Helbor Empreendimentos S.A. Financial statements at December 31, 2016, and independent auditor's report

Transcription

1 Financial statements at December 31, 2016, and independent auditor's report

2 Registration Form Contents Information General information 2 Address 3 Securities 4 Auditor 5 Share registrar 6 Investor relations officer or equivalent 7 Stockholders' department 8

3 Registration Form General information Corporate name HELBOR EMPREENDIMENTOS S.A. Date of adoption of the corporate name 03/02/2007 Type Previous corporate name Publicly-held corporation HELBOR EMPREENDIMENTOS IMOBILIARIOS LTDA. Date of establishment 10/20/1977 Federal Corporate Taxpayers' Registration Number (CNPJ) / Brazilian Securities Commission (CVM) code CVM registration date 07/09/2007 CVM registration status Active Date of effectiveness of status 07/09/2007 Home country Country in which the securitiesare held in custody Brazil Brazil Other countries in which the securities can be traded Country Date of admission Activity sector Civil construction, construction materials and decoration Description of activities Issuer category Real estate development Category A Date of registration in the current category 01/01/2010 Issuer status Operating Date of effectiveness of status 07/09/2007 Type of ownership control Private Date of last change inownership control 04/30/2010 Date of last change of the fiscal year 04/30/2010 Month/day of the end of the fiscal year 12/31 Issuer's website on the Internet Newspapers in which the issuer discloses its information Name of newspapers in which the issuer discloses its information O Diário Oficial do Estado de São Paulo O Estado de São Paulo Portal NEO1 State São Paulo (SP) SP SP Page 2of 8

4 Registration Form Address Mail address AV. PAULISTA, 1294, 13o. ANDAR - CJ. 13A, CERQUEIRA CESAR, São Paulo, SP, Brazil, CEP , Telephone: (11) , Fax: (11) , ri@helbor.com.br Headquarters' address AV. VEREADOR NARCISO YAGUE GUIMARÃES, 1.145, 15º ANDAR, JARDIM ARMÊNIA, MOGI DAS CRUZES, SP, Brazil, CEP , Telephone: (11) , Fax: (11) , helbor@helbor.com.br Page 3of 8

5 Registration Form Securities Shares Trading Listing Market Managing entity Beginning End Trading segment Beginning End Stock exchange BM&FBOVESPA 10/29/2007 New Market 10/29/2007 Page 4of 8

6 Registration Form Auditor Does the Issuer have an auditor? Yes CVM code Type of auditor Name/Corporate name Brazilian firm PRICEWATERHOUSECOOPERS AUDITORES INDEPENDENTES Individual Taxpayers' Registration Number (CPF)/Federal Corporate Taxpayers' Registration Number (CNPJ) / Period of services From 02/15/2012 to date Partner responsible Period of services CPF Marcelo Orlando From 06/30/2016 to 03/23/ Page 5of 8

7 Registration Form Share registrar Does the company have a provider? Corporate name Yes Banco Bradesco S.A. CNPJ / Period of services 10/16/2007 Service address Cidade de Deus, s/ no., prédio amarelo, Vila Yara, Osasco, SP, Brazil, CEP ,Telephone:(11) , Fax: (11) , bradescocustodia@bradesco.com.br Page 6of 8

8 Registration Form Investor relations officer or equivalent Name ROBERVAL LANERA TOFFOLI Investor Relations Officer CPF/CNPJ Mail address AV. PAULISTA, 1294, 13o. ANDAR CJ. 13A, CERQUEIRA CESAR, São Paulo, SP, Brazil, CEP , Telephone:(11) , Fax: (11) , ri@helbor.com.br Date when the person assumed the position 01/27/2009 Date when the person left the position Page 7of 8

9 Registration Form Stockholders' department Contact Date when the person assumed the position ROBERVAL LANERA TOFFOLI 01/27/2009 Date when the person left the position Mail address AV. PAULISTA, 1294, 13o. ANDAR - CJ. 13A, CERQUEIRA CESAR, São Paulo, SP, Brazil, CEP , Telephone: (11) , Fax: (11) , ri@helbor.com.br Page 8of 8

10 Contents Company information Capital composition 1 Cash earnings 2 Parent company financial statements Balance sheet assets 3 Balance sheet liabilities and equity 4 Statement of income 6 Statement of comprehensive income 7 Statement of cash flows indirect method 8 Statement of changes in equity January 1, 2016, to December 31, January 1, 2015 to December 31, January 1, 2014 to December 31, Statement of value added 13 Consolidated financial statements Balance sheet assets 14 Balance sheet liabilities and equity 16 Statement of income 17 Statement of comprehensive income 18 Statement of cash flows indirect method 19 Statement of changes in equity January 1, 2016, to December 31, January 1, 2015 to December 31, January 1, 2014, to December 31, Statement of value added 24 Comments on company performance 25 Notes to the financial statements 30 Other information considered relevant by the Company 88 Opinions and representations Independent Auditor s Report on thefinancial statements without exceptions 90 Officers' representations on the financial statements 92 Officers' representations on the independent auditors' report 93

11 Company information / Capital composition Number of shares Current period (In thousands) December 31, 2016 Paid-up capital Common shares 325,882 Preferred shares 0 Total 325,882 Treasury shares Common shares 5,787 Preferred shares 0 Total 5,787 Page 1 of 95

12 Company information / Cash earnings Event Date of Event Earnings Date of Payment Type of Stock Class of Stock Dividends per Share (Brazilian Reais/ Share) Ordinary and Extraordinary Shareholder s Meeting 04/29/2016 Dividends 10/05/2016 Ordinary Page 2 of 95

