HELBOR EMPREENDIMENTOS S.A. REPORTS 3Q15 AND 9M15
Transcrição
HELBOR EMPREENDIMENTOS S.A. REPORTS 3Q15 AND 9M15
HELBOR EMPREENDIMENTOS S.A. REPORTS 3Q15 AND 9M15 EARNINGS Net income increased 305% in the quarter Mogi das Cruzes, November 12, 2015 – Helbor Empreendimentos S.A. (BM&FBOVESPA: HBOR3), a residential and commercial real estate developer with projects in 27 cities in 10 Brazilian states and the Federal District, announces today its results for the third quarter and 2015 (3Q15) and first nine months of 2015 (9M15). The information herein is presented in comparison with 2Q15 and 3Q14, in addition to the comparison between 9M15 and 9M14. The Company’s consolidated financial statements are prepared in accordance with the accounting practices adopted in Brazil, which include the rules issued by the Brazilian Securities and Exchange Commission (CVM), the Accounting Pronouncements Committee (CPC), and the Federal Accounting Board (CFC). They also comply with International Financial Reporting Standards (IFRS) applicable to real estate developers in Brazil. RESULTS CONFERENCE CALL (In Portuguese with simultaneous translation into English) Date: November 13, 2015 Time: 3:00 p.m. (Brasília time) 12:00 p.m. (NY time) 05:00 p.m. (GMT time) Portuguese Dial-in: +55 (11) 3193-1001 Code: Helbor Webcast: Click here English Dial-in: +1 (786) 924-6977 Code: Helbor Webcast: Click here Highlights Total Pre-Sales amounted to R$ 226.1 million in 3Q15, and Helbor’s share reached R$ 166.1 million, a decrease of 40.6% and 37.7%, respectively, over 3Q14. In 9M15, pre-sales came to R$ 695.6 million, 32.8% lower than 9M14 and Helbor’s share totaled R$ 521.6 million, a 29.6% decrease over 9M14. . Total Launched Potential Sales Value (PSV) in 3Q15 stood at R$ 113.7 million and Helbor’s PSV share totaled R$ 79.6 million, a 75.5% decrease over 3Q14. In 9M15, launches came to R$ 278.8 million in Total PSV and Helbor’s PSV share totaled R$ 184.3 million, 73.6% lower than 9M14. The Total Sales over Supply Ratio (SoS) stood at 6.4% in 3Q15 and 17.7% in 9M15. The SoS LTM, wich is considering the last 12 months, reached 24.8%. Deliveries in 3Q15 totaled R$ 411.1 million (Total PSV) and R$ 284.6 million (Helbor’s PSV share) at the time of launch, corresponding to 1.120 units delivered to clients. Net Operating Revenue, increased 16.6%, totaling R$ 350.5 million in 3Q15, versus R$ 300.6 million in 2Q15. In 9M15, net operating revenue stood at R$ 973.6 million, a 17.4% decrease over 9M14. HBOR3 Shares issued: 257,699,937 Closing price*: R$ 2.18 Market cap*: R$ 562 million *on 11/12/2015 Gross Profit came to R$ 95.1 million in 3Q15, with a Gross Margin of 27.1% and an Adjusted Gross Margin of 36.1%. In 9M15, gross profit totaled R$ 245.4 million, with a gross margin of 25.2% and an adjusted gross margin of 33.7%. Net Income totaled R$ 21.0 million in 3Q15, with a Net Margin of 6.0%. In 9M15, net income stood at R$ 56.6 million, with a net margin of 5.8%. IR CONTACTS Roberval Lanera Toffoli Ricardo Rosanova Garcia Vinicius Bioni E-mail: [email protected] Tel: +55 (11) 3174-1211 or +55 (11) 4795-8555 http://ri.helbor.com.br/ Page | 1 CONTENTS Main Indicators ............................................................................................................................. 3 Management Comments .............................................................................................................. 4 Launches........................................................................................................................................ 5 Pre-Sales ........................................................................................................................................ 5 Inventory ....................................................................................................................................... 9 Land Bank .................................................................................................................................... 13 Deliveries ..................................................................................................................................... 14 New Accounting Standard........................................................................................................... 15 Operating Revenue ..................................................................................................................... 16 Gross Profit.................................................................................................................................. 17 General and Administrative Expenses ........................................................................................ 17 Selling Expenses .......................................................................................................................... 18 Financial Result ........................................................................................................................... 18 EBITDA ......................................................................................................................................... 19 Net Income .................................................................................................................................. 19 Backlog Result ............................................................................................................................. 20 Receivables .................................................................................................................................. 20 Cash and Debt ............................................................................................................................. 21 Glossary ....................................................................................................................................... 23 Appendix I – Development Projects (*% Sold Net of Swap Agreements and Rescissions) ........ 24 Appendix II – Consolidated Income Statement........................................................................... 28 Appendix III – Consolidated Balance Sheet ................................................................................. 29 Appendix IV – Consolidated Cash Flow ....................................................................................... 31 Page | 2 Main Indicators in thousands of Reais except when indicated otherwise Launches Total PSV Helbor PSV Helbor's Interest (%) # of Launched Developments # of Launched Units Pre-Sales Total Pre-Sales Helbor's Pre-Sales Helbor's Interest (%) # of Units Sold SoS Helbor's Interest (%) ⁴ Land Bank Total PSV Including Alden - Total PSV Helbor's PSV Including Alden - Helbor's PSV Inventory Total Inventory Helbor's Inventory Deliveries Total PSV Helbor PSV # of Delivered Units Financial Highlights Net Operating Revenues Gross Profit Gross Margin (%) Adjusted Gross Margin (%) G&A / Net Operating Revenues (%) EBITDA EBITDA Margin (%) Adjusted EBITDA Margin (%) Net Income Net Margin (%) 1 ROE LTM (%) ROAE (%) 2 3 Earnings per Share (R$) Backlog Results Backlog Revenues Backlog Results Backlog Margin (%) Indebtedness Net Debt Net Debt ex-SFH Net Debt / Total Net Worth (%) Net Debt ex-SFH / Total Net Worth (%) 3Q15 3Q14 Var. 3Q15 x 3Q14 2Q15 Var. 3Q15 x 2Q15 9M15 9M14 Var. 9M15 x 9M14 113,657 79,560 70.0% 1 174 427,958 325,050 76.0% 4 820 -73.4% -75.5% -600 bps (3) (646) 107,930 64,758 60.0% 1 150 5.3% 22.9% 1000 bps 0 24 278,778 184,352 66.1% 3 500 942,847 697,099 73.9% 10 1,694 -70.4% -73.6% -780 bps (7) (1,194) 226,089 166,119 73.5% 443 6.4% 380,756 266,461 70.0% 724 10.4% -40.6% -37.7% 350 bps (281) -400 bps 243,509 181,858 74.7% 502 7.0% -7.2% -8.7% -120 bps (59) -60 bps 695,561 521,601 75.0% 1,404 17.7% 1,034,308 740,805 71.6% 1,972 24.9% -32.8% -29.6% 340 bps (568) -720 bps 6,312,019 8,115,523 4,940,031 5,805,375 6,444,518 8,248,022 5,103,996 5,969,340 -2.1% -1.6% -3.2% -2.7% 6,312,189 8,115,693 4,981,566 5,846,910 0.0% 0.0% -0.8% -0.7% 3,138,775 3,058,148 2,384,224 2,373,079 2.6% 0.5% 3,171,791 2,426,036 -1.0% -1.7% 411,143 284,581 1,120 51,548 41,238 240 697.6% 590.1% 880 280,609 210,444 742 46.5% 35.2% 378 350,533 95,084 27.1% 36.1% 6.6% 43,361 12.4% 21.2% 21,007 6.0% 8.3% 410,803 139,648 34.0% 40.6% 5.0% 97,346 23.7% 30.4% 52,183 12.7% 18.9% -14.7% -31.9% -690 bps -450 bps 160 bps -55.5% -1130 bps -920 bps -59.7% -670 bps -1060 bps 300,658 64,386 21.4% 30.4% 7.0% 24,131 8.0% 16.9% 5,181 1.7% 10.9% 16.6% 47.7% 570 bps 570 bps -40 bps 79.7% 440 bps 430 bps 305.5% 430 bps -260 bps 6.1% 15.6% -950 bps 1.5% 460 bps 0.0833 0.2033 -59.0% 0.0205 305.5% 1,225,934 1,881,156 378,141 660,642 30.8% 35.1% -34.8% -42.8% -430 bps 1,402,586 455,999 32.5% -12.6% -17.1% -170 bps 1,511,847 1,186,104 128,706 (35,469) 80.8% 66.0% 6.9% -2.0% 27.5% N.M. 1480 bps 890 bps 1,422,898 134,159 78.5% 7.4% 6.3% -4.1% 230 bps -50 bps 1,117,744 1,013,256 842,970 733,858 3,176 1,845 973,622 245,388 25.2% 33.7% 6.7% 114,047 11.7% 20.1% 56,560 5.8% 8.3% 10.3% 14.9% 1,331 1,179,256 389,104 33.0% 39.8% 5.2% 243,928 20.7% 27.7% 153,609 13.0% 18.9% -17.4% -36.9% -780 bps -610 bps 150 bps -53.2% -900 bps -760 bps -63.2% -720 bps -1060 bps 5.6% 15.9% -1030 bps 0.2243 0.5984 -62.5% 1 – Net income in the last 12 months divided by shareholders’ equity in the same period. 2 – Net income in the quarter multiplied by four, divided by shareholders’ equity in the quarter. 