Cyrela Brazil Realty S.A. Empreendimentos e Participações

Transcription

(Convenience Translation into English from the
Original Previously Issued in Portuguese)
Cyrela Brazil Realty S.A.
Empreendimentos e Participações
Individual and Consolidated Interim Financial
Information for the Nine-month Period Ended
September 30, 2014 and Report on Review
Interim of Financial Information
Deloitte Touche Tohmatsu Auditores Independentes
Message from management - 3Q14 | 9M14
MESSAGE FROM MANAGEMENT
The third quarter of 2014 was marked by unusual events. The World Cup captured
Brazil’s full attention in July, and the domestic market was plagued by volatility and
uncertainty due to the political tension caused by the presidential election.
The Brazilian economy fell into a technical recession and will likely grow by less
than 1% in 2014 according to the International Monetary Fund. The last 12-month
inflation rate as measured by IPCA reached 6.75% in September, above both the 5.86%
recorded in September 2013 and the inflation target ceiling.
Analyzing the first nine months of the year, we believe the real estate market has
entered a new phase–one in which consumers are more cautious about their decisions.
This is part of the economic cycle. Once again, expertise, financial strength, quality and
innovative products have all become major distinguishing features in the real estate
market.
Despite the new situation, Cyrela was able to increase launches by 10.1% in
relation to 9M13 (not including Faixa 1 MCMV contracts), mainly in key markets in line
with its business strategy. In addition, the Company’s share in those launches came to
85%, a significant increase from the 69% reported last year.
Sales amounted to R$ 3,160 million at the close of 9M14 (not including swaps and
Faixa 1 MCMV contracts), down 20.8% year-over-year. This decline was partly offset by a
rise in CBR’s share in sales, which increased from 74% in 9M13 to 82% in 9M14
(excluding Swaps and MCMV 1 contracts).
As for the financial results, the Company recorded net income of R$ 179 million in
3Q14, together with a cash generation of R$ 187 million. Cash generation in 9M14
amounted to R$ 505 million.
1
Much of the cash generated by the Company is being used to repurchase
Company shares. In fact, the Company has repurchased 43% of all shares to be bought
back under the share buyback program launched in June 2014. This number of shares
corresponds to a trading volume of R$ 147.9 million.
As a result, earnings per share (EPS) totaled R$ 0.46 in 3Q14. This is actually the
Company’s highest EPS since 1Q12 (excluding RET effect in 4Q12). It is essential to note
that this fact does not give us a sense of mission accomplished, but it does show us that
we are on the right track.
We thank all our stakeholders, from customers to shareholders, once more for
supporting and believing in our efforts to make Cyrela an increasingly solid, profitable
and sustainable company.
2
MAIN INDICATORS
3Q14
Launches
3Q14 x 3Q13
2Q14
3Q14 x 2Q14
9M14
9M13
9M14 x 9M13
(1)
Number of Launches
Launched PSV - R$ Million (100%)
Launched PSV - R$ Million (%CBR)
Cyrela's Share
PSV Swapped - R$ Million (100%)
Average Price per sq. m. (R$) (ex-lots)
Usable Area Launched (sq. m.)
Units Launched
Sales
3Q13
11
783
509
65.0%
34
5,274
148,373
2,220
13
1,234
912
73.9%
102
7,712
558,526
2,416
-15.4%
-36.6%
-44.2%
-8.9 p.p.
-66.2%
-31.6%
-73.4%
-8.1%
9
890
812
91.3%
107
6,199
354,413
2,344
22.2%
-12.1%
-37.4%
-26.3 p.p.
-67.8%
-14.9%
-58.1%
-5.3%
31
3,588
3,041
84.8%
708
7,872
699,958
6,970
45
3,952
2,724
68.9%
413
5,233
1,649,086
15,012
-31.1%
-9.2%
11.6%
15.8 p.p.
71.2%
50.4%
-57.6%
-53.6%
992
772
77.8%
6,137
2,611
1,361
1,025
75.3%
5,580
3,308
-27.1%
-24.7%
2.5 p.p.
10.0%
-21.1%
1,258
1,065
84.7%
5,956
3,326
-21.1%
-27.5%
-6.9 p.p.
3.0%
-21.5%
3,797
3,200
84.3%
6,670
8,867
4,900
3,444
70.3%
4,322
19,118
-22.5%
-7.1%
14.0 p.p.
54.3%
-53.6%
(2)
Pre-Sales Contracts - R$ Million (100%)
Pre-Sales Contracts - R$ Million (%CBR)
Cyrela's Share
Units Sold
Sales from Launches
(2)
Pre-Sales Contracts from Launches of the year - R$ Million (100%)
Pre-Sales Contracts from Launches of the year - R$ Million (%CBR)
Cyrela's Share
Units Sold
²'
²'
²''
²''
427
314
73.6%
8,064
1,294
765
620
81.1%
3,855
1,758
-44.2%
-49.3%
-7.5 p.p.
109.2%
-26.4%
535
479
89.5%
8,701
1,370
²'
-20.3%
-34.4%
-15.9 p.p.
-7.3%
-5.5%
1,872
1,647
88.0%
8,711
3,604
2,551
1,638
64.2%
3,855
12,317
-26.6%
0.5%
23.8 p.p.
126.0%
-70.7%
1,601
5,106
1,535
6,506
4.3%
-21.5%
1,847
5,432
-13.3%
-6.0%
4,988
15,352
4,050
16,871
23.2%
-9.0%
51,727
44,946
9,029
65.7%
85.6%
59,639
51,181
12,367
79.0%
82.8%
-13.3%
-12.2%
-27.0%
-13.3 p.p.
2.8 p.p.
52,311
45,419
8,830
68.8%
86.6%
-1.1%
-1.0%
2.2%
-3.1 p.p.
-1.0 p.p.
51,727
44,946
9,029
65.7%
85.6%
59,639
51,181
12,367
79.0%
82.8%
-13.3%
-12.2%
-27.0%
-1333.7%
2.8 p.p.
1,614
483
279
179
29.9%
17.3%
11.1%
0.46
187
1,394
457
287
175
32.8%
20.6%
12.5%
0.42
(35)
15.7%
5.6%
-2.8%
2.6%
-2.9 p.p.
-3.3 p.p.
-1.4 p.p.
9.6%
n.a.
1,358
454
271
169
33.4%
19.9%
12.4%
0.43
159
18.8%
6.4%
2.9%
6.1%
-3.5 p.p.
-2.7 p.p.
-1.3 p.p.
7.7%
17%
4,287
1,374
793
511
32.0%
18.5%
11.9%
1.30
505
3,982
1,302
819
536
32.7%
20.6%
13.5%
1.30
335
7.7%
5.5%
-3.2%
-4.6%
-0.7 p.p.
-2.1 p.p.
-1.5 p.p.
-0.1%
50.9%
9/30/2014
4,687
1,750
37.3%
6/30/2014
4,980
1,885
37.8%
Chg %
-5.9%
-7.2%
-0.5 p.p.
Deliveries
Delivered PSV (100%)
Delivered Units
Landbank
PSV with exchange - R$ Million (100%)
PSV without exchange - R$ Million (100%)
Landbank (thd sq. m.)
% Swap over land value
% CBR
Financial Indicators
Net Revenue (R$ Million)
Gross Profit (R$ Million)
EBITDA (R$ Million)
Net Income (R$ Million)
Gross Margin
EBITDA Margin
Net Margin
Earnings per Share (R$) (³)
Cash Generation / Burn (4)
Backlog
Revenues to be Recognized (R$ Million)
Gross Profit to be Recognized (R$ Million)
Margin to be Recognized
(1) Including swapped units
(2) Net of cancellations
(2’) net of cancellations: sales in the quarter of launches in the year
(2’’) net of cancellations: sales in the year of launches in the year
(3) Earnings per share are net of Treasury shares.
(4) Cash generation does not include dividends, funds allocated to the share buyback program and acquisitions of equity interests.
3
BRAND POSITIONING
Cyrela finished the repositioning and consolidation of the brands under its
portfolio in September. We started this project over a year ago, and all aspects involving
our day-to-day activities, customers, suppliers and employees were taken into account.
Because of this effort, the Living brand has been repositioned, the Company’s logo has
been redesigned and its communication strategies with the market have been revised.
From now on, our projects will be broken down into segments as follows: Cyrela
products are those launched organically for the luxury and high-end segments whereas
Living products are targeted at the middle segment. The products launched by our JV’s
will also be segmented as luxury and high-end segments or middle segment or MCMV.
This change does not affect the operations of our joint ventures, which remain a
part of our business strategy and complement our portfolio by adding quality and capacity
to the Cyrela group in all segments as follows:
Organic Operation
4
OPERATIONAL PERFORMANCE
Note: detailed information on launches can be found at the end of this report in the appendix tables.
LAUNCHES
Launches came to R$ 3,588 million in 9M14, down 9.2% year-over-year. In 3Q14,
launches amounted to a total Pre-Sales Value (PSV) of R$ 783 million, down 36.6% yearover-year. There were no Faixa 1 MCMV project launches in the quarter, just like in 3Q13.
PSV Launched
(R$ million – 100%)
Quarter
Annual
-9.2%
3,952
3,588
-36.6%
High end
1,234
2,409
2,604
783
High end
968
488
Middle + MCMV
%CBR
266
295
3Q13
3Q14
74%
65%
Middle + MCMV
%CBR
1,542
984
9M13
9M14
69%
85%
High-end launches amounted to a PSV of R$ 488 million, down 49.6% from the R$
968 million recorded in 3Q13, and accounted for 62.3% of the Company's total launches in
the quarter, vs. 78.4% in 3Q13.
Cyrela’s share (%CBR) in the 3Q14 launches stood at 65%, down from 74% in
3Q13.
In 9M14, %CBR in launches came to 84.8% vs. 68.9% in 9M13. São Paulo and
Rio de Janeiro States accounted for 78.6% of launches in 9M14.
5
Swaps accounted for R$ 34.5 million of the 3Q14 launches, vs. R$ 102 million in
3Q13. Excluding swaps from launches and Faixa 1 MCMV, the volume launched by Cyrela
in 3Q14 fell by 33.9% year-over-year, from R$ 1,132 million to R$ 748 million in 3Q14.
In 9M14, the Company’s launches, not including Faixa 1 MCMV projects and
swaps, increased from R$ 2,192 million in 9M13 to R$ 2,370 million in 9M14.
PSV Launched
Ex-Swap and “MCMV Faixa 1”
Quarter
Annual
-3.3%
2,977
2,880
785
510
2,192
2,370
9M13
9M14
74%
82%
-33.9%
1,132
293
748
260
%CBR
%CBR
839
488
%CBR
3Q13
3Q14
74%
65%
%CBR
Partners
CBR
One of the 3Q14 highlights is the launch "Nobre Residencial" (Cyrela-Rio de
Janeiro), which sold well in the quarter.
6
The breakdown of 9M14 launches by geographic region and segment can be seen
below:
Launches by region – 2014
Launches by segment – 2014
MCMV 2 and 3
São Paulo - Other Cities
7.2%
15.1%
Middle
20.3%
City of São Paulo 24.0%
54.6% Rio de Janeiro
72.6%
6.3%
High end
South
7
SALES
Note: detailed information on pre-sales can be found at the end of this report in the appendix tables.
In 9M14, sales amounted to R$ 3,797 million, down 22.5% against the 9M13
sales. Pre-sales totaled R$ 992 million in 3Q14, down 27.1% YoY. The Company's share
came to 77.8% this quarter, versus 75.3% in 3Q13.
Sales of MAP products amounted to R$ 610 million in 3Q14, down 31.7% YoY,
and accounted for 61.5% of Cyrela's total sales in the period.
Pre-sales
Quarter
Annual
-22.5%
4,900
-27.1%
3,797
1,361
High end
2,828
992
High end
893
Middle + MCMV
467
382
3Q13
3Q14
75%
78%
%CBR
2,494
610
Middle + MCMV
%CBR
2,072
1,303
9M13
9M14
70%
84%
Inventory sales accounted for R$ 741 million whereas pre-sales of launches
accounted for R$ 251 million of the 3Q14 sales. Sales of finished units came to R$ 197
million, or 18.1% of all inventory units available for sale early in the quarter. The North
and Northeast Regions and Espírito Santo State comprised 33.5% of sales of finished units
in the period.
8
In the year, %CBR in sales increased from 70.3% in 9M13 to 84.3% in 9M14.
Excluding swaps from the 3Q14 sales and Faixa 1 MCMV contracts, sales dropped
from R$ 1,259 million to R$ 957 million, down 23.9% year-over-year. In 9M14, sales
decreased by 20.8%, not including Faixa 1 MCMV projects and swaps.
Pre-Sales
Ex-Swap and “MCMV Faixa 1”
Annual
Quarter
-20.8%
3,989
1,045
-23.9%
1,259
306
3,160
559
957
205
2,945
952
%CBR
2,601
752
3Q13
3Q14
76%
79%
9M13
%CBR
Partners
74%
9M14
82%
CBR
This fall was partly offset by Cyrela’s higher share in sales. Excluding swaps from
the 3Q14 sales and Faixa 1 MCMV launches, this share rose from 73.8% in 9M13 to 82.3%
in 9M14.
The breakdown of 9M14 sales by geographic region shows that Rio de Janeiro
accounted for 35.4% of total sales, followed by São Paulo-Interior at 25.0% and São
Paulo at 20.2%.
9
The breakdown of sales by geographic region and segment can be seen below:
Pre-sales by region – 2014
São Paulo
20.2%
Pre-sales by segment – 2014
Middle
24.1%
25.0%
Northeast 6.5%
South
1.1%
2.4%
1.2%
1.4%
10.2%
7.1%
Middle West
North
Espírito Santo
Minas Gerais
65.7%
MCMV 2 and 3
High end
35.4%
Rio de Janeiro
10
SALES SPEED (SoS)
The last 12-month SoS (Sales over Supply) stood at 48.5% (versus 49.9% in 2Q14
and 54.0% in 3Q13). Without Faixa 1 contracts, the annual SoS came to 46.5%.
SoS (12 months)
54.0%
SOS LTM ex-"Faixa 1"
54.1%
52.8%
49.9%
48.5%
48.8%
49.6%
49.3%
48.1%
46.5%
3Q13
4Q13
1Q14
2Q14
3Q14
Concerning sales speed by vintage, 32% of the 3Q14 vintage has been sold. In
contrast, 46% of the 2Q14 vintage and 63% of the 1Q14 vintage have been sold. As for
products launched in 4Q13, 67% have been sold (60% excluding Faixa 1 MCMV) and 68%
of those launched in 3Q13 have been sold.
Sales Speed – 100% through swaps
Cyrela
44%
3Q13
*
3%
12%
6%
53%
4Q13
8%
4%
4% 2%
68%
67%
(60% Ex-Faixa 1)
12%
47%
1Q14
33%
2Q14
13%
3%
63%
46%
32%
3Q14
In 3 months
In 6 months
In 9 months
In 12 months
In 15 months
11
INVENTORY
The inventory (all units available for sale, including those launched in the period)
at market value amounted to R$ 6,905 million (100%) and R$ 5,432 million (% Cyrela) at
the close of 3Q14.
Inventory at Market Value (R$ MM)
6,704
6,234
1,500
1,344
% CBR
Inventory by Delivery Schedule
7,187
7,020
6,905
1,522
1,437
1,474
4,890
5,204
5,665
5,583
5,432
3Q13
4Q13
1Q14
2Q14
3Q14
Inventory at Market Value
Finished units
To be delivered 2014
To be delivered after 2016
Total
Changes in Inventory
(R$ million)
-741.4
-544.8
782.6
1,243
537
1,555
1,879
1,691
6,905
%
18.0%
7.8%
22.5%
27.2%
24.5%
100%
Total Inventory Breakdown
3Q14
1.6%
7,020.2
R$ MM
Northeast
-250.6
94.6
12%
6,905.4
São Paulo
22%
South
-196.6
11%
Middle West 3%
North 4% 1%
Espírito Santo 1%
Minas Gerais
18%
28%
Rio de Janeiro
Inventory
2Q14
Sales of
Inventories
Launches
3Q14
Units under construction
Sales of
Launches
3Q14
Price Change
Inventory
3Q14
Finished units
There was a 1.6% drop in the total inventory at market value quarter-overquarter. In addition, it is worth noting that the total number of inventory units had
reached its lowest level–13.7 thousand units (vs. 14.5 thousand in 2Q14)–since the close
of 1Q13.
12
The Company managed to sell 18.1% of
Finished Inventory Breakdown
3Q14
its inventory of finished units early in 3Q14.
North
South
However, the Company’s inventory of finished
units increased in value from R$ 1,085 million in
2Q14 to R$ 1,243 million in 3Q14 due to the large
number of finished units inventory delivered. The
1%
18%
Northeast
29%
Middle West
Minas Gerais 1% 3%
Rio de Janeiro
14%
6%
ten largest projects comprise 38% of that amount.
The Northeast Regions and Espírito Santo State
Espírito Santo
11%
17%
São Paulo
account for 35% of the Company’s total inventory
of finished units.
As previously mentioned, the Company is expecting its inventory of finished units
to increase in coming quarters–despite the high sales speed of inventory units in both
3Q14 and other quarters–mainly because of the large number of deliveries from poorperforming vintages in 2014.
Changes in Finished Inventory Units
(R$ million)
+14.6%
1,243.4
57.7
1,085.0
-196.6
Finished
Units 2Q14
Sales of
Finished Units
297.3
Deliver of
Finished
Units 3Q14
Price
Change
Finished
Units 3Q14
13
LANDBANK
Note: detailed information on the landbank can be found at the end of this report in the appendix tables.
At the close of 3Q14, the Company’s landbank amounted to 9 million sq. m. of
marketable area with total potential sales of R$ 51.7 billion. Cyrela’s share in the
landbank is 85.6%, or R$ 44.3 billion.
In 3Q14, the Company acquired 6 plots of land (not including urban development
lots), 3 of which in Rio de Janeiro, 2 in the South Region and 1 in São Paulo, in line with
its strategy of expanding its landbank in key markets. Of that land, 12% was acquired
through swaps and the remainder was paid for in cash. That land has a potential PSV of
R$ 615.3 million and a construction potential of 936 units. In addition, the Company sold
or cancelled contracts for 5 plots of land, 2 of which in the Northeast Region, 1 in the
South Region, 1 in the North Region and 1 in São Paulo. The net impact from selling
plots of land or cancelling resulted in a negative effect of R$ 3.5 million.
Landbank on 09.30.2014*
Breakdown by Product (PSV in R$ billion)
Form of Acquisition (in %)
MCMV 2 and 3
Middle
0.4
8.7
34%
Cash
66%
Swaps
42.6
High end
Breakdown by Region (PSV in R$ billion)
South
Middle West
North
2.7
0.9 3.2
Minas Gerais
0.9 2.4
Northeast
São Paulo
12.3
* The landbank PSV is based on the
latest feasibility assessment of the
land plot, adjusted by the INCC
year-to-date.
4.5
24.8
Rio de Janeiro
14
CONSTRUCTION SITES
Note: detailed information on units delivered can be found at the end of this report in the appendix tables.
Cyrela delivered 19 projects in 3Q14–following the condominium meeting criterion–,
with 5.1 thousand units totaling a R$ 1.6 billion PSV on their respective launch dates.
At the close of June 2014, there were 182 projects in progress–broken down as
follows, by segment, execution and geographic location–according to the active
construction site criterion. Faixa 1 MCMV accounts for 22 of all projects in progress.
Projects in Progress
182
Partners
182
12
182
7%
Midwest
North
High end
86
91
Northeast
South
RJ
Cyrela and JV’s
Middle + MCMV
11
13 17
20
45
170
173
93%
96
99
Segment
6
Execution
SP
87
Region
In line with its strategy of seeking a more organic operation, the Company has been
lowering the number of sites under third-party control gradually since 2012. At the close
of 3Q14, 93% of the construction sites were managed by the Company's own teams or
joint ventures, up from in 90% in 3Q13. This clearly shows Cyrela’s commitment to
managing costs and ensuring product quality. Of all the 3Q14 launches, no constructions
will be performed by third parties.
15
Construction Projects
199
Partners
Cyrela and JV’s
20
10%
179
193
18
175
90%
Execution
3Q13
9%
190
17
173
91%
Execution
4Q13
9%
182
14
182
12
93%
92%
Execution
2Q14
7%
170
168
91%
Execution
1Q14
8%
Execution
3Q14
16
ECONOMIC AND FINANCIAL PERFORMANCE
During the quarter, the Company recognized its Riserva Golf project, launched early
this year (in March) in the city of Rio de Janeiro. Taking into account its PSV of R$ 902
million and the fact that it was purchased through a swap agreement, this recognition has
brought about some accounting effects, which are detailed below, for the purpose of a
better understanding about the comparison between results.
In compliance with accounting practices and rules, the PSV connected to swaps in
land purchasing is taken into account in the income statement as a revenue, alongside
with its corresponding costs, with a "zero" margin. This swap PSV is considered as a cost
of the land purchased for purposes of calculation of the percentage of completion(“POC”)
of the Project, which, in this case, causes the initial POC of this product to result in 58%.
Consequently, the revenues of 3Q14 were positively impacted by the recognition of
the Riserva Golf project. Moreover, since the swap value has "zero" margin, there was a
one-off event that caused a reduction on both the gross margin and the EBITDA margin,
as well as on the Company's net margin.
17
REVENUES
The Company’s total gross revenues amounted to R$ 1,628 million, up 16.5% from
the R$ 1,397 million recorded in 2Q14 and 13.5% from the R$ 1,435 recorded in 3Q13.
In 9M14, gross revenues came to R$ 4,377 million, a rise of 6.8% against 9M13.
High end products accounted for 70% of net revenues in 3Q14, vs. 64% in 2Q14.
Gross Revenue by Activity
(R$ million)
Quarter
Annual
+6.8%
4,377
4,096
+13.5%
+16.5%
1,628
1,435
1,397
1,414
1,608
3Q13
3Q14
3Q14
% Shr.
R$ MM
Real Estate Development
Services Rendered
Total
1,608
21
1,628
3Q13
2Q14
% Shr.
3Q14 x 3Q13
R$ MM
98.7%
1.3%
100.0%
4,324
9M13
9M14
1,381
Services Rendered
Activity
4,038
2Q14
% Shr.
3Q14 x 2Q14
R$ MM
1,414
21
1,435
98.5%
13.7%
1.5%
-0.7%
100.0%
13.5%
1,381
17
1,397
9M14
% Shr.
R$ MM
98.8%
16.4%
1.2%
25.4%
100.0%
16.5%
4,324
53
4,377
9M13
% Shr.
9M14 x 9M13
R$ MM
98.8%
1.2%
100.0%
4,038
58
4,096
98.6%
7.1%
1.4%
-9.0%
100.0%
6.8%
18
COSTS OF GOODS SOLD AND/OR SERVICES RENDERED
Total costs came to R$ 1,131 million, rising by 25.0% against 2Q14 and 20.7%
against 3Q13. In 9M14, total costs amounted to R$ 2,913 million, a 8.7% rise in relation
to the R$ 2,680 million in 9M13.
Costs by Activity
(R$ million)
Quarter
Annual
+8.7%
+20.7%
+25.0%
2,913
2,680
1,131
937
905
1,117
922
2,877
9M13
9M14
894
3Q14
3Q13
2,639
2Q14
Services Rendered
The cost of development activities, 98.7% of total costs, totaled R$ 1,117 million in
3Q14, up 24.9% quarter-over-quarter and 21.1% year-over-year. In 9M14, the cost of
development activities came to R$ 2,877 million, a rise of 9.0% against 9M13.
Activity
3Q14
% Shr.
R$ MM
Services Rendered
Total
3Q13
% Shr.
3Q14 x 3Q13
R$ MM
2Q14
% Shr.
3Q14 x 2Q14
R$ MM
9M14
% Shr.
R$ MM
9M13
% Shr.
9M14 x 9M13
R$ MM
1,117
98.7%
922
98.4%
21.1%
894
98.8%
24.9%
2,877
98.8%
2,639
98.5%
9.0%
14
1.3%
15
1.6%
-4.6%
10
1.2%
36.5%
36
1.2%
41
1.5%
-13.1%
1,131
100.0%
937
100.0%
20.7%
905
100.0%
25.0%
2,913
100.0%
2,680
100.0%
8.7%
19
GROSS MARGIN
The Company's total gross margin stood at 29.9% in 3Q14, down 3.5 p.p. from
2Q14, when gross margin came to 33.4%, and 2.9 p.p. from 3Q13. In 9M14, gross
margin stood at 32.0%, a 0.7 p.p. fall in relation to 9M13.
As previously mentioned, the 3Q14 gross margin was strongly impacted by the
recognition of Riserva Golf, which has a high swap percentage in relation to its PSV. Had
it not been for that impact, gross margin would have stood at 33.2% and fallen by
0.2 p.p. quarter-over-quarter.
3Q14
Adjusted Gross Margin
3Q13
R$ MM
Net Revenue
Gross Profit
Gross Margin
Capitalized Interest from COGS
R$ MM
R$ MM
3Q14 x 2Q14
9M14
9M13
R$ MM
R$ MM
1,614
1,394
15.7%
1,358
18.8%
4,287
3,982
483
457
5.6%
454
6.4%
1,374
1,302
29.9%
32.8%
32.0%
32.7%
51
Adjusted Gross Margin
2Q14
3Q14 x 3Q13
-2.9 p.p.
50
33.1%
33.4%
2.9%
36.4%
53
-3.3 p.p.
37.3%
-3.5 p.p.
-2.8%
-4.2 p.p.
9M14 x 9M13
7.7%
5.5%
-0.7 p.p.
153
112
36.1%
35.6%
35.5%
0.1 p.p.
Adjusted gross margin stood at 33.1% in 3Q14, down 3.3 p.p. from the 36.4%
recorded in 3Q13 and 4.2 p.p. quarter-over-quarter. In 9M14, adjusted gross margin was
35.6%, a 0.1 p.p. rise in relation to 9M13.
Gross Margin
+0.6 p.p.
-0.7 p.p
32.8%
33.4%
33.2%
32.7%
32.0%
33.3%
GP: R$ 483 million
Gross Margin: 29.9%
29.9%
3Q13
2Q14
3Q14
Gross Margin ex-Riserva
9M13
9M14
9M14
Gross Margin
20
Gross Margin by Activity
3Q14
Activity
R$ MM
3Q13
R$ MM
2Q14
3Q14 x 3Q13
R$ MM
3Q14 x 2Q14
9M14
9M13
R$ MM
R$ MM
9M14 x 9M13
29.9%
32.8%
-3.0 p.p.
33.3%
-3.5 p.p.
32.0%
32.7%
Services Rendered
33.8%
29.8%
4.0 p.p.
38.1%
-4.3 p.p.
34.0%
30.5%
-0.7 p.p.
3.6 p.p.
Total
29.9%
32.8%
-2.9 p.p.
33.4%
-3.5 p.p.
32.0%
32.7%
-0.7 p.p.
21
SALES TO BE RECOGNIZED
At the close of 3Q14, net revenues to be recognized totaled R$ 4,687 million.
Gross margin from sales to be recognized stood at 37.3% in 3Q14, down 0.5 p.p. quarterover-quarter and 1.0 p.p. year-over-year, which also suffered the impact from Riserva Golf
accounting recognition. It is worth noting that gross backlog margin (backlog margin)
does not take into account the PVA effect and SFH-related financing costs. These effects
usually have an impact between 4 and 5 p.p.
Backlog Margin
-0.5 p.p.
40
38.3%
37.8%
37.3%
35
30
25
20
Margin to be recognized:
37.3%
15
10
5
0
3Q13
2Q14
Sales to be Recognized (R$ thd)
Sales to be Recognized
Taxes to be Recognized
Net Income to be Recognized
3Q14
3Q14
4,779
(92)
2Q14
5,084
(105)
3Q14 x 2Q14
-6.0%
-12.1%
3Q13
5,563
(124)
3Q14 x 3Q13
-14.1%
-25.5%
4,687
4,980
-5.9%
5,440
-13.8%
(2,937)
(3,095)
-5.1%
(3,356)
-12.5%
Gross Profit to be Recognized
1,750
1,885
-7.2%
2,083
-16.0%
Gross Margin to be Recognized
37.3%
37.8%
Costs of Units Sold to be Recognized
-0.5 p.p.
38.3%
-1.0 p.p.
22
SELLING EXPENSES
Selling expenses totaled R$ 118 million in 3Q14, up R$ 7 million quarter-over-quarter
and R$ 5 million year-over-year. In 9M14, selling expenses totaled R$ 335 million, 8.3%
higher from 9M13. These expenses corresponded to 11.9% of pre-sales in the quarter, a
rise from the 8.8% reported in 2Q14 and the 8.3% recorded in 3Q13. In 9M14, they
corresponded to 8.8% of pre-sales, vs. 7.4% in 9M13 (not including Faixa 1 MCMV
contracts).
The quarter-over-quarter rise in selling expenses was mainly due to:
(i)
Sales showrooms: a R$ 3 million rise;
(ii)
Third-party Services: rise of R$ 3.6 million deriving from bonuses and commissions
to sales force and due to hiring of external brokers company for selling urban
development land units;
(iii)
Others: rise of R$ 3.0 million, caused by the cancelation of land acquisition
contracts, in addition to R$ 1.0 million resulting from maintenance costs related to
finished units inventory, due to its increase.
Commercial expenses
3Q14
2Q14
R$ MM
R$ MM
3Q14 x 2Q14
3Q13
3Q14 x 3Q13
R$ MM
9M14
9M13
R$ MM
R$ MM
9M14 x 9M13
Show-rooms
25
22
13.7%
26
-2.9%
66
73
-9.2%
Media
28
32
-12.6%
29
-2.9%
85
70
21.0%
Third-party Services
32
28
15.0%
33
-3.1%
94
88
5.9%
Others
34
29
14.8%
26
28.4%
90
78
16.1%
118
111
6.8%
113
4.3%
335
309
8.3%
Total
23
GENERAL & ADMINISTRATIVE EXPENSES
General and administrative expenses totaled R$ 116 million in 3Q14, stable quarterover-quarter and R$ 16 million higher year-over-year. This amount corresponds to 7.2%
of net revenues recognized in 3Q14, down in relation to the 8.6% recorded in 2Q14.
In 9M14, general and administrative expenses came to R$ 340 million, a year-overyear rise of 17.0%, and corresponded to 7.9% of revenues recognized in the period, vs.
7.3% in 9M13.
General & Administrative Expenses
Salaries and Social Charges
3Q14
2Q14
R$ MM
R$ MM
3Q14 x 2Q14
3Q13
3Q14 x 3Q13
R$ MM
9M14
9M13
R$ MM
R$ MM
9M14 x 9M13
45
48
-4.9%
51
-9.9%
139
145
Stock Options
3
6
-57.4%
4
-36.5%
15
13
-4.0%
8.7%
Board Members/Management Remuneration
2
2
11.6%
2
-13.5%
5
5
-5.9%
Third-Party Services
17
17
0.2%
11
50.4%
48
32
46.8%
Rent, travelling and representation
15
15
-3.7%
13
18.1%
44
37
21.8%
Others
24
21
12.0%
9
151.1%
56
28
98.5%
Employees'
12
8
44.2%
11
8.3%
33
30
11.4%
116
116
0.1%
100
16.1%
340
290
17.0%
Total
The quarter-over-quarter changes in general and administrative expenses are mainly
explained by:
(i)
Salaries and social charges: a R$ 3 million reduction vs. 2Q14;
(ii)
Stock Options: a R$ 3 million fall because some vested stock options under
the stock options plans were not exercised;
(iii)
Others: a R$ 3 million rise due to indemnification for construction delays;
(iv)
Employees’ : a R$ 4 million increase.
24
EBITDA
EBITDA margin stood at 17.3% in 3Q14, falling by 3.4 p.p. against 3Q13 and by
2.7 p.p. against 2Q14. In 9M14, EBITDA margin stood at 18.5% and decreased by
2.1 p.p. year-over-year.
EBITDA
3Q14
3Q13
R$ MM
R$ MM
Net Income from Continuous Operations
(-) Financial Result
(+) Depreciation and Amortization ¹
(+) Taxes over Profit
EBITDA
EBITDA Margin (%)
3Q14 x 3Q13
2Q14
3Q14 x 2Q14
R$ MM
9M14
9M13
R$ MM
R$ MM
9M14 x 9M13
230
(2)
20
228
(5)
31
0.7%
-68.1%
-35.7%
208
(3)
23
10.4%
-50.5%
-13.9%
625
(14)
68
668
(24)
82
-6.3%
-39.6%
-17.9%
31
279
17.3%
33
287
20.6%
-6.0%
-109.1%
-3.4 p.p.
43
271
19.9%
-28.3%
-82.4%
-2.7 p.p.
114
793
18.5%
93
819
20.6%
23.6%
-40.3%
-2.1 p.p.
¹ Depreciation and amortization amounts include showroom amortization, recorded under selling expenses in the income statement.
EBITDA Margin
-2.1 p.p.
20.6%
20.6%
19.9%
18.5%
17.3%
EBITDA: R$ 279 million
EBITDA margin: 17.3%
3Q13
2Q14
3Q14
9M13
9M14
25
FINANCIAL RESULT
The Company recorded net financial result of R$ 2 million in 3Q14, down from the
R$ 3 million posted in 2Q14 and from the R$ 5 million reported in 3Q13.
R$ thd
3Q14
2Q14
3Q13
9M14
9M13
Financial Expenses
SFH Interest
(47)
(50)
(39)
(141)
(114)
Interest on Corporate Loans
Capitalized Interest
(53)
44
(52)
50
(53)
55
(157)
143
(151)
155
Sub Total
Monetary Adjustment on Loans
(55)
(2)
(52)
(3)
(38)
(3)
(155)
(9)
(110)
(4)
Bank Expenses
Other financial expenses
(3)
(7)
(3)
(10)
(3)
(2)
(9)
(23)
(4)
(7)
Total Financial Expenses
(67)
(69)
(45)
(196)
(126)
43
49
31
136
80
6
9
6
8
7
6
19
25
29
18
Financial Revenues
Income on Investments
Income on Receivables
Income on Loans to Partners
Other financial income
10
10
6
30
23
Total Financial Revenues
68
72
50
210
150
2
3
5
14
24
Financial Result
26
NET INCOME AND NET MARGIN
As a result of the Company’s performance described above, net income amounted
to R$ 179 million in 3Q14, up 6.1% from the R$ 169 million reported in 2Q14 and up
2.6% from 3Q13. In 9M14, the Company’s net income came to R$ 511 million, a 4.6%
decrease in relation to the R$ 536 million posted in 9M13.
The Company's earnings were impacted by the following items in 3Q14:
(i)
The net effect of terminations of land contracts and land sales, which
had a negative impact of R$ 3.5 million;
(ii)
R$ 27 million of operating expenses, which chiefly comprise legal
provisions resulting from overdue fines connected with the delay in
problematic works in launching stage;
It should be noted that the Company’s recent share buy-back programs secured EPS
of R$ 0.46, the highest figure since 1Q12 (not including the RET effect in 4Q12). For the
sake of comparison, EPS stood at R$ 0.43 in 2Q14 and R$ 0.42 in 3Q13.
Earnings per Share
550
0.46
500
0.42
450
414
400
0.43
394
0.50
0.45
388
0.40
0.35
350
0.30
300
0.25
250
0.20
200
150
0.15
100
0.10
50
0.05
0
0.00
3Q13
EPS
2Q14
3Q14
# Shares ex-treasury
*Total shares at the close of the quarter, not including Treasury shares on the same date
27
Net margin stood at 11.1% in 3Q14, down 1.3 p.p. quarter-over-quarter and 1.4 p.p.
lower than the 12.5% margin reported in 3Q13. In 9M14, net margin stood at 11.9%,
1.6 p.p. lower than the 13.5% margin posted in 9M13.
Net Income
(R$ million)
Quarter
Annual
-4.6%
+2.6%
Net
Margin
536
511
+6.1%
175
179
169
3Q13
3Q14
2Q14
9M13
9M14
12.5%
11.1%
12.4%
13.5%
11.9%
This result led to a 12.3% ROE (last 12 months).
28
ARBITRATION CHAMBER
The Company is subject to the Market Arbitration Chamber, in accordance with the Arbitration
Clause included in the Company's Bylaws.
RELATIONSHIP WITH INDEPENDENT AUDITORS
In compliance with CVM Instruction 381/03, we hereby inform you that we engaged Deloitte
Touche Tohmatsu Auditores lndependentes to provide the following services in 2014: audit of the
financial statements prepared in accordance with accounting practices adopted in Brazil and
International Financial Reporting Standards ("IFRS"s); review of internal controls; and review of
the quarterly interim financial information in accordance with Brazilian and international
standards on review of interim financial information (NBC TR 2410 - "Revisao de lnformai;oes
lntermediarias Executadas pelo Auditor da Entidade" and ISRE 2410 - Review of Interim Financial
Information Performed by the Independent Auditor of the Entity, respectively). The Company did
not engage the independent auditors to perform any other work , other than the audit of the
financial statements.
The engagement of independent auditors is based on principles that protect the auditor's
independence , which consist of the following: (a) the auditor should not audit his/her own work ;
(b) the auditor should not exercise managerial duties; and (c) the auditor should not provide any
services that can be considered as prohibited under prevailing standards . Additionally,
Management obtains from the independent auditors a statement in the sense that the special
services provided do not affect their professionalindependence.
The information in the performance report is not clearly identified as copy of the information
included in the financialstatements, nor has it been subjected to audit or review.
