98) (32) Cyrela Grenwood De Investimentos Imobili 95.69 55.00 55.00 (1,662) 9,303 2,612 (3,671) Cyrela Holanda Empreendimentos Imobiliar 100.00 0.01 0.01 28,504 19,361 8,823 4,136 Cyrela Iberia Empreendimentos Imobiliari 99.99 99.99 99.99 21,977 25,478 11,443 14,944 Cyrela Imobiliaria Ltda 99.75 99.75 99.75 142,192 164,109 14,309 11,863 Cyrela Inca Empreendimentos Imobiliarios 100.00 99.99 99.99 2 4 (6) - Cyrela Indico Empreendimentos Imobiliari 72.00 72.00 72.00 12,595 12,599 (11) (8)


September 30, 2009




Interest - % Net

profit (loss)Total Direct Shareholders' Equity for the year

09/2009 09/2009 06/2009 09/2009 06/2009 09/2009 06/2009

Directly and indirectly controlled companiesCyrela Indico Empreendimentos Imobiliari 72.00 72.00 72.00 13,123 12,595 79 (11) Cyrela Indonesia Empreendimentos Imobili 99.99 99.99 99.99 1 - (3) (4) Cyrela Jamaica Empreendimentos Imobiliar 99.99 99.99 99.99 1,508 878 (58) (21) Cyrela Japao Empreendimentos Imobiliario 80.00 80.00 80.00 8,585 6,974 1,805 194 Cyrela Lakewood Empreendimentos Imobilia 95.63 50.00 50.00 9,133 9,301 230 (402) Cyrela Magik California Empreend Imobili 75.87 56.00 56.00 28,836 30,677 (2,118) (192) Cyrela Magik Monaco Empreendimentos Imob 80.00 80.00 80.00 90,584 69,786 21,414 9,307 Cyrela Maia Empreendimentos Imobiliarios 100.00 99.99 99.99 1 1 (4) (4) Cyrela Malasia Empreendimentos Imobiliar 90.00 90.00 90.00 15,149 9,563 3,200 835 Cyrela Malibu Empreendimentos Imobiliari 99.99 99.99 99.99 2 1 (3) (4) Cyrela Maresias Empreendimentos Imobilia 99.99 99.99 99.99 4,771 4,084 (1,185) (527) Cyrela Mexico Empreendimentos Imobiliari 100.00 99.99 99.99 17,829 14,772 4,655 3,059 Cyrela Montijo Empreendimentos Imobiliar 99.99 99.99 99.99 2 3 (6) (6) Cyrela Monza Empreendimentos Imobiliario 99.99 99.99 99.99 230,573 214,076 47,999 26,272 Cyrela Nazca Empreendimentos Imobiliario 100.00 99.99 99.99 1 1 (4) (4) Cyrela Niss Empreendimentos Imobiliarios 75.00 75.00 75.00 7,482 6,488 1,636 642 Cyrela Oceania Empreendimentos Imobiliar 60.00 60.00 60.00 17,590 15,907 6,121 4,438 Cyrela Pacifico Empreendimentos Imobilia 79.99 79.99 99.99 19,918 18,423 (353) (247) Cyrela Palermo Empreendimentos Imobiliar 100.00 99.99 99.99 4,953 3,044 (171) (46) Cyrela Parana Empreendimentos Imobiliari 99.99 99.99 99.99 70,939 56,742 24,584 12,496 Cyrela Paris Empreendimentos Imobiliario 93.89 32.19 32.19 142,167 142,619 3,007 3,460 Cyrela Participacoes E Empreendimentos I 85.98 79.00 79.00 26,790 30,679 69 580 Cyrela Polinesia Empreendimentos Imobili 99.99 99.99 99.99 414 417 9 12 Cyrela Pompeia Empreendimentos Imobiliar 99.99 99.99 99.99 16,330 5,119 6,325 1,944 Cyrela Porto Velho Empreendimentos Imobi 100.00 99.99 99.99 1,213 (77) (859) (253) Cyrela Portugal Empreendimentos Imobilia 75.99 75.99 75.99 40,602 40,535 1,300 1,299 Cyrela Rjz Construtora E Empreendimentos 99.15 86.02 86.02 66,786 64,055 19,686 13,435 Cyrela Rjz Empreendimentos Imobiliarios 97.35 59.90 59.90 307,279 289,979 48,425 33,724 Cyrela Rondonia Empreendimentos Imobilia 99.99 99.99 99.99 1,718 1,639 63 (3) Cyrela Roraima Empreendimentos Imobiliar 99.99 99.99 99.99 44,356 43,706 (111) (169) Cyrela Sanset De Investimentos Imobiliar 73.41 38.00 38.00 27,195 28,440 1,870 435 Cyrela Sao Paulo Empreendimentos Imobili 99.99 99.99 99.99 4 2 (3) (1) Cyrela Sintra Empreendimentos Imobiliari 75.00 75.00 75.00 12,120 10,666 903 1,409 Cyrela Tolteca Empreendimentos Imobiliar 100.00 99.99 99.99 3 3 (4) (4) Cyrela Tupiza Empreendimentos Imobiliari 100.00 99.99 99.99 - - (4) (4) Cyrela Ubatuba Empreendimentos Imobiliar 99.99 99.99 99.99 11 - (3) (4) Cyrela Valencia Empreendimentos Imobilia 100.00 99.99 99.99 2 2 (7) (6) Cyrela Venezuela Empreendimentos Imobili 99.99 99.99 99.99 2 1 (3) (4) Cyrela Vermont De Investimentos Imobilia 97.89 50.00 50.00 9,212 8,988 137 (87) Cyrela Vila Do Conde Empreendimentos Imo 99.99 99.99 99.99 2 3 (1) (1) Cyrela Vila Real Empreendimentos Imobili 99.99 99.99 99.99 158 158 (5) (5) Cyrela Volpago Participações Societárias 91.00 0.02 0.02 149,949 134,941 125,977 107,400 Cyrela White River De Investimento Imobi 96.43 50.00 50.00 38,346 50,675 (308) 2,610 Cyset Empreendimentos Imobiliarios Ltda 69.91 37.00 37.00 499 1,212 (707) 6 Cytec Empreendimentos Imobiliarios Ltda 100.00 99.99 75.00 32,155 19,925 (2,904) (2,332) Cz6 Empreendimentos Comerciais Ltda 99.91 63.99 63.99 44,848 46,662 328 43 Egito Empreendimentos Imobiliarios Ltda 100.00 99.99 99.99 3,304 2,498 (11) (7) Estrada Rodrigues Caldas Empreend Imobil 90.00 90.00 90.00 1,807 1,734 (9) 1 Fazenda São João Empreendimentos Imobili 85.00 85.00 85.00 22,753 19,298 - (8) Flamingo Investimentos Imobiliarios Ltda 99.96 99.96 99.96 1,501 1,501 (1) (1) Funchal Empreendimentos Imobiliarios Ltd 75.00 45.00 45.00 3,939 2,744 (39) (11) Goiania Empreendimentos Imobiliarios Ltd 80.00 80.00 80.00 9,543 4,261 2,107 1,550 Goldsztein Cyrela Empreendimentos Imobil 99.99 99.99 99.99 114,830 91,854 26,098 17,581 Guaruba Empreendimentos Imobiliarios Ltd 60.00 60.00 60.00 2,357 1,956 (68) (24) Gv 10 Empreendimentos Imobiliarios Ltda 80.00 80.00 80.00 12,894 6,031 (2,326) 811


September 30, 2009





Total Direct Shareholders' Equity for the year

09/2009 09/2009 06/2009 09/2009 06/2009 09/2009 06/2009Directly and indirectly controlled companiesJardim America Incorporadora Spe Ltda 60.00 60.00 60.00 765 2,176 (1,187) (227) Jardim Cedro Do Libano Empreendimentos I 70.00 70.00 70.00 6,944 6,585 1,511 1,152 Lc Empreendimentos Imobiliarios Spe Ltda 100.00 99.99 99.99 70,302 46,508 28,001 10,937 Living Empreendimentos Imobiliarios Ltda 99.99 99.99 99.99 202,005 155,142 40,878 24,302 Lombok Incorporadora Ltda 100.00 99.99 99.99 34,885 24,696 830 1,151 Londrina Empreendimentos Imobilliarios L 80.00 80.00 80.00 1,668 771 (25) (21) Lyon Empreendimentos Imobiliarios Ltda 99.99 99.99 99.99 - 16 (16) (1) Maiastra 1 Empreendimentos Imobiliarios 100.00 99.99 99.99 12,389 12,426 (158) (25) Maiastra 2 Empreendimentos Imobiliarios 100.00 99.99 99.99 6,744 6,903 (420) (143) Marina Crespi Empreendimentos Imobiliari 65.00 65.00 65.00 638 767 (123) 6 Nepal Empreendimentos Imobiliarios Ltda 90.00 90.00 90.00 2,956 1,521 570 453 Nilo Empreendimentos Imobiliarios Ltda 90.00 90.00 90.00 11,677 4,149 3,968 464 Nova Iguacu Empreendimentos Imobiliarios 99.99 99.99 99.99 3 4 (1) (1) Nova Zelandia Empreendimentos Imobiliari 100.00 99.99 99.99 76,127 19,390 10,023 10,484 Oaxaca Incorporadora Ltda 100.00 99.99 99.99 25,768 25,358 (25) (3) Option De Investimentos Imobiliarios Ltd 99.99 99.99 99.99 130,950 135,045 (904) (429) Peniche Empreendimentos Imobiliarios Ltd 100.00 99.99 99.99 6,826 3,417 1,200 (109) Peru Empreendimentos Imobiliarios Ltda 99.99 99.99 99.99 2 2 (1) (1) Praca Oiapoque Empreend Imobil Spe Ltda 70.00 70.00 70.00 26,375 21,754 11,085 7,034 Praia Do Forte Empreendimentos Imobiliar 80.00 80.00 99.99 37 4 (6) (1) Raimundo Pereira De Magalhaes Empreendim 100.00 99.99 99.99 4,046 2,161 222 142 Rua Do Orfanato Empreendimentos Imobilia 80.00 80.00 80.00 12,937 5,963 4,621 2,531 Saracura Investimentos Imobiliarios Ltda 100.00 99.99 99.99 19,038 19,347 7,234 7,359 Seller Consultoria Imobiliaria E Represe 99.95 99.95 99.95 13,665 12,479 (5,833) (3,609) Sevilha Empreendimentos Imobiliarios Ltd 99.99 99.99 99.99 1,961 2,584 (760) (77) Sociedade Residencial Gran Bueno 4 Ltda 70.00 70.00 70.00 16,009 13,092 2,795 1,808 Spe Goiania Incorporacao 5 Ltda 70.00 70.00 70.00 9,151 8,439 3,109 2,396 Suriname Empreendimentos Imobiliarios Lt 75.87 56.00 56.00 38,089 30,548 (26) (474) Tal De Investimento Imobiliario Ltda. 99.99 99.99 99.99 2,831 3,086 (478) (223) Tal Empreendimentos Imobiliarios Ltda 99.99 99.99 99.99 18,715 20,169 (965) (1,201) Tal Portfolio Investimentos E Participac 99.99 99.99 99.99 4 4 - - Tamoios Empreendimentos Imobiliarios Ltd 60.00 60.00 60.00 4,979 3,407 1,497 (75) Toulon Empreendimentos Imobiliarios Ltda 90.00 90.00 90.00 20,181 19,469 (326) (211) Unique De Investimentos Imobiliarios Ltd 96.49 46.00 46.00 6,707 7,337 (557) 43 Viana Do Castelo Empreendimentos Imobili 100.00 99.99 99.99 33,228 33,859 1,506 1,477 Vix One Empreendimentos Imobiliarios Spe 65.00 65.00 - 10,063 - 46 -



09/2009 09/2009 06/2009 09/2009 06/2009 09/2009 06/2009Companies under common controlJoint venture

Atlantida Empreendimentos Imobiliarios S 79.99 59.99 60.00 578 (1,581) 7,021 2,625 Cbr 012 Empreendimentos Imobiliarios Ltd 80.00 0.01 - (538) - (464) - Cury Construtora E Incorporadora S/A 50.00 50.00 50.00 81,963 80,416 3,525 2,970 Cyrela Andrade Mendonca Empreendimentos 80.00 80.00 80.00 91,483 69,503 23,916 11,787 Cyrela Mac Amazonas Empreendimentos Imob 79.96 60.00 60.00 14,632 30,322 20,749 14,139 Cyrela Mac Monterey Empreendimentos Imob 62.95 33.00 33.00 11,499 7,508 8,065 3,550 Cyrela Suecia Empreendimentos Imobiliari 89.50 50.00 50.00 30,990 28,496 (3,149) (1,321) Cyrsa S/A 50.00 50.00 50.00 43,041 33,214 6,802 6,029 Fernao Dias Empreendimentos Imobiliarios 80.00 60.00 60.00 12,775 8,625 6,992 3,442 Lao Empreendimentos Imobiliarios Ltda 39.95 10.00 10.00 17,038 26,173 3,691 3,776 Licy Empreendimentos Imobiliarios S/A 50.00 50.00 50.00 3,015 1,986 2,227 1,199 Liveck S/A 50.00 50.00 50.00 6,246 - (108) - Lucio Brazil Real Estate S/A 49.97 49.97 49.97 (4,269) (14,260) 20,717 10,725 Mac Construtora Ltda 49.95 20.00 20.00 41,268 37,243 16,401 10,748 Mac Cyrela Equador Empreendimentos Imobi 67.95 38.00 38.00 21,544 24,468 3,341 5,583 Mac Cyrela Italia Empreendimentos Imobil 49.95 20.00 20.00 29,557 24,834 12,300 7,577


September 30, 2009






09/2009 09/2009 06/2009 09/2009 06/2009 09/2009 06/2009Companies under common controlJoint venture

Mac Cyrela Mafra Empreendimentos Imobili 79.96 59.99 59.99 102,713 94,247 18,696 10,230 Mac Dinamarca Empreend Imobil Ltda 69.95 39.99 39.99 23,912 25,436 2,394 2,709 Mac Empreendimentos Imobiliarios S/A 49.91 45.17 45.17 187,526 173,515 45,638 30,127 Mac Finlandia Empreendimentos Imobiliari 69.95 37.47 37.47 35,491 32,506 (1,365) (231) Mac Mexico Empreendimentos Imobiliarios 69.95 40.00 40.00 38,467 33,553 2,451 2,717 Plano & Plano Construcoes E Participacoe 79.00 79.00 79.00 164,333 112,382 25,020 11,161 Plano Amoreira Empreendimentos Imobiliar 91.60 60.00 60.00 19,944 12,670 105 (543) Plano Castanheira Empreendimentos Imobil 91.60 60.00 60.00 258 260 (7) (6) Queiroz Galvao Mac Cyrela Veneza Empreen 29.97 15.00 15.00 41,215 34,853 15,843 9,480 Rummaala S/A 49.99 10.00 10.00 52,009 51,908 2,988 2,887 Sk Realty Empreendimentos Imobiliarios S/A 50.00 50.00 50.00 63,366 52,358 18,038 7,030 Vereda Paraiso Empreendimentos Imobiliar 57.34 10.00 10.00 18,031 14,751 (985) (765)



09/2009 09/2009 06/2009 09/2009 06/2009 09/2009 06/2009

Companies under common controlAgra Cyrela Spe Ltda 46.44 25.00 25.00 5,264 5,046 35 (33) Alpen Haus Desenvolvimento Imobiliario S 24.00 24.00 24.00 7,483 6,578 2,003 1,098 Alpen Haus Negocios Imobiliarios S/A 24.00 24.00 24.00 (252) 892 (487) 657 Arizona Investimentos Imobiliarios Ltda 50.00 50.00 50.00 18,951 9,272 16,746 7,066 C.E.A. Empreendimentos Imobiliarios Spe 50.00 50.00 50.00 19,244 18,914 8,986 5,056 Camargo Correa - Cyrela Empreend Imobil 50.00 50.00 50.00 5,856 5,838 (127) (145) Cbr 005 Empreendimentos Imobiliarios Ltd 50.00 50.00 50.00 128 (136) (328) (237) Cbr 011 Empreendimentos Imobiliarios Ltd 32.50 32.50 32.50 54,115 52,492 (761) (722) Cipasa Votorantim Empreend Imbiliarios S 50.00 50.00 - 2,499 - 1,158 - City Parque Morumbi Empreendimentos Imob 50.00 50.00 50.00 2,989 1,515 (145) (106) Costa De Guadalupe Empreendimentos Imobi 45.00 45.00 45.00 28,628 28,528 (87) (27) Costa Maggiore Empreendimentos Imobiliar 50.00 50.00 50.00 15,382 14,204 2,137 1,065 Cyrela Gafisa Spe Ltda 46.49 25.00 25.00 4,221 4,465 (6) 48 Cyrela Magik Tecnisa Empreendimentos Imo 36.67 30.00 30.00 20,078 20,164 1,977 287 Cyrela Minas Empreendimentos Imobiliario 50.00 50.00 50.00 5,603 9,140 (5,473) (1,386) Cyrela Rjz Jc Gontijo Empreendimentos Im 43.00 25.00 25.00 52,321 51,070 (118) (41) Cyrela Tecnisa De Invest Imob Ltda 50.00 50.00 50.00 30,724 30,628 756 (129) Cyrela Tecnisa Klabin Segall Empreend. I 32.41 20.00 20.00 3,885 4,245 (215) 145 Forest Hill De Investimentos Imobiliario 49.44 25.00 25.00 2,423 2,424 (122) (122) Gliese Incorporadora Ltda 45.49 45.49 45.50 15,373 21,623 4,509 2,427 Jaguariuna Empreendimentos Imobiliarios 50.00 50.00 50.00 7,590 6,452 502 41 Klabin Segall Cyrela Spe Ltda 37.93 20.75 20.75 5,747 5,651 98 3 Klabin Segall Vergueiro Emp. Imobil Spe 38.50 38.50 38.50 8,208 12,193 1,710 2,717 Magnum Investimentos Imobiliarios Ltda 30.00 30.00 30.00 1,221 3,851 (1,294) (2,045) Marquise Empreendimentos Imobiliarios Sp 50.00 50.00 50.00 3,571 2,506 (807) (486) Moinho Velho Empreendimentos Imobiliario 50.00 50.00 50.00 5,030 4,732 (619) (737) Nova Vila Guilherme Empreendimentos Imob 50.00 50.00 50.00 3,398 2,332 987 (79) Office Shopping 2 Empreendimentos Ltda 50.00 50.00 50.00 2,279 2,181 (22) (17) Parque Turiassu Empreendimentos Imobiliario Spe Lt 39.99 39.99 39.99 4,725 4,125 1,896 1,296 Plarcon Cyrela Empreendimentos Imobiliar 50.00 50.00 50.00 62,481 54,344 (8,189) 896 Queiroz Galvao Cyrela Empreendimento Imo 38.62 32.00 32.00 4,640 6,371 (1,696) (1,565) Queiroz Galvao Cyrela Oklahoma Empreend 48.90 40.00 40.00 20,501 20,185 8,466 6,142 Rouxinol Salvador Alende Empreendimentos 50.00 50.00 50.00 11,023 - (126) - Savona Empreendimento Imobiliario Spe Lt 50.00 50.00 50.00 5,544 5,225 (26) (36) Slk Empreendimento Imobiliario Spe Ltda 29.99 29.99 29.99 26,321 23,378 16,435 13,492 Tibirica Empreendimentos Imobiliarios Lt 50.00 50.00 50.00 6,263 1,343 2,634 (526)


September 30, 2009




b) The changes in the Company’s investments are as follows:

Balance on Capital Balance onJune 30, subscription Equity September 30,2009 (reduction) Dividends accounting Other 2009

Companies evaluated by the cost method and affiliated companies and not controlled: 225,230 (234,151) - 21,914 (1,873) 11,120

Directly and indirectly controlled companies(i)Abc Ii De Investimentos Imobiliarios Ltda 3,367 - - (7) - 3,360 Abc Realty De Investimentos Imobiliarios 8,054 1,805 - (1,187) - 8,672 Aldeia Da Colina Empreend Imobil Spe Ltd 18,545 (102) - (882) - 17,561 Angra Dos Reis Empreendimentos Imobiliar 334 8,432 - 2,147 (1,116) 9,797 Atlantida Empreendimentos Imobiliarios S - (151) (1,191) 2,637 (949) 346 B R - Servicos E Invest. Ltd - Bahamas 1,890 (975) - 786 - 1,701 Barao De Miracema Empreendimentos Imobil 1,265 248 - 1,573 - 3,086 Belgica Empreendimentos Imobiliarios Ltd 2,453 130 - (372) - 2,211 Boa Vista Empreendimentos Imobiliarios S 3,986 1,588 - (16) - 5,558 Brazil Realty - Cia Securitizadora De Cr - 10 - (260) 250 - Brc Administracao E Participacao Ltda 1,873 (5) - 53 - 1,921 Cabo Frio Empreendimentos Imobiliarios L 2 - - - - 2 Calafate Investimentos Imobiliarios Ltda 2,011 - - (732) - 1,279 Caninde De Investimento Imobiliario Ltda 7,551 43 - 130 - 7,724 Canoa Quebrada Empreendimentos Imobiliar - - - 19 (6) 13 Capital Realty De Investimentos Imobilia 6,484 4 - 139 - 6,627 Carcavelos Empreendimentos Imobiliarios 6,119 - - - - 6,119 Cbr 002 Empreendimentos Imobiliarios Ltd 4,710 3,419 - 238 - 8,367 Cbr 004 Empreendimentos Imobiliarios Ltd 410 - - (5) - 405 Century De Investimentos Imobiliarios Lt 105,905 360 (5,328) 698 - 101,635 Country De Investimentos Imobiliarios Lt 39,466 (9,104) (5,780) (3,063) - 21,519 Cybra De Investimento Imobiliario Ltda 352,052 75,484 (26,828) 20,420 - 421,128 Cyrela Alasca Empreendimentos Imobiliari 1 - - 58 - 59 Cyrela Andrade Mendonca Empreendimentos 55,602 7,882 - 9,703 - 73,187 Cyrela Bolivia Empreendimentos Imobiliar 599 (588) - - (11) - Cyrela Boraceia Empreendimentos Imobilia 4,131 824 - 183 - 5,138 Cyrela Bracy De Investimentos Imobiliari 29,227 - (6,396) (469) - 22,362 Cyrela Braga Empreendimentos Imobiliario 65,845 12,410 - 18,817 - 97,072 Cyrela Braganca Empreendimentos Imobilia 866 1 - 3 - 870 Cyrela Brazil Realty Rjz Empreendimentos 27,124 (2,500) - 37,362 - 61,986 Cyrela Caxambu Empreendimentos Imobiliar - 10 - - (10) - Cyrela Chavin Empreendimentos Imobiliari 5 2,090 - - - 2,095 Cyrela Chile Empreendimentos Imobiliario 7,327 - - 886 - 8,213 Cyrela Classic De Investimento Imobiliar 1,073 - - 30 - 1,103 Cyrela Coimbra Empreendimentos Imobiliar 3 4 - (4) - 3 Cyrela Comercial Imobiliaria Ltda. 21,071 - (1,682) 244 - 19,633 Cyrela Congonhas Empreendimentos Imobili - 10 - - (10) - Cyrela Conquista Empreendimentos Imobili - 10 - - (10) - Cyrela Construtora Ltda 10,316 12 - (4,557) - 5,771 Cyrela Costa Rica Empreendimentos Imobil 1,643 6,283 - (802) - 7,124 Cyrela Cuzco Empreendimentos Imobiliario 64 472 - (338) - 198 Cyrela Dinamarca Empreendimentos Imobili 2,283 405 - (53) - 2,635 Cyrela Dinamica De Investimentos Imobili 12,375 (400) (500) (357) - 11,118 Cyrela Elwing Empreendimentos Imobiliari 12,216 - - 9,446 - 21,662 Cyrela Empreendimentos Imobil. Coml. Imp 123,461 (11,515) (15) (5,108) - 106,823 Cyrela Europa Empreendimentos Imobiliari 35 690 - 1 - 726 Cyrela Extrema Empreendimentos Imobiliar - 10 - - (10) - Cyrela Genova Empreendimentos Imobiliari 5 - - - - 5 Cyrela Grenwood De Investimentos Imobili (2) 1,650 (42) 2,381 (914) 3,073 Cyrela Guarani Empreendimentos Imobiliar - 10 - - (10) -


September 30, 2009





Directly and indirectly controlled companies(i)Cyrela Greenfield De Investimentos Imobi 1,346 26 - 11 - 1,383 Cyrela Holanda Empreendimentos Imobiliar 2 2 - - - 4 Cyrela Iberia Empreendimentos Imobiliari 21,975 (1,295) - 3,605 - 24,285 Cyrela Imobiliaria Ltda 141,844 2,001 (9,785) (272) - 133,788 Cyrela Inca Empreendimentos Imobiliarios 3 - - - - 3 Cyrela Indico Empreendimentos Imobiliari 9,067 315 - 65 - 9,447 Cyrela Jamaica Empreendimentos Imobiliar 878 667 - (37) - 1,508 Cyrela Japao Empreendimentos Imobiliario 5,580 - - 1,289 - 6,869 Cyrela Lakewood Empreendimentos Imobilia 4,650 - (400) 316 - 4,566 Cyrela Mac Amazonas Empreendimentos Imob 18,192 (13,380) - 3,966 - 8,778 Cyrela Mac Monterey Empreendimentos Imob 2,477 - (173) 1,490 - 3,794 Cyrela Magik California Empreend Imobili 17,178 20 28 (1,079) - 16,147 Cyrela Magik Monaco Empreendimentos Imob 55,828 6,952 - 9,686 - 72,466 Cyrela Malasia Empreendimentos Imobiliar 8,607 2,899 - 2,128 - 13,634 Cyrela Malibu Empreendimentos Imobiliari 1 - - 1 - 2 Cyrela Maresias Empreendimentos Imobilia 4,084 1,345 - (658) - 4,771 Cyrela Mexico Empreendimentos Imobiliari 14,772 1,460 - 1,596 - 17,828 Cyrela Montijo Empreendimentos Imobiliar 3 - - - - 3 Cyrela Monza Empreendimentos Imobiliario 214,070 26,770 (32,000) 21,725 - 230,565 Cyrela Niss Empreendimentos Imobiliarios 4,865 - - 746 - 5,611 Cyrela Oceania Empreendimentos Imobiliar 9,545 - - 1,010 - 10,555 Cyrela Pacifico Empreendimentos Imobilia 18,424 (2,388) - (101) - 15,935 Cyrela Palermo Empreendimentos Imobiliar 3,045 2,035 - (126) - 4,954 Cyrela Parana Empreendimentos Imobiliari 56,739 2,109 - 12,087 - 70,935 Cyrela Paris Empreendimentos Imobiliario 45,911 - - (146) - 45,765 Cyrela Participacoes E Empreendimentos I 24,236 - (2,669) (404) - 21,163 Cyrela Polinesia Empreendimentos Imobili 417 - - (3) - 414 Cyrela Pompeia Empreendimentos Imobiliar 5,120 6,829 - 4,381 - 16,330 Cyrela Porto Velho Empreendimentos Imobi 2 1,896 - (606) (77) 1,215 Cyrela Portugal Empreendimentos Imobilia 30,807 50 - 1 - 30,858 Cyrela Rjz Construtora E Empreendimentos 55,102 (3,028) - 5,377 - 57,451 Cyrela Rjz Empreendimentos Imobiliarios 173,697 1,557 - 8,806 - 184,060 Cyrela Rondonia Empreendimentos Imobilia 1,640 13 - 66 - 1,719 Cyrela Roraima Empreendimentos Imobiliar 43,706 592 - 58 - 44,356 Cyrela Sanset De Investimentos Imobiliar 10,807 - (1,018) 545 - 10,334 Cyrela Sao Paulo Empreendimentos Imobili 3 3 - (2) - 4 Cyrela Sintra Empreendimentos Imobiliari 7,999 1,470 - (379) - 9,090 Cyrela Suecia Empreendimentos Imobiliari 14,247 2,161 - (1,498) 749 15,659 Cyrela Tolteca Empreendimentos Imobiliar 3 - - - - 3 Cyrela Ubatuba Empreendimentos Imobiliar - 10 - 1 - 11 Cyrela Valencia Empreendimentos Imobilia 3 - - - - 3 Cyrela Vermont De Investimentos Imobilia 4,494 1 - 112 - 4,607 Cyrela Vila Do Conde Empreendimentos Imo 3 - - - - 3 Cyrela Vila Real Empreendimentos Imobili 159 - - (1) - 158 Cyrela Volpago Participações Societárias 35 - - 4 - 39 Cyrela White River De Investimento Imobi 25,337 - (4,706) (1,459) - 19,172 Cyset Empreendimentos Imobiliarios Ltda 448 - - (264) - 184 Cytec Empreendimentos Imobiliarios Ltda 14,846 18,402 - (1,139) - 32,109 Cz6 Empreendimentos Comerciais Ltda 29,864 - (1,344) 183 - 28,703 Egito Empreendimentos Imobiliarios Ltda 2,498 811 - (4) - 3,305 Estrada Rodrigues Caldas Empreend Imobil 1,562 75 - (10) - 1,627 Fazenda São João Empreendimentos Imobili 16,410 2,930 - 7 - 19,347 Fernao Dias Empreendimentos Imobiliarios 5,175 360 - 2,130 - 7,665 Fifty De Investimento Imobiliario Ltda (44) - - - - (44) Flamingo Investimentos Imobiliarios Ltda 1,502 - - - - 1,502 Funchal Empreendimentos Imobiliarios Ltd 1,235 551 - (13) - 1,773 Futura Incorporadora Ltda - 8,588 - - - 8,588 Goiania Empreendimentos Imobiliarios Ltd 3,407 3,780 - 446 - 7,633 Goldsztein Cyrela Empreendimentos Imobil 91,855 14,458 - 8,518 - 114,831 Guaruba Empreendimentos Imobiliarios Ltd 1,173 268 - (27) - 1,414 Gv 10 Empreendimentos Imobiliarios Ltda 4,826 8,000 - (2,510) - 10,316 Jardim America Incorporadora Spe Ltda 1,306 - (270) (576) - 460 Jardim Cedro Do Libano Empreendimentos I 4,608 - - 251 - 4,859 Lc Empreendimentos Imobiliarios Spe Ltda 46,503 6,730 - 17,065 - 70,298 Living Empreendimentos Imobiliarios Ltda 155,139 30,628 (341) 16,575 - 202,001 Lombok Incorporadora Ltda 24,696 10,510 - (321) - 34,885 Londrina Empreendimentos Imobilliarios L 617 720 - (3) - 1,334 Lyon Empreendimentos Imobiliarios Ltda 15 - - (16) 1 -


September 30, 2009





Directly and indirectly controlled companies(i)Mac Cyrela Equador Empreendimentos Imobi 9,298 (259) - (852) - 8,187 Mac Cyrela Mafra Empreendimentos Imobili 56,548 - - 5,079 - 61,627 Mac Dinamarca Empreend Imobil Ltda 10,173 40 (524) (126) - 9,563 Mac Finlandia Empreendimentos Imobiliari 12,182 1,544 - (425) - 13,301 Mac Mexico Empreendimentos Imobiliarios 13,421 2,068 - (107) 4 15,386 Maiastra 1 Empreendimentos Imobiliarios 12,425 96 - (133) - 12,388 Maiastra 2 Empreendimentos Imobiliarios 6,903 117 - (276) - 6,744 Marina Crespi Empreendimentos Imobiliari 499 - - (83) - 416 Nepal Empreendimentos Imobiliarios Ltda 1,368 1,186 - (138) 244 2,660 Nilo Empreendimentos Imobiliarios Ltda 3,735 3,622 - 3,154 - 10,511 Nova Iguacu Empreendimentos Imobiliarios 4 - - - - 4 Nova Zelandia Empreendimentos Imobiliari 19,388 57,197 - (461) - 76,124 Oaxaca Incorporadora Ltda 25,358 432 - (22) - 25,768 Option De Investimentos Imobiliarios Ltd 135,045 232 (3,852) (474) - 130,951 Peniche Empreendimentos Imobiliarios Ltd 3,417 2,100 - 1,309 - 6,826 Peru Empreendimentos Imobiliarios Ltda 2 - - - - 2 Petropolis Empreendimentos Imobiliarios 1 - - - - 1 Plano & Plano Construcoes E Participacoe 88,781 30,093 - - 6,797 125,671 Plano Amoreira Empreendimentos Imobiliar 7,601 3,975 - 766 (383) 11,959 Plano Castanheira Empreendimentos Imobil 156 - - (1) - 155 Praca Oiapoque Empreend Imobil Spe Ltda 15,227 399 - 2,836 - 18,462 Praia Do Forte Empreendimentos Imobiliar 4 36 - (4) - 36 Raimundo Pereira De Magalhaes Empreendim 2,162 1,805 - 80 - 4,047 Rua Do Orfanato Empreendimentos Imobilia 4,770 3,907 - 1,672 - 10,349 Saracura Investimentos Imobiliarios Ltda 20,511 (1,348) - 3,779 (3,904) 19,038 Seller Consultoria Imobiliaria E Represe 12,485 3,410 - (2,223) - 13,672 Sevilha Empreendimentos Imobiliarios Ltd 2,583 61 - (683) - 1,961 Sociedade Residencial Gran Bueno 4 Ltda 9,164 1,351 - 691 - 11,206 Spe Brasil Incorporacao 2 Ltda - 1,223 - - - 1,223 Spe Goiania Incorporacao 5 Ltda 5,907 - - 499 - 6,406 Suriname Empreendimentos Imobiliarios Lt 17,107 3,972 - 251 - 21,330 Tal De Investimento Imobiliario Ltda. 3,086 - - (255) - 2,831 Tal Empreendimentos Imobiliarios Ltda 20,167 (1,171) (520) 236 - 18,712 Tal Portfolio Investimentos E Participac 4 - - - - 4 Tamoios Empreendimentos Imobiliarios Ltd 2,044 1 - 943 - 2,988 Toulon Empreendimentos Imobiliarios Ltda 17,522 744 - (103) - 18,163 Unique De Investimentos Imobiliarios Ltd 3,376 - (14) (276) - 3,086 Vereda Paraiso Empreendimentos Imobiliar 1,195 630 - (22) - 1,803 Viana Do Castelo Empreendimentos Imobili 33,859 - (660) 29 - 33,228 Vix One Empreendimentos Imobiliarios Spe - 15,530 - 2,393 - 17,923

Companies under common control (ii)Agra Cyrela Spe Ltda 1,261 38 - 17 - 1,316 Alpen Haus Negocios Imobiliarios S/A 213 - - (275) 62 - Arizona Investimentos Imobiliarios Ltda 4,636 - - 4,840 - 9,476 C.E.A. Empreendimentos Imobiliarios Spe 9,457 (1,000) (800) 1,965 - 9,622 Alpen Haus Desenvolvimento Imobiliario S 1,578 - - 217 - 1,795 Camargo Correa - Cyrela Empreend Imobil 2,919 - - 9 - 2,928 Cbr 005 Empreendimentos Imobiliarios Ltd - 178 - (46) (68) 64 Cbr 011 Empreendimentos Imobiliarios Ltd 17,060 540 - (13) - 17,587 Cipasa Votorantim Empreend Imbiliarios S - 671 - 579 - 1,250 City Parque Morumbi Empreendimentos Imob 758 1,862 - (19) - 2,601 Costa De Guadalupe Empreendimentos Imobi 12,958 131 - (27) - 13,062 Costa Maggiore Empreendimentos Imobiliar 7,103 54 - 536 - 7,693 Cury Construtora E Incorporadora S/A 40,207 496 - 278 - 40,981 Cyrela Gafisa Spe Ltda 1,114 - (48) (14) - 1,052 Cyrela Magik Tecnisa Empreendimentos Imo 6,047 (316) (215) 507 - 6,023 Cyrela Minas Empreendimentos Imobiliario 4,570 275 - (2,044) - 2,801 Cyrela Rjz Jc Gontijo Empreendimentos Im 12,768 332 - (19) - 13,081 Cyrela Tecnisa De Invest Imob Ltda 15,315 30 (425) 443 - 15,363 Cyrela Tecnisa Klabin Segall Empreend. I 849 - - (72) - 777 Cyrsa S/A 16,608 4,527 - 386 - 21,521


September 30, 2009





Companies under common control (ii)Forest Hill De Investimentos Imobiliario 606 - - - - 606 Gliese Incorporadora Ltda 9,839 (3,531) (260) 947 - 6,995 Jaguariuna Empreendimentos Imobiliarios 3,228 339 - 230 - 3,797 Klabin Segall Cyrela Spe Ltda 1,173 - - 20 - 1,193 Klabin Segall Vergueiro Emp. Imobil Spe 4,695 (1,146) - (388) - 3,161 Lao Empreendimentos Imobiliarios Ltda 2,618 - (905) (9) - 1,704 Licy Empreendimentos Imobiliarios S/A 994 - - 514 - 1,508 Liveck S/A - 573 - (54) 2,604 3,123 Lucio Brazil Real Estate S/A - - - 4,996 (4,996) - Mac Construtora Ltda 7,448 - (326) 1,131 - 8,253 Mac Cyrela Italia Empreendimentos Imobil 4,967 - - 945 - 5,912 Mac Empreendimentos Imobiliarios S/A 78,833 (214) (2,439) 7,007 1,976 85,163 Magnum Investimentos Imobiliarios Ltda 1,156 (300) (714) 225 - 367 Marquise Empreendimentos Imobiliarios Sp 1,253 694 - (160) - 1,787 Moinho Velho Empreendimentos Imobiliario 2,367 90 - 59 - 2,516 Nova Vila Guilherme Empreendimentos Imob 1,167 - - 533 - 1,700 Office Shopping 2 Empreendimentos Ltda 1,091 52 - (2) - 1,141 Parque Turiassu Empreendimentos Imobiliario Spe Lt 1,650 - - 240 - 1,890 Plarcon Cyrela Empreendimentos Imobiliar 27,172 8,611 - (4,543) - 31,240 Rouxinol Salvador Alende Empreendimentos - 5,574 - (63) - 5,511 Queiroz Galvao Cyrela Empreendimento Imo 2,039 - (512) (42) - 1,485 Queiroz Galvao Cyrela Oklahoma Empreend 8,075 2,397 (3,200) 930 - 8,202 Queiroz Galvao Mac Cyrela Veneza Empreen 5,229 - - 954 - 6,183 Rummaala S/A 5,191 - - 10 - 5,201 Savona Empreendimento Imobiliario Spe Lt 2,612 155 - 5 - 2,772 Sk Realty Empreendimentos Imobiliarios S/A 26,179 - - 5,504 - 31,683 Slk Empreendimento Imobiliario Spe Ltda 7,014 - - 883 - 7,897 Tibirica Empreendimentos Imobiliarios Lt 673 880 - 1,580 - 3,133

Total equity accounting method 3,346,465 401,845 (115,854) 248,091 203 3,880,750

Total changes in investment 3,571,695 167,694 (115,854) 270,005 (1,670) 3,891,870

(i) Controlled company the direct and indirect interest of which is higher than 50%. (ii) Proportional Consolidation - CVM Rule 247/96. (iii) Mainly comprised by the sale of investments in Agra, note 26.

