2Q15 Earnings Release

HELBOR EMPREENDIMENTOS S.A. REPORTS 2Q15 AND 1H15 EARNINGS
Total Pre Sales in 2Q15 increased 7.8% over 1H15
Mogi das Cruzes, August 13, 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 second quarter and 2015 (2Q15) and first half of 2015 (1H15). The information herein is
presented in comparison with 1Q15 and 2Q14, in addition to the comparison between 1H15 and 1H14. 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: August 14, 2015
Time: 3:00 p.m. (Brasília time)
14:00 p.m. (NY time)
18:00 p.m. (GMT time)
Portuguese
Dial-in: +55 (11) 2188-0155
Code: Helbor
Webcast: Click here
English
Dial-in: +1 (646) 843-6054
Code: Helbor
Webcast: Click here
Highlights
Total Pre-Sales amounted to R$ 243.5 million in 2Q15, and Helbor’s share
reached R$ 181.8 million, an increased of 1.7% and 2.5%, respectively, over
2Q14. In 1H15, pre-sales came to R$ 469.5 million, 28.0% lower than 1H14 and
Helbor’s share totaled R$ 355.5 million, a 24.8% decrease over 1H14. .
Total Launched Potential Sales Value (PSV) in 2Q15 stood at R$ 107.9 million
and Helbor’s PSV share totaled R$ 64.8 million, a 68.9% decrease over 2Q14. In
1H15, launches came to R$ 165.1 million in Total PSV and Helbor’s PSV share
totaled R$ 104.8 million, 71.8% lower than 1H14.
The Total Sales over Supply Ratio (SoS) stood at 7.0% in 2Q15 and 12.9% in
1H15. The SoS LTM, wich is considering the last 12 months, reached 27.8%.
Deliveries in 2Q15 totaled R$ 280.6 million (Total PSV) and R$ 210.4 million
(Helbor’s PSV share) at the time of launch, corresponding to 742 units delivered
to clients.
Net Operating Revenue, decreased 6.8%, totaling R$ 300.6 million in 2Q15,
versus R$ 322.4 million in 1Q15. In 1H15, net operating revenue stood at R$
623.1 million, a 18.9% decrease over 1H14.
HBOR3
Shares issued: 257,699,937
Closing price*: R$ 2.08
Market cap*: R$ 536 million
*on 12/08/2015
Gross Profit came to R$ 64.4 million in 2Q15, with a Gross Margin of 21.4% and
an Adjusted Gross Margin of 30.4%. In 1H15, gross profit totaled R$ 150.3
million, with a gross margin of 24.1% and an adjusted gross margin of 32.3%.
Net Income totaled R$ 5.2 million in 2Q15, with a Net Margin of 1.7%. In 1H15,
net income stood at R$ 35.5 million, with a net margin of 5.7%.
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 (%)
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 (%)
2Q15
2Q14
Var.
2Q15 x 2Q14
1Q14
Var.
2Q14 x 1Q14
1H14
1H13
Var.
1H14 x 1H13
107,930
64,758
60.0%
1
150
267,015
208,456
78.1%
3
408
-59.6%
-68.9%
-1810 bps
-2
-258
57,191
40,034
70.0%
1
176
88.7%
61.8%
-1000 bps
0
-26
165,121
104,792
63.5%
2
326
514,889
372,049
72.3%
6
874
-67.9%
-71.8%
-880 bps
-4
-548
243,509
181,858
74.7%
502
7.0%
239,541
177,456
74.1%
441
8.0%
1.7%
2.5%
60 bps
61
-100 bps
225,963
173,625
76.8%
459
6.8%
7.8%
4.7%
-220 bps
43
20 bps
469,472
355,483
75.7%
961
12.9%
651,899
472,672
72.5%
1.244
18.4%
-28.0%
-24.8%
320 bps
-283
-550 bps
6,312,189
8,115,693
4,981,566
5,846,910
6,723,301
8,526,805
5,343,940
6,209,284
-6.1%
-4.8%
-6.8%
-5.8%
6,346,255
8,149,759
5,072,560
5,937,904
-0.5%
-0.4%
-1.8%
-1.5%
3,171,791
2,426,036
2,793,582
2,151,304
13.5%
12.8%
3,151,093
2,423,173
0.7%
0.1%
280,609
210,444
742
367,723
294,179
644
-23.7%
-28.5%
98
425,992
347,945
1.314
-34.1%
-39.5%
-572
706,601
558,389
2,056
961,708
692,620
1,605
-26.5%
-19.4%
451
300,658
64,386
21.4%
30.4%
7,0%
24,131
8.0%
16.9%
5,181
1.7%
10.9%
375,690
124,149
33.0%
38.5%
5,6%
72,878
19.4%
24.6%
49,748
13.2%
21.6%
-20.0%
-48.1%
-1160 bps
-810 bps
140 bps
-66.9%
-1140 bps
-770 bps
-89.6%
-1150 bps
-1070 bps
322,431
85,918
26.6%
34.1%
6,6%
46,555
14.4%
21.8%
30,372
9.4%
14.6%
-6.8%
-25.1%
-520 bps
-370 bps
40 bps
-48.2%
-640 bps
-490 bps
-82.9%
-770 bps
-370 bps
623,089
150,304
24.1%
32.3%
6,8%
70,686
11.3%
19.4%
35,553
5.7%
10.9%
768,453
249,456
32.5%
40.1%
5,4%
146,582
19.1%
26.9%
101,426
13.2%
21.6%
-18.9%
-39.7%
-840 bps
-780 bps
140 bps
-51.8%
-780 bps
-750 bps
-64.9%
-750 bps
-1070 bps
1.5%
15.5%
-1400 bps
9.1%
-760 bps
5.3%
16.1%
-1080 bps
0.0201
0.1930
-89.6%
0.1179
-82.9%
0.1380
0.3936
-64.9%
1,402,586
455,999
32.5%
1,915,745
658,070
34.4%
-26.8%
-30.7%
-190 bps
1,599,696
544,044
34.0%
-12.3%
-16.2%
-150 bps
1,422,898
134,159
78.5%
7.4%
1,043,972
(52,956)
59.6%
-3.0%
36.3%
N.M.
1890 bps
1040 bps
1,288,449
58,901
71.1%
3.3%
10.4%
127.8%
740 bps
410 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 257,699,937 shares for all periods after the distribution of share bonuses in April 2013.
Page | 3
Management Comments
Helbor Empreendimentos S.A. is pleased to announce the operational and financial results for the second quarter
and first half of 2015.
This was a quarter results below the company's history, and that reflect the current situation of real estate market
and the Brazilian economy. 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 150 units and Helbor’s
PSV of R$ 64.8 million. The launch of this quarter was the second phase of a residential development, which had
already been launched and well accepted by the market, providing the launch of the second 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 remained stable compared to the first quarter of 2015, taking into account a launch of approximately
R$ 100 million.
Helbor delivered 9 projects in the semester, which means more than 2,000 units delivered, totaling R$ 558.4 million
in PSV Helbor. 86.9% of the total units delivered 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 2Q15 came to R$ 107.9 million, of which Helbor’s share was 60.0%,
from the launch of 1 development. Helbor’s launched PSV (R$ 64.8 million) decreased 68.9% over 2Q14 and increase
of 61.8% over 1Q15. In the first six months of 2015, launches totaled R$ 165.1 million in total PSV, of which Helbor’s
share was R$ 104.8 million, decreases of 67.9% and 71.8% over 1H14, respectively.
This reduction in 1H14 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 1H15:
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
Total 2Q15 - 1 Development
150
Total 2015 - 2 Developments
1 – Includes swapped units
2 – Net of swap agreements
326
Developments (PSV in R$ '000)
Urban Resort
Total 1Q15 - 1 Development
Helbor Family Garden - 2nd Phase
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%
257
165,121
104,792
63.5%
Pre-Sales
Total pre-sales stood at R$ 243.5 million in 2Q15, 1.7% higher than 2Q14 and an increase of 7.8% over 1Q15.
Helbor’s share was R$ 181.8 million (74.7% of total sales), 2.5% higher than 2Q14 and an increase of 4.7% in
comparison with 1Q15. In the first six months of 2015, contracted sales totaled R $ 469.5 million in Total PSV and R$
355.5 million in PSV Helbor, representing a decrease of 28.0% and 24.8%, respectively, compared the same period
2014.
The sales cancelation stood at R$ 167.7 million, of wich Helbor’s share was R$ 126.7 million, and in the first six
months of 2015 reached R$ 312.5 million, Helbor’s share was R$ 231.7 million.
