Helbor Empreendimentos S.A. Quarterly information (ITR) as at March 31, 2013 and report on review of quarterly information

Transcription

1 Helbor Empreendimentos S.A. Quarterly information (ITR) as at March 31, 2013 and report on review of quarterly information

2 Report on review of quarterly information To the Board of Directors and Stockholders Helbor Empreendimentos S.A. Introduction We have reviewed the accompanying parent company and consolidated interim accounting information of Helbor Empreendimentos S.A. (the Company ), included in the Quarterly Information Form (ITR) for the quarter ended March 31, 2013, comprising the balance sheet as at that date and the statements of income, comprehensive income, changes in equity and cash flows for the quarter then ended, and a summary of significant accounting policies and other explanatory information. Management is responsible for the preparation of the parent company interim accounting information in accordance with the accounting standard CPC 21, Interim Financial Reporting, of the Brazilian Accounting Pronouncements Committee (CPC), and of the consolidated interim accounting information in accordance with CPC 21 and International Accounting Standard (IAS) 34 - 'Interim Financial Reporting' issued by the International Accounting Standards Board (IASB), considering Guidance OCPC 04 on the application of Technical Interpretation ICPC 02 to Brazilian real estate development entities, issued by the Brazilian Accounting Pronouncements Committee (CPC) and approved by the Brazilian Securities Commission (CVM) and the Federal Accounting Council (CFC), as well as for the presentation of this information in accordance with the standards issued by the Brazilian Securities Commission, applicable to the preparation of the Quarterly Information (ITR). Our responsibility is to express a conclusion on this interim accounting information based on our review. Scope of review We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 2

3 Helbor Empreendimentos S.A. Conclusion on the parent company interim information prepared in accordance with CPC 21 Interim Financial Reporting Based on our review, nothing has come to our attention that causes us to believe that the accompanying parent company interim accounting information included in the quarterly information referred to above has not been prepared, in all material respects, in accordance with CPC 21 - Interim Financial Reporting applicable to the preparation of the quarterly information, and presented in accordance with the standards issued by the Brazilian Securities Commission (CVM). Conclusion on the consolidated interim information prepared in accordance with CPC 21 and IAS 34 applicable to Brazilian real estate development entities, as approved by the Brazilian Accounting Pronouncements Committee (CPC), the Brazilian Securities Commission (CVM) and the Federal Accounting Council (CFC) Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim accounting information included in the quarterly information referred to above has not been prepared, in all material respects, in accordance with CPC 21 and IAS 34 - Interim Financial Reporting applicable to Brazilian real estate development entities, as approved by the Brazilian Accounting Pronouncements Committee (CPC), the Brazilian Securities Commission (CVM) and the Federal Accounting Council (CFC) applicable to the preparation of the Quarterly Information (ITR), and presented in accordance with the standards issued by the Brazilian Securities Commission (CVM). Emphasis of matter As described in Note 2, the parent company and consolidated interim accounting information included in the Quarterly Information Form (ITR) was prepared in accordance with accounting practices adopted in Brazil. The consolidated financial information prepared in accordance with the International Financial Reporting Standards (IFRS) applicable to Brazilian real estate development entities also complies with Guidance OCPC 04 issued by the CPC. This Guidance addresses the recognition of revenue of the real estate development sector, as well as matters related to the meaning and application of the concept of continuous transfer of risks, rewards and ownership on sales of real estate properties, as disclosed in greater detail in Note 2.2 to the Company's interim financial statements. Our conclusion is not qualified in respect of this matter. 3

4 Helbor Empreendimentos S.A. Other matters Statements of value added We have also reviewed the parent company and consolidated statements of value added for the quarter ended March 31, These statements are the responsibility of the Company s management, and are required to be presented in accordance with standards issued by the CVM applicable to the preparation of Quarterly Information (ITR) and are considered supplementary information under International Financial Reporting Standards(IFRS), which do not require the presentation of the statement of value added. These statements have been submitted to the same review procedures described above and, based on our review, we are not aware of any fact that leads us to believe that they have not been prepared, in all material respects, in a manner consistent with the parent company and consolidated interim accounting information taken as a whole. São Paulo, May 14, 2013 PricewaterhouseCoopers Auditores Independentes CRC 2SP000160/O-5 Eduardo Rogatto Luque Contador CRC 1SP166259/O-4 4

5 Registration Form Version: 1 Contents Information General information 1 Address 2 Securities 3 Auditor 4 Share registrar 5 Investor relations officer or equivalent 6 Stockholders' department 7

6 Registration Form Version: 1 1. General information Corporate name Date of adoption of the corporate name 3/2/2007 Type Previous corporate name Publiclyheld corporation HELBOR EMPREENDIMENTOS IMOBILIÁRIOS LTDA. Date of establishment 10/20/1977 Federal Corporate Taxpayers' Registration Number (CNPJ) / Brazilian Securities Commission (CVM) code CVM registration date 7/9/2007 CVM registration status Active Date of effectiveness of status 7/9/2007 Home country Country in which the securities are held in custody Brazil Brazil Other countries in which the securities can be traded Country Date of admission Activity sector Description of activities Issuer category Date of registration in the current category Issuer status Civil Construction, Construction Materials and Decoration Real estate development Category A 1/1/2010 Operating Date of effectiveness of status 7/9/2007 Type of ownership control Private Date of last change in ownership control 4/30/2010 Date of last change of the fiscal year 4/30/2010 Month/day of the end of 12/31 the fiscal year Issuer's website on the Internet Newspapers in which the issuer Newspaper in which the issuer discloses its information State discloses its information Diário Oficial do Estado de São Paulo SP O Estado de São Paulo SP 1of 7

