Helbor Empreendimentos S.A. Quarterly information (ITR) at September 30, 2016 and report on review of quarterly information

Transcription

1 Helbor Empreendimentos S.A. Quarterly information (ITR) at September 30, 2016 and report on review of quarterly information

2 Registration Form HELBOR EMPREENDIMENTOS S.A. Version: 1 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 HELBOR EMPREENDIMENTOS S.A. Version: 1 1. 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 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 01/01/2010 Operating Date of effectiveness of status 07/09/2007 Type of ownership control Private Date of last change in ownership control 04/30/2010 Date of last change of the fiscal year 04/30/2010 Month/day of the end of 12/31 the fiscal year Issuer's website on the Internet Newspapers in which the issuer Name of newspapers in which the issuer discloses its information State discloses its information O Diário Oficial do Estado de São Paulo O Estado de São Paulo Portal NEO1 SP SP SP 2 of 8

4 Registration Form HELBOR EMPREENDIMENTOS S.A. 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. VERADOR NARCISO YAGUE GUIMARAES, 1145, JARDIM ARMÊNIA, MOGI DAS CRUZES, SP, Brazil, CEP , Telephone: (11) , Fax: (11) , helbor@helbor.com.br 3 of 8

5 Registration Form HELBOR EMPREENDIMENTOS S.A. 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/ of 8

6 Registration Form HELBOR EMPREENDIMENTOS S.A. 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)/ Federal Corporate Taxpayers' Registration Number (CNPJ) / Period of services From 02/15/2012 to date Partner responsible Period of services CPF Marcelo Orlando From 30/06/2016 to date of 8

7 Registration Form HELBOR EMPREENDIMENTOS S.A. 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 Service address Cidade de Deus, s/ no. prédio amarelo, Vila Yara, Osasco, SP, Brazil, CEP , Telephone: (11) , Fax: (11) , bradescocustodia@bradesco.com.br 6 of 8

8 Registration Form HELBOR EMPREENDIMENTOS S.A. 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 01/27/2009 Date when the person left the position 7 of 8

9 Registration Form HELBOR EMPREENDIMENTOS S.A. Version: 1 7. 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 8 of 8

10 Contents Company information Capital composition 1 Parent company financial statements Balance sheet - assets 2 Balance sheet - liabilities and equity 3 Statement of income 5 Statement of comprehensive income 6 Statement of cash flows - indirect method 7 Statement of changes in equity 01/01/2016 to 09/30/ /01/2015 to 09/30/ Statement of value added 10 Consolidated financial statements Balance sheet - assets 11 Balance sheet - liabilities and equity 12 Statement of income 14 Statement of comprehensive income 15 Statement of cash flows - indirect method 16 Statement of changes in equity 01/01/2016 to 09/30/ /01/2015 to 09/30/ Statement of value added 19 Comments on company performance 20 Notes to the quarterly information 25 Other information considered relevant by the Company 49 Reports Opinions and representations/report on review of quarterly information - without exceptions 52 Opinions and representations/officers' representation on the financial statements 54 Opinions and representations/officers' representation on the independent accountants' report 55

11 Company information / Capital composition Number of shares Current quarter (In thousands) 09/30/2016 Paid-up capital Common shares 257,700 Preferred shares 0 Total 257,700 Treasury shares Common shares 5,787 Preferred shares 0 Total 5,787 Page 1 of 55

12 Parent company financial statements / balance sheet - assets (R$ thousand) 1 - Code 2 - Description Current quarter 09/30/2016 Prior year 12/31/ Total assets 1,902,052 1,947, Current assets 28,895 33, Cash and cash equivalents Financial investments Trade receivables 13,513 14, Customers 13,513 14, Inventories 1,254 1, Taxes recoverable 1,882 2, Current taxes recoverable 1,882 2, Prepaid expenses Deferred selling expenses Other current assets 12,010 14, Non-current assets for sale 8,778 11, Loans 8,778 11, Other 3,232 3, Non-current assets 1,873,157 1,914, Long-term receivables 106, , Receivables 1,788 5, Trade receivables 1,788 5, Inventories Prepaid expenses 1,497 2, Judicial deposits 1,497 2, Receivables from related parties 100, , Receivables from subsidiaries 100, , Other non-current assets 1,510 12, Loans 1,510 12, Investments 1,750,515 1,711, Equity investments 1,750,515 1,711, Property and equipment 15,649 14, Property and equipment in service 15,649 14, Intangible assets Intangible assets Page 2 of 55