13 Financial statements at December 31, 2016 Parent company financial statements / balance sheet assets (R$ thousand) 1 Code 2 Description Fiscal year ended Fiscal year ended Fiscal year ended 31 December, December, December, Total assets 1,882,535 1,947,624 1,718, Current assets 27,108 33,297 46, Cash and cash equivalents , Financial investments Trade receivables 13,264 14,806 16, Customers 13,264 14,806 16, Inventories 1,258 1,383 1, Taxes recoverable 1,790 2,014 1, Current taxes recoverable 1,790 2,014 1, Prepaid expenses Deferred selling expenses Other current assets 10,024 14,873 7, Non-current assets for sale 6,571 11,593 3, Loans 6,571 11,593 3, Other 3,453 3,280 3, Non-current assets 1,855,427 1,914,327 1,671, Long-term receivables 99, , , Receivables 1,662 5,261 10, Trade receivables 1,662 5,261 10, Inventories Prepaid expenses 1,511 2,200 1, Judicial deposits 1,511 2,200 1, Receivables from related parties 93, ,424 98, Receivables from subsidiaries 93, ,424 98, Other non-current assets 1,573 12,299 14, Loans 1,573 12,299 14, Investments 1,739,967 1,711,134 1,539, Equity investments 1,739,967 1,711,134 1,539, Property and equipment 15,557 14,282 4, Property and equipment in service 15,557 14,282 4, Intangible assets , Intangible assets ,043 Page 3 of 95

14 Financial statements at December 31, 2016 Parent company financial statements / balance sheet liabilities and equity (R$ thousand) 1 Code 2 Description Fiscal year ended Fiscal year ended Fiscal year ended 31 December, December, December, Total liabilities and equity 1,882,535 1,947,624 1,718, Current liabilities 237, , , Social and labor obligations 689 5,086 5, Social obligations Labor obligations 0 4,414 4, Trade payables Domestic suppliers Tax obligations Federal tax obligations Withholding income tax Municipal tax obligations Borrowings 145, ,220 42, Borrowings 66, , In local currency 66, , Debentures 78,308 81,109 41, Other liabilities 69,247 46, , Payables to related parties Payables to subsidiaries Other 69,247 46, , Minimum mandatory dividends payable 0 16, , Payables 3, Advances from customers 59,772 1,165 1, Acquisitions of equity interests 6,308 27,922 14, Provisions 21,370 11,523 9, Tax, social security, labor and civil provisions 2,122 2,303 2, Social security and labor provisions 1,757 1,788 2, Provisions for deferred taxes and contributions Other provisions 19,248 9,220 6, Provision for losses 19,248 9,220 6, Non-current liabilities 249, , , Borrowings 247, , , Borrowings 68,750-50,000 Page 4 of 95

15 Financial statements at December 31, 2016 Parent company financial statements / balance sheet liabilities and equity (R$ thousand) 1 Code 2 Description Fiscal year ended Fiscal year ended Fiscal year ended 31 December, December, December, In local currency 68,750-50, Debentures 178, , , Other liabilities 0 2,805 6, Other 0 2,805 6, Acquisitions of equity interests 0 2,805 6, Deferred taxes 2,016 1,533 1, Deferred income tax and social contributions 2,016 1,533 1, Deferred income tax and social contributions 1,937 1, Deferred PIS and COFINS Provisions , Tax, social security, labor and civil provisions , Provision for contingencies , Equity 1,395,700 1,381,536 1,317, Paid-up capital 926, , , Capital reserves (30,850) (30,850) (16,178) Treasury shares (25,052) (25,052) (10,380) IPO expenses (13,236) (13,236) (13,236) Stock option plan 7,438 7,438 7, Revenue reserves 468, , , Legal reserve 69,242 69,242 65, Profit retention reserve 399, , , Carrying value adjustments 31,541 34,170 8, Carrying value adjustments 31,541 33,274 8, Gain or loss on investments (427) Page 5 of 95

16 Financial statements at December 31, 2016 Parent company financial statements / statement of income (R$ thousand, unless otherwise stated) 1 - Code 2 Description Fiscal year from January 1, 2016 to 31 December, 2016 Fiscal year from January 1, 2015 to 31 December, 2015 Fiscal year from January 1, 2014 to December 31, Sales and/or services revenue 3,846 4,867 14, Sales of real estate 0 2,034 7, Management fee 0 3,645 8, Taxes on sales 0 (812) (1,494) 3.02 Cost of sales and/or services (867) (1,469) (4,122) 3.03 Gross profit 2,979 3,398 10, Operating expenses/income -93,178 73, , Selling expenses (909) (963) (1,625) General and administrative expenses (47,065) (56,003) (53,680) General and administrative expenses (46,807) (54,215) (52,682) Tax expenses (258) (1,788) (998) Other operating income 3,784 (6,331) 3, Equity in the results of subsidiaries (48,988) 136, , Equity in the results of subsidiaries (48,988) 136, , Profit before finance results and taxes (90,199) 76, , Finance results (13,161) (7,669) (7,349) Finance income 7,144 11,345 8, Finance costs (20,305) (19,014) (15,483) 3.07 Profit before taxes on income (103,360) 68, , Income tax and social contributions (153) (121) 1, Deferred (153) (121) 1, Profit for the period from continuing operations (103,207) 68, , Profit for the period (103,207) 68, , Earnings per share (reais / share) Basic earnings per share Common share (0,39020) Diluted earnings per share Common share (0,38180) Page 6 of 95