7 Registration Form Version: 1 2. 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. VOL. FERNANDO PINHEIRO FRANCO, 515, CENTRO, MOGI DAS CRUZES, SP, Brazil, CEP , Telephone (11) , Fax (11) , helbor@helbor.com.br 2of 7

8 Registration Form Version: 1 3. 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 3of 7

9 Registration Form Version: 1 4. Auditor Does the Issuer have an auditor? YES CVM code Type of auditor Brazilian firm Name/Corporate name PRICEWATERHOUSECOOPERS AUDITORES INDEPENDENTES Individual Taxpayers' Registration Number (CPF)/ CNPJ / Period of services From 2/15/2012 up to date Partner responsible Period of services CPF Eduardo Rogatto Luque From 2/15/2012 up to date of 7

10 Registration Form Version: 1 5. Share registrar Does the company have a provider? Corporate name YES Banco Bradesco S.A. CNPJ / Period of services 10/16/2007 present day Service address Cidade de Deus, s/no., prédio amarel, Vila Yara, Osasco, SP, Brazil, CEP , Telephone (11) , Fax (11) , bradescocustodia@bradesco.com.br 5of 7

11 Registration Form Version: 1 6. Investor relations officer or equivalent Name ROBERVAL LANERA TOFFOLI Investor Relations Officer CPF/CNPJ Mail address Date when the person assumed the position AV. PAULISTA, 1294, 13o. ANDAR CJ. 13A, CERQUEIRA CESAR, São Paulo, SP, Brazil, CEP , Telephone (11) , Fax (11) , ri@helbor.com.br 1/27/2009 Date when the person left the position 6of 7

12 Registration Form Version: 1 7. Stockholders' department Contact Date when the person assumed the position ROBERVAL LANERA TOFFOLI 1/27/2009 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 7of 7

13 Contents Company information Capital composition 1 Parent company financial statements Balance sheet - assets 2 Balance sheet - liabilities and equity 3 Statement of income 4 Statement of comprehensive income 5 Statement of cash flows - indirect method 6 Statement of changes in equity 1/1/2013 to 3/31/ /1/2012 to 3/31/ Statement of value added 9 Consolidated financial statements Balance sheet - assets 10 Balance sheet - liabilities and equity 11 Statement of income 12 Statement of comprehensive income 13 Statement of cash flows - indirect method 14 Statement of changes in equity 1/1/2013 to 3/31/ /1/2012 to 3/31/ Statement of value added 17 Comments on company performance Other information considered relevant by the Company 88 Reports Opinions and representations/report on review of quarterly information - unqualified opinion 90 Opinions and representations/officers' representation on the financial statements 92 Opinions and representations/officers' representation on the independent auditor s report 93

14 Company information / Capital composition Number of shares Current quarter (In thousands) 3/31/2013 Paid-up capital Common shares 198,231 Preferred shares 0 Total 198,231 Treasury shares Common shares 0 Preferred shares 0 Total 0 Page 1of 93

15 Parent company financial statements / balance sheet - assets (R$ thousand) 1 - Code 2 - Description Current quarter 3/31/2013 Prior year 12/31/ Total assets 1,534,320 1,468, Current assets 183, , Cash and cash equivalents 117, , Financial investments 20,362 20, Financial investments at fair value 20,362 20, Available-for-sale securities 20,362 20, Trade receivables 27,016 18, Customers 27,016 18, Inventory 8,858 1, Taxes recoverable 3,623 3, Current taxes recoverable 3,623 3, Prepaid expenses Deferred selling expenses Other current assets 5,214 5, Other 5,214 5, Non-current assets 1,351,259 1,297, Long-term receivables 157, , Trade receivables 16,262 10, Customers 16,252 10, Other receivables Inventory Prepaid expenses 1,583 1, Judicial deposits 1,583 1, Receivables from related parties 128, , Receivables from subsidiaries 128, , Other non-current assets 10,080 7, Borrowings 10,080 7, Investments 1,187,182 1,147, Equity investments 1,187,182 1,147, Investments in subsidiaries 1,180,176 1,140, Investments in jointly-controlled subsidiaries 7,006 7, Property and equipment 5,454 5, Property and equipment in service 5,454 5, Intangible assets 1,143 1, Intangible assets 1,143 1,020 Page 2of 93