29
(Convenience Translation into English from the Original Previously Issued in Portuguese)
CYRELA BRAZIL REALTY S.A. EMPREENDIMENTOS E PARTICIPACOES
BALANCE SHEET AS AT SEPTEMBER 30, 2014
(In thousands of Brazilian reais - R$)
Note
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Short-term investments
Trade receivables
Properties for sale
Recoverable taxes
Deferred taxes and contributions
Accrued selling expenses
Prepaid expenses
Other assets
Total current assets
NONCURRENT ASSETS
Trade receivables
Long-term investments
Current accounts with venture partners
Related parties
Recoverable taxes
Deferred taxes
Properties for sale
Other assets
Investments in subsidiaries and associates
Property, plant and equipment
Intangible assets
Total noncurrent assets
3
4
5
6
20
5
4
14
13
20
6
7
8
9
Company
09/2014
2013
Consolidated
09/2014
2013
194,689
3,064
6,201
20,104
3,005
2,543
229,606
288,718
4,507
4,617
16,757
2,435
5,694
322,728
925,530
361,324
4,283,795
2,699,279
105,059
2,821
26,026
4,844
26,533
8,435,211
1,330,136
230,022
4,451,754
2,421,633
91,442
3,862
32,349
4,659
123,483
8,689,340
572
359,299
288,264
563,013
25,110
36,666
6,175,280
9,665
66,947
7,524,816
819
22,941
276,686
470,406
26,709
65,821
6,679,285
12,257
72,355
7,627,279
791,482
496,076
659,547
163,447
141
373
2,380,374
47,625
739,253
164,763
87,141
5,530,222
1,170,604
167,262
761,201
227,174
26,731
2,567
2,358,979
27,968
708,087
156,563
90,623
5,697,759
Note
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Borrowings and financing
Debentures
Real Estate Certificates (CRIs)
Trade payables and accrued warranties
Taxes and contributions payable
Payroll, related taxes and profit sharing
Accounts payable for property acquisitions
Dividends payable
Related parties
Current accounts with venture partners
Advances from customers
Other liabilities
Total current liabilities
NONCURRENT LIABILITIES
Debentures
Trade payables and accrued warranties
Taxes and contributions payable
Payable for property acquisitions
Provision for risks
Advances from customers
Other liabilities
Total noncurrent liabilities
EQUITY
Capital
Other reserves
Capital reservesReserve for stock option grants
Earnings reserves:
Legal reserve
Expansion reserve
Treasury shares
Retained earnings/accumulated lossesOther comprehensive income
Attributable to the Company's owners
Noncontrolling interests
Total equity
TOTAL ASSETS
7,754,422
7,950,007
13,965,433
14,387,099
TOTAL LIABILITIES AND EQUITY
10
11
12
17
Company
09/2014
2013
Consolidated
09/2014
2013
304,851
3,705
20,969
9,881
981
407
38,242
6,613
-
4,024
275,061
8,165
1,039
1,535
318
46,852
170,826
1,094,658
3,705
39,104
340,339
62,587
181,671
106,675
402,794
-
624,091
275,061
8,165
317,869
64,563
213,365
109,495
459,337
170,826
13
14
16
122,154
279,005
4,724
37,459
828,991
118,780
271,253
18
30,857
928,728
160,085
494,772
862,795
31,678
3,780,863
169,321
617,387
804,605
52,894
3,886,979
10
11
12
17
450,000
242,262
473,200
6,413
88
1,171,963
410,000
442,000
700,000
4,241
277
3,139
1,559,657
2,335,683
242,262
503,748
81,682
1,234
15,784
123,820
34,674
401,634
3,740,521
2,171,764
442,000
692,667
69,028
56,108
92,570
49,370
729,426
3,139
4,306,072
21 (a)
3,095,744
(34,881)
2,583,576
(34,881)
3,095,744
(34,881)
2,583,576
(34,881)
23 (c)
104,527
21 (c)
21 (d)
21 (b)
228,071
2,048,233
(161,905)
511,476
(37,798)
5,753,468
5,753,468
228,071
2,879,763
(246,738)
(42,191)
5,461,622
5,461,622
7,754,422
7,950,007
20
18
21 (c)
18
19
20
16
94,022
104,527
228,071
2,048,233
(161,905)
511,476
(37,798)
5,753,468
690,581
6,444,049
13,965,433
94,022
228,071
2,879,763
(246,738)
(42,191)
5,461,622
732,426
6,194,048
14,387,099
The accompanying notes are an integral part of these financial information.
30
CYRELA BRAZIL REALTY S.A. EMPREENDIMENTOS E PARTICIPAÇÕES
INTERIM INCOME STATEMENT
FOR THE PERIOD ENDED SEPTEMBER 30, 2014
Note
NET OPERATING REVENUE
Cost of sales and services
25
25
1,671
(1,758)
(2,270)
(87)
26
27
13 (c)
(6,355)
(118,158)
(3,613)
(12,469)
(109,716)
(3,815)
(334,976)
(335,089)
(4,652)
(309,371)
(285,356)
(4,941)
7 (a)
763,334
(44,450)
778,086
(37,635)
70,992
(44,675)
49,163
(14,778)
588,488
614,364
725,538
736,761
(125,910)
48,828
(77,082)
(102,434)
24,751
(77,683)
(195,971)
210,197
14,226
(125,974)
149,546
23,572
511,406
536,681
739,764
760,333
(7,196)
(107,216)
(114,412)
6,170
(98,767)
(92,597)
625,352
667,736
(113,876)
(131,426)
511,476
536,310
Income from operations before financial income (expenses)
FINANCE INCOME (COSTS)
Finance costs
Finance income
PROFIT FROM OPERATIONS BEFORE INCOME TAX AND SOCIAL
CONTRIBUTION AND NONCONTROLLING INTERESTS
Income tax and social contribution:
Deferred
Current
Consolidated
09/2014
09/2013
11,170
(13,440)
GROSS PROFIT
OPERATING INCOME (EXPENSES)
Selling expenses
General and administrative expenses
Management compensation
Share of profits of subsidiaries and associates:
Equity in profit of subsidiaries and associates
Other investment gains and losses
Company
09/2014
09/2013
28
28
20 (d)
20 (d)
NET INCOME
Attributable to Company's owners
70
70
(371)
(371)
511,476
536,310
-
-
511,476
536,310
Weighted average number of shares in the period - basic earnings
Basic earnings per share
29
387,895
1.31859
414,495
1.29389
Weighted average number of shares in the year - diluted earnings
Diluted earnings per share
29
403,554
1.26743
420,119
1.27657
4,287,389
(2,913,451)
3,982,237
(2,680,193)
1,373,938
1,302,044
31
INTERIM STATEMENT OF COMPREHENSIVE INCOME
NET INCOME
Company
09/2014
09/2013
Consolidated
09/2014
09/2013
511,476
625,352
536,310
667,736
OTHER COMPREHENSIVE INCOME
Items that could be subsequently reclassified to the income statement
Item that will not be subsequently reclassified to the income statement
TOTAL COMPREHENSIVE INCOME, NET OF TAXES
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO
Company's owners
4,393
-
(5,013)
-
4,393
-
(5,013)
-
515,869
531,297
629,745
662,723
515,869
515,869
531,297
531,297
515,869
113,876
629,745
531,297
131,426
662,723
32
INTERIM STATEMENT OF CHANGES IN EQUITY (COMPANY AND CONSOLIDATED)
Capital
Other
reserves
Capital reserve,
options granted,
treasury shares
Earnings
reserves
Retained
earnings
2,583,576
(34,881)
99,374
2,449,910
-
-
-
(24,000)
13,020
24,036
-
-
-
-
-
-
536,310
-
-
-
(52,041)
-
-
(5,013)
BALANCES AS AT SEPTEMBER 30, 2013
2,583,576
(34,881)
88,394
2,421,905
536,310
(40,743)
BALANCES AS AT DECEMBER 31, 2013
Capital increase:
Capital increase
Increase (decrease) of treasury shares
Options granted recognized/exercised
Share-based payment
ProfitNet income for the period
Allocation of profit for the yearDividends
2,583,576
(34,881)
94,022
2,861,096
-
(42,191)
512,169
-
-
(4,010)
14,515
-
-
3,095,745
Note
BALANCES AS AT DECEMBER 31, 2012
Capital increase:
Capital increase
Increase (decrease) of treasury shares
Share-based payment
ProfitNet income for the period
Allocation of profit for the year:
Dividends
Adjustments due to translation of investments and appreciation of financial assets
BALANCES AS AT SEPTEMBER 30, 2014
21 (b)
23 (c)
21 (c)
21 (d)
21 (b)
23 (c)
23 (c)
21 (c)
Other
comprehensive
income
Company´s
owners
Noncontrolling
interests
Total
consolidated
5,062,249
566,513
5,628,762
-
36
13,020
173,824
-
173,824
36
13,020
-
536,310
131,426
667,736
(52,041)
(5,013)
(104,020)
-
(156,061)
(5,013)
5,554,561
767,743
6,322,304
5,461,622
732,426
6,194,048
(238,538)
14,515
(57,488)
-
(57,488)
(238,538)
14,515
113,876
629,745
(98,233)
(98,233)
(35,730)
(512,169)
(238,538)
4,010
-
-
-
-
-
511,476
4,393
515,869
-
-
-
-
-
-
(34,881)
104,527
2,114,399
511,476
(37,798)
5,753,468
690,581
6,444,049
33
INTERIM STATEMENT OF CASH FLOWS
Company
09/2014
09/2013
CASH FLOW FROM OPERATING ACTIVITIES
Profit before income and social contribution taxes and noncontrolling interests
Expenses (income) not affecting cash flow:
Depreciation and amortization of fixed assets and intangible assets
Amortization of fair value assets
Equity in subsidiaries
Interest and monetary differences on loans
Deferred taxes
Adjustment at present value
Provision for warranty costs
Provision for risks
Accrued share-based payment
Consolidated
09/2014
09/2013
511,406
536,681
739,764
760,333
9,306
3,412
(763,334)
135,688
70
343
2,172
14,515
(86,422)
9,196
4,709
(778,086)
136,167
(371)
459
(7,622)
13,020
(85,847)
64,043
3,649
(70,992)
269,891
(7,196)
5,727
59,704
31,250
14,515
1,110,355
77,057
5,376
(49,163)
202,332
6,170
6,128
50,351
20,116
13,020
1,091,720
(Increase) decrease in operating assets:
Decrease (increase) in trade receivables
Decrease (increase) in properties for sale
Decrease (increase) in current accounts with venture partners
Decrease (increase) in related parties
Decrease (increase) in other assets
Increase (decrease) in accounts payable for property acquisitions
Increase (decrease) in taxes payable
Increase (decrease) in taxes and contributions payable
Increase (decrease) in other liabilities
Cash provided by (used in) operating activities
Income and social contribution taxes paid
Interest paid
Cash equivalents provided by (used in) operating activities
1,690
(26,694)
(3,826)
(89,233)
55,098
6,613
(554)
12,351
(130,977)
(128,951)
(259,928)
(3,700)
(400)
8,407
(167,248)
14,917
15,244
(1,958)
(3,404)
(223,989)
(127,678)
(351,667)
541,354
(620,626)
(20,961)
54,491
99,639
(96,867)
1,020
(41,769)
1,026,636
(108,978)
(234,284)
683,374
76,021
(491,891)
(11,428)
(18,763)
(41,939)
61,424
(14,780)
(39,420)
610,944
(108,854)
(182,259)
319,831
CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment
Dividends received
Increase (decrease) in investments
Acquisition of intangible assets
Decrease (increase) in short term investments
Cash provided by (used in) investing activities
(128)
299,563
967,776
(4,590)
(336,358)
926,263
(440)
854,254
(214)
(17,066)
15,456
851,990
(61,040)
61,610
(21,784)
(11,370)
(460,116)
(492,700)
(56,631)
38,904
(8,140)
(18,643)
317,506
272,996
336,827
(454,200)
(233,627)
(170,826)
(238,538)
(760,364)
288,718
(94,029)
12,386
(254,167)
(62,916)
(208,751)
36
(513,412)
257,489
(13,089)
1,779,928
(454,200)
(1,355,923)
(170,826)
(155,721)
(238,538)
(595,280)
1,330,136
(404,606)
1,297,819
(254,167)
(1,270,254)
(208,751)
69,804
36
(365,513)
1,157,419
227,314
At the end of period
At the beginning of period
194,689
288,718
244,400
257,489
925,530
1,330,136
1,384,733
1,157,419
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(94,029)
(13,089)
CASH FLOW FROM FINANCING ACTIVITIES
Payment of debentures
Payment of borrowings, financing and CRI
Distribution of dividends
Increase (decrease) in the share of noncontrolling shareholders
Treasury shares
Cash provided by (used in) financing activities
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(404,606)
227,314
34
INTERIM STATEMENT OF VALUE ADDED
Company
09/2014
09/2013
NET OPERATING REVENUE
Sales and services
Other
Consolidated
09/2014
09/2013
11,578
477
12,055
2,643
2,830
5,473
4,376,661
3,463
4,380,124
4,096,230
1,731
4,097,961
(13,440)
(86,469)
(99,909)
(1,758)
(62,633)
(64,391)
(2,913,451)
(400,395)
(3,313,846)
(2,680,193)
(309,225)
(2,989,418)
(87,854)
(58,918)
1,066,278
1,108,543
(9,308)
(3,412)
(12,720)
(9,196)
(4,709)
(13,905)
(64,043)
(3,649)
(67,692)
(100,574)
(72,823)
998,586
1,026,110
VALUE ADDED RECEIVED IN TRANSFER
Equity in profit of subsidiaries and associates
Other gains and losses from investments
Finance income
763,334
(9,564)
48,828
778,086
(24,913)
24,751
70,992
6,514
210,197
49,163
18,793
149,546
VALUE ADDED RECEIVED IN TRANSFER
802,598
777,924
287,703
217,502
WEALTH TO BE DISTRIBUTED
702,024
705,101
1,286,289
1,243,612
44,432
311
3,613
15,944
64,300
338
125,910
190,548
44,260
15
3,815
16,924
65,014
1,343
102,434
168,791
174,243
34,445
4,652
47,942
261,282
203,684
195,971
660,937
168,239
24,554
4,941
45,578
243,312
206,590
125,974
575,876
511,476
511,476
536,310
536,310
511,476
113,876
625,352
536,310
131,426
667,736
702,024
705,101
1,286,289
1,243,612
INPUTS ACQUIRED FROM THIRD PARTIES
Materials, energy, outside services and other operating expenses
GROSS VALUE ADDED (CONSUMED)
Retentions:
Depreciation and amortization
Amortization of fair value assets
VALUE ADDED CREATED BY THE COMPANY (CONSUMED)
DISTRIBUTION OF WEALTH
Personnel and payroll taxes:
Salary and taxes
Commissions on sales
Management fees
Profit sharing
Taxes, fees and contributions
Interest
Interest on capital:
Profit
Attributable to noncontrolling interests
VALUE ADDED DISTRIBUTED
(77,057)
(5,376)
(82,433)
35
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR PERIOD ENDED SEPTEMBER 30, 2014
(Amounts in thousands of Brazilian reais - R$, unless otherwise stated)
1.
GENERAL INFORMATION
Cyrela Brazil Realty S.A. Empreendimentos e Participações (“Company”) is a publicly held
corporation headquartered in the city of São Paulo, State of São Paulo, with shares traded on
the São Paulo Securities, Commodities and Futures Exchange (BM&FBOVESPA S.A.) “Novo Mercado” - under ticker symbol CYRE3.
The Company’s registered head office is located at Avenida Engenheiro Roberto Zuccolo, 555,
1º andar, sala 88 Vila Leopoldina, São Paulo, SP.
The Company is engaged mainly in the development and construction of residential units,
individually or together with other business partners, by owning interests in wholly- or jointlycontrolled subsidiaries, joint ventures, or associates. The subsidiaries share the corporate,
managerial and operating costs of the Company or of the business partner, as the case may be.
2.
PRESENTATION OF INTERIM FINANCIAL INFORMATION
AND SIGNIFICANT ACCOUNTING POLICIES
2.1.
Statement of compliance
The Company’s interim financial information comprises:
a) The individual interim financial information prepared and presented in accordance
with technical pronouncement CPC 21 (R1) - Interim Financial Reporting and in
conformity with the standards issued by the Brazilian Securities and Exchange
Commission (CVM) applicable to the preparation of Interim Financial Statements
(ITR) identified as “Company”.
b) The consolidated interim financial information prepared in accordance with technical
pronouncement CPC 26 (R1) - Interim Financial Reporting and IAS 34 - Interim
Financial Reporting issued by International Accounting Standards Board (IASB)
(“IFRSs”), including guidance OCPC 04 on the application of technical
interpretation ICPC 02 - Real Estate Industry Construction Contract, as approved by
the Technical Pronouncements Committee (CPC), the Brazilian Securities and
Exchange Commission (CVM), and the Federal Accounting Council (CFC),
identified as “Consolidated”.
The accounting practices adopted in Brazil comprise the policies set out in the Brazilian
Corporate Law and the technical pronouncements, instructions, and interpretations
issued by the CPC and approved by the CVM and CFC.
36
The interim individual financial information, investments in subsidiaries, jointcontrolled subsidiaries, joint ventures, and associates are stated under the equity method
of accounting, as required by the legislation prevailing in Brazil. Accordingly, this
individual interim financial information cannot be considered fully compliant with
IFRSs, which requires the measurement of such investments in separate financial
statements of the parent entity at fair value or at cost.
Since there is no difference between the consolidated equity and the consolidated profit
for quarter attributable to the Company owners recorded in the interim consolidated
financial information prepared in accordance with IFRSs and the accounting practices
adopted in Brazil, and the Company’s equity and profit for quarter recorded in the
individual interim financial information prepared in accordance with accounting
practices adopted in Brazil, the Company elected to present the individual and
consolidated interim financial information as a single set, in the side-by-side format.
c) Except as to the application of the accounting policies described in note 2, the
information related to the basis for preparation and presentation of the interim financial
information, the summary of the significant accounting policies, and the use of
estimates and judgment did not change as compared to the information disclosed in
note 2 to the annual financial statements for the year ended December 31, 2013
(hereinafter referred to as “Financial Statements for the year ended December 31,
2013”), published on March 21, 2014 in the newspaper O Estado de São Paulo and the
São Paulo State Official Gazette, and made available on the following websites:
www.cvm.gov.br, www.bmfbovespa.com.br e http://ri.brazilrealty.com.br.
2.2.
New and revised standards and interpretations
a) The new International Financial Reporting Standards (IFRSs) below, effective for
periods beginning on or after January 1, 2014, have been adopted for in this interim
financial information. The adoption of these new and revised IFRSs did not have any
material impact on the amounts reported and/or disclosed for the current and prior
years/periods.
IFRS/IAS
Description
IFRIC 21
CPC39/IAS 32
Taxes/Levies
Offsetting Financial Assets and Financial Liabilities
b) New and revised standards, already issued but not yet effective, because mandatory
adoption is effective beginning on or after January 1, 2015:
IFRS 9
Amendments to IFRS 9
and IFRS 7
IFRS 15
Financial Instruments
Mandatory Application Date of IFRS 9 and Transition Disclosures
Recognition of revenue from Contracts with Costumers (1)
(1) On May 28, 2014, the International Accounting Standards Board (IASB) issued IFRS 15 Revenue from Contracts with Costumers with the purpose of changing the criteria on the
recognition of revenue. Under the International Financing Reporting Standards (IFRS), the
standard will become effective on or after January 1, 2017.
37
The Accounting Pronouncements Committee (CPC) has not yet issued the
pronouncements and amendments related to the new and revised IFRSs presented above.
Because of the CPC’s, CVM’s and CFC’s commitment to keep the set of standards
issued updated according to the changes made by the “IASB”, it is expected that such
pronouncements and amendments be issued by the CPC, and approved by the CVM and
the CFC, by the date such changes become effective.
The Company’s management is assessing the impacts of IFRS 15 and neither reached a
conclusion on the effects on its individual and consolidated financial statements nor on
the early adoption of such standard or not.
For other related standards and interpretations, the Company did not identify any
significant effect that would impact this interim financial information.
2.3.
Reclassifications
Net share issuance costs of R$34,881, previously stated as a reduction of capital were
reclassified to a specific reserve line item in equity.
2.4.
Early adoption of Law 12973/14
The Company did not early adopt Law 12973/14 in 2014 since there are no material
effects that can impact operations.
3.
CASH AND CASH EQUIVALENTS
Company
Consolidated
09/2014 12/2013 09/2014 12/2013
Local currency
Bank certificates of deposit (i)
6,436 26,948 342,875
469,116
188,253 261,770 582,655
861,020
194,689 288,718 925,530 1,330,136
Short-term investments that are readily convertible into a known cash amount and that are
subject to an insignificant risk of change in value, and the Company has the right to redeem
them at any time. Such investments have an average yield of 100.64% of Interbank Certificates
of Deposit (CDI) rate.
38
4.
SECURITIES
Company
Consolidated
09/2014 12/2013 09/2014 12/2013
Investment funds - fixed income (ii)
Bank certificates of deposit
Others (i)
355,966
1,344
1,989
359,299
18,383 494,293
908 361,118
3,650
1,989
22,941 857,400
101,326
292,308
3,650
397,284
Current (i)
Noncurrent (i)
359,299
- 361,324
22,941 496,076
230,022
167,262
(i) The balance is mainly related to the measurement of construction work, yielding average
interest of 100.64% of the CDI
(ii) The holds an investment in the fund Exclusivo, managed by Banco Safra S.A., which is
responsible for the custody of the assets included in the fund’s portfolio and the financial
settlement of its transactions. The fund consists of fixed-income securities that yield an
average rate of 103.34% of CDI.
The investment funds, proportionally to the number of units held by the company, are broken
down as follows:
Consolidated
09/2014
12/2013
Time deposits and other IF securities
Repurchase agreements
Financial Treasury Bills (LFT)
Financial bills
CDBs/Bank Deposit Receipts (RDBs)
39
37,677
189,096
260,807
6,713
494,293
19,589
65,841
1,908
13,988
101,326
5.
TRADE RECEIVABLES
Company
09/2014 12/2013
Completed properties
1,405,542
1,654,683
10,119,609
(6,435,696)
3,683,913
(54,070)
3,629,843
9,297,636
(5,346,527)
3,951,109
(59,797)
3,891,312
5,326
5,035,385
5,545,995
-
-
39,892
76,363
Total accounts receivable
3,636
5,326
5,075,277
5,622,358
Current
Noncurrent
3,064
572
4,507
819
4,283,795
791,482
4,451,754
1,170,604
Properties under development:
Allocated revenue
Installments received
Present value adjustment
Allocated sales receivables
Services rendering
3,636
5,326
-
-
3,636
Consolidated
09/2014
12/2013
Receivables from uncompleted property sales are adjusted using the National Construction
Cost Index (INCC) until the real estate units are delivered. Receivables in the period
subsequent to the delivery of units are subject to interest of 12% per year plus inflation
adjustment based on the General Market Price Index (IGP-M).
The Company and its subsidiaries adopt procedures and standards established in Resolution
1266/09 issued by the CFC and CPC pronouncements (CPC 17 (R1)), guidelines
(OCPCs 1 (R1) and 4) and interpretations (ICPC 2) for the recognition of revenues from real
estate operations. Consequently, receivables from properties sold but still under construction
are not fully reflected in the consolidated interim financial information since recording them is
limited to the portion of revenue recorded under the percentage-of-completion method, net of
the installments already received.
The balances of trade receivables from uncompleted units were calculated based on the
estimated period up to the delivery of properties sold, using the highest rate between the
average yield rate of government securities (NTN-B) and the average funding rate charged on
the Company’s borrowings, free from inflation adjustment. The average rate used for the
period ended September 30, 2014 was 5.32% per year (3.81% as at September 30, 2013).
The net present value adjustment accounted for in profit, in line item revenue from property
development and resale, totaled R$5,727 for the period ended September 30, 2014 (R$6,128
September 30, 2013).
40
An allowance for doubtful accounts is recognized when there is objective evidence that the
Company and its subsidiaries will not be able to collect all amounts due, according to the
original maturity of receivables. The Company and its subsidiaries consider their credit risk as
remote, since assets sold are collateralized. If there are indications that the amount recorded is
lower than the recoverable amount of receivables, an allowance will be recognized.
As supplemental information, the balance of trade receivables, taking into consideration the
balance not yet reflected in the financial statements from real estate development is as follows:
Real estate development and resale
Company
09/2014 12/2013
Consolidated
09/2014
12/2013
Total current assets
Total noncurrent assets
3,064
572
3,636
4,507
819
5,326
4,243,903
791,482
5,035,385
4,375,391
1,170,604
5,545,995
Total unallocated contractual sales
Portion classified as advances from customers
3,636
5,326
4,778,927
5,174,827
(57,390)
(81,411)
9,756,922 10,639,411
Current
Noncurrent
3,064
572
4,507
819
5,181,597
4,575,325
6,242,824
4,396,587
The noncurrent portion of assets is determined by the amounts expected to be received 12
months or more after the end of the reporting period.
Aging list of the portfolio of receivables from property development and resale
The portfolio below is based on expected collections, taking into account recognized and
unrecognized revenue, as follows:
Company
09/2014 12/2013
12 months
24 months
36 months
48 months
More than 48 months
Total
6.
3,064
427
95
22
28
3,636
4,507
530
265
24
5,326
Consolidated
09/2014
12/2013
5,181,597
2,610,299
1,305,076
367,822
292,128
9,756,922
6,242,824
2,132,418
1,436,309
452,109
375,751
10,639,411
PROPERTIES FOR SALE
Refers to the costs of real estate units available for sale (both completed and under
construction), land for future developments and advances to property suppliers, as follows:
41
Company
09/2014 12/2013
Properties under construction
Completed properties
Land for future developments (a)
Interest capitalized in inventories (b)
Advances to suppliers
Current
Noncurrent
Consolidated
09/2014
12/2013
5,647
554
25,110
31,311
31,311
4,073
544
4,617
4,617
1,850,714
388,259
2,459,299
173,127
4,871,399
208,254
5,079,653
1,417,094
408,533
2,564,632
163,151
4,553,410
227,202
4,780,612
6,201
25,110
4,617
-
2,699,279
2,380,374
2,421,633
2,358,979
(a) Land for future development is classified in current assets or noncurrent assets based on
the expected launch period of the real estate projects, which is periodically reviewed by
Management. Properties under construction and completed units are classified in current
assets taking into account their availability for sale.
(b) Capitalized interest is allocated to consolidated, in line item cost of sales and services, and
totaled R$114,201 relating to SFH charges and R$38,325 relating to other debts, totaling
R$101,289 as at June 30, 2014 (SFH charges in the amount of R$59,524, other debts in
the amount of R$52,519, totaling R$112,043 as at September 30, 2013), and are allocated
to profit or loss pursuant to OCPC 01 (R1).
The Company, together with Cyrela Commercial Properties S.A. (“CCP”), reached an
agreement with Caixa Fundo de Investimento Imobiliário Porto Maravilha (“FII PM”) for
the development of the area called “Gasômetro”, located in the region of Porto Maravilha,
in Rio de Janeiro. The area has a construction potential of about 450 thousand m² and the
mixed-use project will be implemented in various stages, comprising a shopping mall,
residential and office units, in addition to hotels.
Based on the business model, the land and CEPACs (“Potential Construction Additional
Certificates”) will be acquired through barter transactions. It is important to stress that the
projects is in the study phase and is subject to resolutory conditions to be met.
42
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43
7.
INVESTMENTS
a) The main information on interest held in companies is summarized below:
Equity interest - %
09/2014
12/2013
Total
Direct
Total
Direct
Consolidated entities
Abc Ii de Invest Imob Ltda.
Abc Realty de Invest Imob Ltda.
Adiel Empreend Imob Ltda.
Andaluzia Empreend Imob Ltda.
Angra dos Reis Empreend Imob Ltda.
Atlantida Empreend Imob Spe Ltda.
B R Servicos e Invest Bahamas Ltda.
Barao de Miracema Empreend Imob Spe Ltda.
Barra do Pirai Empreend Imob Ltda.
Basco Empreend Imob Ltda.
Blumenau Incorporadora Ltda.
Boa Vista Empreend Imob Spe Ltda.
Brazil Realty - Cia Securit de Cred Imob
Brc Adm e Participacao Ltda.
Bretanha Empreend Imob Ltda.
Budapeste Empreend Imob Ltda.
Cabo Frio Empreend Imob Ltda.
Cacapava Empreitada de Lavor Ltda.
Cajati Empreend Imob Ltda.
Calafete Invest Imob Ltda.
Cananeia Empreend Imob Ltda.
Caninde de Invest Imob Ltda.
Canoa Quebrada Empreend Imob Ltda.
Capital Realty de Invest Imob Ltda.
Carapa Empreend Imob Ltda.
Carcavelos Empreend Imob Ltda.
Cbr 004 Empreend Imob Ltda.
(ii)
(ii)
(ii)
64.00
94.99
74.99
99.99
88.07
99.99
100.00
100.00
99.99
99.99
50.00
60.00
100.00
100.00
99.99
99.99
99.99
99.99
99.99
100.00
100.00
96.84
99.99
99.99
60.00
99.99
99.99
100.00
34.00
94.99
99.99
88.07
59.99
100.00
99.99
99.99
99.99
50.00
60.00
99.99
99.99
99.99
99.99
99.99
97.61
99.99
99.99
100.00
53.20
99.99
99.99
60.00
99.99
99.99
-
64.00
94.99
79.99
99.99
67.89
99.99
100.00
100.00
99.99
99.99
50.00
60.00
100.00
100.00
99.99
99.99
99.99
99.99
99.99
100.00
99.99
96.84
99.99
99.99
60.00
99.99
99.99
100.00
34.00
94.99
99.99
67.89
59.99
100.00
99.99
99.99
99.99
50.00
60.00
99.99
99.99
99.99
99.99
99.99
97.61
99.99
99.99
99.99
53.20
99.99
99.99
60.00
99.99
99.99
-
Equity
09/2014 12/2013
541
2,381
24,247
5,894
669
407
35
1,030
453
19
10,532
12,543
2,729
807
228
6
25
8,324
4
5,216
2
162
16,040
6,810
33,906
2,796
9
3
821
3,441
50,570
5,257
26,590
2,119
92
1,167
454
20
10,082
42,076
7,279
525
229
9
258
(2,225)
28
5,394
2
504
15,012
6,811
29,633
4
9
3
Profit (loss)
for the period
09/2014 09/2013
369
1,140
4,694
(3)
(5,611)
588
(62)
(157)
(1)
(1)
(13)
2,832
(4,730)
198
(1)
(6)
(313)
3,799
(24)
(238)
(3)
(43)
9
(1)
(1,626)
(16)
-
124
(7,168)
16,529
(2)
(11,916)
386
(15)
347
(1)
(1)
16,600
(1,239)
(596)
(1)
(2)
1,308
(1)
(3,866)
(8)
154
(2)
95
(247)
(3)
(1)
(1)
Investment
09/2014 12/2013
183
2,262
5,894
590
245
35
1,030
453
19
5,265
7,644
2,729
807
228
6
25
8,126
4
5,216
86
16,038
6,809
20,344
2,796
9
-
279
3,269
5,257
18,055
1,272
90
1,167
454
20
5,041
25,245
7,279
524
229
9
258
28
5,394
2
268
15,011
6,810
17,780
4
9
-
Equity pick-up
09/2014 09/2013
125
1,083
(3)
(4,941)
353
(62)
(157)
(1)
(1)
(7)
1,699
(4,730)
198
(1)
(6)
(313)
3,708
(24)
(238)
(3)
(23)
9
(1)
(976)
(16)
-
42
(6,810)
(2)
(8,091)
231
(15)
346
(1)
(1)
9,960
(1,239)
(596)
(1)
(2)
1,277
(1)
(3,866)
(8)
82
(2)
95
(148)
(3)
(1)
-
44
45
Equity interest - %
09/2014
12/2013
Total
Direct
Total
Direct
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
50.00
50.00
50.00
99.99
99.99
50.00
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
50.00
50.00
50.00
99.99
99.99
50.00
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
50.00
50.00
50.00
99.99
99.99
50.00
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
50.00
50.00
50.00
99.99
99.99
50.00
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
Equity
09/2014 12/2013
314
2,764
152
1,158
144
118
473
15,311
67,607
79,967
4
67,709
100,655
(6)
379
110
35
185
110
337
4,216
52,009
4,215
20,000
-
Profit (loss)
for the period
09/2014 09/2013
(1)
(1,371)
(1)
(1)
1
(1)
(1)
(1)
(3)
(33)
(1)
(7,884)
13
(1)
(1)
(1)
(7,498)
(5)
(56)
(1)
(1)
(46)
(1)
(1)
(1)
(1)
-
Investment
09/2014 12/2013
314
2,764
152
1,158
144
118
473
15,309
33,803
39,983
2
33,855
100,645
379
110
35
185
110
337
2,108
26,005
2,108
20,000
-
Equity pick-up
09/2014 09/2013
(1)
(1,371)
(1)
(1)
1
(1)
(1)
(1)
(3)
(33)
(1)
(3,942)
6
(1)
(1)
(1)
(3,749)
(5)
(56)
(1)
(1)
(46)
(1)
(1)
(1)
(1)
-
46
47
Consolidated entities:
Cbr Ass e Consult Imob Ltda.
Cbr029 Empreend Imob Ltda.
Century de Invest Imob Ltda.
Charitas Empreend Imob Ltda.
Corsega Empreend Imob Ltda.
Country de Invest Imob Ltda.
Cybra de Invest Imob Ltda.
Cyrela Aconcagua Empreend Imob Ltda.
Cyrela Administradora de Bens Ltda.
Cyrela Alasca Empreend Imob Ltda.
Cyrela Anis Empreend Imob Ltda.
Cyrela Asteca Empreend Imob Ltda.
Cyrela Austurias Empreend Imob Ltda.
Cyrela Azaleia Empreend Imob Ltda.
Cyrela Bahia Empreend Imob Ltda.
Cyrela Begonia Empreed Imob Ltda.
Cyrela Belgrado Empreend Imob Ltda.
Cyrela Bentevi Empreen Imob Ltda.
Cyrela Bolívia Empreend Imob Ltda.
Cyrela Boraceia Empreend Imob Ltda.
Cyrela Borgonha Empreend Imob Ltda.
Cyrela Bracy de Invest Imob Ltda.
Cyrela Braga Empreend Imob Ltda.
Cyrela Braganca Empreend Imob Ltda.
Cyrela Brazil Realty Rjz Empr Imob Ltda.
Cyrela Calabria Empreend Imob Ltda.
Cyrela Canarios Empreend Imob Ltda.
Cyrela Castilha Empreend Imob Ltda.
Cyrela Caxambu Empreend Imob Ltda.
Cyrela Chavin Empreend Imob Ltda.
Cyrela Chile Empreend Imob Ltda.
Cyrela Classic de Invest Imob Spe Ltda.
Cyrela Coimbra Empreend Imob Ltda.
(iv)
(ii)
(ii)
Equity interest - %
09/2014
12/2013
Total
Direct
Total
Direct
Equity
09/2014 12/2013
50.00
99.99
99.99
99.99
100.00
50.00
99.99
97.23
99.99
98.03
99.99
99.99
99.99
99.99
99.99
99.99
98.03
99.99
99.99
99.99
99.99
100.00
80.00
96.50
100.00
100.00
100.00
99.99
99.99
99.99
99.99
99.99
85.00
95.75
99.99
1,816
1,466
331
100,816 108,163
7,152
8
9
25,236
23,573
128,126
62,940
61,342
79,394
4
5
18,533
22,803
35,512
33,713
16,383
8,428
2
27
28
10,085
50,321
1
4
262
130
5,239
5,150
1,101
1,103
36,385
31,339
645
502
10,342
35,595
9
38,559
51,187
2
4
485
236
414
411
(19)
1,681
1,626
984
8,291
10,231
6,669
6,349
3
3
50.00
99.99
99.99
99.99
99.99
50.00
99.99
72.24
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
80.00
61.24
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
85.00
50.00
99.99
50.00
99.99
99.99
99.99
100.00
99.99
97.23
99.99
98.46
99.99
99.99
99.99
99.99
99.99
99.99
98.46
99.99
99.99
99.99
99.99
100.00
80.00
96.50
100.00
100.00
100.00
99.99
99.99
99.99
99.99
99.99
85.00
95.75
99.99
50.00
99.99
99.99
99.99
99.99
99.99
72.24
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
80.00
61.24
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
85.00
50.00
99.99
Profit (loss)
for the period
09/2014 09/2013
(1)
(48)
(1)
(347)
(1)
(1)
1,663
40,858
949
2,630
5,800
(145)
(1)
(1)
1,532
(3)
(1)
(1)
(1)
5,046
(1)
656
1,398
(7)
5,372
(1)
(1)
3
(2,700)
(173)
1,310
320
-
Investment
09/2014 12/2013
1
1,815
331
1,240 100,816
3,578
(1)
8
8,635
18,231
19,314 128,120
12,698
(1)
4
(690) 18,533
(1,317) 35,509
(136) 16,383
(1)
2
(1)
27
3,951
(1)
1
262
5,239
(37)
1,101
5,739
36,385
(1)
755
394
2,725
10,342
(570)
9
(49,006) 38,559
(1)
2
485
414
(4)
(41)
1,626
(899)
7,048
8,090
3,334
(1)
3
1,465
108,163
9
17,030
62,940
4
22,803
33,713
8,428
28
4
130
5,150
1,102
31,339
307
35,595
1
51,187
3
236
411
1,681
984
8,697
3,174
3
Equity pick-up
09/2014 09/2013
(48)
(1)
(347)
(1)
1,201
40,853
2,630
5,799
(145)
(1)
(1)
(3)
(1)
(1)
(1)
5,046
(1)
402
1,398
(7)
5,372
(1)
(1)
3
(2,699)
(173)
1,114
160
-
1,240
(1)
6,238
19,314
(1)
(690)
(1,317)
(136)
(1)
(1)
(1)
(37)
5,739
(1)
463
2,725
(570)
(49,006)
(1)
(4)
(41)
(765)
4,045
(1)
48
49
Equity interest - %
09/2014
12/2013
Total
Direct
Total
Direct
Cyrela Comercial Imob Ltda.
