HELBOR EMPREENDIMENTOS S.A.REPORTS 1Q17 EARNINGS

Transcription

1 HELBOR EMPREENDIMENTOS S.A.REPORTS 1Q17 EARNINGS Mogi das Cruzes, May 11, 2017 Helbor Empreendimentos S.A. (BM&FBOVESPA: HBOR3), a residential and commercial real estate developer with projects in 28 cities in 10 Brazilian states and the Federal District, announces today its results for the first quarter of 2017 (1Q17). The information herein is presented in comparison with and 1Q16. 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: May 11, 2017 Time: 3:00 p.m. (Brasília time) 02:00 p.m. (NY time) 06:00 p.m. (GMT time) Portuguese Dial-in:+55 (11) Code: Helbor Webcast: Click here English Dial-in: +1 (646) Code: Helbor Webcast: Click here HBOR3 Shares issued: 325,881,749 Closing price*: R$ 2.80 Market cap*: R$ 912 million *on 05/11/2017 Highlights Total Pre-Sales amounted to R$ million in 1Q17, and Helbor s share reached R$ million, a decrease of 1.2% and 1.6%, respectively, over 1Q16. Total Launched Potential Sales Value (PSV) in 1Q17 stood at R$ million and Helbor s PSV share totaled R$ 44.6 million, an increase of 18.4% over 1Q16. The Total Sales over Supply Ratio (SoS)stood at 10.0% in 1Q17. Deliveries in 1Q17 totaled R$ million (Total PSV) and R$ million (Helbor s PSV share) at the time of launch, corresponding to 1,082 units delivered to clients. Net Operating Revenue, decreased 4.9%, totaling R$ million in 1Q17, versus R$ million in. Gross Result came to negative in R$ 2.9 million in 1Q17, with a Gross Margin of -1.6% and an Adjusted Gross Margin of 16.5%. Net Result was negative in R$ 48.7 million in 1Q17, with a Net Margin of -25.8%. IR CONTACTS Roberval Lanera Toffoli Ricardo Rosanova Garcia Vinicius Bioni ri@helbor.com.br Tel: +55 (11) or +55 (11) Page 1

2 CONTENTS Main Indicators... 3 Management Comments... 4 Launches... 5 Pre-Sales... 5 Inventory... 9 Land Bank Deliveries Operating Revenue Gross Result General and Administrative Expenses Selling Expenses Financial Result EBITDA Net Income (Loss) Backlog Result Receivables Cash and Debt Glossary Appendix I Development Projects (*% Sold Net of Swap Agreements and Rescissions) Appendix II Consolidated Income Statement Appendix III Consolidated Balance Sheet Appendix IV Consolidated Cash Flow Page 2

3 Main Indicators in thousands of Reais x 1Q16 x except when indicated otherwise 1Q17 1Q16 Launches Total PSV 116,856 53, % 227, Helbor PSV 44,639 37, % 166, Helbor's Interest (%) 38.2% 70.0% bps 73.4% -3, # of Launched Developments # of Launched Units Pre-Sales Total Pre-Sales 261, , % 265, % Helbor's Pre-Sales 203, , % 207, % Helbor's Interest (%) 77.8% 78.1% -30 bps 77.9% -20 bps # of Units Sold SoS Helbor's Interest (%) ⁴ 10.0% 8.3% 170 bps 9.4% 60 bps Land Bank Total PSV 6,714,133 6,483, % 6,841, % Including Alden - Total PSV 8,517,637 8,287, % 8,644, % Helbor's PSV 4,957,992 5,132, % 5,014, % Including Alden - Helbor's PSV 5,823,336 5,998, % 5,879, % Inventory Total Inventory 2,491,739 2,604, % 2,470, % Helbor's Inventory 1,823,990 1,956, % 1,862, % Deliveries Total PSV 519,727 35, % 338, % Helbor PSV 375,926 31, % 277, % # of Delivered Units 1, , Financial Highlights Net Operating Revenues 189, , % 199, % Gross Profit (2,966) 44,157 N.M. (25,765) -88.5% Gross Margin (%) -1.6% 15.2% N.M % 1130 bps Adjusted Gross Margin (%) 16.5% 26.9% bps 4.1% 1240 bps G&A / Net Operating Revenues (%) 9.8% 6.0% 380 bps 12.9% -310 bps EBITDA (42,280) 11,969 N.M. (76,878) -45.0% EBITDA Margin (%) -22.3% 4.1% N.M % 1630 bps Adjusted EBITDA Margin (%) -4.7% 15.8% N.M % 1700 bps Net Income (48,717) 4,751 N.M. (83,009) -41.3% Net Margin (%) -25.8% 1.6% N.M % 1590 bps ROE LTM (%) % 3.2% N.M. -7.4% -400 bps ROAE (%) % 1.4% N.M % 990 bps Earnings per Share (R$) 3 (0.1522) N.M. (0.2593) -41.3% Backlog Results Backlog Revenues 295, , % 385, % Backlog Results 73, , % 106, % Backlog Margin (%) 24.7% 31.4% -670 bps 27.5% -280 bps Indebtedness Net Debt 1,948,573 1,749, % 1,902, % Net Debt ex-sfh 72, , % 35, % Net Debt / Total Net Worth (%) 106.5% 91.6% 1490 bps 101.4% 510 bps Net Debt ex-sfh / Total Net Worth (%) 4.0% 8.7% -470 bps 1.9% 210 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. 4 Considering sales cancelations in the supply. Page 3

4 Management Comments Helbor Empreendimentos S.A. is pleased to announce the operational and financial results for the first quarter of the year of This quarter, Helbor reports performance and results indicators that reflect the period of difficulties that the real estate sector has been experiencing in recent quarters, but also a relative resilience and financial improvement. The economic scenario is still deteriorating since the middle of 2014 and its effects on an economy and, particularly, on the main segment that we operate in the real estate, middle and high income, has impacted our activity since then with the number of sales cancelations and lower volume of launches. The economic crisis that we observed in this period, with the savings account, the main source of funds to finance the sector and its clients, registered a decrease of R$ 18.6 billion in the first four months of 2017 and the financing interest rates for the sector did not showing the same decline as SELIC and its inevitable consequences for the development sector, negatively impacted the figures disclosed today and also the previous quarters which are far from figures of company's history, but shows relative resilience of the ability of our business model to adapt to different scenarios, considering 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 lands plots and developing appropriate products, aiming to maintaining the margins of the projects. The Company has been engaged in managing their inventory and expenses, and considering the current scenario of lower sales velocity, aims to reduce the high level of inventory presented in recent quarters and gain more efficiency to reduce expenses. In this sense, there was a strong reduction in launches and a large share of sales of inventory, representing more than 70% of sales in this quarter. 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