Balances of goodwill per future profitability were reclassified from item Goodwill, investment sub item, to Intangible assets, in compliance with CVM Resolution 553/08 (CPC 04), as described in note 11.


September 30, 2009




c) The main information on indirect investments of the parent company is summarized as follows:

Net income (loss)Total interest-% Shareholders' Equity for the year

09/2009 06/2009 09/2009 06/2009 09/2009 06/2009

Controlled companiesAgcc Empreendimentos Imobiliarios Ltda 99.99 99.99 3,002 2,588 237 (140) Betabens Administracao De Bens Ltda 79.99 79.99 7,077 5,222 3,216 1,362 Carlos Gomes Square Empreendimento Imobi 66.99 66.99 10,821 10,325 4,663 3,168 Cbr 007 Empreendimentos Imobiliarios Ltd 99.98 99.98 8 - 7 - Cotia Empreendimentos Imobiliarios Ltda 100.00 99.99 2,808 1,786 (97) (27) Cyrela Investimento E Participacoes Ltda 99.97 99.97 25,048 26,365 1,134 833 Cyrela Panama Empreendimentos Imobiliari 99.99 99.98 1,202 1 (20) 2 Cyrela Rjz Gulf Empreendimentos Imobilia 77.88 77.88 67,214 50,602 23,634 14,833 Cyrela Somerset De Investimentos Imobili 82.79 82.79 61,913 59,155 8,662 5,454 Cyte Magik Empreendimentos Imobiliarios 80.00 60.00 12,519 13,305 1,170 1,956 Dgc Ecoville Ltda 99.99 79.99 945 2,069 1,112 1,146 Dgc Niepce Ltda 79.99 - 5 - (2) - Dgc Pugsley Ltda 99.99 79.99 1,635 1,457 2,213 912 Dgc Santa Quiteria Ltda 79.99 - 305 - (88) - Dgc Uberaba Ltda 79.99 - 60 - (75) - Dgc Vivare Ltda 99.99 79.99 1,437 4,351 3,880 2,556 Farroupilha Empreendimentos Imobiliarios 99.99 49.99 8,848 8,877 (56) (22) Fgc Empreendimentos Imobiliarios Ltda 64.99 64.99 2,005 1,516 1,343 854 Fh 10 Empreendimentos Imobiliarios Ltda 75.00 74.99 4,280 3,899 377 (4) Fomento Empreendimentos Imobiliarios Ltd 95.48 95.48 (5) (5) (1) (2) Garibaldi Empreendimentos Imobiliarios L 99.98 99.98 1 1 (7) (5) Gcw Wangri-La Urbanismo Ltda 59.99 59.99 18,506 16,422 8,374 6,290 Global Park Residencial Empreendimentos 79.99 79.99 57,498 33,132 10,537 4,346 Goldztein Cyrela Scp 89.99 89.99 2,394 2,479 34 118 Himalaia Empreendimentos Imobiliarios Lt 99.98 99.98 8,848 3,760 1,810 322 Jardim Real Empreendimentos Imobiliarios 99.99 99.99 4,961 4,995 (39) (5) Living Construtora Ltda 99.98 99.98 4 - (1,018) (13) Madison Propriedades Imobiliarias Ltda 99.99 99.99 618 607 (4) (4) Matheo Empreendimentos Imobiliarios Ltda 64.99 64.99 2,386 930 990 553 Monte Alegre Empreendimentos Imobiliario 99.98 99.98 3 3 (1) (1) Prime Planejamento Imobiliario Ltda 99.99 99.99 9,790 9,670 2,831 2,711 Scp - Balneario Do Sol 99.99 - 6,143 - 924 - Scp - Ibitirama 100.00 99.99 4,989 5,310 1,441 1,762 Selling Consultoria Imobiliaria E Repre 99.98 99.98 (1,039) (33) (884) 122 Teresopolis Empreendimentos Imobiliarios 79.99 79.99 9,798 8,215 3,978 2,395 Torres Vedras Empreendimentos Imobiliari 99.99 79.99 33,169 33,810 (801) 1,207 Vinhedo Empreendimentos Imobiliarios Ltd 99.99 79.99 25,938 23,577 6,789 5,807


September 30, 2009




Net income (loss)

Total interest-% Shareholders' Equity for the year

09/2009 06/2009 09/2009 06/2009 09/2009 06/2009

Companies under common controlJoint venture

Acropole Incorporadora Ltda 40.00 40.00 4,612 6,380 1,031 1,961 Augusto De Miranda Empreendimentos Imobi 49.99 49.99 5,067 4,054 1,148 495 Australia Empreendimentos Imobiliarios L 68.00 68.00 75,364 54,633 35,425 14,694 Autentico Vila Carrao Empreend Imobil Sp 49.99 49.99 5,302 4,730 1,101 683 Brigadeiro Galvao Empreendimentos Imobil 49.91 49.91 4,329 2,648 2,738 1,683 Capri Incorporadora Spe Ltda 49.99 50.00 19,086 18,251 (176) (78) Cedro Consultoria Imobiliaria Ltda 50.00 50.00 239 430 (208) (97) Chiachiaretta Empreendimentos Imobiliari 54.40 54.39 7,324 6,925 (67) (46) Cubatao Empreendimentos Imobiliarios Ltd 49.99 49.99 3,304 2,895 786 527 Curupaiti Empreendimentos Imobiliarios S 49.99 49.99 9,485 7,640 (42) (31) Cyrela Andrade Mendonça Jcpm Empreenimen 68.00 67.99 10,858 10,942 (217) (3) Cyrela China Empreendimentos Imobiliario 79.99 80.00 6,535 7,454 (3,168) (1,731) Cyrela Mac Everest Empreendimentos Imobi 53.99 53.99 6,302 5,922 1,632 1,176 Ephigenio Sales Empreendimentos Imobilia 62.95 62.95 5,354 5,357 (29) (4) Europa Brasil Empreendimento Imobiliario 49.92 49.92 2,399 223 4,937 2,760 Fabia Empreendimentos Imobiliarios Spe L 32.50 32.50 9,904 4,569 3,977 1,301 Girassol - Vila Madalena Empreend Imobil 50.00 50.00 (136) (134) (133) (131) Gran Via Incorporadora Ltda 49.95 - 30 - - - Lorena Empreendimentos Imobiliarios Spe 49.99 49.99 16,232 13,563 4,153 2,173 Mac Canada Empreendimentos Imobiliarios 69.94 69.94 4,261 3,922 (6) (3) Mac Espanha Empreendimentos Imobiliarios 49.91 49.91 3,452 850 2,009 934 Mac Holanda Empreendimentos Imobilairios 49.91 49.91 - 1 (8) (7) Mac Hungria Empreendimentos Imobiliarios 68.55 68.55 13,345 10,693 (1,021) (41) Mac Incorporadora Ltda 24.95 24.95 6 28 (4) (1) Mac Investimentos E Participacoes Ltda 49.91 49.91 1,998 16,255 633 293 Mac Irlanda Empreendimentos Imobiliarios 49.91 49.91 9,353 8,173 (1,284) (75) Mac Italia Empreendimentos Imobiliarios 49.92 48.02 10 10 (1) - Mac Monaco Empreendimentos Imobiliarios 49.91 49.91 - 1 (4) (4) Mac Portugal Empreendimentos Imobiliario 49.91 49.91 10,927 6,321 7,586 2,980 Mac Venezuela Empreendimentos Imobiliari 49.91 49.91 - - (7) (7) Madagascar Incorporadora Ltda 49.95 49.95 2,707 2,231 685 (677) Merito Empreendimentos Imobiliarios Spe 49.99 49.99 17,423 15,330 3,181 2,799 Mesopotamia Empreendimentos Imobiliarios 67.99 67.99 7,896 (1,215) 2,382 (110) Miralta Empreendimento Imobiliario Spe L 51.35 51.35 7,928 7,688 1,429 895 Monterey Incorporacoes Spe Ltda 49.95 50.00 294 288 (5) (3) Nova Delhi Incorporadora Spe Ltda 49.99 49.99 33,803 29,509 6,332 2,799 Paraba Empreendimentos E Participacoes L 21.39 21.39 6,028 6,353 (224) (741) Plano Araucaria Empreendimentos Imobilia 78.97 78.97 26,807 20,748 6,327 4,473 Plano Aroeira Empreendimentos Imobiliari 78.97 78.97 8,430 8,103 3,421 2,319 Plano Cambara Empreendimentos Imobiliari 78.97 78.97 10 11 - - Plano Cedro Empreendimentos Imobiliarios 78.97 78.97 11,528 8,916 4,042 3,161 Plano Cerejeiras Empreendimentos Imobili 78.97 78.97 2,831 2,541 (37) (33) Plano Figueira Empreendimentos Imobiliar 78.97 78.97 27,721 16,581 8,335 3,176 Plano Flambouyant Empreendimentos Imobil 78.97 78.97 3,633 3,562 (31) (28) Plano Guapira Empreendimentos Imobiliari 78.97 78.97 5,174 4,875 (755) (9) Plano Ipe Empreendimentos Imobiliarios L 78.97 78.97 4,579 4,260 (1,419) (363) Plano Jacaranda Empreendimentos Imobilia 78.97 78.97 2,272 2,237 (113) (108) Plano Jatoba Empreendimentos Imobiliario 78.97 78.97 18,666 10,966 4,178 1,521 Plano Macieira Empreendimentos Imobiliar 78.97 78.97 11 11 - - Plano Manaca Empreendimentos Imobiliario 78.97 78.97 10 10 (15) (15) Plano Mangueira Empreendimentos Imobilia 78.97 78.97 501 502 (6) (6) Plano Mogno Empreendimentos Imobiliarios 78.97 78.97 4,037 4,040 (21) (17) Plano Paineira Empreendimentos Imobiliar 78.97 78.97 10 10 - - Plano Palmeiras Empreendimentos Imobilia 78.97 78.97 8,114 4,445 563 (182) Plano Pitangueiras Empreend Imobiliarios 78.97 78.97 6,097 3,205 1,986 910 Plano Seringueira Empreendimentos Imobil 78.97 78.97 12,519 849 6,443 (1,042) Porto Esperanca Incorporadora Ltda 49.95 - 359 - (116) - Prata Brasil Empreendimento Imobiliario 49.92 49.92 (200) (1,390) 1,256 65 Provincia Incorporadora Ltda 49.95 50.00 1,447 1,359 494 113 Rd Mac Boto Empreendimentos Imobiliarios 68.55 68.55 4,721 4,700 (4) (3) Riviera Ponta Negra Empreendimentos Imob 48.96 48.96 (3) (2) (9) (3) Salto Empreendimentos Imobiliarios Spe L 49.99 49.99 6,613 1,006 1,922 920 Scp - Mac Construtora Ltda - Scp Baturit 49.91 49.91 16,222 12,996 8,698 4,766 Ssb Empreendimento Imobiliario Spe S/A 53.59 53.59 (2,647) (4,125) 1,994 516 Topazio Brasil Empreendimento Imobiliari 49.92 49.92 3,689 (2,220) 14,144 8,234 Urimonduba Empreendimentos Imobiliarios 49.99 49.99 27,467 21,392 10,502 4,234 Vero Campo Belo Empreend. Imobil. Spe Lt 78.97 78.97 4,125 3,591 (985) (658) Vero Sta Isabel Empreend. Imobil. Spe Lt 78.97 78.97 12,832 11,519 3,146 3,718 Viena Incorporadora Spe Ltda 49.99 49.99 649 505 (74) (288) Vista Al Muelle S/A 45.00 - 694 - (28) - Vivere Franca Empreendimentos Imobiliari 39.93 39.93 3,176 3,332 (50) 106 Vivere Japao Empreendimentos Imobiliario 39.93 39.93 12,903 11,066 1,658 (140) Vmss Empreendimeno Imobiliario Spe S/A 53.59 53.59 (5,551) (1,021) 381 4,911 Zetol S/A 45.00 - 2,614 - (19) -


September 30, 2009




Net income (loss)

Total interest-% Shareholders' Equity for the year

09/2009 06/2009 09/2009 06/2009 09/2009 06/2009

Companies under common controlAlexandria Empreendimentos Imobiliarios 49.99 49.99 12,243 11,274 3,920 2,951 Caiobas Empreendimentos Imobiliarios Spe 49.99 49.99 3,992 4,325 (910) (577) Chl Xxxv Incorporacoes Ltda 39.66 39.66 688 481 427 219 Cyrela Milao Empreendimentos Imobiliario 48.67 48.67 40,213 40,813 (3,324) (2,659) Cyrela Tennessee Empreendimentos Imobili 48.67 48.67 34,835 35,390 (428) (1,355) Dalia Empreendimentos Imobiliarios Ltda 48.61 48.61 9,314 9,276 (58) (96) Estela Borges Empreendimentos Imobiliari 49.99 49.99 17,750 17,305 7,811 6,876 Galeria Boulevard Desenvolvimento Imobil 48.61 48.61 3,802 28,179 1,534 1,443 Galeria Boulevard Negocios Imobiliarios 48.61 48.61 20,628 18,109 9,304 6,785 Gcm Empreendimentos Imobiliarios Ltda 49.99 49.99 6,524 4,618 5,398 3,491 Klabin Segall Cyrela Rjz Empreendimento 48.67 48.67 11,345 12,491 1,182 (3,508) Mestre Alvaro Empreendimentos Imobiliari 49.99 49.99 24,999 22,446 8,338 7,385 Np Empreendimentos Imobiliarios Ltda 34.95 34.95 (1,903) (745) (1,167) (9) Padre Adelino Empreendimentos Imobiliari 49.99 49.99 23,662 25,069 4,479 6,136 Petronio Portela Empreend Imobiliarios S 49.99 49.99 2,608 2,935 (516) (338) Residencial Sao Conrado Empreendimentos 48.67 48.67 20,871 20,712 1,141 394 Salmiana Empreendimentos S/A 49.99 49.99 21,784 22,314 (224) 306 Scp Classic/Galli 47.81 47.81 372 386 (297) (283) Vila Maria Empreendimentos Imobiliarios 49.99 49.99 9,486 6,889 3,156 1,079


September 30, 2009




d) The total balances of the equity accounts and the taxable income of the controlled companies under common control, both directly and indirectly, considered in the consolidated financial statements as of September 30, 2009 and June 30, 2009, proportionately to the interest held, may be summarized as follows: September 30, 2009 Assets

Interest Non - % Current Current Permanent Total

Acropole Incorporadora Ltda 40.00 6,212 - - 6,212 Agra Cyrela Spe Ltda 46.44 1,670 1,155 - 2,825 Alexandria Empreendimentos Imobiliarios 49.99 10,817 392 - 11,209 Alpen Haus Desenvolvimento Imobiliario S 24.00 1,907 - - 1,907 Alpen Haus Negocios Imobiliarios S/A 24.00 2,978 36 - 3,014 Arizona Investimentos Imobiliarios Ltda 50.00 21,716 5 9 21,730 Augusto De Miranda Empreendimentos Imobi 49.99 2,467 1,825 - 4,292 Autentico Vila Carrao Empreend Imobil Sp 49.99 6,696 566 - 7,262 Brigadeiro Galvao Empreendimentos Imobil 49.91 3,102 - - 3,102 C.E.A. Empreendimentos Imobiliarios Spe 50.00 10,074 1,400 - 11,474 Caiobas Empreendimentos Imobiliarios Spe 49.99 5,868 513 - 6,381 Camargo Correa - Cyrela Empreend Imobil 50.00 7,485 - 140 7,625 Capri Incorporadora Spe Ltda 49.99 9,529 - 320 9,849 Cbr 005 Empreendimentos Imobiliarios Ltd 50.00 71 30,153 - 30,224 Cbr 011 Empreendimentos Imobiliarios Ltd 32.50 17,711 - 14 17,725 Cedro Consultoria Imobiliaria Ltda 50.00 119 - 76 195 Chl Xxxv Incorporacoes Ltda 39.66 3,434 - - 3,434 Cipasa Votorantim Empreend Imbiliarios S 50.00 5,500 - - 5,500 City Parque Morumbi Empreendimentos Imob 50.00 24,402 - 1,128 25,530 Costa De Guadalupe Empreendimentos Imobi 45.00 278 12,797 - 13,075 Costa Maggiore Empreendimentos Imobiliar 50.00 8,172 87 22 8,281 Cubatao Empreendimentos Imobiliarios Ltd 49.99 3,678 4,213 - 7,891 Curupaiti Empreendimentos Imobiliarios S 49.99 4,777 - - 4,777 Cury Construtora E Incorporadora S/A 50.00 1,898 556 43,997 46,451 Cyrela Gafisa Spe Ltda 46.49 1,614 445 - 2,059 Cyrela Magik Tecnisa Empreendimentos Imo 36.67 2,193 5,683 - 7,876 Cyrela Milao Empreendimentos Imobiliario 48.67 9,601 19,175 - 28,776 Cyrela Minas Empreendimentos Imobiliario 50.00 8,399 6,878 - 15,277 Cyrela Rjz Jc Gontijo Empreendimentos Im 43.00 1,207 74,988 361 76,556 Cyrela Tecnisa De Invest Imob Ltda 50.00 10,960 7,237 - 18,197 Cyrela Tecnisa Klabin Segall Empreend. I 32.41 2,503 23 - 2,526 Cyrela Tennessee Empreendimentos Imobili 48.67 4,632 13,715 - 18,347 Cyrsa S/A 50.00 14,803 4,981 23,665 43,449 Dalia Empreendimentos Imobiliarios Ltda 48.61 1,905 2,960 - 4,865 Estela Borges Empreendimentos Imobiliari 49.99 20,088 - 2 20,090 Europa Brasil Empreendimento Imobiliario 49.92 6,298 3,436 345 10,079 Fabia Empreendimentos Imobiliarios Spe L 32.50 5,654 466 - 6,120 Forest Hill De Investimentos Imobiliario 49.44 55 5,972 - 6,027 Galeria Boulevard Desenvolvimento Imobil 48.61 14,251 - - 14,251 Galeria Boulevard Negocios Imobiliarios 48.61 45,479 205 - 45,684 Gcm Empreendimentos Imobiliarios Ltda 49.99 6,326 5,809 - 12,135 Girassol - Vila Madalena Empreend Imobil 50.00 811 390 - 1,201 Gliese Incorporadora Ltda 45.49 24,463 - 213 24,676 Gran Via Incorporadora Ltda 49.95 15 - - 15 Jaguariuna Empreendimentos Imobiliarios 50.00 7,175 2,544 97 9,816 Klabin Segall Cyrela Rjz Empreendimento 48.67 6,178 25 - 6,203 Klabin Segall Cyrela Spe Ltda 37.93 1,073 1,453 - 2,526 Klabin Segall Vergueiro Emp. Imobil Spe 38.50 8,133 - - 8,133


September 30, 2009




September 30, 2009 Assets


Lao Empreendimentos Imobiliarios Ltda 39.95 7,613 453 - 8,066 Licy Empreendimentos Imobiliarios S/A 50.00 61 - 3,201 3,262 Liveck S/A 50.00 1,316 873 5,644 7,833 Lorena Empreendimentos Imobiliarios Spe 49.99 10,749 281 - 11,030 Lucio Brazil Real Estate S/A 49.97 1 5,373 3,427 8,801 Mac Construtora Ltda 49.95 38,579 - 7,565 46,144 Mac Cyrela Italia Empreendimentos Imobil 49.95 17,744 14,315 - 32,059 Mac Empreendimentos Imobiliarios S/A 49.91 19,645 16,607 127,255 163,507 Mac Espanha Empreendimentos Imobiliarios 49.91 3,664 1,810 - 5,474 Mac Holanda Empreendimentos Imobilairios 49.91 - - - - Mac Incorporadora Ltda 24.95 4 - - 4 Mac Investimentos E Participacoes Ltda 49.91 3,993 2 4,110 8,105 Mac Irlanda Empreendimentos Imobiliarios 49.91 9,655 - 774 10,429 Mac Italia Empreendimentos Imobiliarios 49.92 5 - - 5 Mac Monaco Empreendimentos Imobiliarios 49.91 - - - - Mac Portugal Empreendimentos Imobiliario 49.91 10,724 - 8 10,732 Mac Suica Empreendimentos Imobiliarios L 49.91 - - - - Mac Venezuela Empreendimentos Imobiliari 49.91 - - - - Madagascar Incorporadora Ltda 49.95 1,611 1,031 - 2,642 Magnum Investimentos Imobiliarios Ltda 30.00 18,545 2,051 - 20,596 Marquise Empreendimentos Imobiliarios Sp 50.00 1,374 - 382 1,756 Merito Empreendimentos Imobiliarios Spe 49.99 9,948 - - 9,948 Mestre Alvaro Empreendimentos Imobiliari 49.99 16,787 9,583 - 26,370 Moinho Velho Empreendimentos Imobiliario 50.00 26 18,186 - 18,212 Monterey Incorporacoes Spe Ltda 49.95 147 - - 147 Nova Delhi Incorporadora Spe Ltda 49.99 23,286 4,230 - 27,516 Nova Vila Guilherme Empreendimentos Imob 50.00 593 82,939 68 83,600 Np Empreendimentos Imobiliarios Ltda 34.95 341 3,341 - 3,682 Office Shopping 2 Empreendimentos Ltda 50.00 10,337 12,285 726 23,348 Padre Adelino Empreendimentos Imobiliari 49.99 22,240 750 - 22,990 Paraba Empreendimentos E Participacoes L 21.39 812 663 - 1,475 Parque Turiassu Empreendimentos Imobiliario Spe Lt 39.99 3,376 - - 3,376 Petronio Portela Empreend Imobiliarios S 49.99 2,589 51 - 2,640 Plarcon Cyrela Empreendimentos Imobiliar 50.00 53,030 38,116 - 91,146 Porto Esperanca Incorporadora Ltda 49.95 65 - 150 215 Prata Brasil Empreendimento Imobiliario 49.92 325 69 2 396 Provincia Incorporadora Ltda 49.95 1,483 1,733 - 3,216 Queiroz Galvao Cyrela Empreendimento Imo 38.62 1,105 909 - 2,014 Queiroz Galvao Cyrela Oklahoma Empreend 48.90 18,661 871 - 19,532 Queiroz Galvao Mac Cyrela Veneza Empreen 29.97 14,377 2,432 - 16,809 Residencial Sao Conrado Empreendimentos 48.67 5,260 5,930 - 11,190 Riviera Ponta Negra Empreendimentos Imob 48.96 2 28,474 - 28,476 Rouxinol Salvador Alende Empreendimentos 50.00 5,471 - 1,537 7,008 Rummaala S/A 49.99 42,834 8,112 571 51,517 Salmiana Empreendimentos S/A 49.99 28,729 - - 28,729 Salto Empreendimentos Imobiliarios Spe L 49.99 1,531 2,841 2 4,374 Savona Empreendimento Imobiliario Spe Lt 50.00 3,838 - 480 4,318 Scp - Mac Construtora Ltda - Scp Baturit 49.91 12,059 - - 12,059 Scp Classic/Galli 47.81 1,688 208 - 1,896 Sk Realty Empreendimentos Imobiliarios S/A 50.00 35 - 37,996 38,031 Slk Empreendimento Imobiliario Spe Ltda 29.99 9,056 1,359 - 10,415 Tibirica Empreendimentos Imobiliarios Lt 50.00 7,335 1,763 388 9,486 Topazio Brasil Empreendimento Imobiliari 49.92 13,754 7,916 - 21,670 Urimonduba Empreendimentos Imobiliarios 49.99 6,961 8,901 - 15,862 Viena Incorporadora Spe Ltda 49.99 1,568 1,102 - 2,670 Vila Maria Empreendimentos Imobiliarios 49.99 8,813 - 6 8,819 Vista Al Muelle S/A 45.00 817 - - 817 Vivere Franca Empreendimentos Imobiliari 39.93 1,124 - 191 1,315 Vivere Japao Empreendimentos Imobiliario 39.93 5,309 - 190 5,499 Zetol S/A 45.00 1,843 - - 1,843


September 30, 2009




September 30, 2009 Assets

Joint Venture Interest Non - % Current Current Permanent Total

Atlantida Empreendimentos Imobiliarios S 79.99 11,492 6,250 507 18,249 Australia Empreendimentos Imobiliarios L 68.00 102,893 53,628 6,931 163,452 Cbr 012 Empreendimentos Imobiliarios Ltd 80.00 (1) 11,714 12 11,725 Chiachiaretta Empreendimentos Imobiliari 54.40 3,479 8,506 131 12,116 Cyrela Andrade Mendonca Empreendimentos 80.00 22,164 37,762 59,206 119,132 Cyrela Andrade Mendonça Jcpm Empreenimen 68.00 9,974 - 1,901 11,875 Cyrela China Empreendimentos Imobiliario 79.99 6,540 59,507 847 66,894 Cyrela Mac Amazonas Empreendimentos Imob 79.96 40,135 47,000 - 87,135 Cyrela Mac Everest Empreendimentos Imobi 53.99 6,238 629 - 6,867 Cyrela Mac Monterey Empreendimentos Imob 62.95 17,446 - - 17,446 Cyrela Suecia Empreendimentos Imobiliari 89.50 82,442 - 15 82,457 Ephigenio Sales Empreendimentos Imobilia 62.95 13 6,433 74 6,520 Fernao Dias Empreendimentos Imobiliarios 80.00 21,755 - 1 21,756 Mac Canada Empreendimentos Imobiliarios 69.94 7,738 - 141 7,879 Mac Cyrela Equador Empreendimentos Imobi 67.95 31,590 595 22 32,207 Mac Cyrela Mafra Empreendimentos Imobili 79.96 53,761 24,309 8,312 86,382 Mac Dinamarca Empreend Imobil Ltda 69.95 18,939 - 740 19,679 Mac Finlandia Empreendimentos Imobiliari 69.95 6,316 617 18,760 25,693 Mac Hungria Empreendimentos Imobiliarios 68.55 10,678 - 1,536 12,214 Mac Mexico Empreendimentos Imobiliarios 69.95 29,562 - 492 30,054 Mesopotamia Empreendimentos Imobiliarios 67.99 6,463 499 885 7,847 Miralta Empreendimento Imobiliario Spe L 51.35 5,851 120 - 5,971 Plano & Plano Construcoes E Participacoe 79.00 13,663 4,897 147,077 165,637 Plano Amoreira Empreendimentos Imobiliar 91.60 36,025 2,142 - 38,167 Plano Araucaria Empreendimentos Imobilia 78.97 24,844 - - 24,844 Plano Aroeira Empreendimentos Imobiliari 78.97 13,783 - - 13,783 Plano Cambara Empreendimentos Imobiliari 78.97 8 - - 8 Plano Castanheira Empreendimentos Imobil 91.60 237 - - 237 Plano Cedro Empreendimentos Imobiliarios 78.97 12,864 - - 12,864 Plano Cerejeiras Empreendimentos Imobili 78.97 2,396 - 16 2,412 Plano Figueira Empreendimentos Imobiliar 78.97 26,515 - - 26,515 Plano Flambouyant Empreendimentos Imobil 78.97 6,547 - - 6,547 Plano Guapira Empreendimentos Imobiliari 78.97 5,488 - - 5,488 Plano Ipe Empreendimentos Imobiliarios L 78.97 7,762 - 411 8,173 Plano Jacaranda Empreendimentos Imobilia 78.97 1,801 - - 1,801 Plano Jatoba Empreendimentos Imobiliario 78.97 16,708 - - 16,708 Plano Macieira Empreendimentos Imobiliar 78.97 9 - - 9 Plano Manaca Empreendimentos Imobiliario 78.97 8 - - 8 Plano Mangueira Empreendimentos Imobilia 78.97 396 - - 396 Plano Mogno Empreendimentos Imobiliarios 78.97 3,815 - - 3,815 Plano Paineira Empreendimentos Imobiliar 78.97 8 - - 8 Plano Palmeiras Empreendimentos Imobilia 78.97 7,060 - 189 7,249 Plano Pitangueiras Empreend Imobiliarios 78.97 6,891 - - 6,891 Plano Seringueira Empreendimentos Imobil 78.97 18,082 - - 18,082 Rd Mac Boto Empreendimentos Imobiliarios 68.55 2,432 - 1,012 3,444 Ssb Empreendimento Imobiliario Spe S/A 53.59 18,818 917 2,247 21,982 Vereda Paraiso Empreendimentos Imobiliar 57.34 208 14,950 - 15,158 Vero Campo Belo Empreend. Imobil. Spe Lt 78.97 10,603 - - 10,603 Vero Sta Isabel Empreend. Imobil. Spe Lt 78.97 25,538 - - 25,538 Vmss Empreendimeno Imobiliario Spe S/A 53.59 2,719 163 796 3,678


September 30, 2009




September 30, 2009 Liabilities

Interest Non Shareholder's- % Current Current Equity Total

Acropole Incorporadora Ltda 40.00 873 3,494 1,845 6,212 Agra Cyrela Spe Ltda 46.44 274 106 2,445 2,825 Alexandria Empreendimentos Imobiliarios 49.99 943 4,145 6,121 11,209 Alpen Haus Desenvolvimento Imobiliario S 24.00 21 90 1,796 1,907 Alpen Haus Negocios Imobiliarios S/A 24.00 2,930 144 (60) 3,014 Arizona Investimentos Imobiliarios Ltda 50.00 3,279 8,975 9,476 21,730 Augusto De Miranda Empreendimentos Imobi 49.99 1,115 644 2,533 4,292 Autentico Vila Carrao Empreend Imobil Sp 49.99 779 3,832 2,651 7,262 Brigadeiro Galvao Empreendimentos Imobil 49.91 892 49 2,161 3,102 C.E.A. Empreendimentos Imobiliarios Spe 50.00 618 1,234 9,622 11,474 Caiobas Empreendimentos Imobiliarios Spe 49.99 3,396 989 1,996 6,381 Camargo Correa - Cyrela Empreend Imobil 50.00 74 4,623 2,928 7,625 Capri Incorporadora Spe Ltda 49.99 306 - 9,543 9,849 Cbr 005 Empreendimentos Imobiliarios Ltd 50.00 12,160 18,000 64 30,224 Cbr 011 Empreendimentos Imobiliarios Ltd 32.50 40 98 17,587 17,725 Cedro Consultoria Imobiliaria Ltda 50.00 76 - 119 195 Chl Xxxv Incorporacoes Ltda 39.66 30 3,131 273 3,434 Cipasa Votorantim Empreend Imbiliarios S 50.00 4,249 1 1,250 5,500 City Parque Morumbi Empreendimentos Imob 50.00 24,021 14 1,495 25,530 Costa De Guadalupe Empreendimentos Imobi 45.00 115 77 12,883 13,075 Costa Maggiore Empreendimentos Imobiliar 50.00 364 226 7,691 8,281 Cubatao Empreendimentos Imobiliarios Ltd 49.99 4,326 1,913 1,652 7,891 Curupaiti Empreendimentos Imobiliarios S 49.99 35 - 4,742 4,777 Cury Construtora E Incorporadora S/A 50.00 2,358 3,111 40,982 46,451 Cyrela Gafisa Spe Ltda 46.49 11 86 1,962 2,059 Cyrela Magik Tecnisa Empreendimentos Imo 36.67 360 152 7,364 7,876 Cyrela Milao Empreendimentos Imobiliario 48.67 4,059 5,142 19,575 28,776 Cyrela Minas Empreendimentos Imobiliario 50.00 5,967 6,508 2,802 15,277 Cyrela Rjz Jc Gontijo Empreendimentos Im 43.00 53,135 923 22,498 76,556 Cyrela Tecnisa De Invest Imob Ltda 50.00 2,701 134 15,362 18,197 Cyrela Tecnisa Klabin Segall Empreend. I 32.41 1,235 32 1,259 2,526 Cyrela Tennessee Empreendimentos Imobili 48.67 692 698 16,957 18,347 Cyrsa S/A 50.00 1,094 20,835 21,520 43,449 Dalia Empreendimentos Imobiliarios Ltda 48.61 322 14 4,529 4,865 Estela Borges Empreendimentos Imobiliari 49.99 4,990 6,226 8,874 20,090 Europa Brasil Empreendimento Imobiliario 49.92 5,575 3,306 1,198 10,079 Fabia Empreendimentos Imobiliarios Spe L 32.50 422 2,479 3,219 6,120 Forest Hill De Investimentos Imobiliario 49.44 4,859 (30) 1,198 6,027 Galeria Boulevard Desenvolvimento Imobil 48.61 11,916 487 1,848 14,251 Galeria Boulevard Negocios Imobiliarios 48.61 32,904 2,751 10,029 45,684 Gcm Empreendimentos Imobiliarios Ltda 49.99 1,756 7,117 3,262 12,135 Girassol - Vila Madalena Empreend Imobil 50.00 130 1,139 (68) 1,201 Gliese Incorporadora Ltda 45.49 15,311 2,371 6,994 24,676 Gran Via Incorporadora Ltda 49.95 - - 15 15 Jaguariuna Empreendimentos Imobiliarios 50.00 5,765 256 3,795 9,816 Klabin Segall Cyrela Rjz Empreendimento 48.67 496 184 5,523 6,203 Klabin Segall Cyrela Spe Ltda 37.93 314 32 2,180 2,526 Klabin Segall Vergueiro Emp. Imobil Spe 38.50 497 4,476 3,160 8,133