Cyrela Congonhas Empreend Imob Ltda.
Cyrela Conquista Empreend Imob Ltda.
Cyrela Construtora Ltda.
Cyrela Cordoba Empreend Imob Ltda.
Cyrela Costa Rica Empreend Imob Ltda.
Cyrela Cristal Empreend Imob Ltda.
Cyrela Dinamarca Empreend Imob Ltda.
Cyrela Dinamica de Invest Imob Ltda.
Cyrela Elwing Empreend Imob Spe Ltda.
Cyrela Empr Imob Coml Imp e Exp Ltda.
Cyrela Esmeralda Empreend Imob Ltda.
Cyrela Europa Empreend Imob Ltda.
Cyrela Extrema Empreend Imob Ltda.
Cyrela Fibra N.A. Empreend Imob Ltda.
Cyrela Fragata Empreen Imob Ltda.
Cyrela Genova Empreend Imob Ltda.
Cyrela Gerbera Empreend Imob Ltda.
Cyrela Girassol Ltda.
Cyrela Greenfield de Invest Imob Ltda.
Cyrela Grenwood de Invest Imob Ltda.
Cyrela Guarani Empreend Imob Ltda.
Cyrela Holanda Empreend Imob Ltda.
Cyrela Iberia Empreend Imob Ltda.
Cyrela Imobiliaria Ltda.
Cyrela Inca Empreend Imob Ltda.
Cyrela Índico Empreend Imob Ltda.
Cyrela Indonesia Empreend Imob Ltda.
Cyrela Inhambu Empreend Imob Ltda.
Cyrela Ipanema Empreend. Imob
Cyrela Itapeva Empreend Imob Ltda.
Cyrela Jade Impreend Imob Ltda.
Cyrela Jamaica Empreend Imob Ltda.
(ii)
Equity
09/2014 12/2013
Profit (loss)
for the period
09/2014 09/2013
Investment
09/2014 12/2013
Equity pick-up
09/2014 09/2013
89.00
89.00
89.00
89.00
(23)
7,317
667
(1,808)
-
6,512
593
(1,609)
99.99
80.00
100.00
99.99
100.00
100.00
100.00
99.99
80.00
99.99
99.99
99.99
99.99
99.99
99.99
80.00
100.00
99.99
100.00
100.00
100.00
99.99
80.00
99.99
99.99
99.99
99.99
99.99
1
21,882
44,923
8
16,178
2,459
723
1
18,836
55,615
9
54,935
4,492
14,744
3,046
(11,132)
(1)
(6,845)
(3,868)
(820)
(1)
(779)
(6,629)
(1)
20,263
(126)
(1,660)
1
17,506
44,923
8
16,177
2,459
723
1
15,069
55,615
9
54,934
4,492
14,745
2,437
(11,132)
(1)
(6,845)
(3,868)
(820)
(1)
(623)
(6,629)
(1)
20,263
(126)
(1,660)
96.50
100.00
99.99
100.00
100.00
100.00
66.67
99.99
99.99
80.00
99.99
95.76
95.74
99.99
100.00
99.99
100.00
99.99
72.00
99.99
99.99
75.00
99.99
99.99
100.00
50.00
99.99
99.99
99.99
99.99
99.99
66.67
99.99
99.99
80.00
99.99
50.06
54.99
99.99
99.99
99.99
99.99
72.00
99.99
99.99
75.00
99.99
99.99
99.99
96.50
80.00
99.99
100.00
100.00
100.00
66.67
99.99
99.99
80.00
99.99
95.76
95.74
99.99
100.00
99.99
100.00
99.99
72.00
99.99
99.99
75.00
99.99
99.99
100.00
50.00
80.00
99.99
99.99
99.99
99.99
66.67
99.99
99.99
80.00
99.99
50.06
54.99
99.99
99.99
99.99
99.99
72.00
99.99
99.99
75.00
99.99
99.99
99.99
854
2,552
4,359
9,939
26,880
27,150
9,589
21,981
20,281
(123)
51,135
47,091
17,249
43,382
15,780
25
329
4
375
(14)
36
5
3,638
3,458
8,581
8,633
2
2
(1,630) 11,038
10,385
10,160
124,074 132,021
1
32,897
27,414
31,547
49,080
10
108
40,573
71,479
5
5
6
6
91
10
522
720
(3,641)
4,108
12,520
11,114
(5,132)
(26)
(15)
(1)
(7)
708
(12,484)
200
17,613
5,482
6,567
(99)
8,630
81
442
427
2,514
4,359
(3,117) 26,880
612
9,589
768
20,281
7,939
51,135
11,717
11,499
15,780
(1)
329
(2)
300
(1)
36
(16)
1,822
774
4,719
(1)
2
616
696
10,385
25,307 124,073
(1)
1
2,572
23,686
(3,487) 31,547
(1)
9
18,060
30,430
(1)
5
(1)
6
1,818
91
1,276
7,951
27,151
21,981
47,091
28,922
25
4
4
1,732
4,748
2
10,161
132,022
1
19,739
49,080
108
53,609
5
6
10
261
720
(3,641)
4,108
12,520
11,114
(3,422)
(26)
(12)
(1)
(4)
389
200
17,613
3,947
6,567
(99)
6,473
81
221
2,011
(3,117)
612
768
7,939
7,812
(1)
(2)
(1)
(8)
426
(1)
696
25,307
(1)
1,852
(3,487)
(1)
13,545
(1)
(1)
1,818
50
51
Equity interest - %
09/2014
12/2013
Total
Direct
Total
Direct
Cyrela Jasmim Ltda.
Cyrela Jequitiba Empreend Imob Ltda.
Cyrela Kilauea Empreend Imob Ltda.
Cyrela Lakewood Empreend Imob Ltda.
Cyrela Lambari Empreend Imob Ltda.
Cyrela Mac Amazonas Empr Imob Spe Ltda.
Cyrela Mac Monterey Empr Imob Spe Ltda.
Cyrela Madri Empreend Imob Ltda.
Cyrela Magik California E. I. Spe Ltda.
Cyrela Magik Monaco Empr Imob Ltda.
Cyrela Maguari Empreend Imob Ltda.
Cyrela Maia Empreend Imob Ltda.
Cyrela Malibu Empreend Imob Ltda.
Cyrela Manaus Empreend Imob Ltda.
Cyrela Marche Empreend Imob Ltda.
Cyrela Maresias Empreend Imob Ltda.
Cyrela Moinho Empreend Imob Ltda.
Cyrela Molise Empreend Imob Ltda.
Cyrela Monserrate Empreend Imob Ltda.
Cyrela Montblanc Empreend Imob Ltda.
Cyrela Montijo Empreend Imob Ltda.
Cyrela Monza Empreend Imob Ltda.
Cyrela Niagara Empreend Imob Ltda.
Cyrela Niss Empreend Imob Ltda.
Cyrela Nordeste Empreend Imob Ltda.
Cyrela Normandia Empreend Imob Ltda.
Cyrela Opala Empreend Imob Ltda.
Cyrela Pacifico Empreend Imob S.A.
Cyrela Pamplona Empreend Imob Ltda.
Cyrela Parana Empreend Imob Ltda.
Cyrela Paris Empreend Imob Ltda.
Cyrela Particip e Empreend Imob Ltda.
Cyrela Perola Emp. Im. Ltda.
Cyrela Piemonte Empreend Imob Ltda.
(ii)
(ii)
Equity
09/2014 12/2013
Profit (loss)
for the period
09/2014 09/2013
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
5
825
2
7
471
3
(1)
(20)
(1)
95.75
99.99
80.00
63.00
99.99
75.92
80.00
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
100.00
99.99
74.99
100.00
99.99
100.00
80.00
99.99
99.99
98.03
85.99
99.99
99.99
50.00
60.00
33.00
99.99
56.00
80.00
99.99
99.99
99.99
97.47
99.99
99.98
99.99
99.99
99.99
99.99
99.99
99.99
99.99
74.99
99.99
99.99
100.00
80.00
99.99
78.99
99.99
99.99
95.75
99.99
80.00
63.00
99.99
75.92
80.00
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
100.00
99.99
74.99
100.00
99.99
99.99
80.00
99.99
99.99
98.46
85.99
99.99
99.99
50.00
60.00
33.00
99.99
56.00
80.00
99.99
99.99
99.99
97.47
99.99
99.98
99.99
99.99
99.99
99.99
99.99
99.99
99.99
74.99
99.99
99.99
99.99
80.00
99.99
78.99
99.99
99.99
2,553
9,156
5,016
(100)
54
101
39,677
24,291
1,232
9,758
33,093
7
43,148
35,833
265
1,427
353,453
1,317
159,211
8
19,087
222,206
6
3
29,772
10,764
45,424
41,343
8,855
8
4
2,485
17,008
8,917
1,222
21,834
2,743
35,979
60
970
9,069
29,767
8
70,230
10,975
257
251
445,854
877
158,280
9
18,650
567,519
770
4
27,011
208
57,046
20,823
8,845
9
6
218
6,806
481
(960)
(148)
(342)
7,809
(1,149)
(7)
(5)
2,645
(1)
218
26,678
(1)
(130)
161,079
54,931
(1)
6,437
(71,644)
(801)
(1)
(133)
(219)
25,448
41,419
(90)
(1)
(1)
(1)
(1)
-
Investment
09/2014 12/2013
5
825
2
6
472
3
(893)
1,276
13,683
648
3,010
420
(26)
54
(269)
56
1,703
31,741
(1) 24,289
1
1,232
(1)
9,758
869
32,258
(1)
7
(3,821) 43,142
25,848
35,833
(1)
265
(3)
1,427
- 353,418
(1)
1,317
100,585 159,211
8
5,483
14,316
(8,203) 222,206
6
(1)
(13) 23,816
(2) 10,764
17,391
2,477
214
6,996
(1)
8
(1)
4
1,242
5,350
403
21,834
1,536
28,783
60
969
9,068
29,017
8
70,229
10,975
256
252
445,810
877
158,280
9
13,988
567,519
771
4
21,609
208
6,988
9
5
Equity pick-up
09/2014 09/2013
(1)
(20)
(1)
(1)
(1)
-
109
(446)
13,683
289
389
(317)
139
(148)
(26)
(192)
(151)
6,248
1,362
(1,149)
(1)
(7)
1
(5)
(1)
2,579
847
(1)
(1)
218
(3,821)
26,678
25,848
(1)
(1)
(130)
(3)
161,063
(1)
54,931 100,585
(1)
4,828
4,112
(71,644) (8,203)
(801)
(1)
(107)
(11)
(219)
(2)
17,391
(71)
169
(1)
(1)
(1)
(1)
52
53
Cyrela Pinguim Empreend Imob Ltda.
Cyrela Polinesia Empreend Imob Ltda.
Cyrela Pompeia Empreend Imob Ltda.
Cyrela Porto Velho Empreend Imob Ltda.
Cyrela Portugal Empreend Imob Ltda.
Cyrela Puglia Empreend Imob Ltda.
Cyrela Recife Empreend Imob Ltda.
Cyrela Rjz Construtora e Empr Imob Ltda.
Cyrela Rjz Empreend Imob Ltda.
Cyrela Rjz Jcgontijo Empr Imob Ltda.
Cyrela Rondonia Empreend Imob Ltda.
Cyrela Roraima Empreend Imob Ltda.
Cyrela Rubi Empreend Imob Ltda.
Cyrela Safira Empreend Imob Ltda.
Cyrela Salamanca Empreend Imob Ltda.
Cyrela Sanset de Invest Imob Spe Ltda.
Cyrela Sao Paulo Empreend Imob Ltda.
Cyrela Sintra Empreend Imob Spe Ltda.
Cyrela Suecia Empreend Imob Ltda.
Cyrela Toscana Empreend Imob Ltda.
Cyrela Trentino Empreend Imob Ltda.
Cyrela Turim Empreend Imob Ltda.
Cyrela Turquesa Empreend Imob Ltda.
Cyrela Tururin
Cyrela Ubatuba Empreend Imob Ltda.
Cyrela Venezuela Empreend Imob Ltda.
Cyrela Vermont de Invest Imob Ltda.
Cyrela Vila Real Empreend Imob Ltda.
Cyrela Vilhena Empreend Imob Ltda.
Cyrela Violeta Empreend Imob Ltda.
Cyrela Volpago Particip Societ S.A.
Cyrela White River Invest Imob Spe Ltda.
Cyrela Zagreb Empreend Imob Ltda.
Cyset Empreend Imob Ltda.
(ii)
(ii)
(ii)
(ii)
(ii)
Equity interest - %
09/2014
12/2013
Total
Direct
Total
Direct
Equity
09/2014 12/2013
99.99
99.99
100.00
100.00
75.99
99.99
99.99
99.99
75.99
99.99
99.99
100.00
100.00
75.99
99.99
99.99
99.99
75.99
443
126,587
7,021
21,340
47,132
413
187,984
27,163
39,701
46,867
71,603
(3,442)
140
(4)
99.99
99.99
100.00
97.44
42.99
100.00
100.00
99.99
99.99
80.00
73.44
64.00
75.00
89.49
99.99
99.99
99.99
99.99
50.00
99.99
100.00
97.89
99.99
99.99
99.99
98.03
96.49
99.99
69.99
99.99
99.99
84.16
59.90
24.99
99.99
99.99
99.99
99.99
80.00
37.99
64.00
75.00
50.00
99.99
99.99
99.99
99.99
50.00
99.99
100.00
50.00
99.99
99.99
99.99
50.00
99.99
36.99
99.99
99.99
99.99
97.44
42.99
100.00
100.00
99.99
99.99
80.00
73.44
80.00
75.00
89.49
99.99
99.99
99.99
99.99
99.99
99.99
99.99
97.89
99.99
99.99
99.99
98.46
96.49
99.99
69.99
99.99
99.99
84.16
59.90
24.99
99.99
99.99
99.99
99.99
80.00
37.99
80.00
75.00
50.00
99.99
99.99
99.99
99.99
99.99
99.99
99.99
50.00
99.99
99.99
99.99
50.00
99.99
36.99
16,603
104,126
28,641
120,849
129,941
3
41,331
6
55
7,433
184
2,000
1,962
96,083
3
2
1,185
27
3,095
4
8
12,340
148
2
16,470
98,013
2,055
2,524
320
30,437
32,141
17,169
156,130
108,018
7
31,140
6
1,305
6,057
2,312
295
2,676
104,818
23
(19)
523
486
1,990
4
9,948
148
4
93,873
3,489
159
260
12,116
57,092
(6,487)
12,719
21,922
(6)
16,451
16
1,381
(628)
(11)
286
(8,735)
(20)
21
(13)
(542)
8
(1)
(268)
(1)
(1)
(1)
44,140
65
(85)
59
Profit (loss)
for the period
09/2014 09/2013
(5)
52,157
(1,801)
4,650
(49)
Investment
09/2014 12/2013
Equity pick-up
09/2014 09/2013
443
7,021
21,340
35,820
413
27,163
39,700
35,619
(3,442)
140
(3)
(5)
52,157
(1,801)
4,650
(38)
13,069
16,601
(98) 104,115
(33,469) 24,107
14,144
72,388
10,284
32,485
(6)
3
14,648
41,332
(1)
6
14
55
(334)
5,947
216
69
(1)
1,280
636
1,471
7,635
48,168
(1)
3
(1)
2
(6)
1,185
(4)
27
(79)
1,547
(1)
4
(1)
3
6,169
(3)
148
(1)
2
(1) 16,470
19,288
31
1,028
2,524
117
118
30,436
32,142
14,451
93,521
27,005
6
31,140
6
1,305
4,847
878
236
2,007
52,470
23
523
486
1,990
4
4,974
149
4
1,745
159
96
12,115
57,086
(5,459)
7,619
5,480
(6)
16,452
16
1,105
(239)
(7)
214
(4,302)
(20)
21
(13)
(542)
4
(134)
(1)
(1)
(1)
33
(85)
22
13,068
(98)
(29,193)
8,472
2,571
(6)
14,648
(1)
14
(268)
82
(1)
477
3,818
(1)
(1)
(6)
(4)
(79)
(1)
(1)
1
(3)
(1)
(1)
16
43
54
55
Cz6 Empreend Comerciais Ltda.
Egito Empreend Imob Ltda.
Elbrus Empreendimentos Imob. Ltda.
Flamingo Invest Imob Ltda.
Funchal Empreend Imob Ltda.
Gabrielle Emp. Imob. Spe Ltda.
Galiza Empreend Imob Ltda.
Gatrun Empreend Imob Ltda.
Goiania Empreend Imob Ltda.
Goldsztein Cyrela Empreend Imob S.A.
Guararema Empreend Imob Ltda.
Gv 10 Empreend Imob Ltda.
Ic Incorporadora Ltda.
Iracema Incorporadora Ltda.
Itaipava Empreitada de Lavor e Eng Ltda.
Jardim America Incorp Spe Ltda.
Jardim Cedro do Libano E. I. Spe Ltda.
Kalahari Empreend Imob Ltda.
Lao Empreend Imob Ltda.
Lc Empreend Imob Spe Ltda.
Licy Empreend Imob S.A.
Lider Cyrela Df 01 Empreend Imob Ltda.
Liguria Empreend Imob Ltda.
Living Empreend Imob Sa
Lombok Incorporadora Ltda.
Londrina Empreend Imobiliários Ltda.
Luanda Empreend Imob Ltda.
Lyon Empreend Imob Ltda.
Mac Construtora Ltda.
Mac Cyrela Equador Empreend Imob Ltda.
Mac Cyrela Italia Empreend Imob Ltda.
Mac Cyrela Mafra Empreend Imob Ltda.
Mac Cyrela Manay Empreend Imob Ltda.
Mac Dinamarca Empreend Imob Ltda.
Mac Empreend Imob Ltda.
Mac Espanha Empreend Imob Ltda.
(ii)
(ii)
(ii)
Equity interest - %
09/2014
12/2013
Total
Direct
Total
Direct
Equity
09/2014 12/2013
100.00
100.00
59.41
100.00
67.49
64.99
99.99
99.99
80.00
99.99
99.99
100.00
100.00
50.00
99.99
59.99
70.00
100.00
40.00
100.00
99.99
99.99
99.99
99.99
100.00
100.00
99.99
99.99
50.00
68.00
50.00
80.00
68.60
70.00
50.00
50.05
46,270
47,668
(468)
(229)
(224)
(5)
10,568
8,021
2,547
8,409
5,019
(39)
(242) 10,205 (10,538)
8,470
36,116
20,354
43
44
(1)
1
(1)
193
727
(159)
578,281 705,488
47,208
4
4
4,264
5,939
26
14
25
(12)
42,995
41,642
5
2,563
961
(298)
221
577
(4)
742
738
5
6,860
22,910
(1,037)
218
346
(28)
7,213
21,112
1,600
1,908
4,850
(554)
42,164
43,473
(449)
14
15
(1)
849,248 938,647 174,776
35,998
69,132
8,836
(402)
6,479
(7,220)
50,093
23,669
(6)
368
196
(1)
4,448
4,724
(183)
1,819
2,121
(27)
7,228
9,354
1,373
13,298
36,321
6,077
1,145
3,294
309
3,665
6,613
473
642,059 576,464 107,945
1,095
1,583
115
63.99
99.99
30.00
99.99
45.00
29.99
99.99
99.99
80.00
99.99
99.99
99.99
100.00
50.00
99.90
59.99
70.00
99.99
10.00
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
20.00
38.00
20.00
60.00
36.75
40.00
50.00
0.10
100.00
100.00
59.41
100.00
55.00
64.99
99.99
99.99
80.00
99.99
99.99
100.00
100.00
50.00
99.99
59.99
70.00
99.99
40.00
100.00
99.99
99.99
99.99
99.99
100.00
80.00
99.99
99.99
50.00
68.00
50.00
80.00
68.60
70.00
50.00
50.05
63.99
99.99
30.00
99.99
45.00
29.99
99.99
99.99
80.00
99.99
99.99
99.99
99.99
50.00
99.90
59.99
70.00
99.99
10.00
99.99
99.99
99.99
99.99
99.99
99.99
80.00
99.99
99.99
20.00
38.00
20.00
60.00
36.75
40.00
50.00
0.10
Profit (loss)
for the period
09/2014 09/2013
Investment
09/2014 12/2013
625
29,613
5
(450)
3,170
(2)
8,408
1
25,782
2,541
39
43
(37)
154
60,226 580,352
(1)
4
30
4,264
(6)
14
21,498
(820)
2,560
131
133
(58)
519
6,859
355
22
10,782
7,213
1,640
1,908
(3,217) 42,160
(2)
14
147,015 849,248
(868) 35,998
1
(144) 50,089
(3)
368
2,395
809
433
691
485
1,446
4,879
7,979
524
420
2,240
1,465
127,080 321,205
398
2
30,507
2,406
5,018
4,592
10,835
44
581
707,005
4
5,938
24
20,821
960
346
516
22,909
35
21,113
4,849
43,471
15
938,647
69,132
5,183
23,669
196
1,016
806
1,871
21,793
1,210
2,645
288,638
5
Equity pick-up
09/2014 09/2013
(299)
400
(5)
5
764
(135)
(39)
(2)
(4,742)
6,106
7,735
(1)
39
(1)
(127)
(29)
47,685
61,754
(1)
26
30
(12)
(6)
3
(298)
(820)
(2)
79
3
(41)
(1,037)
(3)
36
1,600
10,782
(554)
1,640
(449) (3,217)
(1)
(2)
174,776 147,015
8,836
(868)
(7,220)
(6)
(1)
(3)
(188)
523
(10)
165
275
97
3,646
2,927
113
193
189
896
53,744
63,540
-
56
57
Mac Holanda Empreend Imobiliários Ltda.
Mac Italia Empreend Imob Ltda.
Mac Mexico Empreend Imob Ltda.
Mac Portugal Empreend Imob Ltda.
Mac Veneza Empreend Imob Ltda.
Madinina Empreend Imob Ltda.
Maiastra 1 Empreend Imob Ltda.
Maloga Empr. Imob. S.A.
Matis Empreend Imob Ltda.
Moscou Empreend. Imob. Ltda.
Navarra Empreend Imob Ltda.
Nilo Empreend Imob Ltda.
Nova Iguacu Empreend Imob Ltda.
Nova Zelandia Empreend Imob Ltda.
Oaxaca Incorporadora Ltda.
Office Shopping 2 Empreend Ltda.
Option de Invest Imob Ltda.
Pequim Empreend Imob Ltda.
Peru Empreend Imob Ltda.
Petropolis Empreend Imob Ltda.
Pitombeira Empreend Imob Ltda.
Plano & Plano Constr e Particip Ltda.
Plano Amoreira Empreend Imob Spe Ltda.
Plano Castanheira Empr Imob Spe Ltda.
Potim Empreend Imob Ltda.
Praca Oiapoque Empreend Imob Spe Ltda.
Praia do Forte Empreend Imob Ltda.
Queiroz Galvao Cy Oklahoma e I Spe Ltda.
Ravenna Empreend Imob Ltda.
Rua do Orfanato Empr Imob Spe Ltda.
Salermo Empreend Imob Ltda.
Sao Goncalo Empreend Imob Ltda.
Sapucainha Empreend Imob Ltda.
Saracura - Invest Imob Ltda.
Seller Consultoria Imob e Represent Ltda.
Sevilha Empreend Imob Ltda.
(ii)
(ii)
Equity interest - %
09/2014
12/2013
Total
Direct
Total
Direct
Equity
09/2014 12/2013
Profit (loss)
for the period
09/2014 09/2013
70.00
50.00
70.00
50.00
74.51
99.99
99.99
99.99
99.99
100.00
99.99
99.99
90.00
99.99
100.00
99.99
65.35
100.00
99.99
100.00
100.00
100.00
78.99
91.59
91.59
99.99
69.99
80.00
48.89
99.99
80.00
99.99
99.99
100.00
99.99
99.99
100.00
626
10
9,910
18,850
25,844
9
29,336
12,771
6
20,158
2
8
5,220
16,436
5,046
105,426
3,172
107,854
2
15,859
5
5,019
351,658
84,990
2
254
5,569
13,066
2,414
31,423
1,332
3
3
2,456
108
20,689
6,084
1,447
4,250
11,231
(25)
(1)
19,293
5,243
(1)
(209)
(406)
(1)
139
(311)
(13,166)
24,861
1,933
(1)
2,771
(1)
(1)
54,185
39,106
(1)
(7)
2,696
3,808
(507)
(730)
(28)
(1)
(1)
135
(23,928)
1,986
40.00
0.01
40.00
0.01
50.00
99.99
99.99
99.99
99.99
99.99
90.00
99.99
99.99
65.35
99.99
99.99
99.99
99.99
99.99
78.99
60.00
60.00
99.99
69.99
80.00
39.99
99.99
80.00
99.99
99.99
99.99
99.99
99.99
99.99
70.00
50.00
70.00
50.00
74.51
99.99
99.99
99.99
99.99
99.99
99.99
99.99
90.00
99.99
100.00
99.99
65.35
100.00
99.99
100.00
100.00
99.99
78.99
91.59
91.59
99.99
69.99
80.00
48.89
99.99
80.00
99.99
99.99
100.00
99.99
99.99
100.00
40.00
0.01
40.00
0.01
50.00
99.99
99.99
99.99
99.99
99.99
90.00
99.99
99.99
65.35
99.99
99.99
99.99
99.99
99.99
78.99
60.00
60.00
99.99
69.99
80.00
39.99
99.99
80.00
99.99
99.99
99.99
99.99
99.99
99.99
12,934
10
19,029
54,687
24,259
9
48,754
28,341
7
11
335
9
5,082
13,849
23,292
119,657
3,172
109,521
1
17,857
2
(18)
300,233
45,884
3
151
13,574
9,257
2,921
12,768
1,360
4
4
2,442
2,873
26,207
4,698
Investment
09/2014 12/2013
11,733
250
(26)
16,350
3,965
20,205
3
(34) 12,922
(2)
9
20,560
11,317
(3)
5
(1) 20,156
(1)
2
(2)
8
50
4,698
(3) 16,434
259
5,046
55,342
(1)
2,073
(2,783) 107,854
2
3,689
15,859
5
(104)
5,019
53,878 277,777
3,251
50,993
7
2
(1)
254
(1,101)
3,898
18,568
10,453
1,037
965
(2) 31,422
596
1,066
(1)
3
(1)
3
(2,345)
2,456
4,702
108
(19,649) 20,688
795
6,084
5,173
7,612
3
12,130
10
6
11
334
9
4,573
13,848
23,292
2,073
109,522
17,859
1
237,233
27,530
8
151
9,501
7,406
1,168
12,768
1,088
4
3
2,442
2,873
26,206
4,698
Equity pick-up
09/2014 09/2013
579
1,700
1
(13)
(1)
(1)
(208)
(405)
(1)
125
(311)
(13,165)
1,933
(1)
2,771
(1)
(1)
42,725
23,463
(7)
1,887
3,047
(203)
(730)
(22)
(1)
(1)
135
(23,928)
1,986
4,693
6,540
(17)
(2)
20,560
11,317
(3)
(1)
(1)
(2)
45
(3)
259
55,342
(1)
(2,783)
3,689
(104)
42,137
1,951
4
(1)
(770)
14,854
415
(2)
477
(1)
(1)
(2,345)
4,702
(19,649)
795
58
59
Sk Edson Empreend Imob Spe Ltda.
Sk Realty Empreend Imob S.A.
Spe Brasil Incorp 2 Ltda.
Spe Goiania Incorp 5 S.A.
Spe Mg 01 Empreend Imob Ltda.
Suriname Empreend Imob Ltda.
Tal de Invest Imob Ltda.
Tal Empreend Imob Ltda.
Tal Portfolio Invest e Particip Ltda.
Tapira Empreend Imob Ltda.
Unique de Invest Imob Ltda.
Vereda Paraiso Empreend Imob Ltda.
Vinson Empreendimentos Imob. Ltda.
(iv)
(iv)
(iv)
(ii)
Equity interest - %
09/2014
12/2013
Total
Direct
Total
Direct
Equity
09/2014 12/2013
65.00
50.00
63.00
70.00
70.00
70.00
70.00
75.91
100.00
100.00
100.00
24.75
96.48
57.44
69.51
25,135
19,405
130,602 128,936
1,470
3,943
2,073
2,642
(6)
2
2
79,763
96,805
1,430
1,584
(2,319) (2,123)
2
2
23,369
20,235
262
266
8,233
7,982
85,702
78,816
30.00
50.00
63.00
70.00
70.00
70.00
70.00
56.00
99.99
99.99
99.99
24.75
45.93
10.00
45.00
65.00
50.00
63.00
70.00
75.91
100.00
100.00
100.00
13.00
96.48
57.44
69.51
30.00
50.00
63.00
70.00
56.00
99.99
99.99
99.99
13.00
45.93
10.00
45.00
Profit (loss)
for the period
09/2014 09/2013
7,731
27,024
292
231
(6)
2
2
58,756
(153)
1,604
34
(5)
116
(115)
6,646
35,531
1,189
279
65,814
(84)
(751)
(2)
9
149
45
9
Investment
09/2014 12/2013
7,540
65,090
926
1,451
1
1
44,667
1,430
2
5,785
122
823
38,566
5,821
64,461
2,484
1,849
54,211
1,583
2
2,632
123
798
35,468
Equity pick-up
09/2014 09/2013
2,319
13,308
184
162
(5)
1
1
32,903
(153)
1,604
9
(1)
12
(52)
1,994
17,766
749
195
36,856
(84)
(751)
(2)
69
5
4
60
61
Equity interest - %
09/2014
12/2013
Total
Direct
Total
Direct
Companies under common
control or associated entities
Agin Vergueiro Empreend Imob Spe Ltda.
Agra Cyrela Spe Ltda.
Aldeia da Colina Empreend Imob Spe Ltda.
Alpen Haus Desenv Imob S.A.
Alpen Haus Negocios Imob S.A.
Arizona Invest Imob Ltda.
Austria Incorporadora Ltda.
C.E.A. Empreend Imob Spe Ltda.
Cabo Frio Incorporadora Ltda.
Camargo Correa Cyrela Empr Im Spe Ltda.
Carlos Petit Empreend Imob Ltda.
Cbr 005 Emp. Imob.
Cipasa Santa Maria Empreend Imob S.A.
City Parque Morumbi Spe S.A.
Costa Maggiore Empreend Imob Ltda.
Cury Construtora e Incorp S.A.
Cyrela Commercial Properties S.A. Empreend e
Participações
Cyrela Gafisa Spe Ltda.
Cyrela Japao Empreend Imob Spe Ltda.
Cyrela Lirio
Cyrela Magik Tecnisa Empr Imob Spe Ltda.
Cyrela Malasia Empreend Imob Ltda.
Cyrela Minas Empreend Imob Spe Ltda.
Cyrela Nazca Empreend Imob Ltda.
Cyrela Oceania Empreend Imob Ltda.
Cyrela Tecnisa de Invest Imob Ltda.
Cyrela Tecnisa Klabin Segall Ei Spe Ltda.
Cyrela Tolteca Empreend Imob Ltda.
Cyrsa S.A.
Estrada Rodrigues Caldas E. I. Spe Ltda.
Fazenda Sao Joao Empreend Imob Spe Ltda.
Forest Hill de Invest Imob Ltda.
Gliese Incorporadora Ltda.
(iii)
(ii)
Equity
09/2014 12/2013
Profit (loss)
for the period
09/2014 09/2013
38.59
46.49
59.99
24.00
24.00
50.00
50.00
50.00
50.00
50.00
50.00
32.50
50.00
50.00
50.00
50.00
38.59
25.00
59.99
24.00
24.00
50.00
50.00
50.00
50.00
50.00
50.00
32.50
50.00
50.00
50.00
50.00
38.59
46.49
59.99
24.00
24.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
32.50
50.00
50.00
50.00
50.00
38.59
25.00
59.99
24.00
24.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
32.50
50.00
50.00
50.00
50.00
7,362
1,820
4,441
786
3,091
23,022
19,057
5,316
34,010
8,854
4,325
176,726
19,559
2,494
13,167
373,102
7,331
2,084
11,431
803
3,305
45,513
5,769
33,729
8,596
4,325
53,673
16,166
7,116
15,612
294,477
31
(264)
2
(219)
1,475
(339)
517
(132)
19
54,725
3,393
(4,622)
1,305
79,945
1.27
46.49
80.00
100.00
36.67
90.00
50.00
80.00
60.00
49.99
32.44
60.00
50.00
90.00
84.99
49.44
57.53
1.27
25.00
80.00
100.00
30.00
90.00
50.00
80.00
60.00
49.99
20.00
60.00
50.00
90.00
84.99
25.00
57.53
1.27
46.49
80.00
50.00
36.67
90.00
50.00
80.00
60.00
49.99
32.44
60.00
50.00
90.00
84.99
49.44
57.53
1.27
25.00
80.00
50.00
30.00
90.00
50.00
80.00
60.00
49.99
20.00
60.00
50.00
90.00
84.99
25.00
57.53
788,819
976
45
2
851
72,937
753
3,400
4,735
3,197
8,014
13,368
125,220
4,114
23,133
2,365
46,562
945,118
1,678
1,667
2
1,907
101,622
2,605
2,803
5,778
6,123
7,968
8,866
115,757
18,127
23,084
2,366
45,874
87,480
199
(22)
(56)
(9,472)
(452)
(206)
257
13
46
4,496
7,289
987
(22)
(1)
688
Investment
09/2014 12/2013
433
2,842
192
455
4,650
2,664
74
189
(304)
743
2,149
11,511
9,529
699
2,659
17,005
5
4,427
(1)
2,163
1,311
57,437
6,904
9,778
(30)
1,247
3,205
6,584
41,581 186,661
124,567
463
1,240
(2)
(579)
(6,653)
95
(1)
873
511
926
5,137
5,405
2,680
(2)
(2)
1,678
10,018
244
36
1
255
65,643
376
2,720
2,841
1,599
1,603
8,021
62,610
3,702
19,664
592
26,790
Equity pick-up
09/2014 09/2013
2,830
521
6,859
193
796
22,757
2,885
16,865
4,299
2,156
17,444
8,082
3,558
7,806
123,413
12
(66)
1
(53)
737
(170)
259
(66)
9
17,786
1,696
(2,311)
653
51,972
167
48
2,790
18
(73)
1,075
349
3
(1)
655
54
3,452
(15)
1,602
20,821
12,003
419
1,333
1
572
91,459
1,302
2,243
3,467
3,061
1,594
5,319
57,878
16,314
19,621
592
26,394
1,111
50
(17)
(17)
(8,525)
(226)
(165)
154
7
9
2,698
3,645
888
(18)
396
1,582
116
992
(1)
(174)
(5,987)
48
(1)
524
255
185
3,082
2,702
2,412
(2)
(1)
965
62
63
Equity interest - %
09/2014
12/2013
Total
Direct
Total
Direct
Guaruba Empreend Imob Spe Ltda.
Jaguariuna Empreend Imob Ltda.
Klabin Segallcyrela Spe Ltda.
Le Parc Empreend Imob S.A.
Lucio Brazil Real Estate S.A.
Magnum Invest Imob Ltda.
Marina Crespi Empreend Imob Spe Ltda.
Marques de Itu Spe Empreend Imob Ltda.
Marquise Empreend Imob Spe Ltda.
Moinho Velho Empreend Imob Spe Ltda.
Nepal Empreend Imob Ltda.
Nova Vila Guilherme Empr Imob Spe Ltda.
Parque Turiassu Empreend Imob Spe Ltda.
Plarcon Cyrela Empreend Imob Spe Ltda.
Prologis Ccp 9
Queiroz Galvao Cyrela Empr Imob S.A.
Queiroz Galvao Mac Cyrela Veneza e I S.A.
Reserva Casa Grande Empreend Imob Ltda.
Rouxinol Salvador Alende Empr Imob Ltda.
Savona Empreend Imob Spe Ltda.
Scp Isla
Slk Empreend Imob Spe S.A.
Sociedade Residencial Gran Bueno Ltda.
Spe Brasil Incorporação 7 Ltda.
Spe Faicalville Incorp 1 Ltda.
Spe Faiçalville Incorporação 2 Ltda.
