HELBOR EMPREENDIMENTOS SAREPORTS 4Q15 AND 2015
Transcrição
HELBOR EMPREENDIMENTOS SAREPORTS 4Q15 AND 2015
HELBOR EMPREENDIMENTOS S.A.REPORTS 4Q15 AND 2015 EARNINGS Inventory sales represent 97% of the quarter's sales. Mogi das Cruzes, March 30, 2016– Helbor Empreendimentos S.A. (BM&FBOVESPA: HBOR3), a residential and commercial real estate developer with projects in 27 cities in 10 Brazilian states and the Federal District, announces today its results for the fourth quarter of 2015 (4Q15) and the year of 2015 (2015).The information herein is presented in comparison with 3Q15 and4Q14, in addition to the comparison between 2015 and 2014. The Company’s consolidated financial statements are prepared in accordance with the accounting practices adopted in Brazil, which include the rules issued by the Brazilian Securities and Exchange Commission (CVM), the Accounting Pronouncements Committee (CPC), and the Federal Accounting Board (CFC). They also comply with International Financial Reporting Standards (IFRS) applicable to real estate developers in Brazil. RESULTS CONFERENCE CALL (In Portuguese with simultaneous translation into English) Date: March 31, 2016 Time: 3:00 p.m. (Brasília time) 02:00 p.m. (NY time) 06:00 p.m. (GMT time) Portuguese Dial-in:+55 (11) 3193-1001 Code: Helbor Webcast: Click here English Dial-in: +1 (786) 924-6977 Code: Helbor Webcast: Click here Highlights TotalPre-Sales amounted to R$ 269.2 million in 4Q15, and Helbor’s share reached R$ 206.3 million, a decrease of 26.1% and 24.8%, respectively, over 4Q14. In 2015, pre-sales came to R$ 964.7 million, 31.0% lower than 2014 and Helbor’s share totaled R$ 727.9 million, a decrease of 28.3% over 2014. Total Launched Potential Sales Value (PSV) in 4Q15 stood at R$ 69.6 million and Helbor’s PSV share totaled R$ 48.8 million, a decrease of 80.1% over 4Q14.In 2015, launches came to R$ 348.4 million in Total PSV and Helbor’s PSV share totaled R$ 233.1 million, 75.3% lower than 2014. The Total Sales over Supply Ratio (SoS) stood at 8.1% in 4Q15and 23.5% in 2015. Deliveries in 4Q15 totaled R$ 446.2 million (Total PSV) and R$ 374.8 million (Helbor’s PSV share) at the time of launch, corresponding to 1,021 units delivered to clients. Net Operating Revenue, decreased 4.8%, totaling R$ 333.7 million in 4Q15, versus R$ 350.5 million in 3Q15. In 2015, net operating revenue stood at R$ 1,307.4 million, a 18.4% decrease over 2014. HBOR3 Shares issued:257,699,937 Closing price*: R$ 1.67 Market cap*: R$ 430 million *on 03/30/2016 Gross Profit came to R$ 54.4 million in 4Q15, with a Gross Margin of 16.3% and an Adjusted Gross Margin of 25.5%. In 2015, gross profit totaled R$ 299.8 million, with a gross margin of 22.9% and an adjusted gross margin of 31.6%. Net Income totaled R$ 12.3 million in 4Q15, with a Net Margin of 3.7%. In 2015, net income stood at R$ 68.8 million, with a net margin of 5.3%. IR CONTACTS Roberval Lanera Toffoli Ricardo Rosanova Garcia Vinicius Bioni E-mail:[email protected] Tel: +55 (11) 3174-1211 or +55 (11) 4795-8555 http://ri.helbor.com.br/ Page | 1 CONTENTS Main Indicators ............................................................................................................................. 3 Management Comments .............................................................................................................. 4 Launches........................................................................................................................................ 5 Pre-Sales ........................................................................................................................................ 5 Inventory ..................................................................................................................................... 10 Land Bank .................................................................................................................................... 13 Deliveries ..................................................................................................................................... 14 New Accounting Standard........................................................................................................... 15 Operating Revenue ..................................................................................................................... 16 Gross Profit.................................................................................................................................. 17 General and Administrative Expenses ........................................................................................ 18 Selling Expenses .......................................................................................................................... 18 Financial Result ........................................................................................................................... 19 EBITDA ......................................................................................................................................... 20 Net Income .................................................................................................................................. 20 Backlog Result ............................................................................................................................. 21 Receivables .................................................................................................................................. 21 Cash and Debt ............................................................................................................................. 22 Glossary ....................................................................................................................................... 24 Appendix I – Development Projects (*% Sold Net of Swap Agreements and Rescissions) ........ 25 Appendix II – Consolidated Income Statement........................................................................... 29 Appendix III – Consolidated Balance Sheet ................................................................................. 30 Appendix IV – Consolidated Cash Flow ....................................................................................... 32 Page | 2 Main Indicators inthousandsof Reais exceptwhenindicatedotherwise Launches Total PSV Helbor PSV Helbor's Interest (%) # of Launched Developments # of Launched Units Pre-Sales Total Pre-Sales Helbor's Pre-Sales Helbor's Interest (%) # of Units Sold SoS Helbor's Interest (%) ⁴ Land Bank Total PSV Including Alden - Total PSV Helbor's PSV Including Alden - Helbor's PSV Inventory Total Inventory Helbor's Inventory Deliveries Total PSV Helbor PSV # of Delivered Units Financial Highlights Net Operating Revenues Gross Profit Gross Margin (%) Adjusted Gross Margin (%) G&A / Net Operating Revenues (%) EBITDA EBITDA Margin (%) Adjusted EBITDA Margin (%) Net Income Net Margin (%) 1 ROE LTM (%) ROAE (%) 2 3 Earnings per Share (R$) BacklogResults BacklogRevenues BacklogResults BacklogMargin (%) Indebtedness Net Debt Net Debtex-SFH Net Debt / Total Net Worth (%) Net Debt ex-SFH / Total Net Worth (%) 4Q15 4Q14 Var. 4Q15 x 4Q14 3Q15 Var. 4Q15 x 3Q15 2015 2014 Var. 2015 x 2014 69,651 48,756 70.0% 1 50 319,918 245,463 76.7% 4 1,059 -78.2% -80.1% -670 bps (3) (1,009) 113,657 79,560 70.0% 1 174 -38.7% -38.7% 0 bps 0 (124) 348,429 233,108 66.9% 3 550 1,262,765 942,562 74.6% 14 2,753 -72.4% -75.3% -770 bps (11) (2,203) 269,165 206,260 76.6% 572 8.1% 364,167 274,160 75.3% 895 10.1% -26.1% -24.8% 130 bps (323) -200 bps 226,089 166,119 73.5% 443 6.4% 19.1% 24.2% 320 bps 129 170 bps 964,726 727,862 75.4% 1,976 23.5% 1,398,475 1,014,965 72.6% 2,867 30.7% -31.0% -28.3% 290 bps (891) -720 bps 6,408,371 8,211,875 5,075,414 5,940,758 6,371,684 8,175,188 5,075,931 5,941,275 0.6% 0.4% 0.0% 0.0% 6,312,019 8,115,523 4,940,031 5,805,375 1.5% 1.2% 2.7% 2.3% 3,044,322 3,132,281 2,303,828 2,426,844 -2.8% -5.1% 3,138,775 2,384,224 -3.0% -3.4% 446,204 374,816 1,021 614,496 495,427 1,058 -27.4% -24.3% (37) 411,143 284,581 1,120 8.5% 31.7% (99) 1,563,948 1,627,752 1,217,786 1,229,285 4,197 2,903 -3.9% -0.9% 1,294 333,777 54,445 16.3% 25.5% 6.5% 1,749 0.5% 9.5% 12,313 3.7% 5.1% 422,749 124,359 29.4% 36.2% 5.4% 94,427 22.3% 29.0% 57,148 13.5% 16.7% -21.0% -56.2% -1310 bps -1070 bps 110 bps -98.1% -2180 bps -1950 bps -78.5% -980 bps -1160 bps 350,533 95,084 27.1% 36.1% 6.6% 43,361 12.4% 21.2% 21,007 6.0% 8.3% -4.8% -42.7% -1080 bps -1060 bps -10 bps -96.0% -1190 bps -1170 bps -41.4% -230 bps -320 bps 1,307,399 1,602,005 299,833 513,463 22.9% 32.1% 31.6% 39.2% 6.7% 5.3% 115,796 338,355 8.9% 21.1% 17.4% 28.3% 68,873 210,757 5.3% 13.2% 5.1% 16.7% -18.4% -41.6% -920 bps -760 bps 140 bps -65.8% -1220 bps -1090 bps -67.3% -790 bps -1160 bps 3.6% 17.1% -1350 bps 6.1% -260 bps 5.6% 16.7% -1110 bps 0.0489 0.2233 -78.1% 0.0833 -41.3% 0.2734 0.8235 -66.8% 1,027,160 1,787,305 337,102 641,953 32.8% 35.9% -42.5% -47.5% -310 bps 1,225,934 378,141 30.8% -16.2% -10.9% 200 bps 1,632,326 1,189,273 117,033 (55,927) 87.3% 66.9% 6.3% -3.1% 37.3% N.M. 2040 bps 940 bps 1,511,847 128,706 80.8% 6.9% 8.0% -9.1% 650 bps -60 bps 1 – Net income in the last 12 months divided by shareholders’ equity in the same period. 2 – Net income in the quarter multiplied by four, divided by shareholders’ equity in the quarter. 