13 Parent company financial statements / balance sheet - liabilities and equity (R$ thousand) 1 - Code 2 Description Current quarter 09/30/2016 Prior year 12/31/ Total liabilities and equity 1,902,052 1,947, Current liabilities 263, , Social and labor obligations 828 5, Social obligations Labor obligations 2 4, Trade payables Domestic suppliers Tax obligations Federal tax obligations Withholding income tax Municipal tax obligations Loans 233, , Borrowings 153, , In local currency 153, , Debentures 80,075 81, Other liabilities 11,788 46, Other 11,788 46, Minimum mandatory dividend payable 0 16, Payables Advances from customers 1,110 1, Acquisitions of equity interests 9,727 27, Provisions 16,279 11, Tax, social security, labor and civil provisions 3,350 2, Social security and labor provisions 2,944 1, Provisions for deferred taxes and contributions Other provisions 12,929 9, Provision for losses 12,929 9, Non-current liabilities 275, , Borrowings 273, , Borrowings 75, Local Currency 75, Debentures 198, , Other liabilities 0 2, Other 0 2, Acquisitions of equity interests 0 2, Deferred taxes 2,269 1, Deferred income tax and social contribution 2,269 1, Deferred income tax and social contribution 2,152 1, Deferred PIS and COFINS Provisions Tax, social security, labor and civil provisions Provision for contingencies Equity 1,363,287 1,381, Paid-up capital 806, , Capital reserves -30,850-30, Treasury shares -25,052-25, IPO expenses -13,236-13, Stock option plan 7,438 7, Revenue reserves 551, , Legal reserve 69,242 69,242 Page 3 of 55

14 Parent company financial statements / balance sheet - liabilities and equity (R$ thousand) 1 - Code 2 Description Current quarter 09/30/2016 Prior year 12/31/ Profit retention reserve 482, , Carrying value adjustments 36,119 34, Carrying value adjustments 33,621 33, Gain or Loss on investments 2, Page 4 of 55

15 Parent company financial statements / statement of income (R$ thousand, unless otherwise stated) 1 - Code 2 - Description Current quarter 07/01/2016 to 09/30/2016 Accumulated - current year 01/01/2016 to 09/30/2016 Same quarter - prior year 07/01/2015 to 09/30/2015 Accumulated - prior year 01/01/2015 to 09/30/ Sales and/or services revenue 1,060 2,979 1,143 3, Sales of real estate , Management fee 929 2, , Taxes on sales Cost of sales and/or services Gross profit 786 2, , Operating expenses/income -26,644-15,202 28,571 69, Selling expenses General and administrative expenses -14,375-34,261-13,872-41, General and administrative expenses -14,060-34,392-13,314-40, Tax expenses Other operating income , , Equity in the results of subsidiaries -11,190 16,157 43, , Equity in the results of subsidiaries -11,190 16,157 43, , Profit before finance result and taxes -25,858-13,052 29,458 71, Finance result -3,727-7,213-8,327-14, Finance income 1,799 5,725 2,056 9, Finance expenses -5,526-12,938-10,383-24, Profit before taxes on income -29,585-20,265 21,131 56, Income tax and social contribution Deferred Profit from recurring operations -29,560-20,198 21,007 56, Profit for the period -29,560-20,198 21,007 56, Earnings per share (reais/share) Basic earnings per share Common shares -0, Diluted earnings per share Common shares -0, , Page 5 of 55

16 Parent company financial statements / statement of comprehensive income (R$ thousand) 1 - Code 2 - Description Current quarter 07/01/2016 to 09/30/2016 Accumulated - current year 01/01/2016 to 09/30/2016 Same quarter - prior year 07/01/2015 to 09/30/2015 Accumulated - prior year 01/01/2015 to 09/30/ Profit for the period -29,560-20,198 21,007 56, Other comprehensive income ,118 10,179 34, Available-for-sale financial assets 1,993 33,621 9,440 33, Gains or losses on investments -2,531 2, Total comprehensive income for the period -30,098 15,920 31,186 90,737 Page 6 of 55

17 Parent company financial statements / statement of cash flows - indirect method (R$ thousand) 1 - Code 2 Description Accumulated - current year 01/01/2016 to 09/30/2016 Accumulated - prior year 01/01/2015 to 09/30/ Net cash used in operating activities 20, , Cash used in operations -48,553-36, Profit before income tax and social contribution -20,265 56, Accumulated depreciation and amortization 1,155 1, Provision for contingencies Deferred taxes (PIS and COFINS) Finance charges on borrowings 32,891 39, Equity in the results of subsidiaries -16, , Finance charges on borrowings repaid/capitalized -47,368-18, Finance charges on intercompany loans -2,334-2, Provision for losses 3,709 1, Changes in assets and liabilities -69,481-75, Trade receivables 4,766-5, Properties for sale Taxes and contributions recoverable Deferred selling expenses Judicial deposits Other assets Trade payables Labor and tax obligations -3, Advances from customers Payables Payment of interest on borrowings Receivables from related parties 66,867-67, Net cash provided by investing activities 3,482 37, Purchases of property and equipment -2,522-9, Investments -249, , Additions to intangible assets Financial investments Acquisitions of equity interest -21, Capital decrease of subsidiary 135, , Other reductions in investments 869 2, Dividend paid by subsidiaries 140, , Negative equity -3,710-1, Transactions with non-controlling interests 2,775 1, Net cash used in financing activities -24,426 54, New borrowings 69, , Repayment of borrowings -93,189-71, Payment of dividends -16, , Loans --6,126-2, New borrowings and intercompany loans 22,055 2, Treasury shares 0-14, Decrease in cash and cash equivalents , Opening balance of cash and cash equivalents 52 19, Closing balance of cash and cash equivalents Page 7 of 55