17 Financial statements at December 31, 2016 Parent company financial statements / statement of comprehensive income (R$ thousand) 1 - Code 2 Description Fiscal year from 01/01/2016 Fiscal year from 01/01/2015 Fiscal year from 01/01/2014 to 12/31/2016 to 12/31/2015 to 12/31/ Profit (Loss) for the period (103,207) 68, , Other comprehensive income 1,360 25,934 8, Available-for-sale financial assets 8 24,611 8, Gains or losses on investments 1,352 1,323 (428) 4.03 Total comprehensive income for the period (101,847) 94, ,992 Page 7 of 95

18 Financial statements at December 31, 2016 Parent company financial statements / statement of cash flows indirect method (R$ thousand) 1 - Code 2 Description Fiscal year from January 1, 2016 to December 31, 2016 Fiscal year from January 1, 2015 to December 31, 2015 Fiscal year from January 1, 2014 to December 31, Net cash used in operating activities 68,034 (120,271) (64,642) Cash used in operations (63,359) (51,010) (36,863) Profit before income tax and social contributions -103,360 68, , Accumulated depreciation and amortization 1,525 1,536 1, Provisions for contingencies (37) (3,115) (639) Deferred taxes (PIS and COFINS) (211) 68 (854) Finance charges on borrowings 47,303 53,867 27, Equity in the results of subsidiaries 48,988 (136,562) (258,348) Finance charges on borrowings repaid/capitalized (58,672) (41,825) (16,614) Finance charges on intercompany loans (2,740) (3,266) (2,101) Provision for losses 10,028 3,036 2, Provision for rescission of customer contract (6,257) 6, Changes in assets and liabilities (131,393) (69,261) (27,779) Trade receivables 11, , Properties for sale , Taxes and contributions recoverable 224 (823) 1, Deferred selling expenses 17 (7) (1) Judicial deposits 688 (217) Other assets (173) (33) Trade payables (216) 354 (175) Labor and tax obligations (3,753) (660) 1, Advances from customers 58,607 (104) (105) Payables for properties Payables 2,382 (46) (203) Income and social contribution taxes paid (11,700) Payment of interest on borrowings 8 - (28,516) Proceeds from interest on loans and intercompany loans Receivables from related parties 73,786 (68,827) (17,582) Payables to related parties - - (170) 6.02 Net cash provided by investing activities (49,404) 32, , Purchases of property and equipment (2,190) (11,285) (987) Investments (353,029) (343,267) (313,748) Additions to intangible assets (403) Financial investments (618) 510 (523) Page 8 of 95

19 Financial statements at December 31, 2016 Parent company financial statements / statement of cash flows indirect method (R$ thousand) 1 - Code 2 Description Fiscal year from January 1, 2016 to December 31, 2016 Fiscal year from January 1, 2015 to December 31, 2015 Fiscal year from January 1, 2014 to December 31, Acquisitions of equity interests (24,419) 10,064 (152) Capital decrease of subsidiary 172, , , Acquisition of Certificate for Potential Additional Construction (CEPAC) 1,455 (963) 1, Assignment of CEPAC 167, , , Other transactions with CEPAC (10,029) (3,036) (2,933) Transactions with non-controlling interests 0 1,786 (1,695) 6.03 Net cash used in financing activities -18,680 68,230 (133,313) New borrowings 222, ,342 51, Repayment of borrowings (363,692) (349,187) (42,149) Payment of dividends (16,357) (100,110) (130,012) Capital increase new shares 120, Loans (6,525) (5,050) (8,963) New borrowings and intercompany loans 25,004 2,907 7, Treasury shares 0 (14,672) (10,380) 6.05 Decrease in cash and cash equivalents (50) (19,067) (22,926) Opening balance of cash and cash equivalents 52 19,119 42, Closing balance of cash and cash equivalents ,119 Page 9 of 95

20 Financial statements at December 31, 2016 Parent company financial statements / statement of changes in equity January 1, 2016 to December 31, 2016 (R$ thousand) 1 - Code 2 Description Paid-up share capital Capital reserves, stock options and treasury stock Revenue reserves Retained earnings Other comprehensive income 5.01 Opening balances 806,376 (30,850) 571,840-34,170 1,381, Adjusted opening balances 806,376 (30,850) 571,840-34,170 1,381, Capital transactions with owners 120, , Capital Increase 120, , Total comprehensive income - - (103,207) - (2,629) (105,836) Profit for the period (103,207) - (103,207) Other comprehensive income - - (103,207) (103,207) (2,629) -2, Carrying value adjustments (3,980) -3, Transactions with non-controlling interests ,351 1, Absorption of net loss - - (103,207) (103,207) Closing balances 926,376 (30,850) 468,633-31,541 1,395,700 Equity Page 10 of 95

21 Financial statements at December 31, 2016 Parent company financial statements / statement of changes in equity January 1, 2015 to December 31, 2015 (R$ thousand) 1 - Code 2 Description Paid-up share capital Capital reserves, stock options and treasury stock Revenue reserves Retained earnings Other comprehensive income 5.01 Opening balances 806,376 (16,178) 519,324-8,236 1,317, Adjusted opening balances 806,376 (16,178) 519,324-8,236 1,317, Capital transactions with owners - (14,672) 49,072 (65,429) - (31,029) Treasury shares acquired - (14,672) (14,672) Dividends (16,357) - (16,357) Profit retention ,072 (49,072) Total comprehensive income ,873 25,934 94, Profit for the period ,873-68, Other comprehensive income ,934 25, Carrying value adjustments ,611 24, Transactions with non-controlling interests ,323 1, Internal changes in shareholders' equity - - 3,444 (3,444) Constitution of reserve - - 3,444 (3,444) Closing balances 806,376 (30,850) 571,840-34,170 1,381,536 Equity Page 11 of 95