3 – Considering outstanding shares for all periods. Page | 3 Management Comments Helbor Empreendimentos S.A. is pleased to announce the operational and financial results for the third quarter and the first nine months of 2015. This was a quarter results in line with the current situation of economy and real state market. Despite the great improvement over the previous quarter, which reported results below the company's history, the numbers reported today reflect the current environment in which we operate. The Company maintains a conservative strategy focusing on real estate incorporation which comprises buying good land plot and the development of appropriate products, aiming at maintaining the margins of the projects. The deterioration of economic indicators such as rising inflation and interest rates and the decline in GDP and consumer confidence index and the industrial sector, combined with higher credit restriction to individual persons, led to a reduction in demand for real estate that was reflected in fewer launches, lower sales velocity, higher inventories and the margin squeeze. In this quarter, Helbor launched only one project, located in São Bernardo do Campo, totaling 174 units and Helbor’s PSV of R$ 79.6 million. The launch of this quarter was the fourth phase of a mixed development, which had already been launched and well accepted by the market, providing the launch of the fourth phase of the project. The Company has been engaged in managing their inventory, and considering the current scenario of lower sales velocity, aims to reduce the high level of inventory presented in recent quarters. In this sense, there was a strong reduction in launches and a large share of sales of inventory, representing more than 90% of sales in this quarter. The Inventory presented a small decrease compared to the second quarter of 2015, taking into account a launch of approximately R$ 113 million. Helbor delivered 6 projects in the quarter, which means more than 1,000 units delivered, totaling R$ 411.1 million in PSV Helbor. 91.4% of the total units delivered in the quarter are already sold. Helbor has great lands plot in strategic locations with high commercial potential and approval process, which allow the continuation of our value creation strategy in the long term. For this purpose, to generate value to shareholders, Helbor occupies a prominent place among the country's real estate developers for maintaining its philosophy based on its values and what it believes is the best way for higher returns in a sustainable way in the long term. Then the company is prepared to go through this challenging time and benefit from the investments made over the past years and its corporate financial strength. Helbor so grateful for the confidence placed by investors over the years and reaffirms its commitment to maintaining its business model, the generation of value for the shareholders and maintaining the Company among the most prominent in the industry, focused on responsible management transparent in relation to their customers and shareholders. Page | 4 Launches Total Launched Potential Sales Value (PSV) in 3Q15 came to R$ 113.7 million, of which Helbor’s share was 70.0%, from the launch of 1 development. Helbor’s launched PSV (R$ 79.6 million) decrease of 75.5% over 3Q14 and increase of 22.9% over 2Q15. In the first nine months of 2015, launches totaled R$ 278.8 million in total PSV, of which Helbor’s share was R$ 184.3 million, decreases of 70.4% and 73.6% over 9M14, respectively. This reduction in 9M15 is due mainly to the adequacy of the volume of launches to the speed of current sales, in order to reduce inventories. The following table gives details on the projects launched in 9M15: Developments (PSV in R$ '000) Urban Resort Total 1Q15 - 1 Development Helbor Family Garden - 2nd Phase Total 2Q15 - 1 Development Trilogy Home, Office & Stay – 4th Phase Total 3Q15 - 1 Development Date Location Segment Units Mar-15 São Paulo/SP Middle 176 176 122 122 Total Net 2 PSV 57,191 57,191 Apr-15 São Bernando do Campo/SP Upper Middle 150 135 150 jul-15 São Bernando do Campo/SP Middle Total 9M15 - 3 Developments 1 – Includes swapped units 2 – Net of swap agreements 1 Net 2 Units Helbor Helbor's 2 Net PSV Interest 40,034 40,034 70.0% 70.0% 107,930 64,758 60% 135 107,930 64,758 60% 174 174 113,657 79,560 70.0% 174 174 113,657 79,560 70.0% 500 431 278,778 184,352 66.1% Pre-Sales Total pre-sales stood at R$ 226.1 million in 3Q15, 40.6% lower than 3Q14 and a decrease of 7.2% over 2Q15. Helbor’s share was R$ 166.1 million (73.5% of total sales), 37.7% lower than 3Q14 and a decrease of 8.7% in comparison with 2Q15. In the first nine months of 2015, contracted sales totaled R$ 695.6 million in Total PSV and R$ 521.6 million in PSV Helbor, representing a decrease of 32.8% and 29.6%, respectively, compared the same period 2014. The sales cancelation stood at R$ 127.3 million, of wich Helbor’s share was R$ 96.5 million, a decrease of 24.1% and 24.2%, respectively in comparison to 3Q14. In the first nine months of 2015 reached R$ 439.7 million, Helbor’s share was R$ 328.1 million, an increase of 62.8% and 65.6%, respectively when compared to 9M14. The tables below give a breakdown of pre-sales in 3Q15 and 9M15 by city and product profile: 3Q15 Income Segment Middle Upper Middle Commercial High Land Division Hotel Lower Middle Total Pre-Sales R$ (000) 103,619 70,589 35,426 15,454 435 340 226 226,089 Helbor's Pre-Sales R$ (000) 76,835 53,905 24,400 10,402 78 272 226 166,119 # of Units 243 91 92 13 2 1 1 443 Part. over Total Sales (Helbor's Interest) 46.3% 32.4% 14.7% 6.3% 0.0% 0.2% 0.1% 100.0% Page | 5 3Q15 Region Total Pre-Sales R$ (000) Helbor´s Pre-Sales R$ (000) # of Units São Bernardo do Campo São Paulo São José dos Campos Mogi das Cruzes Guarulhos Campinas Santos Nova Lima Jundiaí Rio de Janeiro São Vicente Osasco Diadema São Gonçalo Southeast - Total Campo Grande Cuiabá Brasília Mid West - Total Curitiba Joinville South - Total Salvador Fortaleza Northeast - Total 50,763 43,420 26,290 22,617 16,985 16,689 10,633 1,199 1,019 965 949 584 373 145 192,631 5,090 5,029 2,554 12,673 2,294 5,713 8,007 6,252 6,527 12,779 32,763 29,448 22,834 17,637 13,838 11,682 8,410 1,079 550 692 854 409 186 102 140,484 2,036 4,526 1,195 7,757 1,835 5,713 7,548 3,804 6,526 10,330 103 76 43 53 27 18 30 3 4 5 5 2 1 1 371 6 8 5 19 5 13 18 14 21 35 Part. over Total Sales (Helbor's Interest) 19.7% 17.7% 13.7% 10.6% 8.3% 7.0% 5.1% 0.6% 0.3% 0.4% 0.5% 0.2% 0.1% 0.1% 84.6% 1.2% 2.7% 0.7% 4.7% 1.1% 3.4% 4.5% 2.3% 3.9% 6.2% Total 226,089 166,119 443 100.0% 9M15 Income Segment Middle Upper Middle Commercial High Lower Middle Hotel Land Division Total Pre-Sales R$ (000) 315,155 224,033 88,050 62,024 3,468 2,397 435 695,561 Helbor's Pre-Sales R$ (000) 239,084 170,558 64,228 42,280 3,456 1,918 78 521,601 # of Units 761 294 275 49 15 8 2 1,404 Part. over Total Sales (Helbor's Interest) 45.8% 32.7% 12.3% 8.1% 0.7% 0.4% 0.0% 100.0% Page | 6 9M15 Region Total Pre-Sales R$ (000) Helbor´s Pre-Sales R$ (000) # of Units São Paulo São Bernardo do Campo Mogi das Cruzes São José dos Campos Guarulhos Santos Campinas São Vicente Rio de Janeiro Osasco Diadema Jundiaí Nova Lima São Gonçalo São Caetano do Sul Taubaté Southeast - Total Campo Grande Cuiabá Brasília Mid West - Total Joinville Curitiba South - Total Salvador Fortaleza Northeast - Total 147,796 114,241 102,108 86,978 35,953 31,281 29,536 5,630 5,261 5,030 4,012 3,779 2,636 970 756 10 575,976 20,850 20,684 12,482 54,015 20,972 16,874 37,846 14,133 13,591 27,724 106,546 72,016 81,896 77,211 29,372 24,383 20,801 5,067 3,794 3,521 2,006 2,041 2,372 679 681 9 432,395 8,340 18,556 5,535 32,430 20,970 13,499 34,469 9,093 13,215 22,307 290 209 244 138 58 88 32 29 15 18 9 15 7 9 3 1 1,165 24 38 20 82 39 40 79 40 38 78 Part. over Total Sales (Helbor's Interest) 20.4% 13.8% 15.7% 14.8% 5.6% 4.7% 4.0% 1.0% 0.7% 0.7% 0.4% 0.4% 0.5% 0.1% 0.1% 0.0% 82.9% 1.6% 3.6% 1,1% 6.2% 4.0% 2.6% 6.6% 1.7% 2.5% 4.3% Total 695,561 521,601 1,404 100.0% Of Helbor’s total pre-sales, 9.5% came from units launched in the quarter and 90.5% from units in inventory, which demonstrates the company's focus on reducing the high level of inventory, as the chart below, which shows the evolution of inventory sales: Quartely Helbor's Pre-Sales Breakdown (R$ Million) 350, 0 100, 0% 90, 0% 300, 0 266.5 274.2 80, 0% 250, 0 70, 0% 60, 0% 200, 0 173.6 65.2% 181.8 166.1 50, 0% 58.8% 150, 0 90.5% 94.1% 100, 0 40, 0% 30, 0% 91.3% 20, 0% 50, 0 34.8% 41.2% 3Q14 4Q14 10, 0% 0, 0 Launches 5.9% 8.7% 1Q15 2Q15 9.5% 0, 0% Inventory 3Q15 Série3 Page | 7 The Sales over Supply Ratio (SoS) stood at 6.4% in the third quarter. As in the previous quarters, SoS was a result of the new outlook in the real estate market demand in place since 3Q12, the higher level of inventory that directly impact this indicator and the lower volume of launches that have historically better speed sales. Since 1Q14, sales cancelations were included in the SoS Ratio calculation, being now added to the supply. The Company believes that this calculation of SoS Ratio is a better representation of the sales velocity, once the units of the sales cancelations are incorporated to the supply and not decreased of the demand. SoS (Helbor's share) Inventory at the Beginning of the Period (A) Launches (B) Sales cancelations (C) Supply (A+B+C) Sales (D) SoS (D/A+B+C) SoS (Total) Inventory at the Beginning of the Period (A) Launches (B) Sales cancelations (C) Supply (A+B+C) Sales (D) SoS (D/A+B+C) 1Q14 2Q14 3Q14 4Q14 1Q15 2,079,144 163,593 51,378 2,294,115 297,019 2,004,891 208,456 70,257 2,283,604 177,456 2,151,304 325,050 76,527 2,552,881 266,461 2,373,079 245,463 83,763 2,702,305 274,160 12.9% 7.8% 10.4% 10.1% 3Q15 2,426,844 40,034 104,965 2,571,843 173,625 2,423,173 64,758 126,708 2,614,639 181,858 2,426,036 79,560 96,467 2,602,063 166,119 6.8% 7.0% 6.4% 1Q14 2Q14 3Q14 4Q14 1Q15 2,697,290 247,874 70,284 3,015,447 412,357 2,611,304 267,015 93,142 2,971,461 239,541 2,793,582 427,958 106,605 3,328,145 380,756 3,058,148 319,918 114,982 3,493,048 364,167 13.7% 8.1% 11.4% SoS LTM (Helbor's share) Inventory at the Beginning of the Period (A) Launches (B) Sales cancelations (C) Supply (A+B) Sales (C) SoS (C/A+B) SoS LTM (Total) Inventory at the Beginning of the Period Launches Sales cancelations Supply Sales SoS 2Q15 2Q15 3Q15 3,132,281 57,191 144,778 3,334,250 225,963 3,151,093 107,930 167,677 3,426,699 243,509 3,171,791 113,657 127,266 3,412,713 226,089 10.4% 6.8% 7.1% 6.6% 1Q15 2Q15 3Q15 2,004,891 819,003 335,511 3,159,405 892,821 2,151,304 675,305 391,962 3,218,572 896,104 2,373,079 429,815 411,903 3,214,798 795,761 28.3% 27.8% 24.8% 1Q15 2Q15 3Q15 2,611,304 1,072,082 459,507 4,142,893 1,211,777 