18 Parent company financial statements / statement of changes in equity - 01/01/2016 to 09/30/2016 (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, , ,170 1,381, Adjusted opening balances 806,376-30, , ,170 1,381, Total comprehensive income ,198 1,949-18, Profit for the period , , Other comprehensive income ,949 1, Carrying value adjustments Transactions with non-controlling interests ,602 1, Internal changes in shareholders' equity ,198 20, Constitution of reserve ,198 20, Closing balances 806,376-30, , ,119 1,363,287 Equity Page 8 of 55

19 Parent company financial statements / statement of changes in equity - 01/01/2015 to 09/30/2015 (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, , ,236 1,317, Adjusted opening balances 806,376-16, , ,236 1,317, Capital transactions with owners 0-14, , Treasury shares acquired 0-14, , Total comprehensive income ,560 25,941 82, Profit for the period , , Other comprehensive income ,941 25, Carrying value adjustments ,611 24, Transactions with non-controlling interests ,330 1, Internal changes in shareholders' equity ,560-56, Constitution of reserve ,560-56, Closing balances 806,376-30, , ,177 1,386,114 Equity Page 9 of 55

20 Parent company financial statements / statement of value added (R$ thousand) 1 - Code 2 Description Accumulated - current year 01/01/2016 to 09/30/2016 Accumulated - prior year 01/01/2015 to 09/30/ Revenue 6,992 1, Sales of goods and services 764 1, Other revenue 6, Management fee 2,575 2, Other operating income 3,653-2, Inputs acquired from third parties -11,687-11, Cost of sales and services Materials, energy, outsourced services and other -10,858-10, Gross value added -4,695-9, Retentions -1,155-1, Depreciation, amortization and depletion -1,155-1, Net value added generated -5,850-10, Value added received through transfer 21, , Equity in the results of subsidiaries 16, , Financial income 5,725 9, Total value added to distribute 16, , Distribution of value added 16, , Personnel 15,861 22, Salaries and wages 12,230 19, Benefits 2,599 2, Government Severance Indemnity Fund for Employees (FGTS) 1,032 1, Taxes and contributions 4,976 4, Federal 4,640 4, State Municipal Remuneration of third-party capital 15,393 27, Interest 14,282 22, Rentals 3,206 3, Other -2,095 2, Remuneration of own capital -20,198 56, Profit/losses retained in the period -20,198 56,560 Page 10 of 55

21 Consolidated financial statements / balance sheet - assets (R$ thousand) 1 - Code 2 - Description Current quarter 09/30/2016 Priyor year 12/31/ Total assets 5,403,848 5,083, Current assets 4,153,243 3,812, Cash and cash equivalents 70, , Financial investments 202, , Financial investments at fair value 202, , Available-for-sale securities 202, , Trade receivables 1,533,747 1,344, Customers 1,533,747 1,344, Inventories 2,307,864 2,085, Taxes recoverable 2,981 3, Current taxes recoverable 2,981 3, Prepaid expenses 6,374 11, Deferred selling expenses 6,374 11, Other current assets 28,891 32, Non-current assets for sale 8,778 11, Loans 8,778 11, Other 20,113 20, Non-current assets 1,250,605 1,270, Long-term receivables 1,205,019 1,229, Receivables 425, , Trade receivables 425, , Inventories 765, , Prepaid expenses 10,059 9, Judicial deposits 8,787 6, Deferred selling expenses 1,272 2, Receivables from related parties 2,070 3, Receivables from associates 2,070 3, Other non-current assets 1,510 12, Loans 1,510 12, Investments 17,595 16, Equity investments 17,595 16, Investments in associates 17,595 16, Property and equipment 27,164 24, Property and equipment in service 27,164 24, Intangible assets Intangible assets Page 11 of 55

22 Consolidated financial statements / balance sheet - liabilities and equity (R$ thousand) 1 - Code 2 - Description Current quarter 09/30/2016 Priyor year 12/31/ Total liabilities and equity 5,403,848 5,083, Current liabilities 1,616,166 1,249, Social and labor obligations 4,315 10, Social obligations 4,313 5, Labor obligations 2 4, Trade payables 35,524 33, Domestic suppliers 35,524 33, Tax obligations 1,562 2, Federal tax obligations 1,234 1, Income tax and social contribution payable 904 1, Withholding income tax Municipal tax obligations Borrowings 1,184, , Borrowings 1,104, , In local currency 1,104, , Debentures 80,075 81, Other liabilities 354, , Other 354, , Minimum mandatory dividend payable 0 16, Payables for properties 69,141 28, Payables 90,712 91, Advances from customers 185, , Acquisitions of equity interests 9,727 27, Provisions 35,354 29, Tax, social security, labor and civil provisions 35,354 29, Social security and labor provisions 2,943 1, Provisions for deferred taxes and contributions 32,411 28, Non-current liabilities 1,933,426 1,963, Borrowings 1,077,387 1,189, Borrowings 879, , In local currency 879, , Debentures 198, , Other liabilities 779, , Other 779, , Acquisitions of equity interests 0 2, Advances from customers 460, , Payables for properties 310,318 25, Payables 7,076 14, Payables to participants in special partnerships (SCPs) 1,280 1, Deferred taxes 70,386 78, Deferred income tax and social contribution 70,386 78, Deferred income tax and social contribution 61,358 61, Deferred PIS and COFINS 9,028 16, Provisions 6,249 6, Tax, social security, labor and civil provisions 6,249 6, Provision for contingencies 6,249 6, Equity 1,854,256 1,870, Paid-up capital 806, , Capital reserves -30,850-30, Treasury shares -25,052-25, IPO expenses -13,236-13,236 Page 12 of 55