16 Parent company financial statements / balance sheet - liabilities and equity (R$ thousand) 1 - Code 2 - Description Current quarter 3/31/2013 Prior year 12/31/ Total liabilities and equity 1,534,320 1,468, Current liabilities 178, , Social and labor obligations 2,211 3, Social obligations 1, Labor obligations 782 3, Trade payables Domestic suppliers Tax obligations 1, Federal tax obligations 1, Income tax and social contribution payable Withholding income tax 1, Municipal tax obligations Borrowings 52,330 45, Borrowings 3, In local currency 3, Debentures 48,728 45, Other liabilities 117, , Payables to related parties Payables to subsidiaries Other 117, , Minimum mandatory dividend payable 103, , Payables for properties Payables 3,994 1, Advances from customers 1,243 1, Acquisitions of equity interests 8,531 7, Provision 4,692 1, Tax, social security, labor and civil provision 4,692 1, Social security and labor provision 1,440 1, Provision for deferred taxes and contributions 3, Non-current liabilities 253, , Borrowings 232, , Debentures 232, , Other liabilities 14,504 15, Other 14,504 15, Acquisitions of equity interests 14,504 15, Deferred taxes 2, Deferred income tax and social contribution 2, Deferred income tax and social contribution 1, Deferred PIS and COFINS Provision 3,407 2, Tax, social security, labor and civil provision 3,407 2, Provisions for contingencie 3,407 2, Equity 1,102,733 1,037, Paid-up capital 506, , Capital reserves -13,236-13, Initial Public Offering (IPO) expenses -13,236-13, Revenue reserves 594, , Legal reserve 40,054 40, Profit retention reserve 546, , Stock option plan 7,438 7, Carrying value adjustments 15,372 18,186 Page 3of 93

17 Parent company financial statements / statement of income (R$ thousand) Accumulated - current year 1/1/2013 to 3/31/2013 Accumulated - prior year 1/1/2012 to 3/31/ Code 2 - Description 3.01 Sales and/or services revenue 5,182 1, Sales of real estate 9,381 1, Adjustment to present value Management fee Cancelations and discounts -2, Taxes on sales -2, Cost of sales and/or services -3, Gross profit/loss 1, Operating expenses/income 53,335 51, Selling expenses General and administrative expenses -11,277-10, General and administrative expenses -11,173-10, Tax expenses Other operating income Other operating expenses 0-4, Equity in the results of subsidiaries 64,629 68, Equity in the results of subsidiaries 64,957 69, Amortization of goodwill , Profit before finance result and taxes 54,680 52, Finance result , Finance income 6,542 2, Finance costs -7,445-4, Profit before taxes on income 53,777 50, Income tax and social contribution -1,562 1, Deferred -1,562 1, Profit for the period from continuing operations 52,215 51, Profit for the period 52,215 51, Earnings per share - (Reais / share) Basic earnings per share Common shares Diluted earnings per share Common shares Page 4of 93

18 Parent company financial statements / statement of comprehensive income (R$ thousand) Accumulated - current year 1/1/2013 to 3/31/2013 Accumulated - prior year 1/1/2012 to 3/31/ Code 2 - Description 4.01 Profit for the period 52,215 51, Other comprehensive income/loss 15, Financial assets available for sale 15, Total comprehensive income for the period 67,587 51,864 Page 5of 93

19 Parent company financial statements / statement of cash flows - indirect method (R$ thousand) Current period 1/1/2013 to 3/31/2013 Same period of prior year 1/1/2012 to 3/31/ Code 2 - Description 6.01 Net cash used in operating activities -26,509-22, Cash used in operations -6,855-9, Profit before income tax and social contribution 53,777 50, Accumulated depreciation and amortization 645 1, Provision for contingencies 638 3, Deferred taxes (PIS and COFINS) 1, Finance charges on borrowings 5,287 4, Equity in the results of subsidiaries -64,957-69, Adjustment to present value Finance charges on borrowings repaid/capitalized -1, Finance charges on intercompany loans Stock option plan 0 1, Carrying value adjustments -2, Changes in assets and liabilities -19,654-13, Trade receivables -14,193 2, Properties for sale -7,166 4, Taxes and contributions recoverable Selling expenses Judicial deposits Other assets 113-4, Trade payables 332-4, Labor and tax obligations , Advances from customers Payables for properties , Payables 2,934-2, Acquisition of ownership interests -5 4, Income tax and social contribution paid Payment of interest on borrowings -2,192-4, Proceeds from interest on borrowings and intercompany loans Financial investments Net cash provided by investing activities 25,267 92, Purchases of property and equipment Additions to investments 25,591 93, Additions to intangible assets Net cash used in financing activities -2,729-26, New borrowings 13, Receivables from related parties -5,849-11, Payables to related parties Repayment of borrowings -23,445-13, Payment of capital new shares 15, Borrowings -3,065-1, New borrowings and intercompany loans Increase (decrease) in cash and cash equivalents -3,971 43, Opening balance of cash and cash equivalents 121,739 44, Closing balance of cash and cash equivalents 117,768 88,116 Page 6of 93

20 Parent company financial statements / statement of changes in equity - 1/1/2013 to 3/31/2013 (R$ thousand) Capital reserves, stock options and treasury stock Other comprehensive income 1 - Code 2 - Description Paid-up share capital Revenue reserves Retained earnings Equity 5.01 Opening balances 490,941 40, , ,388 1,037, Adjusted opening balances 490,941 40, , ,388 1,037, Capital transactions with owners 15, ,216-52, , Capital increases 15, , Profit retention ,216-52, Total comprehensive income (loss) ,216-2,814 49, Profit for the period , , Other comprehensive income ,814-2, Carrying value adjustments ,814-2, Closing balances 506,376 40, , ,574 1,102,733 Page 7of 93

