HELBOR EMPREENDIMENTOS SAREPORTS 4Q15 AND 2015

Transcrição

HELBOR EMPREENDIMENTOS S.A.REPORTS 4Q15 AND 2015 EARNINGS
Inventory sales represent 97% of the quarter's sales.
Mogi das Cruzes, March 30, 2016– 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 fourth quarter of 2015 (4Q15) and the year of 2015 (2015).The information herein is
presented in comparison with 3Q15 and4Q14, in addition to the comparison between 2015 and 2014. 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: March 31, 2016
Time: 3:00 p.m. (Brasília time)
02:00 p.m. (NY time)
06:00 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
TotalPre-Sales amounted to R$ 269.2 million in 4Q15, and Helbor’s share
reached R$ 206.3 million, a decrease of 26.1% and 24.8%, respectively, over
4Q14. In 2015, pre-sales came to R$ 964.7 million, 31.0% lower than 2014 and
Helbor’s share totaled R$ 727.9 million, a decrease of 28.3% over 2014.
Total Launched Potential Sales Value (PSV) in 4Q15 stood at R$ 69.6 million and
Helbor’s PSV share totaled R$ 48.8 million, a decrease of 80.1% over 4Q14.In
2015, launches came to R$ 348.4 million in Total PSV and Helbor’s PSV share
totaled R$ 233.1 million, 75.3% lower than 2014.
The Total Sales over Supply Ratio (SoS) stood at 8.1% in 4Q15and 23.5% in
2015.
Deliveries in 4Q15 totaled R$ 446.2 million (Total PSV) and R$ 374.8 million
(Helbor’s PSV share) at the time of launch, corresponding to 1,021 units
delivered to clients.
Net Operating Revenue, decreased 4.8%, totaling R$ 333.7 million in 4Q15,
versus R$ 350.5 million in 3Q15. In 2015, net operating revenue stood at R$
1,307.4 million, a 18.4% decrease over 2014.
HBOR3
Shares issued:257,699,937
Closing price*: R$ 1.67
Market cap*: R$ 430 million
*on 03/30/2016
Gross Profit came to R$ 54.4 million in 4Q15, with a Gross Margin of 16.3% and
an Adjusted Gross Margin of 25.5%. In 2015, gross profit totaled R$ 299.8
million, with a gross margin of 22.9% and an adjusted gross margin of 31.6%.
Net Income totaled R$ 12.3 million in 4Q15, with a Net Margin of 3.7%. In 2015,
net income stood at R$ 68.8 million, with a net margin of 5.3%.
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 ..................................................................................................................................... 10
Land Bank .................................................................................................................................... 13
Deliveries ..................................................................................................................................... 14
New Accounting Standard........................................................................................................... 15
Operating Revenue ..................................................................................................................... 16
Gross Profit.................................................................................................................................. 17
General and Administrative Expenses ........................................................................................ 18
Selling Expenses .......................................................................................................................... 18
Financial Result ........................................................................................................................... 19
EBITDA ......................................................................................................................................... 20
Net Income .................................................................................................................................. 20
Backlog Result ............................................................................................................................. 21
Receivables .................................................................................................................................. 21
Cash and Debt ............................................................................................................................. 22
Glossary ....................................................................................................................................... 24
Appendix I – Development Projects (*% Sold Net of Swap Agreements and Rescissions) ........ 25
Appendix II – Consolidated Income Statement........................................................................... 29
Appendix III – Consolidated Balance Sheet ................................................................................. 30
Appendix IV – Consolidated Cash Flow ....................................................................................... 32
Page | 2
Main Indicators
inthousandsof Reais
exceptwhenindicatedotherwise
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$)
BacklogResults
BacklogRevenues
BacklogResults
BacklogMargin (%)
Indebtedness
Net Debt
Net Debtex-SFH
Net Debt / Total Net Worth (%)
Net Debt ex-SFH / Total Net Worth (%)
4Q15
4Q14
Var. 4Q15
x 4Q14
3Q15
Var. 4Q15
x 3Q15
2015
2014
Var. 2015 x
2014
69,651
48,756
70.0%
1
50
319,918
245,463
76.7%
4
1,059
-78.2%
-80.1%
-670 bps
(3)
(1,009)
113,657
79,560
70.0%
1
174
-38.7%
-38.7%
0 bps
0
(124)
348,429
233,108
66.9%
3
550
1,262,765
942,562
74.6%
14
2,753
-72.4%
-75.3%
-770 bps
(11)
(2,203)
269,165
206,260
76.6%
572
8.1%
364,167
274,160
75.3%
895
10.1%
-26.1%
-24.8%
130 bps
(323)
-200 bps
226,089
166,119
73.5%
443
6.4%
19.1%
24.2%
320 bps
129
170 bps
964,726
727,862
75.4%
1,976
23.5%
1,398,475
1,014,965
72.6%
2,867
30.7%
-31.0%
-28.3%
290 bps
(891)
-720 bps
6,408,371
8,211,875
5,075,414
5,940,758
6,371,684
8,175,188
5,075,931
5,941,275
0.6%
0.4%
0.0%
0.0%
6,312,019
8,115,523
4,940,031
5,805,375
1.5%
1.2%
2.7%
2.3%
3,044,322 3,132,281
2,303,828 2,426,844
-2.8%
-5.1%
3,138,775
2,384,224
-3.0%
-3.4%
446,204
374,816
1,021
614,496
495,427
1,058
-27.4%
-24.3%
(37)
411,143
284,581
1,120
8.5%
31.7%
(99)
1,563,948 1,627,752
1,217,786 1,229,285
4,197
2,903
-3.9%
-0.9%
1,294
333,777
54,445
16.3%
25.5%
6.5%
1,749
0.5%
9.5%
12,313
3.7%
5.1%
422,749
124,359
29.4%
36.2%
5.4%
94,427
22.3%
29.0%
57,148
13.5%
16.7%
-21.0%
-56.2%
-1310 bps
-1070 bps
110 bps
-98.1%
-2180 bps
-1950 bps
-78.5%
-980 bps
-1160 bps
350,533
95,084
27.1%
36.1%
6.6%
43,361
12.4%
21.2%
21,007
6.0%
8.3%
-4.8%
-42.7%
-1080 bps
-1060 bps
-10 bps
-96.0%
-1190 bps
-1170 bps
-41.4%
-230 bps
-320 bps
1,307,399 1,602,005
299,833
513,463
22.9%
32.1%
31.6%
39.2%
6.7%
5.3%
115,796
338,355
8.9%
21.1%
17.4%
28.3%
68,873
210,757
5.3%
13.2%
5.1%
16.7%
-18.4%
-41.6%
-920 bps
-760 bps
140 bps
-65.8%
-1220 bps
-1090 bps
-67.3%
-790 bps
-1160 bps
3.6%
17.1%
-1350 bps
6.1%
-260 bps
5.6%
16.7%
-1110 bps
0.0489
0.2233
-78.1%
0.0833
-41.3%
0.2734
0.8235
-66.8%
1,027,160 1,787,305
337,102
641,953
32.8%
35.9%
-42.5%
-47.5%
-310 bps
1,225,934
378,141
30.8%
-16.2%
-10.9%
200 bps
1,632,326 1,189,273
117,033
(55,927)
87.3%
66.9%
6.3%
-3.1%
37.3%
N.M.
2040 bps
940 bps
1,511,847
128,706
80.8%
6.9%
8.0%
-9.1%
650 bps
-60 bps
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 fourth quarter and
the year of 2015.
This year Helbor's reports indicators in line with the current situation of the economy in Brazil and the building
sector. The setting of great economic contraction, a decline of 3.8% of GDP, consumer confidence indices with
negative records, credit restriction and its inevitable consequences for the development sector, negatively impacted
the figures disclosed today that fall short the company's history, but show relative resilience in view of the ability to
adapt to different scenarios of our business model, the quality of our assets and the long economic cycle of our
business. The Company maintains its conservative strategy with a focus on real estate development comprising
buying good land and the development of appropriate products, aiming at maintaining the margins of the projects.
However, especially this year, the company's results were quite impacted by the significant volume of cancellations.
The large volume of delivered projects and in the process of being delivered, combined with economic factors and
our market also have correlation with this phenomenon that negatively impacts both the results and the balance
sheet. It is worth noting that the company is obtaining satisfactory results in reversing the order or maintenance of
customers through specific practices and training of a department exclusively dedicated.
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 97% of sales in this quarter.
Helbor delivered 20 projects in 2015, which means more than 4,000 units delivered, totaling R$ 1,217.8 million in
PSV Helbor.
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 4Q15 came to R$ 69.6 million, of which Helbor’s share was 70.0%, from
the launch of 1 development. Helbor’s launched PSV (R$48.8 million) a decrease of 80.1% over 4Q14 and decrease of
38.7% over 3Q15. In 2015, launches totaled R$ 348.4 million in total PSV, of which Helbor’s share was R$ 233.1
million, decreases of 72.4% and 75.3% over 2014, respectively.
This reduction in 2015 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 2015:
122
122
Total
Net
PSV2
57,191
57,191
Helbor
Net
PSV2
40,034
40,034
150
135
107,930
64,758
60%
150
135
107,930
64,758
60%
Middle
174
174
113,657
79,560
70%
High
174
50
50
174
40
40
113,657
69,651
69,651
79,560
48,756
48,756
70.0%
70%
70.0%
550
471
348,429 233,108
66.9%
Date
Location
Segment
Units1
Net
Units2
Urban Resort
Total 1Q15 - 1 Development
Mar-15
São Paulo/SP
Middle
176
176
Helbor Family Garden - 2nd Phase
Apr-15
São Bernando do
Campo/SP
UpperMiddle
Trilogy Home, Office & Stay - 4ª fase
Jul-15
São Bernando do
Campo/SP
Arthouse Double Sky - 2ª fase
Nov-15
Campinas/SP
Developments (PSV in R$ '000)
Total 2015 - 4 Developments
Helbor'sInterest
70.0%
70.0%
1 – Includes swapped units
2 – Net of swap agreements
Pre-Sales
Total pre-sales stood at R$269.2 million in 4Q15, 26.1% lower than 4Q14 and an increase of 19.1% over 3Q15.
Helbor’s share was R$ 206.3 million (76.6% of total sales), 24.8% lower than 4Q14 and an increase of 24.2% in
comparison with 3Q15. In 2015, contracted sales totaled R$ 964.7 million in Total PSV and R$ 727.8 million in PSV
Helbor, representing a decrease of 31.0% and 28.3%, respectively, compared to 2014.
The sales cancelation stood at R$ 147.2 million, of wich Helbor’s share was R$ 111.2 million, an increase of 15.7%
and 15.3%, respectively in comparison to 4Q14.In 2015 reached R$ 586.9 million, Helbor’s share was R$ 439.3
million, an increase of 52.4% and 55.8%, respectively when compared to 2014.