(ii)
(iv)
60.00
50.00
37.97
49.97
30.00
100.00
50.00
100.00
50.00
90.00
50.00
39.99
50.00
17.80
38.63
30.00
50.00
50.00
50.00
50.00
29.99
70.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
60.00
50.00
20.75
49.97
30.00
100.00
50.00
100.00
50.00
90.00
50.00
39.99
50.00
17.80
32.00
15.00
50.00
50.00
50.00
50.00
29.99
70.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
-
60.00
50.00
37.97
49.97
30.00
100.00
50.00
100.00
50.00
90.00
50.00
39.99
50.00
17.80
38.63
30.00
99.99
50.00
50.00
50.00
29.99
70.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
-
60.00
50.00
20.75
49.97
30.00
100.00
50.00
100.00
50.00
90.00
50.00
39.99
50.00
17.80
32.00
15.00
99.99
50.00
50.00
50.00
29.99
70.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
-
Equity
09/2014 12/2013
6,446
11,527
1,442
44,145
4,110
(1)
6,359
13
5,837
14,922
72
1,372
5,292
1,285
395
40,249
1,421
39,105
23,311
19,797
2,821
1,601
2,680
17,338
24,141
11,263
5,360
53
20,555
1,868
6,623
24,108
1,562
11,529
26,552
4,212
55,223
4,012
(1)
6,359
13
5,440
12,516
1,489
1,566
35,715
400
58,664
9
40,259
15,431
51,686
5,874
1,999
10,460
20,888
23,942
9,527
2,783
53
15,703
11,918
6,219
19,482
-
Profit (loss)
for the period
09/2014 09/2013
(488)
(7,876)
403
4,644
98
(64)
(3,848)
(1,417)
1,556
(12,673)
40
(5)
1,584
(1)
1,911
7,880
4,279
6,072
132
260
(950)
(12)
1,736
3,577
(1)
4,852
696
(96)
4,626
(101)
(1,364)
(1,289)
198
9,221
(173)
(625)
(1)
(1)
(3)
(2,643)
(54)
169
(27,569)
(3,554)
162
8,936
155
8,460
4,686
(29)
(123)
1,357
(2,100)
7,209
2,030
(887)
3,957
-
Investment
09/2014 12/2013
3,868
5,763
300
22,247
1,232
3,179
13
2,919
13,431
36
548
2,646
227
126
6,038
711
19,554
11,655
9,939
845
1,122
1,340
8,669
12,070
5,631
2,681
27
10,277
934
3,312
12,054
781
6,918
13,276
875
27,595
1,203
3,179
6
2,720
11,265
745
631
17,857
128
8,800
9
20,130
7,715
26,123
1,762
1,399
5,230
10,444
11,971
4,763
1,392
27
7,852
5,959
3,110
9,741
-
Equity pick-up
09/2014 09/2013
(293)
(3,938)
84
2,509
29
(32)
(3,463)
(709)
622
(6,336)
7
(2)
238
956
3,940
1,900
1,821
94
130
(475)
(6)
868
1,789
2,426
348
(48)
2,313
(50)
(818)
(644)
41
(765)
4,608
(52)
(625)
(1)
(2)
(2,379)
(27)
54
(4,135)
(1,777)
81
4,468
109
4,230
2,343
(14)
(61)
679
(1,050)
3,605
1,015
(443)
1,979
-
64
65
Equity interest - %
09/2014
12/2013
Total
Direct
Total
Direct
Tamoios Empreend Imob Spe Ltda.
Tibirica Empreend Imob Ltda.
Toulon Empreend Imob Spe Ltda.
Vix One Empreend Imob Spe Ltda.
Capitalized interest
59.99
50.00
90.00
64.99
59.99
50.00
90.00
64.99
59.99
50.00
90.00
64.99
59.99
50.00
90.00
64.99
(i)
Equity
09/2014 12/2013
16,245
757
26,413
5,220
25,417
5
25,952
18,444
Profit (loss)
for the period
09/2014 09/2013
(5,236)
21
(121)
(1,433)
(1,727)
599
(28)
1,818
Investment
09/2014 12/2013
Equity pick-up
09/2014 09/2013
9,746
15,250 (3,142) (1,036)
378
2
10
299
23,772
23,357
(109)
(25)
3,393
11,988
(931)
1,182
6,085,093 6,579,462 797,748 804,905
90,187
99,823 (34,414) (26,819)
6,175,280 6,679,285 763,334
(i)
778,086
The Company’s investments include capitalized interest on borrowings, financing and debentures that are directly related to the real estate projects of the its investees. In consolidated
these amounts are capitalized in inventories, as explained in note 6.
(ii) Change due to the increase/decrease in equity interests.
(iii) Refers to the sale of equity interest in the company.
(iv) Refers to the establishment of new companies that currently do not have projects in progress.
66
67
a) Changes in Company investments are as follows:
Company Consolidated
Balance at December 31, 2012
Capital subscription (decrease)
Dividends
Equity pick-up
Balance at September 30, 2013
7,138,934
(12,426)
(854,254)
778,086
12,640
7,062,980
665,329
8,140
(38,904)
49,163
683,728
Capital subscription (decrease)
Dividends
Equity pick-up
6,679,285
(958,139)
(299,563)
763,334
(9,637)
6,175,280
708,087
21,784
(61,610)
70,992
739,253
b) The main information on the Company´s indirect investments is summarized as follows:
Equity interest -%
09/2014 12/2013
Abdo Empreend Imob Ltda.
Access Consultoria Imob Ltda.
Agcc Empreend Imob Ltda.
Alabama Empreendimentos Imob. Ltda.
Alexandria Empreend Imob Ltda.
Andorra Empreend Imob Ltda.
Australia Empreeendimentos Imob Ltda.
Batel Empreend Imob Ltda.
Belgica Empreend Imob Ltda.
Betabens Adm de Bens Ltda.
Bhutan Empreendimentos Imob. Ltda.
Brigadeiro Galvao Empreend Imob Spe
Ltda.
Campos Sales Empreend. Imob. Ltda.
Carlos Gomes Square Empreend Imob Ltda.
Ccp Canela
Chapeuzinho Vermelho Ltda.
Chiachiaretta Empreend Imob Ltda.
Cotia Empreend Imob Ltda.
Cupertino Empreendimentos Imob. Ltda.
Curupaiti Empreend Imob Spe Ltda.
Cy Qg-Terra Enc. e. Im. Ltda.
Cyrela Andrade Mendonca Jcpm e I Spe
S.A.
Cyrela China Empreend Imob Ltda.
Cyrela Cuzco Empreend Imob Ltda.
Cyrela Diamante
Cyrela Invest e Particip Ltda.
Cyrela Mac Everest Empr Imob Spe Ltda.
Cyrela Mexico Empreend Imob Ltda.
Cyrela Palermo Empreend Imob Ltda.
99.99
49.99
99.99
49.02
49.99
79.99
100.00
94.99
99.99
79.99
49.99
49.95
(ii)
39.99
66.99
99.99
99.99
99.99
50.00
74.99
79.99
100.00
49.99
49.99
50.00
85.00
99.99
99.99
51.02
99.99
99.99
54.09
99.99
99.99
99.99
Equity
09/2014 12/2013
Profit (loss)
for the period
09/2014 09/2013
99.99
49.99
99.99
49.02
49.99
79.99
100.00
94.99
99.99
79.99
49.99
20,366
716
630
11,059
(126)
37,175
99,443
18,040
2,299
(37)
10
18,710
1,869
421
9,374
(47)
23,494
264,140
14,868
19,619
263
10
16
(1,153)
224
(1,185)
(120)
(1,743)
(32,696)
3,172
(1,321)
(1)
-
(115)
930
407
(42)
313
(824)
5,820
7,848
2,789
(80)
-
49.95
39.99
66.99
99.99
99.99
99.99
50.00
74.99
79.99
100.00
49.99
49.99
-
(589)
21,107
662
(342)
314
42,882
30,249
4
25,224
12,042
13
1,522
8,428
(224)
16,729
1,379
(3)
227
8,207
15,147
6
50,741
12,728
13
2,796
-
(365)
4,378
(717)
(449)
(44)
25,506
(115)
(1)
(1,517)
(686)
(1,274)
-
127
938
(1,520)
(318)
(30)
(717)
(38)
(2)
892
(359)
(1)
3,358
-
85.00
99.99
99.99
51.02
99.99
99.99
54.09
99.99
99.99
99.99
43,927
12,935
(15,140)
36,673
(1,938)
9,156
86
67,948
17,251
45,424
36,534
23,832
(13,299)
11,837
(1,326)
17,008
298
76,072
43,184
57,046
(11,915)
(6,647)
(2,087)
34,836
(612)
6,806
(207)
11,227
1,811
25,448
740
468
(670)
9,859
(552)
21
19,712
10,245
-
68
Equity interest -%
09/2014 12/2013
Cyrela Rjz Gulf Empreend Imob Ltda.
Cyrela Somerset de Invest Imob Ltda.
Cyrela Sul 001 Empreend Imob Spe Ltda.
Cyrela Tupiza Empreend Imob Ltda.
Cyte Magik Empreend Imob Ltda.
Cytec Empreend Imob Ltda.
Decor Paraiso Empreend Imob Ltda.
Dgc Agua Verde Ltda.
Dgc Ana Garibaldi Ltda.
Dgc Campo Comprido Ltda.
Dgc Ecoville Dois Ltda.
Dgc Ecoville Ltda.
Dgc João Gualberto Ltda.
Dgc Living Parana Empree Imob Ltda.
Dgc Map Parana Empreend Imob Ltda.
Dgc Paulo Gorski Ltda.
Dgc Pinheirinho Empreend Imob Ltda.
Dgc Pugsley Ltda.
Dgc Santa Quiteria Ltda.
Dgc Santa Quiteria Tres Ltda.
Dgc Uberaba Ltda.
Dgc Vivare Ltda.
Dgc West Side Ltda.
Dover Empreendimentos Imob. Ltda.
Ephigenio Sales Empreend Imob Spe Ltda.
Fabia Empreend Imob Spe Ltda.
Farroupilha Empreend Imob S.A.
Fernao Dias Empreend Imob Spe Ltda.
Francisco Leitão Empreend Imob Spe Ltda.
Garibaldi Empreend Imob Ltda.
Gcln Incorp e Empreend Ltda.
Gcm Empreend Imob Ltda.
Gcw Capao da Canoa Emp. Imob. Ltda.
Gcw Wangri-La Urbanismo Ltda.
Global Park Residencial Empr Imob Ltda.
Goldsztein Cyrela Scp Nh
Himalaia Empreend Imob Ltda.
Horizons Empreend Imob Ltda.
Jardim Acropole Empreend Imob
Jardim Leao Empr Imob Ltda.
Jardim Loureiro da Silva Empreend. Imob.
Ltda.
Jardim Real Empreend Imob Ltda.
Jardim Sul Incorp Ltda.
Kilimanjaro Empreendimentos Imob. Ltda.
Koby Adm de Bens Ltda.
Liubliana Empreend Imob Ltda.
Living 001 Empreend Imob Ltda.
69
(ii)
(ii)
(ii)
(ii)
(i)
(i)
(iii)
99.99
77.96
82.99
92.50
92.50
92.49
92.50
92.49
92.50
99.99
60.00
99.99
48.25
94.99
94.99
94.99
79.99
99.99
94.99
94.99
94.99
94.99
94.99
99.99
79.99
94.99
79.99
99.98
94.99
49.02
32.50
99.99
99.99
49.99
99.99
79.99
49.99
59.99
59.99
99.99
89.99
99.99
89.99
99.99
99.99
64.99
99.99
9.99
49.99
78.98
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
Equity
09/2014 12/2013
Profit (loss)
for the period
09/2014 09/2013
99.99
77.96
82.99
99.99
99.99
99.99
60.00
99.99
48.25
94.99
94.99
94.99
79.99
99.99
94.99
94.99
94.99
94.99
94.99
99.99
79.99
94.99
79.99
99.98
94.99
49.02
89.99
32.50
99.99
99.99
49.99
99.99
79.99
49.99
59.99
59.99
99.99
89.99
99.99
89.99
99.99
99.99
126,587
2,411
47,835
25,712
6,081
10,351
11,606
985
6,826
19,937
7,687
36,299
10,104
59,254
2,013
5,082
12,064
26,570
7,790
5,417
8,679
28,934
554
771
17,646
268
11,223
13,984
195
33,113
4,437
11,838
29,702
32,220
3,202
13,938
12,178
(1,109)
(40)
677
4,456
9,847
29,948
187,984
5,263
64,506
119
1,782
37,078
14,423
78,226
17,769
64,416
4,179
15,488
6,053
28
22,206
12,195
4,589
3,960
29,370
715
1,000
26,250
368
28,213
21,122
8,729
962
24,397
9,910
9,559
14,916
34,035
4,358
12,048
13,646
4,953
508
1,134
3,699
26,265
25,592
71,603
(1,353)
16,330
(192)
(3)
(2)
(10)
(13)
(36)
227
2,366
2,579
10,065
(181)
1,733
(1,081)
806
(43)
4,364
2,529
(118)
(1,611)
(436)
(161)
(229)
(2,356)
(101)
(8)
(529)
3,739
(67)
13,094
(1,973)
2,279
(182)
(1,815)
243
(233)
655
(2,001)
(548)
43
757
(236)
3,472
440
20,193
(22)
(12)
8,185
5,094
16,505
3,729
9,769
363
(2,225)
1,521
(255)
2,737
1,361
(5)
1,251
9,514
(207)
(167)
3,595
(469)
(19)
149
(297)
(20)
(6)
11,167
3,943
3,934
10
4,319
268
(12)
733
1,565
(128)
(39)
(1,472)
228
1,642
64.99
99.99
9.99
49.99
78.98
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
13,166
7,779
2,132
10
173
2
1
889
532
12,401
1
8,163
21
1
164
10,995
12,031
3,043
10
38
3
-
2,171
492
(911)
(41)
(1)
(1)
(1)
(94)
(1)
(192)
(1)
(1)
(82)
(599)
(2,280)
1,098
123
-
Equity interest -%
09/2014 12/2013
Living Abaete Empreend Imob Ltda.
Living Afenas Empreend Imob Ltda.
Living Amoreira Empreend Imob Ltda.
Living Amparo Empreend Imob Ltda.
Living Andino Empreend Imob Ltda.
Living Andradas Empreend Imob Ltda.
Living Apiai Empreend Imob Ltda.
Living Araraquara Empreend Imob Ltda.
Living Araxa Empreend Imob Ltda.
Living Batatais Empreend Imob Ltda.
Living Batbacena Empreend Imob Ltda.
Living Betim Empreend Imob Ltda.
Living Brotas Empreend Imob Ltda.
Living Bucareste Empreend Imob Ltda.
Living Cabreuva Emp. Imob Ltda.
Living Cacoal Empreend Imob Ltda.
Living Caete Empreend Imob Ltda.
Living Cajamar Empreend Imob Ltda.
Living Cambui Empreend Imob Ltda.
Living Cantagalo Empreend Imob Ltda.
Living Capivari Empreend Imob Ltda.
Living Carita Empreend Imob Ltda.
Living Cedro Empreend Imob Ltda.
Living Cerejeira Emp. Imob Ltda.
Living Colombo Empreend Imob Ltda.
Living Construtora Ltda.
Living Eucalipto Emp. Imob. Ltda.
Living Figueira Emp. Imob Ltda.
Living Indiana Empreend Imob Ltda.
Living Ipe Emp. Imob. Ltda.
Living Itatiba Empreend Imob Ltda.
Living Jacaranda Emp Imob Ltda.
Living Laranjal Empreend Imob Ltda.
Living Limeira Empreend Imob Ltda.
Living Loreto Empreend Imob Ltda.
Living Marilia Empreend Imob Ltda.
Living Martini Empreend Imob Ltda.
Living Munhoz Empreend Imob Ltda.
Living Nazare Empreend Imob Ltda.
Living Ourinhos Empreend Imob Ltda.
Living Paineiras Empreend Imob Ltda.
Living Panama Empreend Imob Ltda.
Living Pessego Empreend Imob Ltda.
Living Pirassununga Empr Imob Ltda.
Living Piratininga Empreend Imob Ltda.
Living Pisco Empreend Imob Ltda.
Living Pitangui Empreend Imob Ltda.
Living Prados Empreend Imob Ltda.
Living Provance Empreend Imob Ltda.
Living Ravelo Empreend Imob Ltda.
Living Resende Empreend Imob Ltda.
Living Ribeirao Empreend Imob Ltda.
Living Sabara Empreend Imob Ltda.
Living Sabino Empreend Imob Ltda.
Living Salazares Empreend Imob Ltda.
Living Salete Empreend Imob Ltda.
Living Salinas Empreend Imob Ltda.
Living Sarutaia Empreend Imob Ltda.
Living Savana Empreend Imob Ltda.
Living Sul Empreendimentos Imob Ltda.
Living Tallinn Empreend Imob Ltda.
(i)
(i)
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
78.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
49.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
89.49
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
89.49
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
Equity
09/2014 12/2013
66
3,983
29,469
3,419
25,196
1
72,013
267
32
14,680
12,425
14
7,773
2
1,033
8
132
4
2,189
33
35
6,673
8,217
2
74
3,339
332
62
2,013
4,499
(1)
10,536
16,652
6
3
4,589
9,225
28,609
12,663
3
125,645
2
8,798
9
85
9,236
6,044
2,462
1
9,125
(29)
36
1,520
982
3
162
185,447
495
11,615
14,439
1,894
8,735
1
5
77,116
7
34
18,861
6,407
134
7,765
3
812
9
711
4
2,187
1
100
8,450
938
3
45
6,733
251
62
6,402
3,842
(1)
7,488
3
9
1
2,432
127
18,061
11,501
5
232,347
3
6,069
418
9
7,877
9
1,822
2,880
3
239
3
16
321
77
979
2
34
184,914
9
Profit (loss)
for the period
09/2014 09/2013
(66)
3,973
15,640
(271)
(2,615)
(1)
(3)
31,897
(155)
(2)
(982)
7,998
(120)
(97)
(1)
(19)
(1)
(579)
(3)
(114)
(65)
(1,779)
7,273
(1)
(1)
(11,409)
1
3,995
1,358
(3)
4,380
(61)
(3)
(1)
(1)
2,557
(206)
10,778
(156)
(2)
52,888
(1)
5,230
2
(9)
(2,573)
(8)
(23)
(443)
(2)
(314)
(32)
20
(53)
(77)
2
(2)
(57)
12,661
(184)
9,326
1,000
(320)
(81)
(31)
22,530
(2)
(3)
(1,845)
(2,614)
(63)
(845)
(242)
3
(1)
(4)
(3)
(389)
(63)
(1,051)
(2)
(1)
(12,759)
(1)
1
872
(387)
(3)
(375)
(4)
(3)
(850)
(2)
2,837
(2)
(4)
45,435
414
(170)
(1,085)
(11)
(4)
(17)
(3)
(56)
(3)
(679)
(13)
3
(2)
13,967
-
70
Equity interest -%
09/2014 12/2013
Living Tatui Empreend Imob Ltda.
Living Tupi Empreend Imob Ltda.
Living Uberaba Empreend Imob Ltda.
Lorena Empreend Imob Spe Ltda.
Mac 11 de Junho Empreend Imob Ltda.
Mac Aclimação Empreend Imob Ltda.
Mac Aconcagua Empreend Imob Ltda.
Mac Apolo 11 Empreend Imob Ltda.
Mac Arizona Empreendimentos Imob. Ltda.
Mac Atari 72 Empreend Imob Ltda.
Mac Australia Empreend Imob Ltda.
Mac Barcelona Empreend Imob Ltda.
Mac Brasil Empreend Imob Ltda.
Mac Celular 73 Empreend Imob Ltda.
Mac Chile Empreend Imob Ltda.
Mac Concorde 69 Empreend Imob Ltda.
Mac Construção Civil Ltda.
Mac Continental Empreend Imob Ltda.
Mac Empreend Imob Ltda. - Scp Investi
Mac Hendrix 70 Empreend Imob Ltda.
Mac Incorporadora Ltda.
Mac Intel 71 Empreend Imob Ltda.
Mac Invest e Particip Ltda.
Mac Irlanda Empreend Imob Ltda.
Mac Java Empreend Imob Ltda.
Mac Londres Empreend Imob Ltda.
Mac Luna Empreend Imob Ltda.
Mac Madri Empreend Imob Ltda.
Mac Massachusetts Empreed Imob Ltda.
Mac Miami Empreend Imob Ltda.
Mac Milao Empreend Imob Ltda.
Mac Monaco Empreend Imob Ltda.
Mac Nova York Empreend Imob Ltda.
Mac Nova Zelandia Empreend Imob Ltda.
Mac Otacilio Empreend Imob Ltda.
Mac Paris Empreend Imob Ltda.
Mac Pionner-4 Empreed Imob Ltda.
Mac Ranger-7 Empreed Imob Ltda.
Mac Rio das Pedras Empreend Imob Ltda.
Mac Roma Empreend Imob Ltda.
Mac Santiago Empreend Imob Ltda.
Mac Souza Barros Empreend Imob Ltda.
Mac Texas Empreendimentos Imob. Ltda.
Mac Uruguai Empreend Imob Ltda.
Mac Zond-6 Empreed Imob Ltda.
Madison Propriedades Imobs Ltda.
Marica Empreend Imob Ltda.
Matheo Empreend Imob Ltda.
Mdr Serviços de Cobrança Ltda.
Medan Empreend Imob Ltda.
Megc Empreend Imob Ltda.
Mesopotamia Empreend Imob Spe S.A.
Miralta Empreend Imob Spe Ltda.
Monte Alegre Empreend Imob Ltda.
Paraba Invest e Particip Ltda.
Pascal 1777 Empreend Imob Spe Ltda.
Peniche Empreend Imob Ltda.
Pirapitingui Empreend Imob Ltda.
Plano Angelim Empreend Imob Ltda.
71
(ii)
(ii)
(ii)
(ii)
(ii)
(ii)
99.99
99.99
99.99
49.99
49.44
49.99
49.99
49.99
49.99
49.95
49.44
49.44
49.99
49.95
49.99
49.95
49.99
49.99
48.00
49.95
24.99
49.95
49.99
49.99
49.99
49.99
49.99
49.44
49.99
45.29
49.44
48.24
49.44
49.44
49.99
49.99
49.99
49.99
49.99
49.99
49.99
40.00
49.02
47.99
49.99
99.99
99.99
99.99
99.99
99.99
49.99
99.99
49.99
84.99
54.58
99.98
99.99
21.42
49.99
99.99
49.99
78.99
99.99
99.99
99.99
49.99
49.45
49.99
49.99
49.99
49.99
49.45
49.44
49.99
49.99
49.99
49.99
48.00
24.99
49.99
49.99
49.99
49.99
49.99
49.45
49.99
45.30
49.45
48.25
49.45
49.45
49.99
49.99
49.99
49.99
49.99
49.99
49.99
40.00
49.02
48.00
49.99
99.99
99.99
99.99
99.99
99.99
49.99
99.99
84.99
54.58
99.98
99.99
21.42
49.99
99.99
49.99
78.99
Equity
09/2014 12/2013
5
46
4
11,104
25,481
54
14
85
98
(2)
12,297
15,373
(62)
9
(42)
(1)
(231)
(329)
11,271
(1)
8
(1,545)
(98)
17
(64)
4
6,519
13,601
14,153
9,280
10,285
8,833
13,035
13,460
1
10,035
7
25,106
23,594
6
8,571
19,356
11,268
7
11,953
29,336
12,771
333
3,645
(49)
8
2,863
146
989
137
105,426
1,910
17,731
(645)
5,600
166
7
951
6
11,451
20,645
54
36
10
3
32,506
10,084
(62)
43
(351)
335
10,683
(1,385)
883
42
69
41
15,568
22
4,332
9,471
15,246
1,081
5,167
14,131
99
7
15,125
21,664
1,065
2,786
12,624
10,680
7
7,627
48,754
28,341
332
3,363
101
9
4,999
2,170
2,158
119,657
2,480
10,089
6,946
5,200
10
Profit (loss)
for the period
09/2014 09/2013
(2)
(905)
(2)
(477)
7,836
(32)
(9)
(1)
(2)
10,298
(905)
(1)
(43)
(1)
(905)
(330)
4,231
(1)
(2)
(413)
1,019
(25)
(65)
(95)
4,964
(84)
9,821
(821)
7,699
7,752
7,868
7,971
(2)
(70)
9,981
(110)
(67)
6,443
(18)
4,231
2,490
19,293
5,243
282
(180)
(1)
6
(1,853)
42
10
24,861
191
7,643
(1,291)
6,748
(1)
(2)
(60)
(3)
(435)
8,808
(2)
(1)
(2)
(1)
14,132
416
7
(1,149)
3,892
(6)
415
6,231
(2)
(1)
3,227
(3)
2,531
(190)
9,192
4,487
2,925
7,174
(3)
(3)
6,772
(1)
34
1,409
(44)
3,892
(3)
1,061
(2)
782
(1,579)
47
95
341
4,753
1,673
7,345
-
Equity interest -%
09/2014 12/2013
Plano Araucaria Empreend Imob Ltda.
Plano Aroeira Empreend Imob Ltda.
Plano Cabreuva Empreend Imob Ltda.
Plano Cambara Empreend Imob Ltda.
Plano Cambui Empreend Imob Ltda.
Plano Carvalho Empreend Imob Ltda.
Plano Cedro Empreend Imob Ltda.
Plano Cerejeiras Empreend Imob Ltda.
Plano Coqueiro Empreend Imob Ltda.
Plano Eucalipto Empreend. Imob Ltda.
Plano Figueira Empreend Imob Ltda.
Plano Flambouyant Empreend Imob Ltda.
Plano Guapira Empreend Imob Ltda.
Plano Guarita Empreend Imob Ltda.
Plano Ipe Empreend Imob Ltda.
Plano Jacaranda Empreend Imob Ltda.
Plano Jatoba Empreend Imob Ltda.
Plano Jequitiba Empreend Imob Ltda.
Plano Laranjeira Empreend Imob Ltda.
Plano Limeira Empreend Imob Ltda.
Plano Limoeiro Empreend Imob Ltda.
Plano Macieira Empreend Imob Ltda.
Plano Magnolia Empreend Imob Ltda.
Plano Manaca Empreend Imob Ltda.
Plano Mangueira Empreend Imob Ltda.
Plano Mogno Empreend Imob Ltda.
Plano Paineira Empreend Imob Ltda.
Plano Palmeiras Empreend Imob Ltda.
Plano Peroba Empreend Imob Ltda.
Plano Pinheiro Empreend Imob Ltda.
Plano Piracema Empreend Imob Spe Ltda.
Plano Pitangueiras Empreend Imob Ltda.
Plano Seringueira Empreend Imob Ltda.
Plano Videira Empreend Imob Ltda.
Praga Empreend Imob Ltda.
Prime Planejamento Imob Ltda.
Rail Incorporadora Ltda.
Raimundo Pereira Magalhaes e I Spe Ltda.
Scp – Baturite
Scp - Cyrela Nessim
Scp - Provence Horto
Scp Arruda Alvim
Scp Empreendimentos 2012
Scp Mac Projetos
Seattle Empreendimentos Imob. Ltda.
Selling Consult Imob e Represent Ltda.
Sk Antonio Macedo Empreend Imob Spe
Ltda.
Sk Joaquim Ferreira Lobo Empreend Imob
Spe Ltda.
Sk Jurucê Empreend Imob Spe Ltda.
Sk Mourato Coelho Empreend Imob Spe
Ltda.
Ssb Empreend Imob Spe S.A.
Stuhlberger Vila Mariana Spe S.A.
Tons da Villa Empreend Imob Ltda.
Torres Vedras Empreend Imob Ltda.
Venancio Aires Empreend Imob Spe Ltda.
Vero Campo Belo Empr Imob Spe Ltda.
Vero Sta Isabel Empreend Imob Spe Ltda.
Viana do Castelo Empreend Imob Ltda.
(ii)
(ii)
(ii)
(ii)
(ii)
78.98
78.98
78.99
78.98
78.99
78.99
78.98
78.98
78.99
78.99
78.98
78.98
78.98
78.99
78.98
78.98
78.98
78.99
78.99
78.99
78.99
78.98
78.99
71.59
78.98
78.98
78.99
78.98
78.99
78.99
78.99
78.98
78.98
78.99
99.99
99.99
19.99
59.99
49.04
0.01
100.00
45.30
49.45
49.02
48.25
49.02
99.99
49.99
(ii)
49.99
49.99
49.99
(i)
81.99
16.66
49.99
79.99
49.99
78.98
78.98
99.99
78.98
78.98
78.99
78.98
78.99
78.98
78.98
78.99
78.98
78.98
78.98
78.98
78.98
78.98
78.99
78.99
78.99
78.98
71.59
78.98
78.98
78.98
78.98
78.99
78.99
78.99
78.98
78.98
78.99
99.99
99.99
19.99
59.99
49.04
0.01
100.00
45.30
49.45
49.02
48.25
49.02
99.99
Equity
09/2014 12/2013
978
11,735
204
1,257
13
16
12,058
12,207
21
8,103
186
19,409
11,614
13
13,588
16,772
2,376
10,273
1,063
13
2,045
31,452
13
(147)
9,552
34,307
(657)
5,653
219
19
20,979
18,632
8,485
263
281
1,179
967
(2,007)
704
73
20,573
87,044
160,535
20,395
53,833
2,202
1,053
11,958
175
446
10
12,237
17,979
574
130
10,412
17,294
3,687
10,937
2,489
466
6
10
21,495
214
4,679
23,941
(234)
6,030
10
10
14,008
17,914
20,785
10
269
1,382
1,283
7,768
2,396
72
(1,084)
10,752
94,398
129,395
33,022
29,731
1,378
Profit (loss)
for the period
09/2014 09/2013
(29)
2,700
(1)
(14)
(1,454)
8,926
(18)
(55)
36
7,177
649
493
3,274
(65)
9,566
(4)
(51)
4,283
164
(310)
17,787
2,383
(1,281)
(16)
(24)
(69)
948
(2,303)
(2)
12
(82)
(6)
(2,330)
(773)
1
9,821
36,991
3,717
17,763
(276)
823
73
5,122
(44)
(31)
5,535
885
4,440
10,631
2,097
4,023
104
10,932
224
(57)
6,600
(927)
1,587
(7)
(404)
3,984
3
(302)
221
2,164
241
(265)
2,531
33,804
12,921
(11)
792
49.99
4,399
2,412
(849)
-
49.99
7,166
17,219
13,397
(63)
(251)
-
49.99
76.99
16.66
49.99
79.99
49.99
78.98
78.98
99.99
10,439
12,390
32
7,657
18,208
10,344
426
42,141
511
9,805
11,786
(229)
11,439
14,530
10,338
202
35,832
1,243
(173)
(3,433)
261
3,837
4,648
(49)
180
17,812
(32)
(6,159)
5,328
2,543
(207)
(200)
11,362
746
72
Equity interest -%
09/2014 12/2013
Vinhedo Empreend Imob Ltda.
Vivere Franca Empreend Imob Ltda.
Vivere Japao Empreend Imob Ltda.
Vmss Empreend Imob Spe S.A.
(i)
79.99
40.00
40.00
81.99
79.99
40.00
40.00
76.99
Equity interest -%
09/2014 12/2013
Companies under common control or
associated entities
Acropole Incorporadora Ltda.
Autentico Vila Carrao Empr Imob Spe Ltda.
Bni Curi Guarapiranga Desenv Imob Ltda.
Caiobas Empreend Imob Spe Ltda.
Capri Incorp Spe Ltda.
Ccisa 01 Incorporadora Ltda.
Ccisa11 Incorporadora Ltda.
Cedro Consultoria Imob Ltda.
Chillan Investimentos Imobiliários Ltda.
Chl Lxxviii Incorporações Ltda.
Cyrela Milao Empreend Imob S.A.
Cyrela Tennessee Empreend Imob S.A.
Dalaveca Incorporadora Ltda.
Dalia Empreend Imob Ltda.
Emmerin Incorp Ltda.
Estela Borges Empreend Imob S.A.
Europa Brasil Empreend Imob Spe Ltda.
Forest Ville Incorp Ltda.
Galeria Boulevard Desenvolv Imob S.A.
Galeria Boulevard Negocios Imob S.A.
Girassol - Vila Madalena Empr Imob S.A.
Gran Via Incorporadora Ltda.
Grand Life Botafogo Empr Imob Spe Ltda.
Hesa 20 Invest Imob Ltda.
Horto do Sol Incorp Ltda.
Imperio da Franca Incorp. Ltda.
Imperio do Ocidente Incorp Ltda.
Imperio Romano Incorp Ltda.
73
(ii)
(ii)
(ii)
(ii)
40.00
49.99
25.00
49.99
49.99
49.95
49.95
25.00
49.95
25.00
49.95
25.00
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
25.00
49.99
48.72
48.72
74.99
48.61
49.95
49.99
49.92
49.95
48.61
48.61
25.00
49.95
48.72
25.00
49.95
49.95
74.99
49.95
40.00
49.99
25.00
49.99
49.99
49.95
49.95
25.00
49.95
25.00
49.95
25.00
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
25.00
49.99
48.72
48.72
74.99
48.61
49.95
49.99
49.92
49.95
48.61
48.61
25.00
49.95
48.72
25.00
49.95
49.95
74.99
49.95
Equity
09/2014 12/2013
(2,119)
373
962
60,360
10,134
191
737
37,415
Equity
09/2014 12/2013
526
1,233
16,175
850
27,660
15,952
9,441
70,215
12,026
70,854
3,677
8,014
1,037
2,459
3,801
520
(13)
(72)
1,452
127
8,440
(4)
(4)
(3)
(4)
(71)
605
50,912
30,134
7,548
9,875
23,560
3,512
(75)
534
2,526
3,844
3,565
11,289
16
254
5,666
27,136
4,800
5,261
13,527
3,969
422
1,264
15,555
573
26,857
2,768
3,670
69,230
2,615
70,834
1,571
7,699
485
803
718
(4)
(12)
(4)
(103)
126
8,531
(3)
(3)
(4)
(3)
(71)
(308)
23,335
30,469
9,477
12,039
21,683
3,174
(63)
1,374
2,088
4,666
3,576
12,189
17
16
5,414
104,492
3,366
3,824
7,557
1,331
Profit (loss)
for the period
09/2014 09/2013
(265)
391
1,105
(13,061)
150
1,048
3,121
(3,356)
Profit (loss)
for the period
09/2014 09/2013
104
(32)
92
134
803
13,184
5,771
985
9,411
(134)
2,107
10,315
552
1,656
3,083
524
(1)
(69)
1,555
1
(112)
(1)
(1)
1
(1)
(1)
(1)
(1)
(1)
1,012
15,578
(335)
771
836
1,877
338
(12)
(657)
438
(822)
2
(900)
(1)
238
252
(177)
1,434
1,437
5,970
2,639
(99)
715
11,169
570
9,200
1,419
2,599
(143)
913
5,468
4,016
3,294
937
(71)
(112)
(4)
(4)
(4)
(4)
(2,503)
4,727
(4)
(4)
(3)
(4)
(4)
(2,232)
10,809
7,714
1,141
1,021
4,146
(121)
(63)
695
(786)
3,862
45
(430)
(7)
412
(79)
(421)
2,125
1,099
1,537
Equity interest -%
09/2014 12/2013
associated entities
Ipanema Invest Imob Ltda.
Jacira Reis Empreend Imob Ltda.
Lamballe Incorporadora Ltda.
Living Botucatu Empreend Imob Ltda.
Living Jatoba Emp. Imob. Ltda.
Living Talara Empreend Imob Ltda.
Luar do Paraiso Incorp Ltda.
Madagascar Incorp Spe Ltda.
Manilha Incorporadora Ltda.
Mãos Dadas Empreend Imob S.A.
Merito Empreend Imob Spe Ltda.
Mestre Alvaro Empreend Imob Ltda.
Miziara Empreendimento Imob. Ltda.
Mnr6 Emp Imob S.A.
Monterey Incorp Spe Ltda.
Moron Invest Imob Ltda.
Nova Delhi Incorp Spe Ltda.
Np Empreend Imob Ltda.
Padre Adelino Empreend Imob S.A.
Parada do Sol Incorp Ltda.
Petronio Portela Empreend Imob S.A.
Platina Brasil Empreend Imob Spe Ltda.
Plaza Del Arte Incorp Ltda.
Porto Esperanca Incorp Ltda.
Prata Brasil Empreend Imob Spe Ltda.
Provincia Incorp Ltda.
Residencial Sao Conrado Empr Imob Ltda.
Rgc Urbanismo Ltda.
Riviera Ponta Negra Empr Imob Spe Ltda.
Saint Simon Incorp Ltda.
Saira-Sapucaia Empreend Imob Ltda.
Salmiana Empreend S.A.
Santo Eliseu Empreend Imob Ltda.
Scp - Balneario Costa do Sol
Scp - Classic/Galli
Spe Chl Cv Incorporacoes Ltda.
Tresopolis Empreend Imob Ltda.
Topazio Brasil Empreend Imob Spe Ltda.
Vicente Lima Cleto Incorp Ltda.
Viena Incorp Spe Ltda.
Vila Maria Empreend Imob S.A.
Villa Real Incorp Ltda.
25.00
49.99
69.99
74.99
49.99
69.99
49.95
49.95
49.95
40.00
49.99
49.99
25.00
35.00
49.95
25.00
49.99
34.99
49.99
69.99
49.99
49.92
49.95
49.95
49.92
49.95
48.72
49.99
69.99
74.99
49.99
49.99
49.99
19.99
47.87
49.99
49.99
49.99
79.99
49.96
37.49
49.99
49.99
74.99
25.00
49.99
69.99
74.99
49.99
69.99
49.95
49.95
49.95
39.99
49.99
49.99
25.00
35.00
49.95
25.00
49.99
34.99
49.99
69.99
49.99
49.92
49.95
49.95
49.92
49.95
48.72
49.99
69.99
74.99
49.99
49.99
49.99
19.99
47.87
49.99
49.99
49.99
79.99
49.96
37.49
49.99
49.99
74.99
Equity
09/2014 12/2013
3,520
32,891
14,473
639
284
403
(62)
6,228
6,463
8,585
3,465
95
24,691
29,828
(33)
3,748
7,878
(2,575)
480
11,187
(328)
2,089
6,026
4,202
873
2,125
4,133
2,498
(54)
12,770
216
6,670
6,755
27,685
55
18,159
1,247
25,307
8,339
31,614
3,986
132
1,112
6,980
5,702
16,747
12,040
793
249
529
(60)
6,244
4,056
8,580
3,441
116
13,064
36,575
(34)
540
8,927
(2,313)
812
8,682
(366)
1,284
5,719
3,927
1,225
2,060
5,142
1,158
(54)
8,464
1,880
6,407
6,756
27,686
55
12,093
1,240
12,706
7,740
27,548
2,650
166
(96)
6,983
Profit (loss)
for the period
09/2014 09/2013
(2,182)
7,086
793
(155)
(2)
(127)
(2)
(16)
2,407
437
24
(150)
11,756
(1,386)
15,208
(1,049)
(140)
(139)
2,505
38
805
306
274
(352)
65
(208)
(4)
4,305
(663)
(524)
(1)
5,766
6
12,601
(458)
4,066
3,336
(34)
277
(3)
7,460
1,785
(16)
(3)
(59)
1,880
3,811
779
(42)
434
1,703
5,549
(3)
3,791
(723)
179
419
6,180
(11)
708
(286)
(1,230)
(151)
722
1,115
(2)
4
1,461
1,133
513
(1)
789
(278)
875
8
7,113
457
9,508
2,676
(88)
(451)
(46)
(iv) Change due to the increase/decrease in equity interests.
c) The total balances of the balance sheet and income statement accounts of direct and indirect
joint ventures, considered in the consolidated interim financial information at September
30, 2014 and the consolidated financial statements for the year ended December 31, 2013
and profit (loss) for the period ended September 30, 2013, are as follows:
74
September 30, 2014
Access Consultoria Imob Ltda.