The tables below give a breakdown of pre-sales in 2Q15 and 1H15 by city and product profile:
2Q15
Income
Segment
Middle
Upper Middle
Commercial
High
Hotel
Lower Middle
Total
Pre-Sales
R$ (000)
99,634
80,008
31,912
28,393
2,057
1,506
243,509
Helbor's Pre-Sales R$
(000)
76,444
57,684
24,262
20,328
1,645
1,494
181,858
# of Units
243
108
115
22
7
7
502
Part. over Total Sales
(Helbor's Interest)
42.0%
31.7%
13.3%
11.2%
0.9%
0.8%
100.0%
Page | 5
2Q15
Region
Total Pre-Sales
R$ (000)
Helbor´s Pre-Sales
R$ (000)
# of Units
São Bernardo do Campo
São Paulo
Mogi das Cruzes
São José dos Campos
Guarulhos
Santos
Campinas
São Vicente
Rio de Janeiro
Osasco
Diadema
Jundiaí
São Gonçalo
Nova Lima
São Caetano do Sul
Southeast - Total
Campo Grande
Cuiabá
Brasília
Mid West - Total
Curitiba
Joinville
South - Total
Salvador
Fortaleza
Northeast - Total
46,172
46,054
43,927
21,173
12,846
7,905
7,141
4,461
3,610
1,400
1,356
795
604
336
245
198,023
8,732
5,548
4,080
18,360
10,183
6,932
17,115
6,193
3,817
10,010
28,532
34,663
35,462
18,865
10,555
5,929
5,125
4,015
2,588
980
678
429
423
302
221
148,766
3,493
4,934
1,808
10,234
8,146
6,932
15,078
4,259
3,520
7,779
78
90
101
31
21
25
8
23
9
5
3
3
6
1
1
405
10
12
6
28
26
12
38
21
10
31
Part. over Total
Sales (Helbor's
Interest)
15.7%
19.1%
19.5%
10.4%
5.8%
3.3%
2.8%
2.2%
1.4%
0.5%
0.4%
0.2%
0.2%
0.2%
0.1%
81.8%
1.9%
2.7%
1.0%
5.6%
4.5%
3.8%
8.3%
2.3%
1.9%
4.3%
Total
243,509
181,858
502
100.0%
1H15
Income
Segment
Middle
Upper Middle
Commercial
High
Lower Middle
Hotel
Total
Pre-Sales
R$ (000)
213,555
147,658
52,269
50,592
3,342
2,057
469,472
Helbor's Pre-Sales R$
(000)
163,995
111,837
39,580
35,096
3,329
1,645
355,483
# of Units
522
195
182
40
15
7
961
Part. over Total Sales
(Helbor's Interest)
46.1%
31.5%
11.1%
9.9%
0.9%
0.5%
100.0%
Page | 6
1H15
Region
Total Pre-Sales
R$ (000)
Helbor´s Pre-Sales
R$ (000)
# of Units
São Paulo
Mogi das Cruzes
São Bernardo do Campo
São José dos Campos
Santos
Guarulhos
Campinas
São Vicente
Osasco
Rio de Janeiro
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
104,376
79,491
63,477
60,687
20,648
18,968
12,847
4,681
4,446
4,296
3,639
2,761
1,437
825
756
10
383,345
15,760
15,656
9,927
41,343
15,259
14,580
29,839
7,881
7,064
14,945
77,098
64,259
39,253
54,376
15,973
15,534
9,119
4,213
3,112
3,102
1,820
1,491
1,293
577
681
9
291,911
6,304
14,030
4,340
24,674
15,257
11,664
26,921
5,289
6,688
11,977
214
191
106
95
58
31
14
24
16
10
8
11
4
8
3
1
794
18
30
15
63
26
35
61
26
17
43
Part. over Total
Sales (Helbor's
Interest)
21.7%
18.1%
11.0%
15.3%
4.5%
4.4%
2.6%
1.2%
0.9%
0.9%
0.5%
0.4%
0.4%
0.2%
0.2%
0.0%
82.1%
1.8%
3.9%
1.2%
6.9%
4.3%
3.3%
7.6%
1.5%
1.9%
3.4%
Total
469,472
355,483
961
100.0%
Of Helbor’s total pre-sales, 8.7% came from units launched in the quarter and 91.3% 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%
274.2
266.5
300. 0
60. 0%
250. 0
50. 0%
200. 0
177.5
173.6
181.8
40. 0%
58.8%
65.2%
150. 0
30. 0%
94.1%
100. 0
91.3%
72.6%
20. 0%
50. 0
10. 0%
27.4%
34.8%
2Q14
3Q14
41.2%
0. 0
4Q14
Launches
5.9%
8.7%
1Q15
2Q15
0. 0%
Inventory
Page | 7
The Sales over Supply Ratio (SoS) stood at 7.0% in the second 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
2,426,844
40,034
104,965
2,571,843
173,625
2,423,173
64,758
126,708
2,614,639
181,858
12.9%
7.8%
10.4%
10.1%
6.8%
7.0%
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
3,132,281
57,191
144,778
3,334,250
225,963
3,151,093
107,930
167,677
3,426,699
243,509
13.7%
8.1%
11.4%
10.4%
6.8%
7.1%
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
1Q15
2Q15
2,004,891
819,003
335,511
3,159,405
892,821
2,151,304
675,305
391,962
3,218,572
896,104
28.3%
27.8%
1Q15
2Q15
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
29.2%
28.6%
2Q15
Page | 8
Sales Over Suply (SoS)
46.0%
25.7%
24.5%
6.8%
7.0%
6.6%
6.5%
6.5%
4Q14
1Q15
2Q15
10.1%
SoS
SoS of Launches
SoS of Inventory
Inventory
The total inventory closed 2Q15 with a market value of R$ 3,171.8 million, of which Helbor’s share was
R$ 2,426.0 million (76.5%). In relation to the 1T15, the inventory remained practically stable and increased by 0.7%,
and Helbor share increased 0.1%.
The current inventory reflects the large number of launches in 4Q13, which now accounts 19.8% of the total
inventory, and the lowest sales rate recorded in recent quarters.
The following table gives a breakdown of the 2Q15 inventory by the quarter in which the units were launched:
Launching Date (R$ 000)
Concluded Units
2Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
Total
Total Inventory
% of Inventory
Helbor´s
Inventory
502,872
7,113
2,397
28,969
247,457
134,500
296,069
213,525
161,480
131,675
628,495
122,525
174,649
265,472
144,119
35,160
75,312
3,171,791
15.9%
0.2%
0.1%
0.9%
7.8%
4.2%
9.3%
6.7%
5.1%
4.2%
19.8%
3.9%
5.5%
8.4%
4.5%
1.1%
2.4%
100.0%
381,169
3,557
1,918
28,966
164,251
112,415
219,994
174,768
135,142
96,869
479,038
91,266
139,058
220,195
107,629
24,612
45,187
2,426,036
% of
Helbor´s
Inventory
15.7%
0.1%
0.1%
1.2%
6.8%
4.6%
9.1%
7.2%
5.6%
4.0%
19.7%
3.8%
5.7%
9.1%
4.4%
1.0%
1.9%
100.0%
Page | 9
Breakdown of Helbor's Inventory by Quarter of Launch
19.7%
15.7%
9.1%
9.1%
7.2%
6.8%
Concluded
Units
0.1%
0.1%
2Q11
4Q11
5.7%
5.6%
4.6%
4.0%
4.4%
3.8%
1.9%
1.2%
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
2Q15
The following tables give a breakdown of inventory by city and product profile in 2Q15:
ncome Segment
(R$ 000)
Upper Middle
Commercial
High
Middle
Hotel
Land Division
Lower Middle
Total
Total Inventory
1,138,035
837,255
578,926
486,847
129,364
1,339
25
3,171,791
% of
Total
Inventory
35.9%
26.4%
18.3%
15.3%
4.1%
0.0%
0.0%
100.0%
Helbor´s Inventory
878,471
624,827
458,774
390,095
73,612
238
18
2,426,036
% of
Helbor´s
Inventory
36.2%
25.8%
18.9%
16.1%
3.0%
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
São Vicente
Rio de Janeiro
Guarulhos
Santos
Campinas
Osasco
Barueri
Belo Horizonte
Taubaté
São Gonçalo
Jundiaí
São Caetano do Sul
Nova Lima
Southeast
Fortaleza
Salvador
Northeast
Joinville
Curitiba
South
Cuiabá
Campo Grande
Brasília
Goiânia
Mid West
809,549
517,037
311,759
250,345
112,913
175,471
151,609
101,774
103,614
42,411
43,708
34,622
14,458
6,040
8,114
1,291
355
2,685,070
157,950
106,635
264,585
81,554
57,585
139,138
52,098
23,370
7,503
25
82,996
% of
Total
Inventory
25.5%
16.3%
9.8%
7.9%
3.6%
5.5%
4.8%
3.2%
3.3%
1.3%
1.4%
1.1%
0.5%
0.2%
0.3%
0.0%
0.0%
84.7%
5.0%
3.4%
8.3%
2.6%
1.8%
4.4%
1.6%
0.7%
0.2%
0.0%
2.6%
Total
3,171,791
100.0%
Helbor´s Inventory
619,935
335,557
249,182
234,347
101,622
124,498
126,299
67,465
72,530
29,688
17,483
20,773
13,012
4,228
4,381
1,162
320
2,022,483
151,623
64,974
216,598
81,546
46,068
127,613
46,649
9,348
3,328
18
59,342
% of
Helbor´s
Inventory
25.6%
