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_A free translation of the original in Portuguese_ FEDERAL

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_A free translation of the original in Portuguese_ FEDERAL Powered By Docstoc
					(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                                March 31, 2007       Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER



       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 (Federal Tax ID)
02026-5           BRASCAN RESIDENTIAL PROPERTIES S.A.                      07.700.557/0001-84
4 - NIRE (State Registration Number)
33300277153

01.02 - HEAD OFFICE

1 - ADDRESS                                                          2 - DISTRICT
Av. Prefeito Dulcídio Cardoso 4.225 LjA                              Barra da Tijuca
3 - ZIP CODE                 4 - CITY                                                     5 - STATE
22793-011                    Rio de Janeiro                                               RJ

6 - AREA CODE                7 - TELEPHONE           8 - TELEPHONE        9 - TELEPHONE            10 - TELEX
021                           3823-7699              3823-7600            3823-7600                0000000

11 - AREA CODE               12 - FAX                13 - FAX             14 - FAX
021                          3823-7555               3823-7555            3823-7555

15 - E-MAIL
ri@brascan.com.br

01.03 - INVESTOR RELATIONS OFFICER (Company Mailing Address)

1- NAME
Cristiano Gaspar Machado
2 - ADDRESS                                                                   3 - DISTRICT
Av. Prefeito Dulcídio Cardoso 4.225 LjA                                       Barra da Tijuca
4 - ZIP CODE                 5 - CITY                                                       6 - STATE
22793-011                    Rio de Janeiro                                                 RJ

7 - AREA CODE                8 - TELEPHONE           9 - TELEPHONE            10 - TELEPHONE 11 - TELEX
021                          3823-7599               3823-7569                3823-7580      0000000
12 - AREA CODE               13 - FAX                14 - FAX                 15 - FAX
021                          3823-7555               3823-7555                3823-7555
15 - E-MAIL
ri@brascan.com.br

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
   01/01/2007 12/31/2007   1        01/01/2007 03/31/2007    4        10/01/2006 12/31/2006
09 - INDEPENDENT ACCOUNTANT                                           10 - CVM CODE
DELOITTE TOUCHE TOHMATSU                                              00385-9
11. PARTNER IN CHARGE                                                 12 – PARTNER’S CPF (INDIVIDUAL TAX ID)
Marcelo Cavalcanti Almeida                                            335.905.597-72




                                                         1
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                                              March 31, 2007        Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


01.01 - IDENTIFICATION

1 - CVM CODE         2 - COMPANY NAME                                                        3 - CNPJ (Federal Tax ID)
02026-5              BRASCAN RESIDENTIAL PROPERTIES S.A.                                     07.700.557/0001-84

01.05 - CAPITAL STOCK

    Number of Shares             1 - CURRENT QUARTER             2 - PREVIOUS QUARTER                   3 - SAME QUARTER,
                                                                                                          PREVIOUS YEAR
        (in units)                        03/31/2007                        12/31/2006                       03/31/2006
Paid-in Capital
  1 - Common                                      185,028,474                      126,278,474                           126,278,474
  2 - Preferred                                             0                                   0                                   0
  3 - Total                                       185,028,474                      126,278,474                           126,278,474
Treasury share
  4 - Common                                                0                                   0                                   0
  5 - Preferred                                             0                                   0                                   0
  6 - Total                                                 0                                   0                                   0

01.06 - COMPANY PROFILE

1 - TYPE OF COMPANY
Commercial, Manufacturing and Other
2 - STATUS
Operational
3 - NATURE OF OWNERSHIP
National Holding
4 - ACTIVITY CODE
3300 – Holding Company – Real Estate Credit
5 - MAIN ACTIVITY
Equity interest management
6 - CONSOLIDATION TYPE
Full
7 - TYPE OF REPORT OF INDEPENDENT AUDITORS
Unqualified

01.07 - COMPANIES NOT INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS

1 – ITEM             2 - CNPJ (Federal Tax ID)           3 - COMPANY NAME


01.08 - CASH DIVIDENDS APPROVED AND/OR PAID DURING AND AFTER THE QUARTER

1 - ITEM 2 - EVENT     3 - APPROVAL      4 – DIVIDENDS          5 - DATE OF PAYMENT        6 - TYPE OF SHARE     7 - AMOUNT PER SHARE




                                                                 2
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                                               March 31, 2007                          Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


01.01 - IDENTIFICATION

1 - CVM CODE                   2 - COMPANY NAME                                                                3 - CNPJ (Federal Tax ID)
02026-5                        BRASCAN RESIDENTIAL PROPERTIES S.A.                                             07.700.557/0001-84


01.09 - SUBSCRIBED CAPITAL AND CHANGES IN THE CURRENT YEAR

1 – ITEM 2 - DATE OF CHANGE 3 - CAPITAL STOCK 4 - AMOUNT OF CHANGE 5 - NATURE OF CHANGE   7 - NUMBER OF SHARES ISSUED 8 -SHARE PRICE WHEN ISSUED
                               (Reais thousand)    (Reais thousand)                                   (Units)                   (In Reais)

01.10 - INVESTOR RELATIONS OFFICER

1- DATE              2 - SIGNATURE




                                                                          3
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                        March 31, 2007      Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


01.01 - IDENTIFICATION

1 - CVM CODE      2 - COMPANY NAME                                     3 - CNPJ (Federal Tax ID)
02026-5           BRASCAN RESIDENTIAL PROPERTIES S.A.                  07.700.557/0001-84

02.01 - BALANCE SHEET - ASSETS (in thousands of Brazilian reais)

 1-CODE          2- DESCRIPTION                                       3- 03/31/2007           4- 12/31/2006
 1               Total Assets                                                  1,104,322              1,077,959
 1.01            Current Assets                                                  597,647                622,076
 1.01.01         Cash and Cash Equivalents                                       596,906                621,528
 1.01.02         Credits                                                                 0                     0
 1.01.02.01      Clients                                                                 0                     0
 1.01.02.02      Sundry Credits                                                          0                     0
 1.01.03         Inventories                                                             0                     0
 1.01.04         Other                                                                 741                    548
 1.02            Non-Current Assets                                              506,675                455,883
 1.02.01         Long- Term Assets                                               343,182                298,558
 1.02.01.01      Sundry Credits                                                          0                     0
 1.02.01.02      Credits with Related Parties                                    333,601                286,378
 1.02.01.02.01   In Affiliates / Similar                                                 0                     0
 1.02.01.02.02   In Subsidiaries                                                 333,601                286,378
 1.02.01.02.03   With other Related Parties                                              0                     0
 1.02.01.03      Other                                                                9,581              12,180
 1.02.01.03.01   Deferred Income Tax and Social Contribution                          9,581              12,180
 1.02.02         Permanent Assets                                                163,493                157,325
 1.02.02.01      Investments                                                     163,493                157,325
 1.02.02.01.01   Interest Affiliates/Similar Companies                                   0                     0
 1.02.02.01.02   Interest Affiliates/Similar Companies-Goodwill                          0                     0
 1.02.02.01.03   Interest in Subsidiaries                                        163,493                157,325
 1.02.02.01.04   Interest in Subsidiaries-Goodwill                                       0                     0
 1.02.02.01.05   Other Investments                                                       0                     0
 1.02.02.02      Property, Plant and Equipment                                           0                     0
 1.02.02.03      Intangible Assets                                                       0                     0
 1.02.02.04      Deferred Charges                                                        0                     0




                                                               4
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                        March 31, 2007     Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


01.01 – IDENTIFICATION

1 - CVM CODE     2 - COMPANY NAME                                      3 - CNPJ (Federal Tax ID)
02026-5          BRASCAN RESIDENTIAL PROPERTIES S.A.                   07.700.557/0001-84

02.02 - BALANCE SHEET - LIABILITIES AND SHAREHOLDERS' EQUITY (in thousands of Brazilian reais)
 1- CODE        2- DESCRIPTION                                        3- 03/31/2007         4- 12/31/2006
 2              Total Liabilities                                             1,104,322             1,077,959
 2.01           Current Liabilities                                              12,460                11,300
 2.01.01        Loans and Financing                                                    0                     0
 2.01.02        Debentures                                                             0                     0
 2.01.03        Suppliers                                                              0                     0
 2.01.04        Taxes, Charges and Contributions                                       0                     0
 2.01.05        Dividends Payable                                                   7,241               7,241
 2.01.06        Provisions                                                             0                     0
 2.01.07        Debt with Related Parties                                           5,219               4,059
 2.01.08        Other                                                                  0                     0
 2.02           Non-Current Liabilities                                                0                     0
 2.02.01        Long-Term Liabilities                                                  0                     0
 2.02.01.01     Loans and Financing                                                    0                     0
 2.02.01.02     Debentures                                                             0                     0
 2.02.01.03     Provisions                                                             0                     0
 2.02.01.04     Debt with Related Parties                                              0                     0
 2.02.01.05     Advance for Future Capital Increase                                    0                     0
 2.02.01.06     Other                                                                  0                     0
 2.02.02        Deferred Income Results                                                0                     0
 2.04           Shareholders’ Equity                                          1,091,862             1,066,659
 2.04.01        Paid-In Capital Stock                                         1,066,278             1,066,278
 2.04.02        Capital Reserve                                                        0                     0
 2.04.03        Revaluation Reserve                                                    0                     0
 2.04.03.01     Own Assets                                                             0                     0
 2.04.03.02     Subsidiaries/Affiliates and Similar                                    0                     0
 2.04.04        Profit Reserve                                                        381                   381
 2.04.04.01     Legal                                                                 381                   381
 2.04.04.02     Statutory                                                              0                     0
 2.04.04.03     For Contingencies                                                      0                     0
 2.04.04.04     Unrealized Income                                                      0                     0
 2.04.04.05     Income Retention                                                       0                     0
 2.04.04.06     Special For Non-Distributed Dividends                                  0                     0
 2.04.04.07     Other Profit Reserve                                                   0                     0
 2.04.05        Accumulated earnings (losses)                                    25,203                      0
 2.04.06        Advance for Future Capital Increase                                    0                     0




                                                        5
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                                                                     March 31, 2007                                   Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


01.01 - IDENTIFICATION

1 - CVM CODE                       2 - COMPANY NAME                                                                                         3 - CNPJ (Federal Tax ID)
02026-5                            BRASCAN RESIDENTIAL PROPERTIES S.A.                                                                      07.700.557/0001-84


03.01 – INCOME STATEMENT (in thousands of Brazilian reais)