BR Servicos e Invest Bahamas Ltda.
Batel Empreend Imob Ltda.
Brigadeiro Galvao Empreend Imob Spe Ltda.
75
Equity
interest %
64.00
94.99
99.99
49.99
74.99
99.99
49.02
49.99
99.99
79.99
88.07
99.99
100.00
100.00
100.00
99.99
99.99
94.99
99.99
79.99
49.99
50.00
60.00
100.00
100.00
99.99
49.95
99.99
99.99
99.99
99.99
100.00
39.99
100.00
96.84
99.99
99.99
60.00
99.99
66.99
99.99
99.99
99.99
99.99
100.00
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
50.00
50.00
50.00
99.99
99.99
50.00
Assets
632
6,293
20,394
1,227
38,116
728
11,429
340
6,452
37,588
36,039
1,622
335,300
35
4,216
453
19
34,914
11,338
453
10
10,548
13,861
545,690
999
229
434
6
25
46,803
4
(5,444)
54,027
2
(3,823)
16,297
7,685
49,356
9,186
811
245
9
15,932
122,779
3
316
12,354
163
1,159
146
120
474
15,340
190,657
136,104
4
190,625
Balance sheet
Liabilities
91
3,912
28
511
13,869
98
370
466
558
413
35,370
1,215
235,857
3,186
16,874
9,039
490
16
1,318
542,961
192
1
1,023
38,479
(10,660)
32,920
(3,985)
257
875
15,450
6,390
149
587
15,618
79,897
2
9,590
11
1
2
2
1
29
123,050
56,137
122,916
Equity
541
2,381
20,366
716
24,247
630
11,059
(126)
5,894
37,175
669
407
99,443
35
1,030
453
19
18,040
2,299
(37)
10
10,532
12,543
2,729
807
228
(589)
6
25
8,324
4
5,216
21,107
2
162
16,040
6,810
33,906
2,796
662
(342)
9
314
42,882
3
314
2,764
152
1,158
144
118
473
15,311
67,607
79,967
4
67,709
Profit
(loss) for
the period
369
1,140
16
(1,153)
4,694
224
(1,185)
(120)
(3)
(1,743)
(5,611)
588
(32,696)
(62)
(157)
(1)
(1)
3,172
(1,321)
(1)
(13)
2,832
(4,730)
198
(1)
(365)
(6)
(313)
3,799
(24)
(238)
4,378
(3)
(43)
9
(1)
(1,626)
(16)
(717)
(449)
(44)
25,506
(1)
(1,371)
(1)
(1)
1
(1)
(1)
(1)
(3)
(33)
(1)
(7,884)
13
(1)
(1)
(1)
(7,498)
September 30, 2014
Ccp Canela
Cy Qg-Terra Enc. e. Im. Ltda.
Cyrela Andrade Mendonca Jcpm e I Spe S.A.
Cyrela Begonia Empreend Imob Ltda.
Cyrela Diamante
Equity
interest %
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
50.00
99.99
99.99
99.99
50.00
100.00
74.99
50.00
79.99
99.99
100.00
97.23
49.99
49.99
50.00
99.99
98.03
99.99
99.99
85.00
99.99
99.99
99.99
99.99
98.03
99.99
99.99
99.99
99.99
100.00
80.00
96.50
100.00
100.00
100.00
99.99
99.99
99.99
99.99
99.99
85.00
99.99
95.75
99.99
89.00
99.99
80.00
100.00
99.99
100.00
100.00
99.99
51.02
Assets
100,696
3,104
1,106
3,496
36
1,885
23,653
30,320
23,251
7
3,579
31,962
8
16,826
51,815
13
3,962
4,221
99,432
55,120
4
25,411
268,322
37,139
16,521
2
27
(31,967)
2
267
5,250
1,102
40,805
2,596
30,024
9
91,833
2
492
418
1
1,787
10,485
20,390
6,737
3
2,319
1
23,573
61,681
8
107,485
11,654
(10,670)
56,124
Balance sheet
Liabilities
41
3,110
727
3,386
1
69
23,322
71
(77,565)
3
(3,573)
6,738
4,784
26,579
2,440
(4,207)
(28,694)
(6,222)
6,878
224,395
1,627
138
(42,052)
1
5
11
1
4,420
1,951
19,682
53,274
7
4
20
161
2,194
7,455
68
2,342
1,691
16,758
91,307
9,195
4,470
19,451
Equity
100,655
(6)
379
110
35
1,816
331
30,249
100,816
4
7,152
25,224
8
12,042
25,236
13
1,522
8,428
128,126
61,342
4
18,533
43,927
35,512
16,383
2
27
10,085
1
262
5,239
1,101
36,385
645
10,342
9
38,559
2
485
414
(19)
1,626
8,291
12,935
6,669
3
(23)
1
21,882
44,923
8
16,178
2,459
(15,140)
36,673
Profit
(loss) for
the period
(5)
(56)
(1)
(1)
(46)
(1)
(1)
(1)
(1)
(1)
(48)
(1)
(115)
(347)
(1)
(1)
(1,517)
(1)
(686)
1,663
(1,274)
40,858
949
2,630
(11,915)
5,800
(145)
(1)
(1)
1,532
(3)
(1)
(1)
(1)
5,046
(1)
656
1,398
(7)
5,372
(1)
(1)
3
(2,700)
(173)
1,310
(6,647)
320
667
3,046
(11,132)
(1)
(6,845)
(3,868)
(2,087)
34,836
76
September 30, 2014
Cyrela Jade Empreend Imob Ltda.
Cyrela Jasmim Ltda.
77
Equity
interest %
100.00
96.50
100.00
99.99
100.00
100.00
100.00
66.67
99.99
99.99
80.00
99.99
95.76
95.74
99.99
100.00
99.99
100.00
99.99
72.00
99.99
99.99
99.99
75.00
99.99
99.99
100.00
99.99
99.99
99.99
95.75
99.99
80.00
54.09
63.00
99.99
75.92
80.00
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
100.00
99.99
74.99
100.00
99.99
100.00
80.00
99.99
99.99
99.99
98.03
85.99
Assets
6,841
1,768
6,638
30,350
52,057
40,540
111,671
20,103
15,814
332
407
8,053
5,578
(1,165)
3
2,455
14,217
124,193
1
32,898
42,526
10
2,493
43,698
5
6
1,268
5
827
2
2,667
25,553
(26,649)
314
888
(4)
1,795
60,066
30,308
1,247
9,771
33,103
7
64,946
128,951
118,572
265
1,438
456,815
1,321
549,815
8
30,779
256,142
14
3
144,476
39,252
10,930
201,803
117,615
3,554
Balance sheet
Liabilities
6,118
914
2,279
3,470
42,468
20,259
60,536
2,854
34
3
32
8,017
1,940
(9,746)
1
4,085
3,832
119
1
10,979
4,431
3,125
1,177
2
114
16,397
(31,665)
228
988
(58)
1,694
20,389
6,017
15
13
10
21,798
61,003
82,739
11
103,362
4
390,604
11,692
33,936
8
114,704
22,001
166
156,379
76,272
(5,301)
Equity
723
854
4,359
26,880
9,589
20,281
51,135
17,249
15,780
329
375
36
3,638
8,581
2
(1,630)
10,385
124,074
1
32,897
31,547
10
(1,938)
40,573
5
6
91
5
825
2
2,553
9,156
5,016
86
(100)
54
101
39,677
24,291
1,232
9,758
33,093
7
43,148
67,948
35,833
265
1,427
353,453
1,317
159,211
8
19,087
222,206
6
3
29,772
17,251
10,764
45,424
41,343
8,855
Profit
(loss) for
the period
(820)
522
720
(3,641)
4,108
12,520
11,114
(5,132)
(26)
(15)
(1)
(7)
708
(12,484)
200
17,613
5,482
6,567
(99)
(612)
8,630
81
(1)
(20)
(1)
218
6,806
481
(207)
(960)
(148)
(342)
7,809
(1,149)
(7)
(5)
2,645
(1)
218
11,227
26,678
(1)
(130)
161,079
54,931
(1)
6,437
(71,644)
(801)
(1)
(133)
1,811
(219)
25,448
41,419
(90)
September 30, 2014
Cyrela Tururin
Dgc Ecoville Ltda.
Dgc Living Parana Empreen Imob Ltda.
Dgc Pugsley Ltda.
Equity
interest %
99.99
99.99
99.99
99.99
100.00
100.00
75.99
99.99
99.99
100.00
97.44
77.96
42.99
100.00
100.00
99.99
99.99
80.00
73.44
64.00
75.00
82.99
89.49
92.50
92.50
92.49
92.50
92.49
92.50
99.99
99.99
99.99
99.99
99.99
50.00
99.99
100.00
97.89
99.99
99.99
99.99
98.03
96.49
99.99
69.99
60.00
99.99
100.00
48.25
94.99
94.99
94.99
79.99
99.99
94.99
94.99
94.99
94.99
94.99
99.99
79.99
94.99
Assets
8
4
444
432,083
9,767
47,842
47,816
48,239
320,709
(139,990)
94,662
6,670
281,370
4
191,155
6
58
8,554
1,353
2,071
2,375
48,185
441,804
25,712
6,081
10,351
11,606
985
6,843
3
10
74,419
1,205
26
4,048
4
8
12,344
163
2
16,472
150,559
3,223
2,530
320
(4,673)
55,158
72,879
12,163
64,060
2,404
5,405
32,800
42,212
26,079
5,433
39,174
76,686
686
833
18,089
Balance sheet
Liabilities
1
305,496
2,746
26,502
684
31,636
216,583
(168,631)
(26,187)
4,259
151,429
1
149,824
3
1,121
1,169
71
413
350
345,721
17
8
54,482
20
(1)
953
4
15
2
52,546
1,168
6
(12,360)
18,859
26,609
2,059
4,806
391
323
20,736
15,642
18,289
16
30,495
47,752
132
62
443
Equity
8
4
443
126,587
7,021
21,340
47,132
16,603
104,126
28,641
120,849
2,411
129,941
3
41,331
6
55
7,433
184
2,000
1,962
47,835
96,083
25,712
6,081
10,351
11,606
985
6,826
3
2
19,937
1,185
27
3,095
4
8
12,340
148
2
16,470
98,013
2,055
2,524
320
7,687
36,299
46,270
10,104
59,254
2,013
5,082
12,064
26,570
7,790
5,417
8,679
28,934
554
771
17,646
Profit
(loss) for
the period
(1)
(1)
71,603
(3,442)
140
(4)
12,116
57,092
(6,487)
12,719
(1,353)
21,922
(6)
16,451
16
1,381
(628)
(11)
286
16,330
(8,735)
(192)
(3)
(2)
(10)
(13)
(36)
(20)
21
227
(13)
(542)
8
(1)
(268)
(1)
(1)
(1)
44,140
65
(85)
59
2,366
2,579
(468)
10,065
(181)
1,733
(1,081)
806
(43)
4,364
2,529
(118)
(1,611)
(436)
(161)
(229)
(2,356)
78
September 30, 2014
Dgc Uberaba Ltda.
Dgc Vivare Ltda.
Dgc West Side Ltda.
Jardim Leao Empr Imob Ltda.
Jardim Loureiro da Silva Empreend. Imob. Ltda.
79
Equity
interest %
79.99
99.98
94.99
49.02
100.00
59.41
32.50
99.99
99.99
100.00
49.99
67.49
64.99
99.99
99.99
99.99
79.99
49.99
59.99
59.99
99.99
80.00
99.99
89.99
99.99
100.00
99.99
89.99
100.00
50.00
99.99
99.99
59.99
70.00
99.99
64.99
99.99
9.99
100.00
49.99
78.98
40.00
100.00
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
Assets
466
13,112
25,000
20
28,614
322
79,438
5,817
8,461
15,324
13
60,544
43
30,242
138,994
3,847
14,003
12,803
8,756
887
1,023,991
4,956
4
4,959
1,002
5,809
13
43,211
2,711
10,991
232
928
40,402
33,308
9,742
4,126
7,623
10
315
223
17,539
2,214
55,682
14
2
1
2,245
532
12,435
1
8,261
21
1
13,971
2,882
21,699
65,708
3,519
35,049
-
Balance sheet
Liabilities
198
1,889
11,016
249
18,046
127
46,325
1,380
52
3,486
255
52,074
540
106,774
645
65
625
9,865
694
445,710
4,996
695
325
1,353
(1)
216
148
1,144
11
186
10,454
20,142
1,963
1,994
763
142
5
10,326
306
13,518
1,356
34
98
13,807
2,816
17,716
36,239
100
9,853
-
Equity
268
11,223
13,984
(229)
10,568
195
33,113
4,437
8,409
11,838
(242)
8,470
43
29,702
32,220
3,202
13,938
12,178
(1,109)
193
578,281
(40)
4
4,264
677
4,456
14
42,995
2,563
9,847
221
742
29,948
13,166
7,779
2,132
6,860
10
173
218
7,213
1,908
42,164
14
2
1
889
532
12,401
1
8,163
21
1
164
66
3,983
29,469
3,419
25,196
-
Profit
(loss) for
the period
(101)
(8)
(529)
3,739
(5)
2,547
(67)
13,094
(1,973)
(39)
2,279
(10,538)
20,354
(1)
(182)
(1)
(1,815)
243
(233)
655
(2,001)
(159)
47,208
(548)
26
43
757
(12)
5
(298)
(236)
(4)
5
3,472
2,171
492
(911)
(1,037)
(41)
(28)
1,600
(554)
(449)
(1)
(1)
(1)
(1)
(94)
(1)
(192)
(1)
(1)
(82)
(66)
3,973
15,640
(271)
(2,615)
(1)
September 30, 2014
Living Barbacena Empreend Imob Ltda.
Living Empreend Imob Sa
Londrina Empreend Imobiliarios Ltda.
Equity
interest %
99.99
99.99
99.99
99.99
99.99
99.99
99.99
78.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
49.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
89.49
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
100.00
100.00
Assets
2
150,912
5,983
34
25,556
18,201
15
9,116
2
1,039
8
130
4
3,667
5,563
35
21,976
19,524
2
88
6,468
998,070
335
62
19,738
4,716
1
11,241
16,699
6
3
17,491
9,244
57,711
12,703
4
374,077
2
21,283
9
87
11,031
18,564
6,296
1
11,552
1
450
10,899
1
984
3
173
207,436
13,832
5
52
4
50,010
17
Balance sheet
Liabilities
1
78,899
5,716
2
10,876
5,776
1
1,343
6
(2)
1,478
5,530
15,303
11,307
14
3,129
148,822
3
17,725
217
2
705
47
12,902
19
29,102
40
1
248,432
12,485
2
1,795
12,520
3,834
2,427
30
414
9,379
1
2
11
21,989
13,337
6
14,012
419
Equity
1
72,013
267
32
14,680
12,425
14
7,773
2
1,033
8
132
4
2,189
33
35
6,673
8,217
2
74
3,339
849,248
332
62
2,013
4,499
(1)
10,536
16,652
6
3
4,589
9,225
28,609
12,663
3
125,645
2
8,798
9
85
9,236
6,044
2,462
1
9,125
(29)
36
1,520
982
3
162
185,447
495
5
46
4
35,998
(402)
Profit
(loss) for
the period
(3)
31,897
(155)
(2)
(982)
7,998
(120)
(97)
(1)
(19)
(1)
(579)
(3)
(114)
(65)
(1,779)
7,273
(1)
(1)
(11,409)
174,776
1
3,995
1,358
(3)
4,380
(61)
(3)
(1)
(1)
2,557
(206)
10,778
(156)
(2)
52,888
(1)
5,230
2
(9)
(2,573)
(8)
(23)
(443)
(2)
(314)
(32)
20
(53)
(77)
2
(2)
(57)
12,661
(184)
(2)
(905)
(2)
8,836
(7,220)
80
September 30, 2014
Mac Aclimação Empreend Imob Ltda.
Mac Atari 72 Empreend Imob Ltda.
Mac Celular 73 Empreend Imob Ltda.
Mac Concorde 69 Empreend Imob Ltda.
Mac Continental Empreend Imob Ltda.
Mac Hendrix 70 Empreend Imob Ltda.
Mac Holanda Empreend Imobiliarios Ltda.
Mac Intel 71 Empreend Imob Ltda.
Mac Massachusetts Empreend Imob Ltda.
Mac Paris Empreend Imob Ltda.
Mac Pionner-4 Empreend Imob Ltda.
Mac Ranger-7 Empreend Imob Ltda.
Mac Zond-6 Empreend Imob Ltda.
Maloga Empr. Imob. Sa
81
Equity
interest %
49.99
99.99
99.99
49.44
49.99
49.99
49.99
49.99
49.95
49.44
49.44
49.99
49.95
49.99
49.95
49.99
50.00
49.99
68.00
50.00
80.00
68.60
70.00
48.00
50.00
50.05
49.95
70.00
49.95
49.99
49.99
50.00
49.99
49.99
49.99
49.44
49.99
70.00
45.29
49.44
48.24
49.44
49.44
49.99
49.99
49.99
50.00
49.99
49.99
49.99
49.99
40.00
49.02
47.99
74.51
49.99
99.99
99.99
99.99
99.99
99.99
99.99
Assets
11,119
90,489
369
31,451
54
14
100
102
48,351
16,793
1
10
3,104
6,869
5
1,952
8,633
23,578
1,440
4,311
11,271
728,120
1,296
1,475
9
2,651
784
10
17
4
4
25,235
21,922
16,222
27,624
18,205
11,281
33,561
31,871
42,010
1
14,161
21,024
7
54,217
25,707
9
23,268
20,860
13,166
25,899
7
9
23,654
12,884
(7,919)
6
336
Balance sheet
Liabilities
15
40,396
1
5,970
15
4
2
36,054
1,420
63
1
42
1
3,335
2,421
334
133
1,405
10,280
295
646
86,061
201
1
849
1
4,196
882
68
18,716
8,321
6,312
13,471
8,925
996
24,728
18,836
28,550
4,126
2,174
29,111
2,113
3
14,697
1,504
1,898
55
11,701
(16,452)
(20,690)
3
Equity
11,104
50,093
368
25,481
54
14
85
98
(2)
12,297
15,373
(62)
9
(42)
(1)
(231)
4,448
(329)
1,819
7,228
13,298
1,145
3,665
11,271
642,059
1,095
(1)
626
8
(1,545)
(98)
10
17
(64)
4
6,519
13,601
9,910
14,153
9,280
10,285
8,833
13,035
13,460
1
10,035
18,850
7
25,106
23,594
6
8,571
19,356
11,268
25,844
7
9
11,953
29,336
12,771
6
333
Profit
(loss) for
the period
(477)
(6)
(1)
7,836
(32)
(9)
(1)
(2)
10,298
(905)
(1)
(43)
(1)
(905)
(183)
(330)
(27)
1,373
6,077
309
473
4,231
107,945
115
(1)
1,447
(2)
(413)
1,019
(25)
(65)
(95)
4,964
(84)
4,250
9,821
(821)
7,699
7,752
7,868
7,971
(2)
(70)
11,231
9,981
(110)
(67)
6,443
(18)
4,231
(25)
(1)
2,490
19,293
5,243
(1)
-
September 30, 2014
Megc Empreend Imob Ltda.
Plano Cambui Empreend Imob Ltda.
Plano Coqueiro Empreend Imob Ltda.
Plano Guarita Empreend Imob Ltda.
Plano Limeira Empreend Imob Ltda.
Plano Magnolia Empreend Imob Ltda.
Plano Piracema Empreend Imob Spe Ltda.
Equity
interest %
99.99
100.00
49.99
99.99
49.99
84.99
54.58
99.98
99.99
99.99
90.00
99.99
100.00
99.99
65.35
100.00
21.42
49.99
99.99
99.99
100.00
100.00
49.99
100.00
78.99
91.59
78.99
78.98
78.98
78.99
78.98
78.99
78.99
91.59
78.98
78.98
78.99
78.99
78.98
78.98
78.98
78.99
78.98
78.98
78.98
78.99
78.99
78.99
78.99
78.98
78.99
71.59
78.98
78.98
78.99
78.98
78.99
78.99
78.99
78.98
78.98
78.99
Assets
4,122
20,256
53
8
3,362
2,769
1,050
268
2
8
5,490
18,900
11,167
292,012
3,171
82,382
1,987
43,055
1,714
3
16,335
7
18,394
5,118
435,863
124,987
166
1,074
26,185
204
1,564
13
16
2
13,003
18,993
38
8,103
893
38,764
15,612
13
13,666
20,918
1,861
25,067
1,092
13
2,349
36,183
13
87
9,548
48,417
245
8,963
240
19
27,564
25,344
32,462
263
Balance sheet
Liabilities
477
98
102
499
2,623
61
131
270
2,464
6,121
186,586
(1)
(25,472)
77
25,324
2,359
1
476
2
12,794
99
84,205
39,997
96
14,450
307
945
6,786
17
707
19,355
3,998
78
4,146
(515)
14,794
29
304
4,731
234
(4)
14,110
902
3,310
21
6,585
6,712
23,977
-
Equity
3,645
20,158
(49)
8
2,863
146
989
137
2
8
5,220
16,436
5,046
105,426
3,172
107,854
1,910
17,731
(645)
2
15,859
5
5,600
5,019
351,658
84,990
166
978
11,735
204
1,257
13
16
2
12,058
12,207
21
8,103
186
19,409
11,614
13
13,588
16,772
2,376
10,273
1,063
13
2,045
31,452
13
(147)
9,552
34,307
(657)
5,653
219
19
20,979
18,632
8,485
263
Profit
(loss) for
the period
282
(209)
(180)
(1)
6
(1,853)
42
10
(406)
(1)
139
(311)
(13,166)
24,861
1,933
191
7,643
(1,291)
(1)
2,771
(1)
6,748
(1)
54,185
39,106
(1)
(29)
2,700
(1)
(14)
(1)
(1,454)
8,926
(18)
(55)
36
7,177
649
493
3,274
(65)
9,566
(4)
(51)
4,283
164
(310)
17,787
2,383
(1,281)
(16)
(24)
(69)
948
(2,303)
(2)
82
September 30, 2014
Scp - Baturite
Scp - Cyrela Nessim
Scp Arruda Alvim
Scp Mac Projetos
Sk Antonio Macedo Empreend Imob Spe Ltda.
Sk Joaquim Ferreira Lobo Empreend Imob Spe
Ltda.
Sk Jurucê Empreend Imob Spe Ltda.
Sk Mourato Coelho Empreend Imob Spe Ltda.
Tons da Villa Empreend Imob Ltda.
83
Equity
interest %
Assets
Balance sheet
Liabilities
Equity
Profit
(loss) for
the period
99.99
69.99
99.99
80.00
99.99
48.89
19.99
59.99
99.99
80.00
99.99
99.99
100.00
99.99
49.04
0.01
45.30
49.45
49.02
48.25
49.02
99.99
99.99
100.00
49.99
65.00
254
(4,707)
288
21,243
1,274
2,703
1,007
(125)
31,914
2,321
3
3
2,456
(11,616)
1,890
75
20,573
140,477
165,913
20,395
86,193
33,156
3,724
6,361
13,225
28,422
(10,276)
7
8,177
95
289
40
1,882
491
989
(11,724)
1,186
2
53,433
5,378
32,360
12,467
1,522
277
8,826
3,287
254
5,569
281
13,066
1,179
2,414
967
(2,007)
31,423
1,332
3
3
2,456
108
704
73
20,573
87,044
160,535
20,395
53,833
20,689
2,202
6,084
4,399
25,135
(7)
2,696
12
3,808
(82)
(507)
(6)
(2,330)
(730)
(28)
(1)
(1)
135
(773)
1
9,821
36,991
3,717
17,763
(276)
(23,928)
823
1,986
(849)
7,731
49.99
49.99
49.99
50.00
63.00
70.00
70.00
70.00
70.00
81.99
16.66
75.91
100.00
100.00
100.00
24.75
49.99
79.99
96.48
49.99
57.44
78.98
78.98
99.99
79.99
69.51
40.00
40.00
81.99
11,069
17,245
10,451
133,637
2,884
2,872
704
759
735
27,540
33
147,201
1,430
(3,289)
2
23,384
9,674
40,296
266
10,345
8,298
381
101,283
915
(1,535)
163,403
423
1,263
107,290
3,903
26
12
3,035
1,414
799
710
757
733
15,150
1
67,438
(970)
15
2,017
22,088
4
1
65
(45)
59,142
404
584
77,701
50
301
46,930
7,166
17,219
10,439
130,602
1,470
2,073
(6)
2
2
12,390
32
79,763
1,430
(2,319)
2
23,369
7,657
18,208
262
10,344
8,233
426
42,141
511
(2,119)
85,702
373
962
60,360
(63)
(251)
(173)
27,024
292
231
(6)
2
2
(3,433)
261
58,756
(153)
1,604
34
3,837
4,648
(5)
(49)
116
180
17,812
(32)
(265)
(115)
391
1,105
(13,061)
September 30, 2014
associated entities
Bni Curi Guarapiranga Desenv Imob Ltda.
Chl Lxxviii Incorporações Ltda.
Cyrela Lirio
Equity
interest %
40.00
38.59
46.49
59.99
24.00
24.00
50.00
50.00
49.99
25.00
50.00
50.00
49.99
50.00
49.99
50.00
32.50
49.95
49.95
25.00
49.95
25.00
49.95
25.00
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
25.00
49.99
50.00
50.00
50.00
50.00
46.49
80.00
100.00
36.67
90.00
48.72
50.00
80.00
60.00
49.99
32.44
48.72
Assets
886
8,166
2,023
8,261
9,947
13,536
24,940
20,100
1,314
25,492
6,037
34,062
1,025
14,982
28,562
4,325
224,165
36,182
34,127
80,719
35,514
104,737
4,939
9,549
2,352
10,520
14,425
7,320
4,362
5,132
7,349
127
9,113
1
475
75
2,369
57,801
114,902
34,362
2,508
14,784
534,491
1,167
1,387
2
1,107
79,063
8,862
3,605
3,365
(13,948)
16,993
8,662
10,810
Balance sheet
Liabilities
360
804
203
3,820
9,161
10,445
1,918
1,043
81
9,317
721
52
175
6,128
902
47,439
20,230
24,686
10,504
23,488
33,883
1,262
1,535
1,315
8,061
10,624
6,800
4,375
5,204
5,897
673
4
5
478
4
146
1,764
6,889
84,768
14,803
14
1,617
161,389
191
1,342
256
6,126
1,314
2,852
(35)
(18,683)
13,796
648
935
Equity
526
7,362
1,820
4,441
786
3,091
23,022
19,057
1,233
16,175
5,316
34,010
850
8,854
27,660
4,325
176,726
15,952
9,441
70,215
12,026
70,854
3,677
8,014
1,037
2,459
3,801
520
(13)
(72)
1,452
127
8,440
(4)
(4)
(3)
(4)
(71)
605
50,912
30,134
19,559
2,494
13,167
373,102
976
45
2
851
72,937
7,548
753
3,400
4,735
3,197
8,014
9,875
Profit
(loss) for
the period
104
31
(264)
2
(219)
1,475
(339)
(32)
92
517
(132)
134
19
803
54,725
13,184
5,771
985
9,411
(134)
2,107
10,315
552
1,656
3,083
524
(1)
(69)
1,555
1
(112)
(1)
(1)
1
(1)
(1)
(1)
(1)
(1)
1,012
15,578
(335)
3,393
(4,622)
1,305
79,945
199
(22)
(56)
(9,472)
771
(452)
(206)
257
13
46
836
84
September 30, 2014
associated entities
Cyrsa S.A.
Imperio da Franca Incorp. Ltda.
Madagascar Incorp Spe Ltda.
Mnr6 Emp Imob S.A.
Monterey Incorp Spe Ltda.
Prata Brasil Empreend Imob Spe Ltda.
Prologis Ccp 9
85
Equity
interest %
60.00
50.00
74.99
48.61
49.95
49.99
90.00
49.92
84.99
49.44
49.95
48.61
48.61
25.00
57.53
49.95
48.72
60.00
25.00
49.95
49.95
74.99
49.95
25.00
49.99
50.00
37.97
69.99
74.99
49.99
69.99
49.95
49.97
49.95
30.00
49.95
40.00
100.00
50.00
100.00
49.99
49.99
25.00
35.00
50.00
49.95
25.00
90.00
49.99
50.00
34.99
49.99
69.99
39.99
49.99
50.00
49.92
49.95
49.95
49.92
17.80
Assets
25,866
134,081
35,190
4,047
277
717
4,963
5,002
23,150
12,172
5,296
28,913
47,864
16
149,084
408
9,022
2,239
40,827
5,418
6,004
32,617
7,645
6,114
95,862
13,984
1,585
15,863
58,958
313
8,701
1,276
44,154
6,405
76,744
7,210
8,644
1
6,359
13
3,480
785
45,498
42,517
5,838
29,093
19,833
11,548
136
(2,056)
698
13,342
1,486
37
22,976
2,952
6,024
5,561
916
1,291
Balance sheet
Liabilities
12,498
8,861
11,630
535
352
183
849
2,476
17
9,807
1,452
25,348
36,575
102,522
154
3,356
(4,207)
13,691
618
743
19,090
3,676
2,594
62,971
2,457
143
1,390
58,319
29
8,298
1,338
9
177
72,634
747
59
2
15
690
20,807
12,689
1
33
25,345
4,911
3,670
64
519
218
2,155
114
365
17,684
863
(2)
1,359
43
6
Equity
13,368
125,220
23,560
3,512
(75)
534
4,114
2,526
23,133
2,365
3,844
3,565
11,289
16
46,562
254
5,666
6,446
27,136
4,800
5,261
13,527
3,969
3,520
32,891
11,527
1,442
14,473
639
284
403
(62)
44,145
6,228
4,110
6,463
8,585
(1)
6,359
13
3,465
95
24,691
29,828
5,837
(33)
3,748
14,922
7,878
72
(2,575)
480
11,187
1,372
(328)
5,292
2,089
6,026
4,202
873
1,285
Profit
(loss) for
the period
4,496
7,289
1,877
338
(12)
(657)
987
438
(22)
(1)
(822)
2
(900)
(1)
688
238
252
(488)
(177)
1,434
1,437
5,970
2,639
(2,182)
7,086
(7,876)
403
793
(155)
(2)
(127)
(2)
4,644
(16)
98
2,407
437
24
(150)
11,756
(1,386)
(64)
15,208
(3,848)
(1,049)
(1,417)
(140)
(139)
2,505
1,556
38
(12,673)
805
306
274
(352)
40
September 30, 2014
associated entities
Rgc Urbanismo Ltda.
Scp - Classic/Galli
Scp Isla
Teresopolis Empreend Imob Ltda.
December 31, 2013
Equity
interest %
49.95
38.63
30.00
50.00
48.72
49.99
69.99
50.00
74.99
49.99
49.99
49.99
50.00
19.99
47.87
50.00
29.99
70.00
50.00
50.00
50.00
50.00
50.00
50.00
49.99
50.00
50.00
50.00
49.99
49.99
50.00
50.00
59.99
79.99
50.00
49.96
90.00
37.49
49.99
49.99
74.99
64.99
Balance sheet
Liabilities
Assets
2,195
429
88,859
1,421
5,782
13,593
66,703
40,617
21,016
1,251
48,035
6,826
38,520
35,997
256
19,797
7,490
1,902
3,197
18,657
24,142
31,440
13,307
53
38,766
30,830
3,337
24,473
1,247
75,654
88,786
1,586
18,523
26,091
1,365
33,817
57,566
14,339
132
1,134
8,214
5,856
Equity
70
34
48,610
1,649
11,095
66,757
1,512
8,246
1,035
41,365
71
15,209
8,312
201
4,669
301
517
1,319
1
20,177
7,947
20,607
10,275
1,469
17,850
50,347
64,678
24
2,278
17,752
608
2,203
31,153
10,353
22
1,234
636
Equity
interest %
64.00
94.99
99.99
79.99
99.99
49.02
49.99
99.99
79.99
67.89
99.99
100.00
100.00
Profit
(loss) for
the period
Assets
933
12,965
19,407
74,855
1,453
10,385
521
6,296
23,564
48,584
5,486
549,518
92
2,125
395
40,249
1,421
4,133
2,498
(54)
39,105
12,770
216
6,670
6,755
23,311
27,685
55
19,797
2,821
1,601
2,680
17,338
24,141
11,263
5,360
53
18,159
20,555
1,868
6,623
1,247
25,307
24,108
1,562
16,245
8,339
757
31,614
26,413
3,986
132
1,112
6,980
5,220
Balance sheet
Liabilities
112
9,524
697
24,285
1,032
1,011
568
1,039
70
21,994
3,367
285,378
-
65
(5)
1,584
(1)
(208)
(4)
1,911
4,305
(663)
(524)
(1)
7,880
4,279
6,072
132
260
(950)
(12)
1,736
3,577
(1)
5,766
4,852
696
(96)
6
12,601
4,626
(101)
(5,236)
(458)
21
4,066
(121)
3,336
(34)
277
(3)
(1,433)
Equity
821
3,441
18,710
50,570
421
9,374
(47)
5,257
23,494
26,590
2,119
264,140
92
86
December 31, 2013
Ccp Canela
87
Equity
interest %
100.00
99.99
99.99
99.99
79.99
49.99
50.00
60.00
100.00
100.00
99.99
49.95
99.99
99.99
50.00
99.99
99.99
100.00
39.99
99.99
96.84
99.99
99.99
60.00
99.99
66.99
99.99
99.99
99.99
99.99
100.00
99.99
99.99
99.99
99.99
50.00
50.00
50.00
99.99
99.99
50.00
100.00
74.99
79.99
99.99
100.00
97.23
49.99
49.99
99.99
98.46
99.99
99.99
85.00
99.99
99.99
99.99
99.99
98.46
99.99
99.99
99.99
Assets
Balance sheet
Liabilities
5,334
455
20
26,983
1,023
10
10,105
90,866
708,175
627
230
651
9
320
33,816
39,698
3,072
(30,998)
42,282
2
(5,339)
15,012
7,686
30,812
4
1,629
686
9
15,859
27,527
3
191
112
340
45
185,959
130,973
185,958
20,000
1,872
21,008
30,996
6
47,249
9
22,224
39,507
13
7,198
115,344
117,200
5
27,847
298,536
38,608
8,602
31
63,526
16
169
5,154
Equity
4,167
1,167
1
454
20
7,364
19,619
760
263
10
23
10,082
48,790
42,076
700,896
7,279
102
525
1
229
875
(224)
9
62
258
87
33,729
41,923
(2,225)
3,044
28
(36,392)
5,394
25,553
16,729
2
(5,843)
504
15,012
875
6,811
1,179
29,633
4
250
1,379
689
(3)
9
15,632
227
19,320
8,207
3
6
185
2
110
3
337
45
181,743
4,216
78,964
52,009
181,743
4,215
20,000
406
1,466
5,861
15,147
(77,167) 108,163
6
(3,492) 50,741
9
9,496
12,728
15,934
23,573
13
4,402
2,796
52,404
62,940
37,806
79,394
5
5,044
22,803
262,002
36,534
4,895
33,713
174
8,428
3
28
13,205
50,321
12
4
39
130
4
5,150
December 31, 2013
Cyrela Diamante
Cyrela Jasmim Ltda.
Equity
interest %
99.99
100.00
80.00
96.50
100.00
100.00
100.00
99.99
99.99
99.99
99.99
99.99
85.00
99.99
95.75
99.99
89.00
99.99
80.00
100.00
99.99
100.00
100.00
99.99
51.02
100.00
96.50
80.00
99.99
100.00
100.00
100.00
66.67
99.99
99.99
80.00
99.99
95.76
95.74
99.99
100.00
99.99
100.00
99.99
72.00
99.99
99.99
99.99
75.00
99.99
99.99
100.00
99.99
99.99
99.99
95.75
99.99
80.00
54.09
63.00
99.99
75.92
Assets
Balance sheet
Liabilities
1,115
61,574
4,462
55,034
100,903
4
249
417
1,701
987
12,834
46,541
(6,321)
3
10,437
1
20,192
39,749
9
122,534
4,918
6,786
35,882
40,675
3,786
11,847
30,249
46,279
(9,120)
66,546
62,055
12,046
4
166
5
5,406
(534)
3
7,162
37,589
143,655
27,414
53,916
126
13,172
86,773
5
6
2,970
7
477
3
2,608
52,568
7,726
315
1,269
21,999
4,032
Equity
12
1,103
30,235
31,339
3,960
502
19,439
35,595
49,716
51,187
4
13
236
6
411
20
1,681
3
984
2,603
10,231
22,709
23,832
(12,670)
6,349
3
3,120
7,317
1
1,356
18,836
(15,866) 55,615
9
67,599
54,935
426
4,492
20,085 (13,299)
24,045
11,837
25,931
14,744
1,234
2,552
1,908
9,939
3,099
27,150
24,298
21,981
(8,997)
(123)
19,455
47,091
18,673
43,382
12,021
25
4
180
(14)
5
1,948
3,458
(9,167)
8,633
1
2
(3,876) 11,038
27,429
10,160
11,634 132,021
27,414
4,836
49,080
18
108
14,498
(1,326)
15,294
71,479
5
6
2,960
10
7
6
471
3
123
2,485
35,560
17,008
(1,191)
8,917
17
298
47
1,222
165
21,834
1,289
2,743
88
December 31, 2013
Cyrela Tururin Empreend Imob Ltda.