3 – Considering outstanding shares for all periods. Page | 3 Management Comments Helbor Empreendimentos S.A. is pleased to announce the operational and financial results for the fourth quarter and the year of 2015. This year Helbor's reports indicators in line with the current situation of the economy in Brazil and the building sector. The setting of great economic contraction, a decline of 3.8% of GDP, consumer confidence indices with negative records, credit restriction and its inevitable consequences for the development sector, negatively impacted the figures disclosed today that fall short the company's history, but show relative resilience in view of the ability to adapt to different scenarios of our business model, the quality of our assets and the long economic cycle of our business. The Company maintains its conservative strategy with a focus on real estate development comprising buying good land and the development of appropriate products, aiming at maintaining the margins of the projects. However, especially this year, the company's results were quite impacted by the significant volume of cancellations. The large volume of delivered projects and in the process of being delivered, combined with economic factors and our market also have correlation with this phenomenon that negatively impacts both the results and the balance sheet. It is worth noting that the company is obtaining satisfactory results in reversing the order or maintenance of customers through specific practices and training of a department exclusively dedicated. The Company has been engaged in managing their inventory, and considering the current scenario of lower sales velocity, aims to reduce the high level of inventory presented in recent quarters. In this sense, there was a strong reduction in launches and a large share of sales of inventory, representing more than 97% of sales in this quarter. Helbor delivered 20 projects in 2015, which means more than 4,000 units delivered, totaling R$ 1,217.8 million in PSV Helbor. Helbor has great lands plot in strategic locations with high commercial potential and approval process, which allow the continuation of our value creation strategy in the long term. For this purpose, to generate value to shareholders, Helbor occupies a prominent place among the country's real estate developers for maintaining its philosophy based on its values and what it believes is the best way for higher returns in a sustainable way in the long term. Then the company is prepared to go through this challenging time and benefit from the investments made over the past years and its corporate financial strength. Helbor so grateful for the confidence placed by investors over the years and reaffirms its commitment to maintaining its business model, the generation of value for the shareholders and maintaining the Company among the most prominent in the industry, focused on responsible management transparent in relation to their customers and shareholders. Page | 4 Launches Total Launched Potential Sales Value (PSV) in 4Q15 came to R$ 69.6 million, of which Helbor’s share was 70.0%, from the launch of 1 development. Helbor’s launched PSV (R$48.8 million) a decrease of 80.1% over 4Q14 and decrease of 38.7% over 3Q15. In 2015, launches totaled R$ 348.4 million in total PSV, of which Helbor’s share was R$ 233.1 million, decreases of 72.4% and 75.3% over 2014, respectively. This reduction in 2015 is due mainly to the adequacy of the volume of launches to the speed of current sales, in order to reduce inventories. The following table gives details on the projects launched in 2015: 122 122 Total Net PSV2 57,191 57,191 Helbor Net PSV2 40,034 40,034 150 135 107,930 64,758 60% 150 135 107,930 64,758 60% Middle 174 174 113,657 79,560 70% High 174 50 50 174 40 40 113,657 69,651 69,651 79,560 48,756 48,756 70.0% 70% 70.0% 550 471 348,429 233,108 66.9% Date Location Segment Units1 Net Units2 Urban Resort Total 1Q15 - 1 Development Mar-15 São Paulo/SP Middle 176 176 Helbor Family Garden - 2nd Phase Apr-15 São Bernando do Campo/SP UpperMiddle Trilogy Home, Office & Stay - 4ª fase Jul-15 São Bernando do Campo/SP Total 3Q15 - 1 Development Arthouse Double Sky - 2ª fase Total 4Q15 - 1 Development Nov-15 Campinas/SP Developments (PSV in R$ '000) Total 2Q15 - 1 Development Total 2015 - 4 Developments Helbor'sInterest 70.0% 70.0% 1 – Includes swapped units 2 – Net of swap agreements Pre-Sales Total pre-sales stood at R$269.2 million in 4Q15, 26.1% lower than 4Q14 and an increase of 19.1% over 3Q15. Helbor’s share was R$ 206.3 million (76.6% of total sales), 24.8% lower than 4Q14 and an increase of 24.2% in comparison with 3Q15. In 2015, contracted sales totaled R$ 964.7 million in Total PSV and R$ 727.8 million in PSV Helbor, representing a decrease of 31.0% and 28.3%, respectively, compared to 2014. The sales cancelation stood at R$ 147.2 million, of wich Helbor’s share was R$ 111.2 million, an increase of 15.7% and 15.3%, respectively in comparison to 4Q14.In 2015 reached R$ 586.9 million, Helbor’s share was R$ 439.3 million, an increase of 52.4% and 55.8%, respectively when compared to 2014. The tables below give a breakdown of pre-sales in 4Q15and 2015by city and product profile: 4Q15 IncomeSegment Middle UpperMiddle Commercial High Land Division Hotel Total Pre-Sales R$ (000) 139,338 72,311 31,942 24,442 681 449 269,165 Helbor'sPre-Sales R$ (000) 105,470 60,230 24,353 15,725 123 360 206,260 # ofUnits 352 100 99 17 3 1 572 Part. over Total Sales (Helbor's Interest) 51.1% 29.2% 11.8% 7.6% 0.1% 0.2% 100.0% Page | 5 4Q15 Region São Paulo São José dos Campos Mogi das Cruzes São Bernardo do Campo Guarulhos Campinas Santos Taubaté Rio de Janeiro Osasco Belo Horizonte São Gonçalo São Vicente Southeast - Total Cuiabá Brasília Campo Grande Mid West - Total Joinville Curitiba South - Total Fortaleza Salvador Northeast - Total Total Total Pre-Sales R$ (000) 51,772 41,895 41,521 40,190 21,592 21,377 6,545 3,512 2,688 1,431 518 444 300 233,784 4,447 4,089 850 9,386 7,645 5,924 13,568 6,605 5,820 12,426 Helbor´sPre-Sales R$ (000) 39,311 35,543 32,818 25,920 17,812 14,964 5,218 3,161 1,906 1,002 311 311 270 178,546 4,003 1,938 340 6,281 7,644 4,739 12,383 5,905 3,146 9,051 269,165 206,260 85 80 119 86 43 23 20 13 9 6 1 5 1 491 7 9 1 17 18 18 36 16 12 28 Part. over Total Sales (Helbor's Interest) 19.1% 17.2% 15.9% 12.6% 8.6% 7.3% 2.5% 1.5% 0.9% 0.5% 0.2% 0.2% 0.1% 86.6% 1.9% 0.9% 0.2% 3.0% 3.7% 2.3% 6.0% 2.9% 1.5% 4.4% 572 100.0% # ofUnits 2015 IncomeSegment Middle UpperMiddle Commercial High LowerMiddle Hotel Land Division Total Pre-Sales R$ (000) 458,782 293,530 118,758 86,466 3,228 2,846 1,116 964,726 Helbor'sPre-Sales R$ (000) 348,355 228,122 87,673 58,005 3,228 2,277 201 727,862 # ofUnits 1,121 389 372 66 14 9 5 1,976 Part. over Total Sales (Helbor's Interest) 47.9% 31.3% 12.0% 8.0% 0.4% 0.3% 0.0% 100.0% Page | 6 2015 Region São Paulo São Bernardo do Campo Mogi das Cruzes São José dos Campos Guarulhos Campinas Santos Rio de Janeiro Osasco São Vicente Diadema Jundiaí Taubaté Nova Lima São Gonçalo São Caetano do Sul Belo Horizonte Southeast - Total Cuiabá Campo Grande Brasília Mid West - Total Joinville Curitiba South - Total Fortaleza Salvador Northeast - Total Total Total Pre-Sales R$ (000) 199,568 154,430 143,629 128,873 57,545 50,913 37,825 7,948 6,461 5,930 4,012 3,779 3,522 2,636 1,414 756 518 809,761 25,132 21,700 16,570 63,402 28,616 22,798 51,414 20,196 19,953 40,149 Helbor´sPre-Sales R$ (000) 145,858 97,935 114,714 112,753 47,184 35,765 29,601 5,700 4,523 5,337 2,006 2,041 3,170 2,372 990 681 311 610,940 22,558 8,680 7,473 38,711 28,614 18,238 46,852 19,119 12,239 31,359 964,726 727,862 375 295 363 218 101 55 108 24 24 30 9 15 14 7 14 3 1 1,656 45 25 29 99 57 58 115 54 52 106 Part. over Total Sales (Helbor's Interest) 20.0% 13.5% 15.8% 15.5% 6.5% 4.9% 4.1% 0.8% 0.6% 0.7% 0.3% 0.3% 0.4% 0.3% 0.1% 0.1% 0.0% 83.9% 3.1% 1.2% 1.0% 5.3% 3.9% 2.5% 6.4% 2.6% 1.7% 4.3% 1,976 100.0% # ofUnits Page | 7 Of Helbor’s total pre-sales, 2.6% came from units launched in the quarter and 97.4% from units in inventory, which demonstrates the company's focus on reducing the high level of inventory, as the chart below, which shows the evolution of inventory sales: 450 .0 100 .0% Quartely Helbor's Pre-Sales Breakdown (R$ Million) 400 .0 90. 0% 80. 0% 350 .0 70. 0% 300 .0 274.2 60. 0% 250 .0 200 .0 58.8% 206.3 181.8 173.6 50. 0% 166.1 40. 0% 150 .0 91.3% 94.1% 30. 0% 97.4% 90.5% 100 .0 20. 0% 50. 0 41.2% 10. 0% 5.9% 8.7% 9.5% 2.6% 2Q15 3Q15 4Q15 0.0 4Q14 1Q15 Launches 0.0 % Inventory The Sales over Supply Ratio (SoS) stood at 8.1% in the fourth quarter. As in the previous quarters, SoS was a result of the new outlookin the real estate market demand in place since 3Q12, the higher level of inventory that directly impact this indicator and the lower volume of launches that have historically better speed sales. Since 1Q14, sales cancelations were included in the SoS Ratio calculation, being now added to the supply. The Company believes that this calculation of SoS Ratio is a better representation of the sales velocity,once the units of the sales cancelations are incorporated to the supply and not decreased of the demand. SoS (Helbor'sshare) Inventory at the Beginning of the Period (A) 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 2,384,224 2,079,144 2,004,891 2,151,304 2,373,079 2,426,844 2,423,173 2,426,036 Launches (B) 163,593 208,456 325,050 245,463 40,034 64,758 79,560 48,756 Sales cancelations (C) 51,378 70,257 76,527 83,763 104,965 126,708 96,467 111,195 2,294,115 2,283,604 2,552,881 2,702,305 2,571,843 2,614,639 2,602,063 2,544,175 297,019 177,456 266,461 274,160 173,625 181,858 166,119 206,260 12.9% 7.8% 10.4% 10.1% 6.8% 7.0% 6.4% 8.1% Supply (A+B+C) Sales (D) SoS (D/A+B+C) SoS (Total) 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 2Q15 3Q15 4Q15 2,697,290 247,874 70,284 3,015,447 412,357 2,611,304 267,015 93,142 2,971,461 239,541 2,793,582 427,958 106,605 3,328,145 380,756 3,058,148 319,918 114,982 3,493,048 364,167 3,132,281 57,191 144,778 3,334,250 225,963 3,151,093 107,930 167,677 3,426,699 243,509 3,171,791 113,657 127,266 3,412,713 226,089 3,138,775 69,651 147,229 3,355,655 269,165 13.7% 8.1% 11.4% 10.4% 6.8% 7.1% 6.6% 8.0% Page | 8 VSO LTM (Parte Helbor) 1Q15 Inventory at the Beginning of the Period (A) Launches (B) Sales cancelations (C) Supply (A+B) Sales (C) 2Q15 28.3% 1Q15 Inventory at the Beginning of the Period (A) Launches (B) Sales cancelations (C) Supply (A+B) Sales (C) 4Q15 2,004,891 2,151,304 2,373,079 2,426,844 819,003 675,305 429,815 233,108 335,511 391,962 411,903 439,335 3,159,405 3,218,572 3,214,798 3,099,287 892,821 896,104 795,761 727,862 SoS (C/A+B) VSO LTM (Total) 3Q15 27.8% 2Q15 24.8% 3Q15 23.5% 4Q15 2,611,304 2,793,582 3,058,148 3,132,281 1,072,082 912,997 598,696 348,429 459,507 534,042 554,703 586,950 4,142,893 4,240,621 4,211,547 4,067,659 1,211,777 1,214,294 1,059,728 964,726 SoS (C/A+B) 29.2% 28.6% 25.2% 23.7% Sales Over Suply (SoS) 24.5% 19.8% 10.8% 7.0% 6.4% 6.5% 6.0% 2Q15 3Q15 8.1% 8.1% SoS SoS of Launches 4Q15 SoS of Inventory Page | 9 Inventory The total inventory closed 4Q15 with a market value of R$3,044.3 million, of which Helbor’s share was R$ 2,303.8 million (75.7%).In relation to the 3Q15, the inventory decreased by 3.0%, and Helbor share decreased by 3.4%. In the