HELBOR EMPREENDIMENTOS S.A. REPORTS 1Q14 RESULTS Total Pre-Sales reached R$ million

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1 HELBOR EMPREENDIMENTOS S.A. REPORTS 1Q14 RESULTS Total Pre-Sales reached R$ million Mogi das Cruzes, May 13, 2014 Helbor Empreendimentos S.A. (BM&FBOVESPA: HBOR3), a residential and commercial real estate developer covering 31 cities in 10 states, in addition to the Federal District, Brasília, announces today its results for the first quarter (1Q14). The operational and financial is presented in comparison with the first quarter of 2013 (1Q13) and fourth quarter of 2013 (). 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 those International Financial Reporting Standards (IFRS) applicable to real estate developers in Brazil. RESULTS CONFERENCE CALL (In Portuguese with simultaneous translation into English) Date: May 14, 2014 Time: 3:00 p.m. (Brasília time) 2:00 p.m. (NY time) 6:00 p.m. (US EST) Portuguese Dial-in: +55 (11) Code: Helbor Webcast: Click here Replay: +55 (11) Code: Helbor English Dial-in: +1 (646) Code: Helbor Webcast: Click here Replay: +55 (11) Code: Helbor IR CONTACTS Roberval Lanera Toffoli Ricardo Rosanova Garcia Naira Oey Vinicius Bioni ri@helbor.com.br Tel: +55 (11) or +55 (11) Highlights Total Pre-Sales came to R$ million in 1Q14 and Helbor s share reached R$ million, increases of 46.2% and 25.8% respectively over 1Q13. Total Launched Potential Sales Value (PSV) came to R$ million in 1Q14, of which Helbor s share was R$ million, 40.9% lower than 1Q13. The Sales over Supply Ratio (SoS), Helbor s share, stood at 13.2% in 1Q14, and the SoS LTM, that considers the last 12 months, reached 42.3%. Deliveries totaled R$ million in Total PSV in 1Q14, corresponding to 961 units, while Helbor s share at the time of launch was R$ million. Net Operating Revenue grew 13.2% in the quarter, from R$ million in 1Q13 to R$ million in 1Q14. Gross Profit came to R$ million in 1Q14, with a Gross Margin of 29.3% and an Adjusted Gross Margin of 38.2%. Net Income amounted to R$ 51.7 million in, with a Net Margin of 12.1%. ROE in the last 12 months came to 25.7%, while quarterly annualized ROE stood at 16.8%. HBOR3 Shares issued: 257,699,937 Closing price*: R$ 7.54 Market cap*: R$ 1.94 billion * on 05/12/2014 Página 1

2 CONTENTS Main Indicators... 3 Management Comments... 4 Launches... 5 Pre-Sales... 5 Inventory... 7 Land Bank Deliveries Backlog Result Operating Revenue Gross Profit General and Administrative Expenses Selling Expenses Financial Result EBITDA Net Income Receivables Cash and Debt Glossary Appendix I Development Projects Appendix II Consolidated Income Statement Appendix III Consolidated Balance Sheet Appendix IV Consolidated Cash Flow Página 2

3 Main Indicators in thousands of Reais Var. Var. 1Q14 1Q13 except when indicated otherwise 1Q14 1Q14 x Launches Total PSV 247, , % 1,028, % Helbor PSV 163, , % 804, % Helbor's Interest (%) 66.0% 87.1% bps 78.2% bps # of Launched Developments 3 5 (2) 11 (8) # of Launched Units (194) 2,798 (2,332) Pre-Sales Total Pre-Sales 412, , % 541, % Helbor's Pre-Sales 297, , % 406, % Helbor's Interest (%) 72.0% 83.7% bps 75.1% -300 bps # of Units Sold ,166 (363) SoS Helbor's Interest (%) 13.2% 15.2% -200 bps 17.1% -390 bps Land Bank Total PSV 7,162,131 6,688, % 6,621, % Including Alden - Total PSV 8,965,635 8,492, % 8,424, % Helbor's PSV 5,578,228 5,093, % 5,068, % Including Alden - Helbor's PSV 6,443,572 5,959, % 5,933, % Inventory Total Inventory 2,615,452 1,772, % 2,697, % Helbor's Inventory 2,007,867 1,379, % 2,079, % Deliveries Total PSV 593, , % 740, % Helbor PSV 398, , % 435, % # of Delivered Units ,259 (1,298) Financial Highlights Net Operating Revenues 428, , % 636, % Gross Profit 125, , % 193, % Gross Margin (%) 29.3% 33.2% -390 bps 30.4% -110 bps Adjusted Gross Margin (%) 38.2% 37.3% 90 bps 33.8% 440 bps G&A / Net Operating Revenues (%) 4.7% 4.1% 60 bps 3.0% 170 bps EBITDA 73,704 90, % 134, % EBITDA Margin (%) 17.2% 23.9% -670 bps 21.1% -390 bps Adjusted EBITDA Margin (%) 26.6% 27.8% -120 bps 24.5% 210 bps Net Income 51,678 52, % 92, % Net Margin (%) 12.1% 13.8% -170 bps 14.5% -240 bps ROE LTM (%) % 27.2% -150 bps 27.0% -130 bps ROAE (%) % 19.5% -280 bps 30.0% bps Earnings per Share (R$) % % Backlog Results Backlog Revenues 2,061,029 2,091, % 2,089, % Backlog Results 725, , % 736, % Backlog Margin (%) 35.2% 37.4% -220 bps 35.3% -10 bps Indebtedness Net Debt 936, , % 997, % Net Debt ex-sfh (127,256) (98,845) 28.7% (80,452) 58.2% Net Debt / Total Net Worth (%) 53.7% 52.3% 140 bps 58.2% -450 bps Net Debt ex-sfh / Total Net Worth (%) -7.3% -6.5% -80 bps -4.7% -260 bps 1 Net income in the last 12 months divided by shareholders equity in the same period. 2 ROE calculation on quarters: (Net Income/Equity)*4. 3 Considering 257,699,937 shares for all periods after the distribution of share bonuses in April Página 3