 1- CODE          2- DESCRIPTION                                        3- 01/01/2007 to 03/31/2007 4- 01/01/2007 to 03/31/2007 5- 01/01/2006 to 03/31/2006 6- 01/01/2006 to 03/31/2006
 3.01             Gross Revenue from Sales and/or Services                                         0                           0                           0                           0
 3.02
   Deductions fro Gross Revenue Deductions                                                        0                           0                           0                           0
 3.03             Net Revenue from Sales and/or Services                                          0                           0                           0                           0
 3.04             Cost of Goods and/or Services Sold                                              0                           0                           0                           0
 3.05             Gross Profit                                                                    0                           0                           0                           0
 3.06             Operating Income/Expenses                                                 34,551                       34,551                      44,436                      44,436
 3.06.01          Selling                                                                         0                           0                           0                           0
 3.06.02          General and Administrative                                                  (389)                       (389)                           0                           0
 3.06.03          Financial                                                                 28,772                       28,772                           0                           0
 3.06.03.01       Financial Income                                                          29,133                       29,133                           0                           0
 3.06.03.01.01    Financial Income                                                          23,751                       23,751                           0                           0
 3.06.03.01.02    Monetary Variation                                                          5,382                       5,382                           0                           0
 3.06.03.02       Financial Expenses                                                          (361)                       (361)                           0                           0
 3.06.04          Other Operating Income                                                          0                           0                           0                           0
 3.06.05          Other Operating Expenses                                                        0                           0                           0                           0
                  Equity in the Earnings of Subsidiary and Associated
 3.06.06                                                                                      6,168                       6,168                      44,436                      44,436
                  Companies
 3.07             Operating Income                                                          34,551                       34,551                      44,436                      44,436
 3.08             Non-Operating Income                                                            0                           0                           0                           0
 3.08.01          Income                                                                          0                           0                           0                           0
 3.08.02          Expenses                                                                        0                           0                           0                           0
 3.09             Income before Taxes/Participations                                        34,551                       34,551                      44,436                      44,436
 3.10             Provision for Income Tax and Social Contribution                          (9,348)                     (9,348)                           0                           0
 3.11             Deferred Income Tax                                                             0                           0                           0                           0
 3.12             Statutory Participations/Contributions                                          0                           0                           0                           0
 3.12.01          Participations                                                                  0                           0                           0                           0




                                                                                        6
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                                                                March 31, 2007                                   Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


01.01 - IDENTIFICATION

1 - CVM CODE                      2 - COMPANY NAME                                                                                      3 - CNPJ (Federal Tax ID)
02026-5                           BRASCAN RESIDENTIAL PROPERTIES S.A.                                                                   07.700.557/0001-84


03.01 - INCOME STATEMENT (in thousands of Brazilian reais)

 1- CODE          2- DESCRIPTION                                    3- 01/01/2007 to 03/31/2007 4- 01/01/2007 to 03/31/2007 5- 01/01/2006 to 03/31/2006 6- 01/01/2006 to 03/31/2006
 3.12.02          Contributions                                                               0                           0                           0                           0
 3.13             Reversal of Interest on Own Capital                                         0                           0                           0                           0
 3.15             Income/ Loss for the Period                                            25,203                      25,203                      44,436                      44,436
                  OUTSTANDING SHARES, EX-TREASURY (units)                          185,028,474                 185,028,474                 126,278,474                  126,278,474
                  EARNINGS PER SHARE (in Reais)                                         0.13621                    0.13621                     0.35189                      0.35189
                  LOSS PER SHARE (in Reais)




                                                                                    7
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                         March 31, 2007   Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


              02026-5         BRASCAN RESIDENTIAL PROPERTIES S.A.         07.700.557/0001-84


04.01 – NOTES TO THE FINANCIAL STATEMENTS

                                 Brascan Residential Properties S.A.

             Notes to the Unconsolidated and Consolidated Financial Statements
               All amounts in thousands of Reais, unless otherwise indicated

1)       Formation of the Company and Operations

Brascan Residential Properties S.A. (formerly Derek Participações S.A. – a non-operating
company) was formed on November 14, 2005 in connection with a corporate reorganization
completed by its controlling shareholder; being effectively non-operational between November
14, 2005 and November 30, 2005, inclusive. The reorganization was completed to separate the
controlling shareholder’s residential real estate operations from its commercial real estate
operations. The companies comprising the residential real estate operations were transferred by
the controlling shareholder at book value to Brascan Residential Properties S.A. (“Brascan
Residential”) on December 29, 2005 and as of that date, Brascan Residential became the
controlling shareholder of these companies. For all periods prior to December 1, 2005, the
companies that were contributed to Brascan Residential were under common control and
management. Consequently, these financial statements reflect the combined operations of
these companies prior to December 1, 2005. For presentation purposes, all periods in these
financial statements are referred to as “consolidated”. The company has as its shareholder
Brascan Real Estate S.A. that is controlled by Brascan Brazil Holdings LLC. Brascan Brazil
Holdings LLC is indirectly wholly-owned by Brookfield Asset Management Inc., a publicly listed
company on the New York and Toronto stock exchanges.

The subsidiaries of the Company are incorporated under the laws of Brazil. The Company’s
objectives are to provide fully integrated real estate services by:

     a) Designing and developing residential real estate ventures on its own behalf and for third
        parties;
     b) Purchasing, negotiating, and selling real estate properties;
     c) Providing construction and civil engineering services;
     d) Developing and implementing marketing strategies related to its own or third party real
        estate ventures in consortia with MG 500, a real estate brokerage service;
     e) Financing real estate transactions, including financing the purchaser.

The Company initiates ventures on its own behalf, forms jointly-controlled partnerships and
participates in consortia with third parties as a means of meeting its objectives.


2)       Presentation of Financial Statements

     a) Presentation – The financial statements were prepared in accordance with accounting
        practices adopted in Brazil as determined by the Brazilian Corporation Law (Law 6404.
        as amended) (“Brazilian Corporation Law”), the Federal Accounting Council (“CFC”),
        the Brazilian Institute of Accountants (“IBRACON”), resolutions and additional
        regulations of the “Comissão de Valores Mobiliários” (the Brazilian Securities
        Commission or the “CVM”), which are collectively referred to as “Brazilian GAAP”.

          The statements of cash flows, which are presented as supplemental information, are
          not required by Brazilian GAAP but are prepared under IBRACON Standard NPC 20
          and conforms to International Accounting Standard 7, “Cash Flow Statements”.



                                                     8
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                         March 31, 2007   Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


              02026-5         BRASCAN RESIDENTIAL PROPERTIES S.A.         07.700.557/0001-84


04.01 – NOTES TO THE FINANCIAL STATEMENTS


          The preparation of financial statements in conformity with Brazilian GAAP requires
          management to make estimates and assumptions that affect the reported amounts of
          assets and liabilities and disclosure of contingent assets and liabilities at the date of the
          financial statements and the reported amounts of revenues and expenses during the
          reporting period. Estimates are used for but not limited to, the selection of the useful
          lives of property and equipment, provisions necessary for contingent liabilities, fair
          values, taxes, budgeted costs and other similar charges. Actual results could differ from
          those estimates.

     b) Consolidation of financial statements – The consolidated financial statements
        include the accounts of the Company and all of its subsidiaries in which the Company
        directly or indirectly controls with more than 50% of the voting shares.

          Included in the Company’s consolidated financial statements are the accounts of the
          100% owned subsidiaries Brascan Imobiliária Incorporações S.A., Brascan Real Estate
          Finance Services S.A., Brascan Imobiliária Engenharia e Construções S.A., MG 500
          Investimentos Imobiliários S.A., Diamond SPE S.A., Sapphire SPE S.A., Emerald SPE
          S.A., Amethyst SPE S.A., Onyx SPE S.A., Aquamarine SPE S.A., Rubi SPE S.A. and
          Brascan Cia. Hipotecária.

          As of December 31, 2006, minority interest was R$ 53, which represents 10% of MG
          500 Investimentos Imobiliários S.A. (a subsidiary of Brascan Imobiliária Incorporações
          S.A.) that is classified on the balance sheets as other long-term liabilities. In March
          2007 Brascan Imobiliária Incorporações S.A. acquired the 10% of minority interest in
          MG 500 Investimentos Imobiliários S.A., and as from that date is a wholly-owned
          subsidiary .

          All significant intercompany accounts and transactions are eliminated upon
          consolidation. Transactions and balances with related parties are described in the notes
          herewith.

          For all periods prior to December 1, 2005, all such companies were under common
          management and, consequently, prior to that date, these financial statements reflect the
          combined operations of such companies. For the purpose of presentation, all periods in
          the financial statements are referred to as “consolidated”. The principal consolidated
          subsidiary is Brascan Imobiliária Incorporações S.A. which was formed in 1978.

     c) Comparison with previous financial statements issued in respect of the individual
        subsidiaries – due to the adoption of Resolution 963 and other changes in the
        consolidated statements, the individual financial statements utilized as a part of this
        consolidation process differ from issued before December 1st, 2005.


3)       Significant Accounting Practices

     a) Recognition of real estate development results – Revenues, as well as costs and
        expenses related to real estate developments sold are recognized over the course of
        the construction period of a project based on a financial measure of completion which
        compares incurred costs to total expected costs, as described below, and not at the




                                                     9
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                          March 31, 2007   Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


              02026-5         BRASCAN RESIDENTIAL PROPERTIES S.A.           07.700.557/0001-84


04.01 – NOTES TO THE FINANCIAL STATEMENTS

          time of execution of the agreements for the sale of units or the receipt of the amounts
          corresponding to the sale of units.

          For credit sales of completed units, profit is recognized in full when real estate is sold,
          provided (a) the profit is determinable, that is, the collectibility of the sales price is
          reasonably assured or the amount that will not be collectible can be estimated, and (b)
          the earnings process is virtually complete, that is, the Company is not obliged to
          perform significant activities after the sale to earn the profit. The collectibility of the sales
          price is demonstrated by the client’s commitment to pay, which in turn is supported by
          substantial initial and continuing investment.

          For sales of units under construction, profit is recognized using the percentage-of-
          completion method on the sale of individual units or interest, when (i) project
          development is beyond a preliminary stage; (ii) the client is committed to the extent of
          being unable to require a refund except for non-delivery of the unit or interest; (iii)
          sufficient units have already been sold to assure that the entire property is viable; (iv)
          sales prices are collectible; and (v) aggregate sales proceeds and costs can be
          reasonable estimated.

          As discussed below, prior to January 1, 2004, all rights and obligations relating to
          purchase and sale commitments for real estate developments were presented on the
          balance sheet at the time the developments were sold, with a counter entry to other
          liabilities irrespective of revenue having being earned.