year the reduction was 2.8% in total inventory and 5.1% in Helbor share. The current inventory reflects the large number of launches in 4Q13, which now accounts 20.5% of the total inventory, and the lowest sales rate recorded in recent quarters. The following table gives a breakdown of the 4Q15 inventory by the quarter in which the units were launched: Launching Date (R$ 000) ConcludedUnits 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 4Q14 1Q15 2Q15 4Q15 Total Total Inventory % of Inventory 492,900 221,733 121,564 250,147 207,795 71,741 129,840 622,770 127,052 157,431 269,222 135,083 29,488 75,029 71,571 60,955 3,044,322 16.2% 7.3% 4.0% 8.2% 6.8% 2.4% 4.3% 20.5% 4.2% 5.2% 8.8% 4.4% 1.0% 2.5% 2.4% 2.0% 100.0% Helbor´s Inventory 382,875 144,935 109,408 182,479 172,616 51,571 93,222 474,280 92,970 127,893 211,768 101,384 20,641 45,018 50,099 42,668 2,303,828 % of Helbor´s Inventory 16.6% 6.3% 4.7% 7.9% 7.5% 2.2% 4.0% 20.6% 4.0% 5.6% 9.2% 4.4% 0.9% 2.0% 2.2% 1.9% 100.0% Breakdown of Helbor's Inventory by Quarter of Launch 20.6% 16.6% 7.9% 6.3% 9.2% 7.5% 5.6% 4.7% 4.0% 4.4% 4.0% 2.2% Concluded Units 2Q12 3Q12 4Q12 1Q13 2Q13 0.9% 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 4Q14 2.0% 2.2% 1.9% 1Q15 2Q15 4Q15 Page | 10 The following tables give a breakdown of inventory by city and product profile in 4Q15: IncomeSegment (R$ 000) UpperMiddle Commercial High Middle Hotel Land Division LowerMiddle Total Total Inventory 1,089,324 811,841 586,324 334,528 221,260 1,018 26 3,044,322 % of Total Inventory 35.8% 26.7% 19.3% 11.0% 7.3% 0.0% 0.0% 100.0% São Paulo São Bernardo do Campo Mogi das Cruzes Rio de Janeiro São José dos Campos Guarulhos Campinas São Vicente Santos Barueri Osasco Belo Horizonte Taubaté São Gonçalo Jundiaí São Caetano do Sul Southeast Fortaleza Salvador Northeast Joinville Curitiba South Cuiabá Campo Grande Brasília Goiânia Mid West 746,834 568,354 298,119 194,526 161,585 129,324 129,043 121,564 84,378 46,711 43,588 37,818 10,458 5,576 4,920 1,069 2,583,868 159,196 103,668 262,864 77,997 49,100 127,096 42,147 25,481 2,568 297 70,494 % of Total Inventory 24.5% 18.7% 9.8% 6.4% 5.3% 4.2% 4.2% 4.0% 2.8% 1.5% 1.4% 1.2% 0.3% 0.2% 0.2% 0.0% 84.9% 5.2% 3.4% 8.6% 2.6% 1.6% 4.2% 1.4% 0.8% 0.1% 0.0% 2.3% Total 3,044,322 100.0% Region (R$ 000) Total Inventory Helbor´sInventory 826,583 616,084 447,554 277,300 136,107 181 18 2,303,828 % ofHelbor´sInventory 35.9% 26.7% 19.4% 12.0% 5.9% 0.0% 0.0% 100.0% 584,438 374,393 238,345 138,402 148,018 108,045 90,330 109,408 53,444 18,684 30,512 22,691 9,413 3,903 2,657 962 1,933,644 141,846 61,875 203,721 77,989 39,280 117,269 37,682 10,193 1,110 208 49,194 % ofHelbor´sInventory 25.4% 16.3% 10.3% 6.0% 6.4% 4.7% 3.9% 4.7% 2.3% 0.8% 1.3% 1.0% 0.4% 0.2% 0.1% 0.0% 83.9% 6.2% 2.7% 8.8% 3.4% 1.7% 5.1% 1.6% 0.4% 0.0% 0.0% 2.1% 2,303,828 100.0% Helbor´sInventory Page | 11 The following table presents the inventory of finished units at the end of 4Q15: R$ (000) HELBOR VARANDAS IPOEMA LINK OFFICE, MALL &STAY HELBOR CORPORATE TOWER JARDIM DAS COLINAS HELBOR CLASSIC BOSQUE MAIA EDIFICIO OFFICES NACOES UNIDAS HELBOR SPAZIO CLUB JOINVILLE HELBOR PAESAGGIO JD.DAS COLINAS HELBOR COMERCIAL LEAD FARIA LIMA CONCEPT LIFE, OFFICE E CORPORATE HELBOR OFFICES WASHINGTON LUIZ HELBOR OFFICES SÃO PAULO III HELBOR JARDINS IPOEMA COND. TERRAZZO PONTA DA PRAIA RIO STAY RESIDENCE EMPRESARIAL RIO BUSINESS CENTER COLETÂNEA VALE DO CANELA COMERCIAL CASA DAS CALDEIRAS HELBOR OFFICES IMPERATRIZ LEOPOLDINA CONDOMINIO HELBOR UP OFFICES HELBOR PATTEO MOGILAR SKY MALL & OFFICES HELBOR COND.PQ.CLUBE FORTALEZA COMFORT STAY VERANO II RESIDENCIAL CASA DAS CALDEIRAS COSMOPOLITAN HOME STAY & OFFICES PARQUE DAS AGUAS EMPRESARIAL OFFICES BARÃO DE TEFFÉ HELBOR SUNSHINE GONZAGA HELBOR OFFICES JOINVILLE COMFORT STAY VERANO I MY WAY PONTA DA PRAIA DUAL BUSINESS OFFICES & CORP. HELBOR NEW TATUAPÉ PERFECTT LIFE STYLE HELBOR MY WAY BATEL TERRAÇOS JARDIM DAS COLINAS HELBOR OFFICES SÃO CAETANO H.ESP.& VIDA 2 IPOEMA DOUBLE LIFE SPAZIO CLUB ALTO DO IPIRANGA ISLA LIFE STYLE CONDOMINIUM PARQUE CLUBE HELBAACO HELBOR RESERVA DO ITAPETY HELBOR OFFICES SÃO PAULO BELLA CITÁ HELBOR HOME FLEX GONZAGA HELBOR TOWER BELLA CITÁ VILLAGGIO 2 HELBOR OFFICES VILA RICA H.ESP.& VIDA IPOEMA HELBOR BELLA VISTA GREEN LIFESTYLE RESIDENCIAL SERVICE JAZZ LIFE STYLE Total - Unidades Prontas City DeliveryMonth # Units Mogi das Cruzes Rio de Janeiro Nov-14 Jul-14 134 51 Total Inventory (R$ 000) 58,857 44,673 11.9% 9.1% Helbor'sInventory (R$ 000) 47,735 33,505 São José dos Campos Dec-15 35 41,875 8.5% 41,870 10.9% Guarulhos São Paulo Joinville São José dos Campos São Paulo Mogi das Cruzes Santos São Paulo Mogi das Cruzes Santos Rio de Janeiro Rio de Janeiro Salvador São Paulo São Paulo São Paulo Dec-15 Sep-15 Aug-15 Oct-14 May-15 Feb-15 Dec-14 Jun-15 Aug-14 Oct-13 Nov-15 Oct-13 Jul-15 Nov-13 May-15 Sep-15 25 56 29 24 24 34 47 58 39 7 17 41 10 22 28 23 34,086 28,926 25,688 24,346 21,576 18,401 15,146 14,903 14,454 13,938 12,769 11,050 9,052 9,031 8,265 7,663 6.9% 5.9% 5.2% 4.9% 4.4% 3.7% 3.1% 3.0% 2.9% 2.8% 2.6% 2.2% 1.8% 1.8% 1.7% 1.6% 27,269 14,463 25,686 24,343 10,788 13,800 11,359 10,432 11,995 11,150 8,938 7,735 4,526 4,515 8,265 5,747 7.1% 3.8% 6.7% 6.4% 2.8% 3.6% 3.0% 2.7% 3.1% 2.9% 2.3% 2.0% 1.2% 1.2% 2.2% 1.5% Mogi das Cruzes Sep-15 24 7,570 1.5% 6,056 1.6% Fortaleza Rio de Janeiro São Paulo Salvador São Gonçalo Jundiaí Santos Joinville Rio de Janeiro Santos Cuiabá São Paulo Brasília Curitiba São José dos Campos São Caetano do Sul Mogi das Cruzes Curitiba Mogi das Cruzes Brasília Feb-15 Jun-13 Oct-14 Jan-15 Mar-12 Oct-14 Mar-13 Feb-14 Jun-13 Mar-15 Nov-15 Feb-14 Nov-14 May-15 Dec-14 Jan-13 Jun-13 Sep-13 Feb-14 Oct-13 19 14 4 11 22 15 4 11 8 7 2 2 1 3 2 4 3 3 2 1 7,076 7,042 6,135 5,795 5,576 4,920 4,300 4,111 4,051 2,823 2,496 1,820 1,736 1,178 1,134 1,069 1,061 971 869 832 1.4% 1.4% 1.2% 1.2% 1.1% 1.0% 0.9% 0.8% 0.8% 0.6% 0.5% 0.4% 0.4% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 7,076 4,930 3,068 4,057 3,903 2,657 4,299 4,111 2,836 2,117 1,997 1,274 694 943 794 962 1,061 777 695 416 1.8% 1.3% 0.8% 1.1% 1.0% 0.7% 1.1% 1.1% 0.7% 0.6% 0.5% 0.3% 0.2% 0.2% 0.2% 0.3% 0.3% 0.2% 0.2% 0.1% Guarulhos May-11 1 797 0.2% 398 0.1% Mogi das Cruzes São Paulo Mogi das Cruzes Santos Mogi das Cruzes Mogi das Cruzes Santos Mogi das Cruzes Mogi das Cruzes Goiânia Goiânia Nov-11 Jun-13 Jan-12 Sep-09 Before 2007 Feb-12 Jan-12 Mar-13 Oct-11 Oct-10 Mar-13 1 2 5 1 4 1 1 1 1 1 1 886 753 747 599 488 486 419 401 350 300 271 26 492,900 0.2% 0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 100.0% 753 747 106 476 219 74 401 350 300 190 18 382,875 0.2% 0.2% 0.0% 0.1% 0.1% 0.0% 0.1% 0.1% 0.1% 0.0% 0.0% 100.0% Part. % Part. % 12.5% 8.8% Page | 12 Land Bank In the period ended december 31, 2015, the land bank totaled 976.8 thousand m², representing total PSV of R$6.4 billion (R$8.2 billion including Alden).Helbor’s share was R$ 5.1 billion (R$5.9 billion including Alden), or 79.2% of the total (72.3% including Alden). It is worth emphasizing that these PSV amounts represent potential revenue generation, not the mere booking of land for future developments. The contracts with the owners are focused preferentially in swap agreements, and the level of swap agreements corresponded to 77.4% of the land bank in the quarter. The following tables show those land bank developments in which Helbor will participate as a developer broken down by city and segment at the end of 4Q15: Total Area (sq.m) Total PSV (R$ 000) São Paulo Mogi das Cruzes São José dos Campos Osasco Campinas Rio de Janeiro Barueri Guarulhos Santo André Southeast - Total Campo Grande Brasilia Cuiaba Mid West - Total Curitiba South - Total 348,751 250,208 61,883 57,344 39,308 36,968 34,290 26,682 8,886 864,320 36,969 15,838 11,080 63,887 48,603 48,603 3,049,255 1,067,701 228,967 439,268 193,259 331,955 225,206 193,048 53,316 5,781,976 129,392 134,623 72,017 336,033 290,363 290,363 Helbor´s PSV* (R$ 000) 2,366,454 915,804 184,312 335,912 162,949 242,144 225,206 141,733 53,316 4,627,830 64,696 74,043 68,159 206,898 240,686 240,686 Total Land Bank - Helbor * Net of swap agreements 976,810 6,408,371 5,075,414 City / Region IncomeSegment UpperMiddle Middle High Commercial LowerMiddle Hotel Total * Net of swap agreements Total Area (sqm) Total PSV (R$ 000) 396,613 316,426 121,965 112,973 15,120 13,713 976,810 2,693,328 1,846,405 1,076,363 521,548 25,704 245,023 6,408,371 Helbor´s PSV* (R$ 000) 2,167,182 1,458,114 751,231 445,440 25,704 227,743 5,075,414 % of Total PSV # ofProjects Total Units 47.6% 16.7% 3.6% 6.9% 3.0% 5.2% 3.5% 3.0% 0.8% 90.2% 2.0% 2.1% 1.1% 5.2% 4.5% 4.5% 22 8 2 4 4 2 1 2 1 46 1 1 1 3 4 4 5,243 1,838 216 1,110 435 984 243 471 42 10,582 232 188 280 700 588 588 100.0% 53 11,870 % of Total PSV # ofProjects Total Units 42.0% 28.8% 16.8% 8.1% 0.4% 3.8% 100.0% 13 17 12 6 1 4 53 3,559 3,872 2,967 398 288 786 11,870 Page | 13 Deliveries Five developments were delivered in 4Q15, consisting of 1,021 units, of which Helbor’s PSV share was R$ 446.2 million at the time of launch.The developments were delivered within the maximum contractual term and within the contracted budget, underlining the Company’s strict control over the execution of the works in conjunction with its partner builders. In addition, 90.4% of the total units delivered in 4Q15 already been sold, reinforcing the strategy of keeping finishedunit inventories as low as possible. Helbor Cosmopolitan Home Stay & Offices Jan-15 Salvador CommercialandMiddle 260 260 Total PSV* (R$ 000) 65,015 Helbor Condomínio Parque Clube Fortaleza I Feb-15 Fortaleza Middle 294 294 81,468 Helbor My Way Ponta da Praia Mar-15 Santos Middle 216 182 75,385 56,539 Helbor Concept - Life, Office e Corporate Feb-15 Mogi das Cruzes CommercialandMiddle 472 423 157,744 126,195 80.0% Helbor Boulevard Tatuapé Jan-15 São Paulo UpperMiddle 72 72 46,380 46,380 100.0% 1,314 1,231 425,992 347,945 81.7% Helbor Offices Imperatriz Leopoldina mai-15 São Paulo Commercial 183 169 57,360 57,360 100.0% Helbor Lead Offices Faria Lima mai-15 São Paulo Commercial 128 120 121,964 60,982 50.0% Helbor My Way Batel mai-15 Curitiba Middle 131 98 45,914 36,731 80.0% Helbor Offices São Paulo III jun-15 São Paulo Commercial 300 246 55,372 55,372 100.0% 742 633 280,609 210,444 75.0% Coletânea Vale do Canela Jul-15 Salvador UpperMiddle 160 160 100,786 50,393 50.0% Helbor