13.8%
10.3%
9.7%
4.2%
5.1%
5.2%
2.8%
3.0%
1.2%
0.7%
0.9%
0.5%
0.2%
0.2%
0.0%
0.0%
83.4%
6.2%
2.7%
8.9%
3.4%
1.9%
5.3%
1.9%
0.4%
0.1%
0.0%
2.4%
2,426,036
100.0%
Page | 11
The following table presents the inventory of finished units at the end of 2Q15:
(R$ Mil)
HELBOR PAESAGGIO JD.DAS COLINAS
HELBOR LEAD OFFICES FARIA LIMA
HELBOR VARANDAS IPOEMA
HELBOR JARDINS IPOEMA
HELBOR OFFICES WASHINGTON LUIZ
LINK OFFICE, MALL & STAY
COND. TERRAZZO PONTA DA PRAIA
COSMOPOLITAN HOME STAY & OFFICES
CONCEPT LIFE, OFFICE E CORPORATE
HELBOR MY WAY BATEL
EMPRESARIAL RIO BUSINESS CENTER
SPAZIO CLUB ALTO DO IPIRANGA
COMERCIAL CASA DAS CALDEIRAS
HELBOR OFFICES SÃO PAULO III
TERRAÇOS JARDIM DAS COLINAS
HELBOR OFFICES JOINVILLE
OFFICES BARÃO DE TEFFÉ
COMFORT STAY VERANO II
MY WAY PONTA DA PRAIA
PARQUE DAS AGUAS EMPRESARIAL
HELBOR OFFICES IMPERATRIZ
LEOPOLDINA
HELBOR COND.PQ.CLUBE FORTALEZA
PERFECTT LIFE STYLE
COMFORT STAY VERANO I
EDITION VILA NOVA
HELBOR NEW TATUAPÉ
ISLA LIFE STYLE
RESIDENCIAL CASA DAS CALDEIRAS
COND. HELBOR BOULEVARD TATUAPÉ
CAP FERRAT
HELBOR ESPAÇO & VIDA 2 IPOEMA
HELBOR OFFICES SÃO PAULO
HELBOR OFFICES SÃO CAETANO
HELBOR PARK ELEGANCE
HELBOR BELVEDERE JARDIM DAS
COLINAS
DOUBLE LIFE
BELLA CITÁ VILLAGGIO 2
CONDOMINIUM PARQUE CLUBEHELBAACO
HELBOR OFFICES VILA RICA
ALPHA PARK LIFESTYLE
HELBOR TOWER
BELLA CITÁ
HELBOR TREND VILA DA SERRA
JAZZ LIFE STYLE
Total
São José dos Campos
São Paulo
Mogi das Cruzes
Mogi das Cruzes
Santos
Rio de Janeiro
Santos
Salvador
Santos
Curitiba
Rio de Janeiro
São Paulo
São Paulo
São Paulo
Mogi das Cruzes
Joinville
Jundiaí
Rio de Janeiro
Santos
São Gonçalo
São Paulo
Mês da
Entrega
Oct-14
Oct-14
Jun-14
May-14
Dec-14
Jan-15
Oct-13
Feb-15
Nov-14
Feb-14
Mar-12
Oct-14
Nov-13
Feb-14
Jun-13
Nov-14
Nov-14
Jun-13
Oct-13
Jun-13
Feb-15
Fortaleza
Brasília
Rio de Janeiro
São Paulo
São Paulo
Brasília
São Paulo
São Paulo
Santos
Mogi das Cruzes
São Paulo
São Caetano do Sul
Cuiabá
São José dos Campos
May-12
Feb-14
Feb-14
Mar-13
Jun-13
Mar-15
May-11
Jan-13
Sep-13
Sep-12
Mar-13
Oct-13
Jan-15
May-11
11
3
8
2
3
4
2
2
1
5
3
4
1
1
4,647
4,240
3,996
3,850
3,605
3,263
3,032
1,791
1,620
1,591
1,490
1,291
1,259
1,243
0.9%
0.8%
0.8%
0.8%
0.7%
0.6%
0.6%
0.4%
0.3%
0.3%
0.3%
0.3%
0.3%
0.2%
4,646
1,696
2,797
2,695
2,523
1,632
1,516
1,790
1,619
1,591
1,490
1,162
1,133
1,243
1.2%
0.4%
0.7%
0.7%
0.7%
0.4%
0.4%
0.5%
0.4%
0.4%
0.4%
0.3%
0.3%
0.3%
Curitiba
Mogi das Cruzes
Guarulhos
Jan-12
Feb-12
Dec-13
3
4
1
932
896
824
0.2%
0.2%
0.2%
746
159
412
0.2%
0.0%
0.1%
Santos
Salvador
Mogi das Cruzes
Aug-12
Oct-10
Before
2007
Nov-13
Feb-12
Mar-13
2
1
4
769
565
483
0.2%
0.1%
0.1%
769
367
217
0.2%
0.1%
0.1%
5
1
1
793
444
355
25
502,872
0.1%
0.1%
0.0%
100.0%
79
320
18
381,169
0.0%
0.1%
0.0%
100.0%
Cidade
Mogi das Cruzes
Nova Lima
Goiânia
Nº de
Estoque Total
Part. %
Unidades
(R$ mil)
44
71,154
14.1%
37
67,175
13.4%
140
61,843
12.3%
95
36,392
7.2%
53
34,601
6.9%
39
33,367
6.6%
9
17,352
3.5%
23
16,761
3.3%
24
15,869
3.2%
17
12,316
2.4%
49
11,948
2.4%
17
11,357
2.3%
21
11,214
2.2%
31
9,566
1.9%
14
8,937
1.8%
20
8,493
1.7%
18
8,114
1.6%
14
6,855
1.4%
15
6,112
1.2%
28
6,040
1.2%
12
4,893
1.0%
Estoque Helbor
(R$ mil)
71,147
33,587
50,144
29,637
25,950
25,025
13,882
11,733
11,902
9,853
8,364
9,086
5,607
6,696
6,256
8,492
4,381
4,799
4,584
4,228
4,892
Part. %
18.7%
8.8%
13.2%
7.8%
6.8%
6.6%
3.6%
3.1%
3.1%
2.6%
2.2%
2.4%
1.5%
1.8%
1.6%
2.2%
1.1%
1.3%
1.2%
1.1%
1.3%
Page | 12
Land Bank
In the period ended June 30, 2015, the land bank totaled 960.2 thousand m², representing total PSV of R$ 6.3 billion
(R$ 8.2 billion including Alden). Helbor’s share was R$ 5.0 billion (R$ 5.8 billion including Alden), or 78.9% of the total
(72.0% 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 79.5% 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 2Q15:
Income Segment
Upper Middle
Middle
Commercial
High
Hotel
Lower Middle
Total
* Net of swap agreements
City / Region
São Paulo
Mogi das Cruzes
Campinas
São José dos Campos
Osasco
Rio de Janeiro
São Bernardo do Campo
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
318,041
128,564
122,423
13,713
15,120
960,183
2,468,122
1,841,344
1,131,305
600,690
245,023
25,704
6,312,189
Helbor´s
PSV* (R$
000)
1,941,976
1,496,480
799,905
489,759
227,743
25,704
4,981,566
% of Total
PSV
# of
Projects
Total
Units
39.1%
29.2%
17.9%
9.5%
3.9%
0.4%
100.0%
12
18
12
7
4
1
54
3,316
3,848
3,196
448
786
288
11,882
Total Area
(sq.m)
368,202
250,208
48,758
61,883
57,344
36,968
15,444
8,886
847,693
36,969
15,838
11,080
63,887
48,603
48,603
Total PSV
(R$ 000)
3,189,482
1,067,701
272,401
228,967
439,268
331,955
102,703
53,316
5,685,794
129,392
134,623
72,017
336,033
290,363
290,363
Helbor´s PSV*
(R$ 000)
2,493,552
915,804
207,269
184,312
335,912
242,144
101,674
53,316
4,533,983
64,696
74,043
68,159
206,898
240,686
240,686
% of Total
PSV
50.5%
16.9%
4.3%
3.6%
7.0%
5.3%
1.6%
0.8%
90.1%
2.0%
2.1%
1.1%
5.3%
4.6%
4.6%
# of
Projects
24
8
5
2
4
2
1
1
47
1
1
1
3
4
4
960,183
6,312,189
4,981,566
100.0%
54
Total Units
5,745
1,838
485
216
1,110
984
174
42
10,594
232
188
280
700
588
588
11,882
Page | 13
Deliveries
Four developments were delivered in 2Q15, consisting of 742 units, of which Helbor’s PSV share was R$ 210.4 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, 86.9% of the total units delivered had already been sold, reinforcing the strategy of keeping finished-unit
inventories as low as possible. These two factors are crucial for strengthening the Company’s cash flow and ensuring
development profitability.
Delivered Developments
Delivery
Date
Helbor Cosmopolitan Home Stay &
Jan-15
Offices
Helbor Condomínio Parque Clube
Feb-15
Fortaleza I
Helbor My Way Ponta da Praia
Mar-15
Helbor Concept - Life, Office e
Feb-15
Corporate
Helbor Boulevard Tatuapé
Jan-15
Total 1Q15
Helbor Offices Imperatriz Leopoldina
mai-15
Helbor Lead Offices Faria Lima
mai-15
Helbor My Way Batel
mai-15
Helbor Offices São Paulo III
jun-15
Total 2Q15
jan-00
Total 2015
* PSV at launch net of swap agreements
Location
Segment
Units
Net
Units*
Total
PSV*
(R$ 000)
Helbor´s
PSV* (R$
000)
Helbor's
Interest
Salvador
Commercial
260
260
65,015
45,510
70.0%
Fortaleza
Middle
294
294
81,468
73,322
90.0%
Santos
Mogi das
Cruzes
São Paulo
Middle
216
182
75,385
56,539
75.0%
Commercial
472
423
157,744
126,195
80.0%
Upper Middle
São Paulo
São Paulo
Curitiba
São Paulo
Commercial
Commercial
Middle
Commercial
72
1,314
183
128
131
300
742
72
1,231
169
120
98
246
633
46,380
425,992
57,360
121,964
45,914
55,372
280,609
46,380
347,945
57,360
60,982
36,731
55,372
210,444
100.0%
81.7%
100.0%
50.0%
80.0%
100.0%
75%
2,056
1,864
706,601
558,389
79%
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:
2Q15
2Q14
Var. 2Q15
x 2Q14
1Q15
Var.