4 Management Comments Helbor Empreendimentos S.A. is pleased to announce its operating and financial results for the first quarter of This was another quarter results in line with the seasonality of the beginning of the year, with lower volume of launches, but with sales above expectations in the real estate market. Thus, again Helbor reports solid figures and maintaining its margins. The robust sales volume is a consequence of good products in our portfolio that meet the demand of different segments and regions we operate, which confirms the strategy to mitigate market risks through geographic diversification. The Company launched three projects in the quarter, of which two in the state of São Paulo, one in Campo Grande, totaling 466 units, of which Helbor s PSV share was R$ million. Two of these developments were the second phases of developments that has already been presented to the market when we launched their first stages. Another quarterly highlight was the inventory, which presented a slightly reduction in the percentage of completed units from 6.5%, in the previous quarter, to 5.4%, underlining the Company s efforts to maintain the lowest possible volume of completed units in its inventory. This ratio did not increase despite the upturn in delivery volume in recent quarters. Another important indicator was the increase in land bank PSV, which amounted R$ 7.2 billion (Helbor s share R$ 5.6 billion) and the greater share of swap agreements, which reached 79.9% of the total. It is particularly worth mentioning the site acquired on the Campinas region in São Paulo, with a PSV of R$ 320 million, to be paid mainly through swaps in the area. Helbor has excellent sites in strategic locations with enormous commercial potential and in the process of approval, ensuring the Company s growth this year and in the years ahead. We highlight that in 1Q14, reflecting deliveries in recent quarters, 711 units have been transferred, which allowed the Company to invest R$ 50.8 million in land acquisition and CEPACs (additional potential construction certificates) and still generate cash of R$ 60.4 million, excluding the R$ 2 million used for share buyback program. The Company reported net income of R$ 51.7 million in the quarter, with an ROE in the last 12 months of 25.7%, within the Company s historical average and remaining among the highest in the industry. Even in the current and more challenging scenario, the Company s results continue to reflect management s efforts to maintain project profitability. Helbor would therefore like to thank its investors for their trust over the years and reaffirm its commitment to maintaining its business model and ensuring that the Company remains among the most efficient and profitable in the sector, focusing, as always, on responsible and transparent management in relation to its clients and shareholders. Página 4

5 450, , , , , , , ,000 50, % 80. 0% 70. 0% 60. 0% 50. 0% 40. 0% 30. 0% 20. 0% 10. 0% 0.0 % Launches Total launched Potential Sales Value (PSV) came to R$ million in 1Q14 from the launch of 3 projects, of which Helbor s share was 66.0%, or R$ million, 40.9% lower than 1Q13 and 79.7% than in. The following table gives details on the projects launched in the quarter: Developments (PSV in R$ '000) Date Location Segment Units 1 Net Units 2 Total Net PSV 2 Helbor Net PSV 2 Helbor's Interest Origem Tatuapé By Helbor - 2ª Fase Feb-14 São Paulo - SP Middle ,162 60, % Passarela Park Prime - 2ª Fase Mar-14 Campo Grande - MS Upper Middle ,533 37, % Up Offices Berrini Mar-14 São Paulo - SP Commercial ,178 66, % Total 1Q14-3 Developments , , % 1 Includes swapped units 2 - Net of swap agreements Of the launches in the quarter, Up Offices Berrini was a highlight. This development of commercial offices is located in one of the most valuable regions of the State. Pre-Sales Total pre-sales came to R$ million in 1Q14, a 46.2% increase over 1Q13 and 23.9% lower than. Helbor s share was R$ million, 72.0% of the total, 25.8% higher than in 1Q13 and a 27.0% decrease over. The increase over the same period of 2013 reflects the large volume of launches occurred in and the Company's efforts to boost sales of inventory. The rescissions in 1Q14 represented R$ 78.5 million, of which Helbor s share was R$ 59.2 million. Of Helbor s total 1Q14 pre-sales, 25.5% came from units launched in the quarter and 74.5% from inventory units. The following chart shows the period launch and inventory sales trends: Quartely Helbor's Pre-Sales Breakdown (R$ 000) 406, % 297, , , , % 79.8% 81.2% 64.4% 74.5% 35.7% 20.2% 18.8% 25.5% 1Q13 2Q13 3Q13 1Q14 Launches Inventory Página 5

6 The tables below give a breakdown of pre-sales in 1Q14 by city and product profile: Region Total Pre-Sales R$ (000) 1Q14 Helbor s Pre-Sales R$ (000) # of Units Part. over Total Sales (Helbor's Interest) São Paulo 96,579,932 79,304, % Mogi das Cruzes 70,161,578 57,786, % São Bernardo do Campo 41,490,522 28,655, % São José dos Campos 30,883,701 25,873, % Santos 19,369,446 15,707, % Guarulhos 7,718,486 6,841, % Belo Horizonte 6,998,035 5,598, % Campinas 4,251,173 2,975, % Taubaté 3,164,436 2,996, % Rio de Janeiro 2,050,332 1,435, % Diadema 1,275, , % São Vicente 886, , % São Gonçalo 700, , % Bertioga 550, , % Southeast - Total 286,079, ,649, % Campo Grande 83,611,762 33,444, % Brasília 7,899,686 3,279, % Cuiabá 4,424,268 3,981, % Goiânia 4,245,344 3,085, % Mid West - Total 100,181,060 43,792, % Joinville 14,001,670 13,894, % Curitiba 9,404,452 7,523, % South - Total 23,406,122 21,417, % Salvador 1,648,661 1,118, % Fortaleza 1,041,117 1,041, % Northeast - Total 2,689,778 2,159, % Total 412,356, ,018, % Income Segment Pre-Sales R$ (000) 1Q14 Helbor's Pre- Sales R$ (000) # of Units Part. over Total Sales (Helbor's Interest) Middle 274,380, ,101, % Commercial 89,379,069 68,696, % High 31,771,904 27,771, % Lower Middle 7,793,335 7,702, % Upper Middle 4,543,321 3,503, % Hotel 4,488,829 2,244, % Total 412,356, ,018, % Página 6