Privilege Goiabeiras Jul-15 Cuiabá High 32 31 40,173 36,155 90.0% Helbor Spazio Club Joinville Aug-15 Joinville Middle 116 116 65,731 59,158 90.0% Helbor Up Offices Sep-15 São Paulo Commercial 244 244 73,240 54,930 75.0% PatteoMogilar Sky Sep-15 Mogi das Cruzes Commercial 330 275 61,126 48,901 80.0% Offices Nações Unidas Sep-15 São Paulo Commercial 238 192 70,087 35,044 50.0% 1,120 1,018 411,143 284,581 69.2% DeliveredDevelopments Delivery Date Location Segment Units Net Units* Total 1Q15 Total 2Q15 Total 3Q15 Helbor´s PSV* (R$ 000) 45,510 73,322 90.0% 75.0% Helbor'sInterest 70.0% Helbor Condomínio Parque Clube Fortaleza II Oct-15 Fortaleza Middle 294 294 75,094 67,584 90.0% Rio StayResidence Nov-15 Rio de Janeiro Middle 187 187 94,124 65,887 70.0% Helbor Dual Business Office & Corporate Nov-15 Commercial 318 294 74,501 67,051 90.0% Helbor Corporate Tower Jardim das Colinas Dec-15 Commercial 50 41 61,560 61,554 100.0% Helbor Classic Bosque Maia Dec-15 Cuiabá São José dos Campos Guarulhos 172 145 140,925 112,740 80.0% Total 4Q15 UpperMiddle 1,021 961 446,204 374,816 84.0% Total 2015 4,197 3,843 1,563,948 1,217,786 77.9% * PSV at launch net of swap agreements Page | 14 New Accounting Standard For comparison purposes, the most common accounting practices in the real state sector and in order to provide greater transparency to the impact of sales cancellations on the recognition of revenues and cost, Helbor started to adopt in the first quarter of 2015 new policy whose impact on the calculation of gross margin is replicated to the last quarters above the following comparison: 4Q15 4Q14 Var. 4Q15 x 4Q14 3Q15 Var. 4Q15 x 3Q15 2015 2014 Var. 2015 x 2014 335,409 422,006 -20.52% 354,122 -5.28% 1,317,731 1,632,625 -19.29% 5,002 7,008 -28.62% 2,923 71.13% 14,610 -5,786 N.M. 0 -122 N.M. 0 N.M. 0 -285 N.M. -7,680 -8,584 -10.53% -7,324 4.86% -28,603 -33,220 -13.90% New Accounting Standard Gross Operating Revenues Real Estate Development and Sales (+/-) PresentValueAdjustments (-) Discounts (-) Sales Taxes Management Fees 1046 2,441 -57.15% 812 28.82% 3,661 8,671 -57.78% Net OperatingRevenues 333,777 422,749 -21.05% 350,533 -4.78% 1,307,399 1,602,005 -18.39% -279,332 -298,390 -6.39% -255,449 9.35% 54,445 124,359 -56.22% 95,084 -42.74% 494,596 565,500 -12.54% 477,649 5,002 7,008 -28.62% (-) CancellationsandDiscounts -61,710 -39,236 (-) Sales Taxes -7,680 Management Fees OperatingCosts Properties Sales Gross Profit -1,088,542 1,007,566 299,833 513,463 -41.61% 3.55% 1,884,457 2,014,071 -6.44% 2,923 71.13% 14,610 -5,786 N.M. 57.28% -45,862 34.56% -218,579 -138,006 58.38% -8,584 -10.53% -7,324 4.86% -28,603 -33,220 -13.90% 1,046 2,441 -57.15% 812 28.82% 3,661 8,671 -57.78% 431,254 527,129 -18.19% 428,198 0.71% 1,655,546 1,845,730 -10.30% -376,809 -402,770 -6.45% -333,114 13.12% -1,332,267 1,355,713 54,445 124,359 -56.22% 95,084 -42.74% -7.44% Old Accounting Standard Gross OperatingRevenues Real Estate Development and Sales (+/-) PresentValueAdjustments Net OperatingRevenues OperatingCosts Properties Sales Gross Profit 299,833 513,463 1.76% -41.61% Page | 15 4Q15 4Q14 Var. 4Q15 x 4Q14 3Q15 Var. 4Q15 x 3Q15 2015 2014 Var. 2015 x 2014 Gross Margins 16.30% 29.40% -1310 bps 27.10% -1080 bps 22.90% 33.00% -1010 bps Adjusted Gross Margins 25.50% 36.20% -1070 bps 36.10% -1060 bps 31.60% 39.80% -820 bps G&A/Net Operating Revenue 6.50% 5.40% 110 bps 6.60% -10 bps 6.70% 5.20% 150 bps Selling Expenses/Net Operating Revenue 5.50% 8.60% -310 bps 5.80% -30 bps 6.40% 7.90% -150 bps Ebitda Margin 0.50% 22.30% -2180 bps 12.40% -1190 bps 8.90% 20.70% -1180 bps Adjusted Ebitda Margin 9.50% 29.00% -1950 bps 21.20% -1170 bps 17.40% 27.70% -1030 bps Net Margin 3.70% 13.50% -980 bps 6.00% -230 bps 5.30% 13.00% -770 bps OldAccounting Standard 12.62% 23.60% -1098 bps 22.20% -958 bps 18.10% 27.80% -970 bps Adjusted Gross Margins 19.70% 28.90% -920 bps 29.50% -980 bps 24.90% 34.00% -910 bps G&A/Net Operating Revenue 5.00% 4.30% 70 bps 5.40% -40 bps 5.30% 4.60% 70 bps Selling Expenses/Net Operating Revenue 4.20% 6.90% -270 bps 4.70% -50 bps 5.10% 7.00% -190 bps EbitdaMargin 0.40% 17.90% -1750 bps 10.10% -970 bps 7.00% 18.30% -1130 bps AdjustedEbitdaMargin 7.30% 23.10% -1580 bps 17.40% -1010 bps 13.70% 24.60% -1090 bps Net Margin 2.90% 10.80% -790 bps 4.90% -200 bps 4.20% 11.40% -720 bps New Accounting Standard Gross Margins Operating Revenue GROSS OPERATING REVENUE Gross operating revenue decreased 20.7% in 4Q15, from R$424.4 million in 4Q14 to R$336.4 million in 4Q15. In comparison with the R$354.9 million reported in 3Q15, this quarter’s revenue decreased by 5.2%. In analysis year to date of 2015, gross revenue decreased, totaling R$ 1,321.4 million in 2015, 19.5% down over 2014. The table below gives a breakdown of operating revenue in the period: (R$ '000) Real Estate Development and Sales Management Fees Gross OperatingRevenues (-) PresentValueAdjustments (-) Sales Deduction (-) Sales Taxes Net OperatingRevenues Sales Taxes / Gross Revenues (%) 4Q15 4Q14 335,409 1,046 336,455 5,002 0 (7,680) 333,777 2.3% 422,006 2,441 424,447 7,008 (122) (8,584) 422,749 2.0% Var. 4Q15 x 4Q14 -20.5% -57.1% -20.7% -28.6% N.M. -10.5% -21.0% 30 bps 3Q15 354,122 812 354,934 2,923 0 (7,324) 350,533 2.1% Var. 4Q15 x 3Q15 -5.3% 28.8% -5.2% 71.1% N.M. 4.9% -4.8% 20 bps Var. 2015 x 2014 1,317,731 1,632,625 -19.3% 3,661 8,671 -57.8% 1,321,392 1,641,296 -19.5% 14,610 (5,786) N.M. 0 (285) N.M. (28,603) (33,220) -13.9% 1,307,399 1,602,005 -18.4% 2.2% 2.0% 20 bps 2015 2014 NET OPERATING REVENUE Net operating revenue decreased by 21.0% in4Q15, from R$ 422.7 million in 4Q14 to R$333.8 million in 4Q15. In the quarter-on-quarter comparison, net operating revenue decreased by 4.8%. In 2015, net revenues decreased by 18.4% to R$ 1,307.4 million in the 2015. Page | 16 Gross Profit Gross profit totaled R$ 54.4 million in 4Q15,a 42.7% decrease over 3Q15anda 56.2% lower over 4Q14. The gross margin stood at 16.3% in the quarter, against 29.4% in 4Q14 and 27.1% in 3Q15. The Adjusted Gross Margin stood at 25.5% in 4Q15.In 2015, gross profit came to R$ 299.8 million with a gross margin of 22.9%, according to the following table: (R$ '000) Net OperatingRevenues OperatingCosts Gross profit Gross Margin Net OperatingRevenues (-) PresentValueAdjustment Adjusted Net OperatingRevenues OperatingCosts (-) Financial Charges AdjustedOperatingCosts (-) Adjusted Gross Profit Adjusted Gross Margin 4Q15 4Q14 333,777 (279,332) 54,445 16.3% 333,777 5,002 328,775 (279,332) (34,407) (244,925) 83,850 25.5% 422,749 (298,390) 124,359 29.4% 422,749 7,008 415,741 (298,390) (32,964) (265,426) 150,315 36.2% Var. 4Q15 x 4Q14 -21.0% -6.4% -56.2% -1310 bps -21.0% N.M. -20.9% -6.4% 4.4% -7.7% -44.2% -1070 bps 3Q15 350,533 (255,449) 95,084 27.1% 350,533 2,923 347,610 (255,449) (33,361) (222,088) 125,522 36.1% Var. 4Q15 Var. 2015 2015 2014 x 3Q15 x 2014 -4.8% 1,307,399 1,602,005 -18.4% 9.3% (1,007,566) (1,088,542) -7.4% -42.7% 299,833 513,463 -41.6% -1080 bps 22.9% 32.1% -920 bps -4.8% 1,307,399 1,602,005 -18.4% N.M. 14,610 (5,786) -352.5% -5.4% 1,292,789 1,607,791 -19.6% 9.3% (1,007,566) (1,088,542) -7.4% 3.1% (123,296) (110,942) 11.1% 10.3% (884,270) (977,600) -9.5% -33.2% 408,519 630,191 -35.2% -1060 bps 31.6% 39.2% -760 bps The decrease in gross profit and, as a result, the gross margin in all comparisons, there were the high volume of sales cancellations and the deterioration of the economic scenario we have seen observing since the beginning of 2015. The combination of these two factors and the high volume of deliveries increased the volume of sales cancelations, and the deterioration of the economy led the company to practice a discount policy in order to promote the sale of specific projects in the cities of Santos, Sao Jose dos Campos Mogi das Cruzes, which represented 32% of the sales volume in 4Q15 and were with advanced stage of works whose contribution margin is relatively higher than other projects in the recognition of revenues / costs. OPERATING COSTS The operating costs presented a reduction of 6.4% compared to 4Q14 to R$ 279.3 million in 4Q15 reflecting basically the decrease in sales between the 4Q15 and 4Q14 and the impact of the sales cancelation. In 2015, operating costs decreased of 7.4%, a total of R$ 1,007.6 million The cost of real estate sales is impacted by the increase of the INCC, which accumulated a 7.48% in 2015. Page | 17 General and Administrative Expenses General and administrative expenses totaled R$ 21.6 million in 4Q15, a decreaseof 5.2% over the 4Q14 and 6.6% lower than 3Q15. As a result, expenses represented 6.5% of net revenue, against 6.6% in the previous quarter.In 2015, general and administrative expenses came to R$ 87.1 million, a 2.9% increase over 2014 and representing 6.7% of net revenue. Proportional variations on revenue in the comparisons between the same periods last year were impacted by the higher effect of the sales cancelations in revenue since in real terms, after inflation of the period, they have shown reduction in any comparisons. It is worth mentioning the increase in occupancy expenses in 4Q15 and 2015 which include, momentarily, the expenses related to the change of company's offices in the city of Mogi das Cruzesand the legal expenses to maintain the current landbank. (R$ '000) Personnel ThirdParty Services Occupancy Management/Board of Directors Remuneration Legal Depreciationandamortization Facilitiesexpenses OtherAdministrativeExpenses Total General and Administrative Expenses Net OperatingRevenue G&A / Net Operating Revenue 4Q15 4Q14 (7,230) (7,527) (3,235) (4,228) (4,770) (2,569) (1,789) (1,441) (1,862) (1,443) (371) (404) (358) (1,041) (1,988) (4,123) (21,603) (22,776) 333,777 422,749 6.5% 5.4% Var. 4Q15 x 4Q14 -3.9% -23.5% 85.7% 24.1% 29.0% -8.2% -65.6% -51.8% -5.2% -21.0% 110 bps Var. 4Q15 x Var. 2015 2015 2014 3Q15 x 2014 (7,206) 0.3% (29,139) (30,807) -5.4% (3,598) -10.1% (13,399) (14,312) -6.4% (5,002) -4.6% (17,339) (10,853) 59.8% (1,789) 0.0% (6,830) (5,825) 17.3% (1,935) -3.8% (7,155) (5,473) 30.7% (377) -1.6% (1,536) (1,534) 0.1% (510) -29.8% (2,610) (3,905) -33.2% (2,707) -26.6% (9,115) (11,974) -23.9% (23,124) -6.6% (87,123) (84,683) 2.9% 350,533 -4.8% 1,307,399 1,602,005 -18.4% 6.6% -10 bps 6.7% 5.3% 140 bps 3Q15 Selling Expenses In 4Q15, selling expenses decreased by 49.8% to R$ 18.3 million in the period, against R$ 36.4 