5 Launches Total Launched Potential Sales Value (PSV) in 1Q17 came to R$ million, of which Helbor s share was 38.2%, from the launch of 1 development. Helbor s launched PSV (R$ 44.6 million) increased 18.4% over 1Q16 and decreased 73.2% over. This reduction is due to the adequacy of the volume of launches to the speed of current sales and demand, in order to reduce inventories. The following table gives details on the projects launched in 1Q17: Developments (PSV in R$ '000) Date Location Segment Units 1 Net Units 2 Total Net PSV 2 Helbor Net PSV 2 Helbor's Interest Caminhos da Lapa - 2ª fase Mar-17 São Paulo/SP Upper Middle ,856 44, % Total 1Q17-1 Development ,856 44, % Total Developments ,856 44, % 1 Includes swapped units 2 Net of swap agreements Pre-Sales Total pre-sales stood at R$ million in 1Q17, 1.2% lower than 1Q16 and a decrease of 1.6% over. Helbor s share was R$ million (77.8% of total sales), 1.6% lower than 1Q16 and a decrease of 1.8% in comparison with. The sales cancelation stood at R$ million, of which Helbor s share was R$ million, an increase of 9.7% and 8.1%, respectively in comparison to. The tables below give a breakdown of pre-sales in 1Q17 by city and product profile: Income Segment Pre-Sales R$ (000) 1Q17 Helbor's Pre-Sales R$ (000) # of Units Part. over Total Sales (Helbor's Interest) Middle 168, , % Upper Middle 35,834 24, % Commercial 33,117 24, % High 20,647 16, % Lower Middle 3,198 3, % Hotel % Total 261, , % Page 5

6 Region Total Pre-Sales R$ (000) 1Q17 Helbor s Pre-Sales R$ (000) # of Units Part. over Total Sales (Helbor's Interest) São Paulo 92,810 69, % Guarulhos 45,596 39, % Mogi das Cruzes 36,489 29, % São Bernardo do Campo 24,837 15, % São José dos Campos 5,148 4, % Santos 4,239 3, % São Vicente 1,631 1, % Osasco 1, % Campinas % Rio de Janeiro % Taubaté % Diadema % São Gonçalo % Belo Horizonte % Southeast - Total 214, , % Cuiabá 11,575 11, % Campo Grande 6,415 2, % Brasília % Mid West - Total 18,715 14, % Joinville 3,580 3, % Curitiba % South - Total 3,966 3, % Salvador 12,610 7, % Fortaleza 11,748 11, % Northeast - Total 24,358 18, % Total 261, , % Type of Sales Pre-Sales R$ (000) 1Q17 Helbor's Pre-Sales R$ (000) # of Units Part. Over Total Sales (Helbor's Interest) Concluded 179, , % Launch 68,364 50, % Inventory 13,654 6, % Total 261, , % Page 6

7 Of Helbor s total pre-sales, 3.4% came from units launched in the quarter, 24.7% from units in inventory and 71.9% from concluded units 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) % % % 71.9% 62.1% 70.2% 18.0% 37.3% 24.7% 29.8% 29.8% 1.1% 3.4% 1Q16 2Q16 3Q16 1Q17 Launches Inventory Concluded The Sales over Supply Ratio (SoS) stood at 10.0% in the first quarter. As in the previous quarters, SoS was a result of the new outlook in the real estate market demand, the higher level of inventory that directly impact this indicator and the lower volume of launches that have historically better speed sales. 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 sales cancelations are incorporated to the supply and not a demand reducer. SoS (Helbor's share) 1Q16 2Q16 3Q16 1Q17 Inventory at the Beginning of the Period (A) 2,303,828 1,956,317 1,849,435 1,925,920 1,862,013 Launches (B) 37, ,742 44,639 Sales cancelations (C) 135, , , , ,332 Supply (A+B+C) 2,476,570 2,076,090 1,960,085 2,204,862 2,027,984 Sales (D) 206, , , , ,408 SoS (D/A+B+C) 8.3% 7.7% 5.8% 9.4% 10.0% SoS (Total) 1Q16 2Q16 3Q16 1Q17 Inventory at the Beginning of the Period (A) 3,044,322 2,604,017 2,450,265 2,540,044 2,470,910 Launches (B) 53, , ,856 Sales cancelations (C) 176, , , , ,295 Supply (A+B+C) 3,274,735 2,769,508 2,591,413 2,913,443 2,748,061 Sales (D) 264, , , , ,502 SoS (D/A+B+C) 8.1% 7.7% 5.6% 9.1% 9.5% Page 7

8 SoS LTM (Helbor s stake) 1Q16 2Q16 3Q16 1Q17 Inventory at the beginning of the period (A) 2,423,173 2,426,036 2,384,224 2,303,828 1,956,317 Launches (B) 230, ,013 86, , ,381 Sales cancelations (C) 469, , , , ,955 Supply (A+B) 3,115,270 3,054,528 2,947,339 2,985,934 2,631,653 Sales (D) 760, , , , ,310 SoS (D/A+B+C) 24.4% 24.2% 23.3% 23.0% 26.0% SoS LTM (Helbor s stake) 1Q16 2Q16 3Q16 1Q17 Inventory at the beginning of the period (A) 3,151,093 3,171,791 3,138,775 3,044,322 2,604,017 Launches (B) 345, , , , ,140 Sales cancelations (C) 618, , , , ,048 Supply (A+B) 4,104,800 4,025,497 3,892,706 3,954,772 3,561,205 Sales (D) 1,003, , , , ,026 SoS (D/A+B+C) 24.4% 24.2% 23.0% 22.5% 24.9% Sales Over Suply (SoS) 37.1% 15.3% 9.4% 10.0% 5.8% 9.9% 5.8% 7.1% 0.0% 3Q16 1Q17 SoS SoS of Launches SoS of Inventory Page 8