The tables below give a breakdown of pre-sales in 4Q15and 2015by city and product profile:
4Q15
IncomeSegment
Middle
UpperMiddle
Commercial
High
Land Division
Hotel
Total
Pre-Sales
R$ (000)
139,338
72,311
31,942
24,442
681
449
269,165
Helbor'sPre-Sales R$
(000)
105,470
60,230
24,353
15,725
123
360
206,260
# ofUnits
352
100
99
17
3
1
572
Part. over Total Sales
(Helbor's Interest)
51.1%
29.2%
11.8%
7.6%
0.1%
0.2%
100.0%
Page | 5
4Q15
Region
São Paulo
São José dos Campos
Mogi das Cruzes
São Bernardo do Campo
Guarulhos
Campinas
Santos
Taubaté
Rio de Janeiro
Osasco
Belo Horizonte
São Gonçalo
São Vicente
Southeast - Total
Cuiabá
Brasília
Campo Grande
Mid West - Total
Joinville
Curitiba
South - Total
Fortaleza
Salvador
Northeast - Total
Total
Total Pre-Sales
R$ (000)
51,772
41,895
41,521
40,190
21,592
21,377
6,545
3,512
2,688
1,431
518
444
300
233,784
4,447
4,089
850
9,386
7,645
5,924
13,568
6,605
5,820
12,426
Helbor´sPre-Sales
R$ (000)
39,311
35,543
32,818
25,920
17,812
14,964
5,218
3,161
1,906
1,002
311
311
270
178,546
4,003
1,938
340
6,281
7,644
4,739
12,383
5,905
3,146
9,051
269,165
206,260
85
80
119
86
43
23
20
13
9
6
1
5
1
491
7
9
1
17
18
18
36
16
12
28
(Helbor's Interest)
19.1%
17.2%
15.9%
12.6%
8.6%
7.3%
2.5%
1.5%
0.9%
0.5%
0.2%
0.2%
0.1%
86.6%
1.9%
0.9%
0.2%
3.0%
3.7%
2.3%
6.0%
2.9%
1.5%
4.4%
572
100.0%
# ofUnits
2015
IncomeSegment
Middle
UpperMiddle
Commercial
High
LowerMiddle
Hotel
Land Division
Total
Pre-Sales
R$ (000)
458,782
293,530
118,758
86,466
3,228
2,846
1,116
964,726
Helbor'sPre-Sales
R$ (000)
348,355
228,122
87,673
58,005
3,228
2,277
201
727,862
# ofUnits
1,121
389
372
66
14
9
5
1,976
(Helbor's Interest)
47.9%
31.3%
12.0%
8.0%
0.4%
0.3%
0.0%
100.0%
Page | 6
2015
Region
São Paulo
Mogi das Cruzes
Guarulhos
Campinas
Santos
Rio de Janeiro
Osasco
São Vicente
Diadema
Jundiaí
Taubaté
Nova Lima
São Gonçalo
São Caetano do Sul
Belo Horizonte
Southeast - Total
Cuiabá
Campo Grande
Brasília
Mid West - Total
Joinville
Curitiba
South - Total
Fortaleza
Salvador
Northeast - Total
Total
Total Pre-Sales
R$ (000)
199,568
154,430
143,629
128,873
57,545
50,913
37,825
7,948
6,461
5,930
4,012
3,779
3,522
2,636
1,414
756
518
809,761
25,132
21,700
16,570
63,402
28,616
22,798
51,414
20,196
19,953
40,149
Helbor´sPre-Sales
R$ (000)
145,858
97,935
114,714
112,753
47,184
35,765
29,601
5,700
4,523
5,337
2,006
2,041
3,170
2,372
990
681
311
610,940
22,558
8,680
7,473
38,711
28,614
18,238
46,852
19,119
12,239
31,359
964,726
727,862
375
295
363
218
101
55
108
24
24
30
9
15
14
7
14
3
1
1,656
45
25
29
99
57
58
115
54
52
106
(Helbor's Interest)
20.0%
13.5%
15.8%
15.5%
6.5%
4.9%
4.1%
0.8%
0.6%
0.7%
0.3%
0.3%
0.4%
0.3%
0.1%
0.1%
0.0%
83.9%
3.1%
1.2%
1.0%
5.3%
3.9%
2.5%
6.4%
2.6%
1.7%
4.3%
1,976
100.0%
# ofUnits
Page | 7
Of Helbor’s total pre-sales, 2.6% came from units launched in the quarter and 97.4% 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:
450 .0
100 .0%
Quartely Helbor's Pre-Sales Breakdown
(R$ Million)
400 .0
90. 0%
80. 0%
350 .0
70. 0%
300 .0
274.2
60. 0%
250 .0
200 .0
58.8%
206.3
181.8
173.6
50. 0%
166.1
40. 0%
150 .0
91.3%
94.1%
30. 0%
97.4%
90.5%
100 .0
20. 0%
50. 0
41.2%
10. 0%
5.9%
8.7%
9.5%
2.6%
2Q15
3Q15
4Q15
0.0
4Q14
1Q15
Launches
0.0 %
Inventory
The Sales over Supply Ratio (SoS) stood at 8.1% in the fourth quarter. As in the previous quarters, SoS was a result of
the new outlookin 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'sshare)
Inventory at the Beginning of the Period (A)
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
2,384,224
2,079,144
2,004,891
2,151,304
2,373,079
2,426,844
2,423,173
2,426,036
Launches (B)
163,593
208,456
325,050
245,463
40,034
64,758
79,560
48,756
Sales cancelations (C)
51,378
70,257
76,527
83,763
104,965
126,708
96,467
111,195
2,294,115
2,283,604
2,552,881
2,702,305
2,571,843
2,614,639
2,602,063
2,544,175
297,019
177,456
266,461
274,160
173,625
181,858
166,119
206,260
12.9%
7.8%
10.4%
10.1%
6.8%
7.0%
6.4%
8.1%
Supply (A+B+C)
Sales (D)
SoS (D/A+B+C)
SoS (Total)
Launches (B)
Supply (A+B+C)
Sales (D)
SoS (D/A+B+C)
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
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
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
3,138,775
69,651
147,229
3,355,655
269,165
13.7%
8.1%
11.4%
10.4%
6.8%
7.1%
6.6%
8.0%
Page | 8
VSO LTM (Parte Helbor)
1Q15
Launches (B)
Supply (A+B)
Sales (C)
2Q15
28.3%
1Q15
Launches (B)
Supply (A+B)
Sales (C)
4Q15
2,004,891 2,151,304 2,373,079 2,426,844
819,003
675,305
429,815
233,108
335,511
391,962
411,903
439,335
3,159,405 3,218,572 3,214,798 3,099,287
892,821
896,104
795,761
727,862
SoS (C/A+B)
VSO LTM (Total)
3Q15
27.8%
2Q15
24.8%
3Q15
23.5%
4Q15
2,611,304 2,793,582 3,058,148 3,132,281
1,072,082
912,997
598,696
348,429
459,507
534,042
554,703
586,950
4,142,893 4,240,621 4,211,547 4,067,659
1,211,777 1,214,294 1,059,728
964,726
SoS (C/A+B)
29.2%
28.6%
25.2%
23.7%
Sales Over Suply (SoS)
24.5%
19.8%
10.8%
7.0%
6.4%
6.5%
6.0%
2Q15
3Q15
8.1%
8.1%
SoS
SoS of Launches
4Q15
SoS of Inventory
Page | 9
Inventory
The total inventory closed 4Q15 with a market value of R$3,044.3 million, of which Helbor’s share was
R$ 2,303.8 million (75.7%).In relation to the 3Q15, the inventory decreased by 3.0%, and Helbor share decreased by
3.4%. In the year the reduction was 2.8% in total inventory and 5.1% in Helbor share.
The current inventory reflects the large number of launches in 4Q13, which now accounts 20.5% of the total
inventory, and the lowest sales rate recorded in recent quarters.
The following table gives a breakdown of the 4Q15 inventory by the quarter in which the units were launched:
Launching Date (R$
000)
ConcludedUnits
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
4Q14
1Q15
2Q15
4Q15
Total
Total Inventory
% of Inventory
492,900
221,733
121,564
250,147
207,795
71,741
129,840
622,770
127,052
157,431
269,222
135,083
29,488
75,029
71,571
60,955
3,044,322
16.2%
7.3%
4.0%
8.2%
6.8%
2.4%
4.3%
20.5%
4.2%
5.2%
8.8%
4.4%
1.0%
2.5%
2.4%
2.0%
100.0%
Helbor´s
Inventory
382,875
144,935
109,408
182,479
172,616
51,571
93,222
474,280
92,970
127,893
211,768
101,384
20,641
45,018
50,099
42,668
2,303,828
% of Helbor´s
Inventory
16.6%
6.3%
4.7%
7.9%
7.5%
2.2%
4.0%
20.6%
4.0%
5.6%
9.2%
4.4%
0.9%
2.0%
2.2%
1.9%
100.0%
Breakdown of Helbor's Inventory by Quarter of Launch
20.6%
16.6%
7.9%
6.3%
9.2%
7.5%
5.6%
4.7%
4.0%
4.4%
4.0%
2.2%
Concluded
Units
2Q12
3Q12
4Q12
1Q13
2Q13
0.9%
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
4Q14
2.0%
2.2%
1.9%
1Q15
2Q15
4Q15
Page | 10
The following tables give a breakdown of inventory by city and product profile in 4Q15:
IncomeSegment (R$ 000)
UpperMiddle
Commercial
High
Middle
Hotel
Land Division
LowerMiddle
Total
Total Inventory
1,089,324
811,841
586,324
334,528
221,260
1,018
26
3,044,322
% of Total
Inventory
35.8%
26.7%
19.3%
11.0%
7.3%
0.0%
0.0%
100.0%
São Paulo
Mogi das Cruzes
Rio de Janeiro
Guarulhos
Campinas
São Vicente
Santos
Barueri
Osasco
Belo Horizonte
Taubaté
São Gonçalo
Jundiaí
São Caetano do Sul
Southeast
Fortaleza
Salvador
Northeast
Joinville
Curitiba
South
Cuiabá
Campo Grande
Brasília
Goiânia
Mid West
746,834
568,354
298,119
194,526
161,585
129,324
129,043
121,564
84,378
46,711
43,588
37,818
10,458
5,576
4,920
1,069
2,583,868
159,196
103,668
262,864
77,997
49,100
127,096
42,147
25,481
2,568
297
70,494
% of Total
Inventory
24.5%
18.7%
9.8%
6.4%
5.3%
4.2%
4.2%
4.0%
2.8%
1.5%
1.4%
1.2%
0.3%
0.2%
0.2%
0.0%
84.9%
5.2%
3.4%
8.6%
2.6%
1.6%
4.2%
1.4%
0.8%
0.1%
0.0%
2.3%
Total
3,044,322
100.0%
Region (R$ 000)
Total Inventory
Helbor´sInventory
826,583
616,084
447,554
277,300
136,107
181
18
2,303,828
%
ofHelbor´sInventory
35.9%
26.7%
19.4%
12.0%
5.9%
0.0%
0.0%
100.0%
584,438
374,393
238,345
138,402
148,018
108,045
90,330
109,408
53,444
18,684
30,512
22,691
9,413
3,903
2,657
962
1,933,644
141,846
61,875
203,721
77,989
39,280
117,269
37,682
10,193
1,110
208
49,194
%
ofHelbor´sInventory
25.4%
16.3%
10.3%
6.0%
6.4%
4.7%
3.9%
4.7%
2.3%
0.8%
1.3%
1.0%
0.4%
0.2%
0.1%
0.0%
83.9%
6.2%
2.7%
8.8%
3.4%
1.7%
5.1%
1.6%
0.4%
0.0%
0.0%
2.1%
2,303,828
100.0%
Helbor´sInventory
Page | 11
The following table presents the inventory of finished units at the end of 4Q15:
R$ (000)
HELBOR VARANDAS IPOEMA
LINK OFFICE, MALL &STAY
HELBOR CORPORATE TOWER JARDIM DAS
COLINAS
HELBOR CLASSIC BOSQUE MAIA
EDIFICIO OFFICES NACOES UNIDAS
HELBOR SPAZIO CLUB JOINVILLE
HELBOR PAESAGGIO JD.DAS COLINAS
HELBOR COMERCIAL LEAD FARIA LIMA
CONCEPT LIFE, OFFICE E CORPORATE
HELBOR OFFICES WASHINGTON LUIZ
HELBOR OFFICES SÃO PAULO III
HELBOR JARDINS IPOEMA
COND. TERRAZZO PONTA DA PRAIA
RIO STAY RESIDENCE
EMPRESARIAL RIO BUSINESS CENTER
COLETÂNEA VALE DO CANELA
COMERCIAL CASA DAS CALDEIRAS
HELBOR OFFICES IMPERATRIZ LEOPOLDINA
CONDOMINIO HELBOR UP OFFICES
HELBOR PATTEO MOGILAR SKY MALL &
OFFICES
HELBOR COND.PQ.CLUBE FORTALEZA
COMFORT STAY VERANO II
RESIDENCIAL CASA DAS CALDEIRAS
COSMOPOLITAN HOME STAY & OFFICES
PARQUE DAS AGUAS EMPRESARIAL
OFFICES BARÃO DE TEFFÉ
HELBOR SUNSHINE GONZAGA
HELBOR OFFICES JOINVILLE
COMFORT STAY VERANO I
MY WAY PONTA DA PRAIA
DUAL BUSINESS OFFICES & CORP.