23 Consolidated financial statements / balance sheet - liabilities and equity (R$ thousand) 1 - Code 2 - Description Current quarter 09/30/2016 Priyor year 12/31/ Stock option plan 7,438 7, Revenue reserves 551, , Legal reserve 69,242 69, Profit retention reserve 482, , Carrying value adjustments 36,119 34, Carrying value adjustments 33,621 33, Gain or Loss on investments 2, Non-controlling interests 490, ,776 Page 13 of 55

24 Consolidated financial statements / statement of income (R$ thousand, unless otherwise stated) 1 - Code 2 Description Current quarter 07/01/2016 to 09/30/2016 Accumulated - current year 01/01/2016 to 09/30/2016 Same quarter - prior year 07/01/2015 to 09/30/2015 Accumulated - prior year 01/01/2015 to 09/30/ Sales and/or services revenue 143, , , , Sales of real estate 137, , , , Adjustment to present value 7,544 16,840 2,923 9, Management fee 929 2, , Taxes on sales -3,230-14,741-7,324-20, Cost of sales and/or services -125, , , , Gross profit 18, ,348 95, , Operating expenses/income -38, ,082-45, , Selling expenses -10,583-36,354-20,200-65, General and administrative expenses -26,144-65,180-25,129-71, General and administrative expenses -24,255-60,726-23,124-65, Tax expenses -1,889-4,454-2,005-5, Other operating income -1,386-6, Equity in the results of subsidiaries Equity in the results of subsidiaries Profit before finance result and taxes -20,115 14,266 49, , Finance result -6,535-7,567-1,729 18, Finance income 25,862 65,665 19,553 75, Finance expenses -32,397-73,232-21,282-56, Profit before taxes on income -26,650 6,699 47, , Income tax and social contribution -3,327-15,080-7,683-23, Current -5,251-17,875-6,913-22, Deferred 1,924 2, Profit for the period from recurring operations -29,977-8,381 39, , Profit for the period -29,977-8,381 39, , Attributable to owners of the Company -29,560-20,198 21,007 56, Attributed to non-controlling interests ,817 18,824 46, Earnings per share (reais/share) Basic earnings per share Common shares -0, , Diluted earnings per share Common shares -0, , Page 14 of 55

25 Consolidated financial statements / statement of comprehensive income (R$ thousand) 1 - Code 2 Description Current quarter 07/01/2016 to 09/30/2016 Accumulated - current year 01/01/2016 to 09/30/2016 Same quarter - prior year 07/01/2015 to 09/30/2015 Accumulated - prior year 01/01/2015 to 09/30/ Profit for the period -29,977-8,381 39, , Other comprehensive income ,118 10,179 34, Available-for-sale financial assets 1,993 33,621 9,440 33, Gains or losses on investments -2,531 2, Total comprehensive income for the period -30,515 27,737 50, , Attributable to owners of the Company -30,098 15,920 31,186 90, Attributed to non-controlling interests ,817 18,824 46,144 Page 15 of 55

26 Consolidated financial statements / statement of cash flows - indirect method (R$ thousand) 1 - Code 2 Description Accumulated - current year 01/01/2016 to 09/30/2016 Accumulated - prior year 01/01/2015 to 09/30/ Net cash used in operating activities -255, , Cash used in operations 45, , Profit before income tax and social contribution 6, , Accumulated depreciation and amortization 1,619 6, Provision for contingencies Deferred taxes (PIS and COFINS) -3, Finance charges on borrowings 107,198 90, Equity in the results of subsidiaries Adjustment to present value -16,840-9, Finance charges on borrowings repaid/capitalized -47,368-18, Finance charges on intercompany loans -2,334-2, Changes in assets and liabilities -301, , Trade receivables 213, Properties for sale -547,633 9, Taxes and contributions recoverable Deferred selling expenses 5,748 11, Judicial deposits -1, Other assets 482-2, Trade payables 1,709-33, Labor and tax obligations -4,892-4, Advances from customers -228, , Payables for properties 325,632-5, Payables -9,077 3, Income and social contribution taxes paid -17,691-16, Payment of interest on borrowings -39,931-29, Receivables of interest on borrowings Receivables from related parties 1,000 2, Net cash provided by investing activities -26,715-14, Purchases of property and equipment -4, Investments -3,984-7, Additions to intangible assets Financial investments Acquisitions of equity interest -19,398 1, Other transactions with CEPAC 0-7, Net cash used in financing activities 216, , New borrowings 701, , Repayment of borrowings -474, , Increase in non-controlling interest -9,566-22, Payment of dividends -16, , Decrease in payables to participants in SCPs Loans -6,126-2, New borrowings and intercompany loans 22,056 2, Treasury shares 0-14, Decrease in cash and cash equivalents -65,535-90, Opening balance of cash and cash equivalents 136, , Closing balance of cash and cash equivalents 70, ,845 Page 16 of 55