9 Inventory The total inventory closed 1Q17 with a market value of R$ 2,491.7 million, of which Helbor s share was R$ 1,823.9 million (73.2%). As from 2016, the Company continues to carefully adjust the price of units in inventory in order to reflect the real market value of the units. The chart below shows this readjustment: , , ,491.7 Inventory Sales Cancelation 1Q17 Launches 1Q17 Readjustment Pre-Sales 1Q17 Inventory 1Q17 The current inventory reflects the large number of launches in 4Q13, which now accounts 13.5% of the total inventory, and the lowest sales rate recorded in recent quarters. 41.7% Breakdown of Helbor's Inventory by Quarter of Launch 13.5% 11.5% 1.6% 0.3% 1.6% 3.8% 4.6% 5.3% 1.3% 2.3% 1.7% 1.8% 2.1% 2.1% Concluded Units 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 1Q17 Page 9

10 The following table gives a breakdown of the 1Q17 inventory by the quarter in which the units were launched: Launching Date (R$ 000) Total Inventory % of Inventory Helbor s Inventory % of Helbor s Inventory Concluded Units 1,011, % 760, % 1Q13 33, % 28, % 2Q13 13, % 5, % 3Q13 57, % 28, % 4Q13 316, % 245, % 1Q14 96, % 68, % 2Q14 109, % 83, % 3Q14 265, % 209, % 4Q14 122, % 97, % 1Q15 34, % 24, % 2Q15 70, % 42, % 3Q15 44, % 31, % 4Q15 47, % 33, % 1Q16 53, % 37, % 117, % 88, % 1Q17 97, % 37, % Total 2,491, % 1,823, % The following tables give a breakdown of inventory by city and product profile in 1Q17: Income Segment (R$ 000) Total Inventory % of Total Inventory Helbor s Inventory % of Helbor s Inventory Upper Middle 700, % 533, % Commercial 607, % 460, % Middle 589, % 407, % High 347, % 273, % Hotel 246, % 147, % Land Division % % Lower Middle % % Total 2,491, % 1,823, % Page 10

11 Region (R$ 000) Total Inventory % of Total Inventory Helbor s Inventory % of Helbor s Inventory São Paulo 734, % 515, % São Bernardo do Campo 431, % 285, % Mogi das Cruzes 244, % 195, % São José dos Campos 127, % 117, % Rio de Janeiro 121, % 91, % Campinas 105, % 73, % Guarulhos 74, % 59, % Santos 64, % 33, % São Vicente 61, % 55, % Barueri 59, % 23, % Osasco 36, % 31, % Belo Horizonte 35, % 21, % Taubaté 9, % 8, % São Gonçalo 2, % 2, % Jundiaí 1, % % São Caetano do Sul % % Southeast 2,111, % 1,516, % Fortaleza 153, % 137, % Salvador 64, % 38, % Northeast 218, % 176, % Curitiba 51, % 41, % Joinville 50, % 50, % South 102, % 91, % Campo Grande 34, % 13, % Cuiabá 25, % 24, % Goiânia % % Mid West 59, % 38, % Total 2,491, % 1,823, % Page 11

12 The following table presents the inventory of finished units at the end of 1Q17: R$ (000) City Delivery Month # Units Total Inventory (R$ 000) Part. % Helbor's Inventory (R$ 000) LANDSCAPE BY HELBOR Mogi das Cruzes Jun , % 84, % HELBOR OFFICES SAO VICENTE São Vicente May , % 55, % ADAGIO CITY APARTH ALPHAVILLE Barueri Nov , % 23, % COND MONDIAL SALVADOR Salvador Aug , % 35, % NEOLINK OFFICE, MALL & STAY Rio de Janeiro Feb , % 36, % LIFE CLUB PATTEO MOGILAR Mogi das Cruzes Mar , % 37, % HELBOR CORPORATE JARDIM DAS COLINAS São José dos Campos Dec , % 40, % LINK OFFICE, MALL & STAY Rio de Janeiro Jul , % 28, % HELBOR CARPE DIEM BOSQUE MAIA Guarulhos Apr , % 28, % MOVEMENT CITY & LIFE São Bernardo do Campo May , % 21, % HELBOR OFFICES SAVASSI Belo Horizonte Jan , % 21, % EDIFICIO OFFICES NACOES UNIDAS São Paulo Sep , % 16, % RESIDENCIAL IDEALE São Bernardo do Campo Jan , % 19, % HELBOR CLASSIC BOSQUE MAIA Guarulhos Dec , % 24, % DUAL OFFICES & CORPORATE JOINVILLE Joinville Oct , % 30, % HELBOR VARANDAS IPOEMA Mogi das Cruzes Nov , % 22, % DOPPIO BY HELBOR São Paulo Jun , % 15, % MY HELBOR PATTEO MOGILAR Mogi das Cruzes Jun , % 17, % DUAL PATTEO MOGILAR Mogi das Cruzes Jun , % 13, % HELBOR SPAZIO CLUB JOINVILLE Joinville Aug , % 16, % RIO STAY RESIDENCE Rio de Janeiro Nov , % 11, % RESERVA BONIFÁCIA Cuiabá Sep , % 16, % HELBOR OFFICES SÃO PAULO III São Paulo Jun , % 9, % RÉFÉRENCE BY HELBOR São Paulo Aug , % 11, % CONCEPT LIFE, OFFICE E CORPORATE Mogi das Cruzes Feb , % 10, % HELBOR COMERCIAL LEAD FARIA LIMA São Paulo May , % 6, % HELBOR PATTEO MOGILAR SKY MALL & OFFICES Mogi das Cruzes Sep , % 9, % HELBOR COND.PQ.CLUBE FORTALEZA Fortaleza Feb , % 11, % HELBOR PAESAGGIO JD.DAS COLINAS São José dos Campos Oct , % 10, % HELBOR UP OFFICES São Paulo Sep , % 7, % SQUARE OFFICES & MALL Taubaté Jan , % 8, % EMPRESARIAL RIO BUSINESS CENTER Rio de Janeiro Oct , % 8, % HELBOR OFFICES WASHINGTON LUIZ Santos Dec , % 4, % HELBOR ENJOY GUARULHOS Guarulhos Dec , % 5, % DUAL BUSINESS OFFICES & CORP. Cuiabá Nov , % 5, % UP VILLAGE BY HELBOR São Paulo Jan , % 2, % COMFORT STAY VERANO II Rio de Janeiro Jun , % 3, % HELBOR OFFICES JOINVILLE Joinville Dec , % 3, % COMFORT STAY VERANO I Rio de Janeiro Jun , % 3, % COLETÂNEA VALE DO CANELA Salvador Jul , % 1, % HELBOR PRIVILEGE GOIABEIRAS Cuiabá Jul , % 3, % HELBOR OFFICES IMPERATRIZ LEOPOLDINA São Paulo May , % 2, % PARQUE DAS AGUAS EMPRESARIAL São Gonçalo Mar , % 2, % COSMOPOLITAN HOME STAY & OFFICES Salvador Jan , % 1, % VIVERE JARDIM ANALIA FRANCO São Paulo Dec , % 2, % HELBOR ARTE FARIA LIMA São Paulo Dec , % 1, % OFFICES BARÃO DE TEFFÉ Jundiaí Oct , % % COMERCIAL CASA DAS CALDEIRAS São Paulo Nov , % % CONDOMINIUM PARQUE CLUBE-HELBAACO Guarulhos May % % HELBOR OFFICES SÃO CAETANO São Caetano do Sul Jan % % HELBOR TOWER Mogi das Cruzes Mar % % BELLA CITÁ Mogi das Cruzes Jan % % HELBOR MY WAY BATEL - HESA 90 Curitiba May % % H.ESP.& VIDA 2 IPOEMA-HESA 45 Mogi das Cruzes Jun % % JARDINS IPOEMA Mogi das Cruzes Aug % % HELBOR BELLA VISTA Goiânia Aug % % Total Concluded Units 2,074 1,011, % 760, % Part. % Page 12