          On May 16, 2003, the CFC approved Resolution 963, establishing procedures to
          account for real estate transactions, presentation of financial statements of real estate
          companies and the minimum note disclosure of companies engaged in the purchase,
          sale, development, management and rental of real estate and the division of real estate
          into lots. With respect to the activities of development and division of land into lots, the
          general rules adopted for the recognition of revenue applied to our business are:

          •    The percentage of incurred costs, including costs related to land, projects and
               construction, are measured in relation to total budgeted costs;
          •    In order to determine the amount of revenues to be recognized in any given period,
               the percentage of incurred costs is applied to the total sales of the units sold,
               determined in accordance with the terms established in the sales contracts;
          •    Any amount received in connection with the sale of units that exceeds the amount
               of revenues recognized is recorded as “Client advances”; and
          •    Any amount of revenues recognized that exceeds the amount received from clients
               is recorded as a current asset.

          For developments launched prior to January 1, 2004, the criteria established by the
          CVM Circular Letter No, 05/95, as amended, have been maintained, as follows:

          •    The recording of “Receivables from clients” and costs contracted and budgeted
               (“Real estate development obligations”) in other liabilities for the units sold but for
               which no revenue had yet been recognized;
          •    The revenue recognition on sales from the percentage-of-completion was based on
               physical and not on the percentage of completion based on the relation between
               costs incurred to total budgeted costs; and




                                                     10
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                         March 31, 2007   Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


              02026-5         BRASCAN RESIDENTIAL PROPERTIES S.A.         07.700.557/0001-84


04.01 – NOTES TO THE FINANCIAL STATEMENTS

          •    Changes in budgeted costs recorded as they become known under “Operating
               costs” or other liabilities depending on the stage of the construction.

          For purposes of these financial statements, CFC Resolution 963 has been applied to all
          projects developed after January 1, 2003.

          The accounts receivable created by the unit sales generates finance income that is
          recorded as gross operating revenue, totaling R$18,424 for the period ended March 31,
          2007 (March 31, 2006 -R$12,012).

     b) Cash and cash equivalents – Cash and cash equivalents, which include financial
        investments, consist primarily of time deposits denominated in reais, having a ready
        market and an original maturity of 90 days or less. Financial investments are stated at
        cost plus accrued interest and monetary variation through to the balance sheet date,
        comprising mainly of bank deposit certificates. Interest earned on cash and cash
        equivalents is included in net financial expenses.

     c)   Receivables - Accounts receivable from clients are stated at cost plus accrued interest
          (Note 5). Allowances are provided, when necessary, in an amount considered by
          management to be sufficient to meet expected losses. The majority of the accounts
          receivable are indexed based on local Construction Index’s in Sao Paulo (ICC-SP) and
          Rio de Janeiro (ICC-RJ) during the construction phase of the projects and accounts
          receivable are indexed based on the General Market Price Index (“IGP-M”) after
          delivery of the units.

     d) Properties for development and sale - This account accumulates land and development
        costs relating to projects under construction and completed units, but for which units
        have not yet been sold. Amounts are stated at cost of purchase and construction plus
        capitalized interest, or, if lower, realizable value. The Company, at times, acquires land
        through swaps, in which it grants the seller a certain number of units to be built on the
        land or a percentage of the proceeds from the sale of units in such development. The
        land acquired and the corresponding obligations to deliver the units are diluted with
        other units sold. Sometimes the Company capitalizes interest as part of properties for
        sale while a property is under development, limited to interest expense on loans raised
        to finance specific developments.

     e) Marketing and sales expenses - Include advertising, promotion and other similar
        expenses. These expenses are part of the total project cost and are deferred and
        recognized according to income.

     f)   Other assets - Represent advances for services, employees, acquisitions and legal
          deposits. Prepaid expenses refer to general expenses incurred in relation to real estate
          developments to be launched and already launched, which are recognized proportional
          to income.

     g) Property and equipment - Property and equipment are stated at cost. Building and
        software acquisition and implementation costs are capitalized. Depreciation is
        calculated on the straight-line basis (Vehicles-5 years; Office equipment and other
        installations-10 years; Computers and software licenses-5 years; Buildings-25 years).




                                                     11
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                         March 31, 2007   Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


              02026-5         BRASCAN RESIDENTIAL PROPERTIES S.A.         07.700.557/0001-84


04.01 – NOTES TO THE FINANCIAL STATEMENTS

     h) Taxes on income – Taxes on income in Brazil comprise Federal income tax and social
        contribution, as recorded in the statutory accounting records.

          As permitted by tax legislation the revenue and related receivables in respect of sales of
          property units are taxed based on cash receipts and not on the basis of the accounting
          for such revenue. At each fiscal year, the Company and each of its subsidiaries, if legal
          requirements are met, can chose to calculate taxable profit using the real profit method
          or the presumed profit method. Under the real profit method, taxes are calculated as a
          percentage of net profit by applying a 25% rate for income tax and a 9% rate for social
          contribution, totaling 34%. Under the presumed profit method, profit is presumed to be
          8% of operating revenues plus 100% of other revenues (“Presumed Profit Revenues”).
          Income tax and social contributions are calculated by applying a 25% rate for income
          tax and a 9% rate for social contribution on the Presumed Profit Revenues. For the
          companies calculating profit using the real profit method, a tax liability or tax asset is
          recorded to reflect any temporary differences.

          Tax losses are recorded as future tax assets. In the event that the realization of future
          tax assets is not considered probable, a valuation allowance is recorded. Future tax
          assets arising from net operating losses have no expiration dates, although the ability to
          offset net income is generally restricted to 30% of annual income before tax in any
          taxation year.

     i)   Other current and long-term liabilities - These liabilities are stated at known or
          estimated amounts on the accrual basis of accounting. Liabilities for employees’
          remuneration, mainly vacation pay and payroll charges are provided for as due.

     j)   Earnings per share - Earnings per share are calculated based on the number of shares
          outstanding at the end of the period.

     k)   Loans - Represent principal amounts due plus interest accrued to the balance sheet
          date. Loans and accrued interest denominated in foreign currency are translated into
          reais based on the rate of exchange at the balance sheet date. Interest recorded during
          the year is included in net financial expenses. Interest denominated in foreign currency
          is translated at the average rate of exchange during the year and is included in net
          financial expenses. Foreign exchange gains and losses recognized on translation of
          foreign currency debt are also recognized in net financial expenses.

     l)   Derivatives – Derivatives are recorded at their fair market value. Changes in fair market
          value are taken to income and recorded as unrealized gains or losses as part of net
          financial expenses. Unrealized gains and losses are recorded as realized on
          settlement.

4)        Cash and cash equivalents

                                                                                               December
                                                                             March 31                31
                                                                                 2007              2006

Cash and banks                                                                 6,829             7,113
Financial investments                                                        627,828           647,038
Total                                                                        634,657           654,151



                                                     12
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                                                            March 31, 2007           Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


                   02026-5               BRASCAN RESIDENTIAL PROPERTIES S.A.                                     07.700.557/0001-84


04.01 – NOTES TO THE FINANCIAL STATEMENTS

Financial investments consist of bank certificates of deposit and investment funds. At March 31, 2007, financial investments yielded an effective rate of 12.75%

(December 31, 2006 – 13.25%).




5)           Accounts receivable

                                                                                                                                             December
                                                                                                                  March 31                         31
                                                                                                                     2007                        2006

     Construction-in-progress receivables                                                          (a)              63,304                    99,282
     Post-unit delivery receivables                                                                (b)             462,472                   445,261
     Allowance for credit losses                                                                   (c)             (10,120)                   (9,120)
     Total                                                                                         (d)            515,656                    535,423

a)           Customers make principal payments on the outstanding balances plus an adjustment based on
             local construction indexes. The receivables balance presented does not include R$171,609
             (December 31, 2006 – R$149,431).
b)           The Company finances sales of up to 80% of the unit price for customers when units are
             delivered. The receivables are generally adjusted by IGP-M index plus 12.0% per year.
c)           During the first quarter of 2007, the Company increased its allowance for credit losses;
             provisions totaling R$1,000 (March 31, 2006-R$1,000). Credit losses are mitigated by retaining
             custody of property deeds until receivables are settled or sold.
d)           In addition to the above receivables outstanding, the Company has entered into further sale
             agreements for which revenue has not yet been recognized. Total receivables outstanding
             including those for which revenues have not been recognized are R$687,265 (December 31,
             2006 – R$684,854).

Client portfolio receivables segregated between those which arose before and after the adoption of
Resolution 963 are as follows:
                                                                        March 31     December 31
Real estate development receivables                                         2007              2006

Short-term                                                                                                            141,233                    157,211
Long-term                                                                                                             374,423                    378,212
Total                                                                                                                 515,656                    535,423

                                                                                                                     March 31             December 31
Sales consummated for which revenue has not been                                                                         2007                   2006
Recognized
Short-term                                                                                                             27,270                     21,232
Long-term                                                                                                             144,339                    128,199
Total                                                                                                                 171,609                    149,431

Total customers’ portfolio (including unearned revenue)                                                               687,265                    684,854




                                                                             13
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                         March 31, 2007   Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


              02026-5         BRASCAN RESIDENTIAL PROPERTIES S.A.         07.700.557/0001-84


04.01 – NOTES TO THE FINANCIAL STATEMENTS


The portfolio has the following maturity:
                                                                           March 31         December 31
                                                                                2007                2006
2007                                                                   129,313             178,443
2008                                                                   156,760             143,553
2009                                                                   115,075             103,451
2010                                                                    77,131              66,348
2011                                                                    68,105              59,023
2012                                                                        44.439                   41.520
Thereafter                                                                      96.442              92.516
Total customers' portfolio                                                     687.265             684.854
Unearned revenue                                                             (171.609            (149.431
Total receivables                                                              515.656             535.423

6)       Properties for development and sale

                                                                                               December
                                                                             March 31                31
                                                                                2007               2006
Completed units and units under construction                                 173,169           142,439
Land held for development                                        (a)         297,700           302,023
Total                                                                        470,869           444,462

Short-term                                                                   205,869           179,783
Long-term                                                                    265,000           264,679
Total                                                                        470,869           444,462

(a)       The cost of land held for development includes the purchase price as well as costs incurred for
the entitlement of the land, such carrying value does not exceed market value.


7)       Other assets

                                                                            March 31       December 31
                                                                               2007              2006
Judicial deposits                                                (a)          14,029            14,029
Accounts receivable from affiliates                              (b)             685               684
Other                                                                          9,436             9,237
Total                                                                         24,150            23,950
Short-Term                                                                     8,815             8,599
Long-Term                                                                     15,335            15,351
Total                                                                         24,150            23,950

(a)       Judicial deposits are payments made that are being reviewed through a judicial process and are
          expected to be partially recovered. Judicial deposits balances were reclassified based on CVM
          resolution 489.



                                                     14
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                           March 31, 2007   Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


              02026-5         BRASCAN RESIDENTIAL PROPERTIES S.A.           07.700.557/0001-84


04.01 – NOTES TO THE FINANCIAL STATEMENTS

(b)       Accounts receivable from affiliates represent unsecured advances to affiliated companies that are
          adjusted by IGP-M plus 12.0% per annum.



