HELBOR EMPREENDIMENTOS S.A. REPORTS 3Q15 AND 9M15

Transcrição

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

HELBOR EMPREENDIMENTOS S.A. REPORTS 3Q15 AND 9M15

Transcrição

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