21 Parent company financial statements / statement of changes in equity - 1/1/2012 to 3/31/2012 (R$ thousand) Capital reserves, stock options and treasury stock Other comprehensive income 1 - Code 2 - Description Paid-up share capital Revenue reserves Retained earnings Equity 5.01 Opening balances 490,941 26, , , , Adjusted opening balances 490,941 26, , , , Capital transactions with owners ,864-51,864 1,269 1, Provision for stock option plan ,269 1, Profit retention ,864-51, Total comprehensive income , , Profit for the period , Closing balances 490,941 26, , , ,330 Page 8of 93

22 Parent company financial statements / statement of value added (R$ thousand) Current period 1/1/2013 to 3/31/2013 Same period of prior year 1/1/2012 to 3/31/ Code 2 - Description 7.01 Revenue 8, Sales of goods and services 6, Other revenue 1, Management fees Other operating income Other operating expenses 0-1, Inputs acquired from third parties -7,463-5, Cost of sales and services -3, Materials, energy, outsourced services and other -3,626-4, Gross value added 677-4, Retentions , Depreciation, amortization and depletion Other , Provision for investment losses/goodwill amortization , Net value added generated 32-6, Value added received through transfer 71,499 71, Equity in the results of subsidiaries 64,957 69, Finance income 6,542 2, Total value added to distribute 71,531 65, Distribution of value added 71,531 65, Personnel 6,650 5, Salaries and wages 5,846 4, Benefits Government Severance Indemnity Fund for Employees (FGTS) Taxes and contributions 4,721 3, Federal 4,623 3, State Municipal Remuneration of third-party capital 7,945 4, Interest 4,737 4, Rentals Other 2, Remuneration of own capital 52,215 51, Profits reinvested/loss for the period 52,215 51,864 Page 9of 93

23 Consolidated financial statements / balance sheet - assets (R$ thousand) 1 - Code 2 - Description Current quarter 3/31/2013 Prior year 12/31/ Total assets 4,333,381 4,185, Current assets 2,822,907 2,546, Cash and cash equivalents 268, , Financial investments 117, , Financial investments at fair value 117, , Available-for-sale securities 117, , Trade receivables 1,285,883 1,080, Customers 1,285,883 1,080, Inventory 1,100,474 1,009, Taxes recoverable 4,692 4, Current taxes recoverable 4,692 4, Prepaid expenses 32,382 24, Deferred selling expenses 32,382 24, Other current assets 14,105 20, Borrowings 0 1, Other 0 1, Non-current assets 14,105 18, Long-term receivables 1,510,474 1,639, Trade receivables 1,467,049 1,595, Customers 828, , Other receivables 828, , Inventory Prepaid expenses 598, , Judicial deposits 21,825 25, Deferred selling expenses 5,115 5, Receivables from related parties 16,710 20, Receivables from associates 7,570 10, Other non-current assets 7,570 10, Borrowings 10,080 7, Investments 10,080 7, Equity investments 7,006 7, Investments in associates 7,006 7, Property and equipment 7,006 7, Property and equipment in service 35,276 35, Intangible assets 35,276 35, Intangible assets 1,143 1,020 Page 10of 93

24 Consolidated financial statements / balance sheet - liabilities and equity (R$ thousand) 1 - Code 2 - Description Current quarter 3/31/2013 Prior year 12/31/ Total liabilities and equity 4,333,381 4,185, Current liabilities 1,036,352 1,120, Social and labor obligations 5,977 8, Social obligations 5,195 5, Labor obligations 782 3, Trade payables 51,482 57, Domestic suppliers 51,482 57, Tax obligations 12,546 14, Federal tax obligations 12,419 14, Income tax and social contribution payable 11,282 14, Withholding income tax 1, Municipal tax obligations Borrowings 522, , Borrowings 473, , In local currency 473, , Debentures 48,728 45, Other liabilities 357, , Other 357, , Minimum mandatory dividend payable 103, , Payables for properties 54,935 49, Payables 66,901 68, Advances from customers 123, , Acquisitions of equity interests 8,531 7, Provision 86,286 68, Tax, social security, labor and civil provision 86,286 68, Social security and labor provision 1,440 1, Deferred taxes 84,846 67, Non-current liabilities 1,783,775 1,639, Borrowings 654, , Borrowings 421, , In local currency 421, , Debentures 232, , Other liabilities 1,054, , Other 1,054, , Acquisitions of equity interests 14,504 15, Advances from customers 978, , Payables for properties 36,794 27, Payables 18,900 9, Payables to participants in special partnerships (SCPs) 5,620 5, Deferred taxes 54,275 63, Deferred income tax and social contribution 54,275 63, Deferred income tax and social contribution 25,032 29, Deferred PIS and COFINS 29,243 34, Provision 20,417 18, Tax, social security, labor and civil provision 20,417 18, Provision for contingencies 20,417 18, Consolidated equity 1,513,254 1,424, Paid-up capital 506, , Capital reserves -13,236-13, IPO expenses -13,236-13, Revenue reserves 594, , Legal reserve 40,054 40, Profit retention reserve 546, , Stock option plan 7,438 7, Carrying value adjustments 15,372 18, Non-controlling interests 410, ,907 Page 11of 93