8)        Investments (Holding)

As of March 31, 2007 and December 31, 2006 the Company had the following investments:

                                                                                 Accumulated Equity
                                                                                     Accounted
                                                                                    Income from
                                                                                 Investments ended
Invested entity                                      %     Equity     Book Value   March 31, 2007

Brascan Imobiliária Incorporações S.A.               100   159,038        159,038                     6,103
Brascan Real Estate Financial Services
S.A.                                                 100      4,455         4,455                        65
Total at March 31, 2007                                                   163,493                     6,168
                                                                                    Accumulated
                                                                                  Equity Accounted
                                                                                    Income from
                                                                                 Investments ended
Invested entity                                       %    Equity     Book Value   March 31, 2006

Brascan Imobiliária Incorporações S.A.      100            131,846         131,846                  44,296
Brascan Real Estate Financial Services S.A. 100              4,519           4,519                     140
Total at March 31, 2006                                                    136,365                  44,436

                                                                                    Accumulated
                                                                                  Equity Accounted
                                                                                    Income from
                                                                                 Investments ended
Invested entity                                       %                            December 31,
                                                           Equity     Book Value        2006

Brascan Imobiliária Incorporações S.A.      100            152,935         152,935                  65,385
Brascan Real Estate Financial Services S.A. 100              4,390           4,390                     229
Total at December 31, 2006                                                 157,325                  65,614


9)        Property and equipment

Property and equipment are composed mainly by the building where the company’s main office is located
in Rio de Janeiro, the corporate floor in the Brascan Century Plaza complex where the São Paulo branch
is located and other items, furniture and vehicles.




                                                      15
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                          March 31, 2007   Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


              02026-5         BRASCAN RESIDENTIAL PROPERTIES S.A.           07.700.557/0001-84


04.01 – NOTES TO THE FINANCIAL STATEMENTS



10)       Corporate borrowings

                                                                                                  December
                                                                              March 31                  31
                                                                                  2007                2006
Mortgage loans                                                     (a)        198,834            223,154
Term loans                                                         (b)         32,027             38,551
Construction loans                                                 (c)         42,773             47,396
Swaps                                                              (d)          9,298              2,625
Total loans and promissory notes                                              282,932            311,726
Shareholder loans                                                  (e)        123,198            150,820
Intercompany loans                                                 (f)          2,933              2,933
Total corporate borrowings                                                    409,063            465,479
Short-term                                                                    277,955            302,791
Long-term                                                                     131,108            162,688
Total                                                                         409,063            465,479

(a)       Mortgage loans are secured by R$218.7 million (December 31, 2006-R$245.5 million) of
          accounts receivable. The loans bear a fixed rate interest from 10.0% (December 31, 2006-10.0%)
          to 17.0% (December 31, 2006-17.0%) plus adjustments based on IGP-M and have an average
          effective interest rate of IGP-M plus 12.1% (December 31, 2006- 12.2%). The mortgage loans
          mature until 2016.
(b)       The term loans are denominated in U.S. dollars and pay interest between 5.9% (December 31,
          2006-6.8%) to 8.2% (December 31, 2006-7.7%). The average effective interest rate is 7.3%
          (December 31, 2006-7.3%).
(c)       Construction loans represent financing raised for specific projects under construction. The loans
          are fixed rate and bear interest from 12.0% (December 31, 2006-12.0%) to 13.0% (December 31,
          2006-13.0%) per annum with an average effective interest rate of 12.3% (December 31, 2006-
          12.3%). The loans are due in 2009.
(d)       The company celebrated derivative contracts to protect itself against the exposure to exchange
          rate fluctuations. At March 31, 2007, the company has swap contracts with a notional value of
          US$57.0 million (December 31, 2006 – US$68.8 million) and coming due in 2007. The
          contracts have interest rate averaging 4.6% (December 31, 2006 – 4.6%) and variation of 100%
          the SELIC. Income (loss) of the swap contracts are accounted as income (loss) when incurred.
          The loss not realized was translated into reais at the period-end rate.
(e)       Shareholder loans represent US$57.0 million (December 31, 2006-US$68.8 million) fixed rate
          term loans that pay interest between 12.5% and 14.0% per annum. The average effective rate of
          the shareholder loans is 13.0% (December 31, 2006 – 13.2%), with the remainder due in 2007.
          The shareholder loans were translated into reais at the exchange rate at the balance sheet date.
(f)       Intercompany loans are fixed rate term loans with related parties and are adjusted based on IGP-
          M plus 12% per annum or floating rate loans according to the SELIC rate.




                                                     16
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                             March 31, 2007    Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


               02026-5        BRASCAN RESIDENTIAL PROPERTIES S.A.               07.700.557/0001-84


04.01 – NOTES TO THE FINANCIAL STATEMENTS

The loans maturities are as follows:

                                                                                                      March 31
                                                                                                          2007
2007                                                                                                   248,687
2008                                                                                                    81,694
2009                                                                                                    31,965
2010                                                                                                    25,768
Thereafter                                                                                              20,949
Total indebtedness                                                                                     409,063


11)       Accounts payable

Accounts payable are primarily the contractual obligations for the construction of the units of the projects
developed before January 1, 2003 and construction obligations related to land acquisitions.


12)       Other liabilities

                                                                                                     December
                                                                                  March 31                 31
                                                                                     2007                2006

Payables – land acquisitions                                          (a)            43,884            23,750
Provisions for contingencies                                          (b)            17,372            17,372
Judicial deposits                                                     (c)           (15,947)          (15,947)
Deferred taxes on revenues                                                           27,218            29,672
Other                                                                                 6,831            12,630
Total                                                                                79,358            67,477

Short Term                                                                           61,624            43,222
Long Term                                                                            17,734            24,255
Total                                                                                79,358            67,477

      (a) The Company enters into contracts to acquire land with future payment obligations.
      (b) Refers to the judicial deposits related to the lawsuits in process.
      (c) Refers to the judicial deposits related to the lawsuits in process. During the normal course of
          business, the company is subject to several taxes, lawsuit expenses and administrative
          procedures. Provisions have been made based on estimates of our legal department or external
          lawyers, when losses are considered probable. At March 31, 2007, the company has provisions
          of R$15,947 for judicial discussions in respect of PIS and COFINS and other provisions of
          R$1,425 (December 31, 2006 – R$1,425) for other judicial processes.




                                                       17
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                            March 31, 2007    Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


              02026-5         BRASCAN RESIDENTIAL PROPERTIES S.A.             07.700.557/0001-84


04.01 – NOTES TO THE FINANCIAL STATEMENTS



13)       Income tax and social contribution

Income tax for accounting purposes is based on revenue recognized and cost appropriated on an accrual
basis. For tax purposes, income tax Instruction 84/79 permits the Company to defer the payment of the
tax to match the proportion of receipt of contracted sales. As a result a deferred tax liability is constituted
based on the difference between income recognized, in these financial statements, under resolution 963
and that payable in accordance with the cash basis.
                                                            March 31, 2007               December 31, 2006
                                                          Losses       Credit           Losses       Credit
Income tax                                                 150,678        37,670        129,494        32,373
Social contribution                                        177,461        15,972        155,799        14,022
                                                                          53,642                       46,395
Temporary difference –cash basis                                       (103,658)                      (89,854)
Income tax and social contribution                                      (50,016)                      (43,459)

The tax loss carry-forwards are expected to be utilized in 2007 (R$13.4 million), in 2008 (R$6.7 million),
in 2009 (R$6.9 million), in 2010 (R$15.8 million) and in 2011 (R$10.8 million). The expectation of use
of the tax losses carry-forwards are based on projections of the taxable income of the Company. These
projections are subject to many factors such as market conditions, economic scenario and other factors
and accordingly real values can differ from estimates.

In 2005 and 2006 the Company elected to defer the payment of taxes on the gains arising from exchange
variation on US$ denominated loans; such amounts become due at the date the loan is liquidated or the
election is modified. During 2007 it is expected that part of the fiscal credits of the company will be used
to compensate taxes payable originating from the operations and also from the payment of loans whose
exchange variations are deferred. No short-term classification of taxes has been made due to the
expectation that the use of taxes credits will be compensated by the taxes payable in 2007, mainly arising
from the deferred exchange variations.

                                                                Unconsolidated          Consolidated
                                                                     March 31         March 31 March 31
                                                                          2007            2007       2006
 Reconciliation of taxes on income
 Net income before tax                                                   34,551          38,519        67,327
 Income tax at the statutory rate of 34%                                (11,747)        (13,096)      (22,891)
 Equity accounted income                                                  2,097               -             -
 Other adjustments                                                          302            (220)            -
 Income tax                                                              (9,348)        (13,316)      (22,891)




                                                     18
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                          March 31, 2007   Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


              02026-5         BRASCAN RESIDENTIAL PROPERTIES S.A.           07.700.557/0001-84


04.01 – NOTES TO THE FINANCIAL STATEMENTS


14) Shareholders’ equity (Holding Company only)

                                                                                 March 31 December 31
                                                                                     2007       2006
Capital                                                               (a)     1,066,278          1,066,278
Legal reserve                                                                       381                381
Retained earnings                                                                25,203                  -
Total                                                                         1,091,862          1,066,659

(a)       Capital comprises 185,028,474 nominative shares (December 31, 2006 – 185,028,474), with no
          nominal value, of which all are common.

                                                                     March 31                      December
                                                            %           2007          %                  31
                                                                                                       2006

 Brascan Real Estate S.A.                                 59.87 110,778,469       59.87        110,778,469
 Board of Directors                                            -          5                -             5
 Scout Capital Management, LLC (1)                         6.65  12,300,000        6.65         12,300,000
 Others shareholders                                      33.48  61,950,000       33.48         61,950,000
 Total of shares                                          100.0 185,028,474       100.00       185,028,474

(1) Total shares owned by Scout Capital Management, LLC at each of the periods according to the
amount disclosed by company on the relevant fact published on October 25, 2006.

According to its by-laws, the Company is authorized to increase its equity, through a decision of the
board of directors by 250 million ordinary shares, up to the limit of 420 million ordinary shares.

According to its by-laws, the net profit of the year has the following destination: (a) 5% to legal reserve,
until reaching 20% of the capital stock fully paid and (b) 25% of the remaining balance for payment of
obligatory dividends.

The company ended the process of public offering of primary and secondary distribution of ordinary
shares on November 13, 2006 with the issue of 58,750,000 (fifty-eight million and seven hundred and
fifty thousand) ordinary shares and the sale of 15,500,000 (fifteen million and five hundred thousand)
ordinary shares belonging to Brascan Imobiliaria S.A., totaling 74,250,000 (seventy four million and two
hundred and fifty thousand) ordinary shares based on the unitary value per share of R$16.00 (sixteen
reais).