2,793,582 912,997 534,042 4,240,621 1,214,294 3,058,148 598,696 554,703 4,211,547 1,059,728 29.2% 28.6% 25.2% Page | 8 Sales Over Suply (SoS) 25,7% 24,5% 19,8% 6,8% 7,0% 6,4% 6,5% 6,5% 6,0% 1Q15 2Q15 3Q15 SoS SoS of Launches SoS of Inventory Inventory The total inventory closed 3Q15 with a market value of R$ 3,138.8 million, of which Helbor’s share was R$ 2,384.2 million (76.0%). In relation to the 2Q15, the inventory remained practically stable and decrease by 1.0%, and Helbor share decrease of 1.7%. The current inventory reflects the large number of launches in 4Q13, which now accounts 20.2% of the total inventory, and the lowest sales rate recorded in recent quarters. The following table gives a breakdown of the 3Q15 inventory by the quarter in which the units were launched: Launching Date (R$ 000) Concluded Units 4Q11 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 Total Total Inventory % of Inventory Helbor´s Inventory 481,718 2,470 235,983 117,080 294,480 223,027 124,851 130,361 632,855 126,029 165,727 268,055 141,374 31,905 73,406 89,455 3,138,775 15.3% 0.1% 7.5% 3.7% 9.4% 7.1% 4.0% 4.2% 20.2% 4.0% 5.3% 8.5% 4.5% 1.0% 2.3% 2.9% 100.0% 370,215 1,976 154,823 105,372 217,992 182,907 101,616 95,359 481,710 92,622 133,643 211,151 105,843 22,334 44,044 62,619 2,384,224 % of Helbor´s Inventory 15.5% 0.1% 6.5% 4.4% 9.1% 7.7% 4.3% 4.0% 20.2% 3.9% 5.6% 8.9% 4.4% 0.9% 1.8% 2.6% 100.0% Page | 9 Breakdown of Helbor's Inventory by Quarter of Launch 20.2% 15.5% 9.1% 8.9% 7.7% 6.5% 4.4% 4.3% 5.6% 4.0% 4.4% 3.9% 0.9% 0.1% Concluded Units 4Q11 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 1.8% 2Q15 2.6% 3Q15 The following tables give a breakdown of inventory by city and product profile in 3Q15: ncome Segment (R$ 000) Upper Middle Commercial High Middle Hotel Land Division Lower Middle Total Total Inventory 1,107,773 822,056 570,105 424,646 213,058 1,111 26 3,138,775 % of Total Inventory 35.3% 26.2% 18.2% 13.5% 6.8% 0.0% 0.0% 100.0% Helbor´s Inventory 839,350 621,917 443,126 348,183 131,433 197 18 2,384,224 % of Helbor´s Inventory 35.2% 26.1% 18.6% 14.6% 5.5% 0.0% 0.0% 100.0% Page | 10 Region (R$ 000) Total Inventory São Paulo São Bernardo do Campo Mogi das Cruzes São José dos Campos Rio de Janeiro Guarulhos São Vicente Santos Campinas Barueri Osasco Belo Horizonte Taubaté Jundiaí São Gonçalo São Caetano do Sul Southeast Fortaleza Salvador Northeast Joinville Curitiba South Cuiabá Campo Grande Brasília Goiânia Mid West 784,266 607,636 318,026 195,626 189,013 141,123 117,080 80,525 79,069 45,445 44,932 37,431 14,643 6,950 6,062 1,330 2,669,156 159,060 99,175 258,235 80,293 56,813 137,106 46,578 23,014 4,660 26 74,278 % of Total Inventory 25.0% 19.4% 10.1% 6.2% 6.0% 4.5% 3.7% 2.6% 2.5% 1.4% 1.4% 1.2% 0.5% 0.2% 0.2% 0.0% 85.0% 5.1% 3.2% 8.2% 2.6% 1.8% 4.4% 1.5% 0.7% 0.1% 0.0% 2.4% Total 3,138,775 100.0% Helbor´s Inventory 611,270 400,080 254,359 180,709 134,440 118,048 105,372 50,531 55,348 18,178 31,452 22,458 13,178 3,753 4,243 1,197 2,004,616 141,361 59,623 200,984 80,285 45,450 125,736 41,674 9,205 1,991 18 52,888 % of Helbor´s Inventory 25.6% 16.8% 10.7% 7.6% 5.6% 5.0% 4.4% 2.1% 2.3% 0.8% 1.3% 0.9% 0.6% 0.2% 0.2% 0.1% 84.1% 5.9% 2.5% 8.4% 3.4% 1.9% 5.3% 1.7% 0.4% 0.1% 0.0% 2.2% 2,384,224 100.0% Page | 11 The following table presents the inventory of finished units at the end of 3Q15: (R$ Mil) HELBOR VARANDAS IPOEMA HELBOR PAESAGGIO JD.DAS COLINAS LINK OFFICE, MALL & STAY HELBOR JARDINS IPOEMA HELBOR COMERCIAL LEAD FARIA LIMA HELBOR SPAZIO CLUB JOINVILLE EDIFICIO OFFICES NACOES UNIDAS CONCEPT LIFE, OFFICE E CORPORATE HELBOR OFFICES WASHINGTON LUIZ HELBOR OFFICES SÃO PAULO III COND. TERRAZZO PONTA DA PRAIA COMERCIAL CASA DAS CALDEIRAS EMPRESARIAL RIO BUSINESS CENTER HELBOR MY WAY BATEL HELBOR OFFICES IMPERATRIZ LEOPOLDINA HELBOR OFFICES JOINVILLE COMFORT STAY VERANO II OFFICES BARÃO DE TEFFÉ SPAZIO CLUB ALTO DO IPIRANGA COSMOPOLITAN HOME STAY & OFFICES PARQUE DAS AGUAS EMPRESARIAL COND. HELBOR BOULEVARD TATUAPÉ COLETÂNEA VALE DO CANELA MY WAY PONTA DA PRAIA HELBOR COND.PQ.CLUBE FORTALEZA COMFORT STAY VERANO I TERRAÇOS JARDIM DAS COLINAS CONDOMINIO HELBOR UP OFFICES PERFECTT LIFE STYLE RESIDENCIAL CASA DAS CALDEIRAS HELBOR NEW TATUAPÉ EDITION VILA NOVA HELBOR OFFICES SÃO PAULO CONDOMINIUM PARQUE CLUBE HELBAACO HELBOR OFFICES SÃO CAETANO HELBOR BELVEDERE JARDIM DAS COLINAS ISLA LIFE STYLE HELBOR PATTEO MOGILAR SKY MALL & OFFICES H.ESP.& VIDA 2 IPOEMA DOUBLE LIFE HELBOR AMPLIATTO IPIRANGA HELBOR RESERVA DO ITAPETY BELLA CITÁ VILLAGGIO 2 ALPHA PARK LIFESTYLE HELBOR OFFICES SP II Total Inventory (R$ Part. % 000) 63,513 13.2% 51,209 10.6% 42,610 8.8% 33,703 7.0% 31,475 6.5% 25,928 5.4% 23,309 4.8% 19,571 4.1% 18,010 3.7% 16,414 3.4% 13,788 2.9% 13,144 2.7% 11,714 2.4% 10,514 2.2% Helbor's Inventory (R$ 000) 51,583 51,204 31,957 27,501 15,738 25,926 11,654 14,678 13,508 11,490 11,031 6,572 8,200 8,411 City Delivery Month # Units Mogi das Cruzes São José dos Campos Rio de Janeiro Mogi das Cruzes São Paulo Joinville São Paulo Mogi das Cruzes Santos São Paulo Santos São Paulo Rio de Janeiro Curitiba Nov-14 Oct-14 Jul-14 Aug-14 May-15 Aug-15 Sep-15 Feb-15 Dec-14 Jun-15 Oct-13 Nov-13 Oct-13 May-15 145 38 48 90 26 33 46 33 49 50 7 23 45 17 São Paulo May-15 19 8,004 1.7% 8,003 2.2% Joinville Rio de Janeiro Jundiaí Mogi das Cruzes Salvador São Gonçalo São Paulo Salvador Santos Fortaleza Rio de Janeiro São José dos Campos São Paulo Brasília São Paulo São Paulo São Paulo São Paulo Feb-14 Jun-13 Oct-14 Feb-14 Jan-15 Mar-12 Jan-15 Jul-15 Mar-15 Feb-15 Jun-13 Dec-14 Sep-15 Nov-14 Oct-14 Feb-14 Feb-14 Jun-13 15 14 15 15 15 27 6 6 11 11 8 8 7 2 2 2 1 3 7,530 6,967 6,950 6,558 6,305 6,062 5,526 5,415 4,806 4,039 4,008 3,992 3,604 3,385 3,123 2,830 1,906 1,535 1.6% 1.4% 1.4% 1.4% 1.3% 1.3% 1.1% 1.1% 1.0% 0.8% 0.8% 0.8% 0.7% 0.7% 0.6% 0.6% 0.4% 0.3% 7,529 4,877 3,753 5,247 4,414 4,243 5,525 2,708 3,604 4,039 2,805 2,794 2,703 1,354 1,562 1,981 1,334 1,535 2.0% 1.3% 1.0% 1.4% 1.2% 1.1% 1.5% 0.7% 1.0% 1.1% 0.8% 0.8% 0.7% 0.4% 0.4% 0.5% 0.4% 0.4% Guarulhos May-11 2 1,509 0.3% 755 0.2% São Caetano do Sul São José dos Campos Brasília Jan-13 Sep-12 Oct-13 4 1 1 1,330 1,281 1,274 0.3% 0.3% 0.3% 1,197 1,281 637 0.3% 0.3% 0.2% Mogi das Cruzes Sep-15 4 1,257 0.3% 1,005 0.3% Mogi das Cruzes Curitiba São Paulo Mogi das Cruzes Mogi das Cruzes Salvador São Paulo Jun-13 Sep-13 Sep-13 Nov-11 Feb-12 Oct-10 Nov-13 Before 2007 Sep-09 Jan-12 Jan-12 Oct-11 Mar-13 Mar-13 3 3 1 1 2 1 1 1,049 961 765 713 667 582 489 0.2% 0.2% 0.2% 0.1% 0.1% 0.1% 0.1% 1,049 768 765 713 119 378 342 0.3% 0.2% 0.2% 0.2% 0.0% 0.1% 0.1% 4 483 0.1% 217 0.1% 1 5 1 1 1 1 875 483 444 396 300 261 26 481,718 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 100.0% 471 79 396 300 261 18 370,215 0.1% 0.0% 0.1% 0.1% 0.1% 0.0% 100.0% HELBOR TOWER Mogi das Cruzes HELBOR HOME FLEX GONZAGA BELLA CITÁ HELBOR OFFICES VILA RICA HELBOR BELLA VISTA H.ESP.& VIDA IPOEMA JAZZ LIFE STYLE Total Santos Mogi das Cruzes Santos Mogi das Cruzes Mogi das Cruzes Goiânia Part. % 13.9% 13.8% 8.6% 7.4% 4.3% 7.0% 3.1% 4.0% 3.6% 3.1% 3.0% 1.8% 2.2% 2.3% Page | 12 Land Bank In the period ended september 30, 2015, the land bank totaled 961.5 thousand m², representing total PSV of R$ 6.3 billion (R$ 8.1 billion including Alden). Helbor’s share was R$ 4.9 billion (R$ 5.8 billion including Alden), or 78.3% of the total (71.5% including Alden). It is worth emphasizing that these PSV amounts represent potential revenue generation, not the mere booking of land for future developments. The contracts with the owners are focused preferentially in swap agreements, and the level of swap agreements corresponded to 77.6% of the land bank in the quarter. The following tables show those land bank developments in which Helbor will participate as a developer broken down by city and segment at the end of 3Q15: Income Segment Upper Middle Middle High Commercial Lower Middle Hotel Total * Net of swap agreements City / Region São Paulo Mogi das Cruzes São José dos Campos Osasco Campinas Rio de Janeiro Guarulhos Santo André Southeast - Total Campo Grande Brasilia Cuiaba Mid West - Total Curitiba South - Total Total Land Bank - Helbor * Net of swap agreements Total Area (sqm) Total PSV (R$ 000) 362,323 325,987 122,423 121,965 15,120 13,713 961,530 2,468,122 1,896,117 600,690 1,076,363 25,704 245,023 6,312,019 Helbor´s PSV* (R$ 000) 1,941,976 1,503,619 489,759 751,231 25,704 227,743 4,940,031 % of Total PSV # of Projects Total Units 39.1% 30.0% 9.5% 17.1% 0.4% 3.9% 100.0% 12 18 7 12 1 4 54 3,316 3,956 448 2,967 288 786 11,761 Total Area (sq.m) 358,311 250,208 61,883 57,344 48,758 36,968 26,682 8,886 849,041 36,969 15,838 11,080 63,887 48,603 48,603 Total PSV (R$ 000) 3,098,967 1,067,701 228,967 439,268 272,401 331,955 193,048 53,316 5,685,624 129,392 134,623 72,017 336,033 290,363 290,363 Helbor´s PSV* (R$ 000) 2,411,958 915,804 184,312 335,912 207,269 242,144 141,733 53,316 4,492,447 64,696 74,043 68,159 206,898 240,686 240,686 % of Total PSV 49.1% 16.9% 3.6% 7.0% 4.3% 5.3% 3.1% 0.8% 90.1% 2.0% 2.1% 1.1% 5.3% 4.6% 4.6% # of Projects 23 8 2 4 5 2 2 1 47 1 1 1 3 4 4 961,530 6,312,019 4,940,031 100.0% 54 Total Units 5,327 1.838 216 1,110 485 984 471 42 10,473 232 188 280 700 588 588 11,761 Page | 13 Deliveries Four developments were delivered in 3Q15, consisting of 1.120 units, of which Helbor’s PSV share was R$ 411.1 million at the time of launch. The developments were delivered within the maximum contractual term and within the contracted budget, underlining the Company’s strict control over the execution of the works in conjunction with its partner builders. In addition, 91.4% of the total units delivered in 3Q15 already been sold, reinforcing the strategy of keeping finishedunit inventories as low as possible. These two factors are crucial for strengthening the Company’s cash flow and ensuring development profitability. Delivered Developments Helbor Cosmopolitan Home Stay & Offices Helbor Condomínio Parque Clube Fortaleza I Helbor My Way Ponta da Praia Helbor Concept - Life, Office e Corporate Helbor Boulevard Tatuapé Total 1Q15 Helbor Offices