September 30, 2009






Lao Empreendimentos Imobiliarios Ltda 39.95 975 284 6,807 8,066 Licy Empreendimentos Imobiliarios S/A 50.00 1,724 30 1,508 3,262 Liveck S/A 50.00 708 4,002 3,123 7,833 Lorena Empreendimentos Imobiliarios Spe 49.99 733 2,182 8,115 11,030 Lucio Brazil Real Estate S/A 49.97 10,934 - (2,133) 8,801 Mac Construtora Ltda 49.95 25,235 296 20,613 46,144 Mac Cyrela Italia Empreendimentos Imobil 49.95 12,182 5,113 14,764 32,059 Mac Empreendimentos Imobiliarios S/A 49.91 14,974 54,925 93,608 163,507 Mac Espanha Empreendimentos Imobiliarios 49.91 3,559 192 1,723 5,474 Mac Holanda Empreendimentos Imobilairios 49.91 - - - - Mac Incorporadora Ltda 24.95 3 - 1 4 Mac Investimentos E Participacoes Ltda 49.91 6,962 146 997 8,105 Mac Irlanda Empreendimentos Imobiliarios 49.91 5,761 - 4,668 10,429 Mac Italia Empreendimentos Imobiliarios 49.92 - - 5 5 Mac Monaco Empreendimentos Imobiliarios 49.91 - - - - Mac Portugal Empreendimentos Imobiliario 49.91 5,114 164 5,454 10,732 Mac Suica Empreendimentos Imobiliarios L 49.91 - - - - Mac Venezuela Empreendimentos Imobiliari 49.91 - - - - Madagascar Incorporadora Ltda 49.95 315 975 1,352 2,642 Magnum Investimentos Imobiliarios Ltda 30.00 19,470 760 366 20,596 Marquise Empreendimentos Imobiliarios Sp 50.00 (57) 27 1,786 1,756 Merito Empreendimentos Imobiliarios Spe 49.99 1,233 3 8,712 9,948 Mestre Alvaro Empreendimentos Imobiliari 49.99 2,276 11,596 12,498 26,370 Moinho Velho Empreendimentos Imobiliario 50.00 15,681 16 2,515 18,212 Monterey Incorporacoes Spe Ltda 49.95 - - 147 147 Nova Delhi Incorporadora Spe Ltda 49.99 2,729 7,886 16,901 27,516 Nova Vila Guilherme Empreendimentos Imob 50.00 81,901 - 1,699 83,600 Np Empreendimentos Imobiliarios Ltda 34.95 4,294 53 (665) 3,682 Office Shopping 2 Empreendimentos Ltda 50.00 22,208 - 1,140 23,348 Padre Adelino Empreendimentos Imobiliari 49.99 10,564 596 11,830 22,990 Paraba Empreendimentos E Participacoes L 21.39 68 117 1,290 1,475 Parque Turiassu Empreendimentos Imobiliario Spe Lt 39.99 569 917 1,890 3,376 Petronio Portela Empreend Imobiliarios S 49.99 526 810 1,304 2,640 Plarcon Cyrela Empreendimentos Imobiliar 50.00 10,737 49,168 31,241 91,146 Porto Esperanca Incorporadora Ltda 49.95 36 - 179 215 Prata Brasil Empreendimento Imobiliario 49.92 321 175 (100) 396 Provincia Incorporadora Ltda 49.95 225 2,268 723 3,216 Queiroz Galvao Cyrela Empreendimento Imo 38.62 145 77 1,792 2,014 Queiroz Galvao Cyrela Oklahoma Empreend 48.90 1,620 7,887 10,025 19,532 Queiroz Galvao Mac Cyrela Veneza Empreen 29.97 4,088 367 12,354 16,809 Residencial Sao Conrado Empreendimentos 48.67 515 515 10,160 11,190 Riviera Ponta Negra Empreendimentos Imob 48.96 28,050 427 (1) 28,476 Rouxinol Salvador Alende Empreendimentos 50.00 2 1,495 5,511 7,008 Rummaala S/A 49.99 12,178 13,335 26,004 51,517 Salmiana Empreendimentos S/A 49.99 17,072 765 10,892 28,729 Salto Empreendimentos Imobiliarios Spe L 49.99 949 119 3,306 4,374 Savona Empreendimento Imobiliario Spe Lt 50.00 1,532 14 2,772 4,318 Scp - Mac Construtora Ltda - Scp Baturit 49.91 1,357 2,604 8,098 12,059 Scp Classic/Galli 47.81 1,646 72 178 1,896 Sk Realty Empreendimentos Imobiliarios S/A 50.00 2,068 4,280 31,683 38,031 Slk Empreendimento Imobiliario Spe Ltda 29.99 1,668 851 7,896 10,415 Tibirica Empreendimentos Imobiliarios Lt 50.00 1,164 5,190 3,132 9,486 Topazio Brasil Empreendimento Imobiliari 49.92 4,043 15,785 1,842 21,670 Urimonduba Empreendimentos Imobiliarios 49.99 1,995 134 13,733 15,862 Viena Incorporadora Spe Ltda 49.99 499 1,846 325 2,670 Vila Maria Empreendimentos Imobiliarios 49.99 562 3,514 4,743 8,819 Vista Al Muelle S/A 45.00 285 220 312 817 Vivere Franca Empreendimentos Imobiliari 39.93 40 7 1,268 1,315 Vivere Japao Empreendimentos Imobiliario 39.93 335 11 5,153 5,499 Zetol S/A 45.00 624 43 1,176 1,843


September 30, 2009





Joint Venture Interest Non Shareholder's- % Current Current Equity Total

Atlantida Empreendimentos Imobiliarios S 79.99 11,448 6,339 462 18,249 Australia Empreendimentos Imobiliarios L 68.00 66,158 46,046 51,248 163,452 Cbr 012 Empreendimentos Imobiliarios Ltd 80.00 11,714 442 (431) 11,725 Chiachiaretta Empreendimentos Imobiliari 54.40 7,751 381 3,984 12,116 Cyrela Andrade Mendonca Empreendimentos 80.00 37,376 8,570 73,186 119,132 Cyrela Andrade Mendonça Jcpm Empreenimen 68.00 912 3,580 7,383 11,875 Cyrela China Empreendimentos Imobiliario 79.99 60,409 1,257 5,228 66,894 Cyrela Mac Amazonas Empreendimentos Imob 79.96 5,976 69,458 11,701 87,135 Cyrela Mac Everest Empreendimentos Imobi 53.99 3,228 236 3,403 6,867 Cyrela Mac Monterey Empreendimentos Imob 62.95 10,049 159 7,238 17,446 Cyrela Suecia Empreendimentos Imobiliari 89.50 54,721 - 27,736 82,457 Ephigenio Sales Empreendimentos Imobilia 62.95 3,149 - 3,371 6,520 Fernao Dias Empreendimentos Imobiliarios 80.00 1,167 10,369 10,220 21,756 Mac Canada Empreendimentos Imobiliarios 69.94 4,898 - 2,981 7,879 Mac Cyrela Equador Empreendimentos Imobi 67.95 17,302 266 14,639 32,207 Mac Cyrela Mafra Empreendimentos Imobili 79.96 2,570 1,676 82,136 86,382 Mac Dinamarca Empreend Imobil Ltda 69.95 2,901 52 16,726 19,679 Mac Finlandia Empreendimentos Imobiliari 69.95 29 838 24,826 25,693 Mac Hungria Empreendimentos Imobiliarios 68.55 1,717 1,349 9,148 12,214 Mac Mexico Empreendimentos Imobiliarios 69.95 2,531 615 26,908 30,054 Mesopotamia Empreendimentos Imobiliarios 67.99 934 1,545 5,368 7,847 Miralta Empreendimento Imobiliario Spe L 51.35 523 1,377 4,071 5,971 Plano & Plano Construcoes E Participacoe 79.00 9,828 25,986 129,823 165,637 Plano Amoreira Empreendimentos Imobiliar 91.60 19,759 140 18,268 38,167 Plano Araucaria Empreendimentos Imobilia 78.97 2,941 732 21,171 24,844 Plano Aroeira Empreendimentos Imobiliari 78.97 3,489 3,636 6,658 13,783 Plano Cambara Empreendimentos Imobiliari 78.97 - - 8 8 Plano Castanheira Empreendimentos Imobil 91.60 1 - 236 237 Plano Cedro Empreendimentos Imobiliarios 78.97 1,026 2,734 9,104 12,864 Plano Cerejeiras Empreendimentos Imobili 78.97 176 - 2,236 2,412 Plano Figueira Empreendimentos Imobiliar 78.97 3,917 705 21,893 26,515 Plano Flambouyant Empreendimentos Imobil 78.97 3,677 - 2,870 6,547 Plano Guapira Empreendimentos Imobiliari 78.97 1,402 - 4,086 5,488 Plano Ipe Empreendimentos Imobiliarios L 78.97 4,557 - 3,616 8,173 Plano Jacaranda Empreendimentos Imobilia 78.97 7 - 1,794 1,801 Plano Jatoba Empreendimentos Imobiliario 78.97 1,605 361 14,742 16,708 Plano Macieira Empreendimentos Imobiliar 78.97 - - 9 9 Plano Manaca Empreendimentos Imobiliario 78.97 - - 8 8 Plano Mangueira Empreendimentos Imobilia 78.97 - - 396 396 Plano Mogno Empreendimentos Imobiliarios 78.97 627 - 3,188 3,815 Plano Paineira Empreendimentos Imobiliar 78.97 - - 8 8 Plano Palmeiras Empreendimentos Imobilia 78.97 737 104 6,408 7,249 Plano Pitangueiras Empreend Imobiliarios 78.97 1,911 165 4,815 6,891 Plano Seringueira Empreendimentos Imobil 78.97 7,800 395 9,887 18,082 Rd Mac Boto Empreendimentos Imobiliarios 68.55 2 206 3,236 3,444 Ssb Empreendimento Imobiliario Spe S/A 53.59 16,742 6,659 (1,419) 21,982 Vereda Paraiso Empreendimentos Imobiliar 57.34 4,806 11 10,341 15,158 Vero Campo Belo Empreend. Imobil. Spe Lt 78.97 3,110 4,235 3,258 10,603 Vero Sta Isabel Empreend. Imobil. Spe Lt 78.97 6,687 8,717 10,134 25,538 Vmss Empreendimeno Imobiliario Spe S/A 53.59 4,621 2,032 (2,975) 3,678


September 30, 2009




September 30, 2009 Taxable income

Other Income tax andInterest Net Operating Financial income and Social Contribution -- % income Costs expenses income expenses current and deferred Total

Acropole Incorporadora Ltda 40.00 3,372 (2,785) (56) (24) - (95) 412 Agra Cyrela Spe Ltda 46.44 81 - (125) 57 - 3 16 Alexandria Empreendimentos Imobiliarios 49.99 6,866 (4,587) (28) (69) 13 (235) 1,960 Alpen Haus Desenvolvimento Imobiliario S 24.00 749 (288) (2) 43 - (21) 481 Alpen Haus Negocios Imobiliarios S/A 24.00 1,764 (1,744) (108) 55 - (84) (117) Arizona Investimentos Imobiliarios Ltda 50.00 16,307 (7,146) (120) (267) 65 (467) 8,372 Augusto De Miranda Empreendimentos Imobi 49.99 3,583 (2,484) (253) 5 (174) (104) 573 Autentico Vila Carrao Empreend Imobil Sp 49.99 3,992 (3,260) (69) (6) - (107) 550 Brigadeiro Galvao Empreendimentos Imobil 49.91 4,245 (2,703) (58) 12 - (130) 1,366 C.E.A. Empreendimentos Imobiliarios Spe 50.00 9,755 (4,965) (20) 50 8 (335) 4,493 Caiobas Empreendimentos Imobiliarios Spe 49.99 (964) 399 (187) 264 15 19 (454) Camargo Correa - Cyrela Empreend Imobil 50.00 2 - (12) (96) 71 (29) (64) Capri Incorporadora Spe Ltda 49.99 - - (88) - - - (88) Cbr 005 Empreendimentos Imobiliarios Ltd 50.00 - - (6) (158) - - (164) Cbr 011 Empreendimentos Imobiliarios Ltd 32.50 - - (247) - - - (247) Cedro Consultoria Imobiliaria Ltda 50.00 133 - (222) (3) - (11) (103) Chl Xxxv Incorporacoes Ltda 39.66 207 - (21) (1) - (17) 168 Cipasa Votorantim Empreend Imbiliarios S 50.00 1,942 (1,124) (392) 288 - (135) 579 City Parque Morumbi Empreendimentos Imob 50.00 - - (75) 2 - - (73) Costa De Guadalupe Empreendimentos Imobi 45.00 - - (40) 1 - - (39) Costa Maggiore Empreendimentos Imobiliar 50.00 2,901 (1,562) (288) 101 6 (90) 1,068 Cubatao Empreendimentos Imobiliarios Ltd 49.99 949 (604) (45) 107 - (15) 392 Curupaiti Empreendimentos Imobiliarios S 49.99 - - (19) (2) - - (21) Cury Construtora E Incorporadora S/A 50.00 - - (2,647) (1,573) 5,982 - 1,762 Cyrela Gafisa Spe Ltda 46.49 42 - (72) 16 12 (1) (3) Cyrela Magik Tecnisa Empreendimentos Imo 36.67 1,094 (496) (127) 227 17 11 726 Cyrela Milao Empreendimentos Imobiliario 48.67 (1,355) (326) (430) 550 4 (61) (1,618) Cyrela Minas Empreendimentos Imobiliario 50.00 4,255 (5,795) (230) (857) 31 (141) (2,737) Cyrela Rjz Jc Gontijo Empreendimentos Im 43.00 - - (52) 2 - - (50) Cyrela Tecnisa De Invest Imob Ltda 50.00 519 (88) (101) - 91 (42) 379 Cyrela Tecnisa Klabin Segall Empreend. I 32.41 (76) - (19) (1) 19 8 (69) Cyrela Tennessee Empreendimentos Imobili 48.67 (255) - (398) 219 176 50 (208) Cyrsa S/A 50.00 - - (1,192) 4,281 104 207 3,400 Dalia Empreendimentos Imobiliarios Ltda 48.61 (57) - (55) 28 64 (8) (28) Estela Borges Empreendimentos Imobiliari 49.99 12,340 (7,688) (123) (285) 40 (381) 3,903 Europa Brasil Empreendimento Imobiliario 49.92 10,747 (6,804) (1,080) (12) (14) (372) 2,465 Fabia Empreendimentos Imobiliarios Spe L 32.50 4,156 (2,557) (163) (26) (6) (113) 1,291 Forest Hill De Investimentos Imobiliario 49.44 - (60) (1) - - - (61) Galeria Boulevard Desenvolvimento Imobil 48.61 267 (7) (6) 500 - (8) 746 Galeria Boulevard Negocios Imobiliarios 48.61 22,631 (16,755) (145) 808 - (2,015) 4,524 Gcm Empreendimentos Imobiliarios Ltda 49.99 7,895 (5,247) (73) (38) - (215) 2,322 Girassol - Vila Madalena Empreend Imobil 50.00 518 (492) (114) 35 - (13) (66) Gliese Incorporadora Ltda 45.49 6,182 (3,604) (339) 2 - (189) 2,052 Gran Via Incorporadora Ltda 49.95 - - - - - - - Jaguariuna Empreendimentos Imobiliarios 50.00 1,832 (1,249) (377) 1 81 (37) 251 Klabin Segall Cyrela Rjz Empreendimento 48.67 13 246 - 111 227 (21) 576 Klabin Segall Cyrela Spe Ltda 37.93 (202) 117 (62) 130 71 (16) 38 Klabin Segall Vergueiro Emp. Imobil Spe 38.50 280 - (50) 424 112 (108) 658


September 30, 2009






Lao Empreendimentos Imobiliarios Ltda 39.95 3,044 (1,914) (28) 516 - (143) 1,475 Licy Empreendimentos Imobiliarios S/A 50.00 - - (1,693) 5 2,803 (1) 1,114 Liveck S/A 50.00 - - 35 16 - - 51 Lorena Empreendimentos Imobiliarios Spe 49.99 5,380 (3,011) (126) 15 (33) (149) 2,076 Lucio Brazil Real Estate S/A 49.97 - - (86) (97) 10,535 - 10,352 Mac Construtora Ltda 49.95 20,004 (14,786) (678) 122 4,162 (633) 8,191 Mac Cyrela Italia Empreendimentos Imobil 49.95 17,383 (10,615) (41) (70) 127 (640) 6,144 Mac Empreendimentos Imobiliarios S/A 49.91 2,168 - (7,103) (2,883) 30,600 - 22,782 Mac Espanha Empreendimentos Imobiliarios 49.91 4,945 (3,715) (88) 13 - (153) 1,002 Mac Holanda Empreendimentos Imobilairios 49.91 - - - - (3) - (3) Mac Incorporadora Ltda 24.95 - - (3) 2 - - (1) Mac Investimentos E Participacoes Ltda 49.91 885 - (736) 4 268 (106) 315 Mac Irlanda Empreendimentos Imobiliarios 49.91 - - (641) - - - (641) Mac Italia Empreendimentos Imobiliarios 49.92 - - (1) - - - (1) Mac Monaco Empreendimentos Imobiliarios 49.91 - - - - (2) - (2) Mac Portugal Empreendimentos Imobiliario 49.91 11,812 (7,626) (145) 158 - (412) 3,787 Mac Suica Empreendimentos Imobiliarios L 49.91 - - (1) - - - (1) Mac Venezuela Empreendimentos Imobiliari 49.91 - - - - (3) - (3) Madagascar Incorporadora Ltda 49.95 2,962 (1,841) (689) (4) - (85) 343 Magnum Investimentos Imobiliarios Ltda 30.00 (183) (152) (23) 73 - (104) (389) Marquise Empreendimentos Imobiliarios Sp 50.00 - - (403) (1) 1 - (403) Merito Empreendimentos Imobiliarios Spe 49.99 5,119 (3,321) (32) (19) - (157) 1,590 Mestre Alvaro Empreendimentos Imobiliari 49.99 14,057 (9,012) (30) (671) 227 (403) 4,168 Moinho Velho Empreendimentos Imobiliario 50.00 - - (2) (397) 90 - (309) Monterey Incorporacoes Spe Ltda 49.95 - - (2) - - - (2) Nova Delhi Incorporadora Spe Ltda 49.99 10,088 (6,079) (515) 16 - (344) 3,166 Nova Vila Guilherme Empreendimentos Imob 50.00 - - (40) - 535 (1) 494 Np Empreendimentos Imobiliarios Ltda 34.95 (19) (193) (315) 19 99 2 (407) Office Shopping 2 Empreendimentos Ltda 50.00 - - (11) - - - (11) Padre Adelino Empreendimentos Imobiliari 49.99 7,463 (4,746) (98) (184) 27 (223) 2,239 Paraba Empreendimentos E Participacoes L 21.39 835 (765) (47) (18) 1 (54) (48) Parque Turiassu Empreendimentos Imobiliario Spe Lt 39.99 2,415 (1,553) (42) 1 - (63) 758 Petronio Portela Empreend Imobiliarios S 49.99 8 3 (191) (73) - (4) (257) Plarcon Cyrela Empreendimentos Imobiliar 50.00 31,923 (30,475) (2,209) (2,669) 50 (714) (4,094) Porto Esperanca Incorporadora Ltda 49.95 - - (50) (8) - - (58) Prata Brasil Empreendimento Imobiliario 49.92 3,825 (2,654) (453) 27 15 (134) 626 Provincia Incorporadora Ltda 49.95 1,007 (513) (211) (8) - (28) 247 Queiroz Galvao Cyrela Empreendimento Imo 38.62 (70) (316) (529) 245 26 (11) (655) Queiroz Galvao Cyrela Oklahoma Empreend 48.90 14,102 (9,577) (154) 217 - (448) 4,140 Queiroz Galvao Mac Cyrela Veneza Empreen 29.97 13,345 (8,519) (84) 658 10 (661) 4,749 Residencial Sao Conrado Empreendimentos 48.67 2,154 (1,683) (1,004) 1,199 - (111) 555 Riviera Ponta Negra Empreendimentos Imob 48.96 - - (4) - - - (4) Rouxinol Salvador Alende Empreendimentos 50.00 - - (19) - - - (19) Rummaala S/A 49.99 18,778 (15,024) (482) (1,948) - 170 1,494 Salmiana Empreendimentos S/A 49.99 376 (235) (93) (157) - 7 (102) Salto Empreendimentos Imobiliarios Spe L 49.99 2,841 (1,612) (33) 67 (192) (111) 960 Savona Empreendimento Imobiliario Spe Lt 50.00 - - (66) (20) 73 - (13) Scp - Mac Construtora Ltda - Scp Baturit 49.91 11,535 (6,851) (45) 95 - (392) 4,342 Scp Classic/Galli 47.81 31 66 (264) (12) 45 (7) (141) Sk Realty Empreendimentos Imobiliarios S/A 50.00 255 - (1,777) 11 10,529 - 9,018 Slk Empreendimento Imobiliario Spe Ltda 29.99 13,338 (7,962) (124) 105 - (427) 4,930 Tibirica Empreendimentos Imobiliarios Lt 50.00 5,515 (3,440) (452) (198) - (106) 1,319 Topazio Brasil Empreendimento Imobiliari 49.92 25,214 (15,487) (1,151) (447) (182) (887) 7,060 Urimonduba Empreendimentos Imobiliarios 49.99 11,236 (5,858) (71) 82 275 (413) 5,251 Viena Incorporadora Spe Ltda 49.99 398 (175) (264) (1) 16 (11) (37) Vila Maria Empreendimentos Imobiliarios 49.99 4,068 (2,343) (69) (17) 60 (121) 1,578 Vista Al Muelle S/A 45.00 - - 15 13 - - 28 Vivere Franca Empreendimentos Imobiliari 39.93 1,178 (764) (407) 10 - (38) (21) Vivere Japao Empreendimentos Imobiliario 39.93 4,554 (3,137) (613) (1) - (141) 662 Zetol S/A 45.00 - - 4 37 - - 41


September 30, 2009





Other Income tax andJoint Venture Interest Net Operating Financial income and Social Contribution -

- % income Costs expenses income expenses current and deferred TotalAtlantida Empreendimentos Imobiliarios S 79.99 29,201 (21,310) (2,452) 469 46 (337) 5,617 Australia Empreendimentos Imobiliarios L 68.00 101,780 (71,011) (3,421) 98 (36) (3,321) 24,089 Cbr 012 Empreendimentos Imobiliarios Ltd 80.00 - - (372) - 1 - (371) Chiachiaretta Empreendimentos Imobiliari 54.40 - - (49) 1 12 - (36) Cyrela Andrade Mendonca Empreendimentos 80.00 11,255 (9,219) (6,823) (53) 24,393 (421) 19,132 Cyrela Andrade Mendonça Jcpm Empreenimen 68.00 - - (152) 4 - - (148) Cyrela China Empreendimentos Imobiliario 79.99 1,160 (794) (2,666) (253) 30 (12) (2,535) Cyrela Mac Amazonas Empreendimentos Imob 79.96 72,500 (50,860) (699) (2,562) 840 (2,627) 16,592 Cyrela Mac Everest Empreendimentos Imobi 53.99 3,844 (2,938) (24) 169 - (170) 881 Cyrela Mac Monterey Empreendimentos Imob 62.95 14,723 (8,964) (311) 157 - (529) 5,076 Cyrela Suecia Empreendimentos Imobiliari 89.50 - 104 (3,026) (16) - (1) (2,939) Ephigenio Sales Empreendimentos Imobilia 62.95 - - (18) - - - (18) Fernao Dias Empreendimentos Imobiliarios 80.00 21,844 (15,048) (309) (106) 5 (792) 5,594 Mac Canada Empreendimentos Imobiliarios 69.94 - - (4) - - - (4) Mac Cyrela Equador Empreendimentos Imobi 67.95 23,590 (20,530) (739) (58) 6 - 2,269 Mac Cyrela Mafra Empreendimentos Imobili 79.96 69,476 (41,121) (11,961) 365 344 (2,153) 14,950 Mac Dinamarca Empreend Imobil Ltda 69.95 11,083 (7,118) (1,966) 34 - (358) 1,675 Mac Finlandia Empreendimentos Imobiliari 69.95 - - (229) - (725) - (954) Mac Hungria Empreendimentos Imobiliarios 68.55 - - (715) 20 - (5) (700) Mac Mexico Empreendimentos Imobiliarios 69.95 11,922 (8,416) (1,555) 207 (1) (443) 1,714 Mesopotamia Empreendimentos Imobiliarios 67.99 6,236 (3,263) (1,263) 3 103 (195) 1,621 Miralta Empreendimento Imobiliario Spe L 51.35 1,925 (1,119) (79) 12 - (5) 734 Plano & Plano Construcoes E Participacoe 79.00 3,801 (2,220) (8,790) (579) 27,554 - 19,766 Plano Amoreira Empreendimentos Imobiliar 91.60 4,392 (2,942) (1,213) - - (140) 97 Plano Araucaria Empreendimentos Imobilia 78.97 16,933 (11,107) (376) (4) - (450) 4,996 Plano Aroeira Empreendimentos Imobiliari 78.97 6,032 (2,987) (199) 2 - (146) 2,702 Plano Cambara Empreendimentos Imobiliari 78.97 - - - - - - - Plano Castanheira Empreendimentos Imobil 91.60 - - (6) - (1) - (7) Plano Cedro Empreendimentos Imobiliarios 78.97 8,185 (4,552) (215) (2) - (223) 3,193 Plano Cerejeiras Empreendimentos Imobili 78.97 - - (30) - - - (30) Plano Figueira Empreendimentos Imobiliar 78.97 15,833 (8,464) (313) (40) - (434) 6,582 Plano Flambouyant Empreendimentos Imobil 78.97 - - (16) - - (8) (24) Plano Guapira Empreendimentos Imobiliari 78.97 - - (599) - 3 - (596) Plano Ipe Empreendimentos Imobiliarios L 78.97 - - (1,116) (4) - - (1,120) Plano Jacaranda Empreendimentos Imobilia 78.97 - (71) (18) - - - (89) Plano Jatoba Empreendimentos Imobiliario 78.97 8,219 (4,503) (167) (14) - (235) 3,300 Plano Macieira Empreendimentos Imobiliar 78.97 - - - - - - - Plano Manaca Empreendimentos Imobiliario 78.97 - - (12) - - - (12) Plano Mangueira Empreendimentos Imobilia 78.97 - - (5) - - - (5) Plano Mogno Empreendimentos Imobiliarios 78.97 - - (16) - - - (16) Plano Paineira Empreendimentos Imobiliar 78.97 - - - - - - - Plano Palmeiras Empreendimentos Imobilia 78.97 3,478 (2,400) (526) (4) 3 (107) 444 Plano Pitangueiras Empreend Imobiliarios 78.97 4,114 (2,305) (119) (6) - (115) 1,569 Plano Seringueira Empreendimentos Imobil 78.97 7,308 (886) (1,150) (17) - (167) 5,088 Rd Mac Boto Empreendimentos Imobiliarios 68.55 - - (3) - - - (3) Ssb Empreendimento Imobiliario Spe S/A 53.59 6,188 (3,599) (2,111) 1,186 1 (596) 1,069 Vereda Paraiso Empreendimentos Imobiliar 57.34 (60) (434) (89) - 11 7 (565) Vero Campo Belo Empreend. Imobil. Spe Lt 78.97 2,164 (2,582) (99) (68) - (3) (588) Vero Sta Isabel Empreend. Imobil. Spe Lt 78.97 13,209 (9,681) (362) (131) - (373) 2,662 Vmss Empreendimeno Imobiliario Spe S/A 53.59 4,621 (2,785) (1,593) 113 20 (172) 204


September 30, 2009




June 30, 2009 Assets


Acropole Incorporadora Ltda 40.00 8,928 (3,081) - 5,847 Agra Cyrela Spe Ltda 46.44 2,950 770 - 3,720 Alexandria Empreendimentos Imobiliarios 49.99 4,961 4,807 - 9,768 Alpen Haus Desenvolvimento Imobiliario S 24.00 2,384 - - 2,384 Alpen Haus Negocios Imobiliarios S/A 24.00 2,977 40 - 3,017 Arizona Investimentos Imobiliarios Ltda 50.00 15,231 - 12 15,243 Augusto De Miranda Empreendimentos Imobi 49.99 2,878 909 1 3,788 Autentico Vila Carrao Empreend Imobil Sp 49.99 6,480 277 - 6,757 Brigadeiro Galvao Empreendimentos Imobil 49.91 2,161 - - 2,161 C.E.A. Empreendimentos Imobiliarios Spe 50.00 8,726 1,503 - 10,229 Caiobas Empreendimentos Imobiliarios Spe 49.99 6,081 501 - 6,582 Camargo Correa - Cyrela Empreend Imobil 50.00 7,459 - 138 7,597 Capri Incorporadora Spe Ltda 49.99 9,076 - 68 9,144 Cbr 005 Empreendimentos Imobiliarios Ltd 50.00 71 30,153 - 30,224 Cbr 011 Empreendimentos Imobiliarios Ltd 32.50 17,540 - 14 17,554 Cedro Consultoria Imobiliaria Ltda 50.00 369 - 78 447 Chl Xxxv Incorporacoes Ltda 39.66 3,411 - - 3,411 City Parque Morumbi Empreendimentos Imob 50.00 24,311 - 1,128 25,439 Costa De Guadalupe Empreendimentos Imobi 45.00 134 12,720 - 12,854 Costa Maggiore Empreendimentos Imobiliar 50.00 7,597 86 10 7,693 Cubatao Empreendimentos Imobiliarios Ltd 49.99 3,268 4,192 - 7,460 Curupaiti Empreendimentos Imobiliarios S 49.99 4,592 - - 4,592 Cury Construtora E Incorporadora S/A 50.00 769 838 42,085 43,692 Cyrela Gafisa Spe Ltda 46.49 1,783 450 - 2,233 Cyrela Magik Tecnisa Empreendimentos Imo 36.67 1,995 5,954 - 7,949 Cyrela Milao Empreendimentos Imobiliario 48.67 7,962 22,746 - 30,708 Cyrela Minas Empreendimentos Imobiliario 50.00 5,433 11,612 - 17,045 Cyrela Rjz Jc Gontijo Empreendimentos Im 43.00 245 75,592 14 75,851 Cyrela Tecnisa De Invest Imob Ltda 50.00 10,509 7,330 - 17,839 Cyrela Tecnisa Klabin Segall Empreend. I 32.41 2,462 930 - 3,392 Cyrela Tennessee Empreendimentos Imobili 48.67 5,029 14,455 - 19,484 Cyrsa S/A 50.00 12,327 5,113 23,410 40,850 Dalia Empreendimentos Imobiliarios Ltda 48.61 1,794 2,958 - 4,752 Estela Borges Empreendimentos Imobiliari 49.99 18,233 3 - 18,236 Europa Brasil Empreendimento Imobiliario 49.92 3,752 3,436 518 7,706 Fabia Empreendimentos Imobiliarios Spe L 32.50 4,716 113 5 4,834 Forest Hill De Investimentos Imobiliario 49.44 221 5,807 - 6,028 Galeria Boulevard Desenvolvimento Imobil 48.61 14,457 - - 14,457 Galeria Boulevard Negocios Imobiliarios 48.61 24,367 475 - 24,842 Gcm Empreendimentos Imobiliarios Ltda 49.99 5,631 3,618 - 9,249 Girassol - Vila Madalena Empreend Imobil 50.00 1,187 47 - 1,234 Gliese Incorporadora Ltda 45.49 28,676 - 440 29,116 Jaguariuna Empreendimentos Imobiliarios 50.00 5,400 166 59 5,625 Klabin Segall Cyrela Rjz Empreendimento 48.67 6,356 181 - 6,537 Klabin Segall Cyrela Spe Ltda 37.93 1,105 1,529 - 2,634 Klabin Segall Vergueiro Emp. Imobil Spe 38.50 4,842 4,690 - 9,532


September 30, 2009






Lao Empreendimentos Imobiliarios Ltda 39.95 12,225 296 - 12,521 Licy Empreendimentos Imobiliarios S/A 50.00 75 652 1,857 2,584 Lorena Empreendimentos Imobiliarios Spe 49.99 8,299 - - 8,299 Lucio Brazil Real Estate S/A 49.97 - 5,270 (1,691) 3,579 Mac Brasil Empreendimentos Imobiliarios 49.91 1 - - 1 Mac Construtora Ltda 49.95 34,963 - 6,030 40,993 Mac Cyrela Italia Empreendimentos Imobil 49.95 16,718 13,225 - 29,943 Mac Empreendimentos Imobiliarios S/A 49.91 13,994 12,148 125,042 151,184 Mac Espanha Empreendimentos Imobiliarios 49.91 3,439 670 - 4,109 Mac Holanda Empreendimentos Imobilairios 49.91 - - - - Mac Incorporadora Ltda 24.95 10 - - 10 Mac Investimentos E Participacoes Ltda 49.91 5,024 2 4,252 9,278 Mac Irlanda Empreendimentos Imobiliarios 49.91 8,765 264 - 9,029 Mac Italia Empreendimentos Imobiliarios 49.92 5 - - 5 Mac Monaco Empreendimentos Imobiliarios 49.91 - - - - Mac Portugal Empreendimentos Imobiliario 49.91 11,051 - 8 11,059 Mac Venezuela Empreendimentos Imobiliari 49.91 - - - - Madagascar Incorporadora Ltda 49.95 1,069 - 578 1,647 Magnum Investimentos Imobiliarios Ltda 30.00 3,635 16,680 - 20,315 Marquise Empreendimentos Imobiliarios Sp 50.00 1,330 - 415 1,745 Merito Empreendimentos Imobiliarios Spe 49.99 8,816 - - 8,816 Mestre Alvaro Empreendimentos Imobiliari 49.99 17,886 6,165 - 24,051 Moinho Velho Empreendimentos Imobiliario 50.00 26 18,192 - 18,218 Monterey Incorporacoes Spe Ltda 49.95 139 - 5 144 Nova Delhi Incorporadora Spe Ltda 49.99 20,618 1,647 91 22,356 Nova Vila Guilherme Empreendimentos Imob 50.00 594 83,019 68 83,681 Np Empreendimentos Imobiliarios Ltda 34.95 952 3,364 - 4,316 Office Shopping 2 Empreendimentos Ltda 50.00 10,321 12,285 698 23,304 Padre Adelino Empreendimentos Imobiliari 49.99 23,305 564 - 23,869 Paraba Empreendimentos E Participacoes L 21.39 1,566 - - 1,566 Parque Turiassu Empreendimentos Imobiliario Spe Lt 39.99 2,781 5,977 - 8,758 Petronio Portela Empreend Imobiliarios S 49.99 4,093 89 - 4,182 Plarcon Cyrela Empreendimentos Imobiliar 50.00 53,594 38,082 - 91,676 Prata Brasil Empreendimento Imobiliario 49.92 1,117 - 2 1,119 Provincia Incorporadora Ltda 49.95 1,497 1,588 6 3,091 Queiroz Galvao Cyrela Empreendimento Imo 38.62 1,610 1,103 - 2,713 Queiroz Galvao Cyrela Oklahoma Empreend 48.90 16,671 602 - 17,273 Queiroz Galvao Mac Cyrela Veneza Empreen 29.97 10,898 3,979 - 14,877 Residencial Sao Conrado Empreendimentos 48.67 5,437 5,562 - 10,999 Riviera Ponta Negra Empreendimentos Imob 48.96 1 28,465 - 28,466 Rummaala S/A 49.99 52,101 4,672 561 57,334 Salmiana Empreendimentos S/A 49.99 27,243 - - 27,243 Salto Empreendimentos Imobiliarios Spe L 49.99 1,683 2,399 2 4,084 Savona Empreendimento Imobiliario Spe Lt 50.00 2,659 - 454 3,113 Scp - Mac Construtora Ltda - Scp Baturit 49.91 9,106 - - 9,106 Scp Classic/Galli 47.81 1,745 208 - 1,953 Sk Realty Empreendimentos Imobiliarios S/A 50.00 88 4,956 27,449 32,493 Slk Empreendimento Imobiliario Spe Ltda 29.99 8,338 - - 8,338 Tibirica Empreendimentos Imobiliarios Lt 50.00 6,554 391 368 7,313 Topazio Brasil Empreendimento Imobiliari 49.92 13,542 7,945 222 21,709 Urimonduba Empreendimentos Imobiliarios 49.99 8,210 3,926 - 12,136 Viena Incorporadora Spe Ltda 49.99 1,562 864 47 2,473 Vila Maria Empreendimentos Imobiliarios 49.99 6,933 3 - 6,936 Vivere Franca Empreendimentos Imobiliari 39.93 1,152 - 250 1,402 Vivere Japao Empreendimentos Imobiliario 39.93 4,044 - 405 4,449