                                                     19
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                            March 31, 2007         Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


              02026-5         BRASCAN RESIDENTIAL PROPERTIES S.A.                07.700.557/0001-84


04.01 – NOTES TO THE FINANCIAL STATEMENTS


15)       Net financial income (expense)

                                                                                      March 31          March 31
                                                                                          2007              2006

Financial expenses                                                         (a)         (28,538)          (31,183)
Foreign exchange gains                                                     (b)           6,838            47,181
Financial revenues                                                         (c)          24,690             3,492
Total                                                                                    2,990            19,490

(a)       Financial expenses include interest expense and index adjustments on corporate borrowings.
(b)       Foreign exchange gains (losses) represent the changes in values of foreign denominated debt.
(c)       Financial revenues represent interest earned on cash and cash equivalents.



16)       Other expenses

                                                                                                     March 31           March 31
                                                                                                         2007              2006

Allowance for credit losses                                                             (a)             (1,000)           (1,000)
Other                                                                                                         -             (105)
Total                                                                                                   (1,000)           (1,105)

(a)       The provision for doubtful debtors reflects the loss expectation of receivables in the period.


17)       Transactions with related parties

During the normal course of business, the Company enters into transactions with related parties. Loans
and promissory notes of R$126.1 million are owing to related parties at March 31, 2007 (December 31,
2006-R$153.8 million). Interest paid to related parties during the first quarter of 2007 was R$4.3 million
(March 31, 2006-R$8.1 million). During the first quarter of 2007 the company repaid US$11.8 million of
shareholder loans. In the first quarter of 2006 the Company sold receivables to its parent company,
Brascan Imobiliária S.A., in the total amount of R$72.8 million and also sold at book value as part of the
reorganization process, investment units in the Brascan Century Plaza project for R$30.2 million; no net
result originating from these operations. In October 2006 Brascan Imobiliaria S.A. was incorporated into
its controlling shareholder Brascan Real Estate S.A.




                                                      20
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                            March 31, 2007   Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


              02026-5          BRASCAN RESIDENTIAL PROPERTIES S.A.            07.700.557/0001-84


04.01 – NOTES TO THE FINANCIAL STATEMENTS


18)       Risk management and financial instruments

a)        Market risk

Demand for residential housing is dependent on the general state of the economy. Management believes
their product lines offered to differentiated customers classes provide some mitigation of market risk.
However, the Company continues to be significantly exposed to market risk.

b)        Credit risk

The Company is exposed to credit risk on its cash and short-term investments, and its receivables. The
Company attempts to mitigate these risks by investing in short-term securities with highly-rated financial
institutions. It further limits its credit risk by having a broad base of clients and through continuous rating
analysis. The Company also attempts to sell receivables when market conditions warrant.

c)        Interest rate risk

The Company is exposed to interest rate risk on its short-term debt. The Company attempts to minimize
its exposure to interest rate risk by matching its receivables against debt, selling receivables, and entering
into foreign currency term-financing.

d)        Currency risk

The Company is exposed to foreign currency risk on its term-financing. The Company believes that, over
the long-term, real estate returns and index adjustments mitigate foreign currency risk. Only some short–
term protection against the effects of foreign currency movements is carried.


19)       Insurance

Brascan Residential Properties S.A. and its subsidiaries have liability insurance for personal damage to
third parties and material damage to tangible assets, as well as for fire risks, lightning, electrical damages,
natural phenomena and gas explosions. It also contracts insurance for its main office building. The
coverage contracted is considered sufficient by management to cover possible risks to its assets and/or
responsibilities.


20)      Pension Plan

The Company, together with other Brascan Group companies, sponsors a joint defined benefit private
pension fund, covering their employees and administered by the CCF – HSBC Fund.

The supplementary retirement benefit is defined as being the difference between (i) the Benefit Salary
(updated average of the 36 last participant salaries) and (ii) the amount paid as pension by the official
social security regime. The supplementary benefit is readjusted at the same base date and in accordance




                                                     21
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                          March 31, 2007   Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


              02026-5         BRASCAN RESIDENTIAL PROPERTIES S.A.          07.700.557/0001-84


04.01 – NOTES TO THE FINANCIAL STATEMENTS

with the rates applied to the professional category related to the activity predominant in the companies,
less real gains.

The actuarial regime adopted is capitalization for supplementary retirement and pension plans and simple
distribution for allowances.

The determination of contributions to be made by the companies is based on a financing rate charged on
the payroll of the active participants, in conformity with the funding plan prepared annually by
independent actuaries. During the quarters ended in March 31, 2007 and March 31, 2006, contributions
made to the fund were R$68 thousand, R$51 thousand respectively.

According to the pension plan statutory provisions, the sponsoring companies are jointly liable for the
obligations contracted by the entity with its participants and dependents.

In addition to the retirement plan, the companies offer the following benefits as part of a human resources
policy:

Payment of the FGTS(Retirement Fund) fine (50%) upon retirement of the employee;
Payment of a homage for time on the job;
Payment of compensation for discharge from professional duties; and
Payment of severance for retirement.

As of March 31, 2007 the Fund had 45 participants (45 in December 2006), with the average age of 44.2
years (44.2 years in December 2006) and average employment period of 17.1 years (17.1 years in
December 2006).

The main actuarial assumptions as of March 31, 2007 and December 31, 2006 are:

 Economic Input                                                                                          Assumptions

 Actuarial table used                                                                                       AT 83
 Discount rate                                                                                   (a)        6.0% p.a.
 Expected return on plan assets                                                                  (a)        6.0% p.a.
 Salary growth                                                                                              0.5% p.a.
 Inflation                                                                                                   0% p.a.

 (a) Nominal interest rate

Based on the actuarial valuations prepared by the independent actuaries as of December 31, 2006, and
following the principles determined by Resolution CVM 371, the actuarial asset, not recognized in the
balance sheet is:

                                                                                                                  2006

 Actuarial liabilities present value                                                                            (8,676)
 Fair value of plan assets                                                                                      29,005
                                                                                                                20,329



                                                     22
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                           March 31, 2007   Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


              02026-5         BRASCAN RESIDENTIAL PROPERTIES S.A.            07.700.557/0001-84


04.01 – NOTES TO THE FINANCIAL STATEMENTS



21)       Derivatives

The Company will enter into derivative contracts to hedge its exposure to credit risk, interest rate risk, or
foreign currency risk. On April 11, 2006, the existing swap contracts with a nominal value of US$40.0
million matured at which time an expense of R$12.2 million was realized. In 2006 the company
contracted swap instruments with liability of 100% of Selic rate and assets of 4.6% plus U.S. dollar
variation, with a face value of US$68.8 million and maturity in 2007; generating in the first quarter of
2007 a total expense of R$7.9 million. As of March 31, 2007 the company has swap contracts open with
nominal value of US$57.0 million.


22)       Commitments

The non-cancelable contractual obligations at December 31, 2006 include the following items:

                                                                                             Land         Construction
                                                                                        Acquisition         Contracts

 2007                                                                                        35,919              106,178
 2008                                                                                         6,110               91,375
 2009                                                                                         1,855                6,609
 Total                                                                                       43,884              204,162

These amounts refer to agreements for the acquisition of land in exchange for units or finance agreements
for the acquisition of land and the construction contracts referring to the developments launched up to
December 31, 2006. Other than the above noted items, the Company does not have any other non-
cancelable contractual obligations. We have the contractual commitment to sell a specific tract of land to
a school and whilst the payment is not received a monthly rental is being charged.

The Company periodically acquires land through swap contracts, by committing to provide to the seller a
specified number of units built on the land or a percentage of the proceeds from the sale of units in such
development. The land acquired and the corresponding obligations to deliver the units are diluted with
other units sold.




                                                     23
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                                       March 31, 2007   Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


                   02026-5             BRASCAN RESIDENTIAL PROPERTIES S.A.              07.700.557/0001-84


04.01 – NOTES TO THE FINANCIAL STATEMENTS


Brascan Residential Properties S.A.
Consolidated Statements of Cash Flows for the periods ended March 31, 2007 and March
31, 2006
(Expressed in thousands of Brazilian Reais)
                                                                                                   January to        January to
                                                                                                           March              March
                                                                                                            2007               2006

Operating activities
      Net income                                                                                          25,203             44,436
      Adjusted for the following non-cash items
          Depreciation and amortization                                                                      435                 650
          Interest                                                                                             -                 690
          Foreign exchange (gains) expenses                                                               (6,838)            (47,181)
          Income tax and social contribution expense                                                      13,316              22,891
     Accounts receivable                                                                                  19,767             (31,093)
     Properties for development and sale                                                                 (26,407)             59,227
     Land acquisition                                                                                     20,134                   -
     Other assets / liabilities                                                                          (15,526)            (18,966)
                                                                                                          30,084              30,654

Financing activities
     Loans and promissory notes                                                                          (27,312)            (27,270)
     Intercompany loans                                                                                  (22,266)            (11,683)
                                                                                                         (49,578)            (38,953)
Cash and cash equivalents
     Increase                                                                                           (19,494)             (8,299)
     Balance, beginning of period                                                                       654,151              82,211
     Balance, end of period                                                                             634,657              73,912

Supplemental cash flow information
     Interest paid                                                                                           8,475           13,973


The accompanying notes are an integral part of these financial statements.




                                                                             24
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                         March 31, 2007   Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


              02026-5         BRASCAN RESIDENTIAL PROPERTIES S.A.         07.700.557/0001-84


05.01 – COMMENTS ON THE COMPANY’S PERFORMANCE



As a holding company, its financial performance depends on the activities of its subsidiaries: Brascan
Imobiliária Incorporações S.A., Brascan Real Estate Finance Services S.A., Brascan Imobiliária
Engenharia e Construções S.A., Brascan Cia. Hipotecária S.A., Diamond SPE S.A., Emerald SPE S.A.,
Sapphire SPE S.A., Amethyst SPE S.A., Rubi SPE S.A., Aquamarine SPE S.A., Onyx SPE S.A., MG 500
Investimentos Imobiliários S.A., whose results are analyzed in the “Comments on the Consolidated
Performance in the Quarter” section.