27 Consolidated financial statements / statement of changes in equity - 01/01/2016 to 09/30/2016 (R$ thousand) 1 Code 2 - Description Paid-up share capital Capital reserves, stock options and treasury stock Revenue reserves Retained earnings Other Equity Noncontrolling interests Consolidated equity comprehensive income 5.01 Opening balances 806,376-30, , ,170 1,381, ,776 1,870, Adjusted opening balances 806,376-30, , ,170 1,381, ,776 1,870, Capital transactions with owners ,624-9, Non-controlling interests in subsidiaries ,624-9, Total comprehensive income ,198 1,949-18,249 11,817-6, Profit for the period , ,198 11,817-8, Other comprehensive income ,949 1, , Carrying value adjustments Transactions with non-controlling interests ,602 1, , Internal changes in shareholders' equity ,198 20, Constitution of reserve ,198 20, Closing balances 806,376-30, , ,119 1,363, ,969 1,854,256 Page 17 of 55

28 Consolidated financial statements / statement of changes in equity - 01/01/2015 to 09/30/2015 (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, , ,236 1,317, ,258 1,779, Adjusted opening balances 806,376-16, , ,236 1,317, ,258 1,779, Capital transactions with owners 0-14, ,145-22,125-36, Treasury shares acquired 0-14, , , Non-controlling interests in subsidiaries ,125-22, Total comprehensive income ,560 25,941 82,501 46, , Profit for the period , ,560 46, , Other comprehensive income ,941 25, , Carrying value adjustments ,611 24, , Transactions with non-controlling interests ,330 1, , Internal changes in shareholders' equity ,560-56, Constitution of reserve ,560-56, Closing balances 806,376-30, , ,177 1,386, ,277 1,871,391 Page 18 of 55

29 Quarterly information (ITR) - 09/30/ HELBOR EMPREENDIMENTOS S.A. Version: 1 Consolidated financial statements / statement of value added (R$ thousand) 1 - Code 2 - Description Accumulated - current year 01/01/2016 to 09/30/2016 Accumulated - prior year 01/01/2015 to 09/30/ Revenue 711, , Sales of goods and services 715, , Other revenue -3,839 1, Management fees 2,575 2, Other operating income -6, Inputs acquired from third parties -652, , Cost of sales and services -580, , Materials, energy, outsourced services and other -72,275-94, Gross value added 58, , Retentions -1,619-6, Depreciation, amortization and depletion -1,619-6, Net value added generated 56, , Value added received through transfers 53,715 29, Equity in the results of subsidiaries Financial income 65,666 75, Other -11,817-46, Participants in SCPs Non-controlling interest in subsidiaries -11,758-46, Total value added to distribute 110, , Distribution of value added 110, , Personnel 15,902 23, Salaries and wages 12,271 19, Benefits 2,599 2, FGTS 1,032 1, Taxes and contributions 37,244 51, Federal 33,495 47, State Municipal 3,730 3, Remuneration of third-party capital 77,548 62, Interest 51,373 38, Rentals 3,206 3, Other 22,696 20, Remuneration of own capital -20,198 56, Profit/losses retained in the period -20,198 56,560 Page 19 of 55

30 Comments on company performance Management report for the third quarter and first nine months of 2016 Mogi das Cruzes, November 10, Helbor Empreendimentos S.A. (the Company or Helbor) (BM&FBOVESPA: HBOR3), a residential and commercial real estate developer present in ten states and the Federal District, covering 28 Brazilian cities, announces today its results for the third quarter of 2016 (3Q16). The information presented compared 3Q15 and 2Q16. The consolidated financial statements were prepared 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 Federal Accounting Council (CFC). FINANCIAL PERFORMANCE Helbor s net operating revenue totaled R$ million in 3Q16, a decrease of 59.2% in comparison with 3Q15. Its gross profit decreased by 81.0%, from R$ 95.1 million in 3Q15 to R$ 18.0 million in 3Q16, and the gross margin attained 12.6%, a decrease of 1,450 base points (bps) when compared to the 3Q15 margin and of 970 bps when compared to that presented in 2Q16. In 9M16, net revenue totaled R$ million, a decrease of 27.8% in comparison with 9M15. Its gross profit decreased by 50.1%, totaling R$ million in 9M16, and gross margin reached 17.4% in 9M16, presenting a decrease of 780 bps compared to 9M15. Net Loss for the period totaled R$ 29.5 million in 3Q16 (with basic earnings per share of -R$ ). The net margin was -20.7% and the return on average equity (ROE) for 12 months was -0.6%. In 9M16, net loss totaled R$ 20.2 million with net margin of -2.9% The table below presents Helbor s main financial indicators by quarter and year to date, as well as the relevant comparisons: Financial indicator 3Q16 3Q15 Var. 3Q16 Var. 3Q16 x Var. 9M16 2Q16 9M16 9M15 x 3Q15 2Q16 x 9M15 Net operating revenue (R$ 000) 143, , % 269, % 702, , % Gross profit (R$ 000) 18,053 95, % 60, % 122, , % Gross margin (%) 12.6% 27.1% bps 22.3% -970 bps 17.4% 25.2% -780 bps Profit (R$ 000) -29,560 21,007 N.M. 4,611 N.M. -20,198 56,560 N.M. Net margin (%) -20.7% 6.0% N.M. 1.7% N.M. -2.9% 5.8% N.M. ROE - las 12 months -0.6% 8.3% N.M. 3.1% N.M. -0.6% 8.3% N.M. Page 20 of 55