7 The Sales over Supply Ratio (SoS) stood at 13.2% in the first quarter. As in the previous quarters, SoS was a result of the new pattern of real estate market demand in place since 3Q12. Sales Over Suply (SoS) 46.3% 32.6% 21.7% 21.6% 15.8% 13.0% 17.1% 13.2% 14.7% 11.9% 9.2% 10.6% 2Q13 3Q13 1Q14 SoS SoS of Launches SoS of Inventory Inventory The total inventory closed 1Q14 with a market value of R$ 2,615.5 million, of which Helbor s share was R$ 2,007.9 million (76.8%). In comparison with 1Q13, the total inventory posted an increase of 47.5%, while Helbor s share grew 45.5%. The increase in inventory primarily reflects the large number of launches in, which now accounts for 23.5% of the total inventory. Página 7

8 The following tables give a breakdown of inventory by city and product profile in 1Q14: Region (R$ 000) Total Inventory % of Total Inventory Helbor s Inventory % of Helbor s Inventory São Paulo 589, % 464, % Mogi das Cruzes 342, % 275, % São José dos Campos 283, % 253, % São Bernardo do Campo 246, % 159, % Rio de Janeiro 163, % 116, % Guarulhos 136, % 115, % Santos 121, % 84, % São Vicente 106, % 96, % Barueri 37, % 15, % Campinas 35, % 25, % Belo Horizonte 31, % 24, % Jundiaí 13, % 7, % Taubaté 11, % 10, % São Gonçalo 11, % 7, % Nova Lima 1, % 1, % Diadema % % Southest 2,133, % 1,658, % Campo Grande 82, % 32, % Cuiabá 72, % 65, % Brasília 35, % 15, % Goiânia 5, % 3, % Mid West 196, % 117, % Salvador 106, % 67, % Fortaleza 41, % 41, % Northeast 148, % 108, % Joinville 106, % 98, % Curitiba 31, % 24, % South 137, % 123, % Total 2,615, % 2,007, % Income Segment (R$ 000) Total Inventory % of Total Inventory Helbor s Inventory % of Helbor s Inventory Commercial 712, % 540, % Upper Middle 660, % 502, % Middle 588, % 454, % High 582, % 478, % Hotel 70, % 31, % Land Division % % Total 2,615, % 2,007, % Página 8

9 The following table gives a breakdown of the 1Q14 inventory by the quarter in which the units were launched: Launching Date (R$ 000) Total % of Helbor s % of Helbor s Inventory Inventory Inventory Inventory Concluded Units 140, % 107, % 1Q11 27, % 22, % 2Q11 255, % 210, % 3Q11 59, % 36, % 4Q11 164, % 118, % 1Q12 47, % 43, % 2Q12 229, % 158, % 3Q12 117, % 101, % 4Q12 285, % 214, % 1Q13 193, % 158, % 2Q13 154, % 125, % 3Q13 155, % 121, % 608, % 471, % 1Q14 177, % 118, % Total 2,615, % 2,007, % Breakdown of Helbor's Inventory by Quarter of Launch 23.5% 10.5% 10.7% 5.4% 5.9% 7.9% 5.0% 7.9% 6.3% 6.0% 5.9% 1.1% 1.8% 2.2% Concluded Units 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 1Q14 This quarter saw a further reduction in the share of finished-units in the total inventory (Helbor s share) from 6.5%, in, to 5.4% in 1Q14, reflecting the recent efforts of the sales department to reduce the number of completed units by working more closely with its partner brokers. In addition, the Helbor Magnifiquè project (a residential development in Joinville) accounts for 21.4% of total PSV of finished units alone. Página 9

10 The following table shows the inventory of completed units at the close of 1Q14: R$ (000) City Delivery Month # Units Total Inventory (R$ 000) Part. % Helbor's Inventory (R$ 000) Part. % Helbor Magnifiqué Joinville May , % 23, % Parque das Aguas Empresarial São Gonçalo Mar , % 7, % Empresarial Rio Business Center Rio de Janeiro Oct , % 7, % Edition Vila Nova São Paulo Feb , % 5, % Comercial Casa das Caldeiras São Paulo Nov , % 5, % Isla Life Style Brasília Oct , % 5, % Helbor Offices Joinville Joinville Feb , % 4, % Double Life Curitiba Sep , % 3, % Helbor Espaço & Vida Ipoema 2 Mogi das Cruzes Jun , % 3, % Helbor Park Elegance Cuiabá Mar , % 3, % Spazio Club Alto do Ipiranga Mogi das Cruzes Feb , % 3, % Jazz Life Style Goiânia Mar , % 2, % Helbor New Tatuapé São Paulo Feb , % 2, % Comfort Stay Verano II Rio de Janeiro Jun , % 2, % Helbor Belvedere Jardim das Colinas São José dos Campos Sep , % 2, % Comfort Stay Verano I Rio de Janeiro Jun , % 2, % Helbor Offices SP II São Paulo Nov , % 2, % Helbor Espaço & Vida Ipoema Mogi das Cruzes Mar , % 1, % Cap Ferrat Santos May , % 1, % Helbor Home Club Itapety Mogi das Cruzes Nov , % 1, % Helbor Trend Vila da Serra Nova Lima Oct , % 1, % Helbor Offices Champagnat Curitiba Nov , % 1, % Condominium Parque Clube Guarulhos May , % 1, % Residência Casa das Caldeiras São Paulo Feb , % 1, % Helbor Offices São Paulo São Paulo Jun , % 1, % Helbor Trend Joinville Joinville Nov , % 1, % Helbor Bella Vita 2 São Paulo Sep , % % Vision Du Parc Life Style Goiânia Aug , % % Alpha Park Lifestyle Salvador Oct , % % Helbor Offices Vila Rica Santos Jan , % % Helbor Prime Haus Joinville Jan % % Helbor Home Flex Gonzaga Santos Sep % % Helbor Offices Norte Sul Campinas Aug % % Helbor Home Flex Pacaembu São Paulo Sep % % Ipoema Mogi das Cruzes Dec % % Condomínio Vitta Parque Diadema Dec % % Helbor Tower Mogi das Cruzes Before % % Bella Citá Mogi das Cruzes Feb % % Total - Concluded Units , % 107, % Página 10