Imperatriz Leopoldina Helbor Lead Offices Faria Lima Helbor My Way Batel Helbor Offices São Paulo III Total 2Q15 Coletânea Vale do Canela Helbor Privilege Goiabeiras Helbor Spazio Club Joinville Helbor Up Offices Delivery Date Location Segment Units Net Units* Total PSV* (R$ 000) Helbor´s PSV* (R$ 000) Helbor's Interest Jan-15 Salvador Commercial 260 260 65,015 45,510 70.0% Feb-15 Fortaleza Middle 294 294 81,468 73,322 90.0% Mar-15 Middle 216 182 75,385 56,539 75.0% Commercial 472 423 157,744 126,195 80.0% Jan-15 Santos Mogi das Cruzes São Paulo Upper Middle mai-15 mai-15 mai-15 jun-15 São Paulo São Paulo Curitiba São Paulo Commercial Commercial Middle Commercial jul-15 jul-15 aug-15 sep-15 Salvador Cuiabá Joinville São Paulo Mogi das Cruzes São Paulo Upper Middle High Middle Commercial 72 1,314 183 128 131 300 742 160 32 116 244 72 1,231 169 120 98 246 633 160 31 116 244 46,380 425,992 57,360 121,964 45,914 55,372 280,609 100,786 40,173 65,731 73,240 46,380 347,945 57,360 60,982 36,731 55,372 210,444 50,393 36,155 59,158 54,930 100.0% 81.7% 100.0% 50.0% 80.0% 100.0% 75% 50.0% 90.0% 90.0% 75.0% Commercial 330 275 61,126 48,901 80.0% Commercial 238 1.120 192 1,018 70,087 411,143 35,044 284,581 50.0% 69.2% 3.176 2,882 1,117,744 842,970 75.4% Feb-15 Patteo Mogilar Sky sep-15 Offices Nações Unidas Total 3Q15 sep-15 Total 2015 * PSV at launch net of swap agreements Page | 14 New Accounting Standard For comparison purposes, the most common accounting practices in the real state sector and in order to provide greater transparency to the impact of sales cancellations on the recognition of revenues and cost, Helbor started to adopt in the first quarter of 2015 new policy whose impact on the calculation of gross margin is replicated to the last quarters above the following comparison: 3Q15 3Q14 Var. 3Q15 x 3Q14 2Q15 Var. 3Q15 x 2Q15 9M15 9M14 Var. 9M15 x 9M14 354,122 418,294 -15.34% 302,302 17.14% 982,322 1,210,619 -18.86% 2,923 -1,503 N.M. 2,575 13.51% 9,608 -12,794 N.M. New Accounting Standard Gross Operating Revenues Real Estate Development and Sales (+/-) Present Value Adjustments (-) Discounts (-) Sales Taxes Management Fees Net Operating Revenues 0 0 N.M. - N.M. 0 -163 N.M. -7,324 -8,130 -9.91% -5,962 22.84% -20,923 -24,636 -15.07% 812 2,142 -62.09% 1,743 -53.41% 2,615 6,230 -58.03% 350,533 410,803 -14.67% 300,658 16.59% 973,622 1,179,256 -17.44% -255,449 -271,155 -5.79% -236,272 8.12% -728,234 -790,152 -7.84% 95,084 139,648 -31.91% 64,386 47.68% 245,388 389,104 -36.94% 477,649 523,709 -8.79% 466,547 2.38% 1,389,861 1,448,571 -4.05% 2,923 -1,503 N.M. 2,575 13.51% 9,608 -12,794 N.M. -45,862 -43,222 6.11% -66,032 -30.55% -156,869 -98,770 58.82% -7,324 -8,130 -9.91% -5,962 22.84% -20,923 -24,636 -15.07% 812 2,142 -62.09% 1,743 -53.41% 2,615 6,230 -58.03% 428,198 472,996 -9.47% 398,871 7.35% 1,224,292 1,318,601 -7.15% -333,114 -333,348 -0.07% -334,485 -0.41% -978,904 -929,497 5.32% 95,084 139,648 -31.91% 64,386 47.68% 245,388 389,104 -36.94% Operating Costs Properties Sales Gross Profit Old Accounting Standard Gross Operating Revenues Real Estate Development and Sales (+/-) Present Value Adjustments (-) Cancellations and Discounts (-) Sales Taxes Management Fees Net Operating Revenues Operating Costs Properties Sales Gross Profit Page | 15 3Q15 3Q14 Var. 3Q15 x 3Q14 2Q15 Var. 3Q15 x 2Q15 9M15 9M14 Var. 9M15 x 9M14 Gross Margins 27.10% 34.00% -690 bps 21.40% 570 bps 25.20% 33.00% -780 bps Adjusted Gross Margins 36.10% 40.60% -450 bps 30.40% 570 bps 33.70% 39.80% -610 bps G&A/Net Operating Revenue 6.60% 5.00% 160 bps 7.00% -40 bps 6.70% 5.20% 150 bps Selling Expenses/Net Operating Revenue 5.80% 6.50% -70 bps 7.80% -200 bps 6.80% 7.90% -110 bps Ebitda Margin 12.40% 23.70% -1130 bps 8.00% 440 bps 11.70% 20.70% -900 bps Adjusted Ebitda Margin 21.20% 30.40% -920 bps 16.90% 430 bps 20.10% 27.70% -760 bps Net Margin 6.00% 12.70% -670 bps 1.70% 430 bps 5.80% 13.00% -720 bps New Accounting Standard Old Accounting Standard Gross Margins 22.20% 29.50% -730 bps 16.10% 610 bps 20.00% 29.50% -950 bps Adjusted Gross Margins 29.50% 35.30% -580 bps 22.80% 670 bps 26.70% 35.70% -900 bps G&A/Net Operating Revenue 5.40% 4.40% 100 bps 5.30% 10 bps 5.40% 4.70% 70 bps Selling Expenses/Net Operating Revenue 4.70% 5.70% -100 bps 5.80% -110 bps 5.40% 7.10% -170 bps Ebitda Margin 10.10% 20.60% -1050 bps 6.00% 410 bps 9.30% 18.50% -920 bps Adjusted Ebitda Margin 17.40% 26.40% -900 bps 12.70% 470 bps 15.90% 24.80% -890 bps Net Margin 4.90% 11.00% -610 bps 1.30% 360 bps 4.60% 11.60% -700 bps Operating Revenue GROSS OPERATING REVENUE Gross operating revenue decrease of 15.6% in 3Q15, from R$ 420.4 million in 3Q14 to R$ 354.9 million in 3Q15. In comparison with the R$ 304.0 million reported in 2Q15, this quarter’s revenue increased by 16.7%. In the 9M149M15 comparison, gross revenue decreased, totaling R$ 984.9 million in 9M15, 19.1% down over 9M14. The table below gives a breakdown of operating revenue in the period: (R$ '000) Real Estate Development and Sales Management Fees Gross Operating Revenues (-) Present Value Adjustments (-) Sales Deduction (-) Sales Taxes Net Operating Revenues Sales Taxes / Gross Revenues (%) 3Q15 3Q14 354,122 418,294 812 2,142 354,934 420,436 2.923 (1,503) 0 0 (7,324) (8,130) 350,533 410,803 2.1% 1.9% Var. 3Q15 x 3Q14 -15.3% -62.1% -15.6% -294.5% N.M. -9.9% -14.7% 20 bps 2Q15 302,302 1,743 304,045 2,575 0 (5,962) 300,658 2.0% Var. 3Q15 x 2Q15 17.1% -53.4% 16.7% 13.5% N.M. 22.8% 16.6% 10 bps 9M15 9M14 982,322 1,210,619 2,615 6,230 984,937 1,216,849 9,608 (12,794) 0 (163) (20,923) (24,636) 973,622 1,179,256 2.1% 2.0% Var. 9M15 x 9M14 -18.9% -58.0% -19.1% N.M. N.M. -15.1% -17.4% 10 bps NET OPERATING REVENUE Net operating revenue decreased by 14.7% in 3Q15, from R$ 410.8 million in 3Q14 to R$ 350.5 million in 3Q15. In the quarter-on-quarter comparison, net operating revenue increased by 16.6%. In the nine months, net revenues decreased by 17.4% to R$ 973.6 million in the 9M15. Page | 16 Gross Profit Gross profit totaled R$ 95.1 million in 3Q15, a 47.7% increase over 2Q15 and a 31.9% lower over 3Q14. The gross margin stood at 27.1% in the quarter, against 34.0% in 3Q14 and 21.4% in 2Q15. The Adjusted Gross Margin stood at 36.1% in 3Q15. In 9M15, gross profit came to R$ 245.4 million with a gross margin of 25.2%, according to the following table: (R$ '000) Net Operating Revenues Operating Costs Gross profit Gross Margin Net Operating Revenues (-) Present Value Adjustment Adjusted Net Operating Revenues Operating Costs (-) Financial Charges Adjusted Operating Costs (-) Adjusted Gross Profit Adjusted Gross Margin 3Q15 3Q14 Var. 3Q15 x 3Q14 2Q15 Var. 3Q15 x 2Q15 9M15 9M14 350,533 (255,449) 95,084 27.1% 350,533 2,923 347,610 (255,449) (33,361) (222,088) 125,522 36.1% 410,803 (271,155) 139,648 34.0% 410,803 (1,503) 412,306 (271,155) (26,435) (244,720) 167,586 40.6% -14.7% -5.8% -31.9% -690 bps -14.7% N.M. -15.7% -5.8% 26.2% -9.2% -25.1% -450 bps 300,658 (236,272) 64,386 21.4% 300,658 2,575 298,083 (236,272) (28,729) (207,543) 90,540 30.4% 16.6% 8.1% 47.7% 570 bps 16.6% N.M. 16.6% 8.1% 16.1% 7.0% 38.6% 570 bps 973,622 (728,234) 245,388 25.2% 973,622 9,608 964,014 (728,234) (88,889) (639,345) 324,669 33.7% 1,179,256 (790,152) 389,104 33.0% 1,179,256 (12,794) 1,192,050 (790,152) (73,059) (717,093) 474,957 39.8% Var. 9M15 x 9M14 -17.4% -7.8% -36.9% -780 bps -17.4% -175.1% -19.1% -7.8% 21.7% -10.8% -31.6% -610 bps The increase in gross profit and, as a result, in the gross margin of the 3Q15, compared to 2Q15, was due to the lower volume of sales cancelations which the impact in revenue was lower than 2Q15. OPERATING COSTS The operating costs presented a reduction of 5.8% compared to 3Q14 to R$ 255.4 million in 3Q15 reflecting basically the decrease in sales between the 3Q15 and 3Q14 the, in the first nine months, operating costs decreased 7.8%, a total of R$ 728.2 million Negatively impacted the cost of real estate sales in relation to gross revenue increase in the INCC in the year to the 3Q15 accumulated a 7.17%. General and Administrative Expenses General and administrative expenses totaled R$ 23.1 million in 3Q15, an increase of 11.7% over the 3Q14 and 10.1% higher than 2Q15. As a result, expenses represented 6.6% of net revenue, against 7.0% in the previous quarter. In 9M15, general and administrative expenses came to R$ 65.5 million, a 5.8% increase over 9M14 and representing 6.7% of net revenue. Proportional variations on revenues were impacted by higher effect of sales cancellations in revenue since nominally they have remained stable in any comparisons between the periods analyzed, even with the higher inflationary pressure scenario. It is worth mentioning the increase in occupancy expenses in 3Q15 which include, momentarily, the expenses related to the change of company's offices in the city of Mogi das Cruzes, the expenses related to third party services and the legal expenses to maintain the current landbank. Page | 17 (R$ '000) Personnel Third Party Services Occupancy Management/Board of Directors Remuneration Legal Depreciation and amortization Facilities expenses Other Administrative Expenses Total General and Administrative Expenses Net Operating Revenue G&A / Net Operating Revenue Var. 3Q15 x Var. 3Q15 x 2Q15 3Q14 2Q15 (7,206) (8,187) -12.0% (7,733) -6.8% (3,598) (3,129) 15.0% (2,293) 56.9% (5,002) (2,649) 88.8% (4,375) 14.3% (1,789) (1,430) 25.1% (1,667) 7.3% (1,935) (1,337) 44.7% (1,295) 49.4% (377) (402) -6.2% (385) -2.1% (510) (728) -29.9% (1,052) -51.5% (2,707) (2,842) -4.8% (2,212) 22.4% (23,124) (20,704) 11.7% (21,012) 10.1% 350,533 410,803 -14.7% 300,658 16.6% 6.6% 5.0% 160 bps 7.0% -40 bps 3Q15 3Q14 9M15 Var. 9M15 x 9M14 (23,280) -5.9% (10,084) 0.8% (8,284) 51.7% (4,384) 15.0% (4,030) 31.3% (1,130) 3.1% (2,864) -21.4% (7,851) -9.2% (61,907) 5.8% 1,179,256 -17.4% 5.2% 150 bps 9M14 (21,909) (10,164) (12,569) (5,041) (5,293) (1,165) (2,252) (7,127) (65,520) 973,622 6.7% Selling Expenses In 3Q15, selling expenses decreased by 24.5% to R$ 20.5 million in the period, against R$ 26.7 million in 3Q14 and an decreased of 13.3% compared