22 Financial statements at December 31, 2016 Parent company financial statements / statement of changes in equity January 1, 2014 to December 31, 2014 (R$ thousand) 1 - Code 2 Description Paid-up share capital Capital reserves, stock options and treasury stock Revenue reserves Retained earnings Other comprehensive income 5.01 Opening balances 806,376 (5,798) 408,676-1,989 1,211, Adjusted opening balances 806,376 (5,798) 408,676-1,989 1,211, Capital transactions with owners - (10,380) 100,110 (200,219) - (110,489) Capital increases - (10,380) (10,380) Dividends (100,110) - (100,110) Profit retention ,110 (100,109) Capital increase with revenue reserves Total comprehensive income ,757 6, , Profit for the period , , Other comprehensive income ,247 6, Carrying value adjustments ,942 7, Transactions with non-controlling interests (1,695) (1,695) 5.06 Internal changes in shareholders' equity ,538 (10,538) Constitution of reserve ,538 (10,538) Closing balances 806,376 (16,178) 519,324-8,236 1,317,758 Equity Page 12 of 95

23 Financial statements at December 31, 2016 Parent company financial statements / statement of value added (R$ thousand) 1 - Code 2 Description Fiscal year from January 1, Fiscal year from January 1, Fiscal year from January 1, 2015 to December 31, to December 31, to December 31, Revenue 8,023 (651) 19, Sales of goods and services 829 2,034 7, Other revenue 7,194 (2,685) 11, Management fee 3,409 3,646 8, Other operating income 3,785 (6,331) 3, Inputs acquired from third parties (14,827) (14,870) (18,224) Cost of sales and services (867) (1,469) (4,122) Materials, energy, outsourced services and other (13,960) (13,401) (14,102) 7.03 Gross value added (6,804) (15,521) 1, Retentions (1,525) (1,536) (1,534) Depreciation, amortization and depletion (1,525) (1,536) (1,534) 7.05 Net value added generated (8,329) (17,057) (522) 7.06 Value added received through transfer (41,844) 147, , Equity in the results of subsidiaries (48,988) 136, , Finance income 7,144 11,345 8, Total value added to distribute (50,173) 130, , Distribution of value added (50,173) 130, , Personnel 22,660 30,700 31, Salaries and wages 17,748 25,942 27, Benefits 3,570 3,152 2, Government severance indemnity fund for employees (FGTS) 1,342 1,606 1, Taxes and contributions 6,462 6,613 5, Federal 6,058 6,191 5, State Municipal Remuneration of third-party capital 23,912 24,664 18, Interest 20,704 13,984 13, Rentals 4,172 4,341 2, Other (964) 6,339 2, Remuneration of own capital (103,207) 68, , Profit/losses retained in the period (103,207) 68, ,757 Page 13 of 95

24 Financial statements at December 31, 2016 Consolidated financial statements / balance sheet assets (R$ thousand) 1 Code 2 - Description Fiscal year ended Fiscal year ended Fiscal year ended December 31, 2016 December 31, 2015 December 31, Total assets 5,359,180 5,083,155 5,052, Current assets 3,914,591 3,812,225 3,018, Cash and cash equivalents 78, , , Financial investments 190, ,948 28, Financial investments at fair value 190, ,948 28, Available-for-sale securities 190, ,948 28, Trade receivables 1,477,747 1,344,788 1,214, Customers 1,477,747 1,344,788 1,214, Inventories 2,131,199 2,085,329 1,499, Taxes recoverable 2,558 3,551 3, Current taxes recoverable 2,558 3,551 3, Prepaid expenses 3,042 11,017 13, Deferred selling expenses 3,042 11,017 13, Other current assets 31,174 32,188 22, Non-current assets for sale 6,621 11,593 3, Loans 6,621 11,593 3, Other 24,553 20,595 18, Non-current assets 1,444,589 1,270,930 2,033, Long-term receivables 1,348,547 1,229,103 1,991, Receivables 424, , , Trade receivables 424, , , Inventories 910, ,347 1,049, Prepaid expenses 8,352 9,302 22, Judicial deposits 7,413 6,925 4, Deferred selling expenses 939 2,377 17, Receivables from related parties 2,070 3,070 5, Receivables from associates 2,070 3,070 5, Other non-current assets 3,130 12,299 14, Loans 3,130 12,299 14, Investments 67,770 16,145 7, Equity investments 67,770 16,145 7, Investments in associates 67,770 16,145 7, Property and equipment 27,567 24,769 33, Property and equipment in service 27,567 24,769 33, Intangible assets , Intangible assets ,043 Page 14 of 95

25 Financial statements at December 31, 2016 Consolidated financial statements / balance sheet liabilities and equity (R$ thousand) 1 Code 2 Description Fiscal year ended Fiscal year ended Fiscal year ended December 31, 2016 December 31, 2015 December 31, Total liabilities and equity 5,359,180 5,083,155 5,052, Current liabilities 1,710,014 1,249,605 1,253, Social and labor obligations 4,625 10,373 14, Social obligations 4,625 5,959 9, Labor obligations 0 4,414 4, Trade payables 28,441 33,816 54, Domestic suppliers 28,441 33,816 54, Tax obligations 1,138 2,176 4, Federal tax obligations 878 1,853 4, Income tax and social contributions payable 595 1,528 3, Withholding income tax Municipal tax obligations Borrowings 1,162, , , Borrowings 1,084, , , In local currency 1,084, , , Debentures 78,308 81,109 41, Other liabilities 480, , , Other 480, , , Minimum mandatory dividends payable 0 16, , Payables for properties 96,448 28,036 43, Payables 92,026 91,916 82, Advances from customers 285, , , Acquisitions of equity interests 6,328 27,922 14, Provisions 33,205 29,889 27, Tax, social security, labor and civil provisions 33,205 29,889 27, Social security and labor provisions 1,757 1,787 2, Provisions for deferred taxes and contributions 31,448 28,102 24, Non-current liabilities 1,773,522 1,963,238 2,019, Borrowings 1,008,780 1,189, , Borrowings 829, , , In local currency 829, , , Debentures 178, , , Other liabilities 688, ,679 1,224, Other 688, ,679 1,224, Acquisitions of equity interests 0 2,805 6, Advances from customers 391, ,577 1,173, Payables for properties 290,503 25,791 30,763 Page 15 of 95