2Q15 x
1Q15
1H15
1H14
Var. 1H15
x 1H14
302,302
374,725
-19.33%
325,898
-7.24%
628,200
792,325
-20.71%
2,575
7,061
-63.53%
4,110
-37.35%
6,685
-11,291
-159.21%
New Accounting Standard
Gross Operating Revenues
Real Estate Development and
Sales
(+/-) Present Value
Adjustments
(-) Discounts
-
-113
N.M.
-
N.M.
0
-163
-100.00%
(-) Sales Taxes
-5,962
-7,426
-19.71%
-7,637
-21.93%
-13,599
-16,506
-17.61%
Management Fees
1,743
1,443
20.79%
60
2805.00%
1803
4,088
-55.90%
300,658
375,690
-19.97%
322,431
-6.75%
623,089
768,453
-18.92%
-236,272
-251,541
-6.07%
-236,513
-0.10%
-472,785
-518,997
-8.90%
64,386
124,149
-48.14%
85,918
-25.06%
150,304
249,456
-39.75%
466,547
446,148
4.57%
445,665
4.69%
912,212
924,862
-1.37%
2,575
7,061
-63.53%
4,110
-37.35%
6,685
-11,291
-159.21%
-66,032
-29,873
121.04%
-44,975
46.82%
-111,007
-55,548
99.84%
-5,962
-7,426
-19.71%
-7,637
-21.93%
-13,599
-16,506
-17.61%
Net Operating Revenues
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
1,743
1,443
20.79%
60
2805.00%
1,803
4,088
-55.90%
398,871
417,353
-4.43%
397,223
0.41%
796,094
845,605
-5.86%
-334,485
-293,204
14.08%
-311,305
7.45%
-645,790
-596,149
8.33%
64,386
124,149
-48.14%
85,918
-25.06%
150,304
249,456
-39.75%
Operating Costs
Properties Sales
Gross Profit
Page | 15
2Q15
2Q14
Var. 1Q5 x
1Q14
1Q15
Var. 2Q15
x 1Q15
1H15
1H14
Var. 1H15
x 1H14
Gross Margins
21.40%
33.00%
-1160 bps
26.60%
-520
24.10%
32.50%
-840 bps
Adjusted Gross Margins
30.40%
38.50%
-810 bps
34.10%
-370
32.30%
40.10%
-780 bps
G&A/Net Operating Revenue
7.00%
5.60%
140 bps
6.60%
40
6.80%
5.40%
140 bps
Selling Expenses/Net Operating Revenue
7.80%
8.00%
-20 bps
6.90%
90
7.30%
8.70%
-140 bps
Ebitda Margin
8.00%
19.40%
-1140 bps
14.40%
-640
11.30%
19.10%
780 bps
Adjusted Ebitda Margin
16.90%
24.60%
-770 bps
21.80%
-490
19.40%
26.90%
-750 bps
Net Margin
1.70%
13.20%
-1150 bps
9.40%
-770
5.70%
13.20%
-750 bps
New Accounting Standard
Old Accounting Standard
Gross Margins
16.10%
29.70%
-1360 bps
21.60%
-550
18.90%
29.50%
-1060 bps
Adjusted Gross Margins
22.80%
34.60%
-1180 bps
27.60%
-480
25.20%
36.40%
-1120 bps
G&A/Net Operating Revenue
5.30%
5.00%
30 bps
5.40%
-10
5.30%
4.90%
40 bps
Selling Expenses/Net Operating Revenue
5.80%
7.20%
-140 bps
5.60%
20
5.70%
7.90%
-220 bps
Ebitda Margin
6.00%
17.50%
-1150 bps
11.70%
-570
8.90%
17.30%
-840 bps
Adjusted Ebitda Margin
12.70%
22.10%
-940 bps
17.60%
-490
15.10%
24.40%
-930 bps
Net Margin
1.30%
11.90%
-1060 bps
7.60%
-630
4.50%
12.00%
-750 bps
Operating Revenue
GROSS OPERATING REVENUE
Gross operating revenue decrease 19.2% in 2Q15, from R$ 376.2 million in 2Q14 to R$ 304.0 million in 2Q15. In
comparison with the R$ 325.9 million reported in 1Q15, this quarter’s revenue decreased by 6.7%. In the 1H14-1H15
comparison, gross revenue decreased, totaling R$ 630.0 million in 1H15, 20.9% down over 1H14.
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 Deduction / Gross Revenues (%)
Sales Taxes / Gross Revenues (%)
2Q15
2Q14
302,302
1,743
304,045
2,575
0
(5,962)
300,658
0.0%
2.0%
374,725
1,443
376,168
7,061
(113)
(7,426)
375,690
0.0%
2.0%
Var.
2Q15 x
2Q14
-19.3%
20.8%
-19.2%
-63.5%
N.M.
-19.7%
-20.0%
0 bps
0 bps
1Q15
325,898
60
325,958
4,110
0
(7,637)
322,431
0.0%
2.3%
Var.
2Q15 x
1Q15
-7.2%
2805.0%
-6.7%
-37.3%
N.M.
-21.9%
-6.8%
0 bps
-30 bps
1H15
1H14
Var. 1H15
x 1H14
628,200
1,803
630,003
6,685
0
(13,599)
623,089
0.0%
2.2%
792,325
4,088
796,413
(11,291)
(163)
(16,506)
768,453
0.0%
2.1%
-20.7%
-55.9%
-20.9%
N.M.
N.M.
-17.6%
-18.9%
0 bps
10 bps
NET OPERATING REVENUE
Net operating revenue decreased by 20.0% in 2Q15, from R$ 375.8 million in 2Q14 to R$ 300.7 million in 2Q15. In
the quarter-on-quarter comparison, net operating revenue decreased by 6.8%. In the mid-year review, net revenues
decreased by 18.9% to R$ 623.1 million in the 1H15.
Page | 16
Gross Profit
Gross profit totaled R$ 64.4 million in 2Q15, a 25.1% decrease over 1Q15 and a 48.1% lower over 2Q14. The gross
margin stood at 21.4% in the quarter, against 33.0% in 2Q14 and 26.6% in 1Q15. The Adjusted Gross Margin stood at
30.4% in 2Q15. In 1H15, gross profit came to R$ 150.3 million with a gross margin of 24.1%, 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
2Q15
2Q14
300,658
(236,272)
64,386
21.4%
300,658
2,575
298,083
(236,272)
(28,729)
(207,543)
90,540
30.4%
375,690
(251,541)
124,149
33.0%
375,690
7,061
368,629
(251,541)
(24,690)
(226,851)
141,778
38.5%
Var. 2Q15
x 2Q14
-20.0%
-6.1%
-48.1%
-1160 bps
-20.0%
N.M.
-19.1%
-6.1%
16.4%
-8.5%
-36.1%
-810 bps
1Q15
322,431
(236,513)
85,918
26.6%
322,431
4,110
318,321
(236,513)
(26,799)
(209,714)
108,607
34.1%
Var. 2Q15
x 1Q15
-6.8%
-0.1%
-25.1%
-520 bps
-6.8%
N.M.
-6.4%
-0.1%
7.2%
-1.0%
-16.6%
-370 bps
1H15
1H14
623,089
(472,785)
150,304
24.1%
623,089
6,685
616,404
(472,785)
(55,528)
(417,257)
199,147
32.3%
768,453
(518,997)
249,456
32.5%
768,453
(11,291)
779,744
(518,997)
(51,543)
(467,454)
312,290
40.1%
Var. 1H15
x 1H14
-18.9%
-8.9%
-39.7%
-840 bps
-18.9%
-159.2%
-20.9%
-8.9%
7.7%
-10.7%
-36.2%
-780 bps
Gross profit and, as a result, the gross margin of the 2Q15 were severely impacted by the increase in sales
cancellations, mainly real estate ready which appropriate an amount of income is very high, that had a net negative
effect of R$ 21 million and 520 basis points respectively compared to the previous quarter. The sales cancellations
remained at the same levels, which is already high, of 1Q15 and would not be observed variation in these indicators,
demonstrating resilience margins at the level of projects, despite the recent deterioration of economic indicators.
OPERATING COSTS
The operating costs presented a reduction of 6.1% compared to 2Q14 to R $ 236.3 million in 2Q15 reflecting basically
the decrease in sales between the 2Q15 and 2Q14 the. In the first half, operating costs decreased 8.9%, a total of R $
472.8 million
Negatively impacted the cost of real estate sales in relation to gross revenue increase in the INCC in the year to the
2Q15 accumulated a 6.61%.
General and Administrative Expenses
General and administrative expenses totaled R$ 21.0 million in 2Q15, flat over the 2Q14 and 1.7% lower than 1Q15.
As a result, expenses represented 7.0% of net revenue, against 6.6% in the previous quarter. In the semester, general
and administrative expenses came to R$ 42.4 million, a 2.9% increase over 1H14 and representing 6.8% 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 2Q15 which include, momentarily, the expenses related
to the change of company's offices in the city of Mogi das Cruzes.