million in 4Q14 and an decreased of 9.5% compared to R$ 20.2 million in 3Q15. These figures correspond to 5.5% and 8.6% of net revenue of 4Q15 and 4Q14, respectively. The following table gives a breakdown of selling expenses: (R$ '000) Marketing Sales Commissions Sales Spot HousingDecorationModel Management Fees Total CommercialExpenses Net OperatingRevenue CommercialExpenses / Net Revenue 4Q15 4Q14 (4,970) (6,991) (4,942) (1,285) (92) (18,280) 333,777 5.5% (12,658) (8,156) (10,744) (4,711) (181) (36,450) 422,749 8.6% Var. 4Q15 x 4Q14 -60.7% -14.3% -54.0% -72.7% -49.2% -49.8% -21.0% -310 bps 3Q15 (4,789) (6,313) (6,623) (2,425) (50) (20,200) 350,533 5.8% Var. 4Q15 x 3Q15 3.8% 10.7% -25.4% -47.0% 84.0% -9.5% -4.8% -30 bps Var. 2015 x 2014 (22,891) (42,723) -46.4% (27,535) (34,605) -20.4% (24,238) (37,996) -36.2% (8,846) (12,740) -30.6% (661) (2,014) -67.2% (84,171) (130,078) -35.3% 1,307,399 1,602,005 -18.4% 6.4% 8.1% -170 bps 2015 2014 The decrease in selling expenses in the quarter was a result of decreased spending on sales spot and housing decoration model, and sales commissions reflecting the lower volume of launch. In 2015, total expenditure amounted to R$ 84.2 million, 35.3% lower than 2014 and representing 6.4% of net operating revenue. Page | 18 Financial Result Financial revenue totaled R$ 34.5 million in 4Q15, an increase of 91.8% over the result of the 4Q14 and an increase of 76.7% over 3Q15. Financial expenses totaled R$ 8.6 million in the quarter, a decrease of 20.3% compared to 4Q14and 59.8% compared to 3Q15. In this way the financial result was positive inR$ 26.0 million in 4Q15, mainly impacted by the acceleration of the IGP-M in the quarter increasing by R$ 15.5 million active monetary variation related to contracts which are not transferred to the banks and also due to the interest capitalized of debentures reversed in financial expense, which started to be deferred. In 2015, financial revenue totaled R$ 109.8 million, volume 31.1% higher than 2014. Financial expenses were R$ 65.1 million, 35.8% higher than the same period in 2014, becoming a positive financial income of R$ 44.6 million, 24.7% higher than 2014. The following table gives a breakdown of financial income and expenses: (R$ Mil) Financial Income Monetary Correction Intereston Active Contracts Intereston Delays Other Financial Income Total Financial Income Interest Paidor Incurred Monetary Correction Commissions and Banking Fees Other Financial Expenses Total de Financial Expenses Financial Result 4Q15 4Q14 3,022 5,311 22,418 5,387 8,691 6,795 152 506 265 15 34,548 18,014 3,366 (3,275) (1,949) (1,757) (4,405) (1,037) (5,569) (4,670) (8,557) (10,738) 25,991 7,276 Var. 4Q15 x 4Q14 -43.1% 316.1% 27.9% -70.0% 1666.7% 91.8% N.M 10.9% 324.8% 19.3% -20.3% 257.2% Var. 4Q15 x 3Q15 3,724 -18.9% 6,908 224.5% 8,515 2.1% 334 -54.5% 72 268.1% 19,553 76.7% (12,068) N.M. (1,409) 38.3% (2,257) 95.2% (5,548) 0.4% (21,282) -59.8% (1,729) -1603.2% 3Q15 Var. 2015 x 2014 19,825 24,342 -18.6% 50,576 17,635 186.8% 37,449 35,904 4.3% 1,430 3,248 -56.0% 528 2,661 -80.2% 109,808 83,790 31.1% (30,580) (12,091) 152.9% (6,761) (6,640) 1.8% (7,948) (3,009) 164.1% (19,843) (26,209) -24.3% (65,132) (47,949) 35.8% 44,676 35,841 24.7% 2015 2014 Page | 19 EBITDA EBITDA in the 4Q15 reached R$ 8.0million, a decrease of 91.5% compared to 4Q14 and a decrease of 81.5% over3Q15. The EBITDA margin, on the other hand, was 2.4%, a decrease of 1,990 bps in relation to the 4Q14 and 1,000 bps in relation to 3Q15. The EBITDA margin adjusted by financial charges on cost and the present value reached 9.5% in 4Q15, a decrease of 1,950 bps compared to 4Q14. In 2015, EBITDA reached R$ 122.0 million in 2015, with EBITDA margin of 9.3%, 1,180 bps lower than the 2014, and EBITDA adjusted margin of 17.4%. The following table shows the reconciliation of EBITDA and adjusted EBITDA, as well as the respective margins: 93,569 Var. 4Q15 x 4Q14 -68.5% 47,514 18,014 10,738 8,134 94,427 422,749 22.3% 94,427 (7,008) 32,964 120,383 415,741 29.0% 91.8% -20.3% -121.0% -98.1% -21.0% -2180 bps -98.1% N.M. 4.4% -74.1% -20.9% -1950 bps 19,553 76.7% 109,808 83,790 31.1% 21,282 -59.8% 65,132 47,949 35.8% (5,882) -71.0% 5,092 26,125 -80.5% 43,361 -96.0% 115,796 338,355 -65.8% 350,533 -4.8% 1,307,399 1,602,005 -18.4% 12.4% -1190 bps 8.9% 21.1% -1220 bps 43,361 -96.0% 115,796 338,355 -65.8% (2,923) N.M. (14,610) 5,786 -352.5% 33,361 3.1% 123,296 110,942 11.1% 73,799 -57.8% 224,482 455,083 -50.7% 347,610 -5.4% 1,292,789 1,607,791 -19.6% 21.2% -1170 bps 17.4% 28.3% -1090 bps (R$ '000) 4Q15 4Q14 Profit Before Income Tax and Social Contribution (-) Financial Revenues (-) Financial Expenses (-) Depreciation and Amortization* EBITDA Net Operating Revenues EBITDA Margin EBITDA (-) Present Value Adjustments (-) Financial Charges in Cost Adjusted EBITDA Adjusted Net Operating Revenues Adjusted EBITDA Margin 29,446 34,548 8,557 (1,706) 1,749 333,777 0.5% 1,749 (5,002) 34,407 31,154 328,775 9.5% 3Q15 Var. 4Q15 x 3Q15 -38.0% 2015 2014 155,380 348,071 Var. 2015 x 2014 -55.4% Net Income In 4Q15, net income was R$ 12.3 million in 4Q15, with net margin of 3.7%, a decrease of 980 bps compared to 4Q14. Compared to 3Q15, net income decreased by 41.4%, reducing the net margin at 230 bps. Earnings per share amounted to R$0.0489 in the quarter. ROE LTM (LTM net income/average LTM shareholders’ equity) came to 5.1% in 4Q15, while annualized ROE reached 3.6% in the 4Q15 and 5.1% in 2015. The following table shows the reconciliation of the net margin: (R$ '000) Net OperatingRevenues Net Income Net Margin 1 Earnings per Share ROE LTM ROAE 3 2 422,749 57,148 13.5% 0.2233 Var. 4Q15 x 4Q14 -21.0% -78.5% -980 bps -78.1% 5.1% 16.7% 3.6% 17.1% 4Q15 4Q14 333,777 12,313 3.7% 0.0489 2015 2014 350,533 21,007 6.0% 0.0833 Var. 4Q15 x 3Q15 -4.8% -41.4% -230 bps -41.3% 1,307,399 68,873 5.3% 0.2734 1,602,005 210,757 13.2% 0.8235 Var. 2015 x 2014 -18.4% -67.3% -790 bps -66.8% -1160 bps 8.3% -320 bps 5.1% 16.7% -1160 bps -1350 bps 6.1% -260 bps 3Q15 1 – Considering 257,699,937 shares for all periods after the distribution of share bonuses in April 2013. 2 – Net income in the last 12 months divided by shareholders’ equity in the same period. 3 – Net income in the quarter multiplied by four, divided by shareholders’ equity in the quarter. Page | 20 Backlog Result The backlog result totaled R$ 337.1 million at the end of 4Q15, a 10.9% decrease over 3Q15.The backlog margin reached 32.8%, a increase of 200 basis points compared to the previous quarter. The following table gives a breakdown of the backlog result. (R$ '000) 4Q15 4Q14 1,066,072 1,855,013 Gross Backlog Revenues (38,912) (67,708) Sales Taxes 1,027,160 1,787,305 Net Backlog Revenues 1 (690,058) (1,145,352) Costs of Sold Units to be recognized 337,102 641,953 Backlog Results 32.8% 35.9% Backlog Margin (23,725) (59,569) Commercial Expenses to be recognized 1 – Included in the financial costs related to interest on the debentures. 2 – Excludes canceled sales, adjustment to present value and selling expenses. Var. 4Q15 x 3Q15 4Q14 -42.5% 1,272,376 -42.5% (46,442) -42.5% 1,225,934 -39.8% (847,793) -47.5% 378,141 -310 bps 30.8% -60.2% (31,082) Var. 4Q15 x 3Q15 -16.2% -16.2% -16.2% -18.6% -10.9% 200 bps -23.7% Receivables Total receivables, net of adjustment to present value (AVP) and provisions for doubtful debt (PDD) came to R$ 2,155.9 million in 4Q15, R$ 819.5 million of which referring to finished units and R$ 1,336.4 million of units under construction.The evolution in receivables from finished units is consistent with the projects delivered in the last quarters. The following tables give a breakdown of receivables, including adjustment to present value and other receivables: (R$ '000) ConcludedDevelopments UnderConstruction Total Receivableson Balance Var. 4Q15 x Var. 4Q15 x Var. 4Q15 4Q15 4Q14 4Q15 4Q14 4Q15 4Q14 4Q14 4Q14 x 4Q14 784,513 650,781 20.5% 1,373,427 1,465,926 -6.3% 2,157,940 2,116,707 1.9% (42,460) (57,064) -25.6% (42,460) (57,064) -25.6% Accounts Receivables* Adjustment to Present Value Provision for Sales Cancellations (6,257) 41,242 49,000 Other Credits 819,498 699,781 Total * Net of PDD N.M. -15.8% 17.1% - - 5,408 5,493 1,336,375 1,414,355 - -1.5% -5.5% ConcludedDevelopments UnderConstruction Var. 4Q15 x Var. 4Q15 (R$ '000) 4Q15 3Q15 4Q15 3Q15 3Q15 x 3Q15 AccountsReceivables* 784,513 642,516 22.1% 1,373,427 1,473,150 -6.8% AdjustmenttoPresentValue (42,460) (47,462) -10.5% Provision for Sales Cancellations (6,257) N.M. 0.0% OtherCredits 41,242 48,416 -14.8% 7,445 7,445 0.0% Total 819,498 690,932 18.6% 1,338,412 1,433,133 -6.6% * Net of PDD (6,257) - 46,651 54,493 2,155,873 2,114,137 N.M. -14.4% 2.0% Total Receivableson Balance Var. 4Q15 4Q15 3Q15 x 3Q15 2,157,940 2,115,666 2.0% (42,460) (47,462) -10.5% (6,257) N.M. 46,651 55,862 -16.5% 2,155,873 2,124,067 1.5% Page | 21 Cash and Debt Cash and cash equivalents closed 4Q15 at R$335.3 million, which represents an increase of 26.8% compared to the existing balance at the end of 4Q14 and a decrease of 1.1% in relation to 3Q15. Note that Helbor does not perform transactions involving financial instruments with speculative purposes. At the end of thequarter, the debt totaled R$ 1,967.7 million,an increase of 35.3% over the same period of 2014 and 6.3% compared to 3Q15. The following table shows loans, construction financing and debentures and a breakdown of short- and long-term debt: Debt (R$ '000) Loans ConstructionFinancing Debentures Total Debt Short Term LongTerm 4Q15 4Q14 123,581 1,515,293 328,804 1,967,678 778,112 1,189,566 412 1,245,200 208,224 1,453,836 720,649 733,187 Var. 4Q15 x 4Q14 29895.4% 21.7% 57.9% 35.3% 8.0% 62.2% Var. 4Q15 x 3Q15 117,827 4.9% 1,383,141 9.6% 349,882 -6.0% 1,850,851 6.3% 663,386 17.3% 1,187,465 0.2% 3Q15 Financing for construction of properties are subject to interest of 10.5% per year, indexed to the Referential Rate (TR) and guaranteed by mortgages on properties. The loans, guaranteed by promissory notes and sureties from the controlling shareholders are paid a rate of 1.35% per month. The debentures issued in 2010, 2012 and 2015 are bearing interest at CDI + 1.80% per year, CDI + 1.90 % pa and CDI + 1.90% respectively. The following chart shows the amortization schedule for short- and long-term debt at the close of 4Q15: Amortization Schedule - Debentures (R$ 000) 110,000 81,109 