26 Financial statements at December 31, 2016 Consolidated financial statements / balance sheet liabilities and equity (R$ thousand) 1 Code 2 Description Fiscal year ended Fiscal year ended Fiscal year ended December 31, 2016 December 31, 2015 December 31, Payables 4,771 14,949 11, Payables to participants in special partnerships (SCPs) 1,024 1,557 2, Deferred taxes 66,672 78,461 58, Deferred income tax and social contributions 66,672 78,461 58, Deferred income tax and social contributions 57,589 61,928 39, Deferred PIS and COFINS 9,083 16,533 18, Provisions 9,871 6,532 3, Tax, social security, labor and civil provisions 9,871 6,532 3, Provision for contingencies 9,871 6,532 3, Equity 1,875,644 1,870,312 1,779, Paid-up capital 926, , , Capital reserves (30,850) (30,850) (16,178) Treasury shares (25,052) (25,052) (10,380) IPO expenses (13,236) (13,236) (13,236) Stock option plan 7,438 7,438 7, Revenue reserves 468, , , Legal reserve 69,242 69,242 65, Profit retention reserve 399, , , Carrying value adjustments 31,541 34,170 8, Carrying value adjustments 31,541 33,274 8, Gain or loss on investments (427) Non-controlling interests 479, , ,258 Page 16 of 95

27 Financial statements at December 31, 2016 Consolidated financial statements / statement of income (R$ thousand, unless otherwise stated) Fiscal year from January 1, Fiscal year from 1 January, Fiscal year from 1 January, 1 - Code 2 Description to December 31, 2016 to December 31, 2015 todecember 31, Sales and/or services revenue 901,954 1,307,399 1,602, Sales of real estate 899,069 1,317,731 1,632, Adjustment to present value 18,203 14,610 (5,786) Management fee 3,409 3,661 8, Cancelations and discounts - - (285) Taxes on sales (18,727) (28,603) (33,220) 3.02 Cost of sales and/or services (805,371) (1,007,566) (1,088,542) 3.03 Gross profit 96, , , Operating expenses/income (162,440) (189,129) (201,233) Selling expenses (51,353) (84,170) (130,078) General and administrative expenses (93,089) (95,349) (91,128) General and administrative expenses (86,340) (87,123) (84,683) Tax expenses (6,749) (8,226) (6,445) Other operating expenses (18,428) (9,943) 19, Equity in the results of subsidiaries Equity in the results of subsidiaries Profit before finance results and taxes (65,857) 110, , Finance results (28,861) 44,676 35, Finance income 74, ,808 83, Finance costs (103,765) (65,132) (47,949) 3.07 Profit before taxes on income (94,718) 155, , Income tax and social contributions (18,846) (31,285) (39,232) Current (22,451) (29,974) (45,084) Deferred 3,605 (1,311) 5, Profit for the period from continuing operations -113, , , profit for the period from discontinued operations (10,357) (55,222) (98,082) Net gains (losses) on assets of discontinued operations (10,357) (55,222) (98,082) Participants in special partnerships (SCPs) Minority interest in subsidiaries 10,189 (55,433) (98,114) 3.11 Profit/(Loss) for the period (103,207) 68, , Attributable to owners of the Company (103,207) 68, , Earnings per share (reais / share) Basic earnings per share Common share (0,39020) Diluted earnings per share Common share (0,38180) Page 17 of 95

28 Financial statements at December 31, 2016 Consolidated financial statements / statement of comprehensive income (R$ thousand) 1 - Code 2 Description Fiscal year from January 1, 2016 to December 31, 2016 Fiscal year from January 1, 2015 to December 31, 2015 Fiscal year from January 1, 2014 to December 31, Profit for the period (113,564) 124, , Other comprehensive income 1,360 25,934 8, Available-for-sale financial assets 8 24,611 8, Gains or losses on investments 1,352 1,323 (428) 4.03 Total comprehensive income for the period (112,204) 150, , Attributable to owners of the Company (101,847) 94, , Attributed to non-controlling interests (10,357) 55,222 98,082 Page 18 of 95