HELBOR NEW TATUAPÉ
PERFECTT LIFE STYLE
HELBOR MY WAY BATEL
TERRAÇOS JARDIM DAS COLINAS
HELBOR OFFICES SÃO CAETANO
H.ESP.& VIDA 2 IPOEMA
DOUBLE LIFE
SPAZIO CLUB ALTO DO IPIRANGA
ISLA LIFE STYLE
CONDOMINIUM PARQUE CLUBE HELBAACO
HELBOR RESERVA DO ITAPETY
HELBOR OFFICES SÃO PAULO
BELLA CITÁ
HELBOR HOME FLEX GONZAGA
HELBOR TOWER
BELLA CITÁ VILLAGGIO 2
HELBOR OFFICES VILA RICA
H.ESP.& VIDA IPOEMA
HELBOR BELLA VISTA
GREEN LIFESTYLE RESIDENCIAL SERVICE
JAZZ LIFE STYLE
Total - Unidades Prontas
City
DeliveryMonth
# Units
Mogi das Cruzes
Rio de Janeiro
Nov-14
Jul-14
134
51
Total Inventory
(R$ 000)
58,857
44,673
11.9%
9.1%
Helbor'sInventory
(R$ 000)
47,735
33,505
Dec-15
35
41,875
8.5%
41,870
10.9%
Guarulhos
São Paulo
Joinville
São Paulo
Mogi das Cruzes
Santos
São Paulo
Mogi das Cruzes
Santos
Rio de Janeiro
Rio de Janeiro
Salvador
São Paulo
São Paulo
São Paulo
Dec-15
Sep-15
Aug-15
Oct-14
May-15
Feb-15
Dec-14
Jun-15
Aug-14
Oct-13
Nov-15
Oct-13
Jul-15
Nov-13
May-15
Sep-15
25
56
29
24
24
34
47
58
39
7
17
41
10
22
28
23
34,086
28,926
25,688
24,346
21,576
18,401
15,146
14,903
14,454
13,938
12,769
11,050
9,052
9,031
8,265
7,663
6.9%
5.9%
5.2%
4.9%
4.4%
3.7%
3.1%
3.0%
2.9%
2.8%
2.6%
2.2%
1.8%
1.8%
1.7%
1.6%
27,269
14,463
25,686
24,343
10,788
13,800
11,359
10,432
11,995
11,150
8,938
7,735
4,526
4,515
8,265
5,747
7.1%
3.8%
6.7%
6.4%
2.8%
3.6%
3.0%
2.7%
3.1%
2.9%
2.3%
2.0%
1.2%
1.2%
2.2%
1.5%
Mogi das Cruzes
Sep-15
24
7,570
1.5%
6,056
1.6%
Fortaleza
Rio de Janeiro
São Paulo
Salvador
São Gonçalo
Jundiaí
Santos
Joinville
Rio de Janeiro
Santos
Cuiabá
São Paulo
Brasília
Curitiba
São Caetano do Sul
Mogi das Cruzes
Curitiba
Mogi das Cruzes
Brasília
Feb-15
Jun-13
Oct-14
Jan-15
Mar-12
Oct-14
Mar-13
Feb-14
Jun-13
Mar-15
Nov-15
Feb-14
Nov-14
May-15
Dec-14
Jan-13
Jun-13
Sep-13
Feb-14
Oct-13
19
14
4
11
22
15
4
11
8
7
2
2
1
3
2
4
3
3
2
1
7,076
7,042
6,135
5,795
5,576
4,920
4,300
4,111
4,051
2,823
2,496
1,820
1,736
1,178
1,134
1,069
1,061
971
869
832
1.4%
1.4%
1.2%
1.2%
1.1%
1.0%
0.9%
0.8%
0.8%
0.6%
0.5%
0.4%
0.4%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
0.2%
7,076
4,930
3,068
4,057
3,903
2,657
4,299
4,111
2,836
2,117
1,997
1,274
694
943
794
962
1,061
777
695
416
1.8%
1.3%
0.8%
1.1%
1.0%
0.7%
1.1%
1.1%
0.7%
0.6%
0.5%
0.3%
0.2%
0.2%
0.2%
0.3%
0.3%
0.2%
0.2%
0.1%
Guarulhos
May-11
1
797
0.2%
398
0.1%
Mogi das Cruzes
São Paulo
Mogi das Cruzes
Santos
Mogi das Cruzes
Mogi das Cruzes
Santos
Mogi das Cruzes
Mogi das Cruzes
Goiânia
Goiânia
Nov-11
Jun-13
Jan-12
Sep-09
Before 2007
Feb-12
Jan-12
Mar-13
Oct-11
Oct-10
Mar-13
1
2
5
1
4
1
1
1
1
1
1
886
753
747
599
488
486
419
401
350
300
271
26
492,900
0.2%
0.2%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.0%
100.0%
753
747
106
476
219
74
401
350
300
190
18
382,875
0.2%
0.2%
0.0%
0.1%
0.1%
0.0%
0.1%
0.1%
0.1%
0.0%
0.0%
100.0%
Part. %
Part. %
12.5%
8.8%
Page | 12
Land Bank
In the period ended december 31, 2015, the land bank totaled 976.8 thousand m², representing total PSV of R$6.4
billion (R$8.2 billion including Alden).Helbor’s share was R$ 5.1 billion (R$5.9 billion including Alden), or 79.2% of the
total (72.3% including Alden).
It is worth emphasizing that these PSV amounts represent potential revenue generation, not the mere booking of
land for future developments.
The contracts with the owners are focused preferentially in swap agreements, and the level of swap agreements
corresponded to 77.4% of the land bank in the quarter.
The following tables show those land bank developments in which Helbor will participate as a developer broken
down by city and segment at the end of 4Q15:
Total Area
(sq.m)
Total PSV
(R$ 000)
São Paulo
Mogi das Cruzes
Osasco
Campinas
Rio de Janeiro
Barueri
Guarulhos
Santo André
Southeast - Total
Campo Grande
Brasilia
Cuiaba
Mid West - Total
Curitiba
South - Total
348,751
250,208
61,883
57,344
39,308
36,968
34,290
26,682
8,886
864,320
36,969
15,838
11,080
63,887
48,603
48,603
3,049,255
1,067,701
228,967
439,268
193,259
331,955
225,206
193,048
53,316
5,781,976
129,392
134,623
72,017
336,033
290,363
290,363
Helbor´s
PSV* (R$
000)
2,366,454
915,804
184,312
335,912
162,949
242,144
225,206
141,733
53,316
4,627,830
64,696
74,043
68,159
206,898
240,686
240,686
Total Land Bank - Helbor
* Net of swap agreements
976,810
6,408,371
5,075,414
City / Region
IncomeSegment
UpperMiddle
Middle
High
Commercial
LowerMiddle
Hotel
Total
* Net of swap agreements
Total Area
(sqm)
Total PSV
(R$ 000)
396,613
316,426
121,965
112,973
15,120
13,713
976,810
2,693,328
1,846,405
1,076,363
521,548
25,704
245,023
6,408,371
Helbor´s
PSV* (R$
000)
2,167,182
1,458,114
751,231
445,440
25,704
227,743
5,075,414
% of Total
PSV
#
ofProjects
Total
Units
47.6%
16.7%
3.6%
6.9%
3.0%
5.2%
3.5%
3.0%
0.8%
90.2%
2.0%
2.1%
1.1%
5.2%
4.5%
4.5%
22
8
2
4
4
2
1
2
1
46
1
1
1
3
4
4
5,243
1,838
216
1,110
435
984
243
471
42
10,582
232
188
280
700
588
588
100.0%
53
11,870
% of Total
PSV
#
ofProjects
Total
Units
42.0%
28.8%
16.8%
8.1%
0.4%
3.8%
100.0%
13
17
12
6
1
4
53
3,559
3,872
2,967
398
288
786
11,870
Page | 13
Deliveries
Five developments were delivered in 4Q15, consisting of 1,021 units, of which Helbor’s PSV share was R$ 446.2
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, 90.4% of the total units delivered in 4Q15 already been sold, reinforcing the strategy of keeping finishedunit inventories as low as possible.
Helbor Cosmopolitan Home Stay & Offices
Jan-15
Salvador
CommercialandMiddle
260
260
Total
PSV* (R$
000)
65,015
Helbor Condomínio Parque Clube Fortaleza I
Feb-15
Fortaleza
Middle
294
294
81,468
Helbor My Way Ponta da Praia
Mar-15
Santos
Middle
216
182
75,385
56,539
Helbor Concept - Life, Office e Corporate
Feb-15
Mogi das Cruzes
CommercialandMiddle
472
423
157,744
126,195
80.0%
Helbor Boulevard Tatuapé
Jan-15
São Paulo
UpperMiddle
72
72
46,380
46,380
100.0%
1,314
1,231
425,992
347,945
81.7%
Helbor Offices Imperatriz Leopoldina
mai-15
São Paulo
Commercial
183
169
57,360
57,360
100.0%
Helbor Lead Offices Faria Lima
mai-15
São Paulo
Commercial
128
120
121,964
60,982
50.0%
Helbor My Way Batel
mai-15
Curitiba
Middle
131
98
45,914
36,731
80.0%
Helbor Offices São Paulo III
jun-15
São Paulo
Commercial
300
246
55,372
55,372
100.0%
742
633
280,609
210,444
75.0%
Coletânea Vale do Canela
Jul-15
Salvador
UpperMiddle
160
160
100,786
50,393
50.0%
Helbor Privilege Goiabeiras
Jul-15
Cuiabá
High
32
31
40,173
36,155
90.0%
Helbor Spazio Club Joinville
Aug-15
Joinville
Middle
116
116
65,731
59,158
90.0%
Helbor Up Offices
Sep-15
São Paulo
Commercial
244
244
73,240
54,930
75.0%
PatteoMogilar Sky
Sep-15
Mogi das Cruzes
Commercial
330
275
61,126
48,901
80.0%
Offices Nações Unidas
Sep-15
São Paulo
Commercial
238
192
70,087
35,044
50.0%
1,120
1,018
411,143
284,581
69.2%
DeliveredDevelopments
Delivery
Date
Location
Segment
Units
Net
Units*
Total 1Q15
Total 2Q15
Total 3Q15
Helbor´s
PSV* (R$
000)
45,510
73,322
90.0%
75.0%
Helbor'sInterest
70.0%
Helbor Condomínio Parque Clube Fortaleza II
Oct-15
Fortaleza
Middle
294
294
75,094
67,584
90.0%
Rio StayResidence
Nov-15
Rio de Janeiro
Middle
187
187
94,124
65,887
70.0%
Helbor Dual Business Office & Corporate
Nov-15
Commercial
318
294
74,501
67,051
90.0%
Helbor Corporate Tower Jardim das Colinas
Dec-15
Commercial
50
41
61,560
61,554
100.0%
Helbor Classic Bosque Maia
Dec-15
Cuiabá
São José dos
Campos
Guarulhos
172
145
140,925
112,740
80.0%
Total 4Q15
UpperMiddle
1,021
961
446,204
374,816
84.0%
Total 2015
4,197
3,843
1,563,948
1,217,786
77.9%
* 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:
4Q15
4Q14
Var. 4Q15
x 4Q14
3Q15
Var. 4Q15 x
3Q15
2015
2014
Var. 2015
x 2014
335,409
422,006
-20.52%
354,122
-5.28%
1,317,731
1,632,625
-19.29%
5,002
7,008
-28.62%
2,923
71.13%
14,610
-5,786
N.M.