11 Land Bank The land bank closed 1Q14 at 1,112.3 thousand m², divided into 63 projects, representing total PSV of R$ 7.2 billion (R$ 9.0 billion including Alden). Helbor s share was R$ 5.6 billion (R$ 6.4 billion including Alden), or 77.9% of the total (71.9% including Alden). It is worth emphasizing that these PSV amounts represent potential revenue generation, not the mere booking of land for future developments. When acquiring sites, the Company prefers to enter into swap agreements with sellers. In 1Q14, such agreements accounted for 79.9% of the land bank. The following tables show those land bank projects in which Helbor will participate as a developer broken down by city and segment at the end of 1Q14: City / Region Total Area (sq.m) Total PSV (R$ 000) Helbor s PSV* (R$ 000) % of Total PSV # of Projects Total Units São Paulo 387,396 3,248,563 2,552, % 25 6,063 Mogi das Cruzes 229, , , % 7 1,606 Campinas 146, , , % 11 2,061 São Bernardo do Campo 79, , , % Rio de Janeiro 36, , , % Osasco 39, , , % São José dos Campos 68, , , % Santo André 8,886 53,316 53, % 1 42 Southeast - Total 996,056 6,522,253 5,120, % 55 12,968 Brasília 15, ,623 74, % Campo Grande 36, ,392 64, % Cuiabá 11,080 72,017 68, % Mid West - Total 63, , , % Curitiba 36, , , % South - Total 36, , , % Fortaleza 15,832 92,618 87, % Northeast - Total 15,832 92,618 87, % Total Land Bank - Helbor 1,112,292 7,162,131 5,578, % 63 14,329 * 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 Upper Middle 366,855 2,501,257 1,918, % 12 3,298 Middle 448,056 2,466,105 1,990, % 24 5,643 Commercial 127,485 1,120, , % 12 3,207 High 122, , , % Hotel 32, , , % 7 1,445 Lower Middle 15,120 25,704 25, % Total 1,112,292 7,162,131 5,578, % 63 14,329 * Net of swap agreements Página 11

12 Deliveries Six projects were delivered in 1Q14, consisting of 961 units, of which Helbor s PSV share was R$ million at the time of launch. All of the projects 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, 98% of the total units delivered in the first quarter had already been sold, reinforcing the strategy of keeping finished-unit inventories as low as possible. These two factors are crucial for strengthening the Company s cash flow and ensuring project profitability. Delivered Developments Delivery Net Total PSV* Helbor s PSV* Helbor's Location Segment Units Date Units* (R$ 000) (R$ 000) Interest Helbor Spazio Club Alto do Ipiranga Jan-14 Mogi das Cruzes Middle ,588 67, % Residencial Casa das Caldeiras Feb-14 São Paulo Middle , , % Helbor New Tatuapé Mar-14 São Paulo Middle ,360 28, % Helbor Offices Joinville Mar-14 Joinville Commercial ,619 51, % Edition Vila Nova Mar-14 São Paulo Middle ,241 26, % Helbor L'Alto Perdizes Mar-14 São Paulo Middle ,649 52, % Total 1Q , , % (*) PSV at launch net of swap agreements Backlog Result The backlog result closed 1Q14 at R$ million, 1.5% lower than, with a backlog margin of 35.2%, 10 bps less than the previous quarter. The following table gives a breakdown of the backlog result and its evolution. (R$ '000) 1Q14 1Q13 x 1Q13 x Gross Backlog Revenues 2,139,106 2,170, % 2,168, % Sales Taxes (78,077) (79,234) -1.5% (79,159) -1.4% Net Backlog Revenues 2,061,029 2,091, % 2,089, % Costs of Sold Units to be recognized 1 (1,335,274) (1,309,998) 1.9% (1,352,705) -1.3% Backlog Results 725, , % 736, % Backlog Margin 35.2% 37.4% -220 bps 35.3% -10 bps Commercial Expenses to be recognized (73,252) (75,807) -3.4% (75,889) -3.5% 1 - Included in financial expenses related to interest on the debentures. 2 Excludes canceled sales, adjustments to present value and selling expenses. Página 12

13 Operating Revenue The table below gives a breakdown of operating revenue in: (R$ '000) 1Q14 1Q13 x 1Q13 x Real Estate Development and Sales 478, , % 681, % Management Fees 2, % % Gross Operating Revenues 481, , % 681, % (-) Present Value Adjustments (18,352) 10,261 N.M. (4,018) 356.7% (-) Sales Deduction (25,675) (19,371) 32.5% (31,964) -19.7% (-) Sales Taxes (9,080) (14,595) -37.8% (9,755) -6.9% Net Operating Revenues 428, , % 636, % Sales Deduction / Gross Revenues (%) 5.3% 4.8% 50 bps 4.7% 60 bps Sales Taxes / Gross Revenues (%) 1.9% 3.6% -170 bps 1.4% 50 bps GROSS OPERATING REVENUE Gross operating revenue increased 19.7% in 1Q14, from R$ million, in 1Q13, to R$ million. In comparison with the R$ million reported in, the downturn came to 29.4%. Revenue recognized in the quarter reflects the costs incurred by the units sold (including land acquisition costs) and revenue from the sale of units launched, under construction and finished. NET OPERATING REVENUE Net operating revenue grew by 13.2% in 1Q14, from R$ million, in 1Q13, to R$ million. In addition, net operating revenue decreased by 32.7% over the previous quarter. Specifically this quarter, the sharp variation of NTN-B had a negative accounting impact of R$ 18.4 million in present value adjustment of receivables. Gross Profit Gross profit totaled R$ million in 1Q14, in line with the one reported in 1Q13 and 35.3% lower than in, accompanied by a gross margin of 29.3% (adjusted gross margin of 38.2%), versus 33.2% in 1Q13 and 30.4% in, as shown in the following table: (R$ '000) 1Q14 1Q13 x Net Operating Revenues 428, , % 636, % Operating Costs (302,945) (252,867) 19.8% (442,662) -31.6% Gross profit 125, , % 193, % Gross Margin 29.3% 33.2% -390 bps 30.4% -110 bps Net Operating Revenues 428, , % 636, % (-) Present Value Adjustment (18,352) 10,261 N.M. (4,018) 356.7% Adjusted Net Operating Revenues 446, , % 640, % Operating Costs (302,945) (252,867) 19.8% (442,662) -31.6% (-) Financial Charges (26,756) (21,934) 22.0% (19,075) 40.3% Adjusted Operating Costs (276,189) (230,933) 19.6% (423,587) -34.8% (-) Adjusted Gross Profit 170, , % 216, % Adjusted Gross Margin 38.2% 37.3% 90 bps 33.8% 440 bps Página 13