29 Financial statements at December 31, 2016 Consolidated financial statements / statement of cash flows indirect method (R$ thousand) Fiscal year from January 1, Fiscal year from January 1, Fiscal year from January 1, 1 - Code 2 Description 2016 to December 31, to December 31, to December 31, Net cash used in operating activities (224,514) (369,654) 128, Cash used in operations (10,900) 237, , Profit before income tax and social contributions (94,718) 155, , Accumulated depreciation and amortization 3,956 5,092 26, Provisions for contingencies 3,339 3,073 (22,572) Deferred taxes (PIS and COFINS) (4,104) 1,280 (6,303) Finance charges on borrowings 144, ,590 84, Equity in the results of subsidiaries (430) (333) (844) Adjustment to present value (18,203) (14,610) 5, Finance charges on borrowings repaid/capitalized (58,672) (41,825) (16,614) Finance charges on intercompany loans (2,774) (3,266) (2,101) Provision for rescission of customer contracts 15,728 6, Changes in assets and liabilities (213,614) (607,292) (287,271) Trade receivables 256,440 (33,383) 172, Properties for sale (264,929) (2,414) (388,789) Taxes and contributions recoverable 993 (281) Deferred selling expenses 9,413 18,051 8, Judicial deposits (488) (2,185) 1, Other assets (3,958) (1,642) (1,561) Trade payables (5,375) (20,377) (18,403) Labor and tax obligations (5,883) (4,662) 3, Advances from customers (197,322) (492,327) 45, Payables for properties 93,368 (19,939) (29,765) Payables (10,068) 13,181 34, Income and social contribution taxes paid (21,289) (23,611) (49,176) Payment of interest on borrowings (65,524) (40,203) (67,975) Proceeds from interest on loans and intercompany loans Receivables from related parties 1,000 2,500 1, Net cash provided by investing activities (80,501) (12,154) (37,712) Purchases of property and equipment (6,143) 3,415 (18,141) Investments (49,841) (13,009) Additions to intangible assets (403) Financial investments 285 (6,388) (1,046) Acquisitions of equity interests (24,399) 11,387 (1,847) Acquisition of CEPAC - (7,689) (16,648) Assignment of CEPAC - - 1,147 Page 19 of 95

30 Financial statements at December 31, 2016 Consolidated financial statements / statement of cash flows indirect method (R$ thousand) Fiscal year from January 1, Fiscal year from January 1, Fiscal year from January 1, 1 - Code 2 Description 2016 to December 31, to December 31, to December 31, Other transactions with CEPAC - - (1,942) 6.03 Net cash used in financing activities 247, ,295 (181,707) New borrowings 984,603 1,399, , Repayment of borrowings (860,509) (972,316) (737,628) Increase in non-controlling interests 2,865 (27,915) (138,987) Payment of dividends (16,357) (100,110) (130,012) Decrease in payables to participants in special partnerships (SCPs) (365) (319) (2,727) Capital increase new shares 120, Loans (8,095) (5,050) (8,963) New borrowings and intercompany loans 25,004 2,907 7, Treasury shares 0 (14,672) (10,380) 6.05 Decrease in cash and cash equivalents (57,869) (99,513) (91,044) Opening balance of cash and cash equivalents 136, , , Closing balance of cash and cash equivalents 78, , ,917 Page 20 of 95

31 Financial statements at December 31, 2016 Consolidated financial statements / statement of changes in equity January 1, 2016 to December 31, 2016 (R$ thousand) 1 - Code 2 Description Paid-up share capital Capital reserves, stock options and treasury stock Revenue reserves Retained earnings Other comprehensive income Equity Non- Controling Interest Consolidated Equity 5.01 Opening balances 806,376 (30,850) 571,840-34,170 1,381, ,776 1,870, Adjusted opening balances 806,376 (30,850) 571,840-34,170 1,381, ,776 1,870, Capital transactions with owners 120, ,000 1, , Capital Increase 120, , , Minority Interest ,525 1, Total comprehensive income - - (103,207) - (2,629) (105,836) (10,357) (116,193) Profit for the period (103,207) - (103,207) 0 (103,207) Other comprehensive income - - (103,207) (103,207) (2,629) (2,629) (10,357) (12,986) Carrying value adjustments (3,980) (3,980) 0 (3,980) Transactions with non-controlling ,351 1, ,351 interests Absorption of net loss - - (103,207) (103,207) - 0 (10,357) (10,357) 5.07 Closing balances 926,376 (30,850) 468,633-31,541 1,395, ,944 1,875,644 Page 21 of 95

32 Financial statements at December 31, 2016 Consolidated financial statements / statement of changes in equity January 1, 2015 to December 31, 2015 (R$ thousand) 1 - Code 2 Description Paid-up share capital Capital reserves, stock options and treasury stock Revenue reserves Retained earnings Other comprehensive income Equity Noncontrolling interests Consolidated equity 5.01 Opening balances 806,376 (16,178) 519,324-8,236 1,317, ,258 1,779, Adjusted opening balances 806,376 (16,178) 519,324-8,236 1,317, ,258 1,779, Capital transactions with owners - (14,672) 49,072 (65,429) - (31,029) (27,915) (58,944) Treasury shares acquired - (14,672) (14,672) - (14,672) Dividends (16,357) - (16,357) - (16,357) Non-controlling interests in subsidiaries (27,915) (27,915) Profit retention ,072 (49,072) Total comprehensive income ,873 25,934 94,807 55, , Profit for the period ,873-68,873 55, , Other comprehensive income ,934 25,934-24, Carrying value adjustments ,611 24,611-24, Transactions with non-controlling interests ,323 1,323-1, Internal changes in shareholders' equity - - 3,444 (3,444) Constitution of reserve - - 3,444 (3,444) Closing balances 806,376 (30,850) 571,840-34,170 1,381, ,776 1,870,312 Page 22 of 95

33 Financial statements at December 31, 2016 Consolidated financial statements / statement of changes in equity January 1, 2014 to December 31, 2014 (R$ thousand) 1 - Code 2 Description Paid-up share capital Capital reserves, stock options and treasury stock Revenue reserves Retained earnings Other comprehensive income Equity Noncontrolling interests Consolidated equity 5.01 Opening balances 806,376 (5,798) 408,676-1,989 1,211, ,131 1,713, Adjusted opening balances 806,376 (5,798) 408,676-1,989 1,211, ,131 1,713, Capital transactions with owners - (10,380) 100,110 (200,219) - (110,489) (138,955) (249,444) Treasury shares acquired - (10,380) (10,380) - (10,380) Dividends (100,110) - (100,110) - (100,110) Non-controlling interests in subsidiaries (138,955) (138,955) Profit retention ,110 (100,109) Total comprehensive income ,757 6, ,004 98, , Profit for the period , ,757 98, , Other comprehensive income ,247 6,247-6, Carrying value adjustments ,942 7,942-7, Transactions with non-controlling interests (1,695) (1,695) - (1,695) 5.06 Internal changes in shareholders' equity ,538 (10,538) Constitution of reserve ,538 (10,538) Closing balances 806,376 (16,178) 519,324-8,236 1,317, ,258 1,779,016 Page 23 of 95