0
-122
N.M.
0
N.M.
0
-285
N.M.
-7,680
-8,584
-10.53%
-7,324
4.86%
-28,603
-33,220
-13.90%
Gross Operating Revenues
Real Estate Development and
Sales
(+/-)
PresentValueAdjustments
(-) Discounts
(-) Sales Taxes
Management Fees
1046
2,441
-57.15%
812
28.82%
3,661
8,671
-57.78%
Net OperatingRevenues
333,777
422,749
-21.05%
350,533
-4.78%
1,307,399
1,602,005
-18.39%
-279,332
-298,390
-6.39%
-255,449
9.35%
54,445
124,359
-56.22%
95,084
-42.74%
494,596
565,500
-12.54%
477,649
5,002
7,008
-28.62%
(-) CancellationsandDiscounts
-61,710
-39,236
(-) Sales Taxes
-7,680
Management Fees
OperatingCosts
Properties Sales
Gross Profit
-1,088,542
1,007,566
299,833
513,463
-41.61%
3.55%
1,884,457
2,014,071
-6.44%
2,923
71.13%
14,610
-5,786
N.M.
57.28%
-45,862
34.56%
-218,579
-138,006
58.38%
-8,584
-10.53%
-7,324
4.86%
-28,603
-33,220
-13.90%
1,046
2,441
-57.15%
812
28.82%
3,661
8,671
-57.78%
431,254
527,129
-18.19%
428,198
0.71%
1,655,546
1,845,730
-10.30%
-376,809
-402,770
-6.45%
-333,114
13.12%
-1,332,267
1,355,713
54,445
124,359
-56.22%
95,084
-42.74%
-7.44%
Old Accounting Standard
Gross OperatingRevenues
Real Estate Development and
Sales
(+/-)
PresentValueAdjustments
OperatingCosts
Properties Sales
Gross Profit
299,833
513,463
1.76%
-41.61%
Page | 15
4Q15
4Q14
Var. 4Q15
x 4Q14
3Q15
Var. 4Q15
x 3Q15
2015
2014
Var. 2015
x 2014
Gross Margins
16.30%
29.40%
-1310 bps
27.10%
-1080 bps
22.90%
33.00%
-1010 bps
Adjusted Gross Margins
25.50%
36.20%
-1070 bps
36.10%
-1060 bps
31.60%
39.80%
-820 bps
G&A/Net Operating Revenue
6.50%
5.40%
110 bps
6.60%
-10 bps
6.70%
5.20%
150 bps
Selling Expenses/Net Operating Revenue
5.50%
8.60%
-310 bps
5.80%
-30 bps
6.40%
7.90%
-150 bps
Ebitda Margin
0.50%
22.30%
-2180 bps
12.40%
-1190 bps
8.90%
20.70%
-1180 bps
Adjusted Ebitda Margin
9.50%
29.00%
-1950 bps
21.20%
-1170 bps
17.40%
27.70%
-1030 bps
Net Margin
3.70%
13.50%
-980 bps
6.00%
-230 bps
5.30%
13.00%
-770 bps
OldAccounting Standard
12.62%
23.60%
-1098 bps
22.20%
-958 bps
18.10%
27.80%
-970 bps
Adjusted Gross Margins
19.70%
28.90%
-920 bps
29.50%
-980 bps
24.90%
34.00%
-910 bps
G&A/Net Operating Revenue
5.00%
4.30%
70 bps
5.40%
-40 bps
5.30%
4.60%
70 bps
Selling Expenses/Net Operating Revenue
4.20%
6.90%
-270 bps
4.70%
-50 bps
5.10%
7.00%
-190 bps
EbitdaMargin
0.40%
17.90%
-1750 bps
10.10%
-970 bps
7.00%
18.30%
-1130 bps
AdjustedEbitdaMargin
7.30%
23.10%
-1580 bps
17.40%
-1010 bps
13.70%
24.60%
-1090 bps
Net Margin
2.90%
10.80%
-790 bps
4.90%
-200 bps
4.20%
11.40%
-720 bps
Gross Margins
Operating Revenue
GROSS OPERATING REVENUE
Gross operating revenue decreased 20.7% in 4Q15, from R$424.4 million in 4Q14 to R$336.4 million in 4Q15. In
comparison with the R$354.9 million reported in 3Q15, this quarter’s revenue decreased by 5.2%. In analysis year to
date of 2015, gross revenue decreased, totaling R$ 1,321.4 million in 2015, 19.5% down over 2014.
The table below gives a breakdown of operating revenue in the period:
(R$ '000)
Real Estate Development and Sales
Management Fees
(-) PresentValueAdjustments
(-) Sales Deduction
(-) Sales Taxes
Sales Taxes / Gross Revenues (%)
4Q15
4Q14
335,409
1,046
336,455
5,002
0
(7,680)
333,777
2.3%
422,006
2,441
424,447
7,008
(122)
(8,584)
422,749
2.0%
Var. 4Q15
x 4Q14
-20.5%
-57.1%
-20.7%
-28.6%
N.M.
-10.5%
-21.0%
30 bps
3Q15
354,122
812
354,934
2,923
0
(7,324)
350,533
2.1%
Var. 4Q15
x 3Q15
-5.3%
28.8%
-5.2%
71.1%
N.M.
4.9%
-4.8%
20 bps
Var. 2015 x
2014
1,317,731 1,632,625
-19.3%
3,661
8,671
-57.8%
1,321,392 1,641,296
-19.5%
14,610
(5,786)
N.M.
0
(285)
N.M.
(28,603) (33,220)
-13.9%
1,307,399 1,602,005
-18.4%
2.2%
2.0%
20 bps
2015
2014
NET OPERATING REVENUE
Net operating revenue decreased by 21.0% in4Q15, from R$ 422.7 million in 4Q14 to R$333.8 million in 4Q15. In the
quarter-on-quarter comparison, net operating revenue decreased by 4.8%. In 2015, net revenues decreased by
18.4% to R$ 1,307.4 million in the 2015.
Page | 16
Gross Profit
Gross profit totaled R$ 54.4 million in 4Q15,a 42.7% decrease over 3Q15anda 56.2% lower over 4Q14. The gross
margin stood at 16.3% in the quarter, against 29.4% in 4Q14 and 27.1% in 3Q15. The Adjusted Gross Margin stood at
25.5% in 4Q15.In 2015, gross profit came to R$ 299.8 million with a gross margin of 22.9%, according to the following
table:
(R$ '000)
OperatingCosts
Gross profit
Gross Margin
(-) PresentValueAdjustment
Adjusted Net OperatingRevenues
OperatingCosts
(-) Financial Charges
AdjustedOperatingCosts
(-) Adjusted Gross Profit
Adjusted Gross Margin
4Q15
4Q14
333,777
(279,332)
54,445
16.3%
333,777
5,002
328,775
(279,332)
(34,407)
(244,925)
83,850
25.5%
422,749
(298,390)
124,359
29.4%
422,749
7,008
415,741
(298,390)
(32,964)
(265,426)
150,315
36.2%
Var. 4Q15
x 4Q14
-21.0%
-6.4%
-56.2%
-1310 bps
-21.0%
N.M.
-20.9%
-6.4%
4.4%
-7.7%
-44.2%
-1070 bps
3Q15
350,533
(255,449)
95,084
27.1%
350,533
2,923
347,610
(255,449)
(33,361)
(222,088)
125,522
36.1%
Var. 4Q15
Var. 2015
2015
2014
x 3Q15
x 2014
-4.8%
1,307,399 1,602,005
-18.4%
9.3%
(1,007,566) (1,088,542)
-7.4%
-42.7%
299,833
513,463
-41.6%
-1080 bps
22.9%
32.1%
-920 bps
-4.8%
1,307,399 1,602,005
-18.4%
N.M.
14,610
(5,786)
-352.5%
-5.4%
1,292,789 1,607,791
-19.6%
9.3%
(1,007,566) (1,088,542)
-7.4%
3.1%
(123,296)
(110,942)
11.1%
10.3%
(884,270)
(977,600)
-9.5%
-33.2%
408,519
630,191
-35.2%
-1060 bps
31.6%
39.2%
-760 bps
The decrease in gross profit and, as a result, the gross margin in all comparisons, there were the high volume of sales
cancellations and the deterioration of the economic scenario we have seen observing since the beginning of 2015.
The combination of these two factors and the high volume of deliveries increased the volume of sales cancelations,
and the deterioration of the economy led the company to practice a discount policy in order to promote the sale of
specific projects in the cities of Santos, Sao Jose dos Campos Mogi das Cruzes, which represented 32% of the sales
volume in 4Q15 and were with advanced stage of works whose contribution margin is relatively higher than other
projects in the recognition of revenues / costs.
OPERATING COSTS
The operating costs presented a reduction of 6.4% compared to 4Q14 to R$ 279.3 million in 4Q15 reflecting basically
the decrease in sales between the 4Q15 and 4Q14 and the impact of the sales cancelation. In 2015, operating costs
decreased of 7.4%, a total of R$ 1,007.6 million
The cost of real estate sales is impacted by the increase of the INCC, which accumulated a 7.48% in 2015.
Page | 17
General and Administrative Expenses
General and administrative expenses totaled R$ 21.6 million in 4Q15, a decreaseof 5.2% over the 4Q14 and 6.6%
lower than 3Q15. As a result, expenses represented 6.5% of net revenue, against 6.6% in the previous quarter.In
2015, general and administrative expenses came to R$ 87.1 million, a 2.9% increase over 2014 and representing 6.7%
of net revenue.
Proportional variations on revenue in the comparisons between the same periods last year were impacted by the
higher effect of the sales cancelations in revenue since in real terms, after inflation of the period, they have shown
reduction in any comparisons.
It is worth mentioning the increase in occupancy expenses in 4Q15 and 2015 which include, momentarily, the
expenses related to the change of company's offices in the city of Mogi das Cruzesand the legal expenses to maintain
the current landbank.
(R$ '000)
Personnel
ThirdParty Services
Occupancy
Management/Board of Directors Remuneration
Legal
Depreciationandamortization
Facilitiesexpenses
OtherAdministrativeExpenses
Total General and Administrative Expenses
Net OperatingRevenue
G&A / Net Operating Revenue
4Q15
4Q14
(7,230) (7,527)
(3,235) (4,228)
(4,770) (2,569)
(1,789) (1,441)
(1,862) (1,443)
(371)
(404)
(358)
(1,041)
(1,988) (4,123)
(21,603) (22,776)
333,777 422,749
6.5%
5.4%
Var. 4Q15
x 4Q14
-3.9%
-23.5%
85.7%
24.1%
29.0%
-8.2%
-65.6%
-51.8%
-5.2%
-21.0%
110 bps
Var. 4Q15 x
Var. 2015
2015
2014
3Q15
x 2014
(7,206)
0.3%
(29,139) (30,807)
-5.4%
(3,598)
-10.1%
(13,399) (14,312)
-6.4%
(5,002)
-4.6%
(17,339) (10,853)
59.8%
(1,789)
0.0%
(6,830)
(5,825)
17.3%
(1,935)
-3.8%
(7,155)
(5,473)
30.7%
(377)
-1.6%
(1,536)
(1,534)
0.1%
(510)
-29.8%
(2,610)
(3,905)
-33.2%
(2,707)
-26.6%
(9,115)
(11,974)
-23.9%
(23,124)
-6.6%
(87,123) (84,683)
2.9%
350,533
-4.8%
1,307,399 1,602,005 -18.4%
6.6%
-10 bps
6.7%
5.3%
140 bps
3Q15
Selling Expenses
In 4Q15, selling expenses decreased by 49.8% to R$ 18.3 million in the period, against R$ 36.4 million in 4Q14
and an decreased of 9.5% compared to R$ 20.2 million in 3Q15. These figures correspond to 5.5% and 8.6% of
net revenue of 4Q15 and 4Q14, respectively.