September 30, 2009





Joint Venture Interest Non - % Current Current Permanent Total

Atlantida Empreendimentos Imobiliarios S 79.99 14,179 14,522 296 28,997 Australia Empreendimentos Imobiliarios L 68.00 81,108 42,795 6,153 130,056 Cbr 012 Empreendimentos Imobiliarios Ltd 80.00 - 8,200 8 8,208 Chiachiaretta Empreendimentos Imobiliari 54.40 3,376 8,384 4 11,764 Cyrela Andrade Mendonca Empreendimentos 80.00 23,371 34,704 41,504 99,579 Cyrela Andrade Mendonça Jcpm Empreenimen 68.00 8,350 - 1,071 9,421 Cyrela China Empreendimentos Imobiliario 79.99 6,156 59,494 663 66,313 Cyrela Mac Amazonas Empreendimentos Imob 79.96 39,015 57,830 - 96,845 Cyrela Mac Everest Empreendimentos Imobi 53.99 10,606 59 - 10,665 Cyrela Mac Monterey Empreendimentos Imob 62.95 13,743 - - 13,743 Cyrela Suecia Empreendimentos Imobiliari 89.50 76,079 - 133 76,212 Ephigenio Sales Empreendimentos Imobilia 62.95 23 6,425 74 6,522 Fernao Dias Empreendimentos Imobiliarios 80.00 9,758 4,307 1 14,066 Mac Canada Empreendimentos Imobiliarios 69.94 7,686 - 125 7,811 Mac Cyrela Equador Empreendimentos Imobi 67.95 31,606 696 23 32,325 Mac Cyrela Mafra Empreendimentos Imobili 79.96 41,536 30,300 7,220 79,056 Mac Dinamarca Empreend Imobil Ltda 69.95 16,460 2,006 (88) 18,378 Mac Finlandia Empreendimentos Imobiliari 69.95 40 6,185 16,678 22,903 Mac Hungria Empreendimentos Imobiliarios 68.55 9,932 - 370 10,302 Mac Mexico Empreendimentos Imobiliarios 69.95 28,212 442 (95) 28,559 Mesopotamia Empreendimentos Imobiliarios 67.99 1,393 670 870 2,933 Miralta Empreendimento Imobiliario Spe L 51.35 4,403 120 - 4,523 Plano & Plano Construcoes E Participacoe 79.00 1,708 4,896 103,745 110,349 Plano Amoreira Empreendimentos Imobiliar 91.60 33,188 2,142 - 35,330 Plano Araucaria Empreendimentos Imobilia 78.97 18,851 - - 18,851 Plano Aroeira Empreendimentos Imobiliari 78.97 9,546 - - 9,546 Plano Cambara Empreendimentos Imobiliari 78.97 8 - - 8 Plano Castanheira Empreendimentos Imobil 91.60 239 - - 239 Plano Cedro Empreendimentos Imobiliarios 78.97 10,263 - - 10,263 Plano Cerejeiras Empreendimentos Imobili 78.97 2,077 - 16 2,093 Plano Figueira Empreendimentos Imobiliar 78.97 15,169 - - 15,169 Plano Flambouyant Empreendimentos Imobil 78.97 6,509 (18) - 6,491 Plano Guapira Empreendimentos Imobiliari 78.97 4,298 - - 4,298 Plano Ipe Empreendimentos Imobiliarios L 78.97 7,237 - 411 7,648 Plano Jacaranda Empreendimentos Imobilia 78.97 1,777 - - 1,777 Plano Jatoba Empreendimentos Imobiliario 78.97 10,869 - - 10,869 Plano Macieira Empreendimentos Imobiliar 78.97 9 - - 9 Plano Manaca Empreendimentos Imobiliario 78.97 8 - - 8 Plano Mangueira Empreendimentos Imobilia 78.97 398 - - 398 Plano Mogno Empreendimentos Imobiliarios 78.97 3,818 - - 3,818 Plano Paineira Empreendimentos Imobiliar 78.97 8 - - 8 Plano Palmeiras Empreendimentos Imobilia 78.97 3,528 - 358 3,886 Plano Pitangueiras Empreend Imobiliarios 78.97 4,360 - - 4,360 Plano Seringueira Empreendimentos Imobil 78.97 12,352 - - 12,352 Rd Mac Boto Empreendimentos Imobiliarios 68.55 14 2,414 1,002 3,430 Ssb Empreendimento Imobiliario Spe S/A 53.59 7,729 12,033 2,494 22,256 Vereda Paraiso Empreendimentos Imobiliar 57.34 330 12,942 - 13,272 Vero Campo Belo Empreend. Imobil. Spe Lt 78.97 10,525 - - 10,525 Vero Sta Isabel Empreend. Imobil. Spe Lt 78.97 18,914 38 - 18,952 Vmss Empreendimeno Imobiliario Spe S/A 53.59 4,058 108 186 4,352


September 30, 2009




June 30, 2009 Liabilities


Acropole Incorporadora Ltda 40.00 910 2,385 2,552 5,847 Agra Cyrela Spe Ltda 58.01 611 181 2,928 3,720 Alexandria Empreendimentos Imobiliarios 49.99 854 3,277 5,637 9,768 Alpen Haus Desenvolvimento Imobiliario S 24.00 716 89 1,579 2,384 Alpen Haus Negocios Imobiliarios S/A 24.00 2,753 50 214 3,017 Arizona Investimentos Imobiliarios Ltda 50.00 3,924 6,683 4,636 15,243 Augusto De Miranda Empreendimentos Imobi 49.99 933 828 2,027 3,788 Autentico Vila Carrao Empreend Imobil Sp 49.99 1,151 3,241 2,365 6,757 Brigadeiro Galvao Empreendimentos Imobil 49.91 800 39 1,322 2,161 C.E.A. Empreendimentos Imobiliarios Spe 50.00 546 226 9,457 10,229 Caiobas Empreendimentos Imobiliarios Spe 49.99 3,238 1,182 2,162 6,582 Camargo Correa - Cyrela Empreend Imobil 50.00 76 4,602 2,919 7,597 Capri Incorporadora Spe Ltda 50.00 18 - 9,126 9,144 Cbr 005 Empreendimentos Imobiliarios Ltd 50.00 12,117 18,175 (68) 30,224 Cbr 011 Empreendimentos Imobiliarios Ltd 32.50 277 217 17,060 17,554 Cedro Consultoria Imobiliaria Ltda 50.00 232 - 215 447 Chl Xxxv Incorporacoes Ltda 39.66 28 3,192 191 3,411 City Parque Morumbi Empreendimentos Imob 50.00 24,021 661 757 25,439 Costa De Guadalupe Empreendimentos Imobi 45.00 1 15 12,838 12,854 Costa Maggiore Empreendimentos Imobiliar 50.00 274 317 7,102 7,693 Cubatao Empreendimentos Imobiliarios Ltd 49.99 5,780 233 1,447 7,460 Curupaiti Empreendimentos Imobiliarios S 49.99 90 682 3,820 4,592 Cury Construtora E Incorporadora S/A 50.00 1,659 1,825 40,208 43,692 Cyrela Gafisa Spe Ltda 46.49 (23) 180 2,076 2,233 Cyrela Magik Tecnisa Empreendimentos Imo 36.67 154 400 7,395 7,949 Cyrela Milao Empreendimentos Imobiliario 48.67 4,430 6,411 19,867 30,708 Cyrela Minas Empreendimentos Imobiliario 50.00 4,893 7,582 4,570 17,045 Cyrela Rjz Jc Gontijo Empreendimentos Im 43.00 53,038 853 21,960 75,851 Cyrela Tecnisa De Invest Imob Ltda 50.00 2,322 203 15,314 17,839 Cyrela Tecnisa Klabin Segall Empreend. I 32.41 1,974 42 1,376 3,392 Cyrela Tennessee Empreendimentos Imobili 48.67 874 1,383 17,227 19,484 Cyrsa S/A 50.00 1,098 23,145 16,607 40,850 Dalia Empreendimentos Imobiliarios Ltda 48.61 230 12 4,510 4,752 Estela Borges Empreendimentos Imobiliari 49.99 3,740 5,844 8,652 18,236 Europa Brasil Empreendimento Imobiliario 49.92 7,516 79 111 7,706 Fabia Empreendimentos Imobiliarios Spe L 32.50 453 2,896 1,485 4,834 Forest Hill De Investimentos Imobiliario 49.44 30 4,800 1,198 6,028 Galeria Boulevard Desenvolvimento Imobil 48.61 184 573 13,700 14,457 Galeria Boulevard Negocios Imobiliarios 48.61 13,522 2,516 8,804 24,842 Gcm Empreendimentos Imobiliarios Ltda 49.99 1,783 5,157 2,309 9,249 Girassol - Vila Madalena Empreend Imobil 50.00 111 1,190 (67) 1,234 Gliese Incorporadora Ltda 58.11 15,947 604 12,565 29,116 Jaguariuna Empreendimentos Imobiliarios 50.00 1,905 494 3,226 5,625 Klabin Segall Cyrela Rjz Empreendimento 48.67 296 160 6,081 6,537 Klabin Segall Cyrela Spe Ltda 37.93 180 310 2,144 2,634 Klabin Segall Vergueiro Emp. Imobil Spe 38.50 822 4,016 4,694 9,532


September 30, 2009




June 30, 2009 Liabilities

Joint Venture Interest Non Shareholder's- % Current Current Equity Total

Atlantida Empreendimentos Imobiliarios S 80.00 26,151 4,111 (1,265) 28,997 Australia Empreendimentos Imobiliarios L 68.00 63,918 28,988 37,150 130,056 Cbr 012 Empreendimentos Imobiliarios Ltd 56.00 8,200 315 (307) 8,208 Chiachiaretta Empreendimentos Imobiliari 54.39 7,686 311 3,767 11,764 Cyrela Andrade Mendonca Empreendimentos 80.00 37,874 6,103 55,602 99,579 Cyrela Andrade Mendonça Jcpm Empreenimen 67.99 4 1,977 7,440 9,421 Cyrela China Empreendimentos Imobiliario 80.00 59,540 810 5,963 66,313 Cyrela Mac Amazonas Empreendimentos Imob 79.96 7,201 65,396 24,248 96,845 Cyrela Mac Everest Empreendimentos Imobi 53.99 7,272 195 3,198 10,665 Cyrela Mac Monterey Empreendimentos Imob 62.95 1,670 7,347 4,726 13,743 Cyrela Suecia Empreendimentos Imobiliari 89.50 50,708 - 25,504 76,212 Ephigenio Sales Empreendimentos Imobilia 62.95 3,149 - 3,373 6,522 Fernao Dias Empreendimentos Imobiliarios 80.00 543 6,623 6,900 14,066 Mac Canada Empreendimentos Imobiliarios 69.94 4,872 196 2,743 7,811 Mac Cyrela Equador Empreendimentos Imobi 67.95 15,491 208 16,626 32,325 Mac Cyrela Mafra Empreendimentos Imobili 79.96 2,632 1,058 75,366 79,056 Mac Dinamarca Empreend Imobil Ltda 69.95 540 45 17,793 18,378 Mac Finlandia Empreendimentos Imobiliari 69.95 26 139 22,738 22,903 Mac Hungria Empreendimentos Imobiliarios 68.55 1,265 1,707 7,330 10,302 Mac Mexico Empreendimentos Imobiliarios 69.95 5,040 48 23,471 28,559 Mesopotamia Empreendimentos Imobiliarios 67.99 809 2,950 (826) 2,933 Miralta Empreendimento Imobiliario Spe L 51.35 541 34 3,948 4,523 Plano & Plano Construcoes E Participacoe 79.00 6,091 15,476 88,782 110,349 Plano Amoreira Empreendimentos Imobiliar 91.60 23,724 - 11,606 35,330 Plano Araucaria Empreendimentos Imobilia 78.97 1,987 478 16,386 18,851 Plano Aroeira Empreendimentos Imobiliari 78.97 3,145 1 6,400 9,546 Plano Cambara Empreendimentos Imobiliari 78.97 - - 8 8 Plano Castanheira Empreendimentos Imobil 91.60 1 - 238 239 Plano Cedro Empreendimentos Imobiliarios 78.97 590 2,631 7,042 10,263 Plano Cerejeiras Empreendimentos Imobili 78.97 86 - 2,007 2,093 Plano Figueira Empreendimentos Imobiliar 78.97 1,802 272 13,095 15,169 Plano Flambouyant Empreendimentos Imobil 78.97 3,678 - 2,813 6,491 Plano Guapira Empreendimentos Imobiliari 78.97 448 - 3,850 4,298 Plano Ipe Empreendimentos Imobiliarios L 78.97 4,283 - 3,365 7,648 Plano Jacaranda Empreendimentos Imobilia 78.97 11 - 1,766 1,777 Plano Jatoba Empreendimentos Imobiliario 78.97 2,050 159 8,660 10,869 Plano Macieira Empreendimentos Imobiliar 78.97 - - 9 9 Plano Manaca Empreendimentos Imobiliario 78.97 - - 8 8 Plano Mangueira Empreendimentos Imobilia 78.97 1 - 397 398 Plano Mogno Empreendimentos Imobiliarios 78.97 627 - 3,191 3,818 Plano Paineira Empreendimentos Imobiliar 78.97 - - 8 8 Plano Palmeiras Empreendimentos Imobilia 78.97 375 - 3,511 3,886 Plano Pitangueiras Empreend Imobiliarios 78.97 1,752 77 2,531 4,360 Plano Seringueira Empreendimentos Imobil 78.97 11,682 - 670 12,352 Rd Mac Boto Empreendimentos Imobiliarios 68.55 208 - 3,222 3,430 Ssb Empreendimento Imobiliario Spe S/A 53.59 17,891 6,576 (2,211) 22,256 Vereda Paraiso Empreendimentos Imobiliar 57.34 4,793 19 8,460 13,272 Vero Campo Belo Empreend. Imobil. Spe Lt 78.97 3,420 4,269 2,836 10,525 Vero Sta Isabel Empreend. Imobil. Spe Lt 78.97 5,104 4,751 9,097 18,952 Vmss Empreendimeno Imobiliario Spe S/A 53.59 2,875 2,024 (547) 4,352


September 30, 2009




June 30, 2009 Taxable income


Acropole Incorporadora Ltda 40.00 2,733 (1,847) (12) (14) - (76) 784 Agra Cyrela Spe Ltda 58.01 4 - (81) 56 - 2 (19) Alexandria Empreendimentos Imobiliarios 49.99 4,408 (2,806) 33 (19) - (141) 1,475 Alpen Haus Desenvolvimento Imobiliario S 24.00 419 (167) (2) 25 - (12) 263 Alpen Haus Negocios Imobiliarios S/A 24.00 1,182 (982) (76) 43 - (11) 156 Arizona Investimentos Imobiliarios Ltda 50.00 8,177 (4,077) (82) (236) 25 (274) 3,533 Augusto De Miranda Empreendimentos Imobi 49.99 1,782 (1,175) (218) 1 (92) (52) 246 Autentico Vila Carrao Empreend Imobil Sp 49.99 2,817 (2,343) (38) (19) - (76) 341 Brigadeiro Galvao Empreendimentos Imobil 49.91 2,510 (1,569) (32) 7 - (77) 839 C.E.A. Empreendimentos Imobiliarios Spe 50.00 5,244 (2,570) (15) 43 8 (182) 2,528 Caiobas Empreendimentos Imobiliarios Spe 49.99 (1,067) 590 (56) 222 - 23 (288) Camargo Correa - Cyrela Empreend Imobil 50.00 2 - (6) (61) - (8) (73) Capri Incorporadora Spe Ltda 50.00 - - (39) - - - (39) Cbr 005 Empreendimentos Imobiliarios Ltd 50.00 - - (6) (113) - - (119) Cbr 011 Empreendimentos Imobiliarios Ltd 32.50 - - (235) - - - (235) Cedro Consultoria Imobiliaria Ltda 50.00 88 - (128) (2) - (7) (49) Chl Xxxv Incorporacoes Ltda 39.66 113 - (16) - - (9) 88 City Parque Morumbi Empreendimentos Imob 50.00 - - (53) - - - (53) Costa De Guadalupe Empreendimentos Imobi 45.00 - - (13) - - - (13) Costa Maggiore Empreendimentos Imobiliar 50.00 1,656 (1,007) (121) 69 - (65) 532 Cubatao Empreendimentos Imobiliarios Ltd 49.99 545 (363) (36) 68 50 (1) 263 Curupaiti Empreendimentos Imobiliarios S 49.99 - - (14) (2) - - (16) Cury Construtora E Incorporadora S/A 50.00 - - (860) (155) 2,500 - 1,485 Cyrela Gafisa Spe Ltda 46.49 (7) - (8) 35 - 2 22 Cyrela Magik Tecnisa Empreendimentos Imo 36.67 10 7 (87) 165 - 10 105 Cyrela Milao Empreendimentos Imobiliario 48.67 (1,166) (458) (83) 471 2 (60) (1,294) Cyrela Minas Empreendimentos Imobiliario 50.00 4,440 (4,243) (112) (634) - (144) (693) Cyrela Rjz Jc Gontijo Empreendimentos Im 43.00 - - (19) 2 - - (17) Cyrela Tecnisa De Invest Imob Ltda 50.00 69 (88) (54) 8 - 1 (64) Cyrela Tecnisa Klabin Segall Empreend. I 32.41 52 - (6) (1) - 2 47 Cyrela Tennessee Empreendimentos Imobili 48.67 (494) 42 (315) (4) - 112 (659) Cyrsa S/A 50.00 - - (981) 4,470 (617) 142 3,014 Dalia Empreendimentos Imobiliarios Ltda 48.61 (60) - (6) 25 - (6) (47) Estela Borges Empreendimentos Imobiliari 49.99 8,391 (4,467) (90) (126) - (271) 3,437 Europa Brasil Empreendimento Imobiliario 49.92 7,595 (5,075) (833) (87) (14) (207) 1,379 Fabia Empreendimentos Imobiliarios Spe L 32.50 1,772 (1,190) (72) (26) 2 (63) 423 Forest Hill De Investimentos Imobiliario 49.44 - (60) - - - - (60) Galeria Boulevard Desenvolvimento Imobil 48.61 360 (9) (6) 369 - (13) 701 Galeria Boulevard Negocios Imobiliarios 48.61 14,633 (10,398) (95) 513 - (1,355) 3,298 Gcm Empreendimentos Imobiliarios Ltda 49.99 4,589 (3,017) (43) (34) - (126) 1,369 Girassol - Vila Madalena Empreend Imobil 50.00 - - (71) 2 - 4 (65) Gliese Incorporadora Ltda 58.11 3,974 (2,287) (154) - - (122) 1,411 Jaguariuna Empreendimentos Imobiliarios 50.00 1,454 (1,078) (317) 1 - (39) 21 Klabin Segall Cyrela Rjz Empreendimento 48.67 (2,510) 431 (1) 70 227 74 (1,709) Klabin Segall Cyrela Spe Ltda 37.93 (147) 57 (27) 115 - 3 1 Klabin Segall Vergueiro Emp. Imobil Spe 38.50 2,582 (2,317) (54) 219 722 (106) 1,046


September 30, 2009






Lao Empreendimentos Imobiliarios Ltda 39.95 2,652 (1,448) (16) 442 - (122) 1,508 Licy Empreendimentos Imobiliarios S/A 50.00 - - (618) 5 1,213 (1) 599 Lorena Empreendimentos Imobiliarios Spe 49.99 2,977 (1,683) (84) (2) (44) (77) 1,087 Lucio Brazil Real Estate S/A 49.97 - - (60) (97) 5,516 - 5,359 Mac Brasil Empreendimentos Imobiliarios 49.91 - - - - - - - Mac Construtora Ltda 49.95 13,086 (9,441) (432) 71 2,340 (256) 5,368 Mac Cyrela Italia Empreendimentos Imobil 49.95 11,744 (7,525) (9) 18 - (443) 3,785 Mac Empreendimentos Imobiliarios S/A 49.91 1,284 - (4,317) (1,684) 19,757 - 15,040 Mac Espanha Empreendimentos Imobiliarios 49.91 2,560 (1,974) (52) 11 - (79) 466 Mac Holanda Empreendimentos Imobilairios 49.91 - - - - (3) - (3) Mac Incorporadora Ltda 24.95 - - (2) 2 - - - Mac Investimentos E Participacoes Ltda 49.91 886 - (683) (2) 49 (104) 146 Mac Irlanda Empreendimentos Imobiliarios 49.91 - - (37) - - - (37) Mac Italia Empreendimentos Imobiliarios 48.02 - - - - - - - Mac Monaco Empreendimentos Imobiliarios 49.91 - - - - (2) - (2) Mac Portugal Empreendimentos Imobiliario 49.91 5,336 (3,680) (90) 117 - (195) 1,488 Mac Venezuela Empreendimentos Imobiliari 49.91 - - - - (3) - (3) Madagascar Incorporadora Ltda 49.95 - - (336) (2) - - (338) Magnum Investimentos Imobiliarios Ltda 30.00 97 (279) (20) (328) - (83) (613) Marquise Empreendimentos Imobiliarios Sp 50.00 - - (242) (1) 1 - (242) Merito Empreendimentos Imobiliarios Spe 49.99 3,616 (2,078) (15) (12) - (111) 1,400 Mestre Alvaro Empreendimentos Imobiliari 49.99 9,915 (5,495) (23) (403) 1 (303) 3,692 Moinho Velho Empreendimentos Imobiliario 50.00 - - - (368) - - (368) Monterey Incorporacoes Spe Ltda 50.00 - - (2) - - - (2) Nova Delhi Incorporadora Spe Ltda 49.99 4,788 (2,991) (203) (45) - (150) 1,399 Nova Vila Guilherme Empreendimentos Imob 50.00 - - (40) - - - (40) Np Empreendimentos Imobiliarios Ltda 34.95 (7) 1 (12) 14 - 1 (3) Office Shopping 2 Empreendimentos Ltda 50.00 - - (9) - - - (9) Padre Adelino Empreendimentos Imobiliari 49.99 7,141 (3,765) (26) (71) - (211) 3,068 Paraba Empreendimentos E Participacoes L 21.39 659 (624) (40) (113) 1 (42) (159) Parque Turiassu Empreendimentos Imobiliario Spe Lt 39.99 1,640 (1,054) (32) 8 - (43) 519 Petronio Portela Empreend Imobiliarios S 49.99 (56) 35 (118) (29) - (1) (169) Plarcon Cyrela Empreendimentos Imobiliar 50.00 23,217 (19,970) (1,159) (1,145) - (496) 447 Prata Brasil Empreendimento Imobiliario 49.92 1,407 (957) (406) 20 15 (47) 32 Provincia Incorporadora Ltda 50.00 635 (407) (149) (5) - (18) 56 Queiroz Galvao Cyrela Empreendimento Imo 38.62 (3) (325) (424) 153 - (6) (605) Queiroz Galvao Cyrela Oklahoma Empreend 48.90 7,669 (4,427) (155) 149 - (232) 3,004 Queiroz Galvao Mac Cyrela Veneza Empreen 29.97 8,009 (5,153) (68) 476 - (423) 2,841 Residencial Sao Conrado Empreendimentos 48.67 1,701 (1,477) (349) 400 - (82) 193 Riviera Ponta Negra Empreendimentos Imob 48.96 - - (1) - - - (1) Rummaala S/A 49.99 17,027 (10,469) (414) (4,062) - (637) 1,445 Salmiana Empreendimentos S/A 49.99 641 (257) (51) (161) - (7) 165 Salto Empreendimentos Imobiliarios Spe L 49.99 1,623 (958) (23) 37 (155) (63) 461 Savona Empreendimento Imobiliario Spe Lt 50.00 - - (18) - - - (18) Scp - Mac Construtora Ltda - Scp Baturit 49.91 6,836 (4,258) (28) 64 - (235) 2,379 Scp Classic/Galli 47.81 12 84 (244) 11 - 2 (135) Sk Realty Empreendimentos Imobiliarios S/A 50.00 172 - (1,289) 13 4,620 - 3,516 Slk Empreendimento Imobiliario Spe Ltda 29.99 9,185 (4,832) (89) 101 - (317) 4,048 Tibirica Empreendimentos Imobiliarios Lt 50.00 1,647 (1,580) (260) (23) - (47) (263) Topazio Brasil Empreendimento Imobiliari 49.92 14,290 (8,525) (987) (170) - (497) 4,111 Urimonduba Empreendimentos Imobiliarios 49.99 4,859 (2,725) (23) 81 142 (217) 2,117 Viena Incorporadora Spe Ltda 49.99 (14) 14 (145) (1) - 2 (144) Vila Maria Empreendimentos Imobiliarios 49.99 1,830 (1,212) (54) 38 - (62) 540 Vivere Franca Empreendimentos Imobiliari 39.93 960 (658) (233) 3 - (30) 42 Vivere Japao Empreendimentos Imobiliario 39.93 - - (56) - - - (56)


September 30, 2009





Other Income tax andJoint Venture Interest Net Operating Financial income and Social Contribution -

- % income Costs expenses income expenses current and deferred TotalAtlantida Empreendimentos Imobiliarios S 80.00 9,327 (6,547) (509) 244 1 (416) 2,100 Australia Empreendimentos Imobiliarios L 68.00 42,296 (29,161) (2,290) 489 (25) (1,317) 9,992 Cbr 012 Empreendimentos Imobiliarios Ltd 56.00 - - (260) - - - (260) Chiachiaretta Empreendimentos Imobiliari 54.39 - - (26) 1 - - (25) Cyrela Andrade Mendonca Empreendimentos 80.00 6,424 (4,429) (3,456) (40) 11,193 (262) 9,430 Cyrela Andrade Mendonça Jcpm Empreenimen 67.99 - - (4) 4 - (1) (1) Cyrela China Empreendimentos Imobiliario 80.00 863 (622) (1,408) (190) - (29) (1,386) Cyrela Mac Amazonas Empreendimentos Imob 79.96 44,974 (30,150) (165) (1,560) - (1,791) 11,308 Cyrela Mac Everest Empreendimentos Imobi 53.99 3,217 (2,521) (14) 94 - (142) 634 Cyrela Mac Monterey Empreendimentos Imob 62.95 8,404 (5,791) (182) 116 - (312) 2,235 Cyrela Suecia Empreendimentos Imobiliari 89.50 1 - (1,306) 2 - (1) (1,304) Ephigenio Sales Empreendimentos Imobilia 62.95 - - (2) - - - (2) Fernao Dias Empreendimentos Imobiliarios 80.00 10,621 (7,338) (141) 14 5 (407) 2,754 Mac Canada Empreendimentos Imobiliarios 69.94 - - (2) - - - (2) Mac Cyrela Equador Empreendimentos Imobi 67.95 18,366 (13,939) (527) (112) 6 - 3,794 Mac Cyrela Mafra Empreendimentos Imobili 79.96 40,161 (23,863) (6,833) 111 - (1,395) 8,181 Mac Dinamarca Empreend Imobil Ltda 69.95 6,277 (4,014) (172) - - (196) 1,895 Mac Finlandia Empreendimentos Imobiliari 69.95 - - (114) - (48) - (162) Mac Hungria Empreendimentos Imobiliarios 68.55 - - (28) - - - (28) Mac Mexico Empreendimentos Imobiliarios 69.95 10,327 (7,435) (731) 99 (1) (360) 1,899 Mesopotamia Empreendimentos Imobiliarios 67.99 1,944 (980) (987) 5 - (56) (74) Miralta Empreendimento Imobiliario Spe L 51.35 444 24 (38) 7 - 23 460 Plano & Plano Construcoes E Participacoe 79.00 1,621 (609) (4,746) (494) 13,046 - 8,818 Plano Amoreira Empreendimentos Imobiliar 91.60 - - (498) 1 - - (497) Plano Araucaria Empreendimentos Imobilia 78.97 10,205 (6,248) (232) 4 - (196) 3,533 Plano Aroeira Empreendimentos Imobiliari 78.97 1,941 76 (130) 3 (4) (54) 1,832 Plano Cambara Empreendimentos Imobiliari 78.97 - - - - - - - Plano Castanheira Empreendimentos Imobil 91.60 - - (5) - - - (5) Plano Cedro Empreendimentos Imobiliarios 78.97 5,100 (2,361) (123) - - (120) 2,496 Plano Cerejeiras Empreendimentos Imobili 78.97 - - (26) - - - (26) Plano Figueira Empreendimentos Imobiliar 78.97 5,049 (2,241) (151) (6) - (143) 2,508 Plano Flambouyant Empreendimentos Imobil 78.97 - - (13) (9) - - (22) Plano Guapira Empreendimentos Imobiliari 78.97 - - (9) 2 - - (7) Plano Ipe Empreendimentos Imobiliarios L 78.97 - - (286) (1) - - (287) Plano Jacaranda Empreendimentos Imobilia 78.97 - - (86) - - - (86) Plano Jatoba Empreendimentos Imobiliario 78.97 2,775 (1,479) (59) (3) - (33) 1,201 Plano Macieira Empreendimentos Imobiliar 78.97 - - - - - - - Plano Manaca Empreendimentos Imobiliario 78.97 - - (11) - - - (11) Plano Mangueira Empreendimentos Imobilia 78.97 - - (4) - - - (4) Plano Mogno Empreendimentos Imobiliarios 78.97 - - (14) - - - (14) Plano Paineira Empreendimentos Imobiliar 78.97 - - - - - - - Plano Palmeiras Empreendimentos Imobilia 78.97 - - (139) (1) - (3) (143) Plano Pitangueiras Empreend Imobiliarios 78.97 1,683 (880) (67) 9 - (27) 718 Plano Seringueira Empreendimentos Imobil 78.97 1,316 (1,290) (891) 19 - 22 (824) Rd Mac Boto Empreendimentos Imobiliarios 68.55 - - (2) - - - (2) Ssb Empreendimento Imobiliario Spe S/A 53.59 3,184 (1,668) (1,666) 797 1 (372) 276 Vereda Paraiso Empreendimentos Imobiliar 57.34 (57) (396) (2) - 11 5 (439) Vero Campo Belo Empreend. Imobil. Spe Lt 78.97 1,930 (2,157) (70) 4 - (38) (331) Vero Sta Isabel Empreend. Imobil. Spe Lt 78.97 7,077 (3,434) (212) (147) - (169) 3,115 Vmss Empreendimeno Imobiliario Spe S/A 53.59 4,342 (813) (813) 67 - (152) 2,631 Investments abroad The accounting statements of the controlled company Brazil Realty Serviços e Investimentos Ltda. (with headquarters in the Bahamas), expressed in US dollars, were translated to Brazilian Reais by the current exchange rate method, for which the exchange rate effective on September 30, 2009 was used - R$1.7781 (Jun/2009: R$1.9516). The accounting statements of the controlled companies under common control Cyrsa S.A. and Rummaala S.A. (headquartered in Argentina), expressed in Argentine pesos, had their accounting practices revised and in consistency with those adopted in Brazil and were translated to Brazilian Reais by the historical exchange rate method for shareholders’ equity accounts and by the current exchange rate method for other assets and liabilities accounts, and for the latter the Company used the exchange rate effective on September 30, 2009 – R$0.462806 (Jun/2009: R$0.514120). The accounting statements of the controlled companies under common control Liveck S.A., Zetol S.A. and Vista Al Muelle S.A. (headquartered in Uruguay), expressed in Argentine pesos, had their accounting practices revised and in consistency with those adopted in Brazil and were translated to Brazilian Reais by the historical exchange rate method for shareholders’ equity accounts and by the current exchange rate method for other assets and liabilities accounts, and for the latter the Company used the exchange rate effective on September 30, 2009 – R$0.462806 (Jun/2009: R$0.514120).


September 30, 2009




10 Tangible assets (property, plant and equipment)


Annual depreciation

09/2009 06/2009 09/2009 06/2009 rate - %

Machinery and equipment (cost) 665 934 1,511 1,803

Accumulated depreciation (184) (274) (228) (371) 10

Furniture and fixtures (cost) 2,620 2,744 4,552 4,697


Computers (cost) 3,648 3,896 6,730 9,818

Accumulated depreciation (1,748) (1,942) (2,785) (3,073) 20

Facilities (cost) 2 - 322 437

Accumulated depreciation - - (44) (191) 10

Vehicles (cost) 92 92 120 660


Leasehold improvements 8,668 10,562 10,775 11,606

Accumulated depreciation (2,115) (2,539) (2,509) (2,724)

Sales Stands 360 82 145,702 107,990

Accumulated depreciation (1) (2) (38,989) (23,276)

Other (cost) - - 8 8

11,533 13,161 124,435 105,835

11 Intangible assets Balances of goodwill per future profitability were reclassified from the Investments group to Intangible assets in compliance with CVM Resolution 553/08 (CPC 04), whose balances are shown below:


September 30, 2009




Amortization

rate

% 09/2009 06/2009 09/2009 06/2009

Brands and Patents 20% 24 40 80 106 Software 20% 1,924 2,305 3,382 3,756 Expenses with projects under development ( i ) 26,514 19,988 26,520 19,988

28,462 22,333 29,982 23,850

Goodwill / Negative GoodwillAgra Empreendimentos Imobiliários S/A ( ii ) - (10,252) - - Aldeia da Colina Empreend Imob Ltda 126 126 126 126 Calafate Investimentos Imobiliarios Ltda 12,932 12,932 12,932 12,932 Costa de Guadalupe Empreendimentos Imobiliários Ltda. 762 762 762 762 Cury Construtora e Incorporadora S/A 5,572 5,572 5,572 5,572 Cyrela Commercial Properties S.A. Empreend e Participações 2,493 2,493 2,493 2,493 Cyrela Mafra Empr.Imob.Ltda. 1,531 1,531 1,531 1,531 Cyrela Malasia Empreendimentos Imobiliarios Ltda (1,364) (1,364) - - Cyrela RJZ Empreendimentos Imobiliários Ltda 9,963 9,963 9,963 9,963 Lao Empreendimentos Imobiliarios Ltda 1,281 1,984 1,281 1,984 Lc Empreendimentos Imobiliarios Spe Ltda 18,678 18,678 18,678 18,678 Liveck S/A 340 - 340 - Lombok Incorporadora Ltda 1,228 1,228 1,228 1,228 Maiastra 1 Empreendimentos Imobiliários Ltda. 2,284 2,284 2,284 2,284 Maiastra 2 Empreendimentos Imobiliários Ltda. 1,197 1,197 1,197 1,197 Nova Zelandia Empreend. Imolib. Ltda. 2,238 2,238 2,238 2,238 Oaxaca Incorporadora Ltda 1,819 1,819 1,819 1,819 Mac Cyrela Equador Empreend Imobil Ltda 2,028 2,343 2,028 2,343 Rouxinol Salvador Alende Empreend Imobil Ltda 1,512 - 1,512 - Saracura Investimentos Imobiliarios Ltda ( iii ) 20,278 20,278 20,278 20,278 Sociedade Residencial Gran Bueno 4 Ltda 735 735 735 735 Cyrsa S/A - - 2,762 2,508 Goldsztein Cyrela Empreendimentos Imobil - - 1,925 - Liveck S/A - - 4,108 - Living Empreendimentos Imobiliarios Ltda - - 1,320 1,320 Mac Empreendimentos Imobiliarios S/A - - 1,708 -

85,633 74,548 98,820 89,991

Total intangible assets 114,095 96,881 128,802 113,841



September 30, 2009




(i) The Company expects the amortization of expenditures with projects (development of the new corporate

management system) to begin in November 2009. (ii) Goodwill of investee Agra was written-off as mentioned in note 3, h, (ii). (iii) On June 2, 2009, company Saracura Investimentos Imobiliários Ltda was acquired, originating goodwill of

R$20,278, which was recorded in an equity account, according to the future profitability economic grounds.

12 Loans and financing In thousands of

U.S. Dollars

Parent Company Consolidated Consolidated

09/2009 06/2009 09/2009 06/2009 09/2009 06/2009

Loans - foreign currency 88,905 39,032 88,905 39,032 50,000 20,000

Loans - domestic currency 150,000 150,000 378,616 300,995 - -

Financing - domestic currency 291,269 294,007 1,117,597 948,638 - -

Interest to be paid - domestic currency 2,354 2,655 6,243 6,703 - -

Interest to be paid - foreign currency 723 736 723 736 406 377

533,251 486,431 1,592,084 1,296,104 50,406 20,377

Current liabilities 102,104 110,740 349,119 266,772

Non-current liabilities 431,147 375,691 1,242,965 1,029,332

Loans in foreign currency, in the total amount of US$50,000, are subject to the variation of the LIBOR rate, interest of 3.5% p.a. (US$20,000) and interest of 4.3% p.a. (US$30,000); plus exchange variation and maturity in September 2011 and June 2012, having the controlling shareholder’s guarantee as collateral. The loans in domestic currency are subject to interest rates ranging from 10.5% to 12% per year, increased by the variation of the Referential Rate – TR, falling due up to 2018. As a warrant for the aforementioned financings the guarantees from the controlling shareholder, a mortgage and collateral for accounts receivable were offered. Financings, represented by the agreements of real estate credit operations have advance maturity clauses in the case of the non-compliance with commitments assumed, such as the investment of funds in the purpose of the agreement, mortgage registration of the project, compliance with the schedule of works and others. The commitments assumed have been complied with by the Company in the terms contracted. The mortgages and surety of accounts receivable of projects totaled R$1,204,224 on September 30, 2009 (Jun/2009: R$1,069,320).


September 30, 2009




Long-term amounts have the following breakdown, as per maturity year:


Year 09/2009 06/2009 09/2009 06/2009

2010 63,272 137,294 274,409 437,868

2011 169,142 131,124 484,309 326,720

2012 131,173 56,610 353,578 176,026

2013 61,990 44,556 112,155 79,994

2014 4,520 4,805 17,464 7,422

2018 1,050 1,302 1,050 1,302

Total 431,147 375,691 1,242,965 1,029,332

13 Debentures

Parent Company and Consolidated 09/2009 06/2009

Debentures 1,222,960 989,500

(-) Expenses with debentures to amortize (7,986) (2,861)

1,214,974 986,639

Interest on debentures (Current) 39,854 33,028

1,254,828 1,019,667

On January 5, 2008, the Company issued, in the amount of R$499,500 the second lot of simple debentures, registered and book-entry not convertible into shares, of the unsecured type, closing the public offering of distribution in the total raised amount of R$999,500. On September 1, 2009, the Company issued, through an IPO, the amount of R$350,000, single tranche of common debentures, nominative, book-entry, non-convertible into shares, of the unsecured type. The expenses with the issuance of debentures totaled R$8,988, being R$2,033 (1st tranche), R$1,715 (2nd tranche) and R$5,240 (3rd tranche), which are being amortized according to their maturity curve. The maturity term of the debentures and the remunerations are: 1st tranche with issuance on April 1, 2007, in the amount of R$500,000 The maturity term is seven (7) years counted from the date of their issuance, and their amortization is annually in three (3) annual, equal and consecutive installments as of April 1, 2012 with final maturity on April 1, 2014.