to R$ 23.3 million in 2Q15. These figures correspond to 5.8% and 6.5% of net revenue of 3Q15 and 3Q14, respectively. The following table gives a breakdown of selling expenses: (R$ '000) Marketing Sales Commissions Sales Spot Housing Decoration Model Management Fees Total Commercial Expenses Net Operating Revenue Commercial Expenses / Net Revenue 3Q15 3Q14 (4,789) (8,355) (6,313) (6,442) (6,623) (8,293) (2,425) (2,421) (50) (1,227) (20,200) (26,738) 350,533 410,803 5.8% 6.5% Var. 3Q15 x 3Q14 2Q15 Var. 3Q15 x 2Q15 -42.7% -2.0% -20.1% 0.2% -95.9% -24.5% -14.7% -70 bps (7,687) (6,837) (6,214) (2,429) (145) (23,312) 300,658 7.8% -37.7% -7.7% 6.6% -0.2% -65.5% -13.3% 16.6% -200 bps 9M15 9M14 (17,921) (30,065) (20,544) (26,449) (19,296) (27,252) (7,561) (8,029) (569) (1,833) (65,891) (93,628) 973,622 1,179,256 6.8% 7.9% Var. 9M15 x 9M14 -40.4% -22.3% -29.2% -5.8% -69.0% -29.6% -17.4% -110 bps The decrease in selling expenses in the quarter was a result of decreased spending on advertising and other actions to encourage and promote products to the greater number of projects with units in inventory. In the first nine months, total expenditure amounted to R$ 65.9 million, 29.6% lower than the first nine months of 2014 and representing 6.8% of net operating revenue. Financial Result Financial revenue totaled R$ 19.5 million in 3Q15, a increase of 401.9% over the result of the 3Q14 and a decrease of 30.2% over 2Q15. Financial expenses totaled R$ 21.3 million in the quarter, an increase of 156.8% compared to 3Q14 and 5.3% compared to 2Q15. In this way the financial result was positive in the 3Q15 was negative R$ 1.8 million in 3Q15, mainly impacted by the deceleration of the IGP-M in the quarter reducing by R $ 5.5 million active monetary variation related to contracts not yet passed through to customers. In nine months, financial revenue totaled R$ 75.3 million, volume 14.4% higher than 9M14. Financial expenses were R$ 56.6 million, 52.0% higher than the same period in 2014, becoming a positive financial income of R$ 18.7 million, 34.6% lower than 9M14. Page | 18 The following table gives a breakdown of financial income and expenses: (R$ Mil) Financial Income Monetary Correction Interest on Active Contracts Interest on Delays Other Financial Income Total Financial Income Interest Paid or Incurred Monetary Correction Commissions and Banking Fees Other Financial Expenses Total de Financial Expenses Financial Result 3Q15 3Q14 Var. 3Q15 x 3Q14 2Q14 Var. 3Q15 x 2Q14 3,724 6,908 8,515 334 72 19,553 (12,068) (1,409) (2,257) (5,548) (21,282) (1,729) 5,777 (7,604) 4,741 935 47 3,896 (2,760) (1,141) (753) (3,632) (8,287) (4,391) -35.5% -190.8% 79.6% -64.3% 53.2% 401.9% 337.2% 23.5% 199.7% 52.8% 156.8% -60.6% 5,679 12,624 9,181 455 86 28,025 (12,301) (2,144) (637) (5,125) (20,207) 7,818 -34.4% -45.3% -7.3% -26.6% -16.3% -30.2% -1.9% -34.3% 254.3% 8.3% 5.3% N.M. 9M15 9M14 16,803 19,031 28,158 12,248 28,758 29,109 1,278 2,742 263 2,646 75,260 65,776 (33,946) (8,816) (4,812) (4,883) (3,543) (1,972) (14,274) (21,539) (56,575) (37,211) 18,685 28,565 Var. 9M15 x 9M14 -11.7% 129.9% -1.2% -53.4% -90.1% 14.4% 285.0% -1.5% 79.7% -33.7% 52.0% -34.6% EBITDA EBITDA in the 3Q15 reached R$ 43.4 million, a decrease of 55.5% compared to 3Q14 and a increase of 79.7% over 2Q15. The EBITDA margin, on the other hand, was 12.4%, a decrease of 1,130 bps in relation to the 3Q14 and a increase of 440 bps in relation to 2Q15. The EBITDA margin adjusted for financial charges on cost and the present value reached 21.2% in 3Q15, a decrease of 920 bps compared to 3Q14. In the first nine months, EBITDA reached R$ 114.1 million in 9M15, with EBITDA margin of 11.7%, 900 bps lower than the 9M14, and EBITDA margin of 20.1%. The following table shows the reconciliation of EBITDA and adjusted EBITDA, as well as the respective margins: (R$ '000) Profit Before Income Tax and Social Contribution (-) Financial Revenues (-) Financial Expenses (-) Depreciation and Amortization* EBITDA Net Operating Revenues EBITDA Margin EBITDA (-) Present Value Adjustments (-) Financial Charges in Cost Adjusted EBITDA Adjusted Net Operating Revenues Adjusted EBITDA Margin 3Q15 3Q14 Var. 3Q15 x 3Q14 2Q15 Var. 3Q15 x 2Q15 9M15 9M14 Var. 9M15 x 9M14 47,514 85,696 -44.6% 25,822 84.0% 125,934 254,502 -50.5% 401.9% 156.8% -181.0% -55.5% -14.7% -1130 bps -55.5% N.M. 26.2% -41.1% -15.7% -920 bps 28,025 20,207 6,127 24,131 300,658 8.0% 24,131 (2,575) 28,729 50,285 298,083 16.9% -30.2% 5.3% -196.0% 79.7% 16.6% 440 bps 79.7% N.M. 16.1% 46.8% 16.6% 430 bps 19,553 3,896 21,282 8,287 (5,882) 7,259 43,361 97,346 350,533 410,803 12.4% 23.7% 43,361 97,346 (2,923) 1,503 33,361 26,435 73,799 125,284 347,610 412,306 21.2% 30.4% 75,260 65,776 56,575 37,211 6,798 17,991 114,047 243,928 973,622 1,179,256 11.7% 20.7% 114,047 243,928 (9,608) 12,794 88,889 73,059 193,328 329,781 964,014 1,192,050 20.1% 27.7% 14.4% 52.0% -62.2% -53.2% -17.4% -900 bps -53.2% -175.1% 21.7% -41.4% -19.1% -760 bps Net Income In 3Q15, net income was R$ 21.0 million in 3Q15, with net margin of 6.0%, a decrease of 670 bps compared to 3Q14. Compared to 2Q15, net income decreased by 305.5%, reducing the net margin at 430 bps. Earnings per share amounted to R$ 0.0833 in the quarter. ROE LTM (LTM net income/average LTM shareholders’ equity) came to 8.3% in 2Q15, while annualized ROE reached 6.1% in the 3Q15 and 5.6% in 9M15. The following table shows the reconciliation of the net margin: Page | 19 (R$ '000) Net Operating Revenues Net Income Net Margin 1 Earnings per Share ROE LTM ROAE 2 410,803 52,183 12.7% 0.2033 Var. 3Q15 x 3Q14 -14.7% -59.7% -670 bps -59.0% 18.9% -1060 bps 3Q15 3Q14 350,533 21,007 6.0% 0.0833 8.3% 9M15 9M14 300,658 5,181 1.7% 0.0205 Var. 3Q15 x 2Q15 16.6% 305.5% 430 bps 305.5% 973,622 56,560 5.8% 0.2243 1,179,256 153,609 13.0% 0.5984 Var. 9M15 x 9M14 -17.4% -63.2% -720 bps -62.5% 10.9% -260 bps 8.3% 18.9% -1060 bps 15.9% -1030 bps 2Q15 3 6.1% 15.6% -950 bps 1.5% 460 bps 5.6% 1 – Considering 257,699,937 shares for all periods after the distribution of share bonuses in April 2013. 2 – Net income in the last 12 months divided by shareholders’ equity in the same period. 3 – Net income in the quarter multiplied by four, divided by shareholders’ equity in the quarter. Backlog Result The backlog result totaled R$ 378.1 million at the end of 3Q15, a 17.1% decrease over 2Q15. The backlog margin reached 30.8%, down 170 basis points compared to the previous quarter. The following table gives a breakdown of the backlog result. (R$ '000) 3Q15 3Q14 Gross Backlog Revenues 1,272,376 1,952,419 Sales Taxes (46,442) (71,263) Net Backlog Revenues 1,225,934 1,881,156 1 Costs of Sold Units to be recognized (847,793) (1,220,514) Backlog Results 378,141 660,642 Backlog Margin 30.8% 35.1% Commercial Expenses to be recognized (31,082) (67,048) 1 – Included in the financial costs related to interest on the debentures. 2 – Excludes canceled sales, adjustment to present value and selling expenses. Var. 3Q15 2Q15 x 3Q14 -34.8% 1,455,720 -34.8% (53,134) -34.8% 1,402,586 -30.5% (946,587) -42.8% 455,999 -430 bps 32.5% -53.6% (40,389) Var. 3Q15 x 2Q15 -12.6% -12.6% -12.6% -10.4% -17.1% -170 bps -23.0% Receivables Total receivables, net of adjustment to present value (AVP) and provisions for doubtful debt (PDD) came to R$ 2,124.1 million in 3Q15, R$ 690.9 million of which referring to finished units and R$ 1,433.1 million of units under construction. The evolution in receivables from finished units is consistent with the projects delivered in the last quarters. The following tables give a breakdown of receivables, including adjustment to present value and other receivables: (R$ '000) Accounts Receivables * Adjustment to Present Value Other Credits Total * Net of PDD Concluded Developments Under Construction Total Receivables on Balance Var. 3Q15 x Var. 3Q15 x Var. 3Q15 3Q15 3Q14 3Q15 3Q14 3Q15 3Q14 3Q14 3Q14 x 3Q14 642,516 540,566 18.9% 1,473,150 1,624,939 -9.3% 2,115,666 2,165,505 -2.3% (47,462) (64,072) -25.9% (47,462) (64,072) -25.9% 48,416 39,447 22.7% 7,445 6,564 13.4% 55,862 46,011 21.4% 690,932 580,013 19.1% 1,433,133 1,567,431 -8.6% 2,124,066 2,147,444 -1.1% Page | 20 (R$ '000) Accounts Receivables * Adjustment to Present Value Other Credits Total * Net of PDD Concluded Developments Under Construction Var. 3Q15 x Var. 3Q15 3Q15 2Q15 3Q15 2Q15 2Q15 x 2Q15 642,516 536,893 19.7% 1,473,150 1,542,432 -4.5% (47,462) (50,387) -5.8% 48,416 43,057 12.4% 7,445 7,741 -3.8% 690,932 579,950 19.1% 1,433,133 1,499,786 -4.4% Total Receivables on Balance Var. 3Q15 3Q15 2Q15 x 2Q15 2,115,666 2,079,325 1.7% (47,462) (50,387) -5.8% 55,862 50,798 10.0% 2,124,066 2,079,736 2.1% Cash and Debt Cash and cash equivalents closed 3Q15 at R$ 339.0 million, which represents a increase of 31.5% compared to the existing balance at the end of 3Q14 and a increase of 17.8% in relation to 2Q15. Note that Helbor does not perform transactions involving financial instruments with speculative purposes. At the end of the quarter, the debt totaled R$ 1,850.8 million, an increase of 28.2% over the same period of 2014 and 8.2% compared to 2Q15. The following table shows loans, construction financing and debentures and a breakdown of short- and long-term debt: Debt (R$ '000) Loans Construction Financing Debentures Total Debt Short Term Long Term 3Q15 3Q14 117,827 1,383,141 349,882 1,850,851 663,386 1,187,465 364 1,221,573 221,997 1,443,934 739,242 704,692 Var. 3Q15 x 3Q14 32270.1% 13.2% 57.6% 28.2% -10.3% 68.5% Var. 3Q15 x 2Q15 75,309 56.5% 1,288,739 7.3% 346,513 1.0% 1,710,561 8.2% 786,856 -15.7% 923,705 28.6% 2Q15 Financing for construction of properties are subject to interest of 10.5% per year, indexed to the Referential Rate (TR) and guaranteed by mortgages on properties. The loans, guaranteed by promissory notes and sureties from the controlling shareholders are paid a rate of 1.35% per month. The debentures issued in 2010, 2012 and 2015 are bearing interest at CDI + 1.80% per year, CDI + 1.90 % pa and CDI + 1.90% respectively. The following chart shows the amortization schedule for short- and