13 Land Bank In the period ended March 31, 2017, the land bank totaled thousand m², representing total PSV of R$ 6.7 billion (R$ 8.5 billion including Alden). Helbor s share was R$ 5.0 billion (R$ 5.8 billion including Alden), or 73.8% of the total (68.4% 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 64.1% 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 1Q17: City / Region Total Area (sq.m) Total PSV (R$ 000) Helbor s PSV* (R$ 000) % of Total PSV # of Projects Total Units São Paulo 323,943 3,224,937 2,133, % 23 4,956 Mogi das Cruzes 250,208 1,067, , % 8 1,838 São José dos Campos 61, , , % Osasco 57, , , % 4 1,110 Campinas 39, , , % Rio de Janeiro 36, , , % Barueri 34, , , % Guarulhos 26, , , % Santo André 8,886 53,316 53, % 1 42 Southeast - Total 839,512 5,957,658 4,394, % 47 10,295 Campo Grande 36, ,392 64, % Brasilia 15, ,623 74, % Cuiaba 11,080 72,017 68, % Mid West - Total 63, , , % Curitiba 48, , , % Joinville 11,395 71,103 67, % 1 68 Itajai 6,826 58,976 47, % 1 67 South - Total 66, , , % Total Land Bank - Helbor 970,222 6,714,133 4,957, % 56 11,718 * Net of swap agreements Income Segment Total Area (sqm) Total PSV (R$ 000) Helbor s PSV* (R$ 000) % of Total PSV # of Projects Total Units High 221,066 1,535, , % 9 1,266 Commercial 121,965 1,076, , % 12 2,967 Hotel 13, , , % Middle 315,283 1,825,492 1,438, % 17 3,853 Upper Middle 283,076 2,006,054 1,634, % 13 2,558 Lower Middle 15,120 25,704 25, % Total 970,222 6,714,133 4,957, % 56 11,718 * Net of swap agreements Page 13

14 Deliveries Five developments were delivered in 1Q17, consisting of 1,082 units, of which Helbor s PSV share was R$ 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, 75.2% of the total units delivered in 1Q17 already been sold, reinforcing the strategy of keeping finishedunit inventories as low as possible. Delivered Developments Delivery Date Location Segment Units Net Total PSV* Helbor s PSV* Helbor's Units* (R$ 000) (R$ 000) Interest Helbor Offices Savassi Jan-17 Belo Horizonte Commercial ,064 48, % Ideale Jan-17 São Bernardo do Campo Middle ,581 45, % Up Village By Helbor Jan-17 São Paulo Middle ,837 36, % Neolink Office, Mall & Stay Feb-17 Rio de Janeiro Commercial and High , , % Helbor Life Club Patteo Mogilar Mar-17 Mogi das Cruzes Upper Middle , , % Total 1Q17 1, , , % Total , , , % * PSV at launch net of swap agreements Operating Revenue GROSS OPERATING REVENUE Gross operating revenue decreased 35.4% in 1Q17, from R$ million in 1Q16 to R$ million in 1Q17. In comparison with the R$ million reported in, this quarter s revenue decreased by 5.9%. The table below gives a breakdown of operating revenue in the period: (R$ '000) 1Q17 1Q16 x 1Q16 x Real Estate Development and Sales 188, , % 200, % Management Fees 1, % % Gross Operating Revenues 189, , % 201, % (-) Present Value Adjustments 3,498 2, % 1, % (-) Sales Taxes (4,063) (5,786) -29.8% (3,986) 1.9% Net Operating Revenues 189, , % 199, % Sales Taxes / Gross Revenues (%) 2.1% 2.0% 10 bps 2.0% 10 bps NET OPERATING REVENUE Net operating revenue decreased by 34.9% in 1Q17, from R$ million in 1Q16 to R$ million in 1Q17. In the quarter-on-quarter comparison, net operating revenue decreased by 4.9%. Page 14