September 30, 2009




The debentures are not subject to early redemptions at the discretion of the Issuer, except, however, the right of the Issuer to acquire at any time outstanding debentures, in compliance with the legislation in force. The charges of the debentures correspond to one hundred percent (100%) of the accumulated variation of the daily average rates of one-day interbank deposits daily disclosed by CETIP, plus a spread of 0.48% per annum, on the nominal unit value not yet amortized, paid semiannually, with the first maturity on October 1, 2007. The first effectiveness period of the Remuneration of the 1st Tranche Debentures will begin on the issuance date and maturity in 24 months counted from the issuance date, repricing date, on January 5, 2010. 2nd Tranche with issuance on January 5, 2008, in the amount of R$499,500 The maturity term is ten (10) years counted from the date of their issuance, with final maturity on January 5, 2018. The debentures are not subject to early redemption at the discretion of the Issuer, except, however, the right of the Issuer to acquire any time outstanding debentures, in compliance with the legislation in force. The charges of the debentures correspond to one hundred percent (100%) of the accumulated variation of the daily average rates of one-day interbank deposits daily disclosed by CETIP, plus a spread of 0.65% per annum. The first effectiveness period of the Remuneration of 2nd Tranche Debentures will begin on the issuance date and maturity in 36 months counted from the issuance date, repricing date, on January 5, 2011. In 2009, the Company acquired 12,654 debentures (CYRE12), of which one thousand (1,000) in February 2009, two thousand and forty (2,040) in April and nine thousand, six hundred and fourteen (9,614) in May. The debentures remained in treasury up to June 30, 2009 and were redeemed on July 15, 2009. 3rd Tranche with issuance on September 1, 2009, in the amount of R$350,000 The maturity term is five (5) years counted from the date of their issuance, and their amortization is annually in four (4) annual, equal and consecutive installments as of September 1, 2011 with final maturity on September 1, 2014. The debentures are not subject to early redemption at the discretion of the Issuer, except, however, the right of the Issuer to acquire any time outstanding debentures, in compliance with the legislation in force. The charges of the debentures correspond to one hundred percent (100%) of the accumulated variation of the daily average rates of one-day interbank deposits daily disclosed by CETIP, plus a spread of 0.81% per annum, levied on the unit par value still not amortized, paid on a quarterly basis, with first maturity on December 1, 2009.


September 30, 2009




Contractual clauses (Covenants) The private instrument of deed of the issuance of debentures has restrictive clauses establishing maximum indebtedness and leverage levels, as well as minimum levels of coverage of installments to mature and costs to incur. In addition to these financial commitments, there are other commitments assumed, such as: • Non-renewal of authorizations and licenses, including environmental ones; • Transformation into a limited company; • Non-compliance with judicial decisions made final and unappealable; • Reduction of the capital stock not for the absorption of losses; • Transfer or assignment of shareholding; and • Changes in the corporate structure, such as mergers, spin-offs and incorporations in

transactions which exceed 10% of the shareholders’ equity.

These contractual clauses were totally complied with until the end of the period ended September 30, 2009. 14 Related Parties a) Loans operations with related people The balances of loan operations maintained with related people do not have a previously established maturity date and are not subject to financial charges, except those entered into with the Joint Ventures.


September 30, 2009




The balances in the financial statements of the controlling company and the consolidated ones are presented as follows:


Assets Liabilities Assets Liabilities

09/2009 06/2009 09/2009 06/2009 09/2009 06/2009 09/2009 06/2009

Controlling partner - 116 - - - 8,258 - -

Other partners and administrators – INDIVIDUALS 28,720 24,830 - - 54,994 ( i ) 46,758 149 163

Other partners and administrators:ADES INVETIMENTOS E PARTICIPACOES LTDA - - - - - - - 1

AGRA EMPREEND IMOBIL S/A - 168 372 1,490 9,298 9,195 372 1,490

AGRA INCORPORADORA S/A - - 596 - - - 596 -

ALAGOAS ASSESSORIA E CONSULTORIA S/C LTDA. - - - - - 2 - -

ALFA REALTY EMPREEDIMENTOS IMOBILIÁRIOS LTDA 332 332 - - 443 443 - -

ANASTACIO EMPREENDIMENTOS IMOBILIARIOS E - 651 - - - 651 - -

ARRAIAL DO CABO EMPREENDIMENTOS IMOBILIARIOS S/A 30 - - - 30 290 - -

ASSIA ADMINISTRADORA DE IMOVEIS LTDA - - - - 600 600 - -

BANCO IBM S/A - - 4,541 - - - 4,541 -

BERRINI BANDEIRANTES EMPREENDIMENTOS IMOPBILIARIOS SPE LTDA 109 123 - - 109 123 - 84

BERTOLETTI PLANEJAMENTO E DESENVOLVIMENTO IMOBILIÁRIOS LTDA 898 694 - - 1,192 972 - 264

BRASCAN IMOBILIÁRIA E INCOPORAÇÕES - - - - - 32 - -

BRAZIL REALTY ADMINISTRACAO E LOCACAO LTDA - - 3,132 3,132 - - 3,132 3,132

BRICKELL EMPREENDIMENTOS E PARTICIPAÇÕES LTDA - - - - - - - 449

BUENO NETO GESTAO IMOBILIARIA LTDA 855 855 - - 855 855 30 30

BULLISH PARTICIPAÇÕES LTDA - - - - 134 134 - 122

CACAPAVA EMPREITADA DE LAVOR LTDA - 5 - - 2,009 2,107 219 493

CAMARGO CORREA DESENVOLVIMENTO IMOBILIÁRIO S/A - - - - - - 10 19

CANDIDE INDUSTRIA E COMERCIO LTDA - - - - - 1,301 - -

CAPRI INCORPORADORA SPE LTDA - - - - - - - 1

CARVALHO HOSKEN S/A ENGENHARIA E CONSTRUÇÃO 2,053 2,587 166 166 2,053 2,632 166 166

CDC EMPREENDIMENTOS E PARTICIPACOES LTDA. - - - - - - 1,531 1,531

CIPASA VOTORANTIM EMPREEND IMBILIARIOS S/A 1 311 - - 1 311 - -

CONCIMA EMPREENDIMENTOS E CONSTRUCOES LTDA 6,044 5,930 - - 6,391 6,277 - -

CONENGE ENGENHARIA LTDA - 75 - - - 75 - 111

CONSORCIO BOTAFOGO BUSINESS - 177 - - - - - -

CONSORCIO FERNANDES DE ABREU - - - 2 - - - -

CONSORCIO MASSACA - - - - - - - 5,005

CONSORCIO NHAMBIQUARAS - - - 325 - - - -

CONSORCIO RESIDENCIAL CAMPINAS - - - - 1,330 - - -

CONSORCIO RESIDENCIAL DA BARRA - - - - 607 - - -

CONSORCIO SANTO ANDRE - 30 - - - - - -

CONSORCIO SEVERO PENTEADO - 1 - - - - - -

CONSTRUTORA ANDRADE MENDONÇA LTDA - - - - - 40 330 504

CONSTRUTORA LIDER LTDA - - - - 83 83 17 17

CONSTRUTORA MARQUISE S/A - - - - - - 2 233

CONSTRUTORA REITZFELD LTDA - - - - - 18 - -

CYRELA COMMERCIAL PROPERTIES S.A. EMPREENDIMENTOS E PARTICIP 177 - 5,917 5,915 177 36 5,917 5,915

CYRELA MANAUS EMPREENDIMENTOS IMOBILIARIOS LTDA - 1 - - - 1 - -

DGC ECOVILLE LTDA - - - - 801 - - -

DIAMOND SPE S/A - - - - - - 964 410

DRAXER INVESTIMENTOS E PARTICIPACOES LTD - 12 - - - 12 - -

ELWING EMPREENDIMENTOS IMOBILIÁRIOS LTDA - - - - 331 1,108 - -

ENGELUX COMERCIAL E CONSTRUTORA LTDA - - - - 175 262 - 702

EXTO INCORPORAÇÕES LTDA - - - - 700 700 - -

FAL 2 INCORPORADORA LTDA - - - 131 - - - 131

FROMER PLANEJAMENTO E DESENVOLVIMENTO IMOBILIARIO PARTIC LTDA - - - - 890 890 - -

FUNDO DE INVESTIMENTO E PARTIC PACTUAL DESENV E GESTÃO I PDG - - - 35 134 134 - 156

FUNDO FINANCIAL CENTER DE INVESTIMENTOS IMOBILIARIOS - 21 - - - 21 - -


September 30, 2009






09/2009 06/2009 09/2009 06/2009 09/2009 06/2009 09/2009 06/2009

GAFISA S/A - 5 - - - 5 - 33

GEOVIT EMPREITADA DE LAVOR S/C LTDA - - - - - - - 8

GIRONPARK DO BRASIL EMPREENDIMENTOS IMOBILIÁRIOS LTDA 170 170 - - 216 216 66 66

GOLDFARB INCORPORACOES E CONSTRUCOES LTDA - 5 - - 750 5 12 14

GRAFICO INCORPORADORA LTDA - - - - - - 5 -

GULF INVESTIMENTOS LTDA - - - - - - 30 1,259

HORIZON 1 EMPREENDIMENTOS IMOBILIARIOS LTDA - 5 - - - 5 61 61

HORIZON 3 EMPREENDIMENTOS IMOBILIARIOS LTDA - - - - - - 818 818

INCORPORADORA PINHEIRO PEREIRA LTDA 1,057 1,036 - - 1,132 1,117 - 163

INCORTEL INCORPORAÇÕES HOTELEIRAS LTDA 3,949 2,433 - - 4,013 2,340 - -

INPAR EMPREENDIMENTOS PATRIMONIAIS LTDA - - - - - - - 123

ITAIPAVA EMPREITADA DE LAVOR LTDA - 8 - - 1 8 - -

JCPM PARTICIPACOES E EMPREENDIMENTOS LTDA - - - - - - 750 750

JOSE CELSO GONTIJO ENGENHARIA S/A 226 226 - - 226 226 386 362

JOTAGE ENGENHARIA COMERCIO E INCORPORAÇÃO - - - - 59 59 354 303

KC IMOBILIARIA LTDA - - - - - - - 1

KLABIN SEGALL S/A - - - - 630 1,029 850 1,249

KLARCON ENGENHARIA LTDA 277 277 156 156 277 277 268 275

LINDENCORP DESENVOLVIMENTO IMOBILIARIO S - - - - - - - 80

LUCIO EMPREENDIMENTOS E PARTICIPACOES LTDA. - - - - 3 3 - -

MABRA EMPREENDIMENTOS IMOBILIARIOS LTDA - 396 - - - 396 - -

MAC PARTICIPAÇÕES LTDA - - 3,327 3,327 3,040 4,603 3,487 3,487

MAGIK EMPREENDIMENTOS IMOBILIÁRIOS LTDA 7,720 5,844 56 16 12,675 10,838 1,868 3,570

MAURIS ILIA KLABIN WARCHAVCHIK - - - - 97 97 - -

MDL REALTY INCORPORADORA S/A - - - - - 7 - 7

MELO TEIXEIRA ARQUITETURA E PLANEJAMENTO LTDA - 149 240 240 - 149 240 494

MESOPOTAMIA EMPREENDIMENTOS IMOBILIARIOS LTDA - - - - 31 262 - -

MILLENNIUM DE INVESTIMENTOS IMOBILARIOS LTDA - - 381 381 22 24 381 381

MLLA PATRIMONIAL LTDA - 2,882 - - - 2,882 - 3,201

MORAR CONSTRUTORA E INCORPORADORA LTDA 2,196 1,411 - 893 3,233 1,838 205 778

MOURA DUBEUX ENGENHARIA S/A - - - - - 1 - -

MPD ENGENHARIA LTDA - - - - - - - 1

MV 1 EMPREENDIMENTO IMOBILIARIO SPE LTDA - 26 - - - 26 - -

MVL - EMPREENDIMENTOS IMOBILIÁRIOS LTDA 898 694 - - 1,192 972 - 264

NAMOUR INCORPORACOES E CONSTRUCAO LTDA - - - 2 121 681 - 830

NATUREVIEW INVESTIMENTS LTDA - 6 - - - 44 - 34

NISS INCORPORAÇÕES E PARTICIPAÇÕES LTDA - - - - - - 34 34

OMEGA SPE EMPREENDIMENTOS IMOBILIÁRIOS 1,042 1,027 - - 1,042 1,027 - 2,002

ORBX INCORPORADORA S/A - - - - - - 42 42

OURICO EMPREENDIMENTOS LTDA - - - - - 0 101 10

PARKPLACE ADMINISTRACAO E EMPREITADA DE LAVOR LTDA - - - - 13 178 - -

PARQUE DO MORUMBI INCORPORADORA LTDA - - - - - - - 23

PDG REALTY S/A EMPREENDIMENTOS E PARTICI - - - - - - 556 594

PEREIRA BARRETO EMPREENDIMENTOS IMOBILIARIOS SPE LTDA - 165 - - - 165 - -

PHD CONSTRUÇÕES, EMPREENDIMENTOS E PARTICIPAÇÕES LTDA - - - - - - - 8

PHOENICIA BRAZIL S/A - - - - 1,445 2,350 - -

PLARCON ENGENHARIA S/A 9,315 - - - 9,315 - - -

PLARCON INCORPORACOES IMOBILIARIAS LTDA - - - - - - - 55

PMPAR S.A. - 1 - - - 1 1,350 1,350

PRS INCORPORADORA LTDA - - - - - - - 22

QUASAR DE INVESTIMENTOS IMOBILIÁRIOS LTDA - - 638 678 - - 638 678

REDIL EMPTREENDIMENTOS E PARTICIPACOES S/A - - - - - - 736 736

REPAME PARTICIPACOES E EMPREENDIMENTOS LTDA. - - - - 499 501 1,248 1,503

REVAH EMPREENDIMENTOS IMOBILIARIOS LTDA - - - - - 47 - 100

RJZ EMPREENDIMENTOS E PARTICIPAÇÕES LTDA - - - - - - 111 111

ROSSI RESIDENCIAL S/A - - - - 1,339 1,339 67 118

RUBEM VASCONCELOS IMOVEIS LTDA - 3 - - - 3 - 123

SANCA DESENVOLVIMENTO URBANO LTDA - - - - - - 121 -

SÃO JOSE CONSTRUÇÕES E COMERCIO LTDA - - - - - - - 3,189

SCP - BALNEARIO DO SOL - - - - 390 - - 278

SINCO CONSTRUTORA LTDA - - - - - 14 - 0

SINCO PARTICIPAÇÕES LTDA 55 55 - - 55 55 - -

SKR ENGENHARIA LTDA - - - - 19,400 19,010 93 93

SM CONSTRUÇÃO E COMERCIO LTDA - - - - 1,661 1,661 47 47

SOPEMA SOC PAULISTA DE EMPREENDIMENTOS IMOBILIÁRIOS E AGROP LTD - - - - 927 927 - -

STUHLBERGER VILA MARIANA SPE S/A - - - - - - 37 37

T & C CONSULTORIA E CONSTRUÇÕES LTDA - - - 2 - 72 - 2

TECCO TECNOLOGIA E CONSTRUÇÃO LTDA 8,608 7,504 - 31 10,379 9,182 15 1,613

TECNISA ENGENHARIA E COMERCIO LTDA 1,019 1,019 1,749 1,749 6,344 6,573 2,235 2,463

TECNISA HOLDING LTDA - - - - 2,367 2,377 - -

TECNISA S/A - - - - - - 1,122 1,372

TECNUM & CORPORARATE EMPREENDIMENTOS IMOBILIÁRIOS LTDA 24,906 21,720 - - 27,362 24,119 - 1,061

TPR EMPREENDIMENTOS E PARTICIPAÇÕES LTDA - - - - 599 713 243 357

TRANA CONSTRUCOES LTDA - 437 - 6 - 437 - 440

VIBRON ENGENHARIA E COMERCIO LTDA - - - - 34 34 - -

VIVENDA NOBRE INCORPORADORA LTDA - - - - 4,577 4,577 - 483

VIVER EMPREENDIMENTOS IMOBILIÁRIOS E PARTICIPAÇÕES LTDA 294 294 2,006 - 5,622 8,244 2,042 4,492

VR EMPREENDIMENTOS PARTICIPACOES E SEV L - - - - - - - 332

Other partners and administrators: 100,953 84,718 23,278 18,677 204,425 196,040 38,595 63,504


September 30, 2009






09/2009 06/2009 09/2009 06/2009 09/2009 06/2009 09/2009 06/2009

Controlled companies:ABC II DE INVESTIMENTOS IMOBILIARIOS LTDA - 9 1,965 1,898 - 134 - -