Current 68,846 68,849 2017 2018 From 2019on Helbor’s net debt corresponds to 87.3% of its shareholders’ equity (or 6.3% excluding SFH construction financing, which is secured by the receivables portfolio). The following table shows the reconciliation of net debt: Page | 22 Debt (R$ '000) Total Debt Cash and Cash Equivalents Net Debt ConstructionFinancing Net Debt (ex-SFH) Controlling Shareholder´s Equity* Total Shareholder´s Equity* Net Debt / Controlling Shareholder´s Equity* Net Debt / Total Shareholder´s Equity* Net Debt (ex-SFH) / Shareholder´s Equity 4Q15 4Q14 1,967,678 335,352 1,632,326 1,515,293 117,033 1,381,536 1,870,312 118.2% 87.3% 6.3% 1,453,836 264,563 1,189,273 1,245,200 (55,927) 1,317,758 1,779,016 90.2% 66.9% -3.1% Var. 4Q15 x 4Q14 35.3% 26.8% 37.3% 21.7% N.M 4.8% 5.1% 2800 bps 2040 bps 940 bps 3Q15 1,850,851 339,004 1,511,847 1,383,141 128,706 1,386,114 1,871,391 109.1% 80.8% 6.9% Var. 4Q15 x 3Q15 6.3% -1.1% 8.0% 9.6% N.M. -0.3% -0.1% 910 bps 650 bps -60 bps * Due to the new accounting standards, whereby each SPC’s total debt is now consolidated, the Company will begin to adopt the total shareholders' equity, and not just the parent company's, as a parameter for calculating the net debt's share of this account.We are also stating the net debt’s share of the parent company’s shareholders’ equity for purposes of comparison with the previous form of disclosure. This quarter, there was cash burn of R$ 120.5 million. The cash burn was due to the difficulty in process of transfers, especially in the commercial segment units, which results in a lower amortization of the debt arising from the financing of production, and the impact of sales cancellations, which has a double adverse factor in reducing portfolio of receivables (R$ 123.00 millions) and cash return to customers (R$ 19.5 millions). In this way, the mentioned difficulty in process of transfer since 2Q15 is a reflection, also for deliveries during this period which concentrated 8 commercial projects of a total of 15 projects, representing 50% of Total PSV delivered. These projects summed, at the time of launch, Total PSV of R$ 575.2 million and the current level of sales cancelation for this segment is very high, reaching in some cases, levels above 35%, another factor directly related to the process of transfers is the restriction of credit by banks to the commercial segment remains latent. Important to mention also that some deliveries made of residential projects the buyers are also taking longer to initiate the transfer process. This unfavorable combination regarding deliveries, coupled with the deterioration of the macroeconomic scenario hurt the transfer process efficiency and impacts our potential cash generation, which is explained by performing receivables position in the balance sheet, totaling R $ 820.2 millions and will be potentiated in view of delivery in the year 2016, increasing the volume of assets able to be monetized via transfer. From the second half of 2016 is expected decrease the net debt, independently of the adverse economic factors that the scenario requires, due to the reduction of the monthly liberate of volume for financing the production of projects that will be delivered and the aforementioned increase in the volume of receivables performing. Noteworthy is also that 79% of deliveries in the second half of 2016 are the residential segment, notably more resilient to sales cancelations and credit restrictions by banks. Cash Burn (Cash Generation) - R$ '000 Net Debt (Beginning of Quarter) Net Debt (End of Quarter) Cash Burn (Cash Generation) Dividends Cash Burn (Cash Generation) ex-Dividends 4Q15 1,511,847 1,632,326 120,479 0 120,479 Page | 23 Glossary Backlog Margin – Equivalent to “Backlog Result” divided by “Backlog Revenue”. Backlog Result – In view of the recognition of revenues and costs, which occurs in accordance with the progress of construction works (PoC Method) and not when the contract is signed, we recognize development revenue from contracts signed in future periods. Therefore, our Backlog Result corresponds to pre-sales less the budgeted construction costs of these same units to be recognized in future periods. Backlog Revenue – Backlog revenue corresponds to the pre-sales for which revenue is recognized in future periods in accordance with the percentage of completion rather than when the contract is signed. Commercial – Commercial and corporate units developed exclusively for sale. High Income – Residentialbuildings with units priced between R$1 million and R$2 million. Land Bank – Lots that Helbor holds for future developments, which are acquired in cash or through swap agreements. Lower Middle Income– Residential building with units priced between R$150,000 and R$250,000. Middle Income– Residential buildings with units priced between R$250,000 and R$600,000. Percentage of Completion (PoC) Method – Under Brazilian GAAP, the revenue, costs and expenses from real estate development activities are recognized in profit and loss over the course of construction in accordance with the percentage of completion of works by measuring the percentage of costs incurred in relation to the total budgeted costs. Therefore, a substantial portion of development revenue in a period reflects the recognition of sales made in prior periods. Potential Sales Value (PSV) – The potential sales represented by units launched. Pre-Sales – The aggregate amount of sales resulting from all agreements for the sale of units entered into during a certain period, which include new units and units in inventory. Pre-sales are recognized as revenue in accordance with the progress of construction works (PoC method). RET - Special Taxation Regime – It is a simplified regime for the payment of taxes, consisting of a joint incidence (IRPJ, CSLL, PIS and COFINS) that can vary among 1% and 4% (according to the tax dispensations of December 2012) of monthly gross revenues, depending on the type of project being developed. It is a governmental incentive which aims to support the adoption of the Segregate Estate, which is a prior condition to enter the regime, in the processes of real estate development. Return on Average Equity (ROAE) – ROAE corresponds to net income in a period divided by average shareholders’ equity in the same period. SFH Funds – Funds under the Housing Financing System (SistemaFinanceiro da Habitação – SFH) originated from the Severance Indemnity Fund for Employees (FGTS) and from savings account deposits. Commercial banks are required to direct 65% of their savings account deposits to the housing sector as loans to either homebuyers or developers at lower interest rates than the private market. Silent Partnership (SCPs) – The silent partnerships (SociedadeemConta de Participação – SCP) that hold the development operations of our projects. SPE– Entity created with the specific purpose of developing a specific real estate Project, which under Brazilian corporation law may adopt the form of various entities, including, but not limited, to SCPs and limited liability partnerships. Subdivision Projects – Land subdivision projects that require the construction of new streets and infrastructure. Swap Agreements – A method for acquiring land in which the seller receives a certain number of units or a percentage of the revenue from the sale of the units of the project to be developed on the property. Ultra High Income – Residential buildings with units priced above R$2 million. Upper Middle Income– Residential buildings with units priced between R$600,000 and R$1 million. Page | 24 Appendix I – Development Projects (*% Sold Net of SwapAgreements and Rescissions) Launch Estimated Delivery Location Income Segment Total Units Net Units* Total PSV (R$ 000) Helbor´s PSV (R$000) % Sold % of Construction Absolute Business Style Apr-07 Helbor Espaço e Vida Pacaembú May-07 Delivered Goiânia Commercial 222 221 27,935 11,174 100.0% 100.0% Delivered São Paulo Middle 116 116 47,119 47,119 100.0% Coral Gables 100.0% May-07 Delivered Santos Upper Middle 192 192 94,934 85,441 100.0% 100.0% Helbor Trend Jardins Jun-07 Delivered São Paulo Middle 118 88 30,815 22,980 100.0% 100.0% Helbor Victoria Home Club Jul-07 Delivered Joinville Upper Middle 69 69 35,056 28,045 100.0% 100.0% Alpha Park Sep-07 Delivered Salvador Middle 174 174 38,437 24,984 99.4% 100.0% Vivere Ibirapuera Sep-07 Delivered São Paulo Upper Middle 38 32 26,922 26,922 100.0% 100.0% Helbor Tendence Oct-07 Delivered São Paulo Upper Middle 54 52 61,746 61,746 100.0% 100.0% Pensilvania By Helbor Oct-07 Delivered São Paulo Upper Middle 40 35 25,175 21,854 100.0% 100.0% Condominium Parque Club Nov-07 Delivered Guarulhos Middle 714 714 207,000 103,500 99.9% 100.0% Helbor Reserva do Itapety Dec-07 Delivered Mogi das Cruzes Middle 154 154 60,013 60,013 100.0% 100.0% Green Lifestyle Dec-07 Delivered Goiânia Middle 180 163 35,000 24,500 99.4% 100.0% Cap Ferrat Dec-07 Delivered Santos Upper Middle 140 124 108,925 98,033 100.0% 100.0% Helbor Horizons Dec-07 Delivered São Paulo Upper Middle 46 41 28,622 28,622 100.0% 100.0% Chateau Flamboyant Apr-08 Delivered Goiânia Upper Middle 57 51 28,000 19,600 100.0% 100.0% Bella Città May-08 Delivered Mogi das Cruzes Land Division 653 625 41,000 7,245 99.2% 100.0% Helbor Trend Pacaembu May-08 Delivered São Paulo Upper Middle 168 101 35,600 21,600 100.0% 100.0% Felice Parque da Moóca Jun-08 Delivered São Paulo Upper Middle 56 56 23,600 14,160 100.0% 100.0% Helbor Home Clube Itapety Jun-08 Delivered Mogi das Cruzes Upper Middle 176 154 68,100 68,100 100.0% 100.0% Breeze Life Style Aug-08 Delivered Goiânia Upper Middle 108 93 28,157 19,710 100.0% 100.0% Privilège Liceu Sep-08 Delivered Campinas Upper Middle 116 116 49,717 49,717 100.0% 100.0% Ekobé Espaço e Vida Sep-08 Delivered Taubaté Upper Middle 128 128 55,967 44,774 100.0% 100.0% Vision Du Parc Life Style Sep-08 Delivered Goiânia Upper Middle 39 39 33,500 23,450 100.0% 100.0% Helbor Sur La Citè Oct-08 Delivered São Paulo High 34 34 36,017 35,657 100.0% 100.0% Bella Città – Villaggio 1 Nov-08 Delivered Mogi das Cruzes Land Division 201 181 12,537 2,215 100.0% 100.0% Helbor Magnifiquè Nov-08 Delivered Joinville Upper Middle 102 98 84,111 75,700 100.0% 100.0% Splendido Life Style Nov-08 Delivered Brasília Upper Middle 47 47 28,627 20,039 100.0% 100.0% Helbor Ipoema Nov-08 Delivered