Answer: Cury operates in the metropolitan regions of São Paulo and Rio de Janeiro. Currently, there are no plans to expand operations to other areas as there is still significant market share to gain in the regions where the company already operates.
Answer: Due to the focus on low-income housing, most Cury customers are first-time homebuyers aged between 20-40 years, typically newlyweds or those looking to start a family.
Answer: Cury has an extensive product portfolio to meet all segments of the “Minha Casa Minha Vida” program and even beyond it, up to a segment known as “faixa 4”. In the past three years, the focus has been on the higher segments.
Answer: Cury uses structural masonry for its projects, which is effective due to the concentration of operations in just two regions. This method provides a competitive advantage by allowing greater density in land usage through flexible building formats. Cury has optimized this method through Lean principles, which evaluate all construction stages, prioritize waste reduction, and minimize rework, focusing on efficiency and cost reduction.
Answer: Associative Credit is a housing finance modality for low and middle-income families. This method transfers the mortgage to the client before the property is delivered and is often linked to the “Minha Casa Minha Vida” program but can also be used via SBPE for higher-value properties or buyers not fitting the income segments.
The process works as follows: project plans are submitted to the financial institution (exclusively Caixa Econômica Federal for Cury) for analysis and approval. After approval, a credit analysis of clients is conducted. If approved, the funds are transferred to Caixa Econômica Federal, allowing Cury to start construction.
The client pays only the interest during the construction phase, and after receiving the keys, they start paying the mortgage, which can be spread over up to 35 years. Cury receives the unit’s value during construction as Caixa Econômica Federal periodically inspects to ensure funds are used as planned. This model allows Cury to execute projects without using its resources, as it relies on the transferred funds from Caixa Econômica Federal. Cury has specialized in this model and, by purchasing land on terms, maintains cash generation throughout the construction cycle.
Answer: Cury uses two financing funds: the “Minha Casa Minha Vida” Program (financed by FGTS) and SBPE (Sistema Brasileiro de Poupança e Empréstimo – Brazilian Savings and Loan System)
Answer: SoS is calculated as follows: Net Sales / (Net Sales + Inventory). In short, it is the comparison of everything sold against what was available for sale. Cury’s high SoS is due to its exceptional sales force, focused on selling the maximum number of apartments from new developments each month. The sales strategy is designed to excel in this metric, along with excellent products and acquiring good land in central areas.
Answer: Repasse is the transfer of the mortgage portion that the client will pay to Caixa Econômica. From this moment, the unit cannot be canceled, and the company can receive the funds according to the construction progress.
Answer: Lands are purchased through financial swaps or installments aligned with the construction timeline. Lands are recorded in the balance sheet only near the launch date after necessary approvals.
Answer: Cury has well-defined policies for pro-soluto and direct table. Pro-soluto is paid in installments until the keys are delivered, and the credit analysis for buyers via the direct table is much stricter.
Answer: Several factors contribute to Cury’s cash generation, including high VSO with quick repasse, the associative credit model, and purchasing land in installments or financial swaps. These allow the company to fund construction without needing to inject cash, as land installments are paid as construction progresses, and the company receives funds from Caixa for sold units.
Answer: Cury recognizes revenue through the Percentage of Completion (PoC) method, which involves recognizing revenue up to the limit of the ratio of incurred costs to the total project cost. Thus, as construction progresses, costs are recognized proportionally.
Answer: Cury conducts a rigorous and conservative feasibility process, approving only projects with attractive margins. For each project approval, the best product strategy, sales price, and detailed budget analysis are considered, factoring in inflation indices and other protections to anticipate inflationary periods, as unit prices do not adjust during construction.
Answer: REF Margin refers to the portion of revenue, cost, and margin from sold units not yet recognized in the income statement, pending project progress. Due to the PoC accounting method, the result of sold units is recognized as the financial progress of the projects advances. The REF margin is an indicator of future margins, but around 2 basis points should be deducted from the reported value to get the margin to be reported in the financial statements.
Answer: Operational expenses consist of:
Answer: Financial results include financial expenses from corporate debts (interest on loans, monetary corrections, and other financial charges), financial discounts granted by the company to encourage on-time payments (e.g., Cury Chega Mais), and financial income primarily from interest on financial investments (CDI) and corrections on funds blocked related to Caixa financial repasses (TR + savings).
Answer: Strong cash generation eliminates the need to raise funds for operations, allowing the company’s Cash and Equivalents line to be higher than its debt.
R: Recentemente, a Cury tem preservado a estrutura de sua dívida com uma proporção em média de 80% a longo prazo e 20% a curto prazo.
Answer: ROE (Return On Equity) is defined as the ratio of net income attributable to controlling shareholders to the average equity attributable to controlling shareholders.
Answer: The most effective analysis of the asset can be done through the P/V ratio, which considers ROE in its calculation. In Cury’s Asset Light model, high equity is not required compared to competitors.
Answer: Cury has distributed dividends exceeding 60% of the previous year’s profit.