31 Comments on company performance Helbor s indebtedness totaled R$ 2,262.1 million, an increase of 4.8% when compared with June 30, 2016, this was mainly due to the increase in the real estate construction financing balance, reflecting the growth in the number of developments launched in the last few years. The table below details the total indebtedness at the end of 3Q16, 3Q15 and 2Q16: Debt (R$ '000) 3Q16 3Q15 Var. 3Q16 x 3Q15 2Q16 Var. 3Q16 x 2Q16 Loans 109, , % 165, % Construction Financing 1,873,834 1,383, % 1,715, % Debentures 278, , % 276, % Total Debt 2,262,066 1,850, % 2,157, % Short Term 1,184, , % 1,087, % Long Term 1,077,387 1,187, % 1,069, % Helbor s net debt represented 107.2% of equity as at September 30, 2016 (6.2% 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 3Q16, 3Q15 and 2Q16: Debt (R$ '000) 3Q16 3Q15 Var. 3Q16 x 3Q15 2Q16 Var. 3Q16 x 2Q16 Total Debt 2,262,066 1,850, % 2,157, % Cash and Cash Equivalents 273, , % 300, % Net Debt 1,988,680 1,511, % 1,856, % Construction Financing 1,873,834 1,383, % 1,715, % Net Debt (ex-sfh) 114, , % 141, % Controlling Shareholder s Equity* 1,363,287 1,386, % 1,393, % Total Shareholder s Equity* 1,854,256 1,871, % 1,896, % Net Debt / Total Shareholder s Equity* 107.2% 80.8% 2640 bps 97.9% 930 bps Net Debt (ex-sfh) / Shareholder s Equity 6.2% 6.9% -70 bps 7.5% -130 bps * excludind SFH which is directly concected with receivables Total receivables, net of the adjustment to present value, reached R$ 1,959.3 million at September 30, 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 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 the adjustment to present value and other receivables, at the end of 3Q16, 3Q15 and 2Q16: (R$ '000) 3Q16 3Q15 Concluded Developments Under Construction Total Receivables on Balance Var. 3Q16 x 3Q15 3Q16 3Q15 Var. 3Q16 x 3Q15 3Q16 3Q15 Var. 3Q16 x 3Q15 Accounts Receivables * 937, , % 1,022,835 1,473, % 1,959,988 2,115, % Adjustment to Present Value (25,620) (47,462) -46.0% (25,620) (47,462) -46.0% Provision for sales cancelations (9,981) % (3,495) % (13,476) % Other Credits 33,359 48, % 5,063 7, % 38,422 55, % Total 960, , % 998,783 1,433, % 1,959,314 2,124, % (*) Net of provision for impairment of trade receivables Page 21 of 55

32 Comments on company performance (R$ '000) 3Q16 2Q16 Concluded Developments Under Construction Total Receivables on Balance Var. 3Q16 x 2Q16 3Q16 2Q16 Var. 3Q16 x 2Q16 3Q16 2Q16 Var. 3Q16 x 2Q16 Accounts Receivables * 937, , % 1,022,835 1,155, % 1,959,988 2,069, % Adjustment to Present Value - - N.M. (25,620) (33,164) -22.7% (25,620) (33,164) -22.7% Provision for sales cancelations (9,981) (9,392) 6.3% - 3, , % (13,476) (11,682) 15.4% Other Credits 33,359 44, % 5,063 5, % 38,422 49, % Total 960, , % 998,783 1,124, % 1,959,314 2,074, % (*) Net of provision for impairment of trade receivables Deferred results totaled R$ million at the end of 3Q16, a decrease of 24.5% as compared with the end of 2Q16 and the margin was 28.4%, a decrease of 290 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 3Q16, 3Q15 and 2Q16: (R$ '000) 3Q16 3Q15 Var. 3Q16 x 3Q15 2Q16 Var. 3Q16 x 2Q16 Gross Backlog Revenues 569,392 1,272, % 683, % Sales Taxes (20,783) (46,442) -55.2% (24,966) -16.8% Net Backlog Revenues 548,609 1,225, % 659, % Costs of Sold Units to be recognized 1 (392,963) (805,180) -51.2% (452,855) -13.2% Backlog Results 155, , % 206, % Backlog Margin 28.4% 34.3% -590 bps 31.3% -290 bps Commercial Expenses to be recognized (17,321) (31,082) -44.3% (18,050) -4.0% ¹ Included in the cost of finance charges related to interest on debentures LAUNCHES The company has not lauched any project in 3Q16 focusing in a better management of inventory and considering the demand contraction. In 9M16, Potential Sales Value (PSV) launched reached R$ 53.8 million, R$ 37.7 million of which was Helbor s share. The table below summarizes the developments launched: Launches 3Q16 3Q15 Var. 3Q16 x 3Q15 2Q16 Var. 3Q16 x 2Q16 9M16 9M15 Var. 9M16 x 9M15 Total PSV (R$ 000) - 113, % , , % Helbor's PSV (R$ 000) - 79, % , , % Helbor's Interest (%) % -100 bps % 66.1% 390 bps # of developments launched - 1 (1) (2) # of units launched (150) (346) The table below details the developments launched by Helbor in 2016: Page 22 of 55