                                                     25
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                       March 31, 2007     Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER



01.01 - IDENTIFICATION

1 - CVM CODE      2 - COMPANY NAME                                    3 - CNPJ (Federal Tax ID)
02026-5           BRASCAN RESIDENTIAL PROPERTIES S.A.                 07.700.557/0001-84

06.01 – CONSOLIDATED BALANCE SHEET - ASSETS (in thousands of Brazilian reais)

 1- CODE         2- DESCRIPTION                                      3- 03/31/2007      4- 12/31/2006
 1               Total Assets                                                 1,656,064          1,668,839
 1.01            Current Assets                                                 990,574             999,744
 1.01.01         Cash and Cash Equivalents                                      634,657             654,151
 1.01.02         Credits                                                        141,233             157,211
 1.01.02.01      Clients                                                        141,233             157,211
 1.01.02.02      Sundry Credits                                                       0                   0
 1.01.03         Inventories                                                    205,869             179,783
 1.01.04         Other                                                             8,815              8,599
 1.02            Non-Current Assets                                             665,490             669,095
 1.02.01         Long-Term Assets                                               654,758             658,242
 1.02.01.01      Sundry Credits                                                 374,423             378,212
 1.02.01.01.01   Receivables                                                    374,423             378,212
 1.02.01.02      Credits with Related Parties                                       685                 684
 1.02.01.02.01   In Affiliates / Similar                                              0                   0
 1.02.01.02.02   In Subsidiaries                                                      0                   0
 1.02.01.02.03   Other Related Parties                                              685                 684
 1.02.01.03      Other                                                          279,650             279,346
 1.02.01.03.01   Inventories                                                    265,000             264,679
 1.02.01.03.02   Other Assets                                                    14,650              14,667
 1.02.02         Permanent Assets                                                10,732              10,853
 1.02.02.01      Investments                                                        248                 248
 1.02.02.01.01   Interest Affiliates/Similar Companies                                0                   0
 1.02.02.01.02   Interest Affiliates/Similar Companies-Goodwill                       0                   0
 1.02.02.01.03   Interest in Subsidiaries                                             0                   0
 1.02.02.01.04   Interest in Subsidiaries-Goodwill                                    0                   0
 1.02.02.01.05   Other Investments                                                  248                 248
 1.02.02.02      Property, Plant and Equipment                                   10,276              10,397
 1.02.02.03      Intangible assets                                                    0                   0
 1.02.02.04      Deferred charges                                                   208                 208




                                                             26
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                      March 31, 2007     Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


01.01 – IDENTIFICATION

1 - CVM CODE      2 - COMPANY NAME                                   3 - CNPJ (Federal Tax ID)
02026-5           BRASCAN RESIDENTIAL PROPERTIES S.A.                07.700.557/0001-84

06.02 – CONSOLIDATED BALANCE SHEET - LIABILITIES AND SHAREHOLDERS' EQUITY (in thousands of
Brazilian reais)


 1- CODE         2- DESCRIPTION                                     3- 03/31/2007       4- 12/31/2006
 2               Total Liabilities                                            1,656,064           1,668,839
 2.01            Current Liabilities                                          365,344              371,778
 2.01.01         Loans and Financing                                          154,757              151,971
 2.01.02         Debentures                                                          0                   0
 2.01.03         Suppliers                                                           0                   0
 2.01.04         Taxes, Charges and Contributions                                    0                   0
 2.01.05         Dividends Payable                                                7,241              7,241
 2.01.06         Provisions                                                     18,524              18,524
 2.01.06.01      Construction liabilities                                       18,524              18,524
 2.01.07         Debt with Related Parties                                    123,198              150,820
 2.01.08         Other                                                          61,624              43,222
 2.02            Non-Current Liabilities                                      198,858              230,402
 2.02.01         Long-Term Liabilities                                        198,858              230,402
 2.02.01.01      Loans and Financing                                          128,175              159,755
 2.02.01.02      Debentures                                                          0                   0
 2.02.01.03      Provisions                                                     50,016              43,459
 2.02.01.03.01   Deferred Income Tax and Social Contribution                    50,016              43,459
 2.02.01.04      Debt with Related Parties                                        2,933              2,933
 2.02.01.05      Advances for future capital increase                                0                   0
 2.02.01.06      Other                                                          17,734              24,255
 2.02.02         Deferred Income Results                                             0                   0
 2.03            Interest of Non-controlling Shareholders                            0                   0
 2.04            Shareholders’ Equity                                        1,091,862           1,066,659
 2.04.01         Paid-In Capital                                             1,066,278           1,066,278
 2.04.02         Capital Reserve                                                     0                   0
 2.04.03         Revaluation Reserve                                                 0                   0
 2.04.03.01      Own Assets                                                          0                   0
 2.04.03.02      Subsidiaries/Affiliates and Similar                                 0                   0
 2.04.04         Profit Reserves                                                   381                 381
 2.04.04.01      Legal                                                             381                 381
 2.04.04.02      Statutory                                                           0                   0
 2.04.04.03      For Contingencies                                                   0                   0
 2.04.04.04      Unrealized Income                                                   0                   0
 2.04.04.05      Profit Retention                                                    0                   0
 2.04.04.06      Special For Non-Distributed Dividends                               0                   0
 2.04.04.07      Other Profit Reserves                                               0                   0
 2.04.05         Accumulated earnings (losses)                                  25,203                   0
 2.04.06         Advance for Future Capital Increase                                 0                   0




                                                            27
01.01 IDENTIFICATION


1 - CVM CODE                   2 - COMPANY NAME
02026-5                        BRASCAN RESIDENTIAL PROPERTIES S.A.


07.01 – CONSOLIDATED INCOME STATEMENT (in thousands of Brazilian reais)


1- CODE         2- DESCRIPTION                                    3- 01/01/2007 to 03/31/2007 4- 01/01/2007 to 03/31/2007 5- 01/01/20
3.01            Gross Revenue from Sales and/or Services                                84,259                      84,259
3.02            Deductions from Gross Revenue                                         (3,059)                     (3,059)
3.03            Net Revenue from Sales and/or Services                                81,200                       81,200
3.04            Cost of Goods and/or Services Sold                                   (35,740)                    (35,740)
3.05            Gross Profit                                                          45,460                       45,460
3.06            Operating Income/Expenses                                             (6,986)                     (6,986)
3.06.01         Selling                                                               (3,360)                     (3,360)
3.06.02         General and Administrative                                            (5,181)                     (5,181)
3.06.03         Financial                                                              2,990                        2,990
3.06.03.01      Financial Income                                                      24,690                       24,690
3.06.03.01.01   Financial Income                                                      24,690                       24,690
3.06.03.01.02   Monetary Variation                                                          0                           0
3.06.03.02      Financial Expenses                                                   (21,700)                    (21,700)
3.06.03.02.01   Financial Expenses                                                   (28,538)                    (28,538)
3.06.03.02.02   Monetary Variation                                                     6,838                        6,838
3.06.04         Other Operating Income                                                      0                           0
3.06.05         Other Operating Expenses                                              (1,435)                     (1,435)
3.06.05.01      Depreciation and Amortization                                           (435)                       (435)
3.06.05.02      Other                                                                 (1,000)                     (1,000)
01.02 IDENTIFICATION


1 - CVM CODE                     2 - COMPANY NAME
02026-5                          BRASCAN RESIDENTIAL PROPERTIES S.A.


07.01 – CONSOLIDATED INCOME STATEMENT (in thousands of Brazilian reais)


1- CODE         2- DESCRIPTION                                     3- 01/01/2007 to 03/31/2007 4- 01/01/2007 to 03/31/2007 5- 01/01/20
3.06.06         Equity Income                                                                0                           0
3.07            Operating Income                                                       38,474                       38,474
3.08            Non-Operating Income                                                       45                           45
3.08.01         Income                                                                       0                           0
3.08.02         Expenses                                                                   45                           45
3.09            Income before Taxes/Participations                                     38,519                       38,519
3.10            Provision for Income Tax and Social Contribution                             0                           0
3.11            Deferred Income Tax                                                   (13,316)                    (13,316)
3.12            Statutory Participations/Contributions                                       0                           0
3.12.01         Participations                                                               0                           0
3.12.02         Contributions                                                                0                           0
3.13            Reversal of Interest on Own Capital                                          0                           0
3.14            Interest of Non-controlling Shareholders                                     0                           0
3.15            Income (Loss) for the Period                                           25,203                       25,203

                OUTSTANDING SHARES, EX-TREASURY (units)                           185,028,474                 185,028,474

                EARNINGS PER SHARE (in Reais)                                         0.13621                     0.13621

                LOSS PER SHARE (in Reais)
 (A free translation of the original in Portuguese)

  FEDERAL GOVERNMENT SERVICE
  BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
  QUARTERLY INFORMATION - ITR                                        March 31, 2007   Brazilian Corporate Law
  TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


                02026-5        BRASCAN RESIDENTIAL PROPERTIES S.A.         07.700.557/0001-84


 08.01 – CONSOLIDATED PERFORMANCE OVERVIEW IN THE QUARTER


                  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS

 The following discussion of our financial position and results of operations should be read in
 conjunction with our financial statements for the first quarters ended March 31, 2007 and March 31,
 2006 and the related notes, which reflect the consolidated operations of the Company and its
 subsidiaries. The Company was incorporated on November 14, 2005. On December 29, 2005,
 Brascan Imobiliária S.A. transferred to the Company its equity interest in the companies that
 comprised its real estate development operations as part of a corporate reorganization. The purpose
 of this corporate reorganization was to separate the real estate development operations (focused on
 selling real estate units for residential and commercial use) from the commercial real estate
 operations (focused on selling real estate units for commercial use) in different legal entities. In
 October 2006 Brascan Imobiliária S.A. was incorporated into its controlling shareholder Brascan
 Real Estate S.A.


      New Developments and Sales Portfolio

      New contracted sales and backlog

      The following table sets forth detailed information on our sales for the periods presented, which
 includes unit sales by our partnerships on the basis of our ownership interest in the partnerships:

                                                                                   1Q06
Operating Information                                                           excluding
(Expressed in thousands of                                       Change           sale of         Change
                                             1Q07      1Q06
Brazilian reais)                                                   %           investment           %
                                                                                 units (1)

Contracted sales (R$ 000)                   82,995    65,762      26.2%           35,524          133.6%
                         .
Contracted sales (sq.mt. )                  29,053    17,806      63.2%           13,851          109.8%
Contracted sales (units)                     122       159        -23.3%            78            56.4%
Average price (R$ 000/units)                 680       413        64.6%            455            49.5%
Average price (R$ 000/sq.mt.)               4,389     4,213        4.2%           4,213            4.2%
(2)




 (1) As part of our reorganization process, in the first quarter of 2006, we sold 81 investment units to
 related parts, which were excluded from the calculation.
 (2) Average price excludes sale of investment units and sale of lots.