14 As mentioned in the previous section the effects of the adjustment to present value had an important impact on the calculation of gross margin. Therefore, with the analysis of the adjusted gross margin that excludes the effects of "non-cash" and financial cost, we observe a large increase in the adjusted gross margin of 1Q14 in comparison with 1Q13 and, in which changes were 90 bps and 440 bps above the presented in the respective periods. OPERATING COSTS Operating costs (costs from the sale of properties) decreased by 31.6%, from R$ million in to R$ million in 1Q14, reflecting the decrease of sales between and 1Q14. General and Administrative Expenses General and administrative expenses totaled R$ 20.2 million in 1Q14, 30.8% higher than on 1Q13 and 5.7% higher than in, representing 4.8% of net revenue, 3.0% up over. Proportional and nominal changes are due to higher revenue recognition in, an increase in headcount compared to 1Q13 and the impact of the payment of bonuses to employees of the company that occurred last March. (R$ '000) 1Q14 1Q13 x Personnel (7,841) (6,236) 25.7% (6,646) 18.0% Third Party Services (3,345) (2,913) 14.8% (3,655) -8.5% Occupancy (2,675) (1,678) 59.4% (2,411) 10.9% Management and Board of Directors Remuneration (1,525) (1,402) 8.8% (1,441) 5.8% Stock Option Plan Legal (1,017) (496) 105.0% (1,005) 1.2% Depreciation and amortization (349) (317) 10.1% (369) -5.4% Facilities expenses (1,472) (1,299) 13.3% (1,755) -16.1% Other Administrative Expenses (1,989) (1,117) 78.1% (1,844) 7.9% Total General and Administrative Expenses (20,213) (15,458) 30.8% (19,126) 5.7% Net Operating Revenue 428, , % 636, % G&A / Net Operating Revenue 4.7% 4.1% 60 bps 3.0% 170 bps Selling Expenses Selling expenses grew by 65.5%, from R$ 22.2 million (5.9% of net revenue) in 1Q13 to R$ 36.8 million (8.7% of net revenue) in 1Q14. These expenses decreased in comparison with, when they totaled R$ 38.9 million. The increase in selling expenses was a result of increased spending on advertising, for actions to promote the sale of inventories due to slower sales and other actions to encourage and promote products to the greater number of developments with units in the inventory. The following table gives a breakdown of selling expenses: (R$ '000) 1Q14 1Q13 x Marketing (16,319) (7,156) 128.0% (22,632) -27.9% Sales Commissions (10,715) (9,432) 13.6% (7,549) 41.9% Sales Spot (5,914) (3,890) 52.0% (6,568) -10.0% Housing Decoration Model (3,687) (982) 275.5% (2,676) 37.8% Management Fees (122) (745) -83.6% % Total Commercial Expenses (36,757) (22,205) 65.5% (38,922) -5.6% Net Operating Revenue 428, , % 636, % Commercial Expenses / Net Revenue 8.6% 5.9% 270 bps 6.1% 250 bps Página 14

15 Financial Result Financial income totaled R$ 30.0 million in 1Q14, 46.5% up over 1Q13 and 43.3% up over. Financial expenses totaled R$ 12.6 million in 1Q14, 24.3% up over 1Q13 and 3.3% up over. Consequently, the 1Q14 net financial result came to R$ 17.4 million, 68.4% higher than 1Q13 and 99.4% higher than in. The following table gives a breakdown of financial income and expenses: (R$ '000) 1Q14 1Q13 x Financial Income 6,741 4, % 5, % Monetary Correction 8,435 2, % 8, % Other Financial Income 14,851 13, % 7, % Total Financial Income 30,027 20, % 20, % Interest Payed or Incurred (3,955) (2,093) 89.0% (4,493) -12.0% Monetary Correction (1,406) (1,072) 31.2% (1,250) 12.5% Commissions and Banking Fees (450) (608) -26.0% (447) 0.7% Other Financial Expenses (6,831) (6,399) 6.8% (6,050) 12.9% Total de Financial Expenses (12,642) (10,172) 24.3% (12,240) 3.3% Financial Result 17,384 10, % 8, % EBITDA EBITDA totaled R$ 73.7 million in 1Q14, 18.6% lower than 1Q13 and 45.0% lower than. The EBITDA margin stood at 17.2%, down by 670 bps over 1Q13 and 390 bps over, while the EBITDA margin adjusted for financial charges and present value adjustments came to 26.6% in 1Q14, 120 bps less than in 1Q13. The following table shows the reconciliation of EBITDA and adjusted EBITDA, as well as the respective margins: (R$ '000) 1Q14 1Q13 x Profit Before Income Tax And Social Contribution 85,445 97, % 136, % (-) Financial Revenues 30,026 20, % 20, % (-) Financial Expenses 12,642 10, % 12, % (-) Depreciation and Amortization* 5,643 3, % 6, % EBITDA 73,704 90, % 134, % Net Operating Revenues 428, , % 636, % EBITDA Margin 17.2% 23.9% -670 bps 21.1% -390 bps EBITDA 73,704 90, % 134, % (-) Present Value Adjustments 18,352 (10,261) N.M. 4, % (-) Financial Charges in Cost 26,853 21, % 19, % Adjusted EBITDA 118, , % 157, % Adjusted Net Operating Revenues 446, , % 640, % Adjusted EBITDA Margin 26.6% 27.8% -120 bps 24.5% 210 bps Página 15