15 Gross Result Gross Result was negative in R$ 2.9 million in 1Q17, a 88.5% decrease over. The gross margin stood at -1.6% in the quarter, against 15.2% in 1Q16 and -12.9% in. The Adjusted Gross Margin stood at 16.5% in 1Q17. (R$ '000) 1Q17 1Q16 x 1Q16 x Net Operating Revenues 189, , % 199, % Operating Costs (192,149) (246,570) -22.1% (224,786) -14.5% Gross profit (2,966) 44,157 N.M. (25,765) -88.5% Gross Margin -1.6% 15.2% N.M % 1130 bps Net Operating Revenues 189, , % 199, % (-) Present Value Adjustment 3,498 2, % 1, % Adjusted Net Operating Revenues 185, , % 197, % Operating Costs (192,149) (246,570) -22.1% (224,786) -14.5% (-) Financial Charges (37,137) (36,295) 2.3% (35,322) 5.1% Adjusted Operating Costs (155,012) (210,275) -26.3% (189,464) -18.2% (-) Adjusted Gross Profit 30,673 77, % 8, % Adjusted Gross Margin 16.5% 26.9% bps 4.1% 1240 bps OPERATING COSTS The operating costs presented a decrease of 22.1% compared to 1Q16 totaling R$ million in 1Q17 reflecting basically the decrease of the number of projects under construction due to the high level of deliveries in General and Administrative Expenses General and administrative expenses totaled R$ 18.5 million in 1Q17, an increase of 6.4% over the 1Q16 and a decrease of 27.8% compared to. As a result, expenses represented 9.8% of net revenue, against 12.9% in the previous quarter. The decrease in occupancy expenses in 1Q17 is due to the reclassification of expenses with condominium of concluded units in inventory that, as of 1Q17, are being accounted in commercial expenses through the line Maintenance of concluded units. (R$ '000) 1Q17 1Q16 x 1Q16 x Personnel (6,215) (2,907) 113.8% (6,182) 0.5% Third Party Services (2,239) (2,569) -12.8% (3,722) -39.8% Occupancy (2,257) (4,762) -52.6% (6,962) -67.6% Management/Board of Directors Remuneration (1,930) (1,789) 7.9% (1,950) -1.0% Legal (2,575) (2,107) 22.2% (2,463) 4.5% Depreciation and amortization (545) (394) 38.3% (370) 47.3% Facilities expenses (695) (485) 43.3% (529) 31.4% Other Administrative Expenses (2,032) (2,360) -13.9% (3,436) -40.9% Total General and Administrative Expenses (18,488) (17,373) 6.4% (25,614) -27.8% Net Operating Revenue 189, , % 199, % G&A / Net Operating Revenue 9.8% 6.0% 380 bps 12.9% -310 bps Page 15

16 Selling Expenses In 1Q17, selling expenses increased by 7.9% to R$ 13.8 million in the period, against R$ 12.8 million in 1Q16 and decreased by 7.8% compared to R$ 14.9 million in. These figures correspond to 10.3.% and 4.4% of net revenue of 1Q17 and 1Q16, respectively. The following table gives a breakdown of selling expenses: (R$ '000) 1Q17 1Q16 x 1Q16 x Marketing (2,517) (2,888) -12.8% (6,392) -60.6% Sales Commissions (8,710) (5,745) 51.6% (5,670) 53.6% Sales Spot (1,827) (3,150) -42.0% (1,882) -2.9% Housing Decoration Model (741) (1,000) -25.9% (1,023) -27.6% Management Fees (36) (31) 16.1% (32) 12.5% Maintenance of concluded units (5,706) 0 N.M. 0 N.M. Total Commercial Expenses (13,831) (12,814) 7.9% (14,999) -7.8% Net Operating Revenue 189, , % 199, % Commercial Expenses / Net Revenue 10.3% 4.4% 590 bps 7.5% 280 bps The increase in commercial expenses occurred due to the addition of the line "Maintenance of concluded units", which refers to expenses with condominium of the concluded units in inventory. In previous quarters these expenses were accounted in general and administrative expenses. Financial Result Financial revenue totaled R$ 20.5 million in 1Q17, a decrease of 15.2% over the result of the 1Q16 and 122.4% higher over. Financial expenses totaled R$ 33.9 million in the quarter, an increase of 107.3% compared to 1Q16 and 11.0% compared to. In this way the financial result was negative in R$ 13.3 million in 1Q17. The following table gives a breakdown of financial income and expenses: (R$ Mil) 1Q17 1Q16 x 1Q16 x Financial Income 22 2, % % Monetary Correction 8,881 12,307 N.M. (804) N.M. Interest on Active Contracts 11,393 8, % 9, % Interest on Delays % % Other Financial Income % % Total Financial Income 20,552 24, % 9, % Interest Paid or Incurred (23,055) (10,913) N.M. (21,711) 6.2% Monetary Correction (3,467) (1,966) 76.3% (2,031) 70.7% Commissions and Banking Fees (1,204) 2,322 N.M. (2,138) -43.7% Other Financial Expenses (6,163) (5,790) 6.4% (4,653) 32.5% Total de Financial Expenses (33,889) (16,347) 107.3% (30,533) 11.0% Financial Result (13,337) 7,896 N.M. (21,294) -37.4% Page 16

17 EBITDA EBITDA in the 1Q17 was negative in R$ 42.3 million, a decrease of 45.0% over. The EBITDA margin was negative in 22.3%, an increase of 1,630 bps in relation to the. The EBITDA margin adjusted by financial charges on cost and the present value was negative in 4.7 % in 1Q17, an increase of 1,700 bps compared to 1Q16. The following table shows the reconciliation of EBITDA and adjusted EBITDA, as well as the respective margins: (R$ '000) 1Q17 1Q16 x 1Q16 x Profit Before Income Tax and Social Contribution (56,774) 18,759 N.M. (101,417) -44.0% (-) Financial Revenues 20,552 24, % 9, % (-) Financial Expenses 33,889 16, % 30, % (-) Depreciation and Amortization* 1,157 1, % 3, % EBITDA (42,280) 11,969 N.M. (76,878) -45.0% Net Operating Revenues 189, , % 199, % EBITDA Margin -22.3% 4.1% N.M % 1630 bps EBITDA (42,280) 11,969 N.M. (76,878) -45.0% (-) Present Value Adjustments (3,498) (2,896) 20.8% (1,363) 156.6% (-) Financial Charges in Cost 37,137 36, % 35, % Adjusted EBITDA (8,641) 45,368 N.M. (42,919) -79.9% Adjusted Net Operating Revenues 185, , % 197, % Adjusted EBITDA Margin -4.7% 15.8% N.M % 1700 bps Net Income (Loss) In 1Q17, net loss was R$ 48.7 million in 1Q17, with net margin of -25.8%, an increase of 1,590 bps compared to. Earnings per share presented a negative amount of R$ in the quarter. ROE LTM (LTM net income/average LTM shareholders equity) came to -11.4% in 1Q17, while annualized ROE reached -14.2% in the 1Q17. The following table shows the reconciliation of the net margin: (R$ '000) 1Q17 1Q16 x 1Q16 x Net Operating Revenues 189, , % 199, % Net Income (48,717) 4,751 N.M. (83,009) -41.3% Net Margin -25.8% 1.6% N.M % 1590 bps Earnings per Share 1 (0.1522) N.M. (0.2593) -41.3% ROE LTM % 3.2% N.M. -7.4% -405 bps ROAE % 1.4% N.M % 991 bps 1 Considering 257,699,937 shares for all periods after the distribution of share bonuses in April 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 17