25 Consolidated financial statements / statement of income (R$ thousand) Accumulated - current year 1/1/2013 to 3/31/2013 Accumulated - prior year 1/1/2012 to 3/31/ Code 2 - Description 3.01 Sales and/or services revenue 378, , Sales of real estate 401, , Adjustment to present value 10,261-4, Management fee Cancelations and discounts -19,371-8, Taxes on sales -14,595-13, Cost of sales and/or services -252, , Gross profit 125, , Operating expenses/income -38,379-44, Selling expenses -22,205-23, General and administrative expenses -16,002-15, General and administrative expenses -15,458-15, Tax expenses Other operating expenses -36-6, Equity in the results of subsidiaries Equity in the results of subsidiaries Profit before finance result and taxes 87,159 90, Finance result 10,320 6, Finance income 20,492 14, Finance costs -10,172-7, Profit before taxes on income 97,479 97, Income tax and social contribution -15,729-13, Current -14,081-9, Deferred -1,648-4, Profit for the period from continuing operations 81,750 83, Consolidated profit for the period 81,750 83, Attributable to owners of the Company 52,215 51, Attributed to non-controlling stockholders 29,535 31, Earnings per share - (Reais / share) Basic earnings per share Common shares Diluted earnings per share Common shares Page 12of 93

26 Consolidated financial statements / statement of comprehensive income (R$ thousand) Accumulated - current year 1/1/2013 to 3/31/2013 Accumulated - prior year 1/1/2012 to 3/31/ Code 2 - Description 4.01 Consolidated profit for the period 66,378 51, Other comprehensive income/loss 15, Carrying value adjustments 15, Consolidated comprehensive income for the period 81,750 51, Attributable to owners of the Company 52, Attributed to non-controlling stockholders 29,535 51,864 Page 13of 93

27 Consolidated financial statements / statement of cash flows - indirect method (R$ thousand) Current period 1/1/2013 to 3/31/2013 Same period of prior year 1/1/2012 to 3/31/ Code 2 - Description 6.01 Net cash used in operating activities -49,105-10, Cash generated from operations 103, , Profit before income tax and social contribution 97,479 97, Accumulated depreciation and amortization 3,428 3, Provision for contingencies 1,645 4, Deferred taxes (PIS and COFINS) 3,945 3, Finance charges on borrowings 11,389 10, Equity in the results of subsidiaries Adjustment to present value -10,261 4, Finance charges on borrowings repaid/capitalized -1, Finance charges on intercompany loans Stock option plan 0 1, Carrying value adjustments -2, Changes in assets and liabilities -152, , Trade receivables -62, , Properties for sale -98, , Taxes and contributions recoverable Selling expenses -3,857 8, Judicial deposits Other assets 4,855-23, Trade payables -6,044 2, Labor and tax obligations -1,757-2, Advances from customers 19,452 90, Payables for properties 14,818 15, Payables 7,823 2, Acquisitions of equity interests Income tax and social contribution paid -14,081-9, Payment of interest on borrowings -7,354-8, Interest received on loans Marketable securities -5, Net cash used in investing activities -3,188 8, Purchases of property and equipment -3,045-2, Additions to investments , Additions to intangible assets , Net cash provided by financing activities 25,202 24, Capitalization of borrowings 149, , Related parties in assets 2, Related parties in liabilities Repayment of borrowings -135,220-96, Increase (decrease) in non-controlling interests -5,654-9, Decrease in payables to participants in special partnerships (SCPs) Payment of capital new shares 15, Borrowings -3,065-1, Proceeds from borrowings and intercompany loans 2,136 13, Increase (decrease) in cash and cash equivalents -27,091 23, Opening balance of cash and cash equivalents 295, , Closing balance of cash and cash equivalents 268, ,475 Page 14of 93

28 Consolidated financial statements / statement of changes in equity - 1/1/2013 to 3/31/2013 (R$ thousand) Paid-up share capital Capital reserves, stock options and treasury stock Retained earnings (accumulated deficit) Other comprehensive income Noncontrolling interests Revenue Consolidated 1 - Code 2 - Description reserves Equity equity 5.01 Opening balances 490,941 40, , ,388 1,037, ,907 1,424, Adjusted opening balances 490,941 40, , ,388 1,037, ,907 1,424, Capital transactions with owners 15, ,216-52, ,435-5,921 9, Capital increases 15, , , Non-controlling interests in subsidiaries ,921-5, Profit retention ,216-52, Total comprehensive income ,216-2,814 49,402 29,535 78, Profit for the period , ,216 29,535 81, Other comprehensive income ,814-2, , Carrying value adjustments ,814-2, , Closing balances 506,376 40, , ,574 1,102, ,521 1,513,254 Page 15of 93