The following table gives a breakdown of selling expenses:
(R$ '000)
Marketing
Sales Commissions
Sales Spot
HousingDecorationModel
Management Fees
Total CommercialExpenses
Net OperatingRevenue
CommercialExpenses / Net Revenue
4Q15
4Q14
(4,970)
(6,991)
(4,942)
(1,285)
(92)
(18,280)
333,777
5.5%
(12,658)
(8,156)
(10,744)
(4,711)
(181)
(36,450)
422,749
8.6%
Var. 4Q15
x 4Q14
-60.7%
-14.3%
-54.0%
-72.7%
-49.2%
-49.8%
-21.0%
-310 bps
3Q15
(4,789)
(6,313)
(6,623)
(2,425)
(50)
(20,200)
350,533
5.8%
Var. 4Q15
x 3Q15
3.8%
10.7%
-25.4%
-47.0%
84.0%
-9.5%
-4.8%
-30 bps
Var. 2015
x 2014
(22,891) (42,723)
-46.4%
(27,535) (34,605)
-20.4%
(24,238) (37,996)
-36.2%
(8,846)
(12,740)
-30.6%
(661)
(2,014)
-67.2%
(84,171) (130,078) -35.3%
1,307,399 1,602,005 -18.4%
6.4%
8.1%
-170 bps
2015
2014
The decrease in selling expenses in the quarter was a result of decreased spending on sales spot and housing
decoration model, and sales commissions reflecting the lower volume of launch. In 2015, total expenditure
amounted to R$ 84.2 million, 35.3% lower than 2014 and representing 6.4% of net operating revenue.
Page | 18
Financial Result
Financial revenue totaled R$ 34.5 million in 4Q15, an increase of 91.8% over the result of the 4Q14 and an increase
of 76.7% over 3Q15. Financial expenses totaled R$ 8.6 million in the quarter, a decrease of 20.3% compared to
4Q14and 59.8% compared to 3Q15. In this way the financial result was positive inR$ 26.0 million in 4Q15, mainly
impacted by the acceleration of the IGP-M in the quarter increasing by R$ 15.5 million active monetary variation
related to contracts which are not transferred to the banks and also due to the interest capitalized of debentures
reversed in financial expense, which started to be deferred.
In 2015, financial revenue totaled R$ 109.8 million, volume 31.1% higher than 2014. Financial expenses were R$ 65.1
million, 35.8% higher than the same period in 2014, becoming a positive financial income of R$ 44.6 million, 24.7%
higher than 2014.
The following table gives a breakdown of financial income and expenses:
(R$ Mil)
Financial Income
Monetary Correction
Intereston Active Contracts
Intereston Delays
Other Financial Income
Total Financial Income
Interest Paidor Incurred
Monetary Correction
Commissions and Banking Fees
Other Financial Expenses
Total de Financial Expenses
Financial Result
4Q15
4Q14
3,022
5,311
22,418
5,387
8,691
6,795
152
506
265
15
34,548 18,014
3,366
(3,275)
(1,949) (1,757)
(4,405) (1,037)
(5,569) (4,670)
(8,557) (10,738)
25,991
7,276
Var. 4Q15
x 4Q14
-43.1%
316.1%
27.9%
-70.0%
1666.7%
91.8%
N.M
10.9%
324.8%
19.3%
-20.3%
257.2%
Var. 4Q15 x
3Q15
3,724
-18.9%
6,908
224.5%
8,515
2.1%
334
-54.5%
72
268.1%
19,553
76.7%
(12,068)
N.M.
(1,409)
38.3%
(2,257)
95.2%
(5,548)
0.4%
(21,282)
-59.8%
(1,729)
-1603.2%
3Q15
Var. 2015
x 2014
19,825 24,342
-18.6%
50,576 17,635
186.8%
37,449 35,904
4.3%
1,430
3,248
-56.0%
528
2,661
-80.2%
109,808 83,790
31.1%
(30,580) (12,091) 152.9%
(6,761) (6,640)
1.8%
(7,948) (3,009)
164.1%
(19,843) (26,209) -24.3%
(65,132) (47,949)
35.8%
44,676 35,841
24.7%
2015
2014
Page | 19
EBITDA
EBITDA in the 4Q15 reached R$ 8.0million, a decrease of 91.5% compared to 4Q14 and a decrease of 81.5%
over3Q15. The EBITDA margin, on the other hand, was 2.4%, a decrease of 1,990 bps in relation to the 4Q14 and
1,000 bps in relation to 3Q15. The EBITDA margin adjusted by financial charges on cost and the present value
reached 9.5% in 4Q15, a decrease of 1,950 bps compared to 4Q14. In 2015, EBITDA reached R$ 122.0 million in 2015,
with EBITDA margin of 9.3%, 1,180 bps lower than the 2014, and EBITDA adjusted margin of 17.4%.
The following table shows the reconciliation of EBITDA and adjusted EBITDA, as well as the respective margins:
93,569
Var. 4Q15
x 4Q14
-68.5%
47,514
18,014
10,738
8,134
94,427
422,749
22.3%
94,427
(7,008)
32,964
120,383
415,741
29.0%
91.8%
-20.3%
-121.0%
-98.1%
-21.0%
-2180 bps
-98.1%
N.M.
4.4%
-74.1%
-20.9%
-1950 bps
19,553
76.7%
109,808
83,790
31.1%
21,282
-59.8%
65,132
47,949
35.8%
(5,882)
-71.0%
5,092
26,125
-80.5%
43,361
-96.0%
115,796
338,355
-65.8%
350,533
-4.8%
1,307,399 1,602,005 -18.4%
12.4% -1190 bps
8.9%
21.1%
-1220 bps
43,361
-96.0%
115,796
338,355
-65.8%
(2,923)
N.M.
(14,610)
5,786
-352.5%
33,361
3.1%
123,296
110,942
11.1%
73,799
-57.8%
224,482
455,083
-50.7%
347,610
-5.4%
1,292,789 1,607,791 -19.6%
21.2% -1170 bps
17.4%
28.3%
-1090 bps
(R$ '000)
4Q15
4Q14
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
29,446
34,548
8,557
(1,706)
1,749
333,777
0.5%
1,749
(5,002)
34,407
31,154
328,775
9.5%
3Q15
Var. 4Q15
x 3Q15
-38.0%
2015
2014
155,380
348,071
Var. 2015
x 2014
-55.4%
Net Income
In 4Q15, net income was R$ 12.3 million in 4Q15, with net margin of 3.7%, a decrease of 980 bps compared to 4Q14.
Compared to 3Q15, net income decreased by 41.4%, reducing the net margin at 230 bps.
Earnings per share amounted to R$0.0489 in the quarter. ROE LTM (LTM net income/average LTM shareholders’
equity) came to 5.1% in 4Q15, while annualized ROE reached 3.6% in the 4Q15 and 5.1% in 2015.
The following table shows the reconciliation of the net margin:
(R$ '000)
Net Income
Net Margin
1
Earnings per Share
ROE LTM
ROAE
3
2
422,749
57,148
13.5%
0.2233
Var. 4Q15
x 4Q14
-21.0%
-78.5%
-980 bps
-78.1%
5.1%
16.7%
3.6%
17.1%
4Q15
4Q14
333,777
12,313
3.7%
0.0489
2015
2014
350,533
21,007
6.0%
0.0833
Var. 4Q15
x 3Q15
-4.8%
-41.4%
-230 bps
-41.3%
1,307,399
68,873
5.3%
0.2734
1,602,005
210,757
13.2%
0.8235
Var. 2015
x 2014
-18.4%
-67.3%
-790 bps
-66.8%
-1160 bps
8.3%
-320 bps
5.1%
16.7%
-1160 bps
-1350 bps
6.1%
-260 bps
3Q15
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.
Page | 20
Backlog Result
The backlog result totaled R$ 337.1 million at the end of 4Q15, a 10.9% decrease over 3Q15.The backlog margin
reached 32.8%, a increase of 200 basis points compared to the previous quarter.
The following table gives a breakdown of the backlog result.
(R$ '000)
4Q15
4Q14
1,066,072 1,855,013
Gross Backlog Revenues
(38,912)
(67,708)
Sales Taxes
1,027,160 1,787,305
Net Backlog Revenues
1
(690,058) (1,145,352)
Costs of Sold Units to be recognized
337,102
641,953
Backlog Results
32.8%
35.9%
Backlog Margin
(23,725)
(59,569)
Commercial Expenses to be recognized
1 – Included in the financial costs related to interest on the debentures.
2 – Excludes canceled sales, adjustment to present value and selling expenses.
Var. 4Q15 x
3Q15
4Q14
-42.5%
1,272,376
-42.5%
(46,442)
-42.5%
1,225,934
-39.8%
(847,793)
-47.5%
378,141
-310 bps
30.8%
-60.2%
(31,082)
Var. 4Q15
x 3Q15
-16.2%
-16.2%
-16.2%
-18.6%
-10.9%
200 bps
-23.7%
Receivables
Total receivables, net of adjustment to present value (AVP) and provisions for doubtful debt (PDD) came to
R$ 2,155.9 million in 4Q15, R$ 819.5 million of which referring to finished units and R$ 1,336.4 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)
ConcludedDevelopments
UnderConstruction
Total Receivableson Balance
Var. 4Q15 x
Var. 4Q15 x
Var. 4Q15
4Q15
4Q14
4Q15
4Q14
4Q15
4Q14
4Q14
4Q14
x 4Q14
784,513 650,781
20.5%
1,373,427 1,465,926
-6.3%
2,157,940 2,116,707
1.9%
(42,460) (57,064)
-25.6%
(42,460) (57,064)
-25.6%
Accounts Receivables*
Adjustment to Present Value
Provision for Sales Cancellations (6,257)
41,242
49,000
Other Credits
819,498 699,781
Total
* Net of PDD
N.M.
-15.8%
17.1%
-
-
5,408
5,493
1,336,375 1,414,355
-
-1.5%
-5.5%
ConcludedDevelopments
UnderConstruction
Var. 4Q15 x
Var. 4Q15
(R$ '000)
4Q15
3Q15
4Q15
3Q15
3Q15
x 3Q15
AccountsReceivables*
784,513 642,516
22.1%
1,373,427 1,473,150
-6.8%
AdjustmenttoPresentValue
(42,460)
(47,462)
-10.5%
Provision for Sales Cancellations (6,257)
N.M.
0.0%
OtherCredits
41,242 48,416
-14.8%
7,445
7,445
0.0%
Total
819,498 690,932
18.6%
1,338,412 1,433,133
-6.6%
* Net of PDD
(6,257)
-
46,651
54,493
2,155,873 2,114,137
N.M.
-14.4%
2.0%
Total Receivableson Balance
Var. 4Q15
4Q15
3Q15
x 3Q15
2,157,940 2,115,666
2.0%
(42,460)
(47,462)
-10.5%
(6,257)
N.M.
46,651
55,862
-16.5%
2,155,873 2,124,067
1.5%
Page | 21
Cash and Debt
Cash and cash equivalents closed 4Q15 at R$335.3 million, which represents an increase of 26.8% compared to the
existing balance at the end of 4Q14 and a decrease of 1.1% in relation to 3Q15. Note that Helbor does not perform
transactions involving financial instruments with speculative purposes. At the end of thequarter, the debt totaled R$
1,967.7 million,an increase of 35.3% over the same period of 2014 and 6.3% compared to 3Q15.
The following table shows loans, construction financing and debentures and a breakdown of short- and long-term
debt:
Debt (R$ '000)
Loans
ConstructionFinancing
Debentures
Total Debt
Short Term
LongTerm
4Q15
4Q14
123,581
1,515,293
328,804
1,967,678
778,112
1,189,566
412
1,245,200
208,224
1,453,836
720,649
733,187
Var. 4Q15 x
4Q14
29895.4%
21.7%
57.9%
35.3%
8.0%
62.2%
Var. 4Q15
x 3Q15
117,827
4.9%
1,383,141
9.6%
349,882
-6.0%
1,850,851
6.3%
663,386
17.3%
1,187,465
0.2%
3Q15
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 4Q15:
Amortization Schedule - Debentures (R$ 000)
110,000
81,109
Current
68,846
68,849
2017
2018
From 2019on
Helbor’s net debt corresponds to 87.3% of its shareholders’ equity (or 6.3% excluding SFH construction financing,
which is secured by the receivables portfolio).