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. 2Q15 x
Var. 2Q15 x
1Q15
1H15
2Q14
1Q15
(7,733) (7,252)
6.6%
(6,970)
10.9%
(14,703)
(2,293) (3,610)
-36.5%
(4,273)
-46.3%
(6,566)
(4,375) (2,960)
47.8%
(3,192)
37.1%
(7,567)
(1,667) (1,429)
16.7%
(1,585)
5.2%
(3,252)
(1,295) (1,676)
-22.7%
(2,063)
-37.2%
(3,358)
(385)
(379)
1.6%
(403)
-4.5%
(788)
(1,052)
(664)
58.4%
(690)
52.5%
(1,742)
(2,212) (3,020)
-26.8%
(2,208)
0.2%
(4,420)
(21,012) (20,990)
0.1%
(21,384)
-1.7%
(42,396)
300,658 375,690
-20.0%
322,431
-6.8%
623,089
7.0%
5.6%
140 bps
6.6%
40 bps
6.8%
2Q15
2Q14
1H14
(15,093)
(6,955)
(5,635)
(2,954)
(2,693)
(728)
(2,136)
(5,009)
(41,203)
768,453
5.4%
Var. 1H15
x 1H14
-2.6%
-5.6%
34.3%
10.1%
24.7%
8.2%
-18.4%
-11.8%
2.9%
-18.9%
140 bps
Selling Expenses
In 2Q15, selling expenses decreased by 22.6% to R$ 23.3 million in the period, against R$ 30.1 million in 2Q14
and an increase of 4.2% compared to R$ 22.4 million in 1Q15. These figures correspond to 7.3% and 8.0% of net
revenue of 2Q15 and 2Q14, 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
2Q15
2Q14
(7,687) (5,391)
(6,837) (9,292)
(6,214) (13,045)
(2,429) (1,921)
(145)
(484)
(23,312) (30,133)
300,658 375,690
7.8%
8.0%
Var. 2Q15
x 2Q14
42.6%
-26.4%
-52.4%
26.4%
-70.0%
-22.6%
-20.0%
-20 bps
1Q15
(5,445)
(7,394)
(6,459)
(2,707)
(374)
(22,379)
322,431
6.9%
Var. 2Q15
x 1Q15
41.2%
-7.5%
-3.8%
-10.3%
-61.2%
4.2%
-6.8%
90 bps
1H15
1S14
(13,132)
(14,231)
(12,673)
(5,136)
(519)
(45,691)
623,089
7.3%
(21,710)
(20,007)
(18,959)
(5,608)
(606)
(66,890)
768,453
8.7%
Var. 1S15
x 1S14
-39.5%
-28.9%
-33.2%
-8.4%
-14.4%
-31.7%
-18.9%
-140 bps
The increase in selling expenses in the quarter was a result of increased spending on advertising and other
actions to encourage and promote products to the greater number of projects with units in inventory. In the
first half, total expenditure amounted to R$ 45.7 million, 31.7% lower than the first half of 2014 and
representing 7.3% of net operating revenue.
Financial Result
Financial revenue totaled R$ 28.0 million in 2Q15, a decrease of 12.0% over the result of the 2Q14 and a little
increase of 1.2% over 1Q15. Financial expenses totaled R$ 20.2 million in the quarter, an increase of 24.1% compared
to 2Q14 and 33.9% compared to 1Q15. In this way the financial result was positive in the 2Q15 totaling R$ 7.8 million
in 2Q15, 49.8% lower than 2Q14 and a decrease of 37.9% compared to 1Q15.
In the first half, financial revenue totaled R$ 55.7 million, volume 10.0% lower than 1H14. Financial expenses were
R$ 35.3 million, 22.0% lower than the same period in 2014, becoming a positive financial income of R$ 20.4 million,
38.1% higher than 1H14.
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
Var. 1Q15
4Q14
x 1Q14
5,679
6,514
-12.8%
7,400
12,624 11,417
10.6%
8,626
9,181
11,195
-18.0%
11,062
455
1,187
-61.7%
489
86
1,541
-94.4%
105
28,025 31,854
-12.0%
27,682
(12,301) (2,101)
485.5%
(9,577)
(2,144) (2,336)
-8.2%
(1,259)
(637)
(769)
-17.2%
(649)
(5,125) (11,076)
-53.7%
(3,601)
(20,207) (16,282)
24.1%
(15,086)
7,818
15,572
-49.8%
12,596
1Q15
1Q14
Var. 1Q15
x 4Q14
-23.3%
46.3%
-17.0%
-7.0%
-18.1%
1.2%
28.4%
70.3%
-1.8%
42.3%
33.9%
-37.9%
Var. 2014
x 2013
13,079 13,254
-1.3%
21,250 19,852
7.0%
20,243 24,368
-16.9%
944
1,807
-47.8%
191
2,599
-92.7%
55,707 61,880
-10.0%
(21,878) (6,056)
261.3%
(3,403) (3,742)
-9.1%
(1,286) (1,219)
5.5%
(8,726) (17,907) -51.3%
(35,293) (28,924)
22.0%
20,414 32,956
-38.1%
2014
2013
EBITDA
EBITDA in the 2Q15 reached R$ 24.1 million, a decrease of 66.9% compared to 2Q14 and a decrease of 48.2% over
1Q15. The EBITDA margin, on the other hand, was 8.0%, a decrease of 1,140 bps in relation to the 2Q14 and a
reduction of 640 bps in relation to 1Q15. The EBITDA margin adjusted for financial charges on cost and the present
value reached 16.9% in 2Q15, a decrease of 770 bps compared to 2Q14. In the first half, EBITDA reached R$ 70.7
million in 1H15, with EBITDA margin of 11.3%, 780 bps lower than the 1H14, and EBITDA margin of 19.4%.
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
2Q15
2Q14
Var. 2Q15
x 2Q14
1Q15
Var. 2Q15
x 1Q15
1H15
1H14
Var.
1H15 x
1H14
25,822
83,361
-69.0%
52,598
-50.9%
78,420
168,806
-53.5%
-12.0%
24.1%
20.4%
-66.9%
-20.0%
-1140 bps
-66.9%
N.M.
16.4%
-44.4%
-19.1%
-770 bps
27,682
15,086
6,553
46,555
322,431
14.4%
46,555
(4,110)
26,799
69,244
318,321
21.8%
1.2%
33.9%
-6.5%
-48.2%
-6.8%
-640 bps
-48.2%
N.M.
7.2%
-27.4%
-6.4%
-490 bps
55,707
35,293
12,680
70,686
623,089
11.3%
70,686
(6,685)
55,528
119,529
616,404
19.4%
61,880
28,924
10,732
146,582
768,453
19.1%
146,582
11,291
51,543
209,416
779,744
26.9%
-10.0%
22.0%
18.2%
-51.8%
-18.9%
-780 bps
-51.8%
-159.2%
7.7%
-42.9%
-20.9%
-750 bps
28,025 31,854
20,207 16,282
6,127
5,089
24,131 72,878
300,658 375,690
8.0%
19.4%
24,131 72,878
(2,575) (7,061)
28,729 24,690
50,285 90,507
298,083 368,629
16.9%
24.6%
Net Income
In 2Q15, net income was R$ 5.2 million in 2Q15, with net margin of 1.7%, a decrease of 1,150 bps compared to 2Q14.
Compared to 1Q15, net income decreased by 82.9%, reducing the net margin at 770 bps.
Earnings per share amounted to R$ 0.0201 in the quarter. ROE LTM (LTM net income/average LTM shareholders’
equity) came to 10.9% in 1Q15, while annualized ROE reached 1.5% in the 2Q15 and 5.3% in 1H15.
The following table shows the reconciliation of the net margin:
Page | 19
1H15
1H14
322,431
30,372
9.4%
0.1179
Var. 2Q15
x 1Q15
-6.8%
-82.9%
-770 bps
-82.9%
623,089
35,553
5.7%
0.1380
768,453
101,426
13.2%
0.3936
Var. 1H15
x 1H14
-18.9%
-64.9%
-750 bps
-64.9%
14.6%
-370 bps
10.9%
21.6%
-1070 bps
1.5%
15.5%
-1400 bps
9.1%
-760 bps
5.3%
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.
16.1%
-1080 bps
(R$ '000)
Net Operating Revenues
Net Income
Net Margin
1
Earnings per Share
ROE LTM
ROAE
3
2
375,690
49,748
13.2%
0.1930
Var. 2Q15
x 2Q14
-20.0%
-89.6%
-1150 bps
-89.6%
21.6%
-1070 bps
2Q15
2Q14
300,658
5,181
1.7%
0.0201
10.9%
1Q15
Net income, as well as other performance indicators, suffered a big impact due to the high volume of sales
cancellations in the period. In this regard, it is noteworthy that the total PSV of sales cancellations in 2Q15,
33.1% were projects with development of more than 80% of recognized revenue and the average of Helbor’s
share of 89%.
Backlog Result
The backlog result totaled R$ 456.0 million at the end of 2Q15, a 16.2% decrease over 1Q15, with a backlog margin
of 32.5%, 150 bps lower than 1Q15. The backlog margin reached 32.5%, down 150 basis points compared to the
previous quarter.
The following table gives a breakdown of the backlog result.
(R$ '000)
2Q15
2Q14
Var. 2Q15
x 2Q14
-26.8%
-26.8%
-26.8%
-24.7%
-30.7%
-190 bps
-43.2%
Gross Backlog Revenues
1,455,720
1,988,319
Sales Taxes
(53,134)
(72,574)
Net Backlog Revenues
1,402,586
1,915,745
1
Costs of Sold Units to be recognized
(946,587) (1,257,675)
Backlog Results
455,999
658,070
Backlog Margin
32.5%
34.4%
Commercial Expenses to be recognized
(40,389)
(71,164)
1 – Included in the financial costs related to interest on the debentures.