Cyrela Vila do Conde Empreend Imob Ltda.
89
Equity
interest %
80.00
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
100.00
99.99
74.99
100.00
99.99
99.99
80.00
99.99
99.99
99.99
98.46
85.99
99.99
99.99
99.99
99.99
100.00
100.00
75.99
99.99
99.99
99.99
97.44
77.96
42.99
100.00
100.00
99.99
99.99
80.00
73.44
80.00
75.00
82.99
89.49
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
97.89
50.00
99.99
99.99
99.99
98.46
Assets
Balance sheet
Liabilities
35,260
16,061
972
9,077
29,768
8
84,715
141,440
52,874
273
319
545,854
879
597,218
9
38,385
567,861
797
4
140,230
46,171
234
171,139
113,482
181
9
6
415
439,659
32,716
50,663
47,515
37,373
58,060
(140,394)
(104,912)
7,764
236,611
7
119,072
6
1,308
8,168
2,512
362
3,117
65,643
505,418
23
11
63,077
563
486
2,942
4
10,810
4,325
163
4
161,062
(719)
16,001
2
8
1
14,485
65,368
41,899
16
68
100,000
2
438,938
19,735
342
27
113,219
2,987
26
114,093
92,659
(8,664)
2
251,675
5,553
10,962
648
6,936
25,919
(157,563)
(261,042)
2,501
128,593
87,932
3
2,111
200
67
441
1,137
400,600
30
25,999
40
952
862
15
67,189
Equity
35,979
60
970
9,069
29,767
8
70,230
76,072
10,975
257
251
445,854
877
158,280
9
18,650
567,519
770
4
27,011
43,184
208
57,046
20,823
8,845
9
6
413
187,984
27,163
39,701
46,867
30,437
32,141
17,169
156,130
5,263
108,018
7
31,140
6
1,305
6,057
2,312
295
2,676
64,506
104,818
23
(19)
37,078
523
486
1,990
4
9,948
4,325
148
4
93,873
December 31, 2013
Dgc Ecoville Ltda.
Dgc Living Parana Empreen Imob Ltda.
Dgc Luiz Tramontin Empreend Imob Ltda.
Dgc Pugsley Ltda.
Dgc Uberaba Ltda.
Dgc Vivare Ltda.
Dgc West Side Ltda.
Jdm Lavras Alegrete Empreend Imob Ltda.
Jdm Leao Empr Imob Ltda.
Jdm Pq das Palmeiras Empr Imob Ltda.
Equity
interest %
Assets
96.49
4,308
99.99
169
69.99
4,955
60.00
5,710
99.99
89,489
100.00
74,398
48.25
23,880
94.99
92,265
94.99
4,930
94.99
16,795
79.99
25,846
99.99
271
94.99
40,052
94.99
25,606
94.99
32,993
94.99
4,603
94.99
29,890
94.99
84,914
99.99
1,002
79.99
1,095
94.99
39,556
79.99
429
99.98
264
94.99
49,084
49.02
25,468
100.00
27
59.41
26,242
89.99
13,826
32.50
1,146
99.99
62,780
99.99
13,578
100.00
8,397
49.99
32,649
55.00
50,831
64.99
40,780
99.99
44
99.99
14,997
99.99
1
79.99 136,610
49.99
5,616
59.99
12,055
59.99
14,707
99.99
14,276
80.00
1,358
99.99 1,055,426
89.99
5,117
99.99
4
100.00
6,734
99.99
1,556
89.99
9,544
100.00
24
50.00
41,689
99.99
5,867
99.99
28,065
59.99
589
70.00
940
64.99
32,464
99.99
24,783
9.99
4,710
99.99
1,782
99.99
31,757
99.99
124
Balance sheet
Liabilities
Equity
819
3,489
10
159
4,695
260
(8,713) 14,423
11,263
78,226
26,730
47,668
6,111
17,769
27,849
64,416
751
4,179
1,307
15,488
19,793
6,053
243
28
17,846
22,206
13,411
12,195
18,125
14,868
14
4,589
25,930
3,960
55,544
29,370
287
715
95
1,000
13,306
26,250
61
368
264
20,871
28,213
4,346
21,122
251
(224)
18,221
8,021
5,097
8,729
184
962
38,383
24,397
3,668
9,910
3,378
5,019
23,090
9,559
40,626
10,205
4,664
36,116
44
81
14,916
1
102,575
34,035
1,258
4,358
7
12,048
1,061
13,646
9,323
4,953
631
727
349,938 705,488
4,609
508
4
795
5,939
422
1,134
5,845
3,699
(1)
25
47
41,642
4,906
961
1,800
26,265
12
577
202
738
21,469
10,995
12,752
12,031
1,667
3,043
1,782
6,165
25,592
5
119
90
December 31, 2013
Living Empreend Imob Ltda.
91
Equity
interest %
99.99
49.99
78.98
40.00
100.00
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
74.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
49.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
89.49
99.99
99.99
99.99
Assets
22,962
10
313
354
27,124
5,587
70,328
15
3
24,095
33,483
1,913
9,538
1
5
133,500
7
36
23,404
8,079
134
58,463
9,019
3
832
9
707
4
3,593
1
101
24,135
10,142
3
1,710
9,527
947,239
251
62
6,798
3,904
7,564
251
3
9
1
1
19,523
145
38,687
11,731
6
442,634
3
9,786
418
9
7,974
9
1,822
6,821
Balance sheet
Liabilities
Equity
52
22,910
10
275
38
8
346
6,012
21,112
737
4,850
26,855
43,473
15
3
12,480
11,615
19,044
14,439
19
1,894
803
8,735
1
5
56,384
77,116
7
2
34
4,543
18,861
1,672
6,407
134
57,670
793
1,254
7,765
3
20
812
9
(4)
711
4
1,406
2,187
1
1
100
15,685
8,450
9,203
938
3
1,665
45
2,794
6,733
8,592 938,647
251
62
396
6,402
62
3,842
1
(1)
76
7,488
2
249
3
9
1
1
17,091
2,432
18
127
20,626
18,061
230
11,501
1
5
210,287 232,347
3
3,717
6,069
418
9
97
7,877
9
1,822
3,941
2,880
December 31, 2013
Mac Buenos Aires Empreend e Partic Ltda.
Mac Escocia Empreend Imob Ltda.
Equity
interest %
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
69.99
99.99
99.99
99.99
99.99
100.00
80.00
49.99
99.99
99.99
49.45
49.99
49.99
49.99
49.45
49.44
49.99
49.99
49.99
49.99
50.00
68.00
50.00
80.00
68.60
70.00
48.00
50.00
49.99
50.05
70.00
24.99
49.99
49.99
50.00
49.99
49.99
49.99
49.45
49.99
70.00
45.30
49.45
48.25
49.45
49.45
49.99
49.99
50.00
49.99
49.99
49.99
Assets
3
8,488
3
419
1,322
78
980
2
1,847
199,252
529
9
7
968
6
92,474
168,379
11,463
82,770
207
26,485
36
10
3
42,453
11,144
5
54
43
2,342
9,723
2,265
9,960
48,092
4,109
7,502
21,957
675,759
29,298
1,952
14,535
1,798
2,848
10
42
69
48
20,589
27
22,505
17,492
17,180
20,009
31,774
18,939
35,293
104
70,457
7
36,637
24,332
Balance sheet
Liabilities
8,249
403
1,001
1
1
1,813
14,338
17
23,342
161,900
12
59,101
11
5,840
9,947
1,060
67
2,693
4,999
144
606
11,771
815
889
11,274
99,295
17,859
369
1,601
3,183
1,965
7
5,021
5
3,476
13,160
7,709
4,763
30,693
13,772
21,162
5
15,770
21,512
2,668
Equity
3
239
3
16
321
77
979
2
34
184,914
529
9
7
951
6
69,132
6,479
11,451
23,669
196
20,645
36
10
3
32,506
10,084
(62)
54
43
(351)
4,724
2,121
9,354
36,321
3,294
6,613
10,683
576,464
11,439
1,583
12,934
(1,385)
883
10
42
69
41
15,568
22
19,029
4,332
9,471
15,246
1,081
5,167
14,131
99
54,687
7
15,125
21,664
92
December 31, 2013
Mac Suica Empreend Imob Ltda.
Mac Tokio Empreend Imob Ltda.
Maloga Empr. Imob. Ltda.
Parecis Empreend Imob Ltda.
93
Equity
interest %
49.99
40.00
49.99
49.02
49.99
48.00
74.51
49.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
49.99
99.99
84.99
54.58
99.98
99.99
99.99
90.00
99.99
100.00
99.99
65.35
100.00
21.42
99.99
49.99
99.99
99.99
100.00
100.00
49.99
99.99
78.99
91.59
78.99
78.98
78.98
78.99
78.98
78.99
91.59
78.98
78.98
78.99
78.98
78.98
78.98
78.98
78.98
78.98
78.99
78.99
78.99
78.98
71.59
78.98
Assets
Balance sheet
Liabilities
1,070
11,732
2,648
20,538
335
25,243
24,490
7
9
16,504
72,484
35,719
7
336
5,847
18
108
9
8,052
2,274
2,159
343
9
5,113
16,201
24,012
249,561
3,172
88,193
2,584
9
34,614
7,657
1
18,082
4
15,173
(18)
337,795
89,568
10
1,189
36,511
204
726
10
3
12,268
29,615
574
750
49,072
41,043
6,935
21,156
1,981
1,173
1,017
10
45,993
621
5,436
Equity
5
1,065
8,946
2,786
779
1,869
7,914
12,624
335
14,563
10,680
231
24,259
7
9
8,877
7,627
23,730
48,754
7,378
28,341
7
4
332
2,484
3,363
7
11
7
101
9
3,053
4,999
104
2,170
1
2,158
8
335
9
31
5,082
2,352
13,849
720
23,292
129,904 119,657
3,172
(21,328) 109,521
104
2,480
9
24,525
10,089
711
6,946
1
225
17,857
2
2
9,973
5,200
(18)
37,562 300,233
43,684
45,884
10
136
1,053
24,553
11,958
29
175
280
446
10
3
31
12,237
11,636
17,979
574
620
130
38,660
10,412
23,749
17,294
3,248
3,687
10,219
10,937
(508)
2,489
707
466
1,011
6
10
24,498
21,495
407
214
757
4,679
December 31, 2013
Plano Piracema Empreend Imob Ltda.
Rgc Urbanismo Ltda.
Scp - Baturite
Scp - Cyrela Nessim
Scp Arruda Alvim
Scp Estrada do Mendanha
Scp Mac Projetos
Sk Jurucê Empreend Imob Ltda.
Sr Antonio Macedo Empreend Imob Spe Ltda.
Sr Mourato Coelho Empreend Imob Spe Ltda.
Equity
interest %
78.98
78.98
78.98
78.99
78.99
78.99
78.98
78.98
78.99
99.99
69.99
99.99
80.00
99.99
48.89
19.99
59.99
99.99
49.99
80.00
99.99
49.99
49.99
99.99
100.00
99.99
49.04
0.01
100.00
45.30
49.45
49.02
50.00
48.25
49.02
99.99
99.99
100.00
65.00
49.99
50.00
63.00
49.99
70.00
49.99
49.99
76.99
16.66
75.91
100.00
100.00
100.00
13.00
79.99
96.48
49.99
57.44
78.98
78.98
99.99
79.99
69.51
Assets
Balance sheet
Liabilities
59,283
423
8,941
10
10
20,466
27,286
48,235
10
174
12,864
519
67,418
1,484
2,988
1,462
19,548
12,796
10,897
2,436
4
48,206
6,826
4
2,442
(27,216)
2,937
41
454
10,752
124,336
129,395
2,057
33,022
29,746
36,773
3,354
4,931
21,436
13,423
132,705
4,272
49,729
2,887
2,428
9,807
28,042
38
282,742
1,583
12,109
2
20,244
31,111
274
10,339
58,627
146
85,263
1,740
3,738
161,753
Equity
35,342
23,941
657
(234)
2,911
6,030
10
10
6,458
14,008
9,372
17,914
27,450
20,785
10
23
151
(710) 13,574
250
269
58,161
9,257
102
1,382
67
2,921
179
1,283
11,780
7,768
28
12,768
9,739
1,158
1,076
1,360
4
41,799
6,407
70
6,756
4
2,442
(30,089)
2,873
541
2,396
(31)
72
1,538
(1,084)
10,752
29,938
94,398
- 129,395
(12,026) 14,083
33,022
15
29,731
10,566
26,207
1,976
1,378
233
4,698
2,031
19,405
26
13,397
3,769 128,936
329
3,943
37,023
12,706
245
2,642
16
2,412
2
9,805
16,256
11,786
267
(229)
185,937
96,805
(1)
1,584
14,232
(2,123)
2
9
20,235
16,581
14,530
8
266
1
10,338
50,645
7,982
(56)
202
49,431
35,832
497
1,243
(6,396) 10,134
82,937
78,816
94
December 31, 2013
December 31, 2013
Companies under common control or associated entities
Bni Guarapiranga Desenv. Imob. Ltda.
Brasil Incorporação 83 Ltda.
Ccisa08 Consultoria Imobiliaria Ltda.
Chl Lxxviii Incorp Ltda.
Cipasa Votorantim Empreend Imob S.A.
Cyrela Lirio
Cyrela Lombardia Empreend Imob Ltda.
95
Equity
interest %
40.00
40.00
76.99
Equity
interest %
40.00
38.59
46.49
59.99
24.00
24.00
50.00
49.99
25.00
50.00
50.00
49.99
50.00
49.99
32.50
49.95
49.95
25.00
49.95
25.00
49.95
25.00
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
25.00
49.99
50.00
50.00
50.00
50.00
46.49
80.00
50.00
50.00
36.67
90.00
48.72
50.00
80.00
60.00
49.99
Assets
718
2,373
129,008
Assets
776
8,150
1,973
14,076
892
15,997
47,108
1,359
25,805
23,466
6,577
1,510
20,789
30,049
129,318
15,853
20,907
73,539
18,564
103,410
2,987
13,647
8,560
6,599
977
592
29
11,178
1
11,644
1,221
41,063
126,376
27,391
7,128
17,399
384,253
2,122
874
2
6,359
2,641
145,430
13,694
4,985
2,813
3,936
20,326
Balance sheet
Liabilities
527
1,636
91,593
Balance sheet
Liabilities
Equity
191
737
37,415
Equity
354
422
819
7,331
(111)
2,084
2,645
11,431
89
803
12,692
3,305
1,595
45,513
95
1,264
10,250
15,555
17,247
6,219
808
5,769
937
573
12,193
8,596
3,192
26,857
75,645
53,673
13,085
2,768
17,237
3,670
4,309
69,230
15,949
2,615
32,576
70,834
1,416
1,571
5,948
7,699
7,757
803
5,881
718
492
485
4
(4)
12
(12)
4
(4)
695
(103)
(97)
126
2,647
8,531
3
(3)
4
(3)
11,648
(4)
3
(3)
1,529
(308)
17,728
23,335
95,907
30,469
11,225
16,166
12
7,116
1,787
15,612
89,776 294,477
444
1,678
(793)
1,667
2
6,359
734
1,907
43,808 101,622
4,217
9,477
2,380
2,605
10
2,803
(1,842)
5,778
14,203
6,123
December 31, 2013
Cyrsa S.A.
Fortuna Incorp Ltda.
Imperio da Franca Incorp Ltda.
Madagascar Incorp Ltda.
Marina Crepi Empreend Imob Spe Ltda.
Mnr6 Emp Imob S.A.
Monterey Incorp Ltda.
Prata Brasil Empreend Imob Ltda.
Equity
interest %
32.44
48.72
60.00
50.00
74.99
48.61
49.95
49.99
90.00
49.92
84.99
49.44
49.95
49.95
48.61
48.61
25.00
57.53
49.95
48.72
60.00
25.00
49.95
49.95
74.99
49.95
25.00
49.99
50.00
37.97
69.99
49.95
49.97
49.95
30.00
49.95
39.99
100.00
100.00
49.99
49.99
25.00
35.00
50.00
49.95
25.00
90.00
49.99
50.00
34.99
49.99
69.99
39.99
49.99
50.00
49.92
49.95
49.95
49.92
49.95
38.63
30.00
Assets
6,706
12,555
23,525
121,496
47,283
2,630
33,111
1,850
20,161
6,014
23,092
12,174
8,182
1
28,924
79,005
17
137,690
1,500
8,962
9,202
172,619
5,669
9,464
19,173
5,017
19,889
56,659
38,823
4,645
12,800
79,501
58,501
7,560
76,643
5,510
8,635
1
13
3,480
905
18,025
52,128
5,464
17,336
30,354
12,212
165,350
8,978
938
16,461
2,367
199
40,405
4,778
7,416
8,848
1,356
2,205
436
113,699
Balance sheet
Liabilities
Equity
(1,262)
7,968
516
12,039
14,659
8,866
5,739 115,757
25,600
21,683
(544)
3,174
33,174
(63)
476
1,374
2,034
18,127
3,926
2,088
8
23,084
9,808
2,366
3,516
4,666
72
(71)
25,348
3,576
66,816
12,189
17
91,816
45,874
1,484
16
3,548
5,414
(2,327) 11,529
68,127 104,492
2,303
3,366
5,640
3,824
11,616
7,557
3,686
1,331
14,187
5,702
39,912
16,747
12,272
26,552
433
4,212
760
12,040
79,561
(60)
3,278
55,223
1,316
6,244
72,631
4,012
1,454
4,056
55
8,580
2
(1)
13
39
3,441
789
116
4,961
13,064
15,553
36,575
24
5,440
34
(34)
16,796
540
17,838
12,516
3,285
8,927
163,861
1,489
11,291
(2,313)
126
812
7,779
8,682
801
1,566
565
(366)
4,690
35,715
3,494
1,284
1,697
5,719
4,921
3,927
131
1,225
145
2,060
36
400
55,035
58,664
96
December 31, 2013
Scp - Classic/Galli
Scp Isla
Slk Empreend Imob Spe Ltda.
September 30, 2013
97
Equity
interest %
48.72
69.99
50.00
74.99
49.99
50.00
19.99
47.87
50.00
29.99
70.00
50.00
50.00
50.00
50.00
50.00
50.00
49.99
50.00
50.00
49.99
50.00
59.99
79.99
50.00
49.96
90.00
37.49
49.99
49.99
74.99
64.99
Assets
Balance sheet
Liabilities
6,705
66,702
46,680
18,963
2,463
23,252
35,997
(5,977)
55,506
12,866
2,121
11,972
34,528
23,942
20,331
11,907
53
20,876
33,536
12,440
1,240
74,956
43,751
26,491
1,493
42,814
57,122
17,668
180
2,158
7,757
19,232
1,563
66,756
6,421
10,499
583
7,821
8,311
(6,032)
3,820
6,992
122
1,512
13,640
10,804
9,124
8,783
17,833
522
55,474
18,334
18,751
1,488
15,266
31,170
15,018
14
2,254
774
788
Equity
interest %
64.00
94.99
99.99
64.00
99.99
49.99
49.99
99.99
79.99
67.89
99.99
100.00
100.00
100.00
99.99
99.99
99.99
79.99
60.00
100.00
100.00
99.99
49.95
99.99
Equity
5,142
(54)
40,259
8,464
1,880
15,431
27,686
55
51,686
5,874
1,999
10,460
20,888
23,942
9,527
2,783
53
12,093
15,703
11,918
1,240
19,482
25,417
7,740
5
27,548
25,952
2,650
166
(96)
6,983
18,444
Profit
(loss) for
the period
124
(7,168)
(115)
16,529
407
(42)
313
(2)
(824)
(11,916)
386
5,820
(15)
347
(1)
(1)
2,789
(80)
16,600
(1,239)
(596)
(1)
127
(2)
September 30, 2013
Ccp Canela
Cyrela Diamante
Equity
interest %
99.99
99.99
100.00
39.99
99.99
96.84
99.99
99.99
60.00
99.99
66.99
99.99
99.99
99.99
99.99
100.00
50.00
100.00
74.99
79.99
99.99
100.00
97.23
49.99
49.99
99.99
98.57
99.99
99.99
85.00
99.99
99.99
99.99
99.99
98.57
99.99
99.99
100.00
80.00
96.50
100.00
100.00
100.00
99.99
99.99
99.99
85.00
99.99
95.75
99.99
89.00
99.99
80.00
100.00
99.99
100.00
100.00
99.99
51.02
100.00
96.50
80.00
Profit
(loss) for
the period
1,308
(1)
(3,866)
938
(8)
154
(2)
95
(247)
(3)
(1,520)
(318)
(1)
(30)
(717)
(1)
(38)
1,240
(2)
892
(1)
(359)
8,635
(1)
3,358
19,314
12,698
(1)
(690)
740
(1,317)
(136)
(1)
(1)
3,951
(1)
(37)
5,739
(1)
755
2,725
(570)
(49,006)
(1)
(4)
(41)
(899)
468
8,090
(1)
(1,808)
(1)
(779)
(6,629)
(1)
20,263
(126)
(670)
9,859
(1,660)
442
2,514
98
September 30, 2013
Cyrela Jasmim Ltda.
99
Equity
interest %
99.99
100.00
100.00
100.00
66.67
99.99
80.00
99.99
95.76
95.74
99.99
100.00
99.99
100.00
99.99
72.00
99.99
99.99
99.99
75.00
99.99
99.99
100.00
99.99
99.99
95.75
100.00
80.00
54.09
63.00
99.99
75.92
80.00
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
100.00
74.99
100.00
99.99
80.00
99.99
99.99
100.00
98.57
85.99
99.99
99.99
99.99
100.00
100.00
100.00
75.99
99.99
Profit
(loss) for
the period
(3,117)
612
768
7,939
11,717
(1)
(2)
(1)
(16)
774
(1)
616
696
25,307
(1)
2,572
(3,487)
(1)
(552)
18,060
(1)
(1)
1,818
(1)
(1)
(893)
13,683
648
21
420
(26)
(269)
1,703
(1)
1
(1)
869
(1)
(3,821)
19,712
25,848
(1)
(3)
(1)
100,585
5,483
(8,203)
(1)
(13)
10,245
(2)
17,391
2,477
214
(1)
(1)
(5)
52,157
(1,801)
4,650
(49)
13,069
September 30, 2013
Cyrela Tururin Empreend Imob Ltda.
Dgc Ecoville Ltda.
Dgc Living Parana Empreend Imob Ltda.
Dgc Luiz Tramontin Empreend Imob Ltda.
Dgc Pugsley Ltda.
Dgc Uberaba Ltda.
Dgc Vivare Ltda.
Dgc West Side Ltda.
Equity
interest %
99.99
100.00
97.44
77.96
42.99
100.00
100.00
99.99
99.99
80.00
73.44
80.00
75.00
82.99
89.49
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
97.89
99.99
99.99
99.99
99.99
98.57
96.49
69.99
48.00
79.99
100.00
48.25
94.99
94.99
94.99
79.99
99.99
94.99
94.99
94.99
94.99
94.99
94.99
99.99
79.99
94.99
79.99
99.98
94.99
49.99
100.00
60.00
89.99
32.50
99.99
99.99
100.00
49.99
53.00
Profit
(loss) for
the period
(98)
(33,469)
14,144
440
10,284
(6)
14,648
(1)
14
(334)
216
(1)
636
20,193
7,635
(1)
(1)
8,185
(6)
(4)
(79)
(1)
(1)
3
(1)
(3)
(1)
(1)
19,288
31
117
5,094
16,505
625
3,729
9,769
363
(2,225)
1,521
(255)
2,737
1,361
7,848
(5)
1,251
9,514
(207)
(167)
3,595
(469)
(19)
149
(297)
5
(450)
(20)
(6)
11,167
3,943
(2)
3,934
1
100
September 30, 2013
Jdm Lavras Alegrete Empreend Imob Ltda.
Jdm Leao Empr Imob Ltda.
Jdm Pq das Palmeiras Empr Imob Ltda.
101
Equity
interest %
64.99
99.99
99.99
79.99
49.99
59.99
59.99
99.99
80.00
99.99
89.99
99.99
100.00
99.99
89.99
100.00
99.99
99.99
59.99
70.00
64.99
99.99
9.99
99.99
99.99
99.99
99.99
78.98
40.00
100.00
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
Profit
(loss) for
the period
25,782
39
10
4,319
268
(12)
733
1,565
(37)
60,226
(128)
(1)
30
(39)
(1,472)
(6)
(820)
228
131
(58)
(599)
(2,280)
1,098
(12)
1,642
(22)
(2)
123
355
10,782
1,640
(3,217)
(2)
9,326
1,000
(320)
(81)
(31)
22,530
(2)
(3)
(1,845)
(2,614)
(63)
(845)
(242)
3
(1)
(4)
(3)
(389)
(63)
(1,051)
(2)
(1)
(12,759)
147,015
(1)
1
872
(387)
(3)
September 30, 2013
Mac Buenos Aires Empreend e Partic Ltda.
Equity
interest %
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
89.49
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
100.00
80.00
49.99
99.99
99.99
49.45
49.99
49.99
49.99
49.45
49.45
49.99
49.99
49.99
50.00
68.00
50.00
80.00
68.60
70.00
48.00
50.00
49.99
50.05
70.00
24.99
49.99
49.99
50.00
49.99
49.99
49.45
49.99
70.00
45.30
Profit
(loss) for
the period
(375)
(3)
(4)
(3)
(850)
(2)
2,837
(2)
(4)
45,435
414
(170)
(1,085)
(11)
(4)
(17)
(3)
(56)
(3)
(679)
(13)
3
(2)
13,967
(2)
(60)
(3)
(868)
1
(435)
(144)
(3)
8,808
(1)
(2)
(1)
14,132
416
7
(2)
(1,149)
2,395
433
485
4,879
524
2,240
3,892
127,080
5,328
398
11,733
(6)
415
6,231
(26)
(2)
(1)
3,227
(3)
16,350
2,531
102
September 30, 2013
Mac Suica Empreend Imob Ltda.
Maloga Empr. Imob. Ltda.
103
Equity
interest %
49.45
48.25
49.45
49.45
49.99
49.99
50.00
49.99
49.99
49.99
49.99
40.00
49.99
49.99
48.00
75.00
49.99
99.99
99.99
100.00
100.00
99.99
99.99
99.99
99.99
49.99
85.00
54.58
99.98
99.99
99.99
90.00
99.99
100.00
100.00
65.35
100.00
21.42
49.99
99.99
100.00
49.99
99.99
78.99
91.59
78.98
78.98
78.98
91.59
78.98
78.98
78.98
78.98
78.98
78.98
78.98
78.98
78.98
71.59
78.98
78.98
78.98
Profit
(loss) for
the period
(190)
9,192
4,487
2,925
7,174
(3)
20,205
(3)
6,772
(1)
34
1,409
930
(44)
3,892
(34)
(3)
(2)
1,061
20,560
11,317
(3)
(2)
782
(1)
248
(1,579)
47
95
(1)
(2)
50
(3)
259
55,342
(1)
(2,783)
341
4,753
1,673
3,689
7,345
(104)
53,878
3,251
73
5,122
(44)
7
(31)
5,535
885
4,440
10,631
2,097
4,023
104
10,932
224
(57)
6,600
(927)
September 30, 2013
Plano Piracema Empreend Imob Ltda.
Rgc Urbanismo Ltda.
Scp - Baturite
Scp Arruda Alvim
Scp Estrada do Mendanha
Scp Mac Projetos
Sr Antonio Macedo Empreend Imob Spe Ltda.
Sr Mourato Coelho Empreend Imob Spe Ltda.
Equity
interest %
78.98
78.99
78.98
78.98
99.99
69.99
99.99
80.00
99.99
48.89
19.99
59.99
99.99
49.99
80.00
99.99
49.99
49.99
99.99
100.00
99.99
49.04
100.00
45.30
49.45
50.00
48.25
49.99
99.99
99.99
100.00
65.00
50.00
63.00
49.99
70.00
49.99
49.99
76.99
75.91
100.00
100.00
100.00
13.00
79.99
96.48
49.99
57.44
78.98
78.98
99.99
79.99
70.00
40.00
40.00
76.99
Profit
(loss) for
the period
1,587
(7)
(404)
3,984
(1)
(1,101)
3
18,568
(302)
1,037
221
2,164
(2)
(2)
596
(1)
513
(1)
(1)
(2,345)
4,702
241
(265)
2,531
33,804
408
12,921
(11)
(19,649)
792
795
6,646
35,531
1,189
7,113
279
(166)
(32)
(6,159)
65,814
(84)
(751)
(2)
9
2,543
149
(207)
45
(200)
11,362
746
150
9
1,048
3,121
(3,356)
104
September 30, 2013
Bni Guarapiranga Desenv. Imob. Ltda.
Brasil Incorporação 83 Ltda.
Ccisa08 Consultoria Imobiliaria Ltda.
Chl Lxxviii Incorp Ltda.
Cyrela Lirio
Cyrsa S.A.
105
Equity
Interest %
40.00
38.59
46.49
59.99
24.00
24.00
50.00
49.99
25.00
50.00
50.00
49.99
50.00
49.99
50.00
49.95
49.95
25.00
49.95
25.00
49.95
25.00
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
49.95
25.00
49.99
50.00
50.00
50.00
50.00
46.49
80.00
50.00
50.00
36.67
90.00
48.72
50.00
80.00
60.00
49.99
32.44
48.72
60.00
50.00
74.99
48.61
49.95
49.99
90.00
Profit
(loss) for
the period
(99)
433
192
4,650
74
(304)
2,149
715
11,169
(887)
699
570
5
9,200
1,311
1,419
2,599
(143)
913
5,468
4,016
3,294
(71)
(112)
937
(4)
(4)
(4)
(4)
(2,503)
4,727
(4)
(4)
(3)
(4)
(2,232)
10,809
7,714
6,904
(30)
3,205
41,581
463
1,240
(2)
(1)
(579)
(6,653)
1,141
95
(1)
873
511
926
1,021
5,137
5,405
4,146
(121)
(63)
695
2,680
September 30, 2013
Fortuna Incorp Ltda.
Imperio da Franca Incorp Ltda.
Living Arapua Empreend Imob Ltda.
Madagascar Incorp Ltda.
Marina Crepi Empreend Imob Spe Ltda.
Mnr6 Emp Imob S.A.
Monterey Incorp Ltda.
Prata Brasil Empreend Imob Ltda.
Scp - Classic/Galli
Scp Isla
Equity
Interest %
49.92
84.99
49.44
49.95
49.95
48.61
48.61
25.00
57.53
49.95
48.72
60.00
49.95
49.95
74.99
49.95
25.00
49.99
50.00
37.97
69.99
37.49
49.95
49.97
49.95
30.00
49.95
40.00
100.00
100.00
49.99
49.99
25.00
35.00
50.00
49.95
25.00
90.00
49.99
34.99
49.99
69.99
49.99
50.00
49.92
49.95
49.95
49.92
49.95
38.63
30.00
48.72
69.99
50.00
74.99
49.99
50.00
19.99
47.87
50.00
70.00
50.00
Profit
(loss) for
the period
(786)
(2)
(2)
3,862
(4)
45
(430)
(7)
1,678
412
(79)
(1,364)
(421)
2,125
1,099
1,537
7,460
1,785
(1,289)
198
(16)
2,676
(59)
9,221
1,880
(173)
3,811
779
(625)
(1)
(42)
434
1,703
5,549
(3)
(3)
3,791
(2,643)
(723)
179
419
6,180
(11)
(54)
708
(286)
(1,230)
(151)
722
169
(27,569)
1,115
4
(3,554)
1,461
1,133
162
789
(278)
8,936
155
8,460
106
September 30, 2013
Equity
Interest %
50.00
50.00
50.00
50.00
50.00
49.99
50.00
50.00
49.99
50.00
59.99
79.99
50.00
49.96
90.00
49.99
49.99
74.99
64.99
Profit
(loss) for
the period
4,686
(29)
(123)
1,357
(2,100)
875
7,209
2,030
8
3,957
(1,727)
457
599
9,508
(28)
(88)
(451)
(46)
1,818
d) Investments abroad
The balance sheet of subsidiary Brazil Realty Serviços e Investimentos Ltd. (headquartered
in The Bahamas), which uses the US dollar as functional currency, have been translated
into Brazilian reais based on the exchange rate prevailing on September 30, 2014 R$2,4510 (September 2013: R$2,2300 and December 2013: R$2,3426).
The interim financial information of joint venture Cyrsa S.A. (headquartered in Argentina),
which uses the Argentinean peso as functional currency, has been translated into Brazilian
reais based on the exchange rate prevailing on September 30, 2014 - R$0.2892 (September
de 2013: R$0.3851 and December 2013: R$0.3594).
e) Breakdown of the investments presented in consolidated:
107
Equity interest - %
09/2014
12/2013
Total
Direct
Total
Direct
Cbr 005 Emp. Imob.
Construtora Pampaulista Ltda.
Cyrela Commercial Properties S.A. Empreend e Participações
Cyrela Lirio
Cyrsa S.A.
38.59
46.49
59.99
24.00
24.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
32.50
50.00
50.00
50.00
100.00
50.00
50.00
1.27
46.49
80.00
100.00
36.67
90.00
50.00
80.00
60.00
49.99
32.44
60.00
50.00
90.00
84.99
49.44
57.53
60.00
38.59
25.00
59.99
24.00
24.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
32.50
50.00
50.00
50.00
100.00
50.00
50.00
1.27
25.00
80.00
100.00
30.00
90.00
50.00
80.00
60.00
49.99
20.00
60.00
50.00
90.00
84.99
25.00
57.53
60.00
38.59
46.49
59.99
24.00
24.00
50.00
50.00
50.00
50.00
50.00
32.50
50.00
50.00
85.00
50.00
50.00
1.27
46.49
80.00
50.00
36.67
90.00
50.00
80.00
60.00
49.99
32.44
60.00
50.00
90.00
84.99
49.44
57.53
60.00
38.59
25.00
59.99
24.00
24.00
50.00
50.00
50.00
50.00
50.00
32.50
50.00
50.00
85.00
50.00
50.00
1.27
25.00
80.00
50.00
30.00
90.00
50.00
80.00
60.00
49.99
20.00
60.00
50.00
90.00
84.99
25.00
57.53
60.00
Equity
09/2014 12/2013
7,362
1,820
4,441
786
3,091
23,022
19,057
5,316
34,010
8,854
4,325
176,726
7,152
19,559
2,494
13,167
373,102
788,898
976
45
2
851
72,937
753
3,400
4,735
3,197
8,014
13,368
125,220
4,114
23,133
2,365
46,562
6,446
7,331
2,084
11,431
803
3,305
45,513
5,769
33,729
8,596
4,325
53,673
16,166
7,116
15,612
294,477
945,118
1,678
1,667
2
1,907
101,622
2,605
2,803
5,778
6,123
7,968
8,866
115,757
18,127
23,084
2,366
45,874
11,529
Profit (loss)
for the period
09/2014 09/2013
31
(264)
2
(219)
1,475
(339)
517
(132)
19
54,725
(1)
3,393
(4,622)
1,305
79,945
87,480
199
(22)
(56)
(9,472)
(452)
(206)
257
13
46
4,496
7,289
987
(22)
(1)
688
(488)
433
192
4,650
74
(304)
2,149
699
5
(1)
1,311
6,904
(30)
3,205
41,581
117,953
463
1,240
(2)
(579)
(6,653)
95
(1)
873
511
926
5,137
5,405
2,680
(2)
(2)
1,678
(1,364)
Investment
09/2014 12/2013
2,842
455
2,664
189
742
11,511
9,529
2,659
17,005
4,427
2,163
57,436
3,578
9,779
1,247
6,584
198,494
10,019
244
36
2
255
65,643
376
2,720
2,841
1,599
1,603
8,021
62,610
3,702
19,664
592
26,790
3,867
2,830
521
6,859
193
796
22,757
2,885
4,299
(1)
17,444
8,083
3,558
(2)
7,806
123,357
12,003
419
1,333
1
572
91,459
1,302
2,243
3,467
3,061
1,594
5,319
57,877
16,314
19,621
591
26,394
6,917
Equity pick-up
09/2014 09/2013
12
(66)
1
(53)
737
(170)
259
(66)
9
17,786
1,696
(2,311)
653
51,916
1,111
50
(17)
(17)
(8,525)
(226)
(165)
154
7
9
2,698
3,644
888
(18)
396
(293)
167
48
2,790
18
(73)
1,075
349
3
655
54
3,452
(15)
1,602
20,821
1,498
116
992
(1)
(174)
(5,987)
48
(1)
524
255
185
3,082
2,702
2,412
(2)
(1)
965
(818)
108
109
Equity interest - %
09/2014
12/2013
Total
Direct
Total
Direct
Prologis Ccp 9
Scp Isla
Total
50.00
37.97
49.97
30.00
100.00
50.00
100.00
50.00
90.00
50.00
39.99
50.00
17.80
38.63
30.00
50.00
50.00
50.00
50.00
29.99
70.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
59.99
50.00
90.00
64.99
50.00
20.75
49.97
30.00
100.00
50.00
100.00
50.00
90.00
50.00
39.99
50.00
17.80
32.00
15.00
50.00
50.00
50.00
50.00
29.99
70.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
59.99
50.00
90.00
64.99
50.00
37.97
49.97
30.00
100.00
50.00
100.00
50.00
90.00
50.00
39.99
50.00
38.63
30.00
50.00
50.00
50.00
29.99
70.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
59.99
50.00
90.00
64.99
50.00
20.75
49.97
30.00
100.00
50.00
100.00
50.00
90.00
50.00
39.99
50.00
32.00
15.00
50.00
50.00
50.00
29.99
70.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
59.99
50.00
90.00
64.99
Equity
09/2014 12/2013
11,527
1,442
44,145
4,110
(1)
6,359
13
5,837
14,922
72
1,372
5,292
1,285
395
40,249
1,421
39,105
23,311
19,797
2,821
1,601
2,680
17,338
24,141
11,263
5,360
53
20,555
1,868
6,623
24,108
1,562
16,245
757
26,413
5,220
Profit (loss)
for the period
09/2014 09/2013
26,552 (7,876)
4,212
403
55,223
4,644
4,012
98
(1)
6,359
13
5,440
(64)
12,516 (3,848)
1,489 (1,417)
1,566
1,556
35,715 (12,673)
40
400
(5)
58,664
1,584
(1)
40,259
1,911
15,431
7,880
51,686
4,279
5,874
6,072
1,999
132
10,460
260
20,888
(950)
23,942
(12)
9,527
1,736
2,783
3,577
53
(1)
15,703
4,852
11,918
696
6,219
(96)
19,482
4,626
(101)
25,417 (5,236)
5
21
25,952
(121)
18,444 (1,433)
(1,289)
198
9,221
(173)
(625)
(1)
(1)
(3)
(2,643)
(54)
169
(27,569)
(3,554)
162
8,936
155
8,460
4,686
(29)
(123)
1,357
(2,100)
7,209
2,030
(887)
3,957
(1,727)
599
(28)
1,818
Investment
09/2014 12/2013
5,763
300
22,060
1,232
(1)
3,179
13
2,918
13,430
35
548
2,646
229
126
6,038
712
19,553
11,655
9,898
846
1,121
1,340
8,669
12,070
5,631
2,681
27
10,277
934
3,313
12,054
781
9,746
378
23,771
3,392
13,276
874
27,595
1,203
(1)
3,179
13
2,720
11,265
744
626
17,858
739,253
Equity pick-up
09/2014 09/2013
15,250
2
23,356
11,989
(3,938)
84
2,321
29
(32)
(3,463)
(709)
622
(6,336)
7
(2)
238
956
3,940
2,139
1,821
93
130
(475)
(6)
868
1,789
2,426
348
(48)
2,313
(50)
(3,142)
10
(109)
(931)
(644)
41
4,608
(52)
(625)
(1)
(2)
(2,379)
(27)
54
(4,135)
(1,777)
81
4,468
109
4,230
2,343
(14)
(61)
679
(1,050)
3,605
1,015
(443)
1,979
(1,036)
299
(25)
1,182
708,087
70,992
49,163
128
8,800
20,130
7,715
25,843
1,762
1,399
5,230
10,444
11,971
4,763
1,392
27
7,851
5,960
3,110
9,741
110
111
8.