     The contracted sales volume in the first quarter of 2007 rose 26.2%, when compared to the same
 period of the previous year, and contracted sales in square meters increased 63.2%, despite a decrease of
 23.3% in terms of units sold. The total units sold in the first quarter of 2006 include the sale of 81
 investment units for R$30,2 million, which is equivalent to its cost. Those units were held as long term
 investments and were sold in order to allow us to concentrate on our main business of real estate
 development. The first-quarter of 2007 contracted sales volume came to R$83,0 million, 133.6% up on




                                                      30
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                         March 31, 2007    Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


               02026-5        BRASCAN RESIDENTIAL PROPERTIES S.A.          07.700.557/0001-84


08.01 – CONSOLIDATED PERFORMANCE OVERVIEW IN THE QUARTER
the R$35,5 million recorded in first quarter of 2006, if excluded the sale of investment units. Our units
sold totaled 122 units in the first quarter of 2007, against 78 units in the same period of 2006 and, the
contracted sales in square meters increased 109.8%, from 13,851 square meters in 2006 to 29,053 square
meters in 2007. The increase in sales in the first quarter of 2007 was primarily due to sales performance
of Santa Mônica Jardins Condominium Club, Santa Mônica Jardins Houses and Lots, Les Résidences de
Monaco, Praia de Itaúna and Condominium Club East Side projects.
    On March 2007 the company launched two projects with total potential sales value of R$145 million.
The first project launched was the second phase of the Santa Mônica Jardins Houses and Lots project in
Barra da Tijuca, Rio de Janeiro. The second phase has a PSV of R$85 million and is comprised of 26
single-family homes and 54 lots targeted to the high-end and luxury segments. The second project
launched was the Acquare Campo Belo in São Paulo with a PSV of R$60 million. The project was
launched in the last week of March and comprises 112 four-bedroom apartments with sizes ranging from
154 to 270 square meters.
    During the quarter we also delivered two projects: the first phase of the Maisons Leblon project with
42 (23 Brascan share) units located in Leblon, Rio de Janeiro; and the Condominium Club East Side with
250 (225 Brascan share) units located in Paraíso, São Paulo.

    Sales portfolio

    The following table presents the inventory of units of new developments, developments under
construction and finished units at March 31, 2007:

Project                                                                                                  March
                                                             Estimated
(Expressed in thousands                           % of                        Total          Units      31, 2007
                                                               date of
of Brazilian reais)               Location      Completion                    Units        Inventory   Book Value
                                                             Completion
Under Construction
Praia de Itaúna                       RJ             51%     February-08             138          60             8,391
Maisons Leblon (Second                RJ             61%      March-08                22          15             9,420
Phase)
Panoramic                             SP             59%       March-08               34         19              5,285
Top Tower Offices                     SP             63%        April-08             382        114              6,709
Les Résidences de Mônaco              RJ             42%      October-08              55         37             25,185
Sta.Mônica Jardins Cond.              RJ             33%        May-09               200         84             24,416
Club
Total (under construction)                                                           831        329             79,406

Constructed
Maisons Leblon (First                 RJ             100%     March-07               23            4             3,677
Phase)
Condominium Club East                 SP             100%     March-07               225          56            12,217
Side
Up side Condominium Club              SP             100%      July-06               259           7             1,054
Santa Mônica Jardins                  RJ             100%     March-07               202          69            44,548
Houses and Lots (1st and 2nd
Phases)
Giardino                              RJ             100%     October-04              70           4             1,579
Lagoa de Itaúna                       RJ             100%    February-04             196          10             5,235
Villa Amalfi                          SP             100%       July-03              161           4             2,183
Waterways                             RJ             100%      March-03              267           9             6,754
Barra de Itaúna                       RJ             100%    December-02             150           3             1,667




                                                        31
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                             March 31, 2007   Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


               02026-5        BRASCAN RESIDENTIAL PROPERTIES S.A.              07.700.557/0001-84


08.01 – CONSOLIDATED PERFORMANCE OVERVIEW IN THE QUARTER
Saint Tropez                          RJ             100%      February-02             179            4             2,621
Other                                                100%                            2,270           30            12,228
Total (constructed)                                                                  4,002          200            93,763

Total Inventory                                                                      4,833          529        173,169


    Our sales portfolio on March 31, 2007 reflects a total of potential sales of 529 units with book value
of R$173,2 million, and an estimated additional cost of R$204,2 million for project completion.

    Net operating Revenue

     Our net operating revenue is derived primarily from the development and sale of real estate,
including: (i) revenues from the sale of units in the residential buildings, houses and commercial units we
develop; (ii) revenues from the sale of lots; (iii) revenues from the sale of partnership interests in projects;
(iv) revenues from the sale of investment units; and (v) client financing revenues which include both
monetary adjustments and interest from credit sales. Sale of partnership interests and bulk unit sales will
occur periodically in the future. Net operating revenue includes gross operating revenue and direct taxes.
Included in our gross operating revenue under the categories "Other Revenues'' is revenue earned from
our brokerage and construction businesses.

    EBITDA

     We use EBITDA as a measure of performance. According to CVM Circular Letter 01/2005,
EBITDA may be defined as earnings before interest, taxes, depreciation, and amortization. EBITDA is
not a Brazilian GAAP measurement, doesn’t represent cash flows for the periods presented and should
not be considered an alternative to net income as an indicator of our operating performance or as an
alternative to cash flows as an indicator of liquidity. Considering that EBITDA does not have
standardized meaning, our definition of EBITDA may not be comparable to the definition of EBITDA
used by other companies. Our EBITDA includes financial income arising from interest on receivables
from clients whom we provide financing as part of our sale of units. EBITDA margin is EBITDA divided
by net operating revenue.


     Our EBITDA for the first quarter of 2007 decreased 25.8% compared to the same period of
last year mainly because during the first quarter of 2006 we sold a 45% partnership interest in
Les Résidences de Monaco project, which contributed with R$32,9 million of EBITDA. Excluding
this partnership sale, EBITDA increased 131.4% from R$15,5 million to R$36,0 million, mainly
due to the excellent performance of sales in 2007.




    Results of Operations for the first quarters ended March 31, 2007 and March 31, 2006

    Net Operating Revenue

    As part of our corporate reorganization, in the first quarter of the last year, we sold 81
investment units for R$30,2 million to related parts, equivalent to its cost. Those units were held
as long term investments and were sold in order to allow us to concentrate on our main
business of real estate development. We also sold a 45% partnership interest in Les




                                                        32
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                          March 31, 2007   Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


               02026-5        BRASCAN RESIDENTIAL PROPERTIES S.A.          07.700.557/0001-84


08.01 – CONSOLIDATED PERFORMANCE OVERVIEW IN THE QUARTER
Résidences de Monaco project in the first quarter of 2006 for R$58,5 million, reflecting our
strategy of increase the returns by selling participations in our large scale projects
    Excluding the facts above, our net operating revenue increased 56.5% or R$29,3 million
comparing the first quarter of 2007 with the same period of 2006. This is mainly due to the
increase of 133.6% in the volume of units sold that achieved R$83,0 million in the first quarter of
2007 compared to R$35,5 million in the first quarter of 2006. The good sales performance was
primarily driven by the sales of the projects Santa Mônica Jardins Condominium Club, Santa
Mônica Jardins Houses and Lots, Les Résidences de Monaco, Praia de Itaúna and
Condominium Club East Side.
    Without excluding the sales of investment units and the partnership interest in Les
Résidences de Monaco project in the first quarter of 2006, our net operating revenue decreased
41.4% from R$138,5 million in the first quarter of 2006 to R$81,2 million in 2007.

    Operating Costs

     Operating costs for the three months ended March 31, 2007 decreased 56.4% to R$35,7 million,
compared to R$81,9 million recognized in the same period of 2006. This decrease in mainly due to the
sales of investment units and partnership interest in Les Résidences de Monaco project, occurred in the
first quarter of 2006. Excluding these sales, operating costs for the three months ended March 31, 2006
achieved R$28,2 million.

    Gross Profit

Our gross profit for the three months ended March 31, 2007 totaled R$45,5 million, representing an
increase of R$21,8 million or 92.1%, when compared to the gross profit of R$23,7 million in the first
quarter of 2006, if excluded the sales of investment units and the 45% interest in the Les Résidences de
Monaco project. The increase in the gross profit was mainly a result of the R$29,3 million increase in
revenues, that in turn was due to the increase in total sales volume. The gross margin of the first quarter
of 2007 was of 56.0%, or 10.4 percentage points over the margin of the same period of the previous year.
This increase is mainly due to the mix of projects for which revenues were recognized during this quarter.
Without excluding the aforementioned transactions occurred in the first quarter of 2006, gross profit
decreased 19.7% from R$56,6 million in the first quarter of 2006 to R$45,5 million in the first quarter of
2007.



     Operating Expenses

     Marketing and Sales Expenses

     Marketing and sales expenses totaled R$3,4 million for the three months ended March 31, 2007, in
comparison with R$3,5 million in the same period of 2006. As a percentage of net revenues, marketing
and sales expenses increased from 2.5% in the first quarter of 2006 to 4.1% in the first quarter of 2007
mainly because the sale of investments units and the sale of the 45% partnership interest in Les
Résidences de Monaco project occurred without any marketing and sales expenses. Without these
effects, marketing and sales expenses decreased from 6.8% in the first quarter of 2006 to 4.1% in the first
quarter of 2007.

     General and Administrative Expenses

   On the three months ended March 31, 2007, general and administrative expenses totaled
R$5,2 million against R$3,5 million for the same period of the previous year, an increase of



                                                     33
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                          March 31, 2007   Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


               02026-5        BRASCAN RESIDENTIAL PROPERTIES S.A.          07.700.557/0001-84


08.01 – CONSOLIDATED PERFORMANCE OVERVIEW IN THE QUARTER
R$1,7 million. The general and administrative expenses, as a percentage of net operating
revenue were 6.4% for the first quarter of 2007 against 2.5% for the same period of 2006. This
increase of R$1,7 million reflects the expansion of the company’s operational structure due to
the increase in the company´s operations.
     Net financial expenses

For the three months ended March 31, 2007, net financial expenses recorded a revenue of
R$3,0 million, compared with a revenue of R$19,5 million in the same period of 2006. The
difference is primarily a result of foreign exchange gains in the amount of R$47,2 million in the
first quarter of 2006 against a gain of R$6,8 million for the three months ended March 31, 2007.
Our financial income on cash balances for the first quarter of 2007 totaled R$24,7 million as
compared to R$3,5 million in the first quarter of 2006. The increase in financial revenues is
mainly due to the increase in cash balances, that in March of 2007 were of R$634,7 million and
in March of 2006 were R$73,9 million. This increase in cash balances is principally due to the
issue of shares through the IPO completed by the company in november of 2006.The net
financial expense for the first quarter of 2007 represented a revenue of 3.7% of the net
operating revenue against an revenue of 14.1% in the same period of 2006.

     Income Tax and Social Contribution Expenses

    For the three months ended March 31, 2007, income tax and social contribution expense
was of R$13,3 million representing a decrease of R$9,6 million when compared to an expense
of R$22,9 million for the same period of 2006.