long-term debt at the close of 3Q15: Amortization Schedule - Debentures (R$ 000) 178,849 82,764 68,846 19,423 Current 2016 2017 From 2018 on Helbor’s net debt corresponds to 80.8% of its shareholders’ equity (or 6.9% excluding SFH construction financing, which is secured by the receivables portfolio). Page | 21 The following table shows the reconciliation of net debt: Debt (R$ '000) Total Debt Cash and Cash Equivalents Net Debt Construction Financing Net Debt (ex-SFH) Controlling Shareholder´s Equity* Total Shareholder´s Equity* Net Debt / Controlling Shareholder´s Equity* Net Debt / Total Shareholder´s Equity* Net Debt (ex-SFH) / Shareholder´s Equity 3Q15 3Q14 1,850,851 339,004 1,511,847 1,383,141 128,706 1,386,114 1,871,391 109.1% 80.8% 6.9% 1,443,934 257,830 1,186,104 1,221,573 (35,469) 1,361,950 1,797,595 87.1% 66.0% -2.0% Var. 3Q15 x 3Q14 28.2% 31.5% 27.5% 13.2% N.M 1.8% 4.1% 2200 bps 1480 bps 890 bps 2Q15 1,710,561 287,663 1,422,898 1,288,739 134,159 1,355,148 1,811,972 105.0% 78.5% 7.4% Var. 3Q15 x 2Q15 8.2% 17.8% 6.3% 7.3% N.M. 2.3% 3.3% 410 bps 230 bps -50 bps * Due to the new accounting standards, whereby each SPC’s total debt is now consolidated, the Company will begin to adopt the total shareholders' equity, and not just the parent company's, as a parameter for calculating the net debt's share of this account. We are also stating the net debt’s share of the parent company’s shareholders’ equity for purposes of comparison with the previous form of disclosure. This quarter, there was cash burn of R$ 88.9 million. In this quarter we invested R$ 46 million to acquire land previously committed, notably in two prime areas of Sao Paulo, one in the municipality of Guarulhos and another in the southern region of the capital. The cash burn was due to the difficulty in process of transfers, especially in the commercial segment units, which results in a lower amortization of the debt arising from the financing of production, and the impact of sales cancellations, which has a double adverse factor in reducing portfolio of receivables and cash return to customers. In this way, the mentioned difficulty in process of transfer since 2Q15 is a reflection of deliveries performed in the last two quarters which concentrated 6 commercial projects of a total of 10 projects, representing 63% of Total PSV delivered. These projects summed, at the time of launch, Total PSV of R$ 439.1 million and the current level of sales cancelation for this segment is very high, reaching in some cases, levels above 35%, another factor directly related to the process of transfers is the restriction of credit by banks to the commercial segment remains latent. It is also important to mention that the 4 deliveries performed in two residential developments are in places where there is less speed and more difficulty in passing on processes (Salvador and Cuiaba) This unfavorable combination regarding deliveries, coupled with the deterioration of the macroeconomic scenario hurt the transfer process efficiency and impacts our potential cash generation. Cash Burn (Cash Generation) - R$ '000 Net Debt (Beginning of Quarter) Net Debt (End of Quarter) Cash Burn (Cash Generation) Dividends Cash Burn (Cash Generation) ex-Dividends 3Q15 1,422,898 1,511,847 88,949 0 88,949 Page | 22 Glossary Backlog Margin – Equivalent to “Backlog Result” divided by “Backlog Revenue”. Backlog Result – In view of the recognition of revenues and costs, which occurs in accordance with the progress of construction works (PoC Method) and not when the contract is signed, we recognize development revenue from contracts signed in future periods. Therefore, our Backlog Result corresponds to pre-sales less the budgeted construction costs of these same units to be recognized in future periods. Backlog Revenue – Backlog revenue corresponds to the pre-sales for which revenue is recognized in future periods in accordance with the percentage of completion rather than when the contract is signed. Commercial – Commercial and corporate units developed exclusively for sale. High Income – Residential buildings with units priced between R$1 million and R$2 million. Land Bank – Lots that Helbor holds for future developments, which are acquired in cash or through swap agreements. Lower Middle Income – Residential building with units priced between R$150,000 and R$250,000. Middle Income – Residential buildings with units priced between R$250,000 and R$600,000. Percentage of Completion (PoC) Method – Under Brazilian GAAP, the revenue, costs and expenses from real estate development activities are recognized in profit and loss over the course of construction in accordance with the percentage of completion of works by measuring the percentage of costs incurred in relation to the total budgeted costs. Therefore, a substantial portion of development revenue in a period reflects the recognition of sales made in prior periods. Potential Sales Value (PSV) – The potential sales represented by units launched. Pre-Sales – The aggregate amount of sales resulting from all agreements for the sale of units entered into during a certain period, which include new units and units in inventory. Pre-sales are recognized as revenue in accordance with the progress of construction works (PoC method). RET - Special Taxation Regime – It is a simplified regime for the payment of taxes, consisting of a joint incidence (IRPJ, CSLL, PIS and COFINS) that can vary among 1% and 4% (according to the tax dispensations of December 2012) of monthly gross revenues, depending on the type of project being developed. It is a governmental incentive which aims to support the adoption of the Segregate Estate, which is a prior condition to enter the regime, in the processes of real estate development. Return on Average Equity (ROAE) – ROAE corresponds to net income in a period divided by average shareholders’ equity in the same period. SFH Funds – Funds under the Housing Financing System (Sistema Financeiro da Habitação – SFH) originated from the Severance Indemnity Fund for Employees (FGTS) and from savings account deposits. Commercial banks are required to direct 65% of their savings account deposits to the housing sector as loans to either homebuyers or developers at lower interest rates than the private market. Silent Partnership (SCPs) – The silent partnerships (Sociedade em Conta de Participação – SCP) that hold the development operations of our projects. SPE – Entity created with the specific purpose of developing a specific real estate Project, which under Brazilian corporation law may adopt the form of various entities, including, but not limited, to SCPs and limited liability partnerships. Subdivision Projects – Land subdivision projects that require the construction of new streets and infrastructure. Swap Agreements – A method for acquiring land in which the seller receives a certain number of units or a percentage of the revenue from the sale of the units of the project to be developed on the property. Ultra High Income – Residential buildings with units priced above R$2 million. Upper Middle Income – Residential buildings with units priced between R$600,000 and R$1 million. Page | 23 Appendix I – Development Projects (*% Sold Net of Swap Agreements and Rescissions) Launch Estimated Delivery % Sold % of Construction Absolute Business Style Apr-07 Helbor Espaço e Vida Pacaembú May-07 11,174 100.0% 100% 47,119 100.0% Coral Gables 100% 94,934 85,441 100.0% 100% 88 30,815 22,980 100.0% 100% 69 69 35,056 28,045 100.0% 100% Middle 174 174 38,437 24,984 99.4% 100% São Paulo Upper Middle 38 32 26,922 26,922 100.0% 100% Delivered São Paulo Upper Middle 54 52 61,746 61,746 100.0% 100% Oct-07 Delivered São Paulo Upper Middle 40 35 25,175 21,854 100.0% 100% Condominium Parque Club Nov-07 Delivered Guarulhos Middle 714 714 207,000 103,500 99.7% 100% Helbor Reserva do Itapety Dec-07 Delivered Mogi das Cruzes Middle 154 154 60,013 60,013 100.0% 100% Green Lifestyle Dec-07 Delivered Goiânia Middle 180 163 35,000 24,500 100.0% 100% Cap Ferrat Dec-07 Delivered Santos Upper Middle 140 124 108,925 98,033 100.0% 100% Helbor Horizons Dec-07 Delivered São Paulo Upper Middle 46 41 28,622 28,622 100.0% 100% Chateau Flamboyant Apr-08 Delivered Goiânia Upper Middle 57 51 28,000 19,600 100.0% 100% Bella Città May-08 Delivered Mogi das Cruzes Land Division 653 625 41,000 7,245 99.2% 100% Helbor Trend Pacaembu May-08 Delivered São Paulo Upper Middle 168 101 35,600 21,600 100.0% 100% Felice Parque da Moóca Jun-08 Delivered São Paulo Upper Middle 56 56 23,600 14,160 100.0% 100% Helbor Home Clube Itapety Jun-08 Delivered Mogi das Cruzes Upper Middle 176 154 68,100 68,100 100.0% 100% Breeze Life Style Aug-08 Delivered Goiânia Upper Middle 108 93 28,157 19,710 100.0% 100% Privilège Liceu Sep-08 Delivered Campinas Upper Middle 116 116 49,717 49,717 100.0% 100% Ekobé Espaço e Vida Sep-08 Delivered Taubaté Upper Middle 128 128 55,967 44,774 100.0% 100% Vision Du Parc Life Style Sep-08 Delivered Goiânia Upper Middle 39 39 33,500 23,450 100.0% 100% Helbor Sur La Citè Oct-08 Delivered São Paulo High 34 34 36,017 35,657 100.0% 100% Bella Città – Villaggio 1 Nov-08 Delivered Mogi das Cruzes Land Division 201 181 12,537 2,215 99.2% 100% Helbor Magnifiquè Nov-08 Delivered Joinville Upper Middle 102 98 84,111 75,700 100.0% 100% Splendido Life Style Nov-08 Delivered Brasília Upper Middle 47 47 28,627 20,039 100.0% 100% Helbor Ipoema Nov-08 Delivered Mogi das Cruzes Lower Middle 194 165 33,950 23,765 100.0% 100% Helbor Offices Vila Rica Dec-08 Delivered Santos Commercial 661 507 114,837 91,869 99.8% 100% Bella Città – Villaggio 2 Dec-08 Delivered Mogi das Cruzes Land Division 226 204 12,978 2,293 99.1% 100% Helbor Encanto Bela Vista Dec-08 Delivered Santo André Upper Middle 38 38 26,392 26,389 100.0% 100% 2008 2007 Year Development Total PSV (R$ Helbor´s PSV 000) (R$000) Location Income Segment Total Units Net Units* Delivered Goiânia Commercial 222 221 27,935 Delivered São Paulo Middle 116 116 47,119 May-07 Delivered Santos Upper Middle 192 192 Helbor Trend Jardins Jun-07 Delivered São