2 – Excludes canceled sales, adjustment to present value and selling expenses.
1Q15
1,660,297
(60,601)
1,599,696
(1,055,652)
544,044
34.0%
(49,433)
Var. 2Q15 x
1Q15
-12.3%
-12.3%
-12.3%
-10.3%
-16.2%
-150 bps
-18.3%
The financial component of increase in interest rates accounted for an increase of 100 basis points compared to the
1Q15, while the cost of units sold impacted this indicator by 50 basis points.
Receivables
Total receivables, net of adjustment to present value (AVP) and provisions for doubtful debt (PDD) came to
R$ 2,079.7 million in 2Q15, R$ 579.9 million of which referring to finished units and R$ 1,499.8 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
Var. 2Q15
Var. 2Q15
2Q15
2Q14
2Q15
2Q14
x 2Q14
x 2Q14
536,893 499,893
7.4%
1,542,433 1,573,630
-2.0%
(50,387)
(62,569)
-19.5%
43,057
46,803
-8.0%
7,740
7,900
-2.0%
579,950 546,696
6.1%
1,499,786 1,518,961
-1.3%
Total Receivables on Balance
Var. 2Q15
2Q15
2Q14
x 2Q14
2,079,326 2,073,523
0.3%
(50,387)
(62,569)
-19.5%
50,797
54,703
-7.1%
2,079,736 2,065,657
0.7%
Page | 20
(R$ '000)
Accounts Receivables *
Adjustment to Present Value
Other Credits
Total
* Net of PDD
Concluded Developments
Under Construction
Total Receivables on Balance
Var. 2Q15
Var. 2Q15
Var. 2Q15
2Q15
1Q15
2Q15
1Q15
2Q15
1Q15
x 1Q15
x 1Q15
x 1Q15
536,893 623,441
-13.9%
1,542,433 1,489,583
3.5%
2,079,326 2,113,024
-1.6%
(50,387)
(52,962)
-4.9%
(50,387)
(52,962)
-4.9%
43,057 43,248
-0.4%
7,740
7,775
-0.4%
50,797
51,023
-0.4%
579,950 666,689
-13.0%
1,499,786 1,444,396
3.8%
2,079,736 2,111,086
-1.5%
Cash and Debt
Cash and cash equivalents closed 2Q15 at R$ 287.6 million, which represents a little increase of 1.6% compared to
the existing balance at the end of 2Q14 and a reduction of 20.1% in relation to 1Q15. Note that Helbor does not
perform transactions involving financial instruments with speculative purposes. At the end of the quarter, the debt
totaled R$ 1,710.5 million, an increase of 28.9% over the same period of 2014 and 3.8% compared to 1Q15.
The following table shows loans, construction financing and debentures and a breakdown of short- and long-term
debt:
Debt (R$ '000)
2Q15
Loans
Construction Financing
Debentures
Total Debt
Short Term
Long Term
75,309
1,288,739
346,513
1,710,561
786,856
923,705
Var. 2Q15
Var. 2Q15
1Q15
x 2Q14
x 1Q15
685
10894.0%
51,296
46.8%
1,096,928
17.5%
1,229,548
4.8%
229,498
51.0%
367,473
-5.7%
1,327,111
28.9%
1,648,317
3.8%
716,886
9.8%
673,692
16.8%
610,225
51.4%
974,625
-5.2%
2Q14
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 2Q15:
Amortization Schedule - Debentures (R$ 000)
178,849
79,395
68,846
19,423
Current
2016
2017
From 2018 on
Helbor’s net debt corresponds to 78.5% of its shareholders’ equity (or 7.4% 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
2Q15
2Q14
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%
1,327,111
283,139
1,043,972
1,096,928
(52,956)
1,308,201
1,752,178
79.8%
59.6%
-3.0%
Var. 2Q15
x 2Q14
28.9%
1.6%
36.3%
17.5%
N.M
3.6%
3.4%
2520 bps
1890 bps
1040 bps
1Q15
1,648,317
359,868
1,288,449
1,229,548
58,901
1,339,941
1,811,784
96.2%
71.1%
3.3%
Var. 2Q15
x 1Q15
3.8%
-20.1%
10.4%
4.8%
N.M.
1.1%
0.0%
880 bps
740 bps
410 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$ 34.3 million excluding dividends paid in May 2015.
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.
We also highlight that in the 2Q15 the share buyback operations totaled R$ 3.5 million.
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
2Q15
1,288,449
1,422,898
134,449
(100,110)
34,339
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
Location
Income
Segment
Total
Units
Net
Units*
Absolute Business Style
Apr-07
Helbor Espaço e Vida Pacaembú
May-07
Delivered
Goiânia
Commercial
222
221
27,935
11,174
100.0%
100%
Delivered
São Paulo
Middle
116
116
47,119
47,119
100.0%
Coral Gables
100%
May-07
Delivered
Santos
Upper Middle
192
192
94,934
85,441
100.0%
100%
Helbor Trend Jardins
Jun-07
Delivered
São Paulo
Middle
118
88
30,815
22,980
100.0%
100%
Helbor Victoria Home Club
Jul-07
Delivered
Joinville
Upper Middle
69
69
35,056
28,045
100.0%
100%
Alpha Park
Sep-07
Delivered
Salvador
Middle
174
174
38,437
24,984
99.4%
100%
Vivere Ibirapuera
Sep-07
Delivered
São Paulo
Upper Middle
38
32
26,922
26,922
100.0%
100%
Helbor Tendence
Oct-07
Delivered
São Paulo
Upper Middle
54
52
61,746
61,746
100.0%
100%
Pensilvania By Helbor
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
99.9%
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
99.3%
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
99.4%
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
99.4%
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
Commercial
661
507
114,837
91,869
99.6%
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
Upper Middle
38
38
26,392
26,389
100.0%
100%
2008
2007
Year
Development
Santos
Santo André
Total PSV Helbor´s PSV
% of
% Sold
(R$ 000)
(R$000)
Construction
*Percentage sold in number of units
Page | 24
Year
Launch
Estimated
Delivery
L'art Vila Rica
Feb-09
Delivered
Santos
High
22
22
30,064
24,051
100.0%
100%
Bossa Nova Lifestyle
Feb-09
Delivered
Goiânia
Upper Middle
116
116
39,704
27,793
100.0%
100%
Helbor Home Flex Cambuí
Feb-09
Delivered
Campinas
Upper Middle
84
84
17,562
17,562
100.0%
100%
Helbor Tresór Moema
Mar-09
Delivered
São Paulo
High
21
13
29,610
17,766
100.0%
100%
Helbor Offices Norte Sul
Apr-09
Delivered
Campinas
Commercial
238
232
46,275
46,275
99.6%
100%
Chateau Bougainville
Apr-09
Delivered
Goiânia
Upper Middle
50
45
38,825
27,178
100.0%
100%
Helbor Bella Vita 1
May-09
Delivered
São Paulo
Middle
168
137
27,746
27,746
100.0%
100%
Helbor The Stage
Jun-09
Delivered
São Paulo
High
21
13
40,553
24,332
100.0%
100%
Helbor Bella Vita 2
Jun-09
Delivered
São Paulo
Middle
192
157
32,627
32,627
100.0%
100%
Jun-09
Delivered
São José dos
Campos
Upper Middle
216
202
137,831
137,831
99.5%
100%
Helbor Spazio Vitta
Jul-09
Delivered
São Paulo
Middle
278
278
89,249
89,249
100.0%
100%
Helbor Offices São Paulo
Aug-09
Delivered
São Paulo
Commercial
140
140
32,388
32,388
97.9%
100%
São José dos
Campos
Commercial
368
296
52,008
52,008
100.0%
100%
Development
2010
2009
Helbor Belvedere Jd. das Colinas
Location
Income
Segment
Total
Units
Net
Units*
Total PSV Helbor´s PSV
% of
% Sold
(R$ 000)
(R$000)
Construction
Helbor Offices Jd. das Colinas
Aug-09
Delivered
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
91.7%
100%
Commercial
280
280
47,916
47,916
98.6%
100%
Middle
216
176
48,940
48,940
100.0%
100%
Helbor Offices São Caetano
Oct-09
Delivered
São Caetano do
Sul
Helbor Giardino Bella Vita
Oct-09
Delivered
São Paulo
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
100.0%
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
98.5%
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
99.3%
100%
Helbor Offices São Paulo II
Jun-10
Delivered
São Paulo
Commercial
230
230
71,153
49,807
100.0%
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
96.1%
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
99.0%
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
92.9%
100%
Helbor New Tatuapé
Dec-10
Delivered
São Paulo
Middle
76
74
40,360
28,252
96.1%
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
91.7%
100%
Helbor Spazio Club Alto do Ipiranga
Dec-10
Delivered Mogi das Cruzes
Middle
184
184
67,588
67,588
90.8%
100%
*Percentage sold in number of units
Page | 25
Year
Development
2012
2011
Helbor Jardins Ipoema
Launch
Estimated
Delivery
Mar-11
Delivered Mogi das Cruzes
Location
Income
Segment
Total
Units
Net
Units*
Total PSV Helbor´s PSV
% of
% Sold
(R$ 000)
(R$000)
Construction
Lower Middle
240
216
51,548
41,238
66.3%
100%
High
194
182
189,465
189,465
77.3%
100%
100%
Helbor Paesaggio Jardim das Colinas