29 Consolidated financial statements / statement of changes in equity - 1/1/2012 to 3/31/2012 (R$ thousand) Paid-up share capital Capital reserves, stock options and treasury stock Retained earnings (accumulated deficit) Other comprehensive income Noncontrolling interests Revenue Consolidated 1 - Code 2 - Description reserves Equity equity 5.01 Opening balances 490,941 26, , , , ,591 1,094, Adjusted opening balances 490,941 26, , , , ,591 1,094, Capital transactions with owners ,864-51,864 1,269 1,269-9,329-8, Provision for stock option plan ,269 1, , Non-controlling interests in subsidiaries ,329-9, Profit retention ,864-51, Total comprehensive income , ,864 31,620 83, Profit for the period , ,864 31,620 83, Closing balances 490,941 26, , , , ,882 1,170,212 Page 16of 93

30 Consolidated financial statements / statement of value added (R$ thousand) Current period 1/1/2013 to 3/31/2013 Same period of prior year 1/1/2012 to 3/31/ Code 2 - Description 7.01 Revenue 394, , Sales of goods and services 392, , Other revenue 2,110-1, Management fee Other operating income 1, Other operating expenses 0-1, Inputs acquired from third parties -278, , Cost of sales and services -252, , Materials, energy, outsourced services and other -26,123-28, Gross value added 115, , Retentions -3,428-3, Depreciation, amortization and depletion -3,428-3, Net value added generated 112, , Value added received through transfer -9,179-16, Equity in the results of subsidiaries Finance income 20,492 14, Other -29,535-31, Participants in SCPs Non-controlling interests in subsidiaries -29,268-31, Total value added to distribute 103,012 97, Distribution of value added 103,012 97, Personnel 6,650 5, Salaries and wages 5,846 4, Benefits FGTS Taxes and contributions 33,343 32, Federal 32,938 32, State Municipal Remuneration of third-party capital 10,804 7, Interest 3,166 3, Rentals Other 7,155 3, Remuneration of own capital 52,215 51, Profits reinvested/loss for the period 52,215 51,864 Page 17of 93

31 Comments on Company Performance Management report for the first quarter of 2013 Mogi das Cruzes, May 14, Helbor Empreendimentos S.A. (the "Company" or "Helbor")(BM&F BOVESPA: HBOR3), a residential and commercial real estate developer present in tenstates and the Federal District, covering 31 Brazilian cities, announces today its results for the first quarter of 2013 (1Q13). The information presented was compared with the first quarter of 2012 (1Q12) and with the fourth quarter of 2012 (4Q12). The consolidated financial statements were prepared in accordance with accounting practices adopted in Brazil, which comprise the standards of the 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 1Q13, an increase of 0.8% over 1Q12. The gross profit decreased by 7.0%, from R$ million in 1Q12 to R$ million in 1Q13, and the gross margin attained 33.2%, a decrease of 280 base points (bps) when compared to the 1Q12 margin and a decrease of 60 bps when compared to that presented in 4Q12. Profit for the period reached R$ 52.2 million in 1Q13 (basic earnings per share of R$ ), an increase of 0.7% in relation to 1Q12. The net margin was 13.8% and the return on average equity (ROE) for 12 months was 27.2%. The table below presents Helbor s main financial indicators by quarter and by year, as well as the relevant comparisons: Financial Indicators 1Q13 1Q12 Var. 1Q13 vs1q12 4Q12 Var. 1Q13 vs4q12 Net operating revenue (R$ 000) 378, , % 448, % Gross profit (R$ 000) 125, , % 151, % Gross margin (%) 33.2% 36.0% -280 bps 33.8% -60 bps Profit (R$ 000) 52,215 51, % 67, % Net margin (%) 13.8% 13.8% 0 bps 15.2% -140 bps ROE - last 12 months 27.2% N.A. N.A. N.A. N.A. Earnings per share (R$) % % Page 18 of 93

32 Comments on Company Performance Helbor s indebtedness totaled R$ 1,176.8 million, an increase of 1.6% when compared with December 31, This growth is basically due to the increase in the real estate construction financing balance, reflecting the growth inthe number of developments launched in the last few years. 59.7% of the Company s debts mature in the long term. The table below details total indebtedness at the end of 1Q13, 1Q12 and 4Q12: Indebtedness (R$ 000) 1Q13 1Q12 Var. 1Q13 vs1q12 4Q12 Var. 1Q13 vs4q12 Borrowings 4,930 12, % 2, % Construction financing 890, , % 864, % Debentures 281, , % 292, % Total indebtedness 1,176, , % 1,158, % Short term 474, , % 518, % Long term 702, , % 640, % Helbor s net debt represented 52.3% of equity as (-6.5% excluding the SFH - Brazilian Housing Financing System, which is directly linked to the portfolio of receivables). The table below presents the reconciliation of the net debt at the end of 1Q13, 1Q12 and 4Q12: Indebtedness (R$ 000) 1Q13 1Q12 Var. 1Q13 vs1q12 4Q12 Var. 1Q13 vs4q12 Total indebtedness 1,176, , % 1,158, % Cash 385, , % 406, % Net debt 791, , % 751, % Construction financing (SFH) 890, , % 864, % Net debt (excluding SFH) ¹ -98,845-75, % -112, % Consolidated equity 1,513,254 1,170, % 1,037, % Net debt / equity 52.3% 50.1% 660 bps 72.5% -70 bps Net debt (excluding SFH) / Equity -6.5% -6.4% -10 bps -10.9% 140 bps ¹ excluding the SFH, which is directly linked to the portfolio of receivables Total receivables, net of the adjustment to present value, attained R$ 2,114.5 million, R$ 1,839.7 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 oncompleted units is compatible with the developments delivered in the period, and Helbor will continue with its policy on the transfer and securitization of receivables, thereby preserving its balance sheet liquidity. The tables below present the composition of receivables, including the balance of adjustment to present value and other receivables at the end of 1Q13, 1Q12 and 4Q12: Page 19 of 93