Paulo Middle 118 Helbor Victoria Home Club Jul-07 Delivered Joinville Upper Middle Alpha Park Sep-07 Delivered Salvador Vivere Ibirapuera Sep-07 Delivered Helbor Tendence Oct-07 Pensilvania By Helbor *Percentage sold in number of units Page | 24 Launch Estimated Delivery % Sold % of Construction L'art Vila Rica Feb-09 Delivered Santos High 22 22 30,064 Bossa Nova Lifestyle Feb-09 Delivered Goiânia Upper Middle 116 116 39,704 24,051 100.0% 100% 27,793 100.0% Helbor Home Flex Cambuí Feb-09 Delivered Campinas Upper Middle 84 84 100% 17,562 17,562 100.0% Helbor Tresór Moema Mar-09 Delivered São Paulo High 21 100% 13 29,610 17,766 100.0% Helbor Offices Norte Sul Apr-09 Delivered Campinas Commercial 100% 238 232 46,275 46,275 100.0% Chateau Bougainville Apr-09 Delivered Goiânia 100% Upper Middle 50 45 38,825 27,178 100.0% Helbor Bella Vita 1 May-09 Delivered 100% São Paulo Middle 168 137 27,746 27,746 100.0% Helbor The Stage Jun-09 100% Delivered São Paulo High 21 13 40,553 24,332 100.0% Helbor Bella Vita 2 100% Jun-09 Delivered São Paulo Middle 192 157 32,627 32,627 100.0% 100% Helbor Belvedere Jd. das Colinas Jun-09 Delivered São José dos Campos Upper Middle 216 202 137,831 137,831 99.5% 100% Helbor Spazio Vitta Jul-09 Delivered São Paulo Middle 278 278 89,249 89,249 100.0% 100% Helbor Offices São Paulo Aug-09 Delivered São Paulo Commercial 140 140 32,388 32,388 97.9% 100% Helbor Offices Jd. das Colinas Aug-09 Delivered São José dos Campos Commercial 368 296 52,008 52,008 100.0% 100% Helbor Trend Joinville Sep-09 Delivered Joinville Middle 102 102 35,830 32,247 100.0% 100% Parque das Águas Empresarial Oct-09 Delivered São Gonçalo Commercial 336 336 39,596 27,717 92.0% 100% Helbor Offices São Caetano Oct-09 Delivered São Caetano do Sul Commercial 280 280 47,916 47,916 98.6% 100% Helbor Giardino Bella Vita Oct-09 Delivered São Paulo Middle 216 176 48,940 48,940 100.0% 100% Helbor Trend Santos Dumont Oct-09 Delivered Fortaleza Middle 88 88 22,254 20,029 100.0% 100% Helbor True Perdizes Nov-09 Delivered São Paulo Upper Middle 30 21 13,961 13,961 100.0% 100% Helbor Espaço & Vida Ipoema Dec-09 Delivered Mogi da Cruzes Lower Middle 240 218 39,860 39,860 99.2% 100% Helbor Ampliatto Dec-09 Delivered São Paulo Middle 138 136 45,123 45,123 99.3% 100% Jazz Life Style Dec-09 Delivered Goiânia Upper Middle 73 62 36,905 25,834 98.6% 100% Helbor Prime Hauss Dec-09 Delivered Joinville Upper Middle 68 68 36,704 33,034 100.0% 100% Helbor Home Flex Pacaembu Jan-10 Delivered São Paulo Middle 192 152 39,348 39,348 100.0% 100% Helbor Park Elegance Jan-10 Delivered Cuiabá Upper Middle 68 65 46,789 42,110 100.0% 100% Helbor Espaço e Vida Ipoema 2 Mar-10 Delivered Mogi das Cruzes Lower Middle 240 218 42,205 42,205 98.8% 100% Helbor Sunshine Gonzaga Mar-10 Delivered Santos Middle 82 82 43,536 39,182 100.0% 100% Isla Life Style Mar-10 Delivered Brasília Middle 586 586 202,534 101,267 99.8% 100% Helbor Offices São Paulo II Jun-10 Delivered São Paulo Commercial 230 230 71,153 49,807 99.6% 100% Helbor Offices Champagnat Jun-10 Delivered Curitiba Commercial 292 246 54,276 43,421 100.0% 100% Double Life Ecoville Jul-10 Delivered Curitiba High 107 87 49,328 39,462 97.2% 100% Comfort Stay Verano Jul-10 Delivered Rio de Janeiro Middle 338 338 106,953 74,867 95.3% 100% Comercial Casa das Caldeiras Aug-10 Delivered São Paulo Commercial 535 535 225,437 112,719 95.7% 100% Residencial Casa das Caldeiras Sep-10 Delivered São Paulo Upper Middle 384 384 344,528 172,264 99.5% 100% Helbor Trend Vila da Serra Sep-10 Delivered Nova Lima Middle 96 76 28,401 28,401 100.0% 100% Vitta Parque Oct-10 Delivered Diadema Middle 342 336 117,834 58,917 100.0% 100% Edition Vila Nova Nov-10 Delivered São Paulo High 28 28 37,241 26,069 96.4% 100% Helbor New Tatuapé Dec-10 Delivered São Paulo Middle 76 74 40,360 28,252 97.4% 100% Helbor L'Alto Perdizes Dec-10 Delivered São Paulo High 48 43 52,649 52,649 100.0% 100% Helbor Offices Joinville Dec-10 Delivered Joinville Commercial 241 236 51,619 51,619 93.8% 100% Helbor Spazio Club Alto do Ipiranga Dec-10 Delivered Mogi das Cruzes Middle 184 184 67,588 67,588 91.8% 100% 2010 2009 Year Development Location Income Segment Total Units Net Units* Total PSV (R$ Helbor´s PSV 000) (R$000) *Percentage sold in number of units Page | 25 2012 2011 Year Launch Estimated Delivery % Sold % of Construction Helbor Jardins Ipoema Mar-11 Helbor Paesaggio Jardim das Colinas Apr-11 41,238 68.3% 100% 189,465 80.4% Rio Business Center 100% 41,268 74.7% 100% 100,786 50,393 96.3% 100% 98 31,536 17,029 86.5% 100% 260 260 65,015 45,510 94.2% 100% Middle 296 261 131,040 91,728 97.3% 100% Mogi das Cruzes Middle 228 205 84,627 84,627 43.4% 100% Delivered Fortaleza Middle 294 294 81,468 73,322 99.7% 100% Sep-11 Sep-15 Fortaleza Middle 294 294 75,094 67,584 96.6% 100% Helbor Offices Washington Luís Sep-11 Delivered Santos Commercial 121 121 51,796 46,616 59.5% 100% Perfect Lifestyle - Noroeste Sep-11 Delivered Brasília High 72 72 87,162 34,865 97.2% 100% Il Terrazzo Ponta da Praia Nov-11 Delivered Santos High 36 30 38,871 31,097 80.6% 100% Helbor My Way Ponta da Praia Nov-11 Delivered Santos Middle 216 182 75,385 56,539 94.9% 100% Helbor Concept - Life, Office e Corporate Nov-11 Delivered Mogi das Cruzes Middle and Commercial 472 423 157,744 126,195 93.0% 100% Helbor My Way Batel Nov-11 Delivered Curitiba Middle 131 98 45,914 36,731 87.0% 100% Helbor Lead Offices Faria Lima Nov-11 Delivered São Paulo Commercial 128 120 121,964 60,982 79.7% 100% Helbor Offices São Paulo III Dec-11 Delivered São Paulo Commercial 300 246 55,372 55,372 83.3% 100% Helbor Dual Business Office & Corporate Dec-11 Sep-15 Cuiabá Commercial 318 294 74,501 67,051 99.4% 98% Helbor Privilege Goiabeiras Dec-11 jul-205 Cuiabá High 32 31 40,173 36,155 100.0% 100% Link Office, Mall & Stay Dec-11 Delivered Rio de Janeiro Commercial and Upper Middle 644 644 367,723 294,179 92.5% 100% Helbor Boulevard Tatuapé Mar-12 Delivered São Paulo Upper Middle 72 72 46,380 46,380 91.7% 100% Helbor Offices Imperatriz Leopoldina Mar-12 Delivered São Paulo Commercial 183 169 57,360 57,360 89.6% 100% Helbor Spazio Club Joinville Mar-12 Aug-15 Joinville Middle 116 116 65,731 59,158 71.6% 100% Reserva Bonifácia by Helbor May-12 Dec-15 Cuiabá Middle 160 114 78,868 70,981 63.1% 82% Mondial Salvador May-12 May-16 Salvador Hotel, Middle and Commercial 457 408 126,134 75,680 69.4% 81% Helbor Up Offices Jun-12 Aug-15 São Paulo Commercial 244 244 73,240 54,930 97.1% 100% Movement City & Life Jun-12 Feb-16 São Bernardo Middle 368 368 173,717 104,230 60.1% 87% Offices Nações Unidas Sep-12 Aug-15 São Paulo Commercial 238 192 70,087 35,044 80.7% 100% Helbor Offices São Vicente Sep-12 May-16 São Vicente Commercial 472 469 145,066 130,559 40.9% 90% Patteo Mogilar Sky Sep-12 Aug-15 Mogi das Cruzes Commercial 330 275 61,126 48,901 98.8% 100% Adagio Alphaville Oct-12 May-16 Barueri Hotel 275 216 83,238 33,295 76.0% 84% Rio Stay Residence Nov-12 Aug-15 Rio de Janeiro Middle 187 187 94,124 65,887 93.6% 98% Landscape by Helbor Nov-12 Jun-16 Mogi das Cruzes High 192 186 229,020 183,216 70.8% 79% Helbor Classic Bosque Maia Dec-12 Nov-15 Guarulhos Upper Middle 172 145 140,925 112,740 88.4% 99% Square Offices and Mall Dec-12 Dec-15 Taubaté Commercial 138 131 35,481 31,933 75.4% 86% Helbor Dual Patteo Mogilar Dec-12 Mar-16 Mogi das Cruzes Commercial 306 306 88,897 71,118 88.6% 83% My Helbor Patteo Mogilar Dec-12 Mar-16 Mogi das Cruzes Middle 216 216 69,059 55,247 63.9% 76% Helbor Carpe Diem Bosque Maia Dec-12 May-16 Guarulhos Middle 396 331 188,964 151,171 81.8% 95% Development Total PSV (R$ Helbor´s PSV 000) (R$000) Location Income Segment Total Units Net Units* Delivered Mogi das Cruzes Lower Middle 240 216 51,548 Delivered São José dos Campos High 194 182 189,465 Jun-11 Delivered Rio de Janeiro Commercial 178 178 41,268 Coletânea Vale do Canela Jun-11 Jul-15 Salvador Upper Middle 160 160 Helbor Offices Barão de Teffé Jun-11 Delivered Jundiaí Commercial 111 Helbor Cosmopolitan Home Stay & Offices Jun-11 Delivered Salvador Middle and Commercial Terraços Jardim das Colinas Jun-11 Delivered São José dos Campos Helbor Varandas Ipoema Jun-11 Delivered Helbor Condomínio Parque Clube Fortaleza I Sep-11 Helbor Condomínio Parque Clube Fortaleza II *Percentage sold in number of units Page | 26 Launch Estimated Delivery Location Income Segment Total Units Net Units* % Sold % of Construction Doppio by Helbor Feb-13 Aug-16 São Paulo High 19 19 64,753 Référence by Helbor Feb-13 Aug-16 São Paulo High 30 30 61,366 38,852 36.8% 76% 52,161 40.0% Helbor Enjoy Guarulhos - 1st Phase Mar-13 Sep-16 Guarulhos Middle 208 187 77% 63,160 63,154 64.4% Helbor Dual Offices & Corporate Mar-13 Sep-16 Joinville Commercial 242 72% 242 60,098 54,088 48.8% Helbor My Way Abolição Mar-13 Sep-16 Fortaleza Middle 57% 161 136 68,730 68,723 59.0% Passarela Park Prime - 1st Phase May-13 Nov-16 Campo Grande 67% Upper Middle 220 220 171,057 68,423 98.2% Helbor Enjoy Guarulhos - 2nd Phase Jun-13 Sep-16 52% Guarulhos Middle 216 180 61,700 61,694 80.6% Ideale Jun-13 72% Dec-16 São Bernardo do Campo Middle 138 138 76,581 45,949 61.6% Helbor Corporate Tower Jardim das Colinas 58% Jun-13 Aug-15 São José dos Campos Commercial 50 41 61,560 61,554 30.0% 100% Helbor Vivere Jardim Analia Franco Aug-13 Oct-16 São Paulo Upper Middle 60 53 42,429 38,186 33.3% 47% Helbor Life Club Patteo Mogilar Sep-13 Jan-17 Mogi das Cruzes Upper Middle 216 216 137,694 110,155 71.8% 56% Parkinn By Radisson Santos Sep-13 Dec-16 Santos Hotel 241 185 74,334 37,167 67.6% 50% Helbor Offices Savassi Oct-13 Dec-16 Belo Horizonte Commercial 196 122 60,064 48,051 79.1% 59% Arthouse Double Sky - 1st Phase Nov-13 Mar-17 Campinas High 50 40 57,454 40,218 88.0% 36% Origem Tatuapé By Helbor - 1st Phase Nov-13 May-17 São Paulo Middle 120 108 65,617 59,056 69.2% 37% One Eleven Home and Work By Helbor Nov-13 May-17 São Paulo Commercial and Upper Middle 176 176 170,529 136,544 38.6% 23% Helbor Apto Campo Belo Nov-13 Mar-17 São Paulo Middle 96 76 44,502 44,497 72.9% 19% Neolink Office, Mall & Stay Dec-13 Jun-16 Rio de Janeiro High and