Apr-11
Delivered
São José dos
Campos
Rio Business Center
Jun-11
Delivered
Rio de Janeiro
Commercial
178
178
41,268
41,268
72.5%
Coletânea Vale do Canela
Jun-11
Jul-15
Salvador
Upper Middle
160
160
100,786
50,393
95.6%
99%
Helbor Offices Barão de Teffé
Jun-11
Delivered
Jundiaí
Commercial
111
98
31,536
17,029
83.8%
100%
Helbor Cosmopolitan Home Stay &
Offices
Jun-11
Delivered
Salvador
Middle and
Commercial
260
260
65,015
45,510
91.2%
100%
Terraços Jardim das Colinas
Jun-11
Delivered
São José dos
Campos
Middle
296
261
131,040
91,728
95.3%
100%
Helbor Varandas Ipoema
Jun-11
Delivered Mogi das Cruzes
Middle
228
205
84,627
84,627
45.6%
100%
Sep-11
Delivered
Fortaleza
Middle
294
294
81,468
73,322
99.3%
100%
Sep-11
Sep-15
Fortaleza
Middle
294
294
75,094
67,584
96.9%
95%
Helbor Offices Washington Luís
Sep-11
Delivered
Santos
Commercial
121
121
51,796
46,616
56.2%
100%
Perfect Lifestyle - Noroeste
Sep-11
Delivered
Brasília
High
72
72
87,162
34,865
95.8%
100%
Il Terrazzo Ponta da Praia
Nov-11
Delivered
Santos
High
36
30
38,871
31,097
75.0%
100%
Helbor My Way Ponta da Praia
Nov-11
Delivered
Santos
Middle
216
182
75,385
56,539
93.1%
100%
Middle and
Commercial
472
423
157,744
126,195
92.6%
100%
Helbor Condomínio Parque Clube
Fortaleza I
Helbor Condomínio Parque Clube
Fortaleza II
Helbor Concept - Life, Office e
Corporate
Nov-11
Delivered Mogi das Cruzes
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
71.1%
100%
Helbor Offices São Paulo III
Dec-11
Delivered
São Paulo
Commercial
300
246
55,372
55,372
89.7%
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%
98%
644
644
367,723
294,179
93.9%
100%
Link Office, Mall & Stay
Dec-11
Delivered
Rio de Janeiro
Commercial and
Upper Middle
Helbor Boulevard Tatuapé
Mar-12
Delivered
São Paulo
Upper Middle
72
72
46,380
46,380
97.2%
100%
Helbor Offices Imperatriz Leopoldina
Mar-12
Delivered
São Paulo
Commercial
183
169
57,360
57,360
93.4%
100%
Helbor Spazio Club Joinville
Mar-12
Aug-15
Joinville
Middle
116
116
65,731
59,158
68.1%
98%
Reserva Bonifácia by Helbor
May-12
Dec-15
Cuiabá
Middle
160
114
78,868
70,981
59.4%
69%
Salvador
Hotel, Middle
and Commercial
457
408
126,134
75,680
70.2%
70%
Mondial Salvador
May-12
May-16
Helbor Up Offices
Jun-12
Aug-15
São Paulo
Commercial
244
244
73,240
54,930
95.1%
69%
Movement City & Life
Jun-12
Feb-16
São Bernardo
Middle
368
368
173,717
104,230
57.1%
73%
Offices Nações Unidas
Sep-12
Aug-15
São Paulo
Commercial
238
192
70,087
35,044
81.5%
97%
Helbor Offices São Vicente
Sep-12
May-16
São Vicente
Commercial
472
469
145,066
130,559
40.7%
68%
Patteo Mogilar Sky
Sep-12
Aug-15
Mogi das Cruzes
Commercial
330
275
61,126
48,901
100.0%
96%
Adagio Alphaville
Oct-12
May-16
Barueri
Hotel
275
216
83,238
33,295
76.4%
69%
Rio Stay Residence
Nov-12
Aug-15
Rio de Janeiro
Middle
187
187
94,124
65,887
93.6%
96%
Landscape by Helbor
Nov-12
Jun-16
Mogi das Cruzes
High
192
186
229,020
183,216
73.4%
69%
Helbor Classic Bosque Maia
Dec-12
Nov-15
Guarulhos
Upper Middle
172
145
140,925
112,740
86.0%
96%
Square Offices and Mall
Dec-12
Dec-15
Taubaté
Commercial
138
131
35,481
31,933
76.1%
69%
Helbor Dual Patteo Mogilar
Dec-12
Mar-16
Mogi das Cruzes
Commercial
306
306
88,897
71,118
87.6%
70%
My Helbor Patteo Mogilar
Dec-12
Mar-16
Mogi das Cruzes
Middle
216
216
69,059
55,247
64.8%
67%
Helbor Carpe Diem Bosque Maia
Dec-12
May-16
Guarulhos
Middle
396
331
188,964
151,171
78.3%
86%
*Percentage sold in number of units
Page | 26
Launch
Estimated
Delivery
Location
Income
Segment
Total
Units
Net
Units*
Doppio by Helbor
Feb-13
Aug-16
São Paulo
High
19
19
64.753
38.852
36,8%
68%
Référence by Helbor
Feb-13
Aug-16
São Paulo
High
30
30
61.366
52.161
40,0%
64%
Helbor Enjoy Guarulhos - 1st Phase
Mar-13
Sep-16
Guarulhos
Middle
208
187
63.160
63.154
81,9%
59%
Helbor Dual Offices & Corporate
Mar-13
Sep-16
Joinville
Commercial
242
242
60.098
54.088
50,8%
44%
Helbor My Way Abolição
Mar-13
Sep-16
Fortaleza
Middle
161
136
68.730
68.723
60,2%
56%
Passarela Park Prime - 1st Phase
May-13
Nov-16
Campo Grande
Upper Middle
220
220
171.057
68.423
96,8%
40%
Helbor Enjoy Guarulhos - 2nd Phase
Jun-13
Sep-16
Guarulhos
Middle
216
180
61.700
61.694
81,9%
59%
Middle
138
138
76.581
45.949
55,1%
47%
Commercial
50
41
61.560
61.554
24,0%
100%
2015
2014
2013
Year
Development
São Bernardo
do Campo
São José dos
Campos
Total PSV Helbor´s PSV
% of
% Sold
(R$ 000)
(R$000)
Construction
Ideale
Jun-13
Dec-16
Helbor Corporate Tower Jardim das
Colinas
Jun-13
Aug-15
Helbor Vivere Jardim Analia Franco
Aug-13
Oct-16
São Paulo
Upper Middle
60
53
42.429
38.186
33,3%
34%
Helbor Life Club Patteo Mogilar
Sep-13
Jan-17
Mogi das Cruzes
Upper Middle
216
216
137.694
110.155
69,4%
43%
Parkinn By Radisson Santos
Sep-13
Dec-16
Santos
Hotel
241
185
74.334
37.167
71,0%
26%
Helbor Offices Savassi
Oct-13
Dec-16
Belo Horizonte
Commercial
196
122
60.064
48.051
83,3%
41%
Arthouse Double Sky - 1st Phase
Nov-13
Mar-17
Campinas
High
50
40
57.454
40.218
76,0%
24%
Origem Tatuapé By Helbor - 1st Phase
Nov-13
May-17
São Paulo
Middle
120
108
65.617
59.056
67,5%
19%
Commercial and
Upper Middle
176
176
170.529
136.544
38,1%
15%
One Eleven Home and Work By Helbor
Nov-13
May-17
São Paulo
Helbor Apto Campo Belo
Nov-13
Mar-17
São Paulo
Middle
96
76
44.502
44.497
72,9%
15%
Jun-16
Rio de Janeiro
High and
Commercial
428
275
192.552
134.786
75,8%
35%
Neolink Office, Mall & Stay
Dec-13
Helbor Trend SP
Dec-13
Feb-17
São Paulo
Middle
138
128
53.646
53.640
80,4%
18%
Helbor Arte Faria Lima
Dec-13
Dec-16
São Paulo
Middle
66
50
27.493
27.490
60,6%
26%
São Bernardo
do Campo
Middle and
Commercial
780
551
198.980
139.286
56,9%
18%
Trilogy Home, Office & Stay - 1st Phase
Dec-13
Feb-18
Up Village By Helbor
Dec-13
Feb-17
São Paulo
Middle
104
104
52.837
36.986
38,5%
12%
Commercial
644
322
105.029
84.023
50,1%
13%
Centro Empresarial Aquarius
Dec-13
Feb-18
São José dos
Campos
Origem Tatuapé By Helbor - 2nd Phase
Feb-14
May-17
São Paulo
Middle
112
105
67.162
60.446
65,8%
19%
Passarela Park Prime - 2nd Phase
Mar-14
Nov-16
Campo Grande
Upper Middle
120
112
92.533
37.013
87,5%
40%
Up Offices Berrini
Mar-14
May-17
São Paulo
Commercial
234
179
88.178
66.134
45,3%
16%
Spazio Helbor Mooca
Apr-14
Jul-17
São Paulo
High
100
98
71.841
71.834
36,0%
4%
São Bernardo
do Campo
Middle
174
174
95.848
67.094
70,7%
18%
Trilogy Home - 2nd Phase
May-14
Feb-18
Condominio Art Vitta
Jun-14
Nov-17
Campinas
High
134
105
99.326
69.528
40,3%
1%
São Bernardo
do Campo
Upper Middle
206
193
161.933
97.160
83,0%
0%
Up Offices Berrini
Sep-14
Jul-18
Adagio Batel
Sep-14
Mar-18
Curitiba
Hotel
221
203
72.070
57.656
47,5%
0%
Hotel
204
204
79.034
55.324
18,6%
0%
Trilogy Home - 2nd Phase
Sep-14
Feb-18
São Bernardo
do Campo
Helbor Reserva da Praça
Sep-14
May-18
Fortaleza
Middle
189
179
114.921
114.910
16,9%
0%
The CittyPlex Osasco
Oct-14
Aug-18
Osasco
Flat
364
357
102.823
71.976
74,7%
0%
Commercial
202
186
52.997
52.992
56,4%
0%
Helbor Downtown
Oct-14
Nov-17
São José dos
Campos
Helbor Num Vila Nova
Dec-14
Jun-18
São Paulo
Middle
267
135
90.642
54.385
67,8%
0%
Helbor Trend Higienóplis
Dec-14
Jun-18
São Paulo
Middle
226
183
73.456
66.110
82,3%
0%
Urban Resort
Mar-15
Apr-18
São Paulo
Middle
176
122
57.191
40.034
59,1%
0%
jul-18
São Bernardo
do Campo
Upper Middle
150
135
107.930
64.758
36,0%
0%
Helbor Family Garden - 2ª Fase
Apr-15
*Percentage sold in number of units
Page | 27
Appendix II – Consolidated Income Statement
2Q15
2Q14
Var. 2Q15
x 2Q14
1Q15
Var. 2Q15
x 1Q15
1H15
1H14
Var. 1H15 x
1H14
Gross Operating Revenues
304,045
376,168
-19.2%
325,958
-6.7%
630,003
796,413
-20.9%
Real Estate Development and Sales
302,302
374,725
-19.3%
325,898
-7.2%
628,200
792,325
-20.7%
(+/-) Present Value Adjustments
2,575
7,061
-63.5%
4,110
-37.3%
6,685
(11,291)
N.M.