33 Comments on Company Performance Concluded Under construction Total receivables in the balance sheet (R$ 000) 1Q13 1Q12 Var. Var. Var. 1Q13 1Q13 1Q12 1Q13 1Q13 1Q12 1Q13 vs1q12 vs1q12 vs1q12 Notes receivable * 249, , % 1,862,755 1,345, % 2,112,333 1,639, % Adjustment to present value (39.917) (72.314) -44.8% (39.917) (72.314) -44.8% Other receivables 25,156 9, % 16,881 36, % 42,037 45, % Total 274, , % 1,839,719 1,309, % 2,114,453 1,612, % * Net of provision for impairment of trade receivables Concluded Under construction Total receivables in the balance sheet (R$ 000) 1Q13 4Q12 Var. 1Q13 vs 4Q12 1Q13 4Q12 Var. 1Q13 vs 4Q12 1Q13 4Q12 Var. 1Q13 vs 4Q12 Notes receivable * 249, , % 1,862,755 1,793, % 2,112,333 2,043, % Adjustment to present value (39.917) (50.178) -20.4% (39.917) (50.178) -20.4% Other receivables 25,156 29, % 16,881 18, % 42,037 47, % Total 274, , % 1,839,719 1,761, % 2,114,453 2,041, % * Net of provision for impairment of trade receivables The deferred results totaled R$ million at the end of 1Q13, a decrease of 5.5% as compared with the end of 4Q12, and the margin was 37.4%, a decrease of 60 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 1Q13, 1Q12 and 4Q12: Deferred results (R$ 000) 1Q13 1Q12 Var. 1Q13 vs 1Q12 4Q12 Var. 1Q13 vs 4Q12 Deferred gross revenue 2,170,790 2,229, % 2,258, % Taxes on sales (79.234) (81.379) -2.6% (82.448) -3.9% Deferred net revenue 2,091,556 2,148, % 2,176, % Deferred selling costs ¹ ( ) ( ) 2.2% ( ) -2.9% Deferred results 781, , % 826, % Margin (%) 37.4% 40.4% -300 bps 38.0% -60 bps Deferred selling expenses (75.807) (70.653) 7.3% (73.539) 3.1% ¹ Included in the cost of finance charges related to interest on debentures Page 20 of 93

34 Comments on Company Performance LAUNCHES The total General Sales Value (GSV) launched in 1Q13 attained R$ million, R$ million of which was Helbor s share. The table below details the developments launched: Launches 1Q13 1Q12 Var. 1Q13 vs 1Q12 4Q12 Var. 1Q13 vs 4Q12 Total GSV(*) (R$ 000) 318, , % 937, % Helbor's GSV (R$ 000) 276, , % 711, % Helbor's share 87.1% 96.1% -910 bps 75.9% 1120 bps Developments launched (3) Units launched ,882 (1,222) The table below details the developments launched by Helbor in 2013: Developments (GSV in R$ 000) Date Location Segment Units 1 Net units 2 Total net GSV 2 Helbor net GSV 2 Helbor's share Doppio by Helbor Feb-13 São Paulo - SP High ,753 38, % Référence by Helbor Feb-13 São Paulo - SP High ,366 52, % Helbor Enjoy Guarulhos - Phase 1 Mar-13 Guarulhos - SP Middle ,160 63, % Helbor Dual Offices & Corporate Mar-13 Joinville - SC Commercial ,098 54, % Helbor My Way Abolição Mar-13 Fortaleza - CE Middle ,730 68, % Total 1Q13-5 Developments , , % 1 - Includes exchanged units 2 - Net of barters SALES Contracted sales in 1Q13 totaled R$ million, R$ million of which was Helbor s share (83.7% of total sales). Of Helbor s share, 35.7%, of the total sales for the quarter related to launches and 64.3% to units in inventory. Sales over supply (VSO) reached 15.2% in the quarter. The table below presents a summary of certain operational information relatingto contracted sales for 1Q13, 1Q12 and 4Q12: Page 21 of 93