The following table shows the reconciliation of net debt:
Page | 22
Debt (R$ '000)
Total Debt
Cash and Cash Equivalents
Net Debt
ConstructionFinancing
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
4Q15
4Q14
1,967,678
335,352
1,632,326
1,515,293
117,033
1,381,536
1,870,312
118.2%
87.3%
6.3%
1,453,836
264,563
1,189,273
1,245,200
(55,927)
1,317,758
1,779,016
90.2%
66.9%
-3.1%
Var. 4Q15 x
4Q14
35.3%
26.8%
37.3%
21.7%
N.M
4.8%
5.1%
2800 bps
2040 bps
940 bps
3Q15
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%
Var. 4Q15
x 3Q15
6.3%
-1.1%
8.0%
9.6%
N.M.
-0.3%
-0.1%
910 bps
650 bps
-60 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$ 120.5 million.
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 (R$ 123.00 millions) and cash
return to customers (R$ 19.5 millions).
In this way, the mentioned difficulty in process of transfer since 2Q15 is a reflection, also for deliveries during this
period which concentrated 8 commercial projects of a total of 15 projects, representing 50% of Total PSV delivered.
These projects summed, at the time of launch, Total PSV of R$ 575.2 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.
Important to mention also that some deliveries made of residential projects the buyers are also taking longer to
initiate the transfer process.
This unfavorable combination regarding deliveries, coupled with the deterioration of the macroeconomic scenario
hurt the transfer process efficiency and impacts our potential cash generation, which is explained by performing
receivables position in the balance sheet, totaling R $ 820.2 millions and will be potentiated in view of delivery in the
year 2016, increasing the volume of assets able to be monetized via transfer.
From the second half of 2016 is expected decrease the net debt, independently of the adverse economic factors that
the scenario requires, due to the reduction of the monthly liberate of volume for financing the production of projects
that will be delivered and the aforementioned increase in the volume of receivables performing. Noteworthy is also
that 79% of deliveries in the second half of 2016 are the residential segment, notably more resilient to sales
cancelations and credit restrictions by banks.
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
4Q15
1,511,847
1,632,326
120,479
0
120,479
Page | 23
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 – Residentialbuildings 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 (SistemaFinanceiro 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 (SociedadeemConta 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$1 million.
Page | 24
Appendix I – Development Projects (*% Sold Net of SwapAgreements and Rescissions)
Launch
Estimated
Delivery
Location
Income Segment
Total Units
Net Units*
Total PSV (R$
000)
Helbor´s PSV
(R$000)
% Sold
% of
Construction
Absolute Business Style
Apr-07
Helbor Espaço e Vida Pacaembú
May-07
Delivered
Goiânia
Commercial
222
221
27,935
11,174
100.0%
100.0%
Delivered
São Paulo
Middle
116
116
47,119
47,119
100.0%
Coral Gables
100.0%
May-07
Delivered
Santos
Upper Middle
192
192
94,934
85,441
100.0%
100.0%
Helbor Trend Jardins
Jun-07
Delivered
São Paulo
Middle
118
88
30,815
22,980
100.0%
100.0%
Helbor Victoria Home Club
Jul-07
Delivered
Joinville
Upper Middle
69
69
35,056
28,045
100.0%
100.0%
Alpha Park
Sep-07
Delivered
Salvador
Middle
174
174
38,437
24,984
99.4%
100.0%
Vivere Ibirapuera
Sep-07
Delivered
São Paulo
Upper Middle
38
32
26,922
26,922
100.0%
100.0%
Helbor Tendence
Oct-07
Delivered
São Paulo
Upper Middle
54
52
61,746
61,746
100.0%
100.0%
Pensilvania By Helbor
Oct-07
Delivered
São Paulo
Upper Middle
40
35
25,175
21,854
100.0%
100.0%
Condominium Parque Club
Nov-07
Delivered
Guarulhos
Middle
714
714
207,000
103,500
99.9%
100.0%
Helbor Reserva do Itapety
Dec-07
Delivered
Mogi das Cruzes
Middle
154
154
60,013
60,013
100.0%
100.0%
Green Lifestyle
Dec-07
Delivered
Goiânia
Middle
180
163
35,000
24,500
99.4%
100.0%
Cap Ferrat
Dec-07
Delivered
Santos
Upper Middle
140
124
108,925
98,033
100.0%
100.0%
Helbor Horizons
Dec-07
Delivered
São Paulo
Upper Middle
46
41
28,622
28,622
100.0%
100.0%
Chateau Flamboyant
Apr-08
Delivered
Goiânia
Upper Middle
57
51
28,000
19,600
100.0%
100.0%
Bella Città
May-08
Delivered
Mogi das Cruzes
Land Division
653
625
41,000
7,245
99.2%
100.0%
Helbor Trend Pacaembu
May-08
Delivered
São Paulo
Upper Middle
168
101
35,600
21,600
100.0%
100.0%
Felice Parque da Moóca
Jun-08
Delivered
São Paulo
Upper Middle
56
56
23,600
14,160
100.0%
100.0%
Helbor Home Clube Itapety
Jun-08
Delivered
Mogi das Cruzes
Upper Middle
176
154
68,100
68,100
100.0%
100.0%
Breeze Life Style
Aug-08
Delivered
Goiânia
Upper Middle
108
93
28,157
19,710
100.0%
100.0%
Privilège Liceu
Sep-08
Delivered
Campinas
Upper Middle
116
116
49,717
49,717
100.0%
100.0%
Ekobé Espaço e Vida
Sep-08
Delivered
Taubaté
Upper Middle
128
128
55,967
44,774
100.0%
100.0%
Vision Du Parc Life Style
Sep-08
Delivered
Goiânia
Upper Middle
39
39
33,500
23,450
100.0%
100.0%
Helbor Sur La Citè
Oct-08
Delivered
São Paulo
High
34
34
36,017
35,657
100.0%
100.0%
Bella Città – Villaggio 1
Nov-08
Delivered
Mogi das Cruzes
Land Division
201
181
12,537
2,215
100.0%
100.0%
Helbor Magnifiquè
Nov-08
Delivered
Joinville
Upper Middle
102
98
84,111
75,700
100.0%
100.0%
Splendido Life Style
Nov-08
Delivered
Brasília
Upper Middle
47
47
28,627
20,039
100.0%
100.0%
Helbor Ipoema
Nov-08
Delivered
Mogi das Cruzes
Lower Middle
194
165
33,950
23,765
100.0%
100.0%
Helbor Offices Vila Rica
Dec-08
Delivered
Santos
Commercial
661
507
114,837
91,869
99.8%
100.0%
Bella Città – Villaggio 2
Dec-08
Delivered
Mogi das Cruzes
Land Division
226
204
12,978
2,293
99.6%
100.0%
Helbor Encanto Bela Vista
Dec-08
Delivered
Santo André
Upper Middle
38
38
26,392
26,389
100.0%
100.0%
2008
2007
Year
Development
*Percentage sold in number of units
Page | 25
2010
2009
Year
Launch
Estimated
Delivery
Net Units*
Total PSV (R$
000)
Helbor´s PSV
(R$000)
% Sold
% of
Construction
L'art Vila Rica
Feb-09
Delivered
Santos
High
Bossa Nova Lifestyle
Feb-09
Delivered
Goiânia
Upper Middle
22
22
30,064
24,051
100.0%
100.0%
116
116
39,704
27,793
100.0%
Helbor Home Flex Cambuí
Feb-09
Delivered
Campinas
Upper Middle
100.0%
84
84
17,562
17,562
100.0%
Helbor Tresór Moema
Mar-09
Delivered
São Paulo
100.0%
High
21
13
29,610
17,766
100.0%
Helbor Offices Norte Sul
Apr-09
Delivered
100.0%
Campinas
Commercial
238
232
46,275
46,275
100.0%
Chateau Bougainville
Apr-09
100.0%
Delivered
Goiânia
Upper Middle
50
45
38,825
27,178
100.0%
Helbor Bella Vita 1
100.0%
May-09
Delivered
São Paulo
Middle
168
137
27,746
27,746
100.0%
100.0%
Helbor The Stage
Jun-09
Delivered
São Paulo
High
21
13
40,553
24,332
100.0%
100.0%
Helbor Bella Vita 2
Jun-09
Delivered
São Paulo
Middle
192
157
32,627
32,627
100.0%
100.0%
Helbor Belvedere Jd. das Colinas
Jun-09
Delivered
Upper Middle
216
202
137,831
137,831
100.0%
100.0%
Helbor Spazio Vitta
Jul-09
Delivered
São Paulo
Middle
278
278
89,249
89,249
100.0%
100.0%
Helbor Offices São Paulo
Aug-09
Delivered
São Paulo
Commercial
140
140
32,388
32,388
98.6%
100.0%
Helbor Offices Jd. das Colinas
Aug-09
Delivered
Commercial
368
296
52,008
52,008
100.0%
100.0%
Helbor Trend Joinville
Sep-09
Delivered
Joinville
Middle
102
102
35,830
32,247
100.0%
100.0%
Parque das Águas Empresarial
Oct-09
Delivered
São Gonçalo
Commercial
336
336
39,596
27,717
93.5%
100.0%
Helbor Offices São Caetano
Oct-09
Delivered
São Caetano do Sul
Commercial
280
280
47,916
47,916
98.6%
100.0%
Helbor Giardino Bella Vita
Oct-09
Delivered
São Paulo
Middle
216
176
48,940
48,940
100.0%
100.0%
Helbor Trend Santos Dumont
Oct-09
Delivered
Fortaleza
Middle
88
88
22,254
20,029
100.0%
100.0%
Helbor True Perdizes
Nov-09
Delivered
São Paulo
Upper Middle
30
21
13,961
13,961
100.0%
100.0%
Helbor Espaço & Vida Ipoema
Dec-09
Delivered
Mogi da Cruzes
Lower Middle
240
218
39,860
39,860
99.6%
100.0%
Helbor Ampliatto
Dec-09
Delivered
São Paulo
Middle
138
136
45,123
45,123
100.0%
100.0%
Jazz Life Style
Dec-09
Delivered
Goiânia
Upper Middle
73
62
36,905
25,834
98.6%
100.0%
Helbor Prime Hauss
Dec-09
Delivered
Joinville
Upper Middle
68
68
36,704
33,034
100.0%
100.0%
Helbor Home Flex Pacaembu
Jan-10
Delivered
São Paulo
Middle
192
152
39,348
39,348
100.0%
100.0%
Helbor Park Elegance
Jan-10
Delivered
Cuiabá
Upper Middle
68
65
46,789
42,110
100.0%
100.0%
Helbor Espaço e Vida Ipoema 2
Mar-10
Delivered
Mogi das Cruzes
Lower Middle
240
218
42,205
42,205
98.8%
100.0%
Helbor Sunshine Gonzaga
Mar-10
Delivered
Santos
Middle
82
82
43,536
39,182
95.1%
100.0%
Isla Life Style
Mar-10
Delivered
Brasília
Middle
586
586
202,534
101,267
99.8%
100.0%
Helbor Offices São Paulo II
Jun-10
Delivered
São Paulo
Commercial
230
230
71,153
49,807
100.0%
100.0%
Helbor Offices Champagnat
Jun-10
Delivered
Curitiba
Commercial
292
246
54,276
43,421
100.0%
100.0%
Double Life Ecoville
Jul-10
Delivered
Curitiba
High
107
87
49,328
39,462
97.2%
100.0%
Comfort Stay Verano
Jul-10
Delivered
Rio de Janeiro
Middle
338
338
106,953
74,867
93.5%
100.0%
Comercial Casa das Caldeiras
Aug-10
Delivered
São Paulo
Commercial
535
535
225,437
112,719
95.9%
100.0%
Residencial Casa das Caldeiras
Sep-10
Delivered
São Paulo
Upper Middle
384
384
344,528
172,264
99.0%
100.0%
Helbor Trend Vila da Serra
Sep-10