PROPERTY, PLANT AND EQUIPMENT
Changes are as follows:
Company
Cost
Machinery
and
Furniture
equipment and fixtures
Computers
Facilities
Vehicles
Leasehold
improvements (i)
Sales
stand (ii)
Total
Additions
Disposals
1,361
38
1,399
5,861
28
5,889
9,355
227
9,582
362
362
92
92
16,495
147
16,642
296
(296)
-
33,822
440
(296)
33,966
Additions
1,380
12
1,392
5,890
18
5,908
10,538
56
10,594
362
362
92
92
16,641
42
16,683
-
34,903
128
35,031
112
113
Depreciation
10% p.a. Machinery
and
equipment
10% p.a. Furniture
and fixtures
20% p.a. Computers
10% p.a. 20% p.a.
Facilities Vehicles
Leasehold
improvements (i)
Sales
stand (ii)
Total
Depreciation
(522)
(101)
(623)
(1,948)
(441)
(2,389)
(5,483)
(968)
(6,451)
(101)
(27)
(128)
(92)
(92)
(9,892)
(2,095)
(11,987)
-
(18,038)
(3,632)
(21,670)
Depreciation
Residual balance at December 31, 2012
Residual balance at September 30, 2013
(652)
(90)
(742)
839
776
728
650
(2,536)
(442)
(2,978)
3,913
3,500
3,354
2,930
(6,772)
(1,038)
(7,810)
3,872
3,131
3,766
2,784
(137)
(27)
(164)
261
234
225
198
(92)
(92)
-
(12,457)
(1,123)
(13,580)
6,603
4,655
4,184
3,103
296
-
(22,646)
(2,720)
(25,366)
15,784
12,296
12,257
9,665
114
115
Consolidated
Cost
Machinery
and
Furniture
equipment and fixtures
Computers
Facilities
Vehicles
Leasehold
improvements (i)
Sales
stand (ii)
Total
Additions
Disposals
6,784
257
7,041
13,009
258
13,267
14,698
686
15,384
1,064
17
1,081
206
36
242
23,335
628
23,963
367,603 426,699
55,045
56,927
(296)
(296)
422,352 483,330
Additions
7,078
376
7,454
13,296
556
13,852
16,512
223
16,735
1,082
3
1,085
243
243
24,046
1,218
25,264
441,698
58,664
500,362
503,955
61,040
564,995
116
117
Depreciation
10% p.a. Machinery
and
equipment
10% p.a. Furniture
and fixtures
20% p.a. - 10% p.a. - 20% p.a. Leasehold
Computers Facilities Vehicles improvements (i)
Sales
stand (ii)
Total
Depreciation
Balance at June 30, 2013
(2,667)
(597)
(3,264)
(3,824)
(985)
(4,809)
(8,570)
(1,612)
(10,182)
(304)
(81)
(385)
(134)
(19)
(153)
(13,828) (230,958) (260,285)
(3,071) (61,642) (68,007)
(16,899) (292,600) (328,292)
Depreciation
Balance at June 30, 2014
(3,481)
(637)
(4,118)
(5,141)
(1,019)
(6,160)
(10,711)
(1,647)
(12,358)
(412)
(80)
(492)
(159)
(19)
(178)
(17,534) (309,954) (347,392)
(1,632) (47,806) (52,840)
(19,166) (357,760) (400,232)
4,117
3,777
3,597
3,336
9,185
8,458
8,155
7,692
6,128
5,202
5,801
4,377
760
696
670
593
72
89
84
65
9,507
7,064
6,512
6,098
136,645
129,752
131,744
142,602
166,414
155,038
156,563
164,763
(i)
Costs are expensed over the property lease periods, which can range from three to five years.
(ii)
Depreciation is based on the useful lives of assets, of 48 months on average, used during the project sales period, and it is allocated to the
profit or loss, in line item “Selling expenses”.
118
119
9.
INTANGIBLE ASSETS
Goodwill represented by asset appreciation has a finite useful life corresponding to the project
construction period.
Management periodically reviews the useful lives of the Company’s other intangible assets.
Some intangible assets have finite useful lives and are amortized at the following average
amortization rates: 15% for construction costs and 20% for software licenses.
Company
Cost
Trademark
and
Implementation Software
patents
costs
licenses Subtotal Goodwill
Total
Additions
37
37
52,881
4,616
57,497
21,611
357
21,968
74,529
4,973
79,502
98,414 172,943
12,389 17,362
110,803 190,305
Additions
37
37
60,311
2,962
63,273
22,182
2
22,184
82,530
2,964
85,494
110,045 192,575
1,626
4,590
111,671 197,165
Amortization
Company
Trademark
10% p.a. 20% p.a. and
patents
costs
Amortization
-
(9,805)
(3,529)
(13,334)
Amortization
-
(14,537) (8,659) (23,196) (97,024) (120,220)
(4,609) (1,977) (6,586)
(3,412)
(9,998)
(19,146) (10,636) (29,782) (100,436) (130,218)
37
37
37
37
43,076
44,163
45,774
44,127
(5,948) (15,753)
(2,035) (5,564)
(7,983) (21,317)
Total
15,663
13,985
13,523
11,548
58,776
58,185
59,334
55,712
(92,893) (108,646)
(4,709) (10,273)
(97,602) (118,919)
5,521
13,201
13,021
11,235
64,297
71,386
72,355
66,947
120
Cost
Company
Trademark
and
patents
costs
Additions
108
108
63,958
4,711
68,669
34,222
1,543
35,765
98,288
6,254
104,542
100,660 198,948
12,389 18,643
113,049 217,591
Additions
108
108
71,484
6,293
77,777
36,294
1,194
37,488
107,886
7,487
115,373
112,293 220,179
3,883 11,370
116,176 231,549
Amortization
Company
20% p.a.
Trademark
10% p.a. and
patents
costs
Total
Amortization
-
(10,579) (11,528) (22,107)
(5,262) (3,788) (9,050)
(15,841) (15,316) (31,157)
(90,957) (113,064)
(5,376) (14,426)
(96,333) (127,490)
Amortization
-
(17,060) (16,519) (33,579)
(7,72) (3,531) (11,203)
(24,732) (20,050) (44,782)
(95,977) (129,556)
(3,649) (14,852)
(99,626) (144,408)
121
Total
108
108
108
108
53,379
52,828
54,424
53,045
22,694
20,449
19,775
17,438
76,181
73,385
74,307
70,591
9,703
16,716
16,316
16,550
85,884
90,101
90,623
87,141
Breakdown of goodwill arising on the appreciation of assets with finite useful lives:
Balance at
Balance at Balance at
Balance at
12.31.2012 Goodwill Amortization 09.30.2013 12.31.2013 Goodwill Amortization 09.30.2014
Goodwill in the Company
Office Shopping 2 Empreendimentos Ltda.
LC Empreend Imob Spe Ltda.
Lombok Incorp Ltda.
Oaxaca Incorp Ltda.
Total
1,326
195
385
82
16
56
1,038
721
88
184
1,430
5,521
2,389
10,000
12,389
(2,829)
68
(154)
(377)
(31)
8
(42)
(424)
(399)
(66)
(100)
(363)
(4,709)
886
68
41
10,000
8
51
24
14
614
322
22
84
1,067
13,201
1,185
68
19
10,000
2
36
24
16
447
234
25
53
912
13,021
1,626
1,626
(2,718)
(16)
(2)
(20)
(18)
(229)
(120)
(27)
(262)
(3,412)
93
68
3
10,000
16
6
16
218
114
25
26
650
11,235
Goodwill in investees
Plano & Plano Constr e Particip. Ltda.
Living Empreendimentos Imob Ltda.
Total
Total consolidated
1,814
742
19
1,607
4,182
9,703
12,389
(506)
(7)
(154)
(667)
(5,376)
1,814
236
12
1,453
3,515
16,716
1,814
107
3
1,371
3,295
16,316
2,257
2,257
3,883
(107)
(3)
(127)
(237)
(3,649)
4,071
1,244
5,315
16,550
122
123
10. BORROWINGS AND FINANCING)
Company
09/2014 12/2013
Loans - foreign currency
Loans - local currency
Financing - local currency
Interest payable - financing
Interest payable - local currency
Interest payable - foreign currency
Current
Noncurrent
Consolidated
09/2014
12/2013
60,000 60,000
60,000
60,000
680,000 350,000
956,682
718,309
- 2,387,384 2,007,993
5,386
4,831
12,782
3,777
18,820
4,475
2,069
247
2,069
247
754,851 414,024 3,430,341 2,795,855
304,851
4,024 1,094,658
624,091
450,000 410,000 2,335,683 2,171,764
The swap transaction, conducted on June 15, 2012, is related to a foreign currency-denominated
borrowing for a three-year period, under a U.S. dollar loan, consisting of three agreements:
(i) Bank Credit Note of R$60,000, subject to semiannual interest and repayment of principal I
three years; (ii) fixed rate for DI swap, where the Company holds a long position of 111% at the
CDI and a short position at an annual fixed rate of 9.93%; and (iii) US dollar non-deliverable
forwards (NDFs) in amounts equivalent to the amounts in Brazilian reais at fixed interest rate of
9.93% per year and principal divided based on the future U.S. dollar sell rate, ranging from 2.10
and 2.40. The instruments contracted in (ii) and (iii) have the same maturity dates of the debt in
Brazilian reais. The debt is equivalent to US$27 million, indexed to the U.S. dollar exchange
rate, plus 4.3% per year. As at September 30, 2014, derivative transactions (SWAP/NDF) are
stated at fair value and the loss on such contracts totaled R$3,437, recorded in line item “Other”
in assets.
Borrowings and financing in local currency are represented by:
• As at September 30, 2014, the working capital credit facilities long-term totaled R$956,682,
mainly comprised of: R$200,000 is subject to 111.5% of the interbank deposit rate (“CDI”)
and R$59,063 is subject to 117.85% of the CDI plus spread of 0.8076% p.a., R$150,000 is
subject to 108% of the CDI, R$110,041 is subject to 100% of the CDI, plus 0.7030% p.a.,
R$104,936 is subject to the Long-term Interest Rate (“TJPL”), plus spread of 3.78% p.a.,
R$9,433 yielding interest based on the Extended Consumer Price Index (“IPCA”) plus 12%
p.a., R$1,049 yielding interest of 3.5% p.a., R$150,000 yielding interest of 112% the
interbank deposit rate (“CDI”); R$100,000 is subject based on the Reference Rate (“TR”)
plus 8.75% p.a., R$80,000 yielding interest based on TR plus 8% p.a. and R$2,200 yielding
interest of 100% of CDI plus 1% p.a. (at December 31, 2013, total of R$718,308, of which
R$200,000 is subject to 111.5% of the CDI and R$67,500 is subject to 117.85% of the CDI,
R$150,000 is subject to 108% of the CDI, R$100,000 is subject to 100% plus 0.7030% p.a.
of the CDI, R$10,003 yielding interest of 105% of CDI, R$71,065 yielding interest based on
IPCA plus 12% p.a and R$119,743 is subject to the TJPL, plus spread of 3.78% p.a.). For
credit facilities in the amount of R$150,000, R$100,000 and R$80,000, there are covenants
determining the maximum debt and leverage levels, as well as minimum coverage levels of
current install,ents, which will be addressed in the next items.
• As at September 30, 2014, financing amounting to R$2,387,384 (R$2,007,993 at December
31, 2013) consisting of real estate credit transactions, subject to interest ranging from 8.30%
124
p.a. to 10% p.a. plus TR. The related financing agreements provide for maturity acceleration
in case of nonperformance of obligations assumed, such as, but not limited to, use of the
funds for the purpose established in the contract, registration of mortgage on the project, and
meeting the construction schedule. There are no commitments involving the compliance
with financial ratios. As at September 30, 2014, mortgages and pledges of receivables
provided as collateral for such financing totaled R$2,337,878 (R$2,004,423 at December 31,
2013).
As at September 30, 2014, interest on real estate borrowings eligible for capitalization in
inventories totaled R$118,082 (R$73,958 September 30, 2013).
The noncurrent portion matures as follows:
Year
2015 (3 months)
2016
2017
2018
2019
2020
2021
2022
2023
2024
Total
Company
09/2014 12/2013
100,000
350,000
450,000
Consolidated
09/2014
12/2013
210,000
635,479 1,304,835
100,000
856,954
476,116
100,000
374,674
239,182
376,058
67,453
11,163
84,178
8,215
9,902
10,277
11,402
41,559
410,000 2,335,683 2,171,764
Changes in borrowings and financing at June 30, 2014 and December 31, 2013 are as follows:
Company
09/2014 12/2013
Opening balance
Additions
Principal repayment
Interest payment
Interest and charges for the period
Closing balance
Consolidated
09/2014
12/2013
414,024
348,807
2,795,855
2,133,006
336,827
162,387
1,729,928
2,227,255
(6,827) (100,416) (1,129,123) (1,580,024)
(33,723) (29,235)
(139,057)
(105,885)
44,550
32,481
172,738
121,503
754,851
414,024
3,430,341
2,795,855
a) Restrictive covenants
Some loan agreements contains restrictive covenants providing for maximum debt and
leverage ratios as well as a minimum debt service coverage ratio for current installments,
which must met on a quarterly basis. The required ratios are as follows:
125
Contractually
required ratio
Net debt (plus properties payable less SFH debt)/equity
Equal to or below 0.8
As at June 30, 2014, the Company was compliant with these covenants.
126
127
11. DEBENTURES (PARENT AND CONSOLIDATED)
a) Below are the features and balances of the debentures:
Features
Series issued
Type of issuance
Nature of issuance
Issuance date
Date of maturity
Type of debenture
Yield
Nominal value (unit)
Securities issued (unit)
Securities outstanding (unit)
Securities redeemed (unit)
Type of interest payment
Type of amortization (installments)
Amortization installments
CYRE 11
CYRE 12
CYRE 22
CYRE 13
CYRE 16
First
Simple
Public
04.01.2007
04.01.2014
Unsecured
100% DI +
0.48% p.a.
10
50.000
0
(50.000)
Semiannual
Annual
3
Second
Simple
Public
01.05.2008
01.05.2018
Unsecured
100% DI +
0.65% p.a.
10
24.975
10
(24.965)
Semiannual
Annual
1
Second
Simple
Public
01.05.2008
01.05.2018
Unsecured
100% DI +
0.65% p.a.
10
24.975
4.253
(20.722)
Semiannual
Annual
1
Single
Simple
Public
09.01.2009
09.01.2014
Unsecured
100% DI +
0.81% p.a.
10
35.000
8.750
(26.250)
Quarterly
Annual
4
Single
Simple
Public
08.21.2012
08.21.2017
Unsecured
100% DI +
1.20 p.a.
1.000
400
200
(200)
Semiannual
Annual
2
128
129
Features
CYRE 11
CYRE 12
CYRE 22
CYRE 13
CYRE 16
Balances:
Debentures payable
-
100
42,530
-
200,000
Issuance costs
(-) Cost amortization
Unamortized issuance costs
-
(857)
852
(5)
Interest on debentures payable
-
3
98
3
95
Current
Noncurrent
(857)
815
(42)
1,138
43,626
1,138
42,488
-
(1,099)
778
(321)
2,564
202,243
2,564
199,679
09/2014
12/2013
242,630
696,812
(2,813)
2,445
(368)
3,705
245,967
3,705
242,262
(10,086)
8,841
(1,245)
21,494
717,061
275,061
442,000
Debentures may be early redeemed at the Company’s discretion. The Company can also
acquire debentures outstanding in the market, as permitted by the prevailing legislation.
In April 2013, the Company made a partial payment of the debentures called CYRE 11,
amounting to R$166.667. In September 2013 the Company repaid part of the CYRE 13
debentures amounting to R$87,500.
In October 2013, the Company settled the 2nd series of the 5th Issue of Debentures called
CYRE 25 with full early redemption amounting to R$280,000.
In December 2013 the Company settled the 1st series of the 5th Issue of Debentures called
CYRE 15 with full early redemption amounting to R$120,000.
In April 2014 the Company settled the debentures called CYRE 11 upon full payment of
the balance amounting to R$166,700.
In May 2014 the Company partially early redeemed the 6th Issue of Debentures called
CYRE 16 to R$200,000.
In September 2014 the Company settled debêntures called CYRE 13 upon total payment of
the balance in the amount of R$87,500.
As at September 30, 2014, interest on debentures eligible for capitalization in inventories
totaled R$8,461 (R$22,306 as at September 30, 2013).
Among the debentures issued by the Company with balance as at September 30, 2014, only
CYRE12 and CYRE22 are subject to a renegotiation clause, which has took place in 2010
and 2011.
Changes of debentures were as follows:
09/2014
Opening balance
Repayment of principal
Interest payment
Interest and charges
Closing balance
12/2013
717,061 1,383,923
(454,200) (654,167)
(58,349) (119,658)
41,455
106,963
245,967
717,061
130
The noncurrent portion matures as follows:
Year
24 months
36 months
48 months
60 months
Total
09/2014
12/2013
99,780
99,899
42,583
242,262
199,707
199,707
42,586
442,000
b) Restrictive covenants
The indenture supporting the issuance of debentures contains restrictive covenants
providing for maximum debt and leverage ratios as well as a minimum debt service
coverage ratio for current installments, which must met on a quarterly basis. The required
ratios are as follows:
Contractually
required ratio
Net debt (plus properties payable and less SFH debt)to-equity
Receivables (plus properties for sale)-to-net debt (plus properties
payable and unrecognized costs and expenses)
EBIT-to-net finance costs
0.7 or less
1.5 or higher or lower
than 0
1.5 or higher or lower
than 0
(i) For the CYRE13, CYRE15 and CYRE16 debentures, the calculation made must be 0.8
or lower.
As at September 30, 2014, the Company was compliant with these covenants.
12. CERTIFICATES OF REAL ESTATE RECEIVABLES (CRIs)
(PARENT AND CONSOLIDATED)
On June 14, 2011, subsidiary Brazil Realty Companhia Securitizadora (“Securitizadora”)
conducted transactions involving the first issue of first series CRIs, as approved by the Board of
Directors’ meeting held on February 23, 2011. On May 21 14, 2012, Securitizadora conducted
the second issue CRI transactions, as approved by the Board of Directors’ meeting held on May
17, 2012. On October 7, 2013, Securitizadora carried out the 3rd issuance of Certificate of Real
Estate Receivables, approved at the meeting of the Board of Directors held on September 19,
2013. On June 24, 2014, the Securitizadora carried out the 4th issuance of Certificate of Real
Estate Receivables, approved at the meeting of the Board of Directors held on June 6, 2014.
131
The first series certificates of the first issue were placed in the market through a public offering
of 900 registered, book-entry CRIs with the unit face value of R$300, totaling R$270,000,
second issue certificates have a unit face value of R$334, totaling R$300,000, the 3rd issuance
with unit face value of R$325, totaling R$130,000 and the 4th issuance with unit face value of
R$312, totaling R$50,000. Under the public offering prospectus (“Collateral”), CRIs relating to
the 1st and 2nd issuances are collateralized by:
a) Receivables from sales of real estate units held by the respective assignors (the Company’s
investees).
b) Rights and amounts deposited by the acquirers of real estate units, by the assignors and by
the Company in bank accounts specifically designated for receiving such amounts, under
the related assignment contract.
The indentures contain restrictive covenants providing for the maximum debt and leverage
ratios, as well as a minimum debt coverage service ratio of the current installments and
unincurred costs, which must be complied with on a quarterly basis. As at September 30, 2014,
the Company was compliant with these covenants.
The CRIs of the 1st, 2nd and 3rd issuances are backed by real estate credits arising from one bank
credit note (“CCB”), issued by Cyrela Brazil Realty (“Company”), the CRIs of the 4th issuance,
in turn, are backed by real estate credits arising from a CCB issued by Plano & Plano
Construções e Participações, a company controlled by the Company, represented by one real
estate credit note (“CCI”) issued by financial institutions, (as the lender of the CCB), which
subsequently were acquired by Brazil Realty under Law 10931/04 (“Mortgage Loans”) and
assignment of receivables. Securitizadora established a fiduciary relationship on Mortgage
Loans, as set forth in the Securitization Indenture, under article 9 of Law 9514/97, with the
appointment of Pentágono S.A. Distribuidora de Títulos e Valores Mobiliários and Oliveira
Trust Distribuidora de Títulos e Valores Mobiliários S.A. as fiduciary agent. The Mortgage
Loans and the Collateral under the Fiduciary Relationship will be separately disclosed in the
Company’s equity, treated as a separate equity intended specifically for the repayment of CRIs
and the other obligations related to the Fiduciary Relationship, as laid down in Article 11 of
Law 9514/97. The CRIs will be listed in the CETIP 21 systems of CETIP S.A. - Balcão
Organizado de Ativos e Derivativos and the bovespafix system of BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e Futuros, respectively.
The proceeds from the subscription of CRIs were used, exclusively, by Securitizadora to pay the
assignment of the CCI. The proceeds raised will be ultimately used to finance, directly or by
means of the Company’s interests in special purpose entities (SPEs), expenditures incurred on
works in progress or future works relating to residential development projects. The risks and
rewards of the related receivables remain with the corporate group and, therefore, the
consolidated balance recorded in liabilities presented in the interim financial information and
the financial statements, is as shown below:
132
Funds
raised
Issuance
1st series of 1st issuance - Code
12E0019753
LessCRI issuance costs
09/2014
Interest
payable
43,200
1,630
(681)
1st series of 2nd issuance - Code
11F0013690
LessCRI issuance costs
300,000
-
12,251
(2,104)
-
12/2013
Interest
payable
Total
Funds
raised
44,830
270,000
(681)
312,251
(2,104)
2,147
(4,618)
-
300,000
2,990
(2,715)
-
Total
272,147
(4,618)
302,990
(2,715)
1st series of 3rd issuance - Code
13J0013455
130,000
7,088
137,088
130,000
3,028
133,028
1st series of 4th issuance - Code
14F0626699
50,000
1,468
51,468
-
-
-
520,415
22,437
542,852
692,667
8,165
700,832
503,748
16,667
22,437
503,748
39,104
692,667
-
8,165
692,667
8,165
Noncurrent
Current
The balance disclosed by the Company does not include issuance costs expenses since these
are payable by Securitizadora.
The main features of the 1st series, taking into account the 1st, 2nd and 3rd issues, as follows:
1st series 1st issue (i)
Characteristics
Issuance date
Amortization
date
06.14.2011
Semiannual interest and
principal on June 1, 2023.
Unit face value
on issue
Number of
certificates
issued
Interest
Retrocession
Principal
portion and
interest paid in
the quarter
133
1st series 2nd issue (ii)
1st series 3rd issue (i)
1st series 4th issue (i)
10.07.2013
principal on October 8,
2015.
06.24.2014
principal on June 24,
2016.
300
05.21.2012
principal will be paid in two
installments, the 1st in the 4º
year and the 2nd in the 5th
year from issue date
334
325
312
900
900
400
160
There will be inflation
adjustment and there will be
interest on the unit face
value balance since issue
date equivalent to 107% of
the DI rate calculated and
published by CETIP
adjustment and there will be
interest on the unit face value
balance since issue date
equivalent to 108% of the DI
rate calculated and published
by CETIP
adjustment and there will
be interest on the unit face
date equivalent to 101,5%
of the DI rate calculated
and published by CETIP
None
Interest was paid on
December 2, 2013
None
Interest was paid on
December 2, 2013
adjustment and there will
be interest on the unit face
date equivalent to 100% of
the DI rate calculated and
published by CETIP plus
0.80% p.a.
None
None
None
None
Characteristics
Restrictive
covenants
1st series 1st issue (i)
1st series 2nd issue (ii)
1st series 3rd issue (i)
1st series 4th issue (i)
The minimum coverage ratio
is calculated by dividing: (a)
the balance of restricted
accounts multiplied by a
weighting factor of 1.1, plus
an amount corresponding to
the debt balance of real estate
receivables multiplied by a
weighting factor of 1, and (b)
the debt balance of
obligations guaranteed on the
calculation date. The product
of such division should be
equal to or above 110%.
The minimum coverage ratio
is calculated by dividing: (a)
the balance of restricted
accounts multiplied by a
weighting factor of 1.1, plus
an amount corresponding to
the debt balance of real estate
receivables multiplied by a
weighting factor of 1, and (b)
the debt balance of obligations
guaranteed on the calculation
date. The product of such
division should be equal to or
above 110%.
The failure to meet any of
the financial ratios
described below, to be
calculated on a quarterly
basis by the Borrowers
based on its audited
consolidated information
and verified by
Securitizadora based on the
quarterly balance sheet: (i)
ratio between (A) the sum
of Net Debt and Properties
Payable and (B) Equity
should be equal to or below
0.80; (ii) the ratio between
(A) the sum of Total
Receivables and Properties
for Sale and (B) the sum of
Net Debt, Properties
Payable and Unrecognized
Costs and Expenses should
be equal to or above 1.5 or
below 0 (zero); and (iii) the
ratio between (A) EBIT and
(B) Finance Costs, Net
should be equal to or above
1.5 or below 0 (zero),
provided that, under any
circumstance, EBIT should
be positive.
The failure to meet any of
the financial ratios
described below, to be
calculated on a quarterly
basis by the Guarantor
based on its audited
consolidated information
and verified by Lender
(“Financial Ratios”) based
on the quarterly balance
sheet relating to June 2014:
(i) ratio between (A) the
sum of Net Debt and
Properties Payable and (B)
Equity should be equal to
or below 0.80; (ii) the ratio
between (A) the sum of
Total Receivables and
Properties for Sale and (B)
the sum of Net Debt,
Properties Payable and
Unrecognized Costs and
Expenses should be equal
to or above 1.5 or below 0
(zero); and (iii) the ratio
between (A) EBIT and (B)
Finance Costs, Net should
be equal to or above 1.5 or
below 0 (zero), provided
that, under any
circumstance, EBIT should
be positive.
(i) Default on receivables linked to the issue of CRI has no impact on the transaction since the receivables are only guarantee of future
payments.
Risk rating: in accordance with CVM Instruction 414/04, the Company does not update the rating reports (risk assessment) of the
securitization transactions on a quarterly basis, considering that such Instruction requires such adjustment for transactions above R$300.
Accordingly, the Company is not required to adjust its rating on a quarterly basis as its total transactions is lower than the amount
established by such Instruction.
(ii) Default on receivables linked to the issue of CRI has no impact on the transaction since the receivables are only guarantee of future
payments.
Risk rating: On November 3, 2014, the Company was rated by a rating agency as Ba2 (global rating scale) and Aa2 (domestic rating
scale). In accordance with CVM Instruction 414/04, the Company does not update the rating reports (risk assessment) of the securitization
transactions on a quarterly basis, considering that such Instruction requires such adjustment for transactions above R$300.
The interest on the real estate receivables certificates, eligible for capitalization in inventories,
totaled R$16,255 for the period ended September 30, 2014 (R$42,854 for the period ended
September 30, 2013).
On March 31, 2014, Brazil Realty Companhia Securitizadora (a subsidiary of Cyrela Brazil
Realty S.A. Empreendimentos e Participações (“Company”)) elected not to restructure the 1st
Issue of Real Estate Receivables Certificates maturing in 2023. On June 2, 2014, the Company
redeemed R$226,800 and R$43,200, which continue to mature in 2023 and yield interest of
107% of the CDI.
134
Company
09/2014 12/2013
Opening balance
Additions
Repayment of principal
Interest payment
Interest and charges
Closing balance
708,165
(226,800)
(36,879)
49,683
494,169
Consolidated
09/2014 12/2013
573,648 700,832 565,014
130,000
50,000 130,000
- (226,800)
(46,880) (36,879) (46,880)
51,397
55,699 52,698
708,165 542,852 700,832
13. RELATED PARTIES
a) Intercompany loan transactions for construction financing
Intercompany loan transactions neither bear interest nor are subject to fixed maturity,
except for agreements entered into with joint ventures, when indicated.
135
The balances in the individual and consolidated interim financial information are as follows:
Consolidated
Company
Assets
Liabilities
Assets
Liabilities
09/2014 12/2013 09/2014 12/2013 09/2014 12/2013 09/2014 12/2013
Amb Ccp Logistica Ltda.
Anastacio Empreend Imob E
Blumenau Incorp Ltda.
Brx Adm. de Shopping Cent
Cabo Frio Incorp Ltda.
Calafate Invest Imob Ltda.
1
292
12
1,565
133
2,418
21,138
41
2,700
2
6
129
5
620
2
292
736
3
7,402
780
6
4,863
3,800
2
3
1
8
2,000
1
2,174
50
2,251
10,500
2
5
-
1,827
50
18,819
331
278
-
292
12
1,565
133
2,418
1
58
40
1
2
6
129
5
-
292
736
3
7,402
221
4,860
3
1
8
-
205
2,174
50
10,500
1,016
5
2
6
5
-
205
1,581
863
1,827
50
18,819
279
5
318
16
-
136
137
Company
Consolidated
Assets
Liabilities
Assets
Liabilities
09/2014 12/2013 09/2014 12/2013 09/2014 12/2013 09/2014 12/2013
Cbr 021 Emp Imob Ltda.
Cbr 024 Emp. Imob. Ltda.
Cbr 030 Emp. Imob. Ltda.
Cbr 031 Emp Imob Ltda.
Ccp Leasing Malls Consult
Ccp Propriedades Imobiliarias Ltda.
Consorcio Patente
Conx Empreeendimentos Imob Ltda.
Cury Empreendimentos Imobiliarios L
Cyrela Andrade Mendonca Empr Imob Ltda.
84
8
9
700
13
374
1
2,350
428
8,903
2,000
31,500
550
3
18,891
8
15
374
1
6,140
13,170
18,377
81,239
1
3
-
1,549
3,132
13
202
20,331
3
-
753
509
3,132
10,169
-
8
9
374
1
584
428
-
3
85
18,891
8
2,107
2,107
15
374
1
741
13,170
18,377
1
4,915
105
-
3
3,857
1,549
3,132
202
656
20,331
47
1,068
-
509
3,132
1,219
-
138
139
Company
Consolidated
Assets
Liabilities
Assets
Liabilities
09/2014 12/2013 09/2014 12/2013 09/2014 12/2013 09/2014 12/2013
Cyrela Commercial Propert
373
13,300
6,100
5,156
480
18
22,549
4,035
5,102
650
1,903
27,104
43
20,486
1
330
3,300
7
1
23,987
919
1,000
2
8
1
9
3
24,000
1,208
4,504
46
2,002
3
60
55
4,000
1,402
107
18
15
235
8
204
43
1
7
202
260
220
-
416
480
14
161
1
1
-
1.250
11
365
8
1
9
3
238
4
45
2
3
29
-
101
101
197
12
1
102
8
-
13
533
21
-
140
141
Company
Consolidated
Assets
Liabilities
Assets
Liabilities
09/2014 12/2013 09/2014 12/2013 09/2014 12/2013 09/2014 12/2013
Cyrela Ipanema Empreend Imob Ltda.
3,000
176
859
2,563
286
286
6,442
1,771
1
3
163
264
1
2
5,314
10
2
5
350
75
1
1
7
7
28
55,551 140,002
10
60
210
14
1
22
2
-
198
1
252
450
14
2
1
7
7
11
60
2
194
12,348
12
163
286
265
6,442
3
4,960
350
23
6
2,800
565
60
210
14
-
286
1
161
1
2
5,326
10
5
75
1
6
258
480
10
22
-
59
198
14
450
22
6
279
60
-
12,348
12
-
142
143
Company
Consolidated
Assets
Liabilities
Assets
Liabilities
09/2014 12/2013 09/2014 12/2013 09/2014 12/2013 09/2014 12/2013
Cyrela Zagreb Emp. Imob
Cyrsa S.A.
Dgc Ecoville Ltda.
Dgc Living Parana Empreend Imob Ltda.
948
577
14,208
38
13,528
7,309
1,607
6,201
55
95
227
68
225
2
-
1,106
38
8
6
28
359
1,580
1
227
86
68
2
-
577
8
28
1
3
1
580
43,144
2
-
697
165
106
39,284
-
362
39,037
410
312
68
247
187
1,198
-
37
8
27
38,483
170
1
86
68
2,590
469
627
2,437
1,210
55
10,708
22
43,144
342
10
1
-
621
2,062
1,209
697
165
39,284
4,358
180
121
-
144
145
Company
Consolidated
Liabilities
Assets
Liabilities
Assets
09/2014 12/2013 09/2014 12/2013 09/2014 12/2013 09/2014 12/2013
Dgc Uberaba Ltda.
Dominus Engenharia
Ebm Incorp S.A.
Esser Holding Ltda.
Incortel Incorporacoes Hoteleiras L
Inpar Empreend Patrimoniais Ltda.
Instituto Cyrela
Iracema Incorp Ltda.
Jdm Manoel Elias Empr Imob Ltda.
Kalahari Empreendimentos Imobiliários Ltda.
Klacon Engenharia Ltda.
Le Parc Empreend Imob S.A.
2,467
150
8
40,800
24,305
366
1
27
121
3,000
-
14
6
50,777
317
25,421
490
27
121
-
150
346
3,205
8
16,266
20
250
27
-
3,205
14,950
91
659
765
2,467
150
8
3,122
24,305
366
1
195
121
-
50
3
317
25,421
490
61
27
121
-
1
11
150
346
3,205
16,266
250
1,080
3
233
-
3,205
14,950
19
9,164
1,080
659
765
146
147
Company
Consolidated
Assets
Liabilities
Assets
Liabilities
09/2014 12/2013 09/2014 12/2013 09/2014 12/2013 09/2014 12/2013
Living 003 Emp Imob Ltda.
Living Tupiza Empreend Imob Ltda.
200
8,000
7
302
2
7
129,209
2
15
7,000
-
413
8,500
5
36
302
19
4
3
17
9
16
2
38
40
3
2
1
1,947
3
4
302
2
7
11
2
12
1,196
-
-
369
4
6,965
79
-
180
430
3
17
142
9
2
4,029
8
4
8
18
19
1
1
398
44
1,947
3
10
4
5,586
1,196
-
-
148
149
Company
Consolidated
Assets
Liabilities
Assets
Liabilities
09/2014 12/2013 09/2014 12/2013 09/2014 12/2013 09/2014 12/2013
Mac Alemanha Empreend Imob Ltda.