33 Comments on company performance 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 Total 9M16-1 Development ,853 37, % 1 - Includes exchanged units 2 - Net of barters SALES Contracted sales in 3Q16 totaled R$ million, R$ million of which represented Helbor s share (77.8% of total sales). Regarding Helbor s share, 70.2%, of the total sales for the quarter related to concluded units, 11.1% of units that will be delivered in 2016 and 18.7% of units that will be delivered after The sales velocity (SoS) reached 5.8% in the quarter and 17.7% in 9M16. In 9M16, contracted sales totaled R$ million, R$ million of which represented Helbor s share The table below presents a summary of certain operational information relating to contracted sales: Contracted Sales 3Q16 3Q15 Var. 3Q16 Var. 3Q16 Var. 9M16 2Q16 9M16 9M15 x 3Q15 x 2Q16 x 9M15 Total contracted sales (R$ 000) 145, , % 214, % 624, , % Helbor's contracted sales (R$ 000) 113, , % 160, % 480, , % Helbor's share 77.8% 73.5% 430 bps 74.9% 290 bps 76.9% 75.0% 200 bps Units sold (158) 442 (157) 1,286 1,404 (118) INVENTORY Total inventory at market price at the end of 3Q16 amounted to R$ 2,540.0 million, R$ 1,925.9 million of which represented Helbor s share. Of the total units in inventory, 35.5% (36.6% being Helbor s share) related to units already completed. In comparison with 2Q16, inventory increased R$ 89.8 million or 3.7% and Helbor s shares increased R$ 76.5% or 4.1%. Page 23 of 55

34 Comments on company performance LANDBANK The landbank for future developments at the end of 3Q16 totaled thousand m 2 of the total sales area, which corresponded to a total PSV of R$ 7.0 billion. As regards Helbor s share, the potential PSV is R$ 5.1 billion, which represents 72.4% of the total landbank. Helbor s landbank continues to be diversified in terms of product profile and geographical distribution. Landbank 3Q16 3Q15 Var. 3Q16 Var. 3Q16 x 2Q16 x 3Q15 2Q16 Helbor's landbank - total PSV (R$ 000) 6,993,649 6,312, % 6,542, % Helbor's landbank - Helbor's shares (R$ 000) 5,065,990 4,940, % 5,180, % Number of Helbor projects Number of Helbor units 12,261 11, , Page 24 of 55

35 Helbor Empreendimentos S.A. Notes to the quarterly information at September 30, 2016 All amounts in thousands of reais unless otherwise stated 1 Operations Helbor Empreendimentos S.A. (the Company) is a publicly-held company, founded on October 17, 1977, headquartered at Av. Vereador Narciso Yague Guimarães, 1,145, 15º floor, 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. 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 November 10, Summary of significant accounting policies There were no significant changes in the accounting practices of the quarterly financial information (ITR) as at September 30, 2016, or in the calculation methods used in relation to those presented in the financial statements of the year ended December 31, This financial information does not include all the requirements of annual or complete financial statements and, therefore, should be read together with the Company s complete financial statements related to the previous year. 2.1 Basis of preparation The individual financial statements of the parent company were prepared in accordance with CPC 21 (R1) - Interim Financial Reporting, applicable to the preparation of interim financial statements, and are presented in accordance with the standards issued by the Brazilian Securities Commission (CVM). Financial information consolidated were prepared in accordance with IAS 34 - "Interim Financial Reporting" issued by the "International Standards Board" - IASB, applicable to real estate development entities in Brazil, including Guidance OCPC 01 and OCPC 04 - technical interpretation ICPC 02 to real estate development entities. This information is being presented for the first time in light of OCPC 07 - Notes, which reinforces the basic disclosure requirements of existing standards and suggests a less generic disclosure focusing on: (i) relevant information for users, (ii) quantitative and qualitative aspects and (iii) risks. For the convenience of users, the relevant interim financial statements of the parent company (cash and cash equivalents of box, related parties, investments, contingencies and general and administrative expenses) are presented in Note Recently issued accounting pronouncements Revisions of new accounting pronouncements and interpretations entering into force in the year 2016 have no material impact on the interim financial statements or the Company's financial statements. Page 25 of 55