34 Financial statements at December 31, 2016 Consolidated financial statements / statement of value added (R$ thousand) 1 - Code 2 Description Fiscal year from January 1, 2016 to December 31, 2016 Fiscal year from January 1, 2015 to December 31, 2015 Fiscal year from January 1, 2014 to December 31, Revenue 902,254 1,326,060 1,654, Sales of goods and services 917,273 1,332,341 1,626, Other revenue (15,019) (6,281) 27, Management fee 3,409 3,662 8, Other operating income (18,428) (9,943) 19, Inputs acquired from third parties (906,809) (1,133,437) (1,238,432) Cost of sales and services (805,371) (1,007,566) (1,088,542) Materials, energy, outsourced services and other (101,438) (125,871) (149,890) 7.03 Gross value added (4,555) 192, , Retentions (3,956) (5,092) (26,125) Depreciation, amortization and depletion (3,956) (5,092) (26,125) 7.05 Net value added generated (8,511) 187, , Value added received through transfer 85,692 54,919 (13,449) Equity in the results of subsidiaries Finance income 74, ,808 83, Other 10,357 (55,222) (98,083) Participants in special partnerships (SCPs) Non-controlling interests in subsidiaries 10,189 (55,433) (98,115) 7.07 Total value added to distribute 77, , , Distribution of value added 77, , , Personnel 22,700 30,773 31, Salaries and wages 17,788 26,015 27, Benefits 3,570 3,152 2, FGTS 1,342 1,606 1, Taxes and contributions 48,281 69,576 80, Federal 42,598 64,742 78, State Municipal 5,664 4,814 2, Remuneration of third-party capital 109,407 73,228 53, Interest 75,118 37,342 18, Rentals 4,172 4,341 2, Other 30,117 31,545 32, Remuneration of own capital (103,207) 68, , Profit/losses retained in the period (103,207) 68, ,757 Page 24 of 95

35 Comments on Company Performanceat December 31, 2016 Management report for the fourth quarter andyear of 2016 Mogi das Cruzes, March 30, 2016 Helbor Empreendimentos S.A. (the Company or Helbor or the parent company) (BM&FBOVESPA: HBOR3), a residential and commercial real estate developer present in ten states and the Federal District, covering 27 Brazilian cities, announces today its results for the fourth quarter (4Q16) and for the yearof The information presented has beencompared to the results for 4Q15, 3Q16 and The consolidated financial statements have beenprepared in accordance with accounting practices adopted in Brazil, which comprise the standards of the Brazilian Securities Commission (CVM) and the pronouncements of the Brazilian Accounting Pronouncements Committee (CPC), and are in conformity with the International Financial Reporting Standards (IFRS) applicable to Brazilian real estate development entities, as approved by the CPC, the CVM and the Federal Accounting Council (CFC). FINANCIAL PERFORMANCE Helbor s net operating revenue totaled R$ million in 4Q16, a decrease of 40.4% in comparison with 4Q15. The gross profit totalized R$ 25.8 million in 4Q16 and the gross margin stood at -12.9%. Net operating revenue in 2016 totaled R$ million, a decrease of 31.0% when compared to The gross profit decreased by 67.8%, totaling R$ 96.6 million in 2016, and the gross margin was 10.7%, a decrease of 1,220 base points (bps) when compared to the 2015 margin. Net Loss for the period totaled R$ 83.0 million in 4Q16 (basic earnings per share of R$ ). The net margin was -11.4% and the return on average equity (ROE) for 12 months was -7.4%. Net Loss totaled R$ million in 2016, with a net margin of -11.4%. The table below presents Helbor s main financial indicators by quarter and year to date, as well as the relevant comparisons: Financial indicators 4Q16 4Q15 Var. 4Q16 Var. 4Q16 Var Q x 4Q15 x 3Q16 x 2015 Net operating revenue (R$ 000) 199, , % 143, % 901,954 1,307, % Gross profit (R$ 000) -25,765 54,445 N.M. 18,053 N.M. 96, , % Gross margin (%) -12.9% 16.3% N.M. 12.6% N.M. 10.7% 22.9% bps Profit (Loss) (R$ 000) -83,009 12,313 N.M. -29,560 N.M. -103,207 68,873 N.M. Net margin (%) -41.7% 3.7% N.M % N.M % 5.3% N.M. ROE last 12 months -7.4% 5.1% N.M. -0.6% N.M. -7.4% 5.1% N.M. Helbor s indebtedness totaled R$ 2,171.2 million at December 31, 2016, a decrease of 4.0% when compared with September 30, 2016, which was basically due to the decrease in the real estate construction financing balance, reflecting the growth in the number of developments delivered in the last few months. The table below details Helbor s total indebtedness at the end of 4Q16, 4Q15 and 3Q16: Page 25 of 95