Delivered
Nova Lima
Middle
96
76
28,401
28,401
100.0%
100.0%
Vitta Parque
Oct-10
Delivered
Diadema
Middle
342
336
117,834
58,917
100.0%
100.0%
Edition Vila Nova
Nov-10
Delivered
São Paulo
High
28
28
37,241
26,069
100.0%
100.0%
Helbor New Tatuapé
Dec-10
Delivered
São Paulo
Middle
76
74
40,360
28,252
97.4%
100.0%
Helbor L'Alto Perdizes
Dec-10
Delivered
São Paulo
High
48
43
52,649
52,649
100.0%
100.0%
Helbor Offices Joinville
Dec-10
Delivered
Joinville
Commercial
241
236
51,619
51,619
95.4%
100.0%
Helbor Spazio Club Alto do Ipiranga
Dec-10
Delivered
Mogi das Cruzes
Middle
184
184
67,588
67,588
98.9%
100.0%
Development
Location
Income Segment
Total Units
Page | 26
2012
2011
Year
Launch
Estimated
Delivery
Helbor´s PSV
(R$000)
% Sold
% of
Construction
Helbor Jardins Ipoema
Mar-11
Helbor Paesaggio Jardim das Colinas
Apr-11
51,548
41,238
88.3%
100.0%
189,465
189,465
87.6%
Rio Business Center
100.0%
41,268
41,268
77.0%
100.0%
160
100,786
50,393
93.8%
100.0%
111
98
31,536
17,029
86.5%
100.0%
Middle and Commercial
260
260
65,015
45,510
95.8%
100.0%
Middle
296
261
131,040
91,728
99.3%
100.0%
Mogi das Cruzes
Middle
228
205
84,627
84,627
47.8%
100.0%
Delivered
Fortaleza
Middle
294
294
81,468
73,322
98.3%
100.0%
Sep-11
Sep-15
Fortaleza
Middle
294
294
75,094
67,584
95.2%
100.0%
Helbor Offices Washington Luís
Sep-11
Delivered
Santos
Commercial
121
121
51,796
46,616
61.2%
100.0%
Perfect Lifestyle - Noroeste
Sep-11
Delivered
Brasília
High
72
72
87,162
34,865
98.6%
100.0%
Il Terrazzo Ponta da Praia
Nov-11
Delivered
Santos
High
36
30
38,871
31,097
80.6%
100.0%
Helbor My Way Ponta da Praia
Nov-11
Delivered
Santos
Middle
216
182
75,385
56,539
96.8%
100.0%
Helbor Concept - Life, Office e Corporate
Nov-11
Delivered
Mogi das Cruzes
472
423
157,744
126,195
92.8%
99.5%
Helbor My Way Batel
Nov-11
Delivered
Curitiba
Middle
131
98
45,914
36,731
97.7%
99.8%
Helbor Lead Offices Faria Lima
Nov-11
Delivered
São Paulo
Commercial
128
120
121,964
60,982
81.3%
100.0%
Helbor Offices São Paulo III
Dec-11
Delivered
São Paulo
Commercial
300
246
55,372
55,372
80.7%
100.0%
Helbor Dual Business Office & Corporate
Dec-11
Sep-15
Cuiabá
Commercial
318
294
74,501
67,051
99.4%
100.0%
Helbor Privilege Goiabeiras
Dec-11
jul-205
Cuiabá
High
32
31
40,173
36,155
100.0%
100.0%
Link Office, Mall & Stay
Dec-11
Delivered
Rio de Janeiro
Commercial and Upper Middle
644
644
367,723
294,179
92.1%
100.0%
Helbor Boulevard Tatuapé
Mar-12
Delivered
São Paulo
Upper Middle
72
72
46,380
46,380
100.0%
99.7%
Helbor Offices Imperatriz Leopoldina
Mar-12
Delivered
São Paulo
Commercial
183
169
57,360
57,360
84.7%
100.0%
Helbor Spazio Club Joinville
Mar-12
Aug-15
Joinville
Middle
116
116
65,731
59,158
75.0%
100.0%
Reserva Bonifácia by Helbor
May-12
Dec-15
Cuiabá
Middle
160
114
78,868
70,981
66.9%
88.1%
Mondial Salvador
May-12
May-16
Salvador
Hotel, Middle and Commercial
457
408
126,134
75,680
68.9%
87.2%
Helbor Up Offices
Jun-12
Aug-15
São Paulo
Commercial
244
244
73,240
54,930
90.6%
100.0%
Development
Location
Income Segment
Total Units
Net Units*
Delivered
Mogi das Cruzes
Lower Middle
240
216
Delivered
High
194
182
Jun-11
Delivered
Rio de Janeiro
Commercial
178
178
Coletânea Vale do Canela
Jun-11
Jul-15
Salvador
Upper Middle
160
Helbor Offices Barão de Teffé
Jun-11
Delivered
Jundiaí
Commercial
Helbor Cosmopolitan Home Stay & Offices
Jun-11
Delivered
Salvador
Terraços Jardim das Colinas
Jun-11
Delivered
Helbor Varandas Ipoema
Jun-11
Delivered
Helbor Condomínio Parque Clube Fortaleza I
Sep-11
Helbor Condomínio Parque Clube Fortaleza II
Total PSV (R$
000)
Movement City & Life
Jun-12
Feb-16
São Bernardo
Middle
368
368
173,717
104,230
65.2%
93.2%
Offices Nações Unidas
Sep-12
Aug-15
São Paulo
Commercial
238
192
70,087
35,044
76.5%
100.0%
Helbor Offices São Vicente
Sep-12
May-16
São Vicente
Commercial
472
469
145,066
130,559
40.9%
96.0%
Patteo Mogilar Sky
Sep-12
Aug-15
Mogi das Cruzes
Commercial
330
275
61,126
48,901
92.7%
100.0%
Adagio Alphaville
Oct-12
May-16
Barueri
Hotel
275
216
83,238
33,295
75.3%
96.0%
Rio Stay Residence
Nov-12
Aug-15
Rio de Janeiro
Middle
187
187
94,124
65,887
90.9%
100.0%
Landscape by Helbor
Nov-12
Jun-16
Mogi das Cruzes
High
192
186
229,020
183,216
70.3%
87.7%
Helbor Classic Bosque Maia
Dec-12
Nov-15
Guarulhos
Upper Middle
172
145
140,925
112,740
85.5%
100.0%
Square Offices and Mall
Dec-12
Jan-16
Taubaté
Commercial
138
131
35,481
31,933
84.8%
99.2%
Helbor Dual Patteo Mogilar
Dec-12
Mar-16
Mogi das Cruzes
Commercial
306
306
88,897
71,118
87.6%
91.1%
My Helbor Patteo Mogilar
Dec-12
Mar-16
Mogi das Cruzes
Middle
216
216
69,059
55,247
63.0%
87.0%
Helbor Carpe Diem Bosque Maia
Dec-12
May-16
Guarulhos
Middle
396
331
188,964
151,171
85.6%
98.5%
Page | 27
Launch
Estimated
Delivery
Location
Income Segment
Total Units
Net Units*
Total PSV (R$
000)
Helbor´s PSV
(R$000)
% Sold
% of
Construction
Doppio by Helbor
Feb-13
Aug-16
São Paulo
High
19
19
64,753
38,852
47.4%
84.7%
Référence by Helbor
Feb-13
Aug-16
São Paulo
High
30
30
61,366
52,161
40.0%
84.0%
Helbor Enjoy Guarulhos - 1st Phase
Mar-13
Sep-16
Guarulhos
Middle
208
187
63,160
63,154
68.8%
84.6%
Helbor Dual Offices & Corporate
Mar-13
Sep-16
Joinville
Commercial
242
242
60,098
54,088
47.5%
69.2%
Helbor My Way Abolição
Mar-13
Sep-16
Fortaleza
Middle
161
136
68,730
68,723
60.9%
78.7%
Passarela Park Prime - 1st Phase
May-13
Nov-16
Campo Grande
Upper Middle
220
220
171,057
68,423
97.7%
64.4%
Helbor Enjoy Guarulhos - 2nd Phase
Jun-13
Sep-16
Guarulhos
Middle
216
180
61,700
61,694
84.3%
84.6%
Ideale
Jun-13
Dec-16
Middle
138
138
76,581
45,949
69.6%
69.7%
Helbor Corporate Tower Jardim das Colinas
Jun-13
Aug-15
Commercial
50
41
61,560
61,554
30.0%
99.8%
Helbor Vivere Jardim Analia Franco
Aug-13
Oct-16
São Paulo
Upper Middle
60
53
42,429
38,186
41.7%
60.1%
Helbor Life Club Patteo Mogilar
Sep-13
Jan-17
Mogi das Cruzes
Upper Middle
216
216
137,694
110,155
73.1%
65.8%
Parkinn By Radisson Santos
Sep-13
Dec-16
Santos
Hotel
241
185
74,334
37,167
64.3%
61.7%
Helbor Offices Savassi
Oct-13
Dec-16
Belo Horizonte
Commercial
196
122
60,064
48,051
79.8%
71.5%
Arthouse Double Sky - 1st Phase
Nov-13
Mar-17
Campinas
High
50
40
57,454
40,218
90.0%
49.5%
Origem Tatuapé By Helbor - 1st Phase
Nov-13
May-17
São Paulo
Middle
120
108
65,617
59,056
71.7%
50.5%
One Eleven Home and Work By Helbor
Nov-13
May-17
São Paulo
Commercial and Upper Middle
176
176
170,529
136,544
39.2%
30.2%
Helbor Apto Campo Belo
Nov-13
Mar-17
São Paulo
Middle
96
76
44,502
44,497
70.8%
27.3%
Neolink Office, Mall & Stay
Dec-13
Jun-16
Rio de Janeiro
High and Commercial
428
275
192,552
134,786
75.5%
61.9%
Helbor Trend SP
Dec-13
Feb-17
São Paulo
Middle
138
128
53,646
53,640
81.9%
43.3%
Helbor Arte Faria Lima
Dec-13
Dec-16
São Paulo
Middle
66
50
27,493
27,490
66.7%
52.9%
Trilogy Home, Office & Stay - 1st Phase
Dec-13
Feb-18
780
551
198,980
139,286
60.6%
38.9%
Up Village By Helbor
Dec-13
Feb-17
São Paulo
Middle
104
104
52,837
36,986
45.2%
48.8%
Centro Empresarial Aquarius
Dec-13
Feb-18
Commercial
644
322
105,029
84,023
52.5%
32.3%
Origem Tatuapé By Helbor - 2nd Phase
Feb-14
May-17
São Paulo
Middle
112
105
67,162
60,446
70.0%
50.5%
Passarela Park Prime - 2nd Phase
Mar-14
Nov-16
Campo Grande
Upper Middle
120
112
92,533
37,013
84.8%
64.4%
Up Offices Berrini
Mar-14
May-17
São Paulo
Commercial
234
179
88,178
66,134
45.7%
47.0%
Spazio Helbor Mooca
Apr-14
Jul-17
São Paulo
High
100
98
71,841
71,834
35.0%
17.5%
Trilogy Home - 2nd Phase
May-14
Feb-18
Middle
174
174
95,848
67,094
69.5%
38.9%
Condominio Art Vitta
Jun-14
Nov-17
Campinas
High
134
105
99,326
69,528
59.7%
13.9%
Up Offices Berrini
Sep-14
Jul-18
Upper Middle
206
193
161,933
97,160
84.5%
5.1%
Adagio Batel
Sep-14
Mar-18
Curitiba
Hotel
221
203
72,070
57,656
50.7%
7.0%
Trilogy Home - 2nd Phase
Sep-14
Feb-18
Hotel
204
204
79,034
55,324
17.6%
38.9%
Helbor Reserva da Praça
Sep-14
May-18
Fortaleza
Middle
189
179
114,921
114,910
19.0%
21.8%
The CittyPlex Osasco
Oct-14
Aug-18
Osasco
Flat
364
357
102,823
71,976
75.4%
1.5%
Helbor Downtown
Oct-14
Nov-17
Commercial
202
186
52,997
52,992
60.9%
17.8%
Helbor Num Vila Nova
Dec-14
Jun-18
São Paulo
Middle
267
135
90,642
54,385
73.4%
2.9%
Helbor Trend Higienóplis
Dec-14
Jun-18
São Paulo
Middle
226
183
73,456
66,110
85.0%
3.8%
Urban Resort
Mar-15
Apr-18
São Paulo
Middle
176
122
57,191
40,034
68.2%
0.0%
Helbor Family Garden - 2ª Fase
Apr-15
Jul-18
Upper Middle
150
135
107,930
64,758
42.7%
5.1%
2015
2014
2013
Year
Development
Trilogy Home, Office & Stay - 4ª fase
jul-15
Feb-18
São Bernando do Campo
Middle
174
174
113,657
79,560
43.1%
38.9%
Arthouse Double Sky - 2ª fase
nov-15
mar-17
Campinas/SP
Alto
50
40
69,651
48,756
32.0%
49.5%
Page | 28
Appendix II – Consolidated Income Statement
(R$ '000)
Real Estate Development and Sales
(+/-) PresentValueAdjustments
(-) Sales Deduction
(-) Sales Taxes
Management Fees
OperatingCosts
Properties Sales
Gross Profit
OperatingIncome (Expenses)
General andadministrativeexpenses
Commercialexpenses
Taxexpenses
Financial expenses
Financial income
Otheroperatingincome (expenses)
Total operating income and expenses
Equityaccountingresult
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
Var. 4Q15 x
4Q14
Var. 4Q15
x 3Q15
2015
2014
Var. 2015 x
2014
354,934
354,122
2,923
(7,324)
812
350,533
(255,449)
(255,449)
95,084
-5.2%
-5.3%
71.1%
N.M.