(R$ '000)
(-) Sales Deduction
(-) Sales Taxes
Management Fees
-
(113)
N.M.
-
N.M.
-
(163)
N.M.
(5,962)
(7,426)
-19.7%
(7,637)
-21.9%
(13,599)
(16,506)
-17.6%
1,743
1,443
20.8%
60
2805.0%
1,803
4,088
-55.9%
Net Operating Revenues
300,658
375,690
-20.0%
322,431
-6.8%
623,089
768,453
-18.9%
Operating Costs
(236,272)
(251,541)
-6.1%
(236,513)
-0.1%
(472,785)
(518,997)
-8.9%
(236,272)
(251,541)
-6.1%
(236,513)
-0.1%
(472,785)
(518,997)
-8.9%
64,386
124,149
-48.1%
85,918
-25.1%
150,304
249,456
-39.7%
General and administrative expenses
(21,012)
(20,990)
0.1%
(21,384)
-1.7%
(42,396)
(41,203)
2.9%
Commercial expenses
(23,311)
(30,133)
-22.6%
(22,379)
4.2%
(45,690)
(66,890)
-31.7%
Tax expenses
(1,924)
(2,229)
-13.7%
(2,053)
-6.3%
(3,977)
(3,430)
15.9%
Financial expenses
(20,207)
(16,282)
24.1%
(15,086)
33.9%
(35,293)
(28,924)
22.0%
Financial income
28,025
31,854
-12.0%
27,682
1.2%
55,707
61,880
-10.0%
Properties Sales
Gross Profit
Operating Income (Expenses)
Other operating income (expenses)
(83)
(3,439)
-97.6%
(185)
-55.1%
(268)
(3,182)
-91.6%
Total operating income and expenses
(38,512)
(41,219)
-6.6%
(33,405)
15.3%
(71,917)
(81,749)
-12.0%
(52)
431
N.M.
85
N.M.
33
1,099
-97.0%
25,822
83,361
-69.0%
52,598
-50.9%
78,420
168,806
-53.5%
(7,100)
(9,771)
-27.3%
(8,447)
-15.9%
(15,547)
(20,171)
-22.9%
18,722
73,590
-74.6%
44,151
-57.6%
62,873
148,635
-57.7%
(13,541)
(23,842)
-43.2%
(13,779)
-1.7%
(27,320)
(47,209)
-42.1%
5,181
49,748
-89.6%
30,372
-82.9%
35,553
101,426
-64.9%
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
2Q15
2Q14
Var. 2Q15 x
2Q14
1Q15
Var. 2Q15 x
1Q15
170,196
117,467
1,109,556
8,412
1,712,497
3,988
19,103
8,743
3,149,962
264,111
19,028
1,348,566
3,420
1,692,879
3,499
22,505
15,612
3,369,620
-35.6%
517.3%
-17.7%
N.M.
1.2%
14.0%
-15.1%
-44.0%
-6.5%
326,021
33,847
1,122,958
6,171
1,642,036
2,851
16,012
22,417
3,172,313
-47.8%
247.1%
-1.2%
36.3%
4.3%
39.9%
19.3%
-61.0%
-0.7%
970,180
984,760
13,513
3,070
5,085
6,276
8,597
29,438
1,029
2,021,948
5,171,910
717,091
612,398
12,007
5,570
5,809
19,141
8,046
37,818
1,233
1,419,113
4,788,733
35.3%
60.8%
12.5%
-44.9%
-12.5%
-67.2%
6.8%
-22.2%
-16.5%
42.5%
8.0%
988,128
902,871
14,406
3,070
5,082
15,246
8,498
30,097
1,127
1,968,525
5,140,838
-1.8%
9.1%
-6.2%
0.0%
0.1%
-58.8%
1.2%
-2.2%
-8.7%
2.7%
0.6%
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
Var. 2Q15
x 2Q14
2Q15
2Q14
786,856
23,145
11,546
2,225
22,987
233,323
60,420
74,880
20,072
1,235,454
716,886
105,732
11,270
5,078
26,032
195,611
62,429
51,676
10,775
1,185,489
9.8%
-78.1%
2.4%
-56.2%
-11.7%
19.3%
-3.2%
44.9%
86.3%
923,705
73,493
1,074,127
29,843
17,172
860
3,459
1,825
2,124,484
806,376
(13,236)
(24,305)
7,438
23,834
164
65,798
489,079
456,824
1,811,972
5,171,910
1Q15
Var. 2Q15
x 1Q15
16.8%
3.0%
-3.1%
-22.0%
-2.9%
11.7%
63.2%
36.4%
17.0%
4.2%
673,692
22,463
11,911
2,853
23,666
208,955
37,032
54,900
17,155
100,110
1,152,737
610,225
56,654
1,100,756
35,807
13,075
10,317
21,484
2,748
1,851,066
51.4%
29.7%
-2.4%
-16.7%
31.3%
-91.7%
-83.9%
-33.6%
14.8%
974,625
59,313
1,088,551
31,851
13,054
3,492
3,459
1,972
2,176,317
-5.2%
23.9%
-1.3%
-6.3%
31.5%
-75.4%
0.0%
-7.5%
-2.4%
806,376
(13,236)
(2,831)
7,438
351
55,260
454,843
443,977
1,752,178
4,788,733
0.0%
0.0%
N.M.
0.0%
N.M.
N.M.
19.1%
7.5%
2.9%
3.4%
8.0%
806,376
(13,236)
(19,669)
7,438
9,570
(234)
65,798
483,898
471,843
1,811,784
5,140,838
0.0%
0.0%
23.6%
0.0%
149.0%
N.M.
0.0%
1.1%
-3.2%
0.0%
0.6%
7.2%
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
1H15
1H14
Var. 1H15
x 1H14
78,420
168,806
-53.5%
12,680
(6,685)
(687)
54,321
(11,758)
(1,456)
(33)
10,732
11,291
(4,547)
(6,467)
37,320
(7,819)
(914)
(1,099)
18.2%
N.M.
N.M.
-89.4%
45.6%
50.4%
59.3%
-97.0%
41,086
(136,589)
(718)
6,066
(345)
10,210
2,500
(31,048)
(5,924)
(59,462)
16,497
(1,632)
(15,293)
(18,895)
(68,745)
215,971
(153,950)
578
(1,536)
(48)
1,779
1,011
48,148
(2,732)
(25,103)
(20,307)
6,056
(29,049)
(17,964)
230,157
-81.0%
-11.3%
N.M.
N.M.
618.8%
473.9%
147.3%
N.M.
N.M.
116.8%
136.9%
N.M.
N.M.
-47.4%
N.M.
5.2%
N.M.
(899)
14
(8,842)
(870)
(60,502)
860
(70,239)
478
(29)
(7,290)
(2,061)
(13,671)
(2,442)
(25,015)
N.M.
N.M.
21.3%
-57.8%
342.6%
N.M.
180.8%
622,908
(2,235)
250
(401,609)
(100,110)
(297)
(31,719)
(13,925)
73,263
(65,721)
388,623
(808)
875
(416,378)
(130,012)
(2,175)
(105,286)
(2,831)
(267,992)
(62,850)
60.3%
176.6%
-71.4%
-3.5%
-23.0%
N.M.
-86.3%
-69.9%
391.9%
N.M.
4.6%
235,917
170,196
(65,721)
326,961
264,111
(62,850)
-27.8%
-35.6%
4.6%
Page | 31