ABC REALTY DE INVESTIMENTOS IMOBILIARIOS LTDA 190 4 1,505 1,505 - - - -

ADIEL EMPREENDIMENTOS IMOBILIARIOS LTDA - - - - - 5 - -

AGRA CYRELA SPE LTDA - 30 527 527 - 16 524 575

ALDEIA DA COLINA EMPREEND IMOBIL SPE LTDA 3,996 521 - - - - - -

ALEXANDRIA EMPREENDIMENTOS IMOBILIARIOS LTDA - - - - 292 292 - -

ALPEN HAUS NEGOCIOS IMOBILIARIOS S/A 171 171 - - 171 171 - 26

ANGRA DOS REIS EMPREENDIMENTOS IMOBILIARIOS LTDA - 300 9 - - - - -

ARIZONA INVESTIMENTOS IMOBILIARIOS LTDA 6,957 6,706 3,400 3,400 6,957 6,706 3,400 3,400

ATLANTIDA EMPREENDIMENTOS IMOBILIARIOS SPE LTDA 460 460 309 - 92 92 62 -

AUSTRALIA EMPREENDIMENTOS IMOBILIARIOS LTDA - - - - 0 161 61 59

AUTENTICO VILA CARRAO EMPREEND IMOBIL SPE LTDA - - - - - - - 98

BETABENS ADMINISTRACAO DE BENS LTDA - 19 - - - 6 - -

BRAZIL REALTY - CIA SECURITIZADORA DE CREDITOS IMO - 85 - - - - - -

BRIGADEIRO GALVAO EMPREENDIMENTOS IMOBILIARIOS SPE - - - 13 0 - - 13

C.E.A. EMPREENDIMENTOS IMOBILIARIOS SPE LTDA 25 - 1,400 1,400 13 - 700 700

CAIOBAS EMPREENDIMENTOS IMOBILIARIOS SPE LTDA. - 53 - - 33 47 158 158

CALAFETE INVESTIMENTOS IMOBILIARIOS LTDA 2,205 10,952 - - 5,152 10,952 517 -

CALENDULA DESENVOLVIMENTO IMOBILIARIO S/A 80 80 - - 80 80 - -

CANANEIA EMPREENDIMENTOS IMOBILIARIOS LTDA 2 2 - - - 0 - -

CANINDE DE INVESTIMENTO IMOBILIARIO LTDA 59 - 2,911 2,911 - - - -

CAPITAL REALTY DE INVESTIMENTOS IMOBILIARIOS LTDA - 140 - - - - - -

CARCAVELOS EMPREENDIMENTOS IMOBILIARIOS LTDA - - 6,109 6,109 - - - -

CBR 002 EMPREENDIMENTOS IMOBILIARIOS LTDA 213 1,674 - - - - - -

CBR 003 EMPREENDIMENTOS IMOBILIARIOS LTDA 1,098 181 - - - - - -

CBR 005 EMPREENDIMENTOS IMOBILIARIOS LTDA - 190 - - - 95 - -

CBR 008 EMPREENDIMENTOS IMOBILIARIOS LTDA - 1 - - - - - -

CBR 011 EMPREENDIMENTOS IMOBILIARIOS LTDA 284 1,123 - - 192 758 - -

CBR 012 EMPREENDIMENTOS IMOBILIARIOS LTDA 549 559 - - 110 247 - -

CBR 900 EMPREENDIMENTOS IMOBILIARIOS LTDA 92 42 - - - - - -

CEDRO CONSULTORIA IMOBILIARIA LTDA - - - - - 16 - 82

CHL XXXV INCORPORACOES LTDA - - - - 1,977 1,937 - -

CITY PARQUE MORUMBI EMPREENDIMENTOS IMOBILIARIOS S 1,539 2,583 - - 769 1,289 - -

CL EMPREENDIMENTOS IMOBILIARIOS S/A 1,556 1,557 - 10 840 778 - 5

CONCIMA PARTICIPACOES LTDA - 48,719 - - - - 4,985 -

COSTA DE GUADALUPE EMPREENDIMENTOS IMOBILIARIOS LT 113 - - - 62 - - -

COSTA MAGGIORE EMPREENDIMENTOS IMOBILIARIOS LTDA - 54 - - 2 27 - 41

COTIA EMPREENDIMENTOS IMOBILIARIOS LTDA 1,618 1,618 - - - - - -

COUNTRY DE INVESTIMENTOS IMOBILIARIOS LTDA 6,999 7,011 2,716 3,747 - - - 843

CUBATAO EMPREENDIMENTOS IMOBILIARIOS LTDA - - - - - 0 0 0

CURY CONSTRUTORA E INCORPORADORA S/A 318 318 - 52 318 485 - -

CURY EMPREENDIMENTOS IMOBILIARIOS LTDA 39,015 38,226 - - 39,015 38,227 - 39

CYBRA DE INVESTIMENTO IMOBILIARIO LTDA 5,681 6,721 148,446 133,475 - 21 - -

CYRELA ACONCAGUA EMPREENDIMENTOS IMOBILIARIOS LTDA 6,489 11,605 - 91 - - - -

CYRELA ANDRADE MENDONCA EMPREENDIMENTOS IMOBILIARI 1,172 1,297 - - 234 259 0 0

CYRELA BAHIA EMPREENDIMENTOS IMOBILIARIOS LTDA 391 1,055 - - - - - -

CYRELA BORACEIA EMPREENDIMENTOS IMOBILIARIOS LTDA - 261 - - - - - -

CYRELA BRACY DE INVESTIMENTOS IMOBILIARIOS LTDA 285 318 2,528 2,712 - - - -

CYRELA BRAGA EMPREENDIMENTOS IMOBILIARIOS LTDA 2,918 206 - 541 - - - -

CYRELA BRASILIA EMPREENDIMENTOS IMOBILIARIOS LTDA 295 295 - - 220 172 - -

CYRELA BRAZIL REALTY RJZ EMPREENDIMENTOS IMOBILIAR - 466 - 91 - - - -

CYRELA BRAZIL REALTY S.A. EMPREENDIMENTOS E PARTIC - - - - 344 - 9,863 5,625

CYRELA CHILE EMPREENDIMENTOS IMOBILIARIOS LTDA 20,119 20,119 5,901 5,901 - - - -

CYRELA CHINA EMPREENDIMENTOS IMOBILIARIOS LTDA - - - - 1 0 - -

CYRELA CLASSIC DE INVESTIMENTO IMOBILIARIO SPE LTD - 99 - 37 - 33 - -

CYRELA COMERCIAL IMOBILIARIA LTDA. 368 291 588 588 - 300 - 29

CYRELA CONSTRUTORA LTDA 477 477 800 800 - - - -

CYRELA COSTA RICA EMPREENDIMENTOS IMOBILIARIOS LTD 1,131 2,935 - - 1,131 - - -

CYRELA DINAMICA DE INVESTIMENTOS IMOBILIARIOS LTDA - 31 985 985 - - - -

CYRELA ELWING EMPREENDIMENTOS IMOBILIARIOS SPE LTD 2,497 2,509 1,323 1,323 - - - -

CYRELA EMPREENDIMENTOS IMOBIL. COML. IMPORT. E EXP 67 258 16,071 16,071 0 0 - -

CYRELA EUROPA EMPREENDIMENTOS IMOBILIARIOS LTDA - 2 - - - - - -

CYRELA FILIPINAS EMPREENDIMENTOS IMOBILIARIOS LTDA - 1 - - - - - -

CYRELA FINLANDIA EMPREENDIMENTOS IMOBILIARIOS LTDA 1,108 998 - - 712 650 - -

CYRELA GAFISA SPE LTDA - 34 - - - 22 - 5

CYRELA GREENFIELD DE INVESTIMENTOS IMOBILIARIOS LT 8 25 - - - - - -

CYRELA GRENWOOD DE INVESTIMENTOS IMOBILIARIOS LTDA 5,245 5,285 75 222 - - - 0


September 30, 2009






09/2009 06/2009 09/2009 06/2009 09/2009 06/2009 09/2009 06/2009

CYRELA HOLANDA EMPREENDIMENTOS IMOBILIARIOS LTDA 950 1,501 - - - - - -

CYRELA IBERIA EMPREENDIMENTOS IMOBILIARIOS LTDA 513 563 - - - - 334 301

CYRELA IMOBILIARIA LTDA 533 549 - 154 - 871 1 18

CYRELA INDICO EMPREENDIMENTOS IMOBILIARIOS LTDA 124 205 - - - - - -

CYRELA INDONESIA EMPREENDIMENTOS IMOBILIARIOS LTDA - 1 - - - - - -

CYRELA INVESTIMENTO E PARTICIPACOES LTDA 352 352 2 123 - 1,199 - 118

CYRELA JAPAO EMPREENDIMENTOS IMOBILIARIOS SPE LTDA 286 348 - - - - - -

CYRELA JUREIA EMPREENDIMENTOS IMOBILIARIOS LTDA - 3 - - - - - -

CYRELA LAKEWOOD EMPREENDIMENTOS IMOBILIARIOS LTDA 50 68 - - - - - -

CYRELA MAC AMAZONAS EMPREENDIMENTOS IMOBILIARIOS S - 81 1,846 15,226 - 16 4,633 3,050

CYRELA MAC EVEREST EMPREENDIMENTOS IMOBILIARIOS SP - - 283 283 - 10 225 225

CYRELA MAC MONTEREY EMPREENDIMENTOS IMOBILIARIOS S 833 957 - - 833 947 - -

CYRELA MAGIK CALIFORNIA EMPREEND IMOBILIARIOS SPE 10,140 10,162 11,952 5,805 - - - -

CYRELA MAGIK MONACO EMPREENDIMENTOS IMOBILIARIOS S - 1,635 7,274 7,225 - - - -

CYRELA MAGIK TECNISA EMPREENDIMENTOS IMOBILIARIOS - 3 2,997 2,997 - 34 2,768 2,768

CYRELA MALASIA EMPREENDIMENTOS IMOBILIARIOS LTDA 2,896 3,866 - - - - - -

CYRELA MALIBU EMPREENDIMENTOS IMOBILIARIOS LTDA - 1 - - - - - -

CYRELA MARESIAS EMPREENDIMENTOS IMOBILIARIOS LTDA - 1 - - - - - -

CYRELA MEDITERRANEO EMPREENDIMENTOS IMOBILIARIOS L 1,595 1,595 - - 845 564 - -

CYRELA MEXICO EMPREENDIMENTOS IMOBILIARIOS LTDA 520 520 - - - - - -

CYRELA MILAO EMPREENDIMENTOS IMOBILIARIOS S/A - - - - 437 430 - -

CYRELA MINAS EMPREENDIMENTOS IMOBILIARIOS SPE LTDA - 101 - - - 51 - 0

CYRELA MONZA EMPREENDIMENTOS IMOBILIARIOS LTDA 72 556 3,200 3,623 - - - 54

CYRELA NICARAGUA EMPREENDIMENTOS IMOBILIARIOS LTDA 32 32 - - - - - -

CYRELA NISS EMPREENDIMENTOS IMOBILIARIOS LTDA 352 353 - - - - - -

CYRELA OCEANIA EMPREENDIMENTOS IMOBILIARIOS LTDA - 121 - - - - - -

CYRELA PALERMO EMPREENDIMENTOS IMOBILIAR - - - 1,807 - - - -

CYRELA PARANA EMPREENDIMENTOS IMOBILIARIOS LTDA 405 503 4,449 5,464 - - - 0

CYRELA PARIS EMPREENDIMENTOS IMOBILIARIOS LTDA 668 668 17,000 17,000 - 3 - -

CYRELA PARTICIPACOES E EMPREENDIMENTOS IMOBILIARIO 40 - 1 30 - 18 - -

CYRELA POLINESIA EMPREENDIMENTOS IMOBILIARIOS LTDA - 1 - - - - - -

CYRELA POMPEIA EMPREENDIMENTOS IMOBILIARIOS LTDA - 2,665 - - - - - -

CYRELA PORTO VELHO EMPREENDIMENTOS IMOBILIARIOS LT 1,646 1,647 - - - - - -

CYRELA PORTUGAL EMPREENDIMENTOS IMOBILIARIOS LTDA - 16 - - - - - -

CYRELA RECIFE EMPREENDIMENTOS IMOBILIARIOS LTDA - 1 - - - - - -

CYRELA RJZ CONSTRUTORA E EMPREENDIMENTOS IMOBILIAR 107,116 107,116 79,769 80,054 - - 24 -

CYRELA RJZ EMPREENDIMENTOS IMOBILIARIOS LTDA 9,931 9,933 12,583 12,583 - 1,193 93 93

CYRELA RONDONIA EMPREENDIMENTOS IMOBILIARIOS LTDA - 6 - - - - - -

CYRELA RORAIMA EMPREENDIMENTOS IMOBILIARIOS LTDA - 30 - 30 - - - -

CYRELA SANSET DE INVESTIMENTOS IMOBILIARIOS SPE L - - 5,771 5,771 - - - -

CYRELA SAO PAULO EMPREENDIMENTOS IMOBILIARIOS LTDA - 1 - - - - - -

CYRELA SINTRA EMPREENDIMENTOS IMOBILIARIOS SPE LTD 227 1,577 - - - - - -

CYRELA SOMERSET DE INVESTIMENTOS IMOBILIARIOS LTDA 1,952 1,954 - 157 - - - -

CYRELA SUECIA EMPREENDIMENTOS IMOBILIARIOS LTDA 896 1,692 - - - - - 23

CYRELA TECNISA DE INVEST IMOB LTDA - - 6,876 6,876 185 189 3,438 3,518

CYRELA TECNISA KLABIN SEGALL EMPREEND. IMOBILIARIO 1,498 2,038 - - 1,772 2,312 - -

CYRELA TENNESSEE EMPREENDIMENTOS IMOBILIARIOS S.A - 0 - - - 288 293 282

CYRELA UBATUBA EMPREENDIMENTOS IMOBILIARIOS LTDA - 1 - - - - - -

CYRELA VENEZUELA EMPREENDIMENTOS IMOBILIARIOS LTDA - 1 - - - - - -

CYRELA VOLPAGO EMPREMDIMENTOS IMOBILIÁRIOS LTDA. 3 3 - 10 - - - -

CYRELA WHITE RIVER DE INVESTIMENTO IMOBILIARIO SPE - 422 577 - - 844 - -

CYTE MAGIK EMPREENDIMENTOS IMOBILIARIOS LTDA 573 573 - - - 258 - -

CYTEC EMPREENDIMENTOS IMOBILIARIOS LTDA - 98 - - - 1,267 - -

CZ6 EMPREENDIMENTOS COMERCIAIS LTDA 1,294 1,344 1,612 1,612 - - - -

DALIA EMPREENDIMENTOS IMOBILIARIOS LTDA - - - - - - 1,499 1,499

EGITO EMPREENDIMENTOS IMOBILIARIOS LTDA - 698 - - - - - -

EPHIGENIO SALLES EMPREENDIMENTOS IMOBILIARIOS SPE 1 - - - 0 - - -

ESTELA BORGES EMPREENDIMENTOS IMOBILIARIOS S/A - 80 - - - 40 - -

ESTRADA RODRIGUES CALDAS EMPREEND IMOBILIARIOS SPE 68 33 - - - - - -

EUROPA BRASIL EMPREENDIMENTO IMOBILIARIO SPE LTDA - 28 - - - 28 3 3


September 30, 2009






09/2009 06/2009 09/2009 06/2009 09/2009 06/2009 09/2009 06/2009

FABIA EMPREENDIMENTOS IMOBILIARIOS SPE LTDA - - - - - 278 - -

FARROUPILHA EMPREENDIMENTOS IMOBILIARIOS S/A - - - - - 1 - -

FERNAO DIAS EMPREENDIMENTOS IMOBILIARIOS SPE LTDA 1,068 1,068 - - 282 282 - -

FOMENTO EMPREENDIMENTOS IMOBILIARIOS LTDA - 0 - - - 0 - -

FOREST HILL DE INVESTIMENTOS IMOBILIARIOS LTDA - 0 5,214 5,194 - 0 7,775 8,576

FUNCHAL EMPREENDIMENTOS IMOBILIARIOS LTDA 9 200 - - - 99 - -

FUTURA INCORPORADORA LTDA 3,273 - - - 1,636 - - -

GALERIA BOULEVARD DESENVOLVIMENTO IMOBILIARIO S/A - - - - - 742 - -

GIRASSOL - VILA MADALENA EMPREEND IMOBIL S/A - - - - - 138 - 2

GLIESE INCORPORADORA LTDA 161 1,622 3,504 3,504 161 1,622 3,504 3,504

GLOBAL PARK RESIDENCIAL EMPREENDIMENTOS IMOBILIARI - 767 - - - - - -

GOIANIA EMPREENDIMENTOS IMOBILIARIOS LTDA 672 852 - 15 - - - -

GOLDSZTEIN ADMINISTRACAO E INCORPORACOES LTDA - - - - - - 309 117

GOLDSZTEIN CYRELA EMPREENDIMENTOS IMOBILIARIOS S/A - - - - - - 182 137

GUARUBA EMPREENDIMENTOS IMOBILIARIOS LTDA 80 80 - - - - - -

GV 10 EMPREENDIMENTOS IMOBILIARIOS LTDA 16,571 12,236 - 50 - 32 - -

HIMALAIA EMPREENDIMENTOS IMOBILIARIOS LTDA - 47 - - - - - -

HM CONSTRUCOES E INCORPORACOES LTDA 2 - - - 2 - 1 -

JAGUARIUNA EMPREENDIMENTOS IMOBILIARIOS LTDA 648 601 - 823 324 301 - 412

JARDIM AMERICA INCORPORADORA SPE LTDA 534 534 - - - - - -

JARDIM CEDRO DO LIBANO EMPREENDIMENTOS IMOBILIARIO - - - 185 - - - -

KLABIN SEGALL CYRELA RJZ EMPREENDIMENTO IMOBILIARI - - - - - - - 1

KLABIN SEGALL CYRELA SPE LTDA - 14 830 830 - 11 1,030 1,040

LC EMPREENDIMENTOS IMOBILIARIOS SPE LTDA - 104 8,945 8,945 - - - -

LIVING EMPREENDIMENTOS IMOBILIARIOS LTDA 1,682 23,086 36,667 36,667 - - - -

LOMBOK INCORPORADORA LTDA 13 13 2,108 2,108 - - - -

LONDRINA EMPREENDIMENTOS IMOBILLIARIOS LTDA 30 52 - - - - - -

LORENA EMPREENDIMENTOS IMOBILIARIOS SPE LTDA - 37 - - - 37 - -

MAC CONSTRUTORA LTDA 291 580 - - - 265 - -

MAC CYRELA ITALIA EMPREENDIMENTOS IMOBILIARIOS LTD - 253 - - - 198 1 64

MAC CYRELA MAFRA EMPREENDIMENTOS IMOBILIARIOS LTDA 487 323 - - 98 65 - -

MAC DINAMARCA EMPREEND IMOBIL LTDA - 4 - - - 4 - 6

MAC EMPREENDIMENTOS IMOBILIARIOS S/A 256 437 3,306 3,442 1,680 4,105 0 1,727

MAC ESPANHA EMPREENDIMENTOS IMOBILIARIOS LTDA - 91 - - 0 91 - -

MAC FINLANDIA EMPREENDIMENTOS IMOBILIARIOS LTDA - 4 - 2 - - - 18

MAC INVESTIMENTOS E PARTICIPACOES LTDA - - - - 0 139 3 2,826

MAC IRLANDA EMPREENDIMENTOS IMOBILIARIOS LTDA 78 - - - 78 - - -

MAC MEXICO EMPREENDIMENTOS IMOBILIARIOS LTDA 829 29 - - 269 29 - -

MAC PORTUGAL EMPREENDIMENTOS IMOBILIARIOS LTDA - 116 - - - 116 - -

MAGNUM INVESTIMENTOS IMOBILIARIOS LTDA 1,533 1,533 1,930 1,930 1,073 1,073 1,930 1,930

MARINA CRESPI EMPREENDIMENTOS IMOBILIARIOS SPE LTD 1 1 - - - - - 0

MARQUISE EMPREENDIMENTOS IMOBILIARIOS SPE LTDA 54 425 - - 27 213 - -

MERITO EMPREENDIMENTOS IMOBILIARIOS SPE LTDA - 63 - - - 161 - 1

MESTRE ALVARO EMPREENDIMENTOS IMOBILIARIOS LTDA - 151 - - 183 75 250 250

MIRALTA EMPREENDIMENTOS IMOBILIARIOS SPE LTDA. 44 44 - - 279 279 - -

MOINHO VELHO EMPREENDIMENTOS IMOBILIARIOS SPE LTDA - 264 - - - 132 - -

MONT BLANC DESENVOLVIMENTO URBANO SPE LTDA - - - - - 4 - -

NATAL CONSTRUCOES E INCORPORACOES LTDA 2 - - - 2 - 1 -

NEPAL EMPREENDIMENTOS IMOBILIARIOS LTDA 71 424 - - - - - -

NILO EMPREENDIMENTOS IMOBILIARIOS LTDA 718 579 - - - - - -

NOVA VILA GUILHERME EMPREENDIMENTOS IMOBILIARIOS S - 253 - 160 - 127 - 80

NP EMPREENDIMENTOS IMOBILIARIOS LTDA - - - - - 87 3,091 3,091

OAXACA INCORPORADORA LTDA 15 15 1,364 1,364 - - - -

OFFICE SHOPPING 2 EMPREENDIMENTOS LTDA - 5 - 4 - 3 - 2

PARQUE TURIASSU EMPREENDIMENTOS IMOBILIARIO SPE LT - 44 - - - 44 - -

PLANO & PLANO CONSTRUCOES E PARTICIPACOES LTDA 98 9,556 3,100 - 315 9,773 2,981 1

PLANO AMOREIRA EMPREENDIMENTOS IMOBILIATIOS LTDA. 591 4,296 - - 756 4,415 - -

PLANO ARAUCARIA EMPREENDIMENTOS IMOBILIARIOS LTDA. 1 1 - - 0 7 - -

PLANO CASTANHEIRA EMPREENDIMENTOS IMOBILIARIOS SPE - - - - 569 - - -

PLANO CEDRO EMPREENDIMENTOS IMOBILIARIOS LTDA 62 62 - - 14 14 - -

PLANO CEREJEIRAS EMPREENDIMENTOS IMOBILIARIOS LTDA 108 150 - - 23 65 0 0

PLANO FIGUEIRA EMPREENDIMENTOS IMOBILIARIOS LTDA 29 29 - - 6 6 - -

PLANO JATOBA EMPREENDIMENTOS IMOBILIARIOS LTDA - - - - 1 1 - -

PLANO PITANGUEIRAS EMPREEND IMOBILIARIOS LTDA 35 33 - - 7 5 - -

PLANO SERINGUEIRA EMPREENDIMENTOS IMOBILIARIOS LTD 412 367 - - 87 41 - -

PLARCON CYRELA EMPREENDIMENTOS IMOBILIARIOS SPE LT 533 6,665 - - 267 3,512 - -

PRACA OIAPOQUE EMPREEND IMOBIL SPE LTDA 396 285 - - - - - -

PRATA BRASIL EMPREENDIMENTO IMOBILIARIO SPE LTDA - - - 11 0 - - 11


September 30, 2009






09/2009 06/2009 09/2009 06/2009 09/2009 06/2009 09/2009 06/2009

BELGICA EMPREENDIMENTOS IMOBILIARIOS LTDA 106 106 - - - - - -

QUEIROZ GALVAO CYRELA OKLAHOMA EMPREEND IMOBIL SPE - 25 - - - 25 - -

QUEIROZ GALVAO DESENVOLVIMENTO IMOBILIARIO LTDA - - - - 48 - 46 46

QUEIROZ GALVAO MAC CYRELA VENEZA EMPREEND. IMOBIL. 1,364 1,364 - - 955 955 - -

MAC CYRELA EQUADOR EMPREENDIMENTOS IMOBILIÁRIOS LTDA - - - - - - - 1

RESIDENCIAL SAO CONRADO EMPREENDIMENTOS IMOBILIARI - - - - 67 93 - -

RIVIERA PONTA NEGRA EMPREENDIMENTOS IMOBILIARIOS S 2 - - - 186 179 - -

RUA DO ORFANATO EMPREENDIMENTOS IMOBILIARIOS SPE L - 1,085 - - - - - -

RUMMAALA S/A - - - - 62 22 - -

SALMIANA EMPREENDIMENTOS S/A - - - - 215 215 - -

SALVADOR SHOPPING S/A - - - - - - 4,360 4,360

SARACURA INVESTIMENTOS IMOBILIÁRIOS LTDA - - - - - - 61 61

SAVONA EMPREENDIMENTO IMOBILIARIO SPE LTDA - 99 - - - 50 - -

SCP CLASSIC/GALLI 348 348 - - 88 - 225 997

SELLER - CONSULTORIA IMOBILIARIA E REPRES. LTDA - 166 - 146 - - - -

SELLER CONSULTORIA IMOBILIARIA E REPRESENTACOES LT - - - - - - - 32

SEVILHA EMPREENDIMENTOS IMOBILIARIOS LTDA - 103 - - - - - -

SK REALTY EMPREENDIMENTOS IMOBILIARIOS S/A 2,720 2,720 - - 1,737 2,720 759 -

SLK EMPREENDIMENTO IMOBILIARIO SPE LTDA 360 1 - - 185 1 - -

SSB EMPREENDIMENTO IMOBILIARIO SPE S/A - 1 - 30 1,028 1,029 1 14

SURINAME EMPREENDIMENTOS IMOBILIARIOS LTDA 263 4,024 - - - - - -

TAL DE INVESTIMENTO IMOBILIARIO LTDA. - 2 573 573 - - - -

TAL EMPREENDIMENTOS IMOBILIARIOS LTDA 500 500 844 844 - - - -

TERESOPOLIS EMPREENDIMENTOS IMOBILIARIOS LTDA - 53 - - - - - -

TIBIRICA EMPREENDIMENTOS IMOBILIARIOS LTDA 331 417 - - 166 209 - -

TOPAZIO BRASIL EMPREENDIMENTO IMOBILIARIO SPE LTDA 1,012 1,012 - - 1,017 1,017 7 7

TOULON EMPREENDIMENTOS IMOBILIARIOS SPE LTDA 1,474 2,260 - - - - - -

UNIQUE DE INVESTIMENTOS IMOBILIARIOS LTDA - 4 2,928 2,928 - - - -

VEREDA PARAISO EMPREENDIMENTOS IMOBILIARIOS LTDA - 1 4,834 4,462 - 1 5,701 5,184

VERO CAMPO BELO EMPREENDIMENTOS IMOBILIARIOS SPE L 0 0 - - 0 0 - -

VERO STA. ISABEL EMPREENDIMENTOS IMOBILIARIOS SPE 1 1 - - 0 0 - -

VIANA DO CASTELO EMPREENDIMENTOS IMOBILIARIOS LTDA - - 7,440 21,390 - - - -

VIENA INCORPORADORA SPE LTDA - - - - - - - 39

VILA MARIA EMPREENDIMENTOS IMOBILIARIOS SPE LTDA - 108 18 - 111 174 - 5

VINHEDO EMPREENDIMENTOS IMOBILIARIOS LTDA - 66 - - - - - -

VIX ONE EMPREENDIMENTOS IMOBILIARIOS SPE LTDA 2,675 - - - - - - -

VMSS EMPREENDIMENO IMOBILIARIO SPE S/A - - - - 1,014 1,008 - 2

Other - 254 11,676 4,541 56,874 82,828 79,122 77,974

Controlled companies: 303,898 418,497 449,038 451,388 134,682 193,659 144,919 136,164

ADJUSTMENT CARVALHO HOSKEN - - - - 40,000 ( ii ) 40,000 - -

404,851 503,215 472,316 470,065 379,106 429,700 183,514 199,669

(i) It comprises agreements that totalize R$49,727 with controlled shareholders, adjusted by the INCC and interest of 12% p.a., except for the amount of R$7,157 as of the subsequent month for the amount of R$1,245 and as of the second year of the agreement for the amount of R$41,325. (ii) The R$40,000 balance corresponds to advances granted to the company from which the land was acquired, so that certain improvements may be made to the land, as established in the agreement. The advances are subject to updating based on the variation of the Civil Construction National Index (INCC), increased by interest of 12% per year. The interest matures every month and the principal will be received at the time the purchase of the land is settled, which will occur through the participation in the sales of the project to be implemented.


September 30, 2009




b) Operations The operations maintained with related parties mainly correspond to the services that involve business strategy and viability, as well as technical responsibility of projects and the control of all of the contractors and specialized labor. The values and the means of hiring of the aforementioned services correspond to the conditions practiced by companies that operate in the real estate market. The values contracted from third parties may be presented as follows:

Consolidated

Costs Expenses

09/2009 06/2009 09/2009 06/2009

Alagoas Assessoria e Consultoria S/C Ltda. 298 113 - -

Itaipava Empreitada de Lavor Ltda 11,786 7,246 154 90

Caçapava Empreiteira de Lavor S/C Ltda 1,435 125 19,191 14,005

13,519 7,484 19,345 14,095

c) Operational Agreement On April 11, 2007 an operational agreement was entered into with Cyrela Commercial Properties S.A Empreendimentos e Participação (“CCP”), which has as purpose to set forth the conditions for the provision of: (i) financial services, including treasury, collection, accounts receivable, accounts payable, planning and control; (ii) human resources services; (iii) IT services; (iv) customer services; and (v) marketing services. Pursuant to the Operational Agreement, for the services rendered, CPC should monthly pay the Company the amount of R$30, annually restated by IGP-M. The Operating Agreement shall have an initial 24-month effectiveness, which may be extended by any parties upon written consent, once celebrated until 30 days before its term of effectiveness expiration, and it establishes that the Company is the only contracted service renderer. In addition, the Operating Agreement sets forth rules of mutual non-competitiveness by the term of 5 years, which prevent CCP from operating in the development of residential projects and the Company from operating in the development of commercial and industrial projects. Both parties may not compete among themselves, separately or jointly with other companies of the real estate sector, or by means of any strategic alliance or other form of direct or indirect association with companies of the real estate sector or business partners or any third parties, being impeded from entering into any agreement or contract which may be interpreted as identical or similar to the Operational Agreement, and assuming, directly or indirectly, any activity that may be interpreted as competitor with activities of one another. The parties also agreed not to practice any act that may be interpreted as unfair competition, as established by article 195 of Law 9,279/96, which regulates the rights and obligations related to the industrial property. The Operational Agreement also provides for that the commercial property transferred to CCP due to the partial spin-off of the Company, and which was overtaxed by the Company will be replaced by the Company during the duration term of the instrument, term in which the Company will provide the registration of these properties in its name.


September 30, 2009




Should there be any violation of the Competitiveness and/or Confidentiality clauses, the offender Party shall pay the other Party a daily fine of 2% of the payment amount carried out by the Company pursuant to the past twelve (12) months as from the date of the violation, restated by IGP-M. The present agreement may be terminated without any responsibility to any of the parties, at any time: (i) by mutual consent, written, among the parties with a thirty (30)-day prior notice; (ii) if any of the Parties is declared insolvent or bankrupt, suffers intervention or requires composition with creditors or; (iii) in the event of force majeure or casualty which make it impossible to continue the services provided by the Company to CCP. d) Management Compensation The overall compensation for the Company’s management for 2009, was established at R$6,000, in accordance to the Annual and Extraordinary General Meeting held on April 30, 2009.

15 Current accounts with venture partners The existing balances with the companies are related to the following projects:


Project ConsortiaACERVO (91) (60) (91) (68) ATMOSFERA - RJ - - 2,309 3,011 BOTAFOGO LONG STAY (6,715) (6,245) (8,849) (8,286) BOTAFOGO SPAZIO - - (1,359) (1,058) CAESAR BUSINESS BOTAFOGO (1,475) (1,690) 265 159 CAMBUI PRIVILEGE - DALIA 14 334 965 550 CHATEAU DE TOCQUEVILLE 545 1,454 558 1,169 CHATEAU DU PARC (796) (683) 163 82 DAKOTA - - (1,918) (1,896) FLORES DO CAMPO 332 375 504 568 HABITAT CAMBUI - DALIA (274) (313) (2,324) (2,001) HIPICA HOUSE (1,265) (1,366) (328) (563) IBIS E MERCURE - ABC - - (1,814) (1,887) IBIS MERCURY - DECORACAO - - 2 2 IPIRANGA PREMIUM (1,721) (1,728) (173) 100 LAGOA PRIVILEGE 1,732 1,692 (5,822) (5,868) LE PARC RESIDENTIAL RESORT (5) (6) - - LES JARDINS I (120) (60) (185) (97) LONG STAY WORLD CLASS (4,259) - 564 321 MANDARIM - RJ - - 1,689 1,241 MELIA CAMPINAS EXECUTIVE FLAT 1,913 1,514 1,067 1,000 PERDIZES PRIVILEGE (6) (56) 942 945 PERDIZES PROJECT (275) (75) (2,401) (2,351) PIAZZA DELLO SPORT - - (6,870) (5,884) PLACE DE LA CONCORDE (714) (642) (1,785) (1,739) PLACE MAGNOLIA 50 (145) (829) (1,412) PLACE VENDOME - - (271) 483 PORTALE DELLA MOOCA - - 268 265 ROSSI/DALIA/CAMPINAS - - - 1,106 VEREDA PARAISO - (4) (5,843) (3,492)

Project Consortia (13,130) (7,704) (31,566) (25,600)


September 30, 2009





Other projectsA RESERVA (38) (54) (353) (355) ABC PLAZA SHOPPING - - 130 130 ALLORI VILA ROMANA - - 440 215 APICE - - (464) (292) BARRA PRIME OFFICE - - (825) (491) BARRETO LEME - DALIA - - (95) (14) BERRINI - CAB - CORPORATIVO - LAJES - - (888) (688) BERRINI CAB - RESIDENCIAL - - 704 723 CENNARIO - - 800 862 CENTRAL PARK MOOCA - - 970 1,026 CHACARA DOS PASSAROS 12,805 14,297 2,981 4,647 CHAPEUZINHO VERMELHO 779 734 779 734 CHATEAU DE BEL CASTEL - - (1,300) (1,216) CHATEAU DE BLOIS - - (1,277) (1,107) CIRAGAN (50) (30) (50) (30) CONCEPT OFFICE - - - (23) CONDOMÍNIO RESERVA CASA GRANDE - ED.JEQUITIBA - - 692 692 CONTEMPORANEO - RAFAEL DE BARROS - - (500) (500) CONTEMPORANEO CAMPO BELO - - 481 706 CONTEMPORANEO MOEMA - ARAGUARI - - (800) (676) COOPERSUCAR - - (800) (1,000) CORPORATE PARK (237) (244) 1,649 1,510 ESSENCIA ALPHAVILLE - - (115) (45) FARIA LIMA FINANCIAL CENTER 87 309 (781) (361) FARIA LIMA SQUARE 1,702 3,871 4,574 6,644 FREE WAY - - 1,410 1,412 GALERIA BOULEVARD COND 1 (93) - (134) - HELVETIA - - (300) (500) HEMISPHERE - - 249 124 HIPICA BOULEVARD 64 - (1,299) (1,107) HOME STAY PAULISTANO 44 4 (1,088) (929) IMPERIAL BERRINI OFFICES (93) - (93) - INTERNATIONAL TRADE CENTER 324 250 (74) (84) ITAU BBA (FARIA LIMA) (744) - (744) - JARDIM DO LAGO - - (13,548) (14,449) JARDIM DO PARQUE - 4 (603) (603) JARDIM GUEDALA - - - 75 JK 1455 2,753 3,378 2,753 3,378 JK FINANCIAL CENTER (886) (886) (886) (886) LA PLAGE RESIDENCIAL CLUB (199) - (174) - L DOLCE VITA ACLIMACAO 100 100 100 100 L ESPACE - SAMPAIO FERRAZ - - (193) (216) LA DOLCE VITA 388 450 388 450 LACERDA FRANCO (613) (978) (613) (978) LAURIANO FERNANDES (488) (488) (488) (244) LAZULI - - - (268) LE BEAU CHAMP - - - (232) LONG CHAMPS - - 319 484 LONG STAY BELA CINTRA QUALITY SUITE - - 109 1,223 LOTEAMENTO FAZENDA PETRONILHA - - (469) (469) LOTEAMENTO SANTA HELENA - - (1,066) (2,047) MAGNA VITA - - 4,000 3,890


September 30, 2009





09/2009 06/2009 09/2009 06/2009

MAISON D' HIGIENOPOLIS - - 81 81 MAXIMUM DOUBLE SUITES - - (1,200) (1,100) MORADA EDUARDO PRADO - - 5 5 NORTE VILLAGE - 100% PARANA - - (3,600) (3,600) NORTE VILLAGE - 45% BRSCAN / 55% PA (1,010) (1,510) 4,901 4,344 NOVA SAO PAULO - 2,044 - 2,044 ON THE PARK - - (4,058) (4,347) ORNATO MOEMA - - 793 874 PANAMBY LOTE 7 A (580) (41) - 760 PARQUE ALFREDO VOLPI - (1,010) 3,475 3,750 PAULISTANIA BOSQUE RESIDENCIAL (93) (93) - 4 PODIUM VILA LEOPOLDINA - - 789 912 PORTO ROTONDO - - (31) (31) PROVENCE HORTO - - (674) (230) QUARTIER D OR - - 99 80 QUARTIER KLABIN - - - 27 RESERVA CASA GRANDE - - (700) (500) RESIDENCIAL DI MARANELLO (57) (9) (811) (711) SP BUSINESS CENTER - - (1,516) (1,558) TORRES DO TABOAO - - (200) (175) VENTANA 766 - (56) (337) VERO - GUARULHOS 1 - - 440 672 VILLA SANTA BARBARA - - (100) (85) VILLAGE BROOKLIN TOWNHOUSE - EAST 813 714 (2,265) (2,087) VILLAGE BROOKLIN TOWNHOUSE - WEST (1,010) (1,029) - - VILLAGGIO DELLA HIPICA 1 - - (172) VISCONDE DE ALBUQUERQUE (RJ) - - - 82 WALK VILA NOVA - - (2,075) (1,917) WIDE GARDEN - - 1,135 516 WIDE VIEW - - 1,418 631 Other Projects (114) (568) 1,126 439 Other projects 14,321 19,215 (9,516) (2,414)

Partners in other projectsCyrela Volpago - - 150,000 150,000

Other projects - - 150,000 150,000

1,191 11,511 108,918 121,986

Balance on assets - - (93,334) (44,803) Balance on liabilities 1,191 11,511 202,252 166,789

1,191 11,511 108,918 121,986

Partners in other projects In October 2008 one of the controlled companies issued redeemable preferred shares. Funds transferred by these shareholders were used for the development of real estate projects. Through this controlled company, the Company entered into an agreement with its preferred shareholders for the redemption of these shares, from October 2011 to September 2014. Redemptions will be carried out using the results obtained from the projects developed through this controlled company.


September 30, 2009




16 Operations of sales of properties to be incurred Due to the procedures applied by CFC Resolution 963 and CVM Resolution 561/08 (CPC-O-01), the balances of income from sales and correspondents budgeted costs, related to the units sold and, with the costs not yet incurred, are not reflected in the financial statements of the Company and of its controlled companies. The main balances to be reflected as the costs incur can be stated as shown below. a) Unearned real estate operations contracted


Amounts not recorded in thefinancial statements

Unearned sales income - - 4,520,845 4,331,559 Unearned cost of units sold - - (2,876,553) (2,770,626)

- - 1,644,292 1,560,933 Unearned selling expenses - - (23,536) (19,769)

- - 1,620,757 1,541,164

b) Commitments with budgeted costs to incur from units sold


Amounts not recorded in thefinancial statementsCurrent - - 1,980,333 1,927,098 Long-term - - 896,220 843,528

- - 2,876,553 2,770,626

17 Advances from clients


Upon receipt in the sale of properties

Amounts received from the sale of projects. the incorporation of which has not yet ocurred and - - 10,477 7,614 . other advances 22 4 38,802 34,738

22 4 49,279 42,352

Units sold made effectiveAppropriated income (17,931) (17,676) (8,694,642) (7,257,264) Income received 17,931 17,676 8,762,257 7,362,002

(0) - 67,615 104,737

22 4 116,894 147,089

Upon property swapAmounts from land swap 74,036 81,922 1,559,165 1,480,965

74,058 81,926 1,676,059 1,628,054

Advances from clients, originated by property swap in the acquisition of lands (Note 2, I, 1), will be amortized to the income using the same procedure that recognizes sales revenues.


September 30, 2009




18 Provision for collateral The Company gives guarantee to its clients on the sale of real estate. These guarantees have specific features according to certain items, for a maximum period of 5 years after the works are concluded and are partially shared with the suppliers of goods and services. The amounts recorded by the Company are in item “Suppliers”. 19 Accounts payable due to real estate acquisition Accounts payable due to real estate acquisition – current and long-term liabilities Investments have been made in acquiring new plots of land, with the purpose of launching new projects by the companies, alone or with the participation of third parties, generating commitments, represented by credits which had the following maturity schedule which may be stated as follows, per maturity year:

Parent Company ConsolidatedYear 09/2009 06/2009 09/2009 06/2009

2010 - - 60,763 66,737 2011 - - 27,895 41,880 2012 - - 10,207 14,076 2013 - - 908 1,859 2014 - - 135 161 2015 - - 121 143 2016 - - 102 121 2017 - - 63 73 2018 - - 12 18 2019 - - 11 16 2020 - - 6 8

Long-term installment - - 100,222 125,092

Short-term installment 9,528 7,270 169,365 245,363

Total 9,528 7,270 269,587 370,455

The accounts payable are substantially updated by the variation of the Civil Construction National Index (INCC) or by the variation of the General Market Price Index (IGP-M).


September 30, 2009




20 Taxes payable and labor proceedings They are substantially represented by taxes the liability of which is being questioned in court, as follows:


Expansion of the calculation basis regarding the Social Integration Program (PIS)and the tax for Social Security Financing(COFINS) 797 795 3,223 3,225

COFINS and Social Contribution onNet Profit (CSLL) assessmentfor companies without employees - - 10,822 10,748

Taxation through income tax and through social contribution tax on yieldsmade available abroad - - 9,551 9,491

797 795 23,596 23,464

Labor Proceedings 93 23 6,106 5,938

890 818 29,702 29,402

21 Tax operations – Income tax, social contribution, PIS and COFINS The deferred income tax, social contribution, PIS and COFINS are recorded to reflect the tax effects resulting from the temporary differences between the fiscal base, which basically determines the moment of the collection, according to the receipt (Normative Instruction SRF 84/79) and the effective appropriation of the real estate profit, Note 3g, in conformity with the Resolution 963/03 of the Federal Accounting Council (CFC) and CVM Resolution 561/08 (CPC-O-01). The effective collection of these taxes occurs in a term equivalent to the receipt of the sales installments, whose maximum term reaches until 2028 (see Note 6).


September 30, 2009




a) Deferred Income Tax and Social Contribution The Company and its controlled companies have the following balances to be offset, deducted or increased to the calculation bases of the future taxable profit to be calculated based on taxable income. In addition, certain controlled companies have differences that will be levied in future years, stemming from profit in real estate activities taxed on a cash basis and the amount recorded by the accrual basis, considering the taxation by presumed profit as indicated below:


(i) Credits to be offset - taxable income

Tax losses to be offset with future taxable income - IRPJ 530,359 212,870 577,277 268,400

Tax loss carryforwards to be offsetwith future taxable income - CSLL 533,620 216,131 535,137 217,647

Temporarily non-deductible expenses - IRPJ 25,476 25,476 39,285 39,186 Temporarily non-deductible expenses - CSLL 18,669 18,669 18,669 18,669

(ii) Liabilities to be taxed - taxable income

Difference between profit from real estate activities leviedon a cash basis and the value recorded on the accrual basis (13,205) (11,408) (89,772) (120,218)

Temporarily non-deductible income - IRPJ and CSLL - - (11,520) (11,520) Unrealized profit (discount) amortized (71,689) (71,689) (71,689) (71,689) Taxable income from real estate expropriation - - (16,330) (19,693)

(iii) Liabilities to be taxed - presumed profit

Difference between profit from real estate activities leviedon a cash basis and the value recorded on the accrual basisIncome tax basis - - (196,698) (66,468) Social contribution basis - - (283,237) (165,955)

Due to the aforementioned tax credits and liabilities, the corresponding tax effects have been recorded (deferred income tax and social contribution), as follows:


Long-term assetsSocial contribution tax loss carryforwards 11,484 11,191 29,097 31,871 Difference of profit in real estate activities - presumed profit - - 1,451 2,749

11,484 11,191 30,548 34,620

Current and long-term liabilities

Difference of profit in real estate activities - taxable income (4,172) (3,879) (39,124) (43,453) Difference of profit in real estate activities - presumed profit - - (99,970) (75,394) Revenues temporarily free of taxes - IRPJ and CSLL - - (3,916) (3,916) Unrealized profit (discount) amortized (24,374) (24,374) (26,374) (24,374) Income from real estate expropriation - - (5,552) (6,696)

(28,546) (28,253) (174,936) (153,833)

Income tax and social contribution net value (17,062) (17,062) (144,388) (119,213)

Portion absorbed on controlled companies and changesin equity interest - - (9,425) 13,975

Debit (credit) in the income tax and social contribution result - - (34,600) (17,071)

Considering the current context of the operations of the Parent company, which substantially constitutes itself of interest held in other companies, the tax credit on the total balance accumulated regarding tax loss carryforwards has not been recorded, neither has it been recorded on the balance of the temporarily non-deductible expenses in determining taxable income, which are substantially represented by taxes the liability of which is being questioned in court, whose deductibility is conditioned to the transit in rem judicatam of the legal proceeding in progress, within a non-predictable term. Moreover, certain controlled companies have tax loss carryforwards whose realization or recovery depends on future events, consequently, the corresponding tax credit is not recorded.


September 30, 2009




The tax losses and negative calculation basis of social contribution to be compensated with future taxable income do not have prescriptive terms and their compensation is limited to 30% of the taxable income ascertained for each future base period. The taxation of the difference between the profit calculated on a cash basis, and the one calculated in compliance with the accrual basis, occurs within the average term of 5 years, considering the term for receiving the sales performed and the completion of the corresponding works. Income tax and social contribution levied on unrealized profits, stemming from the amortization of the net negative goodwill calculated per controlled company will be realized at the time of disposal or extinction of the corresponding investees, without any forecast of whether and when they will occur. b) Balance of PIS and COFINS The deferred PIS and COFINS in the consolidated, in the amount of R$135,909 on September 30, 2009 (Jun/2009: R$109,456), calculated on the difference between the revenue taxed by the cash basis and the amount recorded by the accrual basis, are recorded in the item “Taxes and contributions payable”, in the current liabilities. c) Income tax and social contribution for the year Companies adopt, as allowed by the tax legislation in force, the cash basis for calculating the taxable income on real estate development and the taxable income is then calculated according to that system, used in determining taxable income. Income tax and social contribution charges may be summarized as follows:


Ascertainment method 09/2009 09/2008 09/2009 09/2008

Taxable incomeIncome tax 7,900 - 14,817 3,208 Social contribution tax 1,766 - 4,845 1,174

9,666 - 19,662 4,382

RETIncome tax - - 9,763 1,905 Social contribution tax - - 5,070 996

- - 14,833 2,901

Presumed profitIncome tax - - 19,482 32,928 Social contribution tax - - 10,471 16,885

- - 29,953 49,813

Total: 9,666 - 64,448 57,096

Income tax and social contribution owed on taxable income as well as PIS and COFINS, of the parent company and its controlled companies, were calculated according to the criteria mentioned in Note 3(c).


September 30, 2009




d) PIS and COFINS for the year The amounts of PIS and COFINS, recorded in the Company’s consolidated result, totaled R$61,542 on September 30, 2009 (Jun/2009: R$38,330). 22 Shareholders’ Equity a) Capital stock The capital stock on September 30, 2009, its movement and the corresponding number of common shares may be shown as follows:

Number of

Shares Capital

On September 30, 2009 355,707,802 1,357,034

Increase due to subscription (i) 22,636 321

On December 31, 2008 355,730,438 1,357,355

Capital increase - Merger of Goldzstein Participações S.A.

(ii) 12,788,751 41,039

Increase due to subscription (i) 96,037 771

On September 30, 2009 368,615,226 1,399,165

(i) In 2009, the issuance of 96,037 shares (2008: 22,636 shares) was resolved by the

Company’s board of directors to comply with the provisions in the “Company’s Stock Option Plan”, as stated in Note 24 (c).

Date of the Board of Date of the AGM that Issue value Shares Issue Shares IssueDirectors' Meeting approved the granting plan Number of Shares Price Price - R$ thousands

10/8/2008 4/29/2008 22,636 14.1696 321Sub-total 22,636 321

1/7/2009 4/29/2008 23,993 0.01 -2/10/2009 4/29/2008 2,595 0.01 -4/24/2009 4/29/2008 6,134 0.01 -6/5/2009 4/29/2008 793 0.01 -7/8/2009 4/29/2008 707 0.01 -8/14/2009 4/29/2008 10,288 0.01 -9/14/2009 4/28/2006 51,527 14.96 771Sub-total 96,037 771

Accumulated 118,673 1,092

(ii) On April 23, 2009 the Company and Goldsztein Participações S.A. (“investee”) entered into

an agreement regulating the main business terms for the acquisition of 100% shares issued by the investee. The operation resulted on the issue of new shares of the Company which were delivered to the investee’s shareholders immediately after the incorporation by the Company. The operation was completed on June 4, 2009 through the authorization at the Extraordinary General Meeting and the details of the operation are described in the attachments of the abovementioned meeting.


September 30, 2009




The operation of Item (ii) was carried out based on the balance sheet of March 31, 2009, being the equity variations as of that date directly recognized by the Company, as shown below:

Net Assets – Goldsztein Participações S.A.

Current 3,048 Represented by:Capital stock 40,828

Non-current 37,989 Profit reserve 840 Permanent 2 Asset valuation adjustment 30

Accumulated loss (659)

Total 41,039 Current - Non-current -

Net Liabilities 41,039

Assets Net Assets Breakdown

Liabilities

The Company’s Board of Directors is authorized to increase the capital stock, regardless of general meeting or bylaws amendment up to the limit of 500,000,000 common shares, for distribution in the country and/or abroad, publicly or privately. In the event of capital increase by subscription of new shares, the shareholders will have the preemptive right for subscription pursuant to Law 6,404/76. b) Treasury shares The Company may, by resolution of the board of directors, acquire its own shares, to be held in treasury and subsequent cancellation or disposal. As authorized at a meeting of the Board of Directors held on May 13, 2003, 3,000 preferred shares (total after split: 6,000) were acquired and there was not any authorization or forecast for new acquisitions. The quotation of the aforementioned shares as of September 30, 2009 was R$23.05 (Jun/2009: R$14.85) per share. c) Profit reserve (expansion and unrealized profit) (i) Expansion It refers to the retention of the remaining balance of retained earnings, in order to meet the Company’s budget to finance additional investments of fixed and working capital and the expansion of operating activities, which may be formed with up to 100% of the net profit that remains after the legal and statutory allocations; nevertheless, it cannot exceed the amount of the paid-in capital stock. (ii) Unrealized profits They refer to unrealized profits resulting from the financially unrealized equity variation gain in 2007, resulting from the associated company Agra, net of adjustments to changes in the accounting practices. Due to the sale of Agra shares, the unrealized profits balance will be subject of the meeting held to resolve on the allocation of dividends or expansion reserve.


September 30, 2009




d) Appropriations of net income for the year

The net income for the year, after the compensations and deductions provided for by law and consonant statutory provision will be allocated as follows:

• 5% for legal reserve, until it reaches 20% of the paid-in capital stock. • 25% of the balance, after the appropriation for legal reserve, will be allocated for the

payment of a minimum mandatory dividend to all shareholders.

23 Contingencies The Company and its controlled companies are party to labor, civil and tax proceedings and are discussing these issues administratively and judicially. Probable losses The forecast for the losses considered probable resulting from these proceedings is estimated and updated by the management, based on the opinion of their legal consultants. On September 30, 2009 the provisions for contingencies are classified in the item “Taxes payable and labor proceedings”, note 20. Possible losses The Company has tax, civil and labor suits, involving risks of loss classified by the management as possible, based on the evaluation of its legal consultants, for which there is no provision recorded, according to the breakdown as follows:

Consolidated09/2009 06/2009

Civil 8,510 6,547 Tax 37,708 37,475 Labor 4,196 3,816

Total 50,414 47,838


September 30, 2009




Tax suits On September 30, 2009, we were party to 13 tax suits filed against us, whose total amount was R$61.3 million. On September 30, 2009, the value of our provision against losses resulting from pending tax suits was R$23.6 million. There are six lawsuits filed against some of our controlled companies by the Brazilian tax authorities related to the collection of Cofins and social contribution. We are contesting such issues, since our controlled companies that are party to these suits do not have employees and said taxes are only collected by companies that have employees. We recorded provision for this contingency amounting to R$10.7 million in our consolidated accounting statements. We are party to a lawsuit and three administrative tax proceedings related to social contribution and corporate income tax levied on earnings supposedly calculated by us or by our controlled companies. The lawsuit and one of the administrative proceedings refer to the collection of corporate income tax and social contribution on the totality of positive equity accounting variation verified by our controlled companies abroad, and not on the income assessed by them. We plead a writ of mandamus in which we obtained, on January 27, 2003, an injunction with the purpose of obviating the collection as demanded by the Brazilian tax authorities. Said administrative proceeding has as purpose the motion to deny two tax assessment notes related to the collection of the corporate income tax and social contribution for the 2002 fiscal year that, despite of the injunction abovementioned, the Brazilian tax authorities drawn against Brazil Realty, on February 23, 2005, the current amount of R$11.3 million. The other two administrative proceedings have as purpose the motion to deny two tax assessment notes filed by the Brazilian federal tax authority in May 2004 against Brazil Realty, in the current amount of R$14.0 million, and, in December 2002, against Cyrela Empreendimentos in the current amount of R$9.5 million, related to the enforceability of the social contribution and corporate income tax on income calculated by our foreign controlled companies, Brazil Realty Serviços e Investimentos Ltd. and Aracati S.A., respectively. Based on the report of our external attorneys, we recorded a provision for the administrative proceeding in the amount of R$9.5 million in our balance sheet and we did not record any provisions for other administrative proceedings abovementioned. The Brazilian tax authorities filed a tax administrative proceeding against us in January 2005, in the amount of R$4.9 million, claiming the payment of the withholding income tax levied on interest related to the installment of Fixed Rate Notes issued by us, in the approximate amount of R$25.0 million, which was not purpose payment in advance. We challenged this demand in court and, based on the report of our external attorneys, we did not record any provision in our balance sheet for this administrative proceeding, in view of the possibility of a successful outcome. Labor suits On September 30, 2009, we were party to labor suits filed against us in São Paulo, and the total amount claimed in these suits was approximately R$9.7 million, out of which R$6.1 million is provisioned. The majority of lawsuits is filed by employees of subcontractor and outsourced companies that were hired by us. In compliance with the Brazilian labor legislation, we are jointly liable for the compliance with labor liabilities of service provider’s employees hired by us.


September 30, 2009




Civil suits On September 30, 2009, we were party to civil suits, in the total claimed amount of approximately R$8.5 million, to which we did not record provision, in view of the non expectation of unfavorable decisions in these lawsuits. On November 29, 2007, we filed a suit against the estate of Mr. Anthero Machado so that the deed of land fraction known as Vicolo/Amergin, located in the City of São Paulo was delivered to us. Therefore, we are capable of transferring this land fraction as payment of the last installment of the purchase and sale agreement executed on January 31, 2005. We complied with our obligations resulting from said agreement, including the previous condition. The total amount of the purchase and sale commitment is R$8.7 million, out of which we already paid approximately R$4.0 million. We did not record provision for this lawsuit, once our legal counsels understand that its success is probable.

24 Benefits to officers and employees

CVM Resolution 560/08 (CPC-05) sets forth the granting of benefits to employees and Management and also share-based benefits and financial instruments. Benefits to employees and Management are all compensation paid, payable or provided by the entity, or in its behalf, in exchange for services provided to the Company.

a) Post-retirement benefits

The Company and its controlled companies do not maintain private pension plans for their employees; nevertheless, they perform monthly contributions based on payroll to the official retirement and social security funds, which are given entry in the expenses by the accrual basis.

b) Profit sharing program – PLR

The Company and other companies of the group have a program for employee profit sharing in compliance with the collective bargaining agreement entered into with the Union of Civil Construction Industry workers of São Paulo. On September 30, 2009 the company recorded a provision in the consolidated of R$15,800 (Jun/2009: R$6,000), based on the indicators and parameters defined in the agreement entered into.

c) Stock option program

Plan description The Company maintains stock options plans. All managers and employees who are entitled to the annual bonus and whose compensation does not include commissions directly or indirectly connected to the sale or purchase of assets for the Company will be eligible to this modality.