18 Backlog Result The backlog result totaled R$ 73.0 million at the end of 1Q17, a 31.2% decrease over. The backlog margin reached 24.7%, a decrease of 280 basis points compared to the previous quarter. The following table gives a breakdown of the backlog result. (R$ '000) 1Q17 1Q16 x 1Q16 x Gross Backlog Revenues 306, , % 399, % Sales Taxes (11,177) (32,357) -65.5% (14,594) -23.4% Net Backlog Revenues 295, , % 385, % Costs of Sold Units to be recognized 1 (222,026) (586,145) -62.1% (279,123) -20.5% Backlog Results 73, , % 106, % Backlog Margin 24.7% 31.4% -670 bps 27.5% -280 bps Commercial Expenses to be recognized (14,679) (20,483) -28.3% (15,852) -7.4% 1 Included in the financial costs related to interest on the debentures. 2 Excludes canceled sales, adjustment to present value and selling expenses. Receivables Total receivables, net of adjustment to present value (AVP) and provisions for doubtful debt (PDD) came to R$ 1,816.9 million in 1Q17, R$ million of which referring to finished units and R$ million of units under construction. The evolution in receivables from finished units is consistent with the projects delivered in the last quarters. In 1Q17 the provision for sales cancelations stood at R$ 14.4 million. The following tables give a breakdown of receivables, including adjustment to present value and other receivables: (R$ '000) 1Q17 1Q16 Concluded Developments Under Construction Total Receivables on Balance x 1Q16 1Q17 1Q16 x 1Q16 1Q17 1Q16 x 1Q16 Accounts Receivables * 861, , % 966,508 1,352, % 1,827,870 2,162, % Adjustment to Present Value (20,759) (39,564) -47.5% (20,759) (39,564) -47.5% Provision for sales cancelations (14,380) (9,108) 57.9% (7,525) - N.M. (21,905) (9,108) 140.5% Other Credits 27,456 51, % 3,391 6, % 30,847 57, % Total 874, , % 941,615 1,319, % 1,816,053 2,171, % * Net of PDD Concluded Developments Under Construction Total Receivables on Balance (R$ '000) 1Q17 Var. x 1Q17 x 1Q17 1Q17 x Accounts Receivables * 861, , % 966, , % 1,827,870 1,913, % Adjustment to Present Value - - N.M. (20,759) (24,257) -14.4% (20,759) (24,257) -14.4% Provision for sales cancelations (14,380) (14,931) -3.7% (7,525) (7,054) 6.7% (21,905) (21,985) -0.4% Other Credits 27,456 27, % 3,391 7, % 30,847 34, % Total 874, , % 941, , % 1,816,053 1,901, % * Net of PDD Page 18

19 Cash and Debt Cash and cash equivalents closed 1Q17 at R$ million, which represents a decrease of 5.4% compared to the existing balance at the end of 1Q16 and flat in relation to. Note that Helbor does not perform transactions involving financial instruments with speculative purposes. At the end of the quarter, the debt totaled R$ 2,216.3 million, an increase of 9.0% over the same period of 2016 and 2.1% compared to. The following table shows loans, construction financing and debentures and a breakdown of short- and long-term debt: Debt (R$ '000) 1Q17 1Q16 x 1Q16 x Loans 114, , % 47, % Construction Financing 1,875,576 1,583, % 1,866, % Debentures 225, , % 257, % Total Debt 2,216,349 2,032, % 2,171, % Short Term 1,287, , % 1,162, % Long Term 928,703 1,083, % 1,008, % 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 % per year, CDI % pa and CDI % respectively. The following chart shows the amortization schedule for short- and long-term debt at the close of 1Q17: 77,134 Amortization Schedule - Debentures (R$ 000) 38,849 55,000 55,001 Current From 2020on Page 19

20 Helbor s net debt corresponds to 106.5% of its shareholders equity (or 4.0% excluding SFH construction financing, which is secured by the receivables portfolio). The following table shows the reconciliation of net debt: Debt (R$ '000) 1Q17 1Q16 x 1Q16 x Total Debt 2,216,349 2,032, % 2,171, % Cash and Cash Equivalents 267, , % 268, % Net Debt 1,948,573 1,749, % 1,902, % Construction Financing 1,875,576 1,583, % 1,866, % Net Debt (ex-sfh) 72, , % 35, % Controlling Shareholder s Equity* 1,350,374 1,387, % 1,395, % Total Shareholder s Equity* 1,829,313 1,910, % 1,875, % Net Debt / Total Shareholder s Equity* 106.5% 91.6% 1490 bps 101.4% 510 bps Net Debt (ex-sfh) / Shareholder s Equity 4.0% 8.7% -470 bps 1.9% 210 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 a cash burn of R$ 46.2 million, mainly due to the disbursements from the requests of sales cancelations, which totaled R$ 25.4 million, and the payments of committed land plots totaling R$ 32.1 million in the quarter. Cash Burn (Cash Generation) - R$ mil 1Q17 Net Debt (Beginning of Quarter) 1,902,350 Net Debt (End of Quarter) 1,948,573 Cash Burn (Cash Generation) 46,223 Dividends 0 Capital Increase 0 Cash Burn (Cash Generation) ex-dividends 46,223 Page 20