36 Helbor Empreendimentos S.A. Notes to the quarterly information at September 30, 2016 All amounts in thousands of reais unless otherwise stated 4 Cash and cash equivalents Consolidated 09/30/ /31/2015 Cash and banks 60,982 26,077 Financial investments (*) 9, ,327 70, ,404 (*) Investments in Financial Investment Funds (FIF), redeemable at any time, not involving a specific maturity and remunerated based on a percentage of the Interbank Deposit Certificate (CDI) rate. 5 Financial investments Consolidated 09/30/ /31/2015 Bank Deposit Certificates (CDB) (i) 6,839 7,434 Additional Potential Construction Certificates (CEPAC) (ii) 195, , , ,948 (i) CDB - remunerated based on a percentage of the Interbank Deposit Certificate (CDI) rate, which represented an average monthly rate of %, measured at fair value through profit or loss. (ii) The Company acquired CEPACs (Additional Potential Construction Certificates) from government agencies and third parties, without the intention, at the initial recognition, of utilizing them in real estate projects, and therefore they are classified as "Available-for-sale financial assets", measured at fair value through profit or loss. Changes between acquisition value and fair value its presented by Presented Value Adjustments which is located at Equity Shareholders. There was no chages at fair value compared with the value of the last period. Page 26 of 55

37 Helbor Empreendimentos S.A. Notes to the quarterly information at September 30, 2016 All amounts in thousands of reais unless otherwise stated 6 Accounts receivable Parent Company Consolidated 9/30/ /31/2015 9/30/ /31/2015 Developments under construction Revenue from units under construction (Note 21) 16,913 16,320 2,457,077 3,528,853 (-) Deferred revenue (Note 21) -1,980-2, ,392-1,066,072 = Recognized Revenue 14,933 14,052 1,887,685 2,462,781 (+) Advances from customers 1,110 1, , ,969 (-) Accumulated receipts -14,139-12, ,393-1,320,323 (-) Related Parties ,682 - Accounts receivable from units under construction 1,904 2,277 1,022,835 1,373,427 Accounts receivable from completed units 7,431 8, , ,513 Total receivables 9,355 10,996 1,959,988 2,157,940 Adjustment to present value (ii) ,620-42,460 Provision for rescision of contracts with customers ,257-13,476-6,257 Other receivables (iii) 6,756 15,328 38,423 46,650 Total accounts receivable 15,301 20,067 1,959,315 2,155,873 Current 13,513 14,806 1,533,748 1,344,788 Non-current 1,788 5, , ,085 Trade receivables from the sale of developments under construction are mainly adjusted based on the variation of the National Civil Construction Index (INCC). After the completion and delivery of the units sold, trade receivables are adjusted based on the variation of the General Market Price Index (IGP-M), plus interest of 12% per annum calculated based on the Price Table. Consequently, the Company estimates that receivables from completed developments and receivables appropriated from ventures in construction, less adjustment to present value, approximate their fair values. Page 27 of 55

38 Helbor Empreendimentos S.A. Notes to the quarterly information at September 30, 2016 All amounts in thousands of reais unless otherwise stated The balance of trade receivables from units sold and not yet completed is not fully recognized in the quarterly information, because the amount recorded is limited to the portion of revenue recognized for accounting purposes, pursuant to the POC method net of installments already received. The amounts appropriated that exceed the total portfolio of past-due receivables and of receivables which fall due within one year are recorded in long-term receivables. In relation to possible losses on accounts receivable, management considers that there are no objective evidence for the loss of recognition of a provision, since, according to existing contracts, customer the property ownership to only effective if it is complying with its contractual obligations. The aging analysis of the total installments receivable under sales agreements on finished and unfinished units is as follows, by year of maturity. We emphasize that the information below is not based on accounting records, and includes all interest estimated to accrue on each of the installments up to its maturity date, which is not restricted to interest due and still to be recognized. 09/30/2016 Year Parent Company Consolidated Overdue Up to 3 months ,126 From 3 to 6 months ,601 Over 6 months 4, ,040 Overdue 5, ,767 Not yet due , , , , , , onwards 15, ,054 Not yet due 35,475 2,269,767 Total 40,496 2,767,534 The Company monitors the changes in securities overdue regularly through its internal controls, which mostly relate to customers in the process of obtaining bank financing and renegotiations in progress, operations are collateralized by, so the administration does not consider that there is objective evidence for impairment provision of constitution, likewise the Company made to date provision for cancellations in the amount of R$ 13,476 (R$ 6,257 in December 2015), deemed sufficient by management to probable reversals with sales cancellations. 7 Properties for sale Properties for sale are represented by costs of completed properties and properties under construction, as well as by land for future development, as shown below: Page 28 of 55