16 Net Income The Company posted 1Q14 net income of R$ 51.7 million, in line with the one posted 1Q13, with a net margin of 12.1%, down by 170 bps in comparison with 1Q13 and in comparison with, 44% down by 240 bps. Earnings per share amounted to R$ in the quarter. ROE (LTM net income/average LTM shareholders equity) came to 25.7% in 1Q14, while annualized ROE stood at 16.8%. The following table shows the net margin and ROE: (R$ '000) 1Q14 1Q13 x Net Operating Revenues 428, , % 636, % Net Income 51,678 52, % 92, % Net Margin 12.1% 13.8% -170 bps 14.5% -240 bps Earnings per Share % % ROE LTM % 27.2% -150 bps 27.0% -130 bps ROAE % 19.5% -280 bps 30.0% 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. Receivables Total receivables, net of adjustments to present value and provisions for doubtful debt (PDD), came to R$ 2,187.9 million in 1Q14, R$ million of which referring to completed units and R$ 1,497.7 million to 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 credit: (R$ '000) 1Q14 1Q13 Concluded Developments Under Construction Total Receivables on Balance 1Q14 1Q13 1Q14 1Q13 Var 1Q14 Accounts Receivables * 642, , % 1,549,270 1,862, % 2,191,981 2,112, % Adjustment to Present Value (69,629) (39,917) 74.4% (69,629) (39,917) 74.4% Other Credits 47,471 25, % 18,030 16, % 65,501 42, % Total 690, , % 1,497,671 1,839, % 2,187,853 2,114, % * Net of PDD (R$ '000) 1Q14 Concluded Developments Under Construction Total Receivables on Balance x 1Q14 x 1Q14 Var. 1Q14 x Accounts Receivables * 642, , % 1,549,270 1,354, % 2,191,981 2,269, % Adjustment to Present Value (69,629) (51,371) 35.5% (69,629) (51,371) 35.5% Other Credits 47,471 62, % 18,030 12, % 65,501 75, % Total 690, , % 1,497,671 1,315, % 2,187,853 2,292, % * Net of PDD Página 16

17 Cash and Debt Cash and cash equivalents closed 1Q14 at R$ million, 3.6% lower than 1Q13 and 9.9% higher than. Note that Helbor does not carry out transactions involving speculative financial instruments. Total debt ended the quarter at R$ 1,308.4 million, 11.2% up over 1Q13 and 2.0% lower than. The following table shows loans, construction financing and debentures and a breakdown of short and long-term debt. Debt (R$ '000) 1Q14 1Q13 x Loans 1,818 4, % 6, % Construction Financing 1,064, , % 1,077, % Debentures 242, , % 250, % Total Debt 1,308,425 1,176, % 1,335, % Short Term 557, , % 573, % Long Term 751, , % 762, % Construction financing is subject to interest of 10.5% p.a., is indexed to the reference rate (TR) and secured by the mortgages of the respective properties. Loans, which are secured by promissory notes and guarantees from the controlling shareholders, are subject to interest of 1.35% per month. The debentures issued in 2007, 2010 and 2012 are subject to 106.5% of the CDI interbank rate, the CDI plus 1.80% p.a. and the CDI rate plus 1.90 p.a., respectively. The following chart shows the amortization schedule for short- and long-term debt at the close of 1Q14: Amortization Schedule - Debentures (R$ 000) 127,694 37,000 38,846 38,846 Current From 2017 on Helbor s net debt corresponds to 53.8% of its consolidated shareholders equity (or 7.3% excluding SFH construction financing, which is secured by the receivables portfolio). The following table shows the reconciliation of net debt: Debt (R$ '000) 1Q14 1Q13 x Total Debt 1,308,425 1,176, % 1,335, % Cash and Cash Equivalents 371, , % 337, % Net Debt 936, , % 997, % Construction Financing 1,064, , % 1,077, % Net Debt (ex-sfh) (127,256) (98,845) 28.7% (80,452) 58.2% Controlling Shareholder s Equity* 1,256,468 1,102, % 1,211, % Total Shareholder s Equity* 1,744,557 1,513, % 1,713, % Net Debt / Controlling Shareholder s Equity* 74.6% 71.8% 280 bps 82.4% -780 bps Net Debt / Total Shareholder s Equity* 53.7% 52.3% 140 bps 58.2% -450 bps Net Debt (ex-sfh) / Shareholder s Equity -7.3% -6.5% -80 bps -4.7% -260 bps * Due to the new accounting standards, whereby each SPC s total debt is now consolidated, the Company will begin to adopt total shareholders' equity, and not just the parent company's, as a parameter for calculating net debt's share of this account. We are also stating net debt s share of the parent company s shareholders equity for purposes of comparison with the previous form of disclosure. Página 17

18 Cash generation stood at a substantial R$ 60.6 million in 1Q14, reflecting the completion of the transfer processes that in 1Q14 totaled R$ 231 million related to 711 units. We also highlight that in 1Q14 the Company invested R$ 50.8 million in the purchase of land and CEPACs (additional potential construction certificates), and the share buyback program totaled R$ 2.0 million. Cash Burn (Cash Generation) - R$ '000 1Q14 Net Debt (Beginning of Quarter) 997,522 Net Debt (End of Quarter) 936,965 Cash Burn (Cash Generation) (60,557) Dividends - Cash Burn (Cash Generation) ex-dividends (60,557) Página 18