4.9%
28.8%
-4.8%
9.3%
9.3%
-42.7%
1,321,392
1,317,731
14,610
(28,603)
3,661
1,307,399
(1,007,566)
(1,007,566)
299,833
1,641,296
1,632,625
(5,786)
(285)
(33,220)
8,671
1,602,005
(1,088,542)
(1,088,542)
513,463
-19.5%
-19.3%
N.M.
N.M.
-13.9%
-57.8%
-18.4%
-7.4%
-7.4%
-41.6%
-5.2%
-49.8%
69.1%
-20.3%
91.8%
N.M.
-18.4%
48.6%
(23,124)
(20,200)
(2,005)
(21,282)
19,553
(543)
(47,601)
31
-6.6%
-9.5%
11.9%
-59.8%
76.7%
1581.8%
-46.9%
767.7%
(87,123)
(84,170)
(8,226)
(65,132)
109,808
(9,943)
(144,786)
333
(84,683)
(130,078)
(6,445)
(47,949)
83,790
19,129
(166,236)
844
2.9%
-35.3%
27.6%
35.8%
31.1%
-152.0%
-12.9%
-60.5%
93,569
-68.5%
47,514
-38.0%
155,380
348,071
-55.4%
(8,055)
(10,144)
-20.6%
(7,683)
4.8%
(31,285)
(39,232)
-20.3%
21,391
83,425
-74.4%
39,831
-46.3%
124,095
308,839
-59.8%
(9,078)
(26,277)
-65.5%
(18,824)
-51.8%
(55,222)
(98,082)
-43.7%
12,313
57,148
-78.5%
21,007
-41.4%
68,873
210,757
-67.3%
4Q15
4Q14
336,455
335,409
5,002
(7,680)
1,046
333,777
(279,332)
(279,332)
54,445
424,447
422,006
7,008
(122)
(8,584)
2,441
422,749
(298,390)
(298,390)
124,359
-20.7%
-20.5%
-28.6%
N.M.
-10.5%
-57.1%
-21.0%
-6.4%
-6.4%
-56.2%
(21,603)
(18,280)
(2,244)
(8,557)
34,548
(9,132)
(25,268)
269
(22,776)
(36,450)
(1,327)
(10,738)
18,014
22,306
(30,971)
181
29,446
3Q15
Page | 29
Appendix III – Consolidated Balance Sheet
ASSETS (R$ 000)
Currentassets
Cash and cash equivalents
Marketablesecurities
Accountsreceivable
Loans
Properties for sale
Recoverabletaxesandcontributions
Sales expensestoappropriate
Otherassets
Total currentassets
Non-currentassets
Accountsreceivable
Properties for sale
Loans
Relatedparties
Judicial deposits
Sales expensestoappropriate
Investments
Fixedassets
Intangible
Total non-currentassets
Total assets
4Q15
4Q14
Var. 4Q15
x 4Q14
3Q15
Var. 4Q15
x 3Q15
136,404
198,948
1,344,788
11,593
2,085,329
3,551
11,017
20,595
235,917
28,646
1,214,118
3,988
1,499,874
3,270
13,912
18,953
-42.2%
594.5%
10.8%
190.7%
39.0%
8.6%
-20.8%
8.7%
145,845
193,159
1,295,106
9,030
1,622,755
3,833
15,296
21,517
-6.5%
3.0%
3.8%
28.4%
28.5%
-7.4%
-28.0%
-4.3%
3,812,225
3,018,678
26.3%
3,306,541
15.3%
811,085
393,347
12,299
3,070
6,925
2,377
16,145
24,769
913
900,019
1,049,036
14,495
5,570
4,740
17,533
7,665
33,276
1,043
-9.9%
-62.5%
-15.2%
-44.9%
46.1%
-86.4%
110.6%
-25.6%
-12.5%
828,961
820,943
11,823
3,070
5,584
4,202
9,950
26,619
1,000
-2.2%
-52.1%
4.0%
0.0%
24.0%
-43.4%
62.3%
-6.9%
-8.7%
1,270,930
2,033,377
-37.5%
1,712,152
-25.8%
5,083,155
5,052,055
0.6%
5,018,693
1.3%
Page | 30
LIABILITIES (R$ 000)
Currentliabilities
Loans, financinganddebentures
Suppliers
Labor andtaxliabilities
Provision for income tax and social
contribution
Deferredtaxesandcontributions
Advancesfromclients
Creditorsundercommittedproperties
Accountspayable
Acquisitionofpartnership
Dividendspayable
Total currentliabilities
Non-currentliabilities
Longtermliabilities
Loans, financinganddebentures
Advancesfromclients
Creditorsundercommittedproperties
Accountspayable
Acquisitionofpartnership
Provision for contingencies
DebtwithSCPsparticipants
Total non-currentliabilities
Shareholder'sEquity
Capital
(-) Cost in the Helbor's stock emission
Treasury stocks
Stock optionsplan
Equityevaluationadjustment
Gains or losses on investments
Legal reserve
Income reserve
Minorityinterest
Total shareholder'sequity
Total liabilities and shareholder's equity
4Q15
4Q14
Var. 4Q15
x 4Q14
3Q15
Var. 4Q15
x 3Q15
778,112
33,816
12,808
720,649
54,193
17,470
8.0%
-37.6%
-26.7%
663,386
20,579
13,188
17.3%
64.3%
-2.9%
1,528
3,871
-60.5%
1,606
-4.9%
28,102
231,008
28,036
91,916
27,922
16,357
24,723
193,037
43,003
82,243
14,197
100,110
13.7%
19.7%
-34.8%
11.8%
96.7%
-83.7%
26,467
228,197
41,967
87,614
20,782
-
6.2%
1.2%
-33.2%
4.9%
34.4%
N.M.
1,249,605
1,253,496
-0.3%
1,103,786
13.2%
1,189,566
78,461
643,577
25,791
14,949
2,805
6,532
1,557
733,187
58,265
1,173,875
30,763
11,441
6,466
3,459
2,087
62.2%
34.7%
-45.2%
-16.2%
30.7%
-56.6%
88.8%
-25.4%
1,187,465
78,000
736,590
26,235
10,026
3,459
1,741
0.2%
0.6%
-12.6%
-1.7%
49.1%
N.M.
88.8%
-10.6%
1,963,238
2,019,543
-2.8%
2,043,516
-3.9%
806,376
(13,236)
(25,052)
7,438
33,274
896
69,242
502,598
488,776
806,376
(13,236)
(10,380)
7,438
8,663
(427)
65,798
453,526
461,258
0.0%
0.0%
141.3%
0.0%
284.1%
N.M.
5.2%
10.8%
6.0%
806,376
(13,236)
(24,525)
7,438
33,274
903
65,798
510,086
485,277
0.0%
0.0%
2.1%
0.0%
0.0%
-0.8%
5.2%
-1.5%
0.7%
1,870,312
1,779,016
5.1%
1,871,391
-0.1%
5,083,155
5,052,055
0.6%
5,018,693
1.3%
Page | 31
Appendix IV – Consolidated Cash Flow
(R$ '000)
Operatingflow
Fromoperations
Net income of the period
Cash and cash equivalents from operations adjustments
Depreciationandamortization
Presentvalueadjustment
Provision for contingencies
Interestexpenses
Financial charges
Interestexpenses over goodwill
Equityaccountingresult
Assetsandliabilitiesvariation
Accountsreceivable
Properties for sale
Recoverabletaxesandcontributions
Expenses with sales to be appropriated
Judicial deposits
Otherassets
Accounts receivable of related parties
Accounts payable of related parties
Suppliers
Labor andtaxliabilities
Advancesfromclients
Creditorsundercommittedproperty
Accountspayable
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
Increaseoninvestments
Increaseonintangibles
Increaseoffixedassets
Marketablesecurities
Marketablesecurities (Cepac)
Ownershipacquisitions
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
Paymentofdividends
Issuanceof 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
2015
2014
Var. 2015 x 2014
155,380
348,071
-55.4%
5,092
(14,610)
3,073
1,280
126,590
(41,825)
(3,266)
(333)
26,125
5,786
(22,572)
(6,303)
84,098
(16,614)
(2,101)
(844)
-80.5%
N.M.
N.M.
N.M.
50.5%
151.7%
55.4%
-60.5%
(33,383)
(2,414)
(281)
18,051
(2,185)
(1,642)
2,500
(20,377)
(4,662)
(492,327)
(19,939)
13,181
(23,611)
(40,203)
(369,654)
172,995
(388,789)
807
8,665
1,021
(1,561)
1,011
(18,403)
3,468
45,442
(29,765)
34,989
(49,176)
(67,975)
128,375
N.M.
N.M.
N.M.
108.3%
N.M.
N.M.
147.3%
N.M.
N.M.
-234.4%
-1183.4%
-33.0%
-62.3%
-52.0%
N.M.
-40.9%
N.M.
(13,009)
130
3,415
16,357
(7,689)
11,387
10,591
604
161
(18,141)
(1,046)
(17,443)
(1,847)
(37,712)
N.M.
-19.3%
-118.8%
N.M.
-55.9%
N.M.
-128.1%
1,399,770
(5,050)
2,907
(972,316)
(100,110)
(319)
(27,915)
(14,672)
282,295
(76,768)
839,830
(8,963)
7,160
(737,628)
(130,012)
(2,727)
(138,987)
(10,380)
(181,707)
(91,044)
66.7%
-43.7%
-59.4%
31.8%
-23.0%
N.M.
-88.3%
-79.9%
41.3%
N.M.
-15.7%
235,917
136,404
(99,513)
326,961
235,917
(91,044)
-27.8%
-42.2%
9.3%
Page | 32

HELBOR EMPREENDIMENTOS SAREPORTS 4Q15 AND 2015

Transcrição

Documentos relacionados

Presentación de PowerPoint - Investor Relations Solutions

Warehouse

1Q15 Earnings Release Conference Call