21 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 21

22 Appendix I Development Projects (*% Sold Net of Swap Agreements and Rescissions) Year Developmet Launch Data *Percentage sold in number of units Prevision for Delivey Location Segment Total Units Net Units Total PSV (R$ thousand) Helbor PSV (R$ thousand) Absolute Business Style Apr-07 Delivered Goiânia Commercial ,935 11, % 100.0% Helbor Espaço e Vida Pacaembú May-07 Delivered São Paulo Middle ,119 47, % 100.0% Coral Gables May-07 Delivered Santos Upper Middle ,934 85, % 100.0% Helbor Trend Jardins Jun-07 Delivered São Paulo Middle ,815 22, % 100.0% Helbor Victoria Home Club Jul-07 Delivered Joinville Upper Middle ,056 28, % 100.0% Alpha Park Sep-07 Delivered Salvador Middle ,437 24, % 100.0% Vivere Ibirapuera Sep-07 Delivered São Paulo Upper Middle ,922 26, % 100.0% Helbor Tendence Oct-07 Delivered São Paulo Upper Middle ,746 61, % 100.0% Pensilvania By Helbor Oct-07 Delivered São Paulo Upper Middle ,175 21, % 100.0% Condominium Parque Club Nov-07 Delivered Guarulhos Middle , , % 100.0% Helbor Reserva do Itapety Dec-07 Delivered Mogi das Cruzes Middle ,013 60, % 100.0% Green Lifestyle Dec-07 Delivered Goiânia Middle ,000 24, % 100.0% Cap Ferrat Dec-07 Delivered Santos Upper Middle ,925 98, % 100.0% Helbor Horizons Dec-07 Delivered São Paulo Upper Middle ,622 28, % 100.0% Chateau Flamboyant Apr-08 Delivered Goiânia Upper Middle ,000 19, % 100.0% Bella Città May-08 Delivered Mogi das Cruzes Land Division ,000 7, % 100.0% Helbor Trend Pacaembu May-08 Delivered São Paulo Upper Middle ,600 21, % 100.0% Felice Parque da Moóca Jun-08 Delivered São Paulo Upper Middle ,600 14, % 100.0% Helbor Home Clube Itapety Jun-08 Delivered Mogi das Cruzes Upper Middle ,100 68, % 100.0% Breeze Life Style Aug-08 Delivered Goiânia Upper Middle ,157 19, % 100.0% Privilège Liceu Sep-08 Delivered Campinas Upper Middle ,717 49, % 100.0% Ekobé Espaço e Vida Sep-08 Delivered Taubaté Upper Middle ,967 44, % 100.0% Vision Du Parc Life Style Sep-08 Delivered Goiânia Upper Middle ,500 23, % 100.0% Helbor Sur La Citè Oct-08 Delivered São Paulo High ,017 35, % 100.0% Bella Città Villaggio 1 Nov-08 Delivered Mogi das Cruzes Land Division ,537 2, % 100.0% Helbor Magnifiquè Nov-08 Delivered Joinville Upper Middle ,111 75, % 100.0% Splendido Life Style Nov-08 Delivered Brasília Upper Middle ,627 20, % 100.0% Helbor Ipoema Nov-08 Delivered Mogi das Cruzes Lower Middle ,950 23, % 100.0% Helbor Offices Vila Rica Dec-08 Delivered Santos Commercial ,837 91, % 100.0% Bella Città Villaggio 2 Dec-08 Delivered Mogi das Cruzes Land Division ,978 2, % 100.0% Helbor Encanto Bela Vista Dec-08 Delivered Santo André Upper Middle ,392 26, % 100.0% % of Sold* Work Evolution (%) Page 22

23 Year Developmet Launch Data *Percentage sold in number of units Prevision for Delivey Location Segment Total Units Net Units Total PSV (R$ thousand) L'art Vila Rica Feb-09 Delivered Santos High ,064 24, % 100.0% Bossa Nova Lifestyle Feb-09 Delivered Goiânia Upper Middle ,704 27, % 100.0% Helbor Home Flex Cambuí Feb-09 Delivered Campinas Upper Middle ,562 17, % 100.0% Helbor Tresór Moema Mar-09 Delivered São Paulo High ,610 17, % 100.0% Helbor Offices Norte Sul Apr-09 Delivered Campinas Commercial ,275 46, % 100.0% Chateau Bougainville Apr-09 Delivered Goiânia Upper Middle ,825 27, % 100.0% Helbor Bella Vita 1 May-09 Delivered São Paulo Middle ,746 27, % 100.0% Helbor The Stage Jun-09 Delivered São Paulo High ,553 24, % 100.0% Helbor Bella Vita 2 Jun-09 Delivered São Paulo Middle ,627 32, % 100.0% Helbor Belvedere Jd. das Colinas Jun-09 Delivered São José dos Campos Upper Middle , , % 100.0% Helbor Spazio Vitta Jul-09 Delivered São Paulo Middle ,249 89, % 100.0% Helbor Offices São Paulo Aug-09 Delivered São Paulo Commercial ,388 32, % 100.0% Helbor Offices Jd. das Colinas Aug-09 Delivered São José dos Campos Commercial ,008 52, % 100.0% Helbor Trend Joinville Sep-09 Delivered Joinville Middle ,830 32, % 100.0% Parque das Águas Empresarial Oct-09 Delivered São Gonçalo Commercial ,596 27, % 100.0% Helbor Offices São Caetano Oct-09 Delivered São Caetano do Sul Commercial ,916 47, % 100.0% Helbor Giardino Bella Vita Oct-09 Delivered São Paulo Middle ,940 48, % 100.0% Helbor Trend Santos Dumont Oct-09 Delivered Fortaleza Middle ,254 20, % 100.0% Helbor True Perdizes Nov-09 Delivered São Paulo Upper Middle ,961 13, % 100.0% Helbor Espaço & Vida Ipoema Dec-09 Delivered Mogi da Cruzes Lower Middle ,860 39, % 100.0% Helbor Ampliatto Dec-09 Delivered São Paulo Middle ,123 45, % 100.0% Jazz Life Style Dec-09 Delivered Goiânia Upper Middle ,905 25, % 100.0% Helbor Prime Hauss Dec-09 Delivered Joinville Upper Middle ,704 33, % 100.0% Helbor Home Flex Pacaembu Jan-10 Delivered São Paulo Middle ,348 39, % 100.0% Helbor Park Elegance Jan-10 Delivered Cuiabá Upper Middle ,789 42, % 100.0% Helbor Espaço e Vida Ipoema 2 Mar-10 Delivered Mogi das Cruzes Lower Middle ,205 42, % 100.0% Helbor Sunshine Gonzaga Mar-10 Delivered Santos Middle ,536 39, % 100.0% Isla Life Style Mar-10 Delivered Brasília Middle , , % 100.0% Helbor Offices São Paulo II Jun-10 Delivered São Paulo Commercial ,153 49, % 100.0% Helbor Offices Champagnat Jun-10 Delivered Curitiba Commercial ,276 43, % 100.0% Double Life Ecoville Jul-10 Delivered Curitiba High ,328 39, % 100.0% Comfort Stay Verano Jul-10 Delivered Rio de Janeiro Middle ,953 74, % 100.0% Comercial Casa das Caldeiras Aug-10 Delivered São Paulo Commercial , , % 100.0% Residencial Casa das Caldeiras Sep-10 Delivered São Paulo Upper Middle , , % 100.0% Helbor Trend Vila da Serra Sep-10 Delivered Nova Lima Middle ,401 28, % 100.0% Vitta Parque Oct-10 Delivered Diadema Middle ,834 58, % 100.0% Edition Vila Nova Nov-10 Delivered São Paulo High ,241 26, % 100.0% Helbor New Tatuapé Dec-10 Delivered São Paulo Middle ,360 28, % 100.0% Helbor L'Alto Perdizes Dec-10 Delivered São Paulo High ,649 52, % 100.0% Helbor Offices Joinville Dec-10 Delivered Joinville Commercial ,619 51, % 100.0% Helbor Spazio Club Alto do Ipiranga Dec-10 Delivered Mogi das Cruzes Middle ,588 67, % 100.0% Helbor PSV (R$ thousand) % of Sold* Work Evolution (%) Page 23