19 Glossary Backlog Margin Equivalent to Backlog Result divided by Backlog Revenue. Backlog Result In view of the recognition of revenues and costs, which occurs in accordance with the progress of construction works (PoC Method) and not when the contract is signed, we recognize development revenue from contracts signed in future periods. Therefore, our Backlog Result corresponds to pre-sales less the budgeted construction costs of these same units to be recognized in future periods. Backlog Revenue Backlog revenue corresponds to the pre-sales for which revenue is recognized in future periods in accordance with the percentage of completion rather than when the contract is signed. Commercial Commercial and corporate units developed exclusively for sale. High Income Residential buildings with units priced between R$1 million and R$2 million. Land Bank Lots that Helbor holds for future developments, which are acquired in cash or through swap agreements. Lower Middle Income Residential building with units priced between R$150,000 and R$250,000. Middle Income Residential buildings with units priced between R$250,000 and R$600,000. Percentage of Completion (PoC) Method Under Brazilian GAAP, the revenue, costs and expenses from real estate development activities are recognized in profit and loss over the course of construction in accordance with the percentage of completion of works by measuring the percentage of costs incurred in relation to the total budgeted costs. Therefore, a substantial portion of development revenue in a period reflects the recognition of sales made in prior periods. Potential Sales Value (PSV) The potential sales represented by units launched. Pre-Sales The aggregate amount of sales resulting from all agreements for the sale of units entered into during a certain period, which include new units and units in inventory. Pre-sales are recognized as revenue in accordance with the progress of construction works (PoC method). RET - Special Taxation Regime It is a simplified regime for the payment of taxes, consisting of a joint incidence (IRPJ, CSLL, PIS and COFINS) that can vary among 1% and 4% (according to the tax dispensations of December 2012) of monthly gross revenues, depending on the type of project being developed. It is a governmental incentive which aims to support the adoption of the Segregate Estate, which is a prior condition to enter the regime, in the processes of real estate development. Return on Average Equity (ROAE) ROAE corresponds to net income in a period divided by average shareholders equity in the same period. SFH Funds Funds under the Housing Financing System (Sistema Financeiro da Habitação SFH) originated from the Severance Indemnity Fund for Employees (FGTS) and from savings account deposits. Commercial banks are required to direct 65% of their savings account deposits to the housing sector as loans to either homebuyers or developers at lower interest rates than the private market. Silent Partnership (SCPs) The silent partnerships (Sociedade em Conta de Participação SCP) that hold the development operations of our projects. SPE Entity created with the specific purpose of developing a specific real estate Project, which under Brazilian corporation law may adopt the form of various entities, including, but not limited, to SCPs and limited liability partnerships. Subdivision Projects Land subdivision projects that require the construction of new streets and infrastructure. Swap Agreements A method for acquiring land in which the seller receives a certain number of units or a percentage of the revenue from the sale of the units of the project to be developed on the property. Ultra High Income Residential buildings with units priced above R$2 million. Upper Middle Income Residential buildings with units priced between R$600,000 and R$1 million. Página 19

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

21 Year Development Launch Estimated Delivery Location *Percentage sold in number of units and includes swapped units Income Segment Total Units Net Units* Total PSV (R$ 000) Helbor s PSV (R$000) % Sold % of Construction L'art Vila Rica Feb-09 Delivered Santos High ,064 24, % 100% Bossa Nova Lifestyle Feb-09 Delivered Goiânia Upper Middle ,704 27, % 100% Helbor Home Flex Cambuí Feb-09 Delivered Campinas Upper Middle ,562 17, % 100% Helbor Tresór Moema Mar-09 Delivered São Paulo High ,610 17, % 100% Helbor Offices Norte Sul Apr-09 Delivered Campinas Commercial ,275 46, % 100% Chateau Bougainville Apr-09 Delivered Goiânia Upper Middle ,825 27, % 100% Helbor Bella Vita 1 May-09 Delivered São Paulo Middle ,746 27, % 100% Helbor The Stage Jun-09 Delivered São Paulo High ,553 24, % 100% Helbor Bella Vita 2 Jun-09 Delivered São Paulo Middle ,627 32, % 100% Helbor Belvedere Jd. das Colinas Jun-09 Delivered São José dos Campos Upper Middle , , % 100% Helbor Spazio Vitta Jul-09 Delivered São Paulo Middle ,249 89, % 100% Helbor Offices São Paulo Aug-09 Delivered São Paulo Commercial ,388 32, % 100% Helbor Offices Jd. das Colinas Aug-09 Delivered São José dos Campos Commercial ,008 52, % 100% Helbor Trend Joinville Sep-09 Delivered Joinville Middle ,830 32, % 100% Parque das Águas Empresarial Oct-09 Delivered São Gonçalo Commercial ,596 27, % 100% Helbor Offices São Caetano Oct-09 Delivered São Caetano do Sul Commercial ,916 47, % 100% Helbor Giardino Bella Vita Oct-09 Delivered São Paulo Middle ,940 48, % 100% Helbor Trend Santos Dumont Oct-09 Delivered Fortaleza Middle ,254 20, % 100% Helbor True Perdizes Nov-09 Delivered São Paulo Upper Middle ,961 13, % 100% Helbor Espaço & Vida Ipoema Dec-09 Delivered Mogi da Cruzes Lower Middle ,860 39, % 100% Helbor Ampliatto Dec-09 Delivered São Paulo Middle ,123 45, % 100% Jazz Life Style Dec-09 Delivered Goiânia Upper Middle ,905 25, % 100% Helbor Prime Hauss Dec-09 Delivered Joinville Upper Middle ,704 33, % 100% Helbor Home Flex Pacaembu Jan-10 Delivered São Paulo Middle ,348 39, % 100% Helbor Park Elegance Jan-10 Delivered Cuiabá Upper Middle ,789 42, % 100% Helbor Espaço e Vida Ipoema 2 Mar-10 Delivered Mogi das Cruzes Lower Middle ,205 42, % 100% Helbor Sunshine Gonzaga Mar-10 Delivered Santos Middle ,536 39, % 100% Isla Life Style Mar-10 Delivered Brasília Middle , , % 100% Helbor Offices São Paulo II Jun-10 Delivered São Paulo Commercial ,153 49, % 100% Helbor Offices Champagnat Jun-10 Delivered Curitiba Commercial ,276 43, % 100% Double Life Ecoville Jul-10 Delivered Curitiba High ,328 39, % 100% Comfort Stay Verano Jul-10 Delivered Rio de Janeiro Middle ,953 74, % 100% Comercial Casa das Caldeiras Aug-10 Delivered São Paulo Commercial , , % 100% Residencial Casa das Caldeiras Sep-10 Feb-14 São Paulo Upper Middle , , % 100% Helbor Trend Vila da Serra Sep-10 Delivered Nova Lima Middle ,401 28, % 100% Vitta Parque Oct-10 Delivered Diadema Middle ,834 58, % 100% Edition Vila Nova Nov-10 Feb-14 São Paulo High ,241 26, % 99% Helbor New Tatuapé Dec-10 Feb-14 São Paulo Middle ,360 28, % 99% Helbor L'Alto Perdizes Dec-10 Feb-14 São Paulo High ,649 52, % 99% Helbor Offices Joinville Dec-10 Feb-14 Joinville Commercial ,619 51, % 100% Helbor Spazio Club Alto do Ipiranga Dec-10 Feb-14 Mogi das Cruzes Middle ,588 67, % 99% Página 21