Mogi das Cruzes Lower Middle 194 165 33,950 23,765 100.0% 100.0% Helbor Offices Vila Rica Dec-08 Delivered Santos Commercial 661 507 114,837 91,869 99.8% 100.0% Bella Città – Villaggio 2 Dec-08 Delivered Mogi das Cruzes Land Division 226 204 12,978 2,293 99.6% 100.0% Helbor Encanto Bela Vista Dec-08 Delivered Santo André Upper Middle 38 38 26,392 26,389 100.0% 100.0% 2008 2007 Year Development *Percentage sold in number of units Page | 25 2010 2009 Year Launch Estimated Delivery Net Units* Total PSV (R$ 000) Helbor´s PSV (R$000) % Sold % of Construction L'art Vila Rica Feb-09 Delivered Santos High Bossa Nova Lifestyle Feb-09 Delivered Goiânia Upper Middle 22 22 30,064 24,051 100.0% 100.0% 116 116 39,704 27,793 100.0% Helbor Home Flex Cambuí Feb-09 Delivered Campinas Upper Middle 100.0% 84 84 17,562 17,562 100.0% Helbor Tresór Moema Mar-09 Delivered São Paulo 100.0% High 21 13 29,610 17,766 100.0% Helbor Offices Norte Sul Apr-09 Delivered 100.0% Campinas Commercial 238 232 46,275 46,275 100.0% Chateau Bougainville Apr-09 100.0% Delivered Goiânia Upper Middle 50 45 38,825 27,178 100.0% Helbor Bella Vita 1 100.0% May-09 Delivered São Paulo Middle 168 137 27,746 27,746 100.0% 100.0% Helbor The Stage Jun-09 Delivered São Paulo High 21 13 40,553 24,332 100.0% 100.0% Helbor Bella Vita 2 Jun-09 Delivered São Paulo Middle 192 157 32,627 32,627 100.0% 100.0% Helbor Belvedere Jd. das Colinas Jun-09 Delivered São José dos Campos Upper Middle 216 202 137,831 137,831 100.0% 100.0% Helbor Spazio Vitta Jul-09 Delivered São Paulo Middle 278 278 89,249 89,249 100.0% 100.0% Helbor Offices São Paulo Aug-09 Delivered São Paulo Commercial 140 140 32,388 32,388 98.6% 100.0% Helbor Offices Jd. das Colinas Aug-09 Delivered São José dos Campos Commercial 368 296 52,008 52,008 100.0% 100.0% Helbor Trend Joinville Sep-09 Delivered Joinville Middle 102 102 35,830 32,247 100.0% 100.0% Parque das Águas Empresarial Oct-09 Delivered São Gonçalo Commercial 336 336 39,596 27,717 93.5% 100.0% Helbor Offices São Caetano Oct-09 Delivered São Caetano do Sul Commercial 280 280 47,916 47,916 98.6% 100.0% Helbor Giardino Bella Vita Oct-09 Delivered São Paulo Middle 216 176 48,940 48,940 100.0% 100.0% Helbor Trend Santos Dumont Oct-09 Delivered Fortaleza Middle 88 88 22,254 20,029 100.0% 100.0% Helbor True Perdizes Nov-09 Delivered São Paulo Upper Middle 30 21 13,961 13,961 100.0% 100.0% Helbor Espaço & Vida Ipoema Dec-09 Delivered Mogi da Cruzes Lower Middle 240 218 39,860 39,860 99.6% 100.0% Helbor Ampliatto Dec-09 Delivered São Paulo Middle 138 136 45,123 45,123 100.0% 100.0% Jazz Life Style Dec-09 Delivered Goiânia Upper Middle 73 62 36,905 25,834 98.6% 100.0% Helbor Prime Hauss Dec-09 Delivered Joinville Upper Middle 68 68 36,704 33,034 100.0% 100.0% Helbor Home Flex Pacaembu Jan-10 Delivered São Paulo Middle 192 152 39,348 39,348 100.0% 100.0% Helbor Park Elegance Jan-10 Delivered Cuiabá Upper Middle 68 65 46,789 42,110 100.0% 100.0% Helbor Espaço e Vida Ipoema 2 Mar-10 Delivered Mogi das Cruzes Lower Middle 240 218 42,205 42,205 98.8% 100.0% Helbor Sunshine Gonzaga Mar-10 Delivered Santos Middle 82 82 43,536 39,182 95.1% 100.0% Isla Life Style Mar-10 Delivered Brasília Middle 586 586 202,534 101,267 99.8% 100.0% Helbor Offices São Paulo II Jun-10 Delivered São Paulo Commercial 230 230 71,153 49,807 100.0% 100.0% Helbor Offices Champagnat Jun-10 Delivered Curitiba Commercial 292 246 54,276 43,421 100.0% 100.0% Double Life Ecoville Jul-10 Delivered Curitiba High 107 87 49,328 39,462 97.2% 100.0% Comfort Stay Verano Jul-10 Delivered Rio de Janeiro Middle 338 338 106,953 74,867 93.5% 100.0% Comercial Casa das Caldeiras Aug-10 Delivered São Paulo Commercial 535 535 225,437 112,719 95.9% 100.0% Residencial Casa das Caldeiras Sep-10 Delivered São Paulo Upper Middle 384 384 344,528 172,264 99.0% 100.0% Helbor Trend Vila da Serra Sep-10 Delivered Nova Lima Middle 96 76 28,401 28,401 100.0% 100.0% Vitta Parque Oct-10 Delivered Diadema Middle 342 336 117,834 58,917 100.0% 100.0% Edition Vila Nova Nov-10 Delivered São Paulo High 28 28 37,241 26,069 100.0% 100.0% Helbor New Tatuapé Dec-10 Delivered São Paulo Middle 76 74 40,360 28,252 97.4% 100.0% Helbor L'Alto Perdizes Dec-10 Delivered São Paulo High 48 43 52,649 52,649 100.0% 100.0% Helbor Offices Joinville Dec-10 Delivered Joinville Commercial 241 236 51,619 51,619 95.4% 100.0% Helbor Spazio Club Alto do Ipiranga Dec-10 Delivered Mogi das Cruzes Middle 184 184 67,588 67,588 98.9% 100.0% Development Location Income Segment Total Units *Percentage sold in number of units Page | 26 2012 2011 Year Launch Estimated Delivery Helbor´s PSV (R$000) % Sold % of Construction Helbor Jardins Ipoema Mar-11 Helbor Paesaggio Jardim das Colinas Apr-11 51,548 41,238 88.3% 100.0% 189,465 189,465 87.6% Rio Business Center 100.0% 41,268 41,268 77.0% 100.0% 160 100,786 50,393 93.8% 100.0% 111 98 31,536 17,029 86.5% 100.0% Middle and Commercial 260 260 65,015 45,510 95.8% 100.0% Middle 296 261 131,040 91,728 99.3% 100.0% Mogi das Cruzes Middle 228 205 84,627 84,627 47.8% 100.0% Delivered Fortaleza Middle 294 294 81,468 73,322 98.3% 100.0% Sep-11 Sep-15 Fortaleza Middle 294 294 75,094 67,584 95.2% 100.0% Helbor Offices Washington Luís Sep-11 Delivered Santos Commercial 121 121 51,796 46,616 61.2% 100.0% Perfect Lifestyle - Noroeste Sep-11 Delivered Brasília High 72 72 87,162 34,865 98.6% 100.0% Il Terrazzo Ponta da Praia Nov-11 Delivered Santos High 36 30 38,871 31,097 80.6% 100.0% Helbor My Way Ponta da Praia Nov-11 Delivered Santos Middle 216 182 75,385 56,539 96.8% 100.0% Helbor Concept - Life, Office e Corporate Nov-11 Delivered Mogi das Cruzes Middle and Commercial 472 423 157,744 126,195 92.8% 99.5% Helbor My Way Batel Nov-11 Delivered Curitiba Middle 131 98 45,914 36,731 97.7% 99.8% Helbor Lead Offices Faria Lima Nov-11 Delivered São Paulo Commercial 128 120 121,964 60,982 81.3% 100.0% Helbor Offices São Paulo III Dec-11 Delivered São Paulo Commercial 300 246 55,372 55,372 80.7% 100.0% Helbor Dual Business Office & Corporate Dec-11 Sep-15 Cuiabá Commercial 318 294 74,501 67,051 99.4% 100.0% Helbor Privilege Goiabeiras Dec-11 jul-205 Cuiabá High 32 31 40,173 36,155 100.0% 100.0% Link Office, Mall & Stay Dec-11 Delivered Rio de Janeiro Commercial and Upper Middle 644 644 367,723 294,179 92.1% 100.0% Helbor Boulevard Tatuapé Mar-12 Delivered São Paulo Upper Middle 72 72 46,380 46,380 100.0% 99.7% Helbor Offices Imperatriz Leopoldina Mar-12 Delivered São Paulo Commercial 183 169 57,360 57,360 84.7% 100.0% Helbor Spazio Club Joinville Mar-12 Aug-15 Joinville Middle 116 116 65,731 59,158 75.0% 100.0% Reserva Bonifácia by Helbor May-12 Dec-15 Cuiabá Middle 160 114 78,868 70,981 66.9% 88.1% Mondial Salvador May-12 May-16 Salvador Hotel, Middle and Commercial 457 408 126,134 75,680 68.9% 87.2% Helbor Up Offices Jun-12 Aug-15 São Paulo Commercial 244 244 73,240 54,930 90.6% 100.0% Development Location Income Segment Total Units Net Units* Delivered Mogi das Cruzes Lower Middle 240 216 Delivered São José dos Campos High 194 182 Jun-11 Delivered Rio de Janeiro Commercial 178 178 Coletânea Vale do Canela Jun-11 Jul-15 Salvador Upper Middle 160 Helbor Offices Barão de Teffé Jun-11 Delivered Jundiaí Commercial Helbor Cosmopolitan Home Stay & Offices Jun-11 Delivered Salvador Terraços Jardim das Colinas Jun-11 Delivered São José dos Campos Helbor Varandas Ipoema Jun-11 Delivered Helbor Condomínio Parque Clube Fortaleza I Sep-11 Helbor Condomínio Parque Clube Fortaleza II Total PSV (R$ 000) Movement City & Life Jun-12 Feb-16 São Bernardo Middle 368 368 173,717 104,230 65.2% 93.2% Offices Nações Unidas Sep-12 Aug-15 São Paulo Commercial 238 192 70,087 35,044 76.5% 100.0% Helbor Offices São Vicente Sep-12 May-16 São Vicente Commercial 472 469 145,066 130,559 40.9% 96.0% Patteo Mogilar Sky Sep-12 Aug-15 Mogi das Cruzes Commercial 330 275 61,126 48,901 92.7% 100.0% Adagio Alphaville Oct-12 May-16 Barueri Hotel 275 216 83,238 33,295 75.3% 96.0% Rio Stay Residence Nov-12 Aug-15 Rio de Janeiro Middle 187 187 94,124 65,887 90.9% 100.0% Landscape by Helbor Nov-12 Jun-16 Mogi das Cruzes High 192 186 229,020 183,216 70.3% 87.7% Helbor Classic Bosque Maia Dec-12 Nov-15 Guarulhos Upper Middle 172 145 140,925 112,740 85.5% 100.0% Square Offices and Mall Dec-12 Jan-16 Taubaté Commercial 138 131 35,481 31,933 84.8% 99.2% Helbor Dual Patteo Mogilar Dec-12 Mar-16 Mogi das Cruzes Commercial 306 306 88,897 71,118 87.6% 91.1% My Helbor Patteo Mogilar Dec-12 Mar-16 Mogi das Cruzes Middle 216 216 69,059 55,247 63.0% 87.0% Helbor Carpe Diem Bosque Maia Dec-12 May-16 Guarulhos Middle 396 331 188,964 151,171 85.6% 98.5% *Percentage sold in number of units Page | 27 Launch Estimated Delivery Location Income Segment Total Units Net Units* Total PSV (R$ 000) Helbor´s PSV (R$000) % Sold % of Construction Doppio by Helbor Feb-13 Aug-16 São Paulo High 19 19 64,753 38,852 47.4% 84.7% Référence by Helbor Feb-13 Aug-16 São Paulo High 30 30 61,366 52,161 40.0% 84.0% Helbor Enjoy Guarulhos - 1st Phase Mar-13 Sep-16 Guarulhos Middle 208 187 63,160 63,154 68.8% 84.6% Helbor Dual Offices & Corporate Mar-13 Sep-16 Joinville Commercial 242 242 60,098 54,088 47.5% 69.2% Helbor My Way Abolição Mar-13 Sep-16 Fortaleza Middle 161 136 68,730 68,723 60.9% 78.7% Passarela Park Prime - 1st Phase May-13 Nov-16 Campo Grande Upper Middle 220 220 171,057 68,423 97.7% 64.4% Helbor Enjoy Guarulhos - 2nd Phase Jun-13 Sep-16 Guarulhos Middle 216 180 61,700 61,694 84.3% 84.6% Ideale Jun-13 Dec-16 São Bernardo do Campo Middle 138 138 76,581 45,949 69.6% 69.7% Helbor Corporate Tower Jardim das Colinas Jun-13 Aug-15 São José dos Campos Commercial 50 41 61,560 61,554 30.0% 99.8% Helbor Vivere Jardim Analia Franco Aug-13 Oct-16 São Paulo Upper Middle 60 53 42,429 38,186 41.7% 60.1% Helbor Life Club Patteo Mogilar Sep-13 Jan-17 Mogi das Cruzes Upper Middle 216 216 137,694 110,155 73.1% 65.8% Parkinn By Radisson Santos Sep-13 Dec-16 Santos Hotel 241 185 74,334 37,167 64.3% 61.7% Helbor Offices Savassi Oct-13 Dec-16 Belo Horizonte Commercial 196 122 60,064 48,051 79.8% 71.5% Arthouse Double Sky - 1st Phase Nov-13 Mar-17 Campinas High 50 40 57,454 40,218 90.0% 49.5% Origem Tatuapé By Helbor - 1st Phase Nov-13 May-17 São Paulo Middle 120 108 65,617 59,056 71.7% 50.5% One Eleven Home and Work By Helbor Nov-13 May-17 São Paulo Commercial and Upper Middle 176 176 170,529 136,544 39.2% 