The fair value of options granted is recognized as expenses in the period the right is acquired, when the specific conditions for the acquisition of rights shall be met. At the reference date of the financial statements, the Company revises its estimates regarding the amount of options whose rights should be acquired based on the terms of the contract. It recognizes the impact of the initial estimate revision in the statement of income, as a counter entry to the shareholders’ equity, prospectively.

To participate in the program, the manager or employee shall acquire shares from Cyrela at the market price and in pre-defined terms, upon the use of funds coming exclusively from the receipt of the annual bonus granted as per the policy in force.


September 30, 2009




In counterpart to the acquisition of shares, the Company will enter with each beneficiary into an Instrument of Granting of Stock Option, by means of which the Company will grant, for each share acquired, stock options within the limits and conditions previously defined.

The plans offered by the Company are described below:

• 2008 Granting plan

At the Annual and Extraordinary General Meeting, held on April 29, 2008, the “Stock Option Plan” for managers and employees was approved.

• 2007 Granting plan

The “2007 Stock Option Plan” for the management and employees was approved in the Annual and Extraordinary General Meetings held on April 30, 2007 and October 08, 2007.

• 2006 Granting Plan The “Stock Option Plan” for the management and employees was approved in the Annual and Extraordinary General Meeting held on May 04, 2006. The calculation of the stock options amounts and accounting entry is in compliance with the criteria set forth by CVM Resolution 562 of December 16, 2008, Share-based payment (CPC 10).

Numbers, values and terms of the plans The number of stock options granted, grace periods and exercises are described below:

General Information (Number, terms and dates)

Granting DateGrace Period for the

ExerciseExercise Maturity

Number ofShares Grantedon 9/30/2009

2006 Plan 5/4/20064 (four) years,25% p.a.

5/3/2007;5/3/2008;5/3/2009;5/3/2010

474,933

2007 Plan5/17/2007;10/8/2007

5 (five) years5/17/2012;5/8/2012

1,770,527

2008 Plan 4/29/2008 5 (five) years 4/28/2013 1,422,667

Total 3,668,127 The market value of each stock option is estimated on the granting date, using the Black-Scholes share pricing model, the basic premises of which are: granting price, exercise price; grace period, volatility of share price, the percentage of distributed dividends and the risk-free rate.


September 30, 2009




The amortization amounts recorded as expenses in the Company’s financial statements since the granting date up to September 30, 2009 are described below:

Total Accumulated Expenses

Granting DateAccumulated Expenses

(R$ thousand)

2006 Plan 5/4/2006 505

2007 Plan5/17/200710/8/2007

22,327

2008 Plan 4/29/2008 18,647

Total 41,479 Percentage of shareholding dilution The percentage of shareholding dilution, which will eventually be submitted to the current shareholders should there be the exercise of all options to be granted, is approximately 0.9% (zero point nine per cent) on September 30, 2009.

(Adjusted)

Basic and diluted earnings per share September 30, 2009 September 30, 2008

Basic earnings per share:Net income for the period R$ 521,631 R$ 240,436

Annual average number of shares - basic 368,615 355,730

Basic earnings per share R$ 1.41511 R$ 0.67590

Diluted earnings per share:Net income for the period R$ 521,631 R$ 240,436

Annual average number of shares - basic 368,615 355,730

Increase in the number of shares deriving from Stock Option Plans, should there be an eventual exercise of all granted shares

3,668 3,668

Annual average number of shares - diluted 372,283 359,399

Diluted earnings per share R$ 1.40117 R$ 0.66900

Percentage of share dilution 0.98531% 1.02063%

Number of shares granted on total shares: 0.99511% 1.03115%

25 Financial instruments

The Company and its controlled companies participate in operations involving financial instruments, all of which are recorded in equity accounts that are intended for meeting their needs and reducing the exposure to risks related to credit, currency and interest rates. The administration of such risks is performed by defining strategies, establishing control systems and determining position limits. Operations involving financial instruments with speculative purposes are not carried out.


September 30, 2009




a) Comments on risk

(i) Currency risk

On September 30, 2009, the Company presented a balance of loans in foreign currency, in the amount of US$50,000 (Jun/2009: US$20,000), the financial investments totaled the equivalent to US$114 (Jun/2009: US$114) and investments in companies abroad totaled the equivalent to US$957 (Jun/2009: US$969), in addition to Argentine Pesos that totaled AR$52,140 (Jun/2009: AR$42,398), without the existence of any instrument to hedge this exposure on this date.

(ii) Interest rate risk

The interest rates on loans and financings are mentioned in Note 12. The interest rates contracted on financial investments are mentioned in Note 4. On the accounts receivable from real estate completed, as mentioned in Note 6, there is interest of 12% per year, appropriated "pro rata temporis". In addition, as mentioned in Note 14, a substantial portion of the balances maintained with related parties and the balances maintained with partners in the projects are not subject to financial charges.

On September 30, 2008 the Company has no agreements in force related to operations with derivatives and hedge. The controlled company Goldztein has contracted operations in this category as mentioned in Note 25(c).

b) Valuation of financial instruments The main assets and liabilities financial instruments are described below, as well as are the criteria for their valuation: (i) Cash and cash equivalents and financial investments The market value of those assets does not significantly differ from the values presented in the accounting statements (Note 4). The rates agreed upon reflect the usual market conditions. (ii) Securities The market value of these assets is not significantly different from the values of the market values (iii) Accounts receivable The amounts of accounts receivable presented at book value has a similar market value.


September 30, 2009




(iv) Investments in controlled companies Investments in controlled companies are not listed on the stock exchange and, as a result, there are not enough assumptions for attributing their market value. (v) Investments listed on stock exchange Investments in associated companies are listed on the stock exchange and, thus, we present the cost position and market value for the investments.

09/2009 (R$ thousand) 06/2009 (R$ thousand)

Market Book Market Book

value value Change value value Change

Affiliated companies 11,604 5,265 6,339 164,084 217,501 (53,417)

Evaluated at cost 5,855 5,855 - 7,729 7,729 - 17,459 11,120 6,339 171,813 225,230 (53,417)

(vi) Loans, financing and debentures The conditions and the terms of the loans and financings obtained are presented in Note 12. The settlement value of these liabilities is not significantly different from the values presented in the accounting statements. c) Operations with derivative instruments Goldsztein has a loan operation in foreign currency that refers to the onlending of BACEN Resolution 2770, denominated in Japanese Yens, contracted with Banco Real S.A., in the amount of R$33,809 on September 30, 2009. The release carried out in October 26, 2007, in the total amount equivalent to JPY$1,594,387, is subject to Exchange variation, based on the Yen, plus interest of 1.4353% p.a.. Therefore, in order to protect its cash flow from the Real variation in relation to the Yen and to adjust the debt amortization path to receivables in the same currency, Goldztein contracted derivative operations involving swaps and “future Yen sale” in amounts that suit the estimated cash flow, eliminating foreign currency variation and converting the full operation to a CDI (Interbank Deposit Certificate) percentage, respecting the conservative risk management criteria. Risk Management and Financial Instruments Derivative financial instruments are contracted in the following situations: i) Use policies The objective of Goldztein derivative policy is to protect its financial operations so that their final result is given in indexes similar to its operating activities (ex; CDI rate, Inflation, etc..), thus avoiding any result that is not in line with its business, including regarding the maturity dates of these operations. The Financial Executive Board is responsible for the management and control of derivatives, by means of identifying the exposures and correlations among the different risk factors that involve Goldztein’s business. This policy’s sole objective is to manage risks and reduce cash flow volatility and, therefore, it forbids speculative operations. To be effective in its operations, Goldsztein chooses to diversify the product and its counterparts according to the operation’s risk that needs to be protected.


September 30, 2009




ii) Market Fair Value The method used by Goldsztein to determine the fair value of swap operations consisted in determining the future value based on the conditions contracted and determining the present value based on market curves, obtained from BM&FBOVESPA’s databank. iii) Contracted Operations Derivative financial instruments maintained on September 30, 2009 and June 30, 2009 consisted of changing the index of part of the debt through swaps (from Yen to CDI). At no time did Goldztein carry out contracts with margin calls on these dates. Rates and currency swap Swap operations of rates, held to a specific future period, without initial disbursement. Swap can be carried out between indexes, rates and currencies with the purpose of changing the exposure of specific liabilities subject to fluctuations. The value of the adjustment will be the result from the long position’s variation from the initial date up to the maturity date, multiplied by the reference (notional) value, minus the result of the short position’s variation from the initial date up to the maturity date, multiplied by the reference (notional) value. If the amount is positive, Goldsztein will receive the amount; otherwise, Goldsztein will pay the amount. On September 30, 2009 and June 30, 2009, Goldztein had a swap contract in Yen (JPY), plus interest of 1.4353% per year (long position) x 107% of the CDI variation (short position), whose notional value was JPY$1,594,387. This contract matures on October 15, 2009, and aims to protect the loan related to the onlending of BACEN’s Resolution 2770, denominated in Yens, plus interest of 1.4353% per year. Adjustments to fair value on September 30, 2009 and June 30, 2009 were R$428 (loss) and R$119 (loss), respectively. Adjustments were directly recorded in item asset valuation adjustment at Goldztein. The final result of this operation from a cash point of view is simply the amount added to the CDI variation, as stated above, minus the foreign exchange exposure. The information on the controlled company’s derivative financial instruments is summarized as follows:

Description Start date Maturity 09/2009 06/2009 09/2009 06/2009Swap contractsCurrency long positionYen variation 10/26/2007 10/15/2009 1,594,387 1,594,387 25,000 25,000

Swap contractsCurrency short position107% of CDI 10/26/2007 10/15/2009 1,594,387 1,594,387 25,000 25,000

Notional reference Reference valuevalue (JPY$) R$

The counterpart on the operations listed above is Banco Real S/A.


September 30, 2009




The values of the controlled company’s derivative financial instruments are summarized as follows:

Description 09/2009 06/2009 09/2009 06/2009 Resultado P.L. Resultado P.L.Swap contractsCurrency long positionYen variation 32,809 33,222 32,329 33,216 (10,303) (480) (9,890) (6)

Swap contractsCurrency short position107% of CDI (31,241) (30,527) (31,249) (30,581) (2,368) (8) (1,654) (54)

Total 1,568 2,695 1,080 2,635 (12,671) (488) (11,544) (60)

Accrual value Fair Value (MTM) 3Q09 Accum. Effect 1H09 Accum. EffectGain (Loss) Gain (Loss) Gain (Loss) (MTM) Gain (Loss) (MTM)

iv) General considerations The settlement of the operation took place on the maturity date, October 15, 2009, for the amounts of:

Accrued amount: R$ 31,660Swap gain: R$ 309Paid fair value: R$ 31,351

26 Operations with Agra Empreendimentos Imobiliários S.A. On June 22, 2008, Agra and the Company entered into a heads of agreement (“Agreement"), which regulated the main trading terms to the consolidation of activities developed by the Company and Agra, by means of the merger of Agra by the Company, which was subject to the approval of the Shareholders’ Extraordinary General Meeting of both companies. Termination of the Heads of Agreement:

On October 5, 2008, exclusively due to the impossibility of fulfilling the commitments undertaken by the companies, Agra and the Company before their respective partners, concerning the exclusivity of joint operation with such partners in certain regions of the country, the companies decided to enter into an “Instrument for Termination of the Heads of Agreement”, referring to the Heads of Agreement disclosed on June 22, 2008. Sale of Corporate Interest: On October 5, 2008, the Company and Agra executed the “Private Instrument of Purchase and Sale of Corporate Interest”, whereby the Company undertook to acquire, for the overall amount of R$120 million (including the assumption of debt from the respective special purpose companies (“SPCs”), and with due regard for the terms and conditions provided for in the aforementioned instrument, corporate interest held by Agra in certain SPCs whose purpose is real estate development.


September 30, 2009




Up to the present date, corporate interest has been purchased in the following operations: 1) Acquisition of companies carried out as of October 20, 2008; payment condition was

equivalent to 16.67% in cash and the balance was divided in 10 monthly installments. a) Lombok Incorporadora Ltda. (Farol da Ilha) – value of the acquisition R$13,656

- first installment as of November 20, 2008; b) Oaxaca Incorporadora Ltda. (Calhau) – value of the acquisition R$16,184

- first installment as of November 20, 2008; c) Maiastra 1 e 2 Incorporadora Ltda. (Catumbi) – value of the acquisition R$22,642

- first installment as of January 3, 2009; d) Rouxinol Salvador Alende Empreendimentos Imobiliários Ltda (Salvador Alende) –

value of the acquisition R$6,449 - first installment as of July 24, 2009;

e) Futura Incorporadora Ltda (Moinho) – value of the acquisition R$8,588 - first installment as of July 24, 2009;

f) Assumption of the debit balance of the owner of the land named “Moinho” (mentioned in item e) Futura) – value of the assumption is approximately R$11,250.

Bueno Netto exercised its preference right on Berrini Cab (Arraial and Roraima) Project, reducing R$39,099 from the total R$120,000. Therefore, the remaining balance on September 30, 2009 is adjusted by C.D.I rate, net from the agreement for the adjustment of the overall amount established, is nearly R$3,700 (already restated by CDI). Capital subscription On December 22, 2008 the Company paid up capital at Agra by acquiring shares in the amount of R$27,075. Sale of shares On September 25, 2009, the Company informed, through Material Fact, that it sold its total interest in the capital stock of Agra Empreendimentos Imobiliários S.A. (Bovespa: AGIN3) (“Agra”), of which 27,684,746 common shares to BRF Investimentos e Participações Ltda. and 27,684,747 common shares to Caripó Participações Ltda., totaling 55,369,493 common shares, representative of 23.138400% of Agra’s capital stock, for the total price of R$304,532, corresponding to R$5.50 per share. In view of the operation, a Dissolution of Agra’s Shareholders Agreement was executed, which releases participants of the agreement from all and any obligations set forth therein, with the consequent settlement for any eventual responsibilities, at any title.


September 30, 2009




27 Termination of Shareholders’ Agreement between Conx and Cyrela

On August 17, 2009, the Company informed, through a Material Fact, that, on August 12, 2009, the Quotaholders’ Agreement with Conx Empreendimentos Imobiliários Ltda. was revoked, said document was the joint venture basis between the two companies – Cytec Empreendimentos Imobiliários Ltda. – operating in the “economic” and “super economic” segments in the States of São Paulo and Rio de Janeiro. With the termination of agreement (i) Cytec is now held 100% by Cyrela, (ii) Cyrela and Conx continue to operate in partnership in each real estate development currently in progress and in each development to be launched in lands acquired up to the termination date, up to their conclusion, and (iii) there no longer is the exclusivity obligation to Conx, obligation which was not applicable to Cyrela.

28 Insurance The Company and its controlled companies maintain insurance policies, the hired coverage of which is considered sufficient by the management to cover fortuitous risks over their assets and/or liabilities, as indicated below: (a) Engineering risk: (i) basic - R$4,188,380, (ii) projects - R$3,674,662 and (iii) other -

R$519,533. (i) Basic - accidents (sudden and unexpected) in the construction sites, such as acts of

god or force majeure, winds, storms, lightning, floods, earthquakes, etc., damages inherent to construction, the employment of defective or inadequate material, flaws in the construction and the collapse of structures.

(ii) Projects - cover indirect damages caused by possible project errors. (iii) Other - refers to extraordinary expenses, clearing away of debris, disturbances, strikes,

foundation crusades, etc. (b) Sales stand: fire - R$18,855, robbery - R$760 and other risks - R$615. (c) Sundry risks: fire - R$22,267, robbery - R$3,454 and other risks - R$4,708. (d) Loyalty: coverage for financial losses caused by personal actions taken by employees -

R$1,000. (e) Contractual security: R$108,159. (f) Construction risks: civil liability - R$69,835. (g) Civil liability on actions taken by Officers and Managers - US$10,000 The risk assumptions adopted, given their nature, are not part of the auditing scope of the financial statements and, consequently, were not audited by our independent auditors.


September 30, 2009




29 Subsequent events

On September 21, 2009, Cyrela presented to the National Association of Investment Banks– ANBID (“ANBID”), the request for previous analysis of the registry of primary public offering of common shares issued by the Company ("Offering" and “Common Shares”). The Offering was carried out in the non-organized Brazilian over-the-counter market, in compliance with CVM Rule 400 as of December 29, 2003 (“CVM Rule 400”), including placement efforts of Common Shares in the United States of America, exclusively together with qualified corporate investors as set forth in Rule 144A of the United States of America’s Securities Act of 1933 and, together with investors resident in countries other than the USA and Brazil, pursuant to Rule S of the Securities Act, who invest in Brazil in compliance with the investing mechanisms set forth in the National Monetary Council Resolution 2,689, as of January 26, 2000, and in CVM Rule 325 as of January 27, 2000, as later amended, pursuant to the applicable legislation in the domicile country of each foreign investor. The issuance price of common shares was fixed on October 27, 2009 through the bookbuilding process, in compliance with Article 23, paragraph 1 and Article 44 of CVM Rule 400, based on: (i) the quotation of common shares in BM&FBOVESPA S.A. – Brazilian Mercantile & Futures Exchange (“BM&FBovespa”); and (ii) the interest signs due to the quality in the demand (by volume and price), collected during the bookbuilding process. The issuance registry was granted by CVM on October 28, 2009. The effective offering value, considering the issuance of additional and supplementary lots, was R$1,182.5 million, considering the amount of R$22.00 per share.

30 Explanation added to the translation into the English version

The accompanying financial statements were translated into English from the original Portuguese version prepared for local purposes. Certain accounting practices applied by the Company that conform to those accounting practices adopted in Brazil may not conform to the generally accepted accounting principles in the countries where these financial statements may be used.


September 30, 2009



07.01 – COMMENTS ON THE COMPANY’S PERFORMANCE IN THE QUARTER

The operations carried out by the Company, its controlled companies and affiliated companies consist of the development of residential and commercial real estate and holding interest in other corporations as a shareholder or quotaholder. Thus, with the purpose of providing the best analysis of its business and results, the comments on the Company’s performance should be analyzed in a consolidated manner. Therefore, the consolidated comments are presented in section “Comments on the Company’s Consolidated Performance in the Quarter”.


September 30, 2009



12.01 – COMMENTS ON THE COMPANY’S CONSOLIDATED PERFORMANCE IN THE QUARTER

100/131

São Paulo, November 12, 2009 - Cyrela Brazil Realty S.A. Empreendimentos e Participações (“CBR” or “Company” or “Cyrela”) (Bovespa: CYRE3), the largest residential real estate developer in Brazil, announces its earnings results for the third quarter and the accumulated results for the first nine months of 2009 (3Q09 and 9M09). Since the end of 2008, the financial statements of the Company have been prepared according to the principles established by Law 11,638/07 and related legislation. For analytical purposes, pro forma statements of the third quarter are presented along with the first nine months of 2008 (3Q08 and 9M08), according to the new accounting practices.

NET REVENUE: R$ 1,348.9 million in 3Q09, 54.1% more than in 2Q09, totaling R$ 2,895.9 million in

9M09.

NET INCOME: R$ 264.1 million in 3Q09, 68.1% more than in 2Q09, totaling R$ 521.6 million in 9M09,

representing a net margin of 18.0% for 9M09.

SALES: R$ 1.6 billion in pre-sales, 94.3% more than the previous quarter, totaling R$ 3.0 billion sales in

9M09.

LAUNCHES: R$ 2.0 billion launched during the quarter, a 202.9% increase over 2Q09, totaling R$ 3.1

billion in launches year-to-date.

One year after the beginning of one of the largest systemic crises the global financial market has ever

seen, we are pleased to see Brazil resuming growth, with a very promising outlook.

U.S. economic indicators show that the economy of that country has overcome recession and the Fed

stated that the market for new residential housing was one of the industries that were responsible for this.

The GDP increase in the United States in the third quarter of 2009 was higher than expected and

interrupted the decline initiated a year ago. The liquidity provided by the main central banks in the world,

the resumption of confidence which has led to a reduction in risk aversion and the recovery of the

economy have stimulated the repricing of financial assets, as well as the recovery of international capital

flows.

In Brazil, according to the data published by the Brazilian Statistics Institute (IBGE), the unemployment

rate has returned to the same level as before the crisis. Consumer confidence continues high, according to

the Consumer Expectation Survey conducted by the Getulio Vargas Foundation (FGV) and together with

the expansion of credit and the growth of real wage mass, has strengthened the scenario of consumption

increase over the forthcoming months.

Message from the Management

Highlights


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Within this scenario of global economic recovery, coupled with the incentives put into practice by the

Federal Government, which began to be effective in this quarter, during the first nine months of the year

we registered launches in the amount of R$ 3.1 billion, along with R$ 3.0 billion in sales, together with our

partners. The speed of sales of the launches also reflects this situation, surpassing the average of the pre-

crisis period and recording 52%.

In the third quarter we were able to achieve greater results than in the entire first half of the year.

Launches totaled R$ 1.95 billion, more than one and a half times the launches done during the entire first

half of this year, and we sold R$ 1.63 billion, 1.2 times more than we sold during the whole first half. We

have resumed operation at full speed, and the numbers confirm that the market is eager for the new

launches in the various different regions and diverse segments in which we operate.

Living was a special highlight during the quarter: it moved into its own headquarters and launched a new

advertising campaign and sales strategy. Its team was expanded to meet the demands of its activities. In

the nine months of 2009 Living launched 6,000 units and with the Minha Casa, Minha Vida Housing

Program being taken seriously by all of the involved parties – Caixa Econômica Federal, the government

and the real estate developers – in an integrated manner never seen before, we were able to approve 48

projects, representing 18,000 billion in launches, to be realized in the near future. Living also registered a

number of successful launches that were 100% sold within the quarter itself, such as Alcance Niterói, Dez

Curuçá and Parque dos Sonhos Buritis. Another novelty was the opening of Living stores in Shopping

Centers, which has proven to be positive both in terms of creating a new sales channel as well as

obtaining additional information regarding consumer behavior, in order to feed back into our product

development activities and strategies.

The recent selection of Rio de Janeiro to host the Olympic Games of 2016 could not have been better for

Cyrela. We have a significant landbank in Barra da Tijuca, where the New Olympic Training Center will be

built along with the New Olympic Village. These new installations and improvements in infrastructure that

will be carried out in the area will remain after the Games are over and will immeasurably add value to the

region. Our efforts over the 50 years of our history were recognized through awards that we recently

received. Cyrela was named the most admired real estate developer in Brazil for the seventh consecutive

year in the 2009 edition of the list published by Carta Capital magazine, and was also considered the best

real estate developer in Latin America by Euromoney magazine in its October 2009 edition.

The growth opportunities for the next years are huge and, to prepare for this growth, at the end of October,

already within 4Q09, we carried out a primary public offer of shares in the amount of R$ 1.2 billion, which

will be used in the following manner: 70% will be earmarked for the purchase of land and 30% for working

capital. Besides the operational side, this offer also favors minority shareholders by increasing the free

float percentage. It is important to be able to count on investors who trust in Cyrela and in our growth plans

for the coming years.

In summary, this quarter was exceptional for the real estate industry and Cyrela has been able to capture

the market opportunities in every region and in every segment, thanks to its solidity, vision, focus and

work, always striving to create value for the shareholders. We are already in the middle of the last quarter

of the year and we are confident that we will meet our targets for 2009.

We reaffirm the guidance for launches and sales announced previously for the years of 2009 and 2010,

and we announce the guidance for 2011 and 2012:


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Guidance

Cyrela Living Cyrela Living Cyrela Living Cyrela LivingLaunches (R$ billion)

4.6 to 5.1 6.9 to 7.7 8.3 to 9.1 10.5 to 11.5

Sales (R$ billion)

4.6 to 5.1 6.2 to 6.9 7.6 to 8.4 9.7 to 10.7

% Cyrela

2009 2010 2011 2012

30% to 35% 35% to 40% 40% to 45% 45% to 50%

70% a 75% 73% a 77% > 75% > 75%

Guidance of margins for 2009 – 2012:

Gross margin 33% to 37%EBITDA margin 20% to 24%Net margin 14% to 16%

3Q09 3Q083Q09 x 3Q08Chg%

2Q093Q09 x 2Q09Chg%

9M09 9M08 Chg%

Launches (1)Number of Launches 27 21 28.6% 14 92.9% 49 72 -31.9%

Launched PSV - R$ 000 (100%) 1,951,856 1,138,129 71.5% 644,268 203.0% 3,127,117 4,504,989 -30.6%

Launched PSV - R$ 000 (%CBR) 1,490,921 811,264 83.8% 489,895 204.3% 2,385,465 3,057,536 -22.0%

Cyrela's Share 76.4% 71.3% 7.2% 76.0% 0.5% 76.3% 67.9% 12.4%

PSV Swaped - R$ 000 (100%) 225,010 85,570 163.0% 52,145 331.5% 297,138 534,059 -44.4%

Average Price per sq. m. (R$) 3,465 2,782 24.6% 3,077 12.6% 3,405 3,196 6.6%

Usable Area Launched (sq. m.) 563,259 409,149 37.7% 209,366 169.0% 915,464 1,409,581 -35.1%

Units Launched 7,858 5,462 43.9% 2,945 166.8% 12,919 17,247 -25.1%

Sales(2)Pre-Sales Contracts - R$ 000 (100%) 1,630,917 1,160,571 40.5% 839,830 94.2% 2,972,539 4,611,282 -35.5%

Pre-Sales Contracts - R$ 000 (%CBR) 1,230,711 771,463 59.5% 625,994 96.6% 2,203,198 3,082,992 -28.5%

Cyrela's Share 75.5% 66.5% 13.5% 74.5% 1.2% 74.1% 66.9% 10.9%

Average Price per sq. m. (R$) 3,452 3,052 13.1% 3,293 4.8% 3,418 3,222 6.1%

Units Sold 6,378 4,974 28.2% 3,302 93.2% 11,434 16,296 -29.8%

Sales from Launches (2)Pre-Sales Contracts from Launches of the year - R$ 000 (100%) 1,254,860 940,943 33.4% 315,795 297.4% 1,941,548 3,142,621 -38%

Pre-Sales Contracts from Launches of the year - R$ 000 (%CBR) 966,419 623,036 55.1% 237,046 307.7% 1,488,342 2,102,450 -29%

Cyrela's Share 77.0% 66.2% 16.3% 75.1% 2.6% 76.7% 66.9% 15%

Average Price per sq. m.(R$) 3,385 3,001 12.8% 3,059 10.6% 3,353 3,188 5%

Units Sold 5,351 4,418 21.1% 1,442 271.1% 8,379 12,213 -31%

LandbankPSV with exchange - R$ 000 (100%) - - - - - 37,123,945 - -PSV without exchange - R$ 000 (100%) - - - - - 32,722,465 34,567,546 -5.3%Landbank (sq. m.) - - - - - 11,883,525 11,076,144 7.3%% Swap over land value - - - - - 71.9% 81.0% -11.3%% CBR - - - - - 82.5% 76.0% 8.5%

Financial IndicatorsNet Revenue (R$ 000) 1,348,868 750,716 79.7% 875,600 54.1% 2,895,922 2,096,443 38.1%Gross Profit (R$ 000) 458,572 305,671 50.0% 299,868 52.9% 1,010,525 835,964 20.9%EBITDA (R$ 000) 293,303 146,929 99.6% 209,402 40.1% 653,940 394,311 65.8%

Net Income (R$ 000) 264,103 77,899 239.0% 157,071 68.1% 521,632 240,436 117.0%Gross Margin 34.0% 40.7% -6.7 p.p. 34.2% -0.3 p.p. 34.9% 39.9% -5.0 p.p.

EBITDA Margin 21.7% 19.6% 2.2 p.p. 23.9% -2.2 p.p. 22.6% 18.8% 3.8 p.p.Net Margin 19.6% 10.4% 9.2 p.p. 17.9% 1.6 p.p. 18.0% 11.5% 6.5 p.p.

Earnings per Share (R$) 0.7165 0.2190 227.2% 0.4262 68.1% 1.4151 0.6759 109.4%9M09 6M09 Var%

Revenues to be Recognized (R$ 000) - 4,355,834 4,173,457 4.4%Gross Profit to be Recognized (R$ 000) - 1,479,281 1,402,831 5.4%Margin to be Recognized - 34.0% 33.6% 0.4 p.p.

(1) Including swapped units (2) Net of cancelled units

Main Indicators


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Note: detailed information related to the launches can be found at the end of this report in the

appendix tables.

In 3Q09, the Potential Sales Value (PSV) launched

totaled R$ 1,951.9 million, which represents an

increase of 202.9% over the launches in 2Q09 and

71.5% when compared to the same period of the

previous year. This result reiterates the recovery of

the real estate market after the crisis. When

comparing the accumulated launches in 9M09 to

those of 9M08, there was a drop of 30.6%, from R$

4,505 million in 9M08 to R$ 3,127.1 million in 9M09.

There was an increase in the number of units

launched, which went up from 5,462 units in 21

projects in 2Q09 to 7,858 units in 27 projects in

3Q09, an increase of 43.9%. In 9M09 12,919 units

were launched in 49 projects, 25,1% less than the

recorded in the same period of 2008, when we

registered launches of 17.247 units in 72 projects.

Of the PSV launched in 3Q09, 29.6% belong to the

luxury segment, mostly represented (68.9%) by commercial offices, 28.3% to the mid-high

segment, 19.0% to the middle income segment and 23.1% to Living, which demonstrates the

diversification of Cyrela’s portfolio.

The PSV launched by Living in 3Q09 represents 23.1% of the total PSV launched by Cyrela,

and the 3,501 units launched represent 44.5% of all units launched by the Company. Of the

total of Living units launched, 57%, or 2,004, are part of the Minha Casa, Minha Vida Program

(MCMV) – 2,824 eligible units were launched in 9M09. In the first nine months of 2009, Living’s

launches PSV represent 25.7% of the total PSV launched. Considering geographical

diversification, 76.6% of all the units launched by Living are in the Southeast region and 18.6%

in the North region and 4.8% in the South region.

Launches

5,462

7,858

3Q08 3Q09

Units Launched

+43.9%

1,138.1

1,951.9

3Q08 3Q09

Launched PSV(R$ million - 100% launched)

71.5%


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Note: detailed information related to pre-sales can be

found at the end of this report at the appendix tables.

Pre-sales amounted to R$ 1,630.9 million in 3Q09,

representing a 94.2% increase quarter-over-quarter

and a 40.5% growth year-over-year. The total sales for

9M09 was R$ 2,972.5 billion, 35.5% lower than the R$

4,611.3 recorded in 9M08. In the 3Q09 there was a

4.8% increase in the average sq.m. price compared to 2Q09 and a 13.1% increase over 3Q08,

mainly explained by the diversification of the projects sold in each period. In the comparison of

the average sq.m. price between 9M08 and 9M09 the increase was of 6.1%. Several projects

such as CEO Office Park, commercial offices in Rio de Janeiro, and Menara by Cyrela in São

Paulo were launched in 3Q09 and were completely sold out in the quarter.

Sales over supply (VSO) in the quarter totaled 32.1% (assuming 2Q09 inventory at market

value of R$ 3.1 billion, 3Q09 launches of R$ 2.0 billion and sales of R$ 1.6 billion) versus 21.9%

in the previous quarter (assuming 1Q09 inventory at market value of R$ 3.2 billion, 2Q09

launches of R$ 644 million and sales R$ 840 million).

Living represented 27.0% of the PSV sold in 3Q09, amounting to R$ 440.5 million (100%),

Living’s stake being R$ 333.5 million. Of the 6,378 total units sold by Cyrela during the quarter,

3,238 or 50.8% were from Living. In the first nine months of 2009, Living represented 27.2% of

the total Cyrela’s sales, corresponding to R$ 808.1 million (100%), being R$ 593.5 million the

part relative to Living’s stake. In this period 5.379 units were sold, representing 47% of the total

units sold by Cyrela.

The real estate market recovery could be seen not only in sales volume, but mainly in the speed

in which the sales took place. Of the total launches during 3Q09, 52% were already sold out by

the close of the period, compared to 49% of sales of launches done during the quarter itself for

2Q09 and 37% for 1Q09. Considering the projects launched in 2Q09 and 1Q09, these are 79%

and 75% sold, respectively.

Pre-Sales

1,160.6

1.630,9

67%

75%

3Q09 3Q08

Pre-Sales Contracts(R$ million)

% CBR

+40.5%


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Of the launches by Living during 3Q09, of which the majority occurred in July, 61% were sold by

the close of the quarter. Of the launches by Living that took place in 1H09, 75.8% were sold by

the close of 3Q09.

Speed of sales – 100% through swap: Cyrela and Living

61%

41%

29%

35%

47%

37%

41%

9%

7%

1%

7%

7%

4%

8% 6%

78%

72%

55%

75%

3T09

2T09

1T09

4T08

3T08

In 3 months In 6 months In 9 months In 12 months In 15 months

52%

49%

37%

37%

44%

30%

30%

10%

12%

9%

14%

5%

9%

6% 5%

79%

75%

69%

71%

3Q09

2Q09

1Q09

4Q08

3Q08

In 3 months In 6 months In 9 months In 12 months In 15 months

Speed of sales – 100% through swap: Living


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Another highlight of 9M09 was sales of inventory of those units launched in years prior to 2009,

which totaled R$ 1.0 billion, or 34.7% of 9M09’s overall sales.

Seller and Selling, Cyrela’s and Living’s in-house sales forces, were responsible for R$ 578.8

million, or 35.5% of 3Q09’s pre-sales. The sales force operates in the states of São Paulo, Rio

de Janeiro, Bahia, Rio Grande do Sul, Paraná, Espírito Santo, Pernambuco, Maranhão and Rio

Grande do Norte. Considering only the states where Seller operates, Seller’s pre-sales

represented 40.2% of total pre-sales during the period. In the first months of 2009, Seller and

Selling were responsible for R$ 1,177.7 million of sales, which represents 39.6% of the total

sales of the period and 45.4% of the sales in the markets where they act. Seller has around 820

brokers and Selling has 330 of them, totaling 1,150 brokers.

Living’s stores at Penha and Aricanduva Shopping Malls were opened on September 18th and

after less than two months of operation already recorded over 2,800 visits and 73 pre-sales

contracts signed.

In 3Q09, the São Paulo State market accounted for 51.6% (46.5% in 3Q08) of all pre-sales

contracts. Some 17.2% of sales in 3Q09 occurred in Northern and Northeastern Brazil,

whereas the figure was 27.2% for the same period the previous year. Rio de Janeiro State

accounted for 16.4% of pre-sales in 3Q09, versus 15% in 3Q08. The variation of the

distribution of sales by region demonstrates the demand trends and Cyrela’s flexibility in

satisfying and capturing the opportunities that are identified.

At the end of the period ending on September 30, 2009, sales revenues to be recognized

amounted to R$ 4,355.8 million, a 4.4% increase in relation to the period ending on June 30,

2009.

3Q09 3Q08 9M09 9M08

Launches 3Q09 1,014,380 - 1,014,380 -

Launches 2Q09 193,340 - 509,136 -

Launches 1Q09 47,140 - 418,032 -

Inventory 376,058 1,160,571 1,030,991 4,611,283

Previous Years 2,764 3,170 14,580 22,991

2005 7,746 11,478 24,107 84,007

2006 55,586 53,564 143,640 207,499

2007 92,952 151,415 225,896 1,154,165

2008 217,009 940,943 622,768 3,142,621

Total 1,630,917 1,160,571 2,972,539 4,611,283

Pre-Sales Contracts (R$ 000 ) - 100%


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The gross margin of the revenues to be recognized in the period ending on September 30, 2009

is 34.0%, the same as that of the period ending on June 30, 2009.

Sales to be Recognized (R$ 000) 9M09 6M09 Chg %

Sales to be Recognized at the Beginning of the Period 5,124,185 5,124,185 0.0%

Sales Recorded in the Period 2,401,157 828,198 189.9%

Contracts Cancelled in the Period (29,702) (29,663) 0.1%

Revenues Recognized in the Period (2,974,796) (1,591,161) 87.0%

Sales to be Recognized at the End of the Period 4,520,845 4,331,559 4.4%

Taxes (165,011) (158,102) 4.4%

Net Revenue 4,355,834 4.4%

Costs of Units Sold to be Recognized (2,876,553) (2,770,626) 3.8%

Gross Profit to be Recognized 1,479,281 1,402,831 5.4%

Selling Expenses to be Recognized (23,536) (19,769) 19.1%

Income to be Recognized 1,455,746 1,383,062 5.3%

Gross Margin 34.0% 33.6% 0.4 p.p.