24 Year Developmet Launch Data *Percentage sold in number of units Prevision for Delivey Location Segment Total Units Net Units Total PSV (R$ thousand) Helbor PSV (R$ thousand) Helbor Jardins Ipoema Mar-11 Delivered Mogi das Cruzes Lower Middle ,548 41, % 100.0% Helbor Paesaggio Jardim das Colinas Apr-11 Delivered São José dos Campos High , , % 100.0% Rio Business Center Jun-11 Delivered Rio de Janeiro Commercial ,268 41, % 100.0% Coletânea Vale do Canela Jun-11 Delivered Salvador Upper Middle ,786 50, % 100.0% Helbor Offices Barão de Teffé Jun-11 Delivered Jundiaí Commercial ,536 17, % 100.0% Helbor Cosmopolitan Home Stay & Offices Jun-11 Delivered Salvador Commercial and Middle ,015 45, % 100.0% Terraços Jardim das Colinas Jun-11 Delivered São José dos Campos Middle ,040 91, % 100.0% Helbor Varandas Ipoema Jun-11 Delivered Mogi das Cruzes Middle ,627 67, % 100.0% Helbor Condomínio Parque Clube Fortaleza I Sep-11 Delivered Fortaleza Middle ,468 73, % 100.0% Helbor Condomínio Parque Clube Fortaleza II Sep-11 Delivered Fortaleza Middle ,094 67, % 100.0% Helbor Offices Washington Luís Sep-11 Delivered Santos Commercial ,796 46, % 100.0% Perfect Lifestyle - Noroeste Sep-11 Delivered Brasília High ,162 34, % 100.0% Il Terrazzo Ponta da Praia Nov-11 Delivered Santos High ,871 31, % 100.0% Helbor My Way Ponta da Praia Nov-11 Delivered Santos Middle ,385 56, % 100.0% Helbor Concept - Life, Office e Corporate Nov-11 Delivered Mogi das Cruzes Commercial and Middle , , % 100.0% Helbor My Way Batel Nov-11 Delivered Curitiba Middle ,914 36, % 100.0% Helbor Lead Offices Faria Lima Nov-11 Delivered São Paulo Commercial ,964 60, % 100.0% Helbor Offices São Paulo III Dec-11 Delivered São Paulo Commercial ,372 55, % 100.0% Helbor Dual Business Office & Corporate Dec-11 Delivered Cuiabá Commercial ,501 67, % 100.0% Helbor Privilege Goiabeiras Dec-11 Delivered Cuiabá High ,173 36, % 100.0% Link Office, Mall & Stay Dec-11 Delivered Rio de Janeiro Commerical and Upper Middle , , % 100.0% Helbor Boulevard Tatuapé Mar-12 Delivered São Paulo Upper Middle ,380 46, % 100.0% Helbor Offices Imperatriz Leopoldina Mar-12 Delivered São Paulo Commercial ,360 57, % 100.0% Helbor Spazio Club Joinville Mar-12 Delivered Joinville Middle ,731 59, % 100.0% Reserva Bonifácia by Helbor May-12 Delivered Cuiabá Middle ,868 70, % 100.0% Mondial Salvador May-12 Delivered Salvador Hotel, Commerical and Middle ,134 75, % 98.4% Helbor Up Offices Jun-12 Delivered São Paulo Commercial ,240 54, % 100.0% Movement City & Life Jun-12 Delivered São Bernardo Middle , , % 100.0% Offices Nações Unidas Sep-12 Delivered São Paulo Commercial ,087 35, % 100.0% Helbor Offices São Vicente Sep-12 Delivered São Vicente Commercial , , % 100.0% Patteo Mogilar Sky Sep-12 Delivered Mogi das Cruzes Commercial ,126 48, % 100.0% Adagio Alphaville Oct-12 Mar-17 Barueri Hotel ,238 33, % 99.0% Rio Stay Residence Nov-12 Delivered Rio de Janeiro Middle ,124 65, % 100.0% Landscape by Helbor Nov-12 Delivered Mogi das Cruzes High , , % 100.0% Helbor Classic Bosque Maia Dec-12 Delivered Guarulhos Upper Middle , , % 100.0% Square Offices and Mall Dec-12 Delivered Taubaté Commercial ,481 31, % 100.0% Helbor Dual Patteo Mogilar Dec-12 Delivered Mogi das Cruzes Commercial ,897 71, % 100.0% My Helbor Patteo Mogilar Dec-12 Delivered Mogi das Cruzes Middle ,059 55, % 100.0% Helbor Carpe Diem Bosque Maia Dec-12 Delivered Guarulhos Middle , , % 100.0% % of Sold* Work Evolution (%) Page 24