30.2% Helbor Apto Campo Belo Nov-13 Mar-17 São Paulo Middle 96 76 44,502 44,497 70.8% 27.3% Neolink Office, Mall & Stay Dec-13 Jun-16 Rio de Janeiro High and Commercial 428 275 192,552 134,786 75.5% 61.9% Helbor Trend SP Dec-13 Feb-17 São Paulo Middle 138 128 53,646 53,640 81.9% 43.3% Helbor Arte Faria Lima Dec-13 Dec-16 São Paulo Middle 66 50 27,493 27,490 66.7% 52.9% Trilogy Home, Office & Stay - 1st Phase Dec-13 Feb-18 São Bernardo do Campo Middle and Commercial 780 551 198,980 139,286 60.6% 38.9% Up Village By Helbor Dec-13 Feb-17 São Paulo Middle 104 104 52,837 36,986 45.2% 48.8% Centro Empresarial Aquarius Dec-13 Feb-18 São José dos Campos Commercial 644 322 105,029 84,023 52.5% 32.3% Origem Tatuapé By Helbor - 2nd Phase Feb-14 May-17 São Paulo Middle 112 105 67,162 60,446 70.0% 50.5% Passarela Park Prime - 2nd Phase Mar-14 Nov-16 Campo Grande Upper Middle 120 112 92,533 37,013 84.8% 64.4% Up Offices Berrini Mar-14 May-17 São Paulo Commercial 234 179 88,178 66,134 45.7% 47.0% Spazio Helbor Mooca Apr-14 Jul-17 São Paulo High 100 98 71,841 71,834 35.0% 17.5% Trilogy Home - 2nd Phase May-14 Feb-18 São Bernardo do Campo Middle 174 174 95,848 67,094 69.5% 38.9% Condominio Art Vitta Jun-14 Nov-17 Campinas High 134 105 99,326 69,528 59.7% 13.9% Up Offices Berrini Sep-14 Jul-18 São Bernardo do Campo Upper Middle 206 193 161,933 97,160 84.5% 5.1% Adagio Batel Sep-14 Mar-18 Curitiba Hotel 221 203 72,070 57,656 50.7% 7.0% Trilogy Home - 2nd Phase Sep-14 Feb-18 São Bernardo do Campo Hotel 204 204 79,034 55,324 17.6% 38.9% Helbor Reserva da Praça Sep-14 May-18 Fortaleza Middle 189 179 114,921 114,910 19.0% 21.8% The CittyPlex Osasco Oct-14 Aug-18 Osasco Flat 364 357 102,823 71,976 75.4% 1.5% Helbor Downtown Oct-14 Nov-17 São José dos Campos Commercial 202 186 52,997 52,992 60.9% 17.8% Helbor Num Vila Nova Dec-14 Jun-18 São Paulo Middle 267 135 90,642 54,385 73.4% 2.9% Helbor Trend Higienóplis Dec-14 Jun-18 São Paulo Middle 226 183 73,456 66,110 85.0% 3.8% Urban Resort Mar-15 Apr-18 São Paulo Middle 176 122 57,191 40,034 68.2% 0.0% Helbor Family Garden - 2ª Fase Apr-15 Jul-18 São Bernardo do Campo Upper Middle 150 135 107,930 64,758 42.7% 5.1% 2015 2014 2013 Year Development Trilogy Home, Office & Stay - 4ª fase jul-15 Feb-18 São Bernando do Campo Middle 174 174 113,657 79,560 43.1% 38.9% Arthouse Double Sky - 2ª fase nov-15 mar-17 Campinas/SP Alto 50 40 69,651 48,756 32.0% 49.5% *Percentage sold in number of units Page | 28 Appendix II – Consolidated Income Statement (R$ '000) Gross OperatingRevenues Real Estate Development and Sales (+/-) PresentValueAdjustments (-) Sales Deduction (-) Sales Taxes Management Fees Net OperatingRevenues OperatingCosts Properties Sales Gross Profit OperatingIncome (Expenses) General andadministrativeexpenses Commercialexpenses Taxexpenses Financial expenses Financial income Otheroperatingincome (expenses) Total operating income and expenses Equityaccountingresult Profit Before Income Tax And Social Contribution Income tax and social contribution Net Income Before Noncontrolling Shareholders Net Income attributable to noncontrolling shareholder Net Income Var. 4Q15 x 4Q14 Var. 4Q15 x 3Q15 2015 2014 Var. 2015 x 2014 354,934 354,122 2,923 (7,324) 812 350,533 (255,449) (255,449) 95,084 -5.2% -5.3% 71.1% N.M. 4.9% 28.8% -4.8% 9.3% 9.3% -42.7% 1,321,392 1,317,731 14,610 (28,603) 3,661 1,307,399 (1,007,566) (1,007,566) 299,833 1,641,296 1,632,625 (5,786) (285) (33,220) 8,671 1,602,005 (1,088,542) (1,088,542) 513,463 -19.5% -19.3% N.M. N.M. -13.9% -57.8% -18.4% -7.4% -7.4% -41.6% -5.2% -49.8% 69.1% -20.3% 91.8% N.M. -18.4% 48.6% (23,124) (20,200) (2,005) (21,282) 19,553 (543) (47,601) 31 -6.6% -9.5% 11.9% -59.8% 76.7% 1581.8% -46.9% 767.7% (87,123) (84,170) (8,226) (65,132) 109,808 (9,943) (144,786) 333 (84,683) (130,078) (6,445) (47,949) 83,790 19,129 (166,236) 844 2.9% -35.3% 27.6% 35.8% 31.1% -152.0% -12.9% -60.5% 93,569 -68.5% 47,514 -38.0% 155,380 348,071 -55.4% (8,055) (10,144) -20.6% (7,683) 4.8% (31,285) (39,232) -20.3% 21,391 83,425 -74.4% 39,831 -46.3% 124,095 308,839 -59.8% (9,078) (26,277) -65.5% (18,824) -51.8% (55,222) (98,082) -43.7% 12,313 57,148 -78.5% 21,007 -41.4% 68,873 210,757 -67.3% 4Q15 4Q14 336,455 335,409 5,002 (7,680) 1,046 333,777 (279,332) (279,332) 54,445 424,447 422,006 7,008 (122) (8,584) 2,441 422,749 (298,390) (298,390) 124,359 -20.7% -20.5% -28.6% N.M. -10.5% -57.1% -21.0% -6.4% -6.4% -56.2% (21,603) (18,280) (2,244) (8,557) 34,548 (9,132) (25,268) 269 (22,776) (36,450) (1,327) (10,738) 18,014 22,306 (30,971) 181 29,446 3Q15 Page | 29 Appendix III – Consolidated Balance Sheet ASSETS (R$ 000) Currentassets Cash and cash equivalents Marketablesecurities Accountsreceivable Loans Properties for sale Recoverabletaxesandcontributions Sales expensestoappropriate Otherassets Total currentassets Non-currentassets Accountsreceivable Properties for sale Loans Relatedparties Judicial deposits Sales expensestoappropriate Investments Fixedassets Intangible Total non-currentassets Total assets 4Q15 4Q14 Var. 4Q15 x 4Q14 3Q15 Var. 4Q15 x 3Q15 136,404 198,948 1,344,788 11,593 2,085,329 3,551 11,017 20,595 235,917 28,646 1,214,118 3,988 1,499,874 3,270 13,912 18,953 -42.2% 594.5% 10.8% 190.7% 39.0% 8.6% -20.8% 8.7% 145,845 193,159 1,295,106 9,030 1,622,755 3,833 15,296 21,517 -6.5% 3.0% 3.8% 28.4% 28.5% -7.4% -28.0% -4.3% 3,812,225 3,018,678 26.3% 3,306,541 15.3% 811,085 393,347 12,299 3,070 6,925 2,377 16,145 24,769 913 900,019 1,049,036 14,495 5,570 4,740 17,533 7,665 33,276 1,043 -9.9% -62.5% -15.2% -44.9% 46.1% -86.4% 110.6% -25.6% -12.5% 828,961 820,943 11,823 3,070 5,584 4,202 9,950 26,619 1,000 -2.2% -52.1% 4.0% 0.0% 24.0% -43.4% 62.3% -6.9% -8.7% 1,270,930 2,033,377 -37.5% 1,712,152 -25.8% 5,083,155 5,052,055 0.6% 5,018,693 1.3% Page | 30 LIABILITIES (R$ 000) Currentliabilities Loans, financinganddebentures Suppliers Labor andtaxliabilities Provision for income tax and social contribution Deferredtaxesandcontributions Advancesfromclients Creditorsundercommittedproperties Accountspayable Acquisitionofpartnership Dividendspayable Total currentliabilities Non-currentliabilities Longtermliabilities Loans, financinganddebentures Deferredtaxesandcontributions Advancesfromclients Creditorsundercommittedproperties Accountspayable Acquisitionofpartnership Provision for contingencies DebtwithSCPsparticipants Total non-currentliabilities Shareholder'sEquity Capital (-) Cost in the Helbor's stock emission Treasury stocks Stock optionsplan Equityevaluationadjustment Gains or losses on investments Legal reserve Income reserve Minorityinterest Total shareholder'sequity Total liabilities and shareholder's equity 4Q15 4Q14 Var. 4Q15 x 4Q14 3Q15 Var. 4Q15 x 3Q15 778,112 33,816 12,808 720,649 54,193 17,470 8.0% -37.6% -26.7% 663,386 20,579 13,188 17.3% 64.3% -2.9% 1,528 3,871 -60.5% 1,606 -4.9% 28,102 231,008 28,036 91,916 27,922 16,357 24,723 193,037 43,003 82,243 14,197 100,110 13.7% 19.7% -34.8% 11.8% 96.7% -83.7% 26,467 228,197 41,967 87,614 20,782 - 6.2% 1.2% -33.2% 4.9% 34.4% N.M. 1,249,605 1,253,496 -0.3% 1,103,786 13.2% 1,189,566 78,461 643,577 25,791 14,949 2,805 6,532 1,557 733,187 58,265 1,173,875 30,763 11,441 6,466 3,459 2,087 62.2% 34.7% -45.2% -16.2% 30.7% -56.6% 88.8% -25.4% 1,187,465 78,000 736,590 26,235 10,026 3,459 1,741 0.2% 0.6% -12.6% -1.7% 49.1% N.M. 88.8% -10.6% 1,963,238 2,019,543 -2.8% 2,043,516 -3.9% 806,376 (13,236) (25,052) 7,438 33,274 896 69,242 502,598 488,776 806,376 (13,236) (10,380) 7,438 8,663 (427) 65,798 453,526 461,258 0.0% 0.0% 141.3% 0.0% 284.1% N.M. 5.2% 10.8% 6.0% 806,376 (13,236) (24,525) 7,438 33,274 903 65,798 510,086 485,277 0.0% 0.0% 2.1% 0.0% 0.0% -0.8% 5.2% -1.5% 0.7% 1,870,312 1,779,016 5.1% 1,871,391 -0.1% 5,083,155 5,052,055 0.6% 5,018,693 1.3% Page | 31 Appendix IV – Consolidated Cash Flow (R$ '000) Operatingflow Fromoperations Net income of the period Cash and cash equivalents from operations adjustments Depreciationandamortization Presentvalueadjustment Provision for contingencies Deferredtaxesandcontributions Interestexpenses Financial charges Interestexpenses over goodwill Equityaccountingresult Assetsandliabilitiesvariation Accountsreceivable Properties for sale Recoverabletaxesandcontributions Expenses with sales to be appropriated Judicial deposits Otherassets Accounts receivable of related parties Accounts payable of related parties Suppliers Labor andtaxliabilities Advancesfromclients Creditorsundercommittedproperty Accountspayable Income tax and social contribution paid Receipt of interest on loans and mutual Payment of interest on loans and financing Net cash from operating activities Cash flow from investment activity Increaseoninvestments Increaseonintangibles Increaseoffixedassets Marketablesecurities Marketablesecurities (Cepac) Ownershipacquisitions Net cash from investment activity Cash flow from investment activity Funding of loans and financing Loans Receipts of nominal on loans and financing Payment of nominal on loans and financing Paymentofdividends Issuanceof new shares Decrease in SCPs Increase (Decrease) of minority stake Treasury stocks Net cash from third-party financing Decrease from cash and cash equivalents Cash and cash equivalent At the beginning of the period At the end of the period Reduction of cash and cash equivalent 2015 2014 Var. 2015 x 2014 155,380 348,071 -55.4% 5,092 (14,610) 3,073 1,280 126,590 (41,825) (3,266) (333) 26,125 5,786 (22,572) (6,303) 84,098 (16,614) (2,101) (844) -80.5% N.M. N.M. N.M. 50.5% 151.7% 55.4% -60.5% (33,383) (2,414) (281) 18,051 (2,185) (1,642) 2,500 (20,377) (4,662) (492,327) (19,939) 13,181 (23,611) (40,203) (369,654) 172,995 (388,789) 807 8,665 1,021 (1,561) 1,011 (18,403) 3,468 45,442 (29,765) 34,989 (49,176) (67,975) 128,375 N.M. N.M. N.M. 108.3% N.M. N.M. 147.3% N.M. N.M. -234.4% -1183.4% -33.0% -62.3% -52.0% N.M. -40.9% N.M. (13,009) 130 3,415 16,357 (7,689) 11,387 10,591 604 161 (18,141) (1,046) (17,443) (1,847) (37,712) N.M. -19.3% -118.8% N.M. -55.9% N.M. -128.1% 1,399,770 (5,050) 2,907 (972,316) (100,110) (319) (27,915) (14,672) 282,295 (76,768) 839,830 (8,963) 7,160 (737,628) (130,012) (2,727) (138,987) (10,380) (181,707) (91,044) 66.7% -43.7% -59.4% 31.8% -23.0% N.M. -88.3% -79.9% 41.3% N.M. -15.7% 235,917 136,404 (99,513) 326,961 235,917 (91,044) -27.8% -42.2% 9.3% Page | 32
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