36 Comments on Company Performanceat December 31, 2016 Debt (R$ '000) 4Q16 4Q15 Var. 4Q16 x 4Q15 3Q16 Var. 4Q16 x 3Q16 Loans 47, , % 109, % Construction Financing 1,866,617 1,515, % 1,873, % Debentures 257, , % 278, % Total Debt 2,171,221 1,967, % 2,262, % Short Term 1,162, , % 1,184, % Long Term 1,008,780 1,189, % 1,077, % Helbor s net debt represented 101.4% of equity as at December 31, 2016 (1.9% excluding the SFH - Brazilian Housing Financing System, which is directly linked to the portfolio of receivables). The table below presents the composition of the net debt at the end of 4Q16, 4Q15 and 3Q16: Debt (R$ '000) 4Q16 4Q15 Var. 4Q16 x 4Q15 3Q16 Var. 4Q16 x 3Q16 Total Debt 2,171,221 1,967, % 2,262, % Cash and Cash Equivalents 268, , % 273, % Net Debt 1,902,350 1,632, % 1,988, % Construction Financing 1,866,617 1,515, % 1,873, % Net Debt (ex-sfh)¹ 35, , % 114, % Controlling Shareholder s Equity 1,395,700 1,381, % 1,363, % Total Shareholder s Equity 1,875,644 1,870, % 1,854, % Net Debt / Total Shareholder s Equity 101.4% 87.3% 1410 bps 107.2% -580 bps Net Debt (ex-sfh) / Shareholder s Equity 1.9% 6.3% -440 bps 6.2% -430 bps Excluding SFH which is directly viculated to receivables Total receivables, net of the adjustment to present value, was R$ 1,901.9 million at December 31, 2016, R$ million of which, net of the adjustment to present value, related to units under construction, and R$ million to completed units. The increase in receivables on completed units is consistentwith the developments delivered in the period.helbor will continue its policy regardingthe transfer and securitization of receivables, thereby preserving its balance sheet liquidity. Page 26 of 95

37 Comments on Company Performanceat December 31, 2016 The tables below present the composition of receivables, including the balance of the adjustment to present value and other receivables, at the end of 4Q16, 4Q15 and 3Q16: (R$ '000) 4Q16 4Q15 Concluded Developments Under Construction Total Receivables on Balance Var. 4Q16 x 4Q15 4Q16 4Q15 Var. 4Q16 x 4Q15 4Q16 4Q15 Var. 4Q16 x 4Q15 Accounts Receivables 918, , % 994,885 1,373, % 1,913,605 2,157, % Adjustment to Present Value (24,257) (42,460) -42.9% (24,257) (42,460) -42.9% Provision for sales cancelations (14,931) (6,257) 138.6% (7,054) - N.M. (21,985) (6,257) 251.4% Other Credits 27,431 41, % 7,114 5, % 34,545 46, % Total 931, , % 970,688 1,336, % 1,901,908 2,155, % (R$ '000) 4Q16 3Q16 Concluded Developments Under Construction Total Receivables on Balance Var. 4Q16 x 3Q16 4Q16 3Q16 Var. 4Q16 x 3Q16 4Q16 3Q16 Var. 4Q16 x 3Q16 Accounts Receivables 918, , % 994,885 1,022, % 1,913,605 1,959, % Adjustment to Present Value - - N.M. (24,257) (25,620) -5.3% (24,257) (25,620) -5.3% Provision for sales cancelations (14,931) (9,981) 49.6% (7,054) (3,495) 101.8% (21,985) (13,476) 63.1% Other Credits 27,431 33, % 7,114 5, % 34,545 38, % Total 931, , % 970, , % 1,901,908 1,959, % Deferred results totaled R$ million at the end of 4Q16, a decrease of 31.8% as compared with the end of 3Q16, and the margin was 27.5%, a decrease of 90 bps in relation to the end of the previous quarter. The table below presents the evolution of deferred revenue, deferred selling costs, deferred selling expenses and deferred results, for 4Q16, 4Q15 and 3Q16: (R$ '000) 4Q16 4Q15 Var. 4Q16 x 4Q15 3Q16 Var. 4Q16 x 3Q16 Gross Backlog Revenues 399,844 1,066, % 569, % Sales Taxes (14,594) (38,912) -62.5% (20,783) -29.8% Net Backlog Revenues 385,250 1,027, % 548, % Costs of Sold Units to be recognized 1 (279,123) (690,058) -59.6% (392,963) -29.0% Backlog Results 106, , % 155, % Backlog Margin 27.5% 32.8% -530 bps 28.4% -90 bps Commercial Expenses to be recognized (15,852) (23,725) -33.2% (17,321) -8.5% ¹ Included in the cost of finance charges related to interest on debentures Page 27 of 95

38 Comments on Company Performanceat December 31, 2016 LAUNCHES The total potential sales value (PSV) launched in 4Q16 was R$ million, R$ million of which was Helbor s share. In 2016, the Company launched R$ million in total PSV, with R$ million beinghelbor sshare. The table below summarizes the developments launched: Lauches 4Q16 4Q15 Var. 4Q16 Var. 4Q16 Var Q x 4Q15 x 3Q16 x 2015 Total PSV (R$ 000) 227,284 69, % , , % Helbor s PSV (R$ 000) 166,742 48, % , , % Helbor s share (%) 73.4% 70.0% 340 bps % 66.9% 580 bps Developments launched (3) Units launched The table below details the developments launched by Helbor in 2016: Developments (PSV in R$ '000) Date Location Segment Units 1 Net Units 2 Total Net PSV 2 Helbor Net PSV 2 Helbor's Interest Urban Resort - 2ª fase Mar-16 São Paulo/SP Middle ,853 37, % Total 1Q16-1 Development ,853 37, % Total 2Q Total 3Q Caminhos da Lapa Dec-16 São Paulo/SP Médio-Alto ,088 60, % Art Paulista Dec-16 São Paulo/SP Médio , , % Total 4Q , , % Total Developments , , % 1 - Includes exchanged units 2 - Net of barters Page 28 of 95