Commercial 428 275 192,552 134,786 75.2% 50% Helbor Trend SP Dec-13 Feb-17 São Paulo Middle 138 128 53,646 53,640 81.2% 30% Helbor Arte Faria Lima Dec-13 Dec-16 São Paulo Middle 66 50 27,493 27,490 62.1% 42% Trilogy Home, Office & Stay - 1st Phase Dec-13 Feb-18 São Bernardo do Campo Middle and Commercial 780 551 198,980 139,286 59.1% 28% Up Village By Helbor Dec-13 Feb-17 São Paulo Middle 104 104 52,837 36,986 41.3% 32% Centro Empresarial Aquarius Dec-13 Feb-18 São José dos Campos Commercial 644 322 105,029 84,023 74.2% 22% Origem Tatuapé By Helbor - 2nd Phase Feb-14 May-17 São Paulo Middle 112 105 67,162 60,446 70.0% 37% Passarela Park Prime - 2nd Phase Mar-14 Nov-16 Campo Grande Upper Middle 120 112 92,533 37,013 85.7% 52% Up Offices Berrini Mar-14 May-17 São Paulo Commercial 234 179 88,178 66,134 44.4% 30% Spazio Helbor Mooca Apr-14 Jul-17 São Paulo High 100 98 71,841 71,834 34.0% 10% Trilogy Home - 2nd Phase May-14 Feb-18 São Bernardo do Campo Middle 174 174 95,848 67,094 70.7% 28% Condominio Art Vitta Jun-14 Nov-17 Campinas High 134 105 99,326 69,528 49.3% 7% Up Offices Berrini Sep-14 Jul-18 São Bernardo do Campo Upper Middle 206 193 161,933 97,160 84.5% 1% Adagio Batel Sep-14 Mar-18 Curitiba Hotel 221 203 72,070 57,656 50.7% 5% Trilogy Home - 2nd Phase Sep-14 Feb-18 São Bernardo do Campo Hotel 204 204 79,034 55,324 17.6% 28% Helbor Reserva da Praça Sep-14 May-18 Fortaleza Middle 189 179 114,921 114,910 16.9% 13% The CittyPlex Osasco Oct-14 Aug-18 Osasco Flat 364 357 102,823 71,976 73.6% 0% Helbor Downtown Oct-14 Nov-17 São José dos Campos Commercial 202 186 52,997 52,992 56.9% 12% Helbor Num Vila Nova Dec-14 Jun-18 São Paulo Middle 267 135 90,642 54,385 70.8% 0% Helbor Trend Higienóplis Dec-14 Jun-18 São Paulo Middle 226 183 73,456 66,110 84.1% 0% Urban Resort Mar-15 Apr-18 São Paulo Middle 176 122 57,191 40,034 63.6% 0% Helbor Family Garden - 2ª Fase Apr-15 Jul-18 São Bernardo do Campo Upper Middle 150 135 107,930 64,758 43.3% 0% Trilogy Home, Office & Stay - 4ª fase jul-15 Feb-18 São Bernando do Campo Middle 174 174 113,657 79,560 27.0% 0% 2015 2014 2013 Year Development Total PSV (R$ Helbor´s PSV 000) (R$000) *Percentage sold in number of units Page | 27 Appendix II – Consolidated Income Statement 3Q15 3Q14 Var. 3Q15 x 3Q14 2Q15 Var. 3Q15 x 2Q15 9M15 9M14 Var. 9M15 x 9M14 Gross Operating Revenues 354,934 420,436 -15.6% 304,045 16.7% 984,937 1,216,849 -19.1% Real Estate Development and Sales 354,122 418,294 -15.3% 302,302 17.1% 982,322 1,210,619 -18.9% (+/-) Present Value Adjustments 2,923 (1,503) N.M. 2,575 13.5% 9,608 (12,794) N.M. (R$ '000) (-) Sales Deduction (-) Sales Taxes Management Fees - - N.M. - N.M. - (163) N.M. (7,324) (8,130) -9.9% (5,962) 22.8% (20,923) (24,636) -15.1% 812 2,142 -62.1% 1,743 -53.4% 2,615 6,230 -58.0% Net Operating Revenues 350,533 410,803 -14.7% 300,658 16.6% 973,622 1,179,256 -17.4% Operating Costs (255,449) (271,155) -5.8% (236,272) 8.1% (728,234) (790,152) -7.8% (255,449) (271,155) -5.8% (236,272) 8.1% (728,234) (790,152) -7.8% 95,084 139,648 -31.9% 64,386 47.7% 245,388 389,104 -36.9% General and administrative expenses (23,124) (20,704) 11.7% (21,012) 10.1% (65,520) (61,907) 5.8% Commercial expenses (20,200) (26,738) -24.5% (23,311) -13.3% (65,890) (93,628) -29.6% Tax expenses (2,005) (1,688) 18.8% (1,924) 4.2% (5,982) (5,118) 16.9% Financial expenses (21,282) (8,287) 156.8% (20,207) 5.3% (56,575) (37,211) 52.0% Financial income 19,553 3,896 401.9% 28,025 -30.2% 75,260 65,776 14.4% Other operating income (expenses) (543) 5 N.M. (83) 554.2% (811) (3,177) -74.5% Total operating income and expenses (47,601) (53,516) -11.1% (38,512) 23.6% (119,518) (135,265) -11.6% 31 (436) N.M. (52) N.M. 64 663 -90.3% 47,514 85,696 -44.6% 25,822 84.0% 125,934 254,502 -50.5% (7,683) (8,917) -13.8% (7,100) 8.2% (23,230) (29,088) -20.1% 39,831 76,779 -48.1% 18,722 112.7% 102,704 225,414 -54.4% (18,824) (24,596) -23.5% (13,541) 39.0% (46,144) (71,805) -35.7% 21,007 52,183 -59.7% 5,181 305.5% 56,560 153,609 -63.2% Properties Sales Gross Profit Operating Income (Expenses) Equity accounting result Profit Before Income Tax And Social Contribution Income tax and social contribution Net Income Before Noncontrolling Shareholders Net Income attributable to noncontrolling shareholder Net Income Page | 28 Appendix III – Consolidated Balance Sheet ASSETS (R$ 000) Current assets Cash and cash equivalents Marketable securities Accounts receivable Loans Properties for sale Recoverable taxes and contributions Sales expenses to appropriate Other assets Total current assets Non-current assets Accounts receivable Properties for sale Loans Related parties Judicial deposits Sales expenses to appropriate Investments Fixed assets Intangible Total non-current assets Total assets 3Q15 3Q14 Var. 3Q15 x 3Q14 2Q15 Var. 3Q15 x 2Q15 145,845 193,159 1,295,106 9,030 1,622,755 3,833 15,296 21,517 3,306,541 232,508 25,322 1,352,768 5,844 1,775,969 3,082 18,013 12,695 3,426,201 -37.3% 662.8% -4.3% N.M. -8.6% 24.4% -15.1% 69.5% -3.5% 170,196 117,467 1,109,556 8,412 1,712,497 3,988 19,103 8,743 3,149,962 -14.3% 64.4% 16.7% 7.3% -5.2% -3.9% -19.9% 146.1% 5.0% 828,961 820,943 11,823 3,070 5,584 4,202 9,950 26,619 1,000 1,712,152 5,018,693 794,676 607,919 11,810 5,570 5,761 19,829 7,660 35,692 1,190 1,490,107 4,916,308 4.3% 35.0% 0.1% -44.9% -3.1% -78.8% 29.9% -25.4% -16.0% 14.9% 2.1% 970,180 984,760 13,513 3,070 5,085 6,276 8,597 29,438 1,029 2,021,948 5,171,910 -14.6% -16.6% -12.5% 0.0% 9.8% -33.0% 15.7% -9.6% -2.8% -15.3% -3.0% Page | 29 LIABILITIES (R$ 000) Current liabilities Loans, financing and debentures Suppliers Labor and tax liabilities Provision for income tax and social contribution Deferred taxes and contributions Advances from clients Creditors under committed properties Accounts payable Acquisition of partnership Dividends payable Total current liabilities Non-current liabilities Long term liabilities Loans, financing and debentures Deferred taxes and contributions Advances from clients Creditors under committed properties Accounts payable Acquisition of partnership Provision for contingencies Debt with SCPs participants Total non-current liabilities Shareholder's Equity Capital (-) Cost in the Helbor's stock emission Treasury stocks Stock options plan Equity evaluation adjustment Gains or losses on investments Legal reserve Income reserve Minority interest Total shareholder's equity Total liabilities and shareholder's equity 3Q15 3Q14 Var. 3Q15 x 3Q14 2Q15 Var. 3Q15 x 2Q15 663,386 20,579 13,188 739,242 93,411 11,986 -10.3% -78.0% 10.0% 786,856 23,145 11,546 -15.7% -11.1% 14.2% 1,606 3,455 -53.5% 2,225 -27.8% 26,467 228,197 41,967 87,614 20,782 1,103,786 26,084 190,937 32,292 62,558 12,237 1,172,202 1.5% 19.5% 30.0% 40.1% 69.8% 22,987 233,323 60,420 74,880 20,072 1,235,454 15.1% -2.2% -30.5% 17.0% 3.5% 1,187,465 78,000 736,590 26,235 10,026 3,459 1,741 2,043,516 704,692 58,304 1,094,761 42,198 13,832 8,649 21,640 2,435 1,946,511 68.5% 33.8% -32.7% -37.8% -27.5% 806,376 (13,236) (24,525) 7,438 33,274 903 65,798 510,086 485,277 1,871,391 5,018,693 806,376 (13,236) (5,789) 7,438 4,876 55,260 507,025 435,645 1,797,595 4,916,308 -5.8% -10.7% 28.6% 6.1% -31.4% -12.1% -41.6% -84.0% -28.5% 5.0% 923,705 73,493 1,074,127 29,843 17,172 860 3,459 1,825 2,124,484 0.0% 0.0% N.M. 0.0% N.M. N.M. 19.1% 0.6% 11.4% 4.1% 2.1% 806,376 (13,236) (24,305) 7,438 23,834 164 65,798 489,079 456,824 1,811,972 5,171,910 0.0% 0.0% 0.9% 0.0% 39.6% N.M. 0.0% 4.3% 6.2% 3.3% -3.0% 0.0% -4.6% -3.8% Page | 30 Appendix IV – Consolidated Cash Flow (R$ '000) Operating flow From operations Net income of the period Cash and cash equivalents from operations adjustments Depreciation and amortization Present value adjustment Provision for contingencies Deferred taxes and contributions Interest expenses Financial charges Interest expenses over goodwill Equity accounting result Assets and liabilities variation Accounts receivable Properties for sale Recoverable taxes and contributions Expenses with sales to be appropriated Judicial deposits Other assets Accounts receivable of related parties Accounts payable of related parties Suppliers Labor and tax liabilities Advances from clients Creditors under committed property Accounts payable Income tax and social contribution paid Receipt of interest on loans and mutual Payment of interest on loans and financing Net cash from operating activities Cash flow from investment activity Increase on investments Increase on intangibles Increase of fixed assets Marketable securities Marketable securities (Cepac) Ownership acquisitions Net cash from investment activity Cash flow from investment activity Funding of loans and financing Loans Receipts of nominal on loans and financing Payment of nominal on loans and financing Payment of dividends Issuance of new shares Decrease in SCPs Increase (Decrease) of minority stake Treasury stocks Net cash from third-party financing Decrease from cash and cash equivalents Cash and cash equivalent At the beginning of the period At the end of the period Reduction of cash and cash equivalent 9M15 9M14 Var. 9M15 x 9M14 125,934 254,502 -50.5% 6,798 (9,608) 230 90,115 (18,328) (2,327) (64) 17,991 12,794 (4,391) (5,486) 60,338 (12,326) (1,461) (663) -62.2% N.M. N.M. N.M. 49.4% 48.7% 59.3% -90.3% (321) 9,066 (563) 11,947 (844) (2,564) 2,500 (33,614) (4,282) (402,125) (5,564) 3,956 (16,526) (29,110) (275,294) 132,680 (228,056) 995 2,268 4,697 1,011 20,815 (2,016) (35,772) (29,041) 17,695 (38,866) (29,287) 138,421 N.M. N.M. N.M. 426.8% N.M. N.M. 147.3% N.M. N.M. 112.4% 1024.1% -80.8% -77.6% -57.5% N.M. -0.6% N.M. (7,083) 43 (141) (598) (7,689) 1,449 (14,019) 428 14 (12,423) (766) (16,735) (2,649) (32,131) N.M. 207.1% -98.9% -21.9% -54.1% N.M. -56.4% 910,038 (2,950) 2,907 (574,028) (100,110) (355) (22,116) (14,145) 199,241 (90,072) 611,995 (2,488) 875 (534,622) (130,012) (2,400) (138,302) (5,789) (200,743) (94,453) 48.7% 18.6% 232.2% 7.4% -23.0% N.M. -85.2% -84.0% 144.3% N.M. -4.6% 235,917 145,845 (90,072) 326,961 232,508 (94,453) -27.8% -37.3% -4.6% Page | 31
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