     Net Income

    Net income for the three months ended March 31, 2007 was R$25,2 million, a decrease of
R$19,2 million compared to the net income of R$44,4 million for the same period of last year.
This decrease was mainly due to the sales of the 45% partnership in the Les Résidences de
Monaco project and higher foreign exchange revenues in the amount of R$47,2 million, both in
the first quarter of 2006. Excluding the sale of the partnership, net income increased 11.1% from
R$22,7 million for the first quarter of 2006 to R$25,2 million in the first quarter of 2007.



     Liquidity and Capital Resources

     Our sales transactions are primarily financed through real estate financing and loans backed by
receivables, and cash flows generated by our operations. We received long term financing directly and
indirectly from our parent company. We also sell portions of our projects prior to construction in order to
increase turnover on managing developments. We believe that our sources of funds and cash generation
are sufficient to meet our short-term financial objectives and cover our capital needs.

The portfolio has the following maturity profile:

                                                                                         December 31,
  (Expressed in thousands of Brazilian reais)                     March 31, 2007
                                                                                             2006

  2007                                                                129,313                178,443
  2008                                                                156,760                143,553




                                                     34
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                           March 31, 2007   Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


               02026-5        BRASCAN RESIDENTIAL PROPERTIES S.A.            07.700.557/0001-84


08.01 – CONSOLIDATED PERFORMANCE OVERVIEW IN THE QUARTER
  2009                                          115,075                                       103,451
  2010                                          77,131                                         66,348
  2011                                          68,105                                         59,023
  2012                                          44,439                                         41,520
  Thereafter                                    96,442                                         92,516
  Total receivables                             687,265                                       684,854
  Unrecognized revenue                         (171,609)                                     (149,431)

  Total of the customers' portfolio(net of unrecognized                 515,656               535,423
  revenue)


    Receivables from our clients are generally adjusted for inflation on a monthly basis. During
the period of construction, contracts are adjusted based on a local construction index. Contracts
are generally adjusted by IGP-M, a generally used inflation index, after the unit is delivered.
    We limit our exposure to credit risk by selling to a broad customer base and by continuously
analyzing the credit of our customers. Losses recorded on repossessions are generally
recovered when the unit is subsequently resold. We recorded a provision of R$1,0 million during
the first quarter ended of March 31, 2007, totaling allowance for credit losses of R$10,1 million
in March 31, 2007, which we believe is adequate.


    Indebtedness

     The Company incurs indebtedness to finance construction. We raise term loans in foreign currency
and raise additional short-term funding in reais. In addition, we prefer to take loans with SFH, which
offers lower interest rates than the private market, pre-payment options, and the possibility to transfer our
debt to our customers. We seek to minimize our exposure to interest rate risk by matching our assets and
liabilities.

     Our loans outstanding at March 31, 2007, was of R$409,1 million, an decrease of R$56,4 million,
when compared to R$465,5 million at December 31,2006. With the proceeds from the IPO the Company
paid approximately R$338 million of local and foreign currency denominated debt (including loans with
related parts). It is the intention of the company to use part of the resources to pay approximately R$155
million of foreign currency denominated debt (including loans with related parts and others).




    The following table sets forth the breakdown of our indebtedness at March 31, 2007:



  Indebtedness
                                                           Maturity       Effective rate      March 31,
  (Expressed in thousands of Brazilian reais)
                                                                                                2007

  Mortgage loans                                                          12.1% + IGP-            198,834
                                                          2007 a 2016          M
  Term loans                                                 2007          7.3% fixed             32,027



                                                     35
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                         March 31, 2007    Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


               02026-5        BRASCAN RESIDENTIAL PROPERTIES S.A.          07.700.557/0001-84


08.01 – CONSOLIDATED PERFORMANCE OVERVIEW IN THE QUARTER
  Construction loans                 2007 a 2009  12.3% + TR                                    42,773
                                                 12.0% + IGP-
  Shareholder and intercompany loans                   M                                        126,131
                                        2007     e 13.0% fixed
  Swaps                                 2007                                                     9,298

  Total                                                                                         409,063

     The following table sets forth the schedule of our expected indebtedness in March 31, 2007:


  (Expressed in thousands of Brazilian reais)                                        March 31, 2007

  2007                                                                                   248,687
  2008                                                                                   81,694
  2009                                                                                   31,965
  2010                                                                                   25,768
  Thereafter                                                                             20,949
  Total indebtness                                                                       409,063




                                                     36
01.01 - IDENTIFICATION

1 - CVM CODE                              2 - COMPANY NAME
02026-5                                   BRASCAN RESIDENTIAL PROPERTIES S.A.


09.01 - HOLDINGS IN SUBSIDIARIES AND/OR AFFILIATED COMPANIES
1 – ITEM   2 - NAME OF SUBSIDIARY/AFFILIATED COMPANY                            3 - CNPJ (Federal Tax ID)    4 - CLASSIFICATION               5 - INTEREST IN CAPITAL OF INV

7 - TYPE OF COMPANY                                                             8 - NUMBER OF SHARES HELD IN CURRENT QUARTER            9 - NUMBER OF SHARES HELD IN PREV
                                                                                                       (Units)

   01      B R A S C A N IM O B IL IA R IA IN C O R P O R A C O E S S . A .     29.964.749/0001-30           PRIVATE SUBSIDIARY
COMMERCIAL, MANUFACTURING AND OTHER                                                                                      387,016,353


   02      B R A S C A N R E A L E S TA TE F IN A N C . S E R V IC E S S . A.   07.889.144/0001-90           PRIVATE SUBSIDIARY
COMMERCIAL, MANUFACTURING AND OTHER                                                                                         4,336,901
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)
QUARTERLY INFORMATION - ITR                                         March 31, 2007   Brazilian Corporate Law
TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


              02026-5         BRASCAN RESIDENTIAL PROPERTIES S.A.         07.700.557/0001-84


17.01 – SPECIAL REVIEW REPORT – UNQUALIFIED OPINION
SPECIAL REVIEW REPORT OF INDEPENDENT AUDITORS

To the Shareholders and Management of
Brascan Residential Properties S.A.
Rio de Janeiro – RJ

1. We have conducted a special review on the Quarterly Information – ITR of Brascan
Residential Properties S.A., related to the quarter ended on March 31, 2007, which includes the
individual and consolidated balance sheets, the income statements, the statements of changes
in shareholders’ equity and the performance report, presented in accordance with the
accounting practices adopted in Brazil, prepared under the responsibility of the Company’s
Management.

2. Our review was conducted in accordance with specific standards established by the Brazilian
Institute of Auditors - IBRACON, together with the Federal Accounting Council, and mainly
comprised: (a) inquiries and discussions with the administrators responsible for the accounting,
financial and operating areas of the Company and its subsidiaries, as to main criteria adopted in
the preparation of the Quarterly Information; and (b) review of the information and subsequent
events that have or may have significant effects on the Company’s and its subsidiaries financial
position and operations.

3. Based on our limited review, we are not aware of any material modification that should be
made to the Quarterly Information referred to in paragraph (1) above for it to be in accordance
with the accounting practices adopted in Brazil, applied in compliance with the standards issued
by the Brazilian Securities and Exchange Commission - CVM, specifically applicable to the
preparation of mandatory Quarterly Information.

4. Our review was carried out with the purpose to issue a report on the special review of the
Quarterly Information – ITR referred to in paragraph 1, taken as a whole. The cash flow
statements related to the quarter ended on March 31, 2007, which are being presented to
provide supplementary information on the Company and its subsidiaries, are not required as an
integral part of the Quarterly Information – ITR. These statements of cash flow related to the
quarter ended on March 31, 2007 were submitted to the review procedures described in the
second paragraph and, based on our special review, we are not aware of any material change
that should be made to this supplementary information for them to be fairly presented, in all
material aspects, concerning the Quarterly Information related to the quarter ended on March
31, 2007, taken as a whole.

5. The financial statements related to March 31 and December 31, 2006 (parent company and
consolidated), presented for comparison purposes, were audited by us, pursuant to unqualified
audit reports issued on May 12, 2006 and February 9, 2007, respectively.

Rio de Janeiro, April 24, 2007.


DELOITTE TOUCHE TOHMATSU                                                 Marcelo Cavalcanti Almeida
Auditores Independentes                                                                 Accountant
CRC 2SP 011.609/O-8 “F” RJ                                                   CRC 1RJ 036.206/O-5




                                                     38
(A free translation of the original in Portuguese)

    FEDERAL GOVERNMENT SERVICE
    BRAZILIAN SECURITIES COMMISSION (CVM)
    QUARTERLY INFORMATION - ITR                                         March 31, 2007    Brazilian Corporate Law
    TYPE OF COMPANY: COMMERCIAL, MANUFACTURING AND OTHER


01.01 – IDENTIFICATION

1 - CVM CODE     2 - COMPANY NAME                                           3 - CNPJ (Federal Tax ID)
02026-5          BRASCAN RESIDENTIAL PROPERTIES S.A.                        07.700.557/0001-84

                                               TABLE OF CONTENTS

GROUP TABLE                                          DESCRIPTION                                          PAGE
      01    01   IDENTIFICATION                                                                             1
      01    02   HEAD OFFICE                                                                                1
      01    03   INVESTOR RELATIONS OFFICER (Company Mailing Address)                                       1
      01    04   ITR REFERENCE                                                                              1
      01    05   CAPITAL STOCK                                                                              2
      01    06   COMPANY PROFILE                                                                            2
      01    07   COMPANIES NOT INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS                            2
      01    08   CASH DIVIDENDS APPROVED AND/OR PAID DURING AND AFTER THE QUARTER                           2
      01    09   SUBSCRIBED CAPITAL AND CHANGES IN THE CURRENT YEAR                                         3
      01    10   INVESTOR RELATIONS OFFICER                                                                 3
      02    01   BALANCE SHEET - ASSETS                                                                     4
      02    02   BALANCE SHEET – LIABILITIES                                                                5
      03    01   STATEMENT OF INCOME                                                                        6
      04    01   NOTES TO THE FINANCIAL STATEMENTS                                                          8
      05    01   COMMENTS ON THE COMPANY’S PERFORMANCE IN THE QUARTER                                      25
      06    01   CONSOLIDATED BALANCE SHEET - ASSETS                                                       26
      06    02   CONSOLIDATED BALANCE SHEET - LIABILITIES                                                  27
      07    01   CONSOLIDATED STATEMENT OF INCOME                                                          28
      08    01   CONSOLIDATED PERFORMANCE OVERVIEW IN THE QUARTER                                          30
      09    01   HOLDINGS IN SUBSIDIARIES AND/OR AFFILIATED COMPANIES                                      37
      17    01   SPECIAL REVIEW REPORT                                                                     38
                                        BRASCAN IMOBILIARIA INCORPORACOES S.A.
                                       BRASCAN REAL ESTATE FINANC. SERVICES S.A.                           /39
.




                                                      39

				
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