22 Year Development Launch Estimated Delivery Location *Percentage sold in number of units and includes swapped units Income Segment Total Units Net Units* Total PSV (R$ 000) Helbor s PSV (R$000) % Sold % of Construction Helbor Jardins Ipoema Mar-11 May-14 Mogi das Cruzes Lower Middle ,548 41, % 99% Helbor Paesaggio Jardim das Colinas Apr-11 Jul-14 São José dos Campos High , , % 90% Rio Business Center Jun-11 Delivered Rio de Janeiro Commercial ,268 41, % 100% Coletânea Vale do Canela Jun-11 Nov-14 Salvador Upper Middle ,786 50, % 66% Helbor Offices Barão de Teffé Jun-11 Aug-14 Jundiaí Commercial ,536 17, % 92% Helbor Cosmopolitan Home Stay & Offices Jun-11 Aug-14 Salvador Terraços Jardim das Colinas Jun-11 Nov-14 São José dos Campos Commercial and Middle ,015 45, % 83% Middle ,040 91, % 79% Helbor Varandas Ipoema Jun-11 Oct-14 Mogi das Cruzes Middle ,627 84, % 90% Helbor Condomínio Parque Clube Fortaleza I Helbor Condomínio Parque Clube Fortaleza II Sep-11 Jan-15 Fortaleza Middle ,468 73, % 71% Sep-11 Jul-15 Fortaleza Middle ,094 67, % 48% Helbor Offices Washington Luís Sep-11 Dec-14 Santos Commercial ,796 46, % 75% Perfect Lifestyle - Noroeste Sep-11 Oct-14 Brasília High ,162 34, % 75% Il Terrazzo Ponta da Praia Nov-11 Nov-14 Santos High ,871 31, % 75% Helbor My Way Ponta da Praia Nov-11 Feb-15 Santos Middle ,385 56, % 68% Helbor Concept - Life, Office e Corporate Nov-11 Dec-14 Mogi das Cruzes Commercial and Middle , , % 79% Helbor My Way Batel Nov-11 Apr-15 Curitiba Middle ,914 36, % 60% Helbor Lead Offices Faria Lima Nov-11 Nov-14 São Paulo Commercial ,964 60, % 60% Helbor Offices São Paulo III Dec-11 Oct-14 São Paulo Commercial ,372 55, % 89% Helbor Dual Business Office & Corporate Dec-11 Apr-15 Cuiabá Commercial ,501 67, % 62% Helbor Privilege Goiabeiras Dec-11 Jun-15 Cuiabá High ,173 36, % 52% Link Office, Mall & Stay Dec-11 Apr-14 Rio de Janeiro Commercial and Upper Middle , , % 97% Helbor Boulevard Tatuapé Mar-12 Feb-15 São Paulo Upper Middle ,380 46, % 68% Helbor Offices Imperatriz Leopoldina Mar-12 Mar-15 São Paulo Commercial ,360 57, % 58% Helbor Spazio Club Joinville Mar-12 Jul-15 Joinville Middle ,731 59, % 35% Reserva Bonifácia by Helbor May-12 Nov-15 Cuiabá Middle ,868 70, % 17% Mondial Salvador May-12 May-16 Salvador Hospitality, Commercial and Middle ,134 75, % 23% Helbor Up Offices Jun-12 Sep-15 São Paulo Commercial ,240 54, % 29% Movement City & Life Jun-12 Feb-16 São Bernardo Middle , , % 19% Offices Nações Unidas Sep-12 Aug-15 São Paulo Commercial ,087 35, % 39% Helbor Offices São Vicente Sep-12 May-16 São Vicente Commercial , , % 20% Patteo Mogilar Sky Sep-12 Aug-15 Mogi das Cruzes Commercial ,126 48, % 30% Adagio Alphaville Oct-12 May-16 Barueri Hotel ,238 33, % 9% Rio Stay Residence Nov-12 Jun-15 Rio de Janeiro Middle ,124 65, % 23% Landscape by Helbor Nov-12 Jun-16 Mogi das Cruzes High , , % 11% Helbor Classic Bosque Maia Dec-12 May-16 Guarulhos Upper Middle , , % 32% Square Offices and Mall Dec-12 Dec-15 Taubaté Commercial ,481 31, % 8% Helbor Dual Patteo Mogilar Dec-12 Mar-16 Mogi das Cruzes Commercial ,897 71, % 12% My Helbor Patteo Mogilar Dec-12 Mar-16 Mogi das Cruzes Middle ,059 55, % 10% Helbor Carpe Diem Bosque Maia Dec-12 May-16 Guarulhos Middle , , % 11% Página 22