Luxury29%

Mid-High27%

Middle17%

Economic21%

Super Economic

6%

Pre-sales contracts by segment(3Q09 - %)

Luxury

Mid-High

Middle

Economic

Super Economic

Luxury21%

Mid-High26%

Middle19%

Economic28%

Super Economic

6%

Pre-sales contracts by segment(3Q08 - %)

Luxury

Mid-High

Middle

Economic

Super Economic


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Note: detailed information related to the landbank can be found at the end of this report in the

appendix tables.

During the course of 3Q09, Cyrela acquired 19 land sites located in the South, Southeast and

Northeast regions, adding an area of 807,400 square meters and PSV of R$ 2.3 billion. At the

end of 3Q09, the landbank totaled 11.9 million sq.m. of commercially usable area with total PSV

of R$ 37.1 billion, considering joint

ventures and partnerships. CBR`s

share in the landbank is 82%, equivalent to R$ 30.6 billion.

Approximately 30.0% of the PSV of the Company's landbank is located outside of the states of

São Paulo and Rio de Janeiro, which represent respectively 29% and 41% of the landbank at

the close of the third quarter of 2009. The states of Rio Grande do Sul, Bahia, Rio Grande do

Norte and Amazonas together represent 20% of the PSV of the Company’s landbank,

representing a strong presence in the those regions.

Of the total landbank, 71.9% of the value of the land sites was acquired through swap contracts,

with no cash disbursements. The amounts committed to the landbank represent 16.5% of PSV,

of which the swap portion of land represents on average 11.9% of the total estimated PSV of

the projects.

LANDBANK

SE72%

S+Arg.6%

N4%

NE18%

Landbank Breakdown(3Q09 - %)

4,388.9

12,623.3 12,749.0

5,881.0

1,481.8

Luxury Mid-High Middle Economic Super Economic

Landbank 100%(3Q09 - R$ million)

PSV


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In the Balance Sheet, already including the effects of the accounting consolidation process, our

landbank correspond to R$ 2,089.4 million under the “Marketable Real Estate” account, with

counterparts in “Advances from Customers” in the amount of R$ 1,554.8 million, related to the

fair value of the swapped units, and also in short and long-term “Accounts Payable for

Acquisition of Real Estate,” totaling R$ 270.0 million.

Overall landbank holds 136,946 units, 117,259 or 86% of which are priced below R$ 500,000

and are, therefore, eligible for SFH (House Financing System) financing or meet the “Minha

Casa, Minha Vida” Program requirements.

Living has 76 projects in the landbank, totaling R$ 6.8 billion in PSV, of which R$ 5.4 billion is

the amount proportional to its stake. There is a total of 3.2 million square meters, with an

estimate of 53,457 units earmarked for Living projects, of which 55% or 29,209 units are for

projects within the scope of the MCMV Program.

Note: detailed information related to the urban development lots can be found at the end of this

report in the appendix tables.

No urban development lots were launched in 3Q09. Pre-sales of urban development lots in

3Q09 totaled R$ 10.2 million, 282.7% higher than the R$ 2.7 million registered in 3Q08. For the

nine months ending on September 30, pre-sales totaled R$ 67.2 million involving 566 lots sold.

In the third quarter, a land site was acquired in the São Paulo countryside to be used for

development lots with a PSV of R$ 153.5 million. Thus, on September 30, 2009 the Company

owned 3,608.4 thousand square meters of land for development lots in its inventory, with PSV

of R$ 770.0 million. These land sites were entirely acquired through swaps (totaling R$ 317.0

million) and CBR’s stake is 30% (52% in 3Q08).

Urban Development Lots


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Note: detailed information related to units delivered can be found at the end of this report in the

appendix tables.

In the third quarter of 2009, Cyrela and Living delivered 1.1 thousand units, representing 172

thousand sq.m. and R$ 593 million. In 9M09 3.9 thousand units were delivered, representing

490 thousand sq.m. and R$ 1.7 billion. Out of that total, 96% of the units were sold, according to

our strategy of achieving the higher level of sales possible before delivery. In 9M08 1.6

thousand units were delivered, representing 164 thousand sq.m. and R$ 519 million.

By the end of the third quarter, Cyrela and Living had 161 construction sites under work, 60 of

which from Living projects and 101 from Cyrela projects. Cyrela’s own construction companies

are responsible for 95 construction sites, or 59% of the total. Last year, in the same period,

there were 112 construction sites under work, 30 of them being carried out by the proprietary

construction company. Cyrela has construction companies in São Paulo, Rio de Janeiro, Rio

Grande do Sul Santa Catarina, Paraná, Maranhão and Amazonas.

Construction Works


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For the purpose of analysis, 3Q08’s results are presented “pro forma” in order to take into

account the accounting adjustments stemming from changes to Brazilian corporate legislation.

Revenues

Gross revenues related to residential

development, which represents 98.1% of total

revenues, totaled R$ 1,370.6 million in

3Q09, 80.0% greater than the R$ 761.5

million registered in 3Q08. This increase

reflects the growth in launches and sales in

previous years, since these projects are being

built and delivered. Over the past 12 months,

the Company began to recognize the revenues related to 54 projects launched during this

period, highlights being: CEO Corporate Executive Offices, Prime Family Clube, Varanda Nova

América, Menara Residencial and Buritis Condomínio Clube. These new projects generated

revenue recognition in the amount of R$ 284.6 million in 3Q09.

The revenues stemming from the economic and super economic segments jointly compared to

the total revenues increased from 13.4% in 3Q08 to 16.3% in 3Q09. The middle income, mid-

high and luxury segments continued contributing the major portion of revenues, which in 3Q09

represented 83.7% of total recognized revenues (86.6% in 3Q08).

Revenues from services refer to the services rendered by the subsidiaries Seller (sales

brokerage) and Cyrela Construtora (construction project management fee). In 3Q09, gross

revenues from services totaled R$ 13.3 million, representing a 63.9% increase over the R$ 8.1

million reported in 3Q08, due to the higher pre-sales volume during the quarter and the

subsequent increase in the volume of commissions

earned by the subsidiary Seller.

Cost of Goods Sold and/or Services Rendered

The total cost went from R$ 445.0 million in 3Q08 to

R$ 890.3 million in 3Q09, representing an increase

of 100.0%. The cost of residential development

represented 98.0% of the total cost during the

quarter, and it increased by 100.3%.

Economic and Financial Performance

761.5

1,370.6

774.0

1,397.0

3Q08 3Q09

Gross Revenue(R$ Million)

Residential Real Estate Development Urban Development (Lots) Services Rendered

+80.5%

435.7

872.9 445.0

890.3

3Q08 3Q09

Cost by Segment(R$ Million)


+100.0%


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This increase is justified, in great part, by the beginning of construction of new projects, an item

that by itself was responsible for an 18.8% increase in the total costs for the quarter.

The accelerated pace of growth in operations over the past three years has led to the

outsourcing for the construction of several projects (mainly of those developed by partners),

creating a marginal cost referring to the payment of a management fee for construction that, on

average, is 7.5% of the cost of the project. The effect of the management fee being paid to a

third-party resulted in a reduction of approximately 1.2 percentage point in the gross margin.

The Company is making it a priority to grow organically, including construction of projects,

seeking to reduce this cost.

The cost of construction also was impacted by the amortization of capitalized interests, due to

the changes in accounting rules that occurred in 2008. Furthermore, in the past two quarters,

including 3Q09, there was an impact on increases in the cost of manpower and materials that

are still not completely reflected in the National Construction Cost Index (INCC).

Gross Margin

Gross real estate development margin

in 3Q09 was 34.0%, representing a 6.7

percentage points decrease compared

to 3Q08, when it was 40.7%. This

reduction in the margin is explained,

principally, by the following factors: (i)

an increase in the number of projects

built by third-parties, which led to a reduction in the gross margin of about 1.2 percentage point,

as previously mentioned; (ii) an effective increase in the average cost of manpower and

construction materials, not yet reflected in the cost readjustment index; (iii) an increase in the

share of the economic and super economic segments in the portfolio, which in 3Q09

represented 16.3% of gross real estate development revenues, whereas in 3Q08 it represented

13.4%; (iv) since the change of the accounting principles we have started to recognize physical

swaps done with units to be built as payment for land acquisition at their fair value (sales value

of the units) and therefore gross margin was reduced when comparing to previous quarters, but

this new practice produced no cash effect; and (v) the amortization of capitalized interests

(SFH + Debentures), which in 3Q09 totaled R$ 10.9 million, reducing the gross margin by 0.8

p.p. over 3Q08. During the previous year, these amortizations were partially recorded as

financial expenses.

The gross margin of the economic and super economic segments (Living products) in 3Q09

was 31.1%, 0.4 p.p. lower than the 31.5% in 3Q08.

36,5% 34%

41%

33%

11%

27%

3Q08 3Q09

Gross Margin by Segment (%)



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Selling, General and Administrative Expenses

Selling expenses in their totality refer to the residential development business, and totaled R$

95.8 million in 3Q09, which represents an increase of 4.9% compared to the R$ 91.3 million for

the same period of 2008. This result is explained by the higher number of launches conducted

during the quarter (27 in 3Q09 versus 21 in 3Q08). As a percentage of net revenues of the

segment, these expenses represented 7.1%, meaning a reduction of 5.1 p.p. when compared to

3Q08, also reflecting the freezing of many launches and the process of controlling these

expenses, initiated during the third quarter of 2008.

Selling expenses are broken down as follows

3Q093Q08

(Pro forma)9M09

9M08(Pro forma)

R$ 000 R$ 000 R$ 000 R$ 000

Show-rooms 12,485 37,580 -66.8% 49,208 115,312 -57.3%

Media 44,978 40,133 12.1% 85,164 115,521 -26.3%

Third-party Services 16,463 6,250 163.4% 32,951 19,181 71.8%

Others 21,893 7,389 196.3% 33,670 18,096 86.1%

Total 95,819 91,352 4.9% 200,993 268,110 -25.0%

Commercial expenses % Chg % Chg

Of the total selling expenses, R$ 19.6 million refer to the expenses already incurred on projects

during the initial phases of launch or in a pre-launch phase, when sales are just beginning and,

therefore, there are no revenues to offset them during the period. Selling expenses represented

5.9% of pre-sales in 3Q09, whereas in 3Q08 they represent 7.9%, a decline of 2.0 percentage

points.

3Q093Q08

(Pro forma)9M09

9M08(Pro forma)

R$ 000 R$ 000 R$ 000 R$ 000

Salaries and Social Charges 28,955 27,555 5.1% 70,543 71,170 -0.9%

Stock Options 4,345 5,021 -13.5% 12,958 13,703 -5.4%

Board Members/Management Remuneration 2,796 2,768 1.0% 7,646 6,782 12.7%

Third-Party Services 13,579 14,158 -4.1% 36,014 35,617 1.1%

Rent and Services 8,200 7,671 6.9% 17,891 18,101 -1.2%

Others 9,009 6,647 35.5% 18,929 18,886 0.2%

Total 66,884 63,820 4.8% 163,982 164,259 -0.2%

General & Administrative Expenses % Part % Part

The general and administrative expenses (accounted for as management fees) totaled R$ 66.9

million in 3Q09, a 4.8% growth over the R$ 63.8 million registered during the same period of

2008. This amount represented 5.0% of the recognized revenues for the period (8.5% in 3Q08),

which reflects the structure adjustment in Living.


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These expenses represented 4.1% of pre-sales, a 1.4 p.p. drop over 3Q08, when they

represented 5.5% of pre-sales for that period. This decrease results mainly from a higher

volume of pre-sales in 3Q09 over 3Q08.

EBITDA

3Q09’s EBITDA totaled R$ 293.3 million, up 99.6% from the same period of 2008, with a 21.7%

margin over net revenues, 2.2 p.p. greater than the 19.6% registered in 3Q08. The increase in

the EBITDA margin derived from the increase in the recognized revenues and the effective

positive generation of income from projects with revenues being recognized during the quarter.

3Q093Q08

(Pro forma)9M09

9M08 (Pro Forma)

R$ 000 R$ 000 R$ 000 R$ 000

Earnings before Income Tax and Social Contribution367,828 116,514 215.7% 722,014 358,930 101.2%(+) Financial Result 12,602 28,122 -55.2% 18,828 19,896 -5.4%(+) Depreciation and Amortization 2,820 1,277 120.8% 5,370 3,383 58.7%(+) Goodwill Amortization and Others 484 2,586 -81.3% 4,159 15,172 -72.6%(-) Employees Interest (9,800) (1,570) 524.2% (15,800) (3,070) 414.7%EBITDA 293,302 146,929 99.6% 653,939 394,311 65.8%

EBITDA Margin (%) 21.7% 19.6% 217.2% 22.6% 18.8% 377.3%

EBITDA Chg % Chg %

Financial Result

The financial result for the quarter was a negative R$ 12.6 million, due to the increase in the

net debt, including SFH, during the year of 2009, coupled with the reduction in financial revenue

on accounts receivable related to already delivered units, due to the negative change in the

base index used to correct contacts (IGP-M).

R$ 000 3Q093Q08

(Pro Forma)9M09

9M08(Pro Forma)

Financial Expenses (54,285) (48,805) (163,243) (132,859)

SFH Interest (23,769) (10,191) (56,744) (22,907)

Interest on Corporate Financing (33,935) (38,161) (104,446) (98,608)

Capitalized Interest 14,898 12,279 38,931 12,279

Sub Total (42,806) (36,073) (122,259) (109,236)

Monetary Adjustment on Financing (737) (1,335) (4,067) (2,237)

Other financial expenses (10,742) (11,397) (36,917) (21,386)

- - - -

Financial Revenue 41,683 20,683 144,415 112,963

Income on Investments 10,013 (16,902) 46,337 41,759

Income on Receivables 17,749 28,099 54,679 45,419

Income on Loans to Partners 10,725 5,777 33,846 16,137

Other financial income 3,196 3,709 9,553 9,648

Financial Result (12,602) (28,122) (18,828) (19,896)


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Net Income and Net Margin

The net income recorded in 3Q09 was R$ 264.1

million, up 239.0% year-over-year. Net margin

was 19.6%, representing an increase of 9.2

percentage points over the figure registered for

the same period of the previous year. Earnings

per share in 3Q09 was R$ 0.7165 versus R$

0.2190 in 3Q08, representing an increase of

227.2%.

The net income for the period takes into consideration the non-recurring effect of an R$ 80.6

million gain stemming from the sale of Cyrela’s stake in Agra Empreendimentos Imobiliários S.A

for R$ 304.5 million on September 25, 2009. The net income adjusted with this operation would

be R$ 183.5 million, and adjusted gross margin would be 13.6%.

77.9

264.1

10.4%

19.6%

3Q08 3Q09

Net Income(R$ million)

Net Margin


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Accounts Receivable

Considering all of the pre-sales contracts signed and including the amounts not yet recognized

in the balance sheet, Accounts Receivable totaled R$ 8.3 billion, 11.6% more than the amount

registered on June 30, 2009, due to the volume of

sales during the quarter.

Of this total, 9.2% refers to delivered units and

90.8% refers to units under construction. The

average duration of Accounts Receivable is about

3.1 years. It is worth mentioning that historically the

Company has not experienced significant losses in

the realization of these assets. Receivables from

units under construction guarantee the financing to

production that is granted for the construction of the respective projects.

9M09 6M09 R$ 000 R$ 000

Units under construction 7,561,185 6,578,143 14.9%

Finished Units 765,348 885,555 -13.6%

Total Accounts Receivable 8,326,533 7,463,698 11.6%

Construction Cost to be Realized (2,876,553) (2,770,626) 3.8%

Net Accounts Receivable 5,449,980 4,693,072 16.1%

Accounts Receivable Chg%

Real Estate Inventory

The main item in inventory consists of land sites earmarked for future development,

representing 66.0% of the total (67.7% on June 30, 2009). The Company’s policy for acquiring

new land plots makes it a priority to those that may be acquired through swaps and that have no

restrictions regarding launch deadlines. We continued to undertake a process of reviewing our

landbank and we have rescinded contracts of four plots of land that no longer met the needs of

the post-crisis market. These cancellations did not generate losses.

Financial Statements’ Highlights - Law 11638/07 and Law 11941/09

670.3

1,240.3

966.0

Others years

2010

2009

Schedule of costs to be incurred(sold units- R$ million)

1,646.5

301.9

329.0

353.6

375.7

410.1

518.5

798.2

2,412.1

1,180.9

Until …

2017

2016

2015

2014

2013

2012

2011

2010

2009

Receivable Schedule(R$ Million)


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The real estate that was already built or under construction on the base date of these financial

statements represent a PSV of R$ 3,473.9 million (100%), and R$ 2,476.5 million (% CBR).

Loans for projects launched are guaranteed by their own mortgages in favor of financial

institutions.

9M09 6M09R$ 000 R$ 000

Units under construction 951,563 918,412 3.6%

Finished units 106,700 36,600 191.5%

Landbank 2,078,563 2,027,746 2.5%

Suppliers 10,800 10,370 4.1%

Total 3,147,626 2,993,129 5.2%

Inventory % Chg

Net Debt

The gross debt on September 30, 2009 amounted

to R$ 2,808.1 million, an increase of 23.3%

compared to R$ 2,278.2 million on June 30, 2009.

The balance of the local currency financing, entirely

related to financing of construction through the

Housing Finance System (SFH) – accounting for

39.8% of the total debt - rose 17.8% due to the

increase in the number of financing contracts for projects being developed and that have been

initiated.

Debt (R$ 000) 9/30/2009 6/30/2009 % Chg

SFH financing 1,117,597 948,638 17.8%

Loans - local currency 1,601,577 1,290,496 24.1%Loans - foreign currency 88,905 39,032 127.8%

Sub total 2,808,079 2,278,166 23.3%

Interest - local currency 46,096 39,731 16.0%

Interest foreign - currency 723 736 -1.7%

Subtotal 46,819 40,467 15.7%

Total 2,854,898 2,318,633 23.1%

374.0

271.7

366.3

607.7

571.8

274.4

389.0

2018

2014

2013

2012

2011

2010

2009

Debt Payment Schedule(R$ Million)


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The balance of local currency loans, which represents 57.0% of the total debt, increased 24.1%

when compared to the R$ 1,290.5 million register on June 30, 2009. This debt refers to:

(i) 1st Issue of Debentures held in April 2007, with remuneration of 100% of the CDI in

addition to a spread of 0.48% p.a., maturing in 2012, 2013 and 2014, in the proportion of

33.33% of the total amount each year;

(ii) 2nd Issue of Debentures held in January 2008, in two series remunerated at 100% of

CDI in addition to a spread of 0.65% p.a., maturing in 10 years and with renegotiation

scheduled for 2010 (1st Series) and 2011 (2nd Series); and

(iii) 3rd Issue of Debentures held in September 2009, in a single series, remunerated at

100% of the CDI in addition to 0.81% p.a., maturing in five years as of the date of issue.

(iv) A long-term line of credit – granted by local financial institutions, of which R$ 364.3

million has already been used up until September 2009. The average cost of these credit lines

is CDI plus 0.81%p.a. and amortization will be carried out in annual installments over a period of

four years.

The balance of the foreign currency loans, which represents 3.2% of the total debt, increased

127.8% compared to the R$ 39.0 million on June 30, 2009. The loans refer to:

(v) Foreign Currency – A foreign currency denominated loan equivalent to US$ 20 million,

subject to the variation of LIBOR and interest of 3.5% p.a., maturing in September 2011.

(vi) Foreign Currency – A foreign currency denominated loan equivalent to US$ 30 million,

subject to the variation of LIBOR and interest of 4.3% p.a., maturing in June 2012.

Construction financing through the SFH is mostly remunerated at rates between 8.5% and

12.0% p.a., plus the TR (Brazilian reference rate), with an average weighted rate of 10.4%,

maturing between 2009 and 2018.

In R$ 000 9/30/2009 6/30/2009 % Chg

Long-Term Debt 2,465,925 2,018,832 22.1%

Short-Term Debt 342,154 259,333 31.9%

Total Debt 2,808,079 2,278,166 23.3%

Cash and Cash Equivalents 837,424 404,905 106.8%

Long-Term Financial Investments 27,667 93,456 -70.4%

Total Cash and Equivalents 865,091 498,361 73.6%

Net Debt 1,942,988 1,779,805 9.2%

2,019

2,466 259

342

89% 88%

2Q09 3Q09

Gross Debt(R$ Million)

Long-Term Debt Short-Term Debt Total %

2,808

2,278

+23.3%


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Total cash and cash equivalents increased by R$ 366.7 million, due primarily to the proceeds

from the sale of our stake in Agra S.A. in September 2009, in the amount of R$ 304.5 million.

The amount obtained from the issue of the 3rd debenture were used for debt payment.

Advances from Customers – These mainly consist of commitments originated from physical

swaps for the purchase of land, and are evaluated at the price of future sales of the units under

construction, to be amortized through the same procedure of recognition of sales revenues,

without any effective cash disbursements. On September 30, 2009 the amount of advances

from customers was R$ 1,556.8 million.

On September 21, 2009, Cyrela presented to the National Association of Investment Banks –

ANBID (“ANBID”) a request for a prior analysis of a filing public primary offer of common shares

of the Company’s issue ("Offer" and “Common Shares”). The Offer was made on the non-

organized over-the-counter market in Brazil, in compliance with the Brazilian Securities and

Exchange Commission (CVM) Instruction 400, of December 29, 2003 (“Instruction CVM 400”),

including efforts to place Common Shares in the United States of America, exclusively with

qualified institutional investors, as defined under Rule 144A of the U.S. Securities Act of 1933,

and also with investors resident in countries other than the United States of America and Brazil,

under the terms of Regulation S of the Securities Act, who invest in Brazil in compliance with

the investment mechanisms foreseen under the National Monetary Council Resolution 2.689, of

January 26, 2000, and CVM Instruction 325, of January 27, 2000, as subsequently changed, in

accordance with the applicable legislation in the country of domicile of each foreign investor.

The issue price of the Common Shares was set on October 27, 2009 through a bookbuilding

procedure, pursuant to articles 23, paragraph 1, and 44, of CVM Instruction 400, following the

parameters of: (i) the market price for Common Shares on the BM&FBOVESPA S.A. – Bolsa de

Valores, Mercadorias e Futuros (“BM&FBovespa”); and (ii) the indications of interest as a result

of the quality of demand (by volume and price), collected during the bookbuilding process. The

registration of the issue was granted by the CVM on October 28, 2009. The effective value of

the Offer, including the issue of additional and supplemental lots, was R$ 1,182.5 million,

considering the price of R$ 22.00 per share.

Subsequent events


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1 - CVM CODE



73.178.600/0001-18

09.01 – INTEREST IN SUBSIDIARIES AND/OR ASSOCIATED COMPANIES 1 - ITEM 2 - NAME OF SUBSIDIARY/ASSOCIATED COMPANY 3 - CNPJ (Corporate Taxpayer’s

ID) 4 - CLASSIFICATION 5 - PARTICIPATION IN

CAPITAL OF INVESTEE - %

6 – INVESTOR’S SHAREHOLDERS' EQUITY - %

7 - TYPE OF COMPANY

8 - NUMBER OF SHARES HELD IN CURRENT QUARTER

(in thousands)

9 - NUMBER OF SHARES HELD IN PREVIOUS QUARTER (in thousands)

01 CYBRA DE INVESTIMENTO IMOBILIÁRIO LTDA 02.921.561/0001-59 PRIVATE SUBSIDIARY 99.99 15.63

COMMERCIAL, INDUSTRY AND OTHER 55,613 55,613

03 CYRELA VOLPAGO EMPREENDIMENTOS IMOB. S/A 10.289.488/0001-72

INVESTEE OF SUBSIDIARY/ASSOCIATED

COMPANY 99.99 0.00

COMMERCIAL, INDUSTRY AND OTHER 39,834 39.834

06 CAIOBAS EMPREENDIMENTOS IMOB. SPE LTDA 08.098.119/0001-50

INVESTEE OF SUBSIDIARY/

ASSOCIATED COMPANY 50.00 0.00

COMMERCIAL, INDUSTRY AND OTHER 722 722

07 MAC FINLÂNDIA EMPREENDIMENTOS IMOB. LTDA. 09.377.007/0001-00 INVESTEE

OF SUBSIDIARY/ASSOCIATED COMPANY

0.58 0.00

COMMERCIAL, INDUSTRY AND OTHER 600 600


September 30, 2009


121/131


1 - CVM CODE


CYRELA BRAZIL REALTY SA EMPRS E PART. 3 - CNPJ (Corporate Taxpayer’s ID)

73.178.600/0001-18

14.01 – CHARACTERISTICS OF PUBLIC OR PRIVATE ISSUANCE OF DEBENTURES 1 – ITEM 01

2 – ORDER no. 1st

3 –REGISTRY No. AT CVM CVM/SRE/DEB/2007/06

4 – REGISTRATION DATE AT CVM 4/27/2007

5 – ISSUED SERIES UN

6 – TYPE OF ISSUE CONVERTIBLE

7 – NATURE OF ISSUE PRIVATE

8 – DATE OF ISSUE 4/1/2007

9 – EXPIRATION DATE 4/1/2014

10 – TYPE OF DEBENTURE WITHOUT PREFERENCE

11 – CONDITION FOR CURRENT REMUNERATION

12 – PREMIUM/NEGATIVE GOODWILL

13 – NOMINAL VALUE (Reais) 10,000.00

14 – AMOUNT ISSUED (Thousands of Reais) 500,000

15 – NUMBER OF SECURITIES ISSUED (UNIT) 50,000

16 – OUTSTANDING SECURITIES (UNIT) 50,000

17 – TREASURY SECURITIES (UNIT) 0

18 – REDEEMED SECURITIES (UNIT) 0

19 – CONVERTED SECURITIES (UNIT) 0

20 – SECURITIES TO BE DISTRIBUTED (UNIT) 0

21 – DATE OF THE LAST RENEGOTIATION

22 – DATE OF NEXT EVENT


September 30, 2009


122/131


1 - CVM CODE



73.178.600/0001-18

14.01 – CHARACTERISTICS OF PUBLIC OR PRIVATE ISSUANCE OF DEBENTURES

1 – ITEM 02

2 – ORDER no. 2nd

3 –REGISTRY No. AT CVM 1135531/07-9


5 – ISSUED SERIES 2

6 – TYPE OF ISSUE SIMPLE

7 – NATURE OF ISSUE PUBLIC










17 – TREASURY SECURITIES (UNIT) 12,654

18 – REDDEMED SECURITIES (UNIT) 0






September 30, 2009


123/131


1 - CVM CODE



73.178.600/0001-18

14.01 – CHARACTERISTICS OF PUBLIC OR PRIVATE ISSUANCE OF DEBENTURES

1 – ITEM 03

2 – ORDER no. 3rd

3 –REGISTRY No. AT CVM EXEMPTION ICVM 476/09


5 – ISSUED SERIES UN

6 – TYPE OF ISSUE SIMPLE

7 – NATURE OF ISSUE PUBLIC










17 – TREASURY SECURITIES (UNIT) 0

18 – REDDEMED SECURITIES (UNIT) 0






September 30, 2009



17.01 – COMPANY OUTLOOK

124/131

CYRELA BRAZIL REALTY S.A. EMPREENDIMENTOS E PARTICIPAÇÕES

Corporate Taxpayer’s ID (CNPJ) #. 73.178.600/0001

Publicly-Held Company

MATERIAL FACT

Under the terms of article 3 of CVM Instruction 358, of January 3, 2002, CYRELA BRAZIL REALTY S.A. EMPREENDIMENTOS E PARTICIPAÇÕES (“CYRELA BRAZIL REALTY”), announces to its shareholders and the market its guidance for launches and pre-sales for 2011 and 2012 and ratify its guidance for launches and pre-sales for 2009 and 2010, as announced on August 13th, 2009.

Guidance 2009 2010 2011 2012

Launches (R$ billions) 4.6 to 5.1 6.9 to 7.7 8.3 to 9.1 10.5 to 11.5

Sales (R$ billions) 4.6 to 5.1 6.2 to 6.9 7.6 to 8.4 9.7 to 10.7

% Cyrela 70% to 75% 73% to 77% > 75% > 75%

Living’s stake on launches and pre-sales above shall be as follows: 2009: from 30% to 35% 2010: from 35% to 40% 2011: from 40% to 45% 2012: from 45% to 50%

The Company also projects the gross margin, the EBITDA margin and the net margin, in consolidated terms, for 2009, 2010, 2011 and 2012 as bellow:

Gross margin 33% to 37%

EBITDA margin 20% to 24%

Net margin 14% to 16%


September 30, 2009



17.01 – COMPANY OUTLOOK

125/131

This material fact announcement contains projections, which reflect Cyrela’s management's perception only, and are subject to risks and uncertainties. These forecasts are highly dependent on factors such as the operating, economic, market and industry conditions. Any change in perception or in the factors mentioned above may lead to actual results that differ from the forecasts contained herein.

São Paulo, November 12, 2009.

CYRELA BRAZIL REALTY S.A. EMPREENDIMENTOS E PARTICIPAÇÕES

LUIS LARGMAN INVESTOR RELATIONS OFFICER


September 30, 2009



20.01 – OTHER INFORMATION DEEMED AS RELEVANT BY THE COMPANY

126/131

SHAREHOLDING OF HOLDERS OF OVER 5% OF COMPANY’S SHARES OF ANY TYPE AND CLASS, UP TO INDIVIDUAL LEVEL

Company: Cyrela Brazil Realty S/A Empreendimentos e Participações

Shareholding on 9/30/2009

(Shares in units)

Shareholder Common Shares Total Number % Number %

Eirenor Sociedad Anônima (1) 21,900,008 5.94 21,900,008 5.94 Elie Horn 107,418,278 29.14 107,418,278 29.14 EH Capital Management (2) 7,502,400 2.04 7,502,400 2.04 Carmignac Gestion (3) 26,644,365 7.23 26,644,365 7.23 Treasury Shares 6,000 0.00 6,000 0.00 Other 205,144,175 55.65 205,144,175 55.65 Total 368,615,226 100 368,615,226 100

(1) Holding company incorporated pursuant to the laws of Uruguay, in which Elie Horn holds a 100.0% stake.

(2) Holding company incorporated pursuant to the laws of the British Virgin Islands, in which Elie Horn holds a 100.0% stake

(3) Investment management company incorporated pursuant to the laws of France.


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CONSOLIDATED SHAREHOLDING OF CONTROLLING SHAREHOLDERS, MANAGERS AND OUTSTANDING SHARES

Shareholding on 9/30/2009

Shareholders Number of

Common Shares (In Units)

% Total Number of Shares (In Units)

%

Controlling Shareholder 154,797,834 43.52 154,797,834 43.52

Managers

Board of Directors 1,074,912 0.30 1,074,912 0.30

Board of Executive Officers 123,134 0.03 123,134 0.03

Fiscal Council

Treasury Shares 6,000 0.00 6,000 0.00

Other Shareholders 212,613,346 57.68 212,613,346 57.68

Total 368,615,226 100 368,615,226 100

Outstanding Shares 212,613,346 57.68 212,613,346 57.68


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CONSOLIDATED SHAREHOLDING OF CONTROLLING SHAREHOLDERS, MANAGERS AND OUTSTANDING SHARES

Shareholding on 9/30/2008 (12 months ago)

Shareholders Number of Common Shares

(In Units)

%

Total Number of Shares (In Units)

%

Controlling Shareholder 143,533,332 40.35 143,533,332 40.35

Managers

Board of Directors 1,184,114 0.33 1,184,114 0.33

Board of Executive Officers 128,678 0.04 128,678 0.04 Fiscal Council Treasury Shares 6,000 0.00 6,000 0.00 Other Shareholders 210,855,678 59.28 210,855,678 59.28 Total 355,707,802 100 355,707,802 100 Outstanding Shares 210,855,678 59.28 210,855,678 59.28

In accordance with the Bylaws, chapter X, article 51, the Company, its shareholders, managers and the Fiscal Council members undertake to resolve by means of arbitration every and all dispute or controversy which may arise among them, especially related to or derived from enforcement, validity, effectiveness, construal, violation and their effects of provisions contained in these Bylaws, in the possible shareholders’ agreements filed at the Company’s headquarters, in Law no. 6,404/76, in the rules issued by the Brazilian Monetary Council (CMN), by the Brazilian Central Bank and by the Brazilian Securities and Exchange Commission (CVM), as well as other rules applicable to the capital markets operation in general and those included in the “Novo Mercado” Listing Regulation, in the “Novo Mercado” Listing Agreement and in the Arbitration Regulation of the Market Arbitration Panel, in conformity with the Market Arbitration Panel Regulation established by BOVESPA.


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21.01 – SPECIAL REVIEW REPORT – UNQUALIFIED

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Independent auditors’ special review report To the management and shareholders of Cyrela Brazil Realty S/A Empreendimentos e Participações:

1. We have performed a special review of the Quarterly Information (ITR) of Cyrela Brazil

Realty S/A Empreendimentos e Participações (individual and consolidated) as of September 30, 2009, comprising the balance sheets, the income statements, the statement of changes in shareholder’ equity, the statement of cash flows, the notes to the financial statements and the accounting information contained in the performance report for the quarter and nine-month period ended on such dates, and the adjusted statements (individual and consolidated) of the income and cash flow statements for the quarter and nine-month period ended on September 30, 2008, were prepared under the responsibility of the Company’s Management.

2. Our review was conducted in accordance with auditing standards established by the

Brazilian Institute of Independent Auditors (IBRACON) and the Federal Accounting Board (CFC), which mainly comprised: (a) inquiries and discussion with managers responsible for the accounting, financial and operating areas of the Company and its subsidiaries, regarding the main criteria adopted in the preparation of the Quarterly Information, and (b) review of the information and subsequent events that may have a material effect on the financial position and operations of the Company and its subsidiaries.

3. Based on our special review, we are not aware of any material changes that should be

made to the aforementioned Quarterly Information for it to be in accordance with the accounting practices adopted in Brazil, applied consistently with the regulations issued by the Brazilian Securities and Exchange Commission (CVM), specifically applicable to the preparation of the mandatory Quarterly Information.

4. The individual and consolidated balance sheets as of June 30, 2009, were examined by us

as per unqualified report issued on August 13, 2009. As mentioned in Note 2, as of January 1, 2008, the accounting practices adopted in Brazil were amended and their application in the statements of income (individual and consolidated) and of cash flow, for the quarter and nine-month period ended September 30, 2008, has generated material effects and the Company is presenting them again in order to allow the comparison between the periods, in compliance with NPC 12 – Accounting Practices, Changes in the Accounting Estimates and Error Correction, approved by CVM Resolution 506.

São Paulo, November 12, 2009.

José André Viola Ferreira Auditores Independentes Partner - accountant


September 30, 2009


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1 - CVM CODE



73.178.600/0001-18

TABLE OF CONTENTS

GROUP TABLE DESCRIPTION PAGE

01 01 IDENTIFICATION 2

01 02 HEADQUARTERS 2

01 03 INVESTOR RELATIONS OFFICER (Company Mailing Address) 2

01 04 ITR REFERENCE AND AUDITOR INFORMATION 2

01 05 CAPITAL STOCK 3

01 06 COMPANY PROFILE 3

01 07 COMPANIES NOT INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS 3

01 08 CASH DIVIDENDS 3

01 09 SUBSCRIBED CAPITAL AND CHANGES IN THE CURRENT YEAR 4

01 10 INVESTORS RELATION OFFICER 4

02 01 BALANCE SHEET – ASSETS 5

02 02 BALANCE SHEET – LIABILITIES 6

03 01 STATEMENT OF INCOME 8

04 01 04 - STATEMENT OF CASH FLOW 10

08 01 CONSOLIDATED BALANCE SHEET – ASSETS 12

08 02 CONSOLIDATED BALANCE SHEET – LIABILITIES 13

09 01 CONSOLIDATED STATEMENT OF INCOME 15

10 01 10.01 - CONSOLIDATED STATEMENT OF CASH FLOW 17

11 01 11 - CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY FROM 7/1/2009 TO 9/30/2009

19

11 02 11 - CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY FROM 1/1/2009 TO 9/30/2009

20

06 01 NOTES TO THE FINANCIAL STATEMENTS 21

07 01 COMMENTS ON THE COMPANY’S PERFORMANCE IN THE QUARTER 100

12 01 COMMENTS ON THE COMPANY’S CONSOLIDATED PERFORMANCE IN THE QUARTER

101

13 01 INTEREST IN SUBSIDIARIES AND/OR ASSOCIATED COMPANIES 121

14 01 CHARACTERISTICS OF PUBLIC OR PRIVATE ISSUANCE OF DEBENTURES 122

17 01 COMPANY OUTLOOK 125

20 01 OTHER INFORMATION DEEMED AS RELEVANT BY THE COMPANY 127

21 01 SPECIAL REVIEW REPORT 130

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