35 Comments on Company Performance Contracted sales 1Q13 1Q12 Var. 1Q13 vs 1Q12 4Q12 Var. 1Q13 vs 4Q12 Total contracted sales (R$ 000) 282, , % 531, % Helbor's contracted sales (R$ 000) 236, , % 395, % Helbor's share 83.7% 83.5% 10 bps 74.3% 930 bps Units sold ,057 (433) UNITS IN INVENTORY Total inventory at market price at the end of 1Q13 was R$ 1,772.9 million, of which R$ 1,379.9 million was Helbor's share. Of the total units in inventory, 6.8% (7.8% being Helbor s share) related to units already completed. Total inventory increased by R$ million, or 7.0%, compared to 4Q12, whereas Helbor's share increased by R$ million, or 8.3%. LANDBANK The landbank for future developments at the end of 1Q13 totaled 1,174.8 thousand m 2 of total sales area, with 63 projects, which corresponded to a total GSV of R$ 6.7 billion. As regards Helbor s share, the potential GSV is R$ 5.1 billion, which represents 76.2% of the total landbank. Helbor s landbank continues to be very diversified in terms of product profile and geographical distribution. Landbank 1Q13 1Q12 Var. 1Q13 vs 1Q12 4Q12 Var. 1Q13 vs 4Q12 Helbor s landbank Total GSV (R$ 000) 6,688,588 7,552, % 6,680, % Helbor s landbank Helbor s share (R$ 000) 5,093,694 6,015, % 5,066, % Number of Helbor s projects (4) 64 (1) Number of Helbor s units 13,598 16,829 (3.231) 13, Page 22 of 93

36 1 Operations Helbor is a publiclyheld company, founded on October 17, 1977, headquartered at Av. Voluntário Fernando Pinheiro Franco, 515, in the city of Mogi das Cruzes, state of São Paulo, Brazil, whose shares have been traded on the São Paulo Stock Exchange - New Market since October 29, The Company's main activities comprise real estate development and the provision of real estate development management services. A Special Purpose Entity (SPE) is created for each real estate development carried out by the Company, which is evaluated on the equity method of accounting at the parent company level and, in the case ofa subsidiary, included in the consolidated financial statements. The Company enters into partnerships with the main real estate developers and builders of the regions where it operates. Real estate development projects in partnership with other companies are carried out through SCP or SPE, which are created with the specific purpose of developing projects on an isolated basis. The Company is subject to arbitration at the Market Arbitration Chamber, pursuant to a commitment clause included in its bylaws. The Company's Board of Directors approved the issue of these interim financial statements at the meeting held on May 13, Summary of significant accounting policies The main accounting policies applied in the preparation of these interim financial statements are set out below. These policies have been consistently applied to the periods presented, unless otherwise stated. 2.1 Basis of preparation The financial statements have been prepared under the historical cost convention and certain financial assets are measured at fair value. The preparation of interim financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company s accounting policies. Estimates are used foe, among other reasons, to determine the useful lives of assets and equipment, provision for contingent liabilities, provision for the impairment of trade receivables, estimated costs for real estate developments, taxes and other similar charges. The settlement of transactions involving these estimates could result in amounts significantly different from those recorded in the financial statements due to the uncertainties inherent in the process of their determination. The Company reviews its estimates and assumptions periodically, at intervals not exceeding one year. Page 23 of 93

37 Areas involving a high degree of judgment by the Company's management in the process of applying the accounting policies and those involving a high degree of complexity, or areas where assumptions and estimates are significant to the preparation of the financial statements, are disclosed in Note (a) Consolidated financial statements The consolidated financial statements were prepared and are being presented in accordance with the accounting practices adopted in Brazil and with the IFRS, which considers Guidance OCPC 04 on the application of Technical Interpretation ICPC 02 to Real Estate Development Entities in Brazil, issued by the CPC and approved by the CVM and the CFC. Guidance OCPC 04 addresses certain matters relatingto the meaning and application of the concept of the continuous transfer of risks, rewards and ownership on sales of real estate properties by Brazilian real estate development entities, which is the basis for revenue recognition, as described in more detail in Note 2.2. (b) Parent company financial statements The parent company financial statements have been prepared in accordance with accounting practices adopted in Brazil issued by the CPC and approved by the CVM and are disclosed together with the consolidated financial statements. In the parent company financial statements, subsidiaries and jointly-controlled subsidiaries are recorded based on the equity accounting method. The same adjustments are made in the parent company and consolidated financial statements to reach the same profit or loss and equity attributable to the owners of the parent entity. Finance charges incurred on debentures, the proceeds of which were used by the parent company for the purchase of land and construction of the developments of subsidiaries, are capitalized and presented in the parent company financial statements in "Investments" in order to reach the same profit and equity attributable to the owners of the parent company that are presented in the consolidated financial statements. This adjustment, relatingto finance charges allocated to unsold units of developments under construction, is presented under the caption "Properties for sale" in the consolidated financial statements and recognized in cost of units sold as the related units are sold. The reflex of the realization of the finance charges in the consolidated financial statements is recorded in the parent company financial statements, based on the equity accounting method. For the purposes of recognizing equity in the results, the financial statements of the subsidiaries are prepared for the same period as that of the Company and, when necessary, adjustments are made to their accounting policies so that they are in accordance with those adopted by the Company. The share in the results of the subsidiaries is recorded in the parent company's statement of income as equity in the results of subsidiaries, representing the profit or loss attributable to the Company. Page 24 of 93