Mac Egito Empreend Imob Ltda.
Mac Tokio Empreend Imob Ltda.
Mac Venezuela Empreend Imob Ltda.
Magik Lz Empreendimentos Imobiliari
Millenium Inv. Imob. Ltda.
381
190
86
1,575
1
7
-
843
206
709
1
10
13
-
1,359
4,060
1
7
381
-
2,087
4,060
10
381
-
6
25
-
6,370
709
1
10
13
45
86
90
1
18
9
1
153
36
1
28
4
33
4,060
18
6
381
-
29
1,467
131
5,679
4,904
924
1,819
2,792
871
4,060
2,072
381
11
150
151
Company
Consolidated
Assets
Liabilities
Assets
Liabilities
09/2014 12/2013 09/2014 12/2013 09/2014 12/2013 09/2014 12/2013
Parecis Emp. Imob.
Pdg Realty S.A. Empreend e Partici
Plano Limoeiro Ltda.
Plano Peroba Ltda.
Plano Pinheiro Ltda.
1,800
2
6,000
13
4
9,406
1,993
8
1
3
600
27
-
350
2
13
34
8
1
678
8
-
1,800
2
4
9,406
473
2
1,993
8
1
3
26
153
1
1
1
392
1
1
-
350
2
5
34
10,309
1
5
678
2
1
3
3
1
2
1
2
-
152
153
Company
Consolidated
Assets
Liabilities
Assets
Liabilities
09/2014 12/2013 09/2014 12/2013 09/2014 12/2013 09/2014 12/2013
Prologis Ccp 9 Emp. Imob Ltda.
Rgc Urbanismo Ltda.
Sanca Desenv Urbano Ltda.
Scp Brasil 20
Scp Isla
Severa Incorporações Imobiliarias S.A.
2,030
96
1
1
416
5
49
4,339
136
4,560
42
398
4,963
147
350
658
910
-
356
13
210
1,282
560
5
49
1,910
62
398
2,151
-
720
1
5
300
31
131
42
100
750
875
875
1,000
536
225
720
12
31
525
-
1
1
5
49
4,339
22,944
4,560
42
5,616
4,963
147
350
910
-
230
356
259
13
210
1,282
5
6,760
49
16,846
1,910
19,666
1
237
2,151
-
870
840
1
104
5
300
31
2,137
100
750
875
387
875
1,000
225
12
8,919
140
64
31
13,022
525
-
154
155
Company
Consolidated
Assets
Liabilities
Assets
Liabilities
09/2014 12/2013 09/2014 12/2013 09/2014 12/2013 09/2014 12/2013
Spe Mg 01 Emp Imob
Spe Mg 02 Emp Imob
Spe Mg 03 Emp Imob
Viver Empreendimentos Imobiliarios
Total
148
148
4,511
831
831
420
180
791
495
477
176
394
117
1
300
1,172
1
5
1
1
500
100
264
264
651
232
232
651
232
232
238
241
238
114
86
86
24
1,712
1,712
176
176
176
176
3
1,301
3,758
563,013 470,406 122,154 118,780 163,447 227,174 160,085 169,321
As at September 30, 2014, the Company has balances of loans granted to the companies above totaling R$11,822 - consolidated (R$10,221 at
December 31, 2013), adjusted using the INCC or IGP-M, plus annual interest of 12%, with no fixed maturity date. The guarantees provided to
the Company are linked to the delivery of shares in the subsidiary or joint venture, or the assumption of the obligation by the companies
related to the shareholder.
As at September 30, 2014, the Company also has a balance of R$42,324 (R$40,000 at December 31, 2013) which corresponds to advances to
the company that sold the land, for purposes of leasehold improvements, as contractually prescribed. Advances are subject to the Interbank
Certificate of Deposit (CDI) rate. Interest falls due monthly and principal will be received through receivables corresponding to its interest in
the venture.
156
157
b) Transactions
Transactions with related parties refer mainly to technical services involving responsibility
for projects and control of all contractors who provide knowledge for construction business,
applied to the development of the Company and its investees.
The services billed to the Company and its investees in the in the periods ended September
30, 2014 and 2013 include payroll and related taxes of the personnel working in the
construction sites in São Paulo (supplier Caçapava - a Company subsidiary) and Rio de
Janeiro (supplier Itaipava - a Company subsidiary), as follows:
Company
09/2014 06/2013
Itaipava Empreitada de Lavor Ltda.
Caçapava Empreiteira de Lavor S/C Ltda.
143
143
74
74
Consolidated
09/2014 06/2013
172,104
172,104
9,094
133,929
143,023
These transactions are classified as costs incurred in units under construction and allocated
to profit or loss according to the project units’ sale stage.
c) Management compensation
i) Fixed compensation: the overall compensation of the Company’s management for 2014
was set at up to R$14,341 at the Annual Shareholders’ Meeting held on April 28, 2014
(R$12,700 at December 31, 2013).
Compensation is recognized in the Company’s profit or loss in line item “Management
compensation”.
The expenses incurred are as follows:
Company
Consolidated
Total members
09/2014 09/2013 09/2014 09/2013 09/2014 09/2013
Board of Directors
Executive Committee
Charges
761
2,250
602
3,613
584
2,596
635
3,815
1,626
2,250
776
4,652
1,455
2,663
823
4,941
Board of Directors benefits
Executive Committee benefits
44
1,493
1,537
5,150
44
1,493
1,537
5,352
58
1,493
1,551
6,203
58
1,493
1,551
6,492
144
581
581
581
105
141
105
141
548
587
548
587
84
100
84
100
Total
Board of Directors - highest
compensation
Board of Directors - lowest
compensation
Executive Committee - highest
compensation
Executive Committee - lowest
compensation
7
6
13
5
6
11
158
ii) Variable compensation: pursuant to Article 190 of the Brazilian Corporate Law, the
Annual General Meeting that approves the accounts for the fiscal year can decide on the
distribution of up to ten percent of profit for the year, after the adjustments of the Article
189 thereof, to the Company’s management and employees as profit sharing.
The allocation and profit sharing for officers and employees can only take place in fiscal
years in which shareholders are entitled to the payment of the mandatory minimum
dividend provided for by Article 41 of the bylaws.
Stock options: the Company maintains stock option plans. All managers and employees
entitled to an annual bonus and whose compensation does not include any commissions
directly or indirectly related to the sale or purchase of assets for the Company are eligible
for the stock option plans. As at September 30, 2014, expenses related to management stock
options accounted for in profit or loss totaled R$14,515 (R$16,020 as at September 30,
2013).
No amounts were paid as: (a) postemployment benefits (pensions, other retirement benefits,
postemployment life insurance, and postemployment healthcare); (b) long-term benefits
(leave of absence for length of service and long-term disability benefits); or (c) severance
benefits.
The variable compensation is not included in the overall compensation approved at the
Shareholders’ Meeting.
14. CURRENT ACCOUNTS WITH VENTURES PARTNERS
The existing account balances are as follows:
Company
12/2013
09/2014
Agra Incorporadora S.A.
Banco Bmc S.A
Bullish Participacoes Sa
Ccp Propriedades Imobiliarias Ltda.
Cipasa
Condominio Sky Life
Consorcio de Urbanizacao Jundiai
Conx Empreendimentos Imobiliarios L
Costa de Guadalupe Empreend Imobil
159
847
(203)
(2,062)
242
(2,683)
(7,570)
(879)
963
3,892
(1,347)
12,449
(1,009)
5,213
662
15,192
4
847
(203)
(2,062)
242
(2,683)
(879)
1,577
3,892
(1,347)
5,466
(3,387)
5,213
(24)
4
Consolidated
09/2014
12/2013
(7.918)
8,956
(203)
(2,062)
242
2,085
(2,683)
(7,558)
(879)
7,951
6,682
3,527
(3,861)
3,892
28,074
12,449
(1,009)
5,216
662
15,192
4
(3.541)
846
(203)
(2,062)
242
725
(2,683)
(3)
(4,822)
(879)
(479)
9,211
6,709
3,892
52,797
5,466
(3,387)
5,212
(24)
4
Company
09/2014
12/2013
Cyrela Andrade Mendonca Empr Imob Ltda.
Cyrela Diamente Empreend Imob Ltda.
Cyrela Fragata Empreend. Imobiliários
(9,762)
70
(7,171)
(331)
90
7
5
478
5,962
(77,561)
4,553
(347)
(8)
1,010
88,847
(8,140)
(1,013)
(1,185)
60
3
-
(6,349)
70
(4,772)
(331)
90
7
5
478
6,226
(76,877)
4,553
(347)
(4,945)
10
1,010
89,312
(8,140)
(1,013)
(1,185)
60
635
(580)
-
Consolidated
09/2014
12/2013
28,376
70
1,376
1,869
1,729
6,125
10,909
22
159
5
5
(9,510)
11,897
8,849
(328)
2,537
1,132
2,214
(1)
110
29,595
(5,172)
(12,074)
60,889
244
(27,893)
(10,073)
(1,185)
60
1
(37,500)
1,406
324
(27)
11,708
70
(5,682)
(990)
(18)
1,724
(283)
(254)
(1,309)
46
5,763
3
(9,331)
5
(12,000)
5
(10,237)
(30)
32,527
16,192
(738)
15,884
1,237
(16,000)
(4,945)
(41)
29,273
(2,178)
(23,221)
7,899
(591)
244
(50,453)
310
(16,321)
(1,185)
60
(37,500)
6,159
-
160
Company
09/2014
12/2013
Diso Assessoria, Administracao e Par
Grifo Empreendimentos Ltda.
Incortel Incorp. Hoteleiras Ltda.
Klabin Segall S.A. Empreendimentos
Lmk Empreendimentos e Participacoes
Magik Empreendimentos Imobiliarios
Magik Lz Empreendimentos Imobiliari
Marvic S Empreendimentos e Particip
Meyer Josepg Nigri
Millenium Inv. Imob. Ltda.
Partage Empreendimentos e Participa
Quilombo Empreendimentos e Particip
Rowal S.A. Com e Administracao
Scp - Conx X Boa Vista
Scp - Conx X Chacara da Praia
Scp - Cyrela/Real Estate
Skr Engenharia Ltda.
161
(1,522)
(6,569)
(1,258)
(722)
5
707
(337)
(2,203)
2
56
1,185
(304)
1,012
(4,888)
3,877
456
718
60
(150)
305
-
(464)
(6,569)
(1,258)
1
707
(337)
(2,203)
2
56
1,185
(304)
1,012
(4,888)
3,877
456
4,905
4,059
718
60
305
-
Consolidated
09/2014
12/2013
21,718
19,919
(1,522)
(6,569)
4,497
(30,294)
(1,258)
2,706
(722)
5
707
6,120
1,681
(337)
6,619
(560)
(2,203)
2
(2,217)
2,425
1,185
(304)
1,012
(6,694)
32,433
(4,888)
(501)
(106)
(1,922)
(21)
(979)
3,877
456
(7,807)
718
60
(150)
305
-
16,229
38,966
(464)
(6,569)
4,480
24
181
(1,258)
2,717
1
702
4
(1,482)
1,139
4
1,648
1,200
(1,605)
(337)
6,646
1,157
(2,203)
2
(1,141)
1,185
(304)
1,012
90
(6,694)
60,641
(4,888)
(1)
(2)
(501)
(106)
(2,961)
(21)
72
(1,382)
3,877
765
11,913
456
(24,416)
(9,211)
4,905
4,059
718
(1,175)
60
305
(9,234)
Company
09/2014
12/2013
Tecnisa Engenharia e Comercio Ltda.
Balance in assets
Balance in liabilities
(138)
12
(323)
9,259
288,264
279,005
(137)
(323)
5,433
276,686
271,253
Consolidated
09/2014
12/2013
1,268
(6,155)
12
(323)
6,849
69
(9,262)
164,775
1,423
(5,492)
(323)
3,364
48,897
69
(5,752)
9,629
143,814
659,547
494,772
761,201
617,387
(i) In October 2008, the Company’s subsidiary issued redeemable preferred shares. The funds contributed by
these shareholders were used for real estate development. The investee, through this subsidiary, entered into
an agreement with its shareholders to redeem preferred shares in the amount of R$150,000, scheduled to
occur between October 2011 and October 2014. Through September 30, 2014, the redemption made totaled
R$121,500. The redemptions are being made using the gains earned on the projects developed through this
subsidiary.
15. CONSTRUCTION IN PROGRESS
As a result of the procedure prescribed by CVM Instruction 561/08 (OCPC 1 (R1)), as amended
by CVM Instruction 624/10, sales revenue and corresponding budgeted costs related to units
sold and whose costs have not yet been incurred, are not recorded in the interim financial
information of the Company and its subsidiaries. The main balances to be reflected as costs are
incurred can be shown as follows:
a) Contracted real estate transactions to be allocated from accumulated construction in
progress:
Consolidated
09/2014
(+) Total gross sales revenue
(-) Total allocated gross revenue
(=) Unallocated sales revenue
19,177,733
(14,398,806)
4,778,927
(+) Total cost of properties sold
(-) Total allocated cost
(=) Unallocated cost
11,536,796
(8,599,500)
2,937,296
Unallocated profit
1,841,631
162
b) Commitments on budgeted costs on units sold
Consolidated
09/2014
Amounts not reflected in the financial statements
Current
Noncurrent
1,764,378
1,172,918
2,937,296
16. ADVANCES FROM CUSTOMERS
Company
09/2014
12/2013
Amounts received for property sales
Amounts received for project sales:
Other advances
Units sold in projects under constructions
Allocated revenue
Received revenue
19
19
Consolidated
09/2014
12/2013
18
18
203,054
203,054
205,036
205,036
(121,532) (110,961) (35,708,969) (31,469,165)
126,237
110,961 35,766,359 31,550,576
4,705
57,390
81,411
4,724
18
260,444
286,447
-
-
1,003,985
1,247,584
Total advances from customers
4,724
18
1,264,429
1,534,031
Current
Noncurrent
4,724
-
18
-
862,795
401,634
804,605
729,426
Amounts received for physical barters
Barters with land
Advances from customers originated from physical barters of land will be amortized in profit
or loss using the same procedure applied to the recognition of revenues from sales (according
to the cost percentage incurred on the project).
17. TRADE PAYABLES AND ACCRUED WARRANTIES
The Company and its subsidiaries provide warranties to their customers on the sale of their
properties. Such warranties have specific features, according to certain items, and are offered
for varying periods that range up to five years after the construction work has been completed
and are partially shared with the suppliers of goods and services. The amounts recorded by the
Company and its subsidiaries are recognized in trade payables.
163
Company
09/2014
12/2013
Consolidated
09/2014
12/2013
Accrued construction warranties
Other suppliers of goods and services
Total trade payables
9,881
9,881
1,039
1,039
143,724
278,297
422,021
116,270
270,627
386,897
Current
Noncurrent
9,881
-
1,039
-
340,339
81,682
317,869
69,028
18. PAYABLES FOR PROPERTY ACQUISITIONS
Refers to land acquired, aiming at launching new developments, individually or in association
with third parties, with the following aging list:
Year
2015 (3 months)
2016
2017
Noncurrent
Current
Total
Consolidated
09/2014 12/2013
2,815
8,534
4,435
15,784
402,794
418,578
27,808
12,307
15,993
56,108
459,337
515,445
Payables are substantially adjusted for inflation based on the fluctuation of the National Civil
Construction Index (INCC), the General Market Price Index (IGP-M), or the variance of the
SELIC rate (Central Bank’s policy rate).
As at September 30, 2014, the balance of R$6,613 in the Parent refers to the land Rosa
Rosarum to be paid through December 2014.
The interest and inflation adjustment on the balance payable for land acquired, eligible for
capitalization in inventories, totaled R$19,705 for the period ended September 30, 2014
(R$2,970 for the period ended September 30, 2013).
19. PROVISION FOR TAX, LABOR AND CIVIL RISKS
The provisions for tax, labor and civil contingent liabilities have been recognized for lawsuits
whose likelihood of loss is considered probable, based on the opinion of the Company’s legal
counsel.
164
Broken down as follows:
Company
09/2014
12/2013
Consolidated
09/2014
12/2013
Broadening of the taxes on revenue (PIS
and COFINS) tax base
-
1,026
-
1,026
Social contribution on profits of
companies without employees
-
-
6,666
13,972
355
355
1,026
1,766
8,432
14,998
1,454
4,604
6,413
2,537
678
4,241
44,621
70,767
123,820
52,560
25,012
92,570
Others
Labor claims
Civil claims
The Company and its subsidiaries are parties to civil, labor and tax proceedings both at the
administrative and the judicial levels.
Tax lawsuits
As at September 30, 2014, the Companies and its subsidiaries are parties to lawsuits, totaling
R$72,508 (R$76,647 as at December 31, 2013), of which, the amount of R$8,432 (R$14,998, at
December 31, 2013), is classified as probable losses, R$42,314 (R$31,723, at December 31,
2013), is classified as probable losses, and R$21,762 (R$29,926, at December 31, 2013) is
classified as remote losses by the Company’s legal counsel.
Additional disclosures on the main provisions for tax risks:
• The Brazilian tax authorities filed a tax administrative proceeding against the Company in
January 2005, claiming the payment of withholding income tax (IRRF) on interest earned on
the Fixed Rate Notes issued abroad. As at September 30, 2014, this proceeding amounts
approximately to R$5,868 (R$5,740 at December 31, 2013).
• The Company and its investees are parties to tax administrative proceedings resulting from
Federal Revenue Service decisions that did not approve the offset of tax credits against taxes
payable. The amounts of these credits arise mostly from the utilization of the balance of
withholding income taxes calculated in the annual income tax returns. These proceedings are
at administrative defense stage, but have not yet been analyzed by the tax authority. As
September 30, 2014, these proceedings total R$11,867 (R$12,608 at December 31, 2013).
• One of the Company’s subsidiaries is a party to an administrative proceeding arising from
the tax assessment notice issued in 2011 to collect social security taxes in the profit sharing
bonuses (PLR) for calendar 2008. The Company filed an objection against this assessment
and awaits a decision from the tax authority. As at 30 de setembro de 2014 this proceeding
amounted to R$3,337 (R$3,200 at December 31, 2013).
165
Labor lawsuits
As at September 30, 2014, the Company and its subsidiaries are parties to lawsuits that
represent a total claimed amount of R$168,137 (R$141,578 at December 31, 2013), of which
R$44,621 (R$52,560 at December 31, 2013) is classified as probable losses, R$44,924
(R$43,622 at December 31, 2013) is classified as probable losses, and R$78,592 (R$45,396 at
December 31, 2013) is classified as remote losses.
The lawsuits are mainly represented by lawsuits brought by employee of subcontractors,
mainly claiming the paying of overtime and proportional increase in other benefits. Under the
Brazilian labor law, we are jointly and severally liable for the compliance of labor obligations
to the employees of our subcontractors.
Civil lawsuits
As at September 30, 2014, eh Company and its subsidiaries are parties to lawsuits that represent
a total claimed amount of R$167,912 (R$134,177 at December 31, 2013), of which R$70.767
(R$25.012 at December 31, 2013) is classified as probable losses, R$38,009 (R$10,307 at
December 31, 2013) is classified as probable losses, and R$59,136 (R$98,858 at December 31,
2013) is classified as remote losses. The lawsuits are mainly represented refer to compensation
claims for pain and suffering.
Additional information on the main provisions for civil risks:
Queiroz Galvão MAC Cyrela Veneza, were we hold a 30% stake, is a party to a public civil
lawsuit challenging the validity of the Construction Permit granted to the Domínio Marajoara
project, which as at September 30, 2014, based on the Company’s opinion, is classified as a
probable likelihood of loss in the case of the claimed compensation for environmental
damages. The Company’s management provided for amounting to R$13,634 related to
threatened civil lawsuits related to this project.
Changes in the carrying amounts
The provisions for probable losses on these lawsuits are estimated and adjusted by
Management, based on the opinion of its legal counsel. As at September 30, 2014, the
provisions for judicial and administrative proceedings are classified in line item “Provision for
tax, labor and civil risks’’
Civil
Company
Tax
Labor
Total
Balancete at December 31, 2012
Additions
Reversals/Payment
Balancete at September 30, 2013
682
8,000
(642)
8,040
1,447
4,332
179
2,409
(474) (1,850)
1,152
4,891
6,461
10,588
(2,966)
14,083
Additions
Reversal/Payment
Inflation adjustment
678 1,026
2,537
4,241
4,773
374
8,692 13,839
(867) (1,045) (9,823) (11,735)
20
48
68
4,604
355
1,454
6,413
166
Civil
Consolidated
Tax
Labor
Total
Additions
Reversals/Payment
12,224 12,399
45,348 14,882
(37,404) (14,405)
1,796
416
21,964 13,292
35,015 59,638
42,465 102,695
(36,363) (88,172)
3,381
5,593
44,498 79,754
Additions
Reversal/Payment
25,012 14,998 52,560 92,570
89,240 1,805 17,238 108,283
(47,397) (8,553) (34,792) (90,742)
3,912
182
9,615 13,709
70,767 8,432 44,621 123,820
20. DEFERRED TAXES
a) Breakdown of deferred income tax, social contribution, PIS, and COFINS
Deferred taxes are recorded to reflect tax effects arising from temporary differences between
the tax base, which basically determines the time of collection, based on receivables from
sales of property (SRF Regulatory Instruction 84/79) and effective allocation of revenue
from real estate development in accordance with CFC Resolution 1266/09 and CVM
Resolution 561/08 (OCPC 01 (R1)), as amended by CVM Instruction 624/10.
The table below shows deferred taxes:
Company
Consolidated
09/2014 12/2013 09/2014 12/2013
In current and noncurrent assets:
IRPJ
CSLL
Subtotal
-
-
844
454
1,298
1,200
640
1,840
PIS
COFINS
Subtotal
Total:
-
-
644
1,252
1,896
3,194
2,863
1,726
4,589
6,429
Current
Noncurrent
-
-
2,821
373
3,862
2,567
306 69,637
111 35,590
417 105,227
87,477
43,518
130,995
In current and noncurrent liabilities:
IRPJ
CSLL
Subtotal
167
255
92
347
Company
Consolidated
09/2014 12/2013 09/2014 12/2013
PIS
COFINS
Subtotal
26
122
148
32 19,771
146 91,347
178 111,118
23,438
108,302
131,740
Total
495
595 216,345
262,735
Current
Noncurrent
407
88
495
318 181,671
277 34,674
595 216,345
213,365
49,370
262,735
Payment terms of such taxes are equivalent to those of installments received from sales.
Current and noncurrent deferred taxes are broken down as follows, per estimated realization
year:
Consolidated
09/2014 12/2013
12 months
24 months
36 months
48 months
Up to 48 months
Total
2,821
213
106
30
24
3,194
3,862
1,280
816
257
214
6,429
Due to the tax credits and obligations referred to above, the Company accounted for the
corresponding tax effects (deferred income tax and social contribution), as follows:
Company
09/2014 12/2013
In current and noncurrent assets
Difference in profit from real estate activities - deemed income
Difference in profit from real estate activities - RET
In current and noncurrent liabilities
Difference in profit from real estate activities - taxable income
Difference in profit from real estate activities - deemed income
Difference in profit from real estate activities - RET
(347)
(347)
-
Consolidated
09/2014 12/2013
1,154
144
1,298
1,042
798
1,840
(417)
(7,911) (20,880)
(9,795) (18,555)
(87,521) (91,560)
(417) (105,227) (130,995)
b) Income tax and social contribution
The Company and its subsidiaries have the following balances to be offset, deducted from
or added to the future taxable income tax bases calculated based on actual taxable income.
In addition, certain subsidiaries have tax differences in future years, arising from revenues
from real estate development activities taxed on a cash basis and the amount recorded on
the accrual basis, considering the deemed income tax regime, as follows:
168
(i) Credits for offset - actual taxable income:
Tax losses for offset against future
taxable income - IRPJ
Income tax and social contribution losses for offset
against future taxable income - CSLL
Temporarily nondeductible expenses IRPJ and
CSLL
(ii) Taxable obligations - actual taxable income:
Difference between profit from real estate activities
taxed on a cash basis and the amount recorded on
the accrual basis
Temporarily nondeductible income - IRPJ and
CSLL
Company
09/2014
12/2013
Consolidated
09/2014
12/2013
1,648,608
1,459,081
2,146,714
1,865,589
1,648,608
1,459,081
2,146,714
1,865,589
-
-
-
-
(1,020)
(1,226)
(23,270)
(61,414)
(1,020)
(1,226)
(23,270)
(61,414)
(iii) Taxable obligations - deemed income:
Difference between profit from real estate activities
taxed on a cash basis and the amount recorded on
the accrual basis
Income tax base
Social contribution tax base
-
-
22,443
33,674
45,490
68,225
(iv) Taxable obligations - special tax regime:
Tax base - RET
-
-
4,552,740
4,726,291
In the current context of the parent company’s operations, which substantially correspond
to holding interests in other companies, no tax credits were not recognized on the total
accumulated balance of tax loss carryforwards or the balance of temporarily nondeductible
expenses in determining taxable income, which are represented mainly by taxes whose
collection is being challenged in court, whose deductibility contingent on the issuance of a
final decision on the ongoing lawsuits, within an unpredictable period. In addition, the
Parent and certain subsidiaries have tax loss carryforwards whose realization or recovery
depends on future events.
The tax loss carryforwards to be offset against future taxable income can be carried forward
indefinitely and their offset is limited to 30% of taxable income calculated in each reporting
year.
The tax difference between taxable incomes is earned on a cash basis and accrual basis, to
be incurred through 2027, considering the term of receipt of sales and the completion of the
related construction work.
c) PIS and COFINS balance
Deferred PIS and COFINS calculated on the difference between revenue taxed on a cash
basis and the revenue recognized on an accrual basis as recorded in line item “Deferred
taxes”, in current and noncurrent liabilities, based on settlement forecasts:
169
Company
09/2014 12/2013
Current
Deferred
164
148
312
1,302
178
1,480
Consolidated
09/2014 12/2013
6,587
111,118
117,705
8,800
131,740
140,540
d) Income tax and social contribution expenses for the nine-month period
As allowed by prevailing tax legislation, Company subsidiaries adopt the cash basis for
calculating income from real estate development, and this income is used to determine
taxable income.
Income tax and social contribution due on taxable income of the Company and its
subsidiaries were calculated based on the criteria described in note 2.3.8, included in the
financial statements as at December 31, 2013.
The income tax and social contribution expenses for the three-month period ended
September 30, 2014 and 2013 can be reconciled to the accounting profit as follows:
170
171
Company
Consolidated
07/01/2014 01/01/2014 07/01/2013 01/01/2013 07/01/2014 01/01/2014 07/01/2013 01/01/2013
to
to
to
to
to
to
to
to
09/30/2014 09/30/2014 09/30/2013 09/30/2013 09/30/2014 09/30/2014 09/30/2013 09/30/2013
Income before income tax and social
contribution
Statutory rate:
Expected IRPJ and CSLL expenses
Impact of statutory rate on:
Equity pick-up and goodwill amortization
Permanent additions and deductions, and
other
Unrecognized ta assets
Impact of tax gain from adopting the deemed
income
tax regime or the RET
Income tax and social contribution expense
Deferred
Current
179,092
-34%
(60,891)
511,406
-34%
(173,878)
174,458
-34%
(59,316)
536,681
-34%
(182,472)
260,340
-34%
(88,516)
739,764
-34%
(251,520)
260,600
-34%
(88,604)
760,333
-34%
(258,513)
85,162
259,534
99,160
264,549
11,986
24,137
7,886
16,715
(10,402)
(13,832)
4,696
(90,282)
(8)
(39,690)
(15,836)
(66,612)
(10,402)
(13,832)
4,696
(90,282)
(8)
(39,690)
(15,836)
(66,612)
37
70
146
(371)
70,217
(30,547)
198,557
(114,412)
87,910
(32,506)
231,649
(92,597)
37
37
70
70
146
146
(371)
(371)
6,039
(36,586)
(30,547)
(7,196)
(107,216)
(114,412)
687
(33,193)
(32,506)
6,170
(98,767)
(92,597)
172
173
21. EQUITY
a) Capital
As at September 30, 2014 and December 31, 2013, the Company’s share capital and
corresponding number of common shares are as follows:
Number
of shares
Capital
416,658,829 2,583,576
Increase through subscription - 21(d)
Cancellation of common shares
Balance at March 31, 2014
512,168
(16,916,030)
399,742,799 3,095,744
The Company’s Board of Directors is authorized to increase the capital, regardless of
shareholders’ meetings or amendments to the bylaws, up to the limit of 750,000,000
common shares, to be distributed in the country and/or abroad, publicly or privately.
b) Treasury shares
The Company may, as decided by the Boards of Directors, buy back own shares to be held
in treasury and subsequently cancelled or sold.
On August 10, 2012, the Board of Directors authorized the buyback of up to 20,832,941 of
the Company´s book-entry, registered common shares, with no par value, without capital
reduction, limited to the balance of earnings and reserves available, as prescribed by CVM
Instruction 10/80. The Executive Committee will determine the date and number of shares
to be actually repurchased, under the limits and effective term of this authorization. The
cancellation or disposal of the treasury shares will be disclosed to the market on a timely
basis. Based on the provisions of CVM Instruction 10/80, Article 8, the following was
specified:
(a) the Company’s purpose is to buy back its shares issued to be held in treasury for
subsequent cancellation or disposal in order to invest the available funds to maximize
shareholder value; and
(b) the number of outstanding common shares issued by the Company is 261,876,984
common shares, according to share deposit account records informed by the depositary
institution as at September 30, 2014 (267,603,359 at December 31, 2013).
Share buyback
In 2014 the Company bought back 19,598,480 shares, totaling R$265,537, within the
Buyback Program disclosed by the Company on June 11, de 2014 anc cancelled 23,261,088
shares issued by it and held in treasury, totaling R$319,361.
174
As at September 30, 2014, these shares were quoted at R$13.82 (R$14.40 on December 31,
2013) per share.
The balance at September 30, 2014 is as follows:
Position
Balance at 12,31,2012
Assigned shares, 2007 stock options plan (January, 2013)
Assigned shares, 2007 stock options plan (April, 2013)
Assigned shares, 2008 stock options plan (May, 2013)
Assigned shares, 2008 stock options plan (May, 2013)
Assigned shares, 2008 stock options plan (June, 2013)
Assigned shares, 2008 stock options plan (July, 2013)
Assigned shares, 2008 stock options plan (August, 2013)
Assigned shares, 2007 stock options plan (August, 2013)
Assigned shares, 2011 stock options plan (September, 2013)
Sale of treasury shares
Repurchase of treasury shares (October, 2013)
Repurchase of treasury shares (November, 2013)
Repurchase of treasury shares (December, 2013)
Buybacks
Balance at 12.31.2013
Assigned shares, 2013 stock options plan (January, 2014)
Repurchase of treasury shares (January, 2014)
Repurchase of treasury shares (March, 2014)
Shares exercised under the 2012 Stock Options Plan (2-year vesting period)
Cancellation of shares pursuant to RCA held on 06/11/2014
Treasury share buyback - 05/2014
Adjustment to cancellation of shares
Prior-year adjustments to exercised shares
Balance at 09.30.2014
Number
of shares
4,552,448
Buyback
cost
Average
buyback
price
Market
price
at
12,31,2013
161,887
13,12
65,385
13,12
13,67
(210)
(1,091)
(4,903)
(6,113)
(265)
(1,741)
(225)
(61)
(46)
(440)
(831)
(27,185)
6,313
58,335
45,583
132,505
(2,889)
37,853
17,485
(394)
(233,780)
36,122
94,093
78,836
159,831
(11,840)
(60,010)
(269,718)
(336,266)
(15,585)
(102,438)
(14,688)
(3,762)
(2,900)
(26,274)
(49,590)
(1,495,328)
(27,036)
376,900
3,692,100
3,165,500
111,887
9,398,549
246,738
(202,293)
2,650,800
37,910
1,280,000
16,226
(29,767)
(420)
(16,916,030) (236,100)
2,732,400
36,982
6,808,500
91,022
(83,261)
(30,592)
6,125,568
83,400
11,847,727
161,905
c) Allocation of profit for the year
Profit for the year, after the statutory offsets and deductions and pursuant to the Company’s
bylaws, will be allocated as follows:
• 5% to the legal reserve, up to the limit of 20% of the paid-in capital.
• 25% of the balance, after allocation to legal reserve, will be allocated to the payment of
minimum mandatory dividends to all shareholders.
d) Earnings (expansion) reserve
The remaining balance of profit for the year ended December 31, 2013, after the recognition
of the legal reserve and proposed dividends, amounting to R$512,167 (R$470,355 at
December 31, 2012), was transferred to line item “Expansion reserve”, pursuant to Article
40 of the Bylaws, and will be used for investment in the Company itself, to finance the
expansion of the business, in accordance with the business growth plan prepared by
Management for 2014.
175
The Company held an Annual Shareholders’ Meeting on April 28, 2014 with the following
agenda:
(i) after submitting and discussing the Board of Directors’ proposal, the attending
shareholders unanimously approved the following allocation of the Company’s profit
for the year ended December 31, 2013, amounting to R$718,832:
(a) R$35,942 allocated to the legal reserve.
(b) R$512,169 allocated to the bylaws earnings reserve, called expansion reserve,
pursuant to Article 40 “f” of the Company’s bylaws, according to the capital
budget proposal initialed by the Meeting’s Chairman and the Secretary, and filed at
the Company’s head office.
(c) R$170,723 allocated to the distribution of mandatory minimum dividends,
pursuant to Article 27, “n” of the Company’s bylaws, for the year ended December
31, 2013, each common share being entitled to a dividend of R$0.423071253.
As at December 31, 2013, the earnings reserve exceeded capital plus other capital reserves.
The Extraordinary General Meeting held on May 8, 2014 the Company decided to increase
capital in the amount of R$512,169, without the issue of new shares, thorough the
capitalization of the excess amounts of the bylaws earnings reserve, pursuant to Article 199
of Law 6404, of December 15, 1976 (“Brazilian Corporate Law”), and the amounts of this
earnings bylaws reserve, pursuant to Article 169 of said Brazilian Corporate Law.
22. PROJECT-RELATED ASSETS WITH EQUITY
SEGREGATION STRUCTURES
The equity segregation structures in the Company refer to the Special Tax Regime (RET earmarked assets), which may or may not include Receivables Certificates (CRIs). The projects
that made the permanent option for the RET and which may or may not have linked CRIs are as
follows:
Project description
395 Place
Agora Bella Vitta
Agora Canoas
Agora Dolce Vita
Agora Jaçana
Alameda Clube Residencial
Alameda Morumbi
Alcance Residencial
Amistá Bosque e Lazer / Dom Jaime
Amistá Special Resort
Apogeo Chacara Klabin
Arboretto Green Life
Ares do Parque Aclimação
Atmosfera
Auguri Residence
Avanti Guarulhos
Barra Prime Offices
Assets
27,315
117
568
11,840
2,808
5,405
3,033
705
21,024
54,217
4,310
1,912
33,561
11,904
17,882
422
1,314
Total consolidated
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
% of assets
0.196%
0.001%
0.004%
0.085%
0.020%
0.039%
0.022%
0.005%
0.151%
0.388%
0.031%
0.014%
0.240%
0.085%
0.128%
0.003%
0.009%
176
Project description
Batel
Belle Epoque
Boulevar Neoville Florianópolis
Boulevard Lapa
Breeze Family Club
Brisas Bosque Itirapina
Callifórnia Novamérica Collection
Camarotte Campo Belo
Carioca Residencial
Carioca Shopping
Casas do Bosque
Cennário
Ceo Corporate Executive Offices
Certto Home Club
Certto Tons da Manhã
Certto Tons da Noite
Certto Tons da Tarde
Class
Cond. Edifício Galleria Paissandu
Cond. Gran Life Ipiranga
Cond. Residencial Vita Belle
Condominio Adorabile Tijuca
Condominio Agora Nova Iguaçu I
Condominio Alameda Cotegipe
Condominio Alegro Montenegro
Condominio Andalus
Condomínio Auge Resort
Condominio Blanc Campo Belo
Condomínio Brisas Altos do Calhau
Condomínio Brisas Life
Condomínio Brisas Residencial Clube
Condominio Camino Girassol
Condominio Camino Lirio
Condominio Camino Tulipa
Condomínio Central Park Mooca
Condomínio Ceo Salvador Shopping
Condomínio Chácara dos Pássaros
Condomínio Colorado Residence Park
Condominio Cyrela By Pininfarina
Condominio Dhc Offices
Condominio do Edificio Golden Tijuca
Condominio Ecoparque Clube Residencial
Condominio Edificio Artisan
Condominio Emirado
Condominio Encontro Ipiranga
Condominio Escritorios Design
Condominio Escritorios Morumbi Prime
Condomínio Essencia Alphaville
Condomínio Florida Residence Park
Condomínio Gravatá
Condominio Horizontes Cidade Universitária
Condomínio Humanari
Condominio Ideale Residencial
177
Assets
34,914
2,760
48,842
28,614
1,934
30,523
1,275
2,704
12,004
55,759
2,575
788
32,713
21,361
2,439
5,268
4,824
25,235
2,017
2,027
4,220
27,293
1,143
8,437
40,072
20,526
4,652
55,962
5,767
8,099
8,272
8,573
14,668
12,070
6,399
85,594
455
2,348
24,853
14,344
13,776
10,553
25,378
73,890
66,182
10,798
27,140
9,046
705
4,564
5,681
413
18,088
Total consolidated
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
% of assets
0.250%
0.020%
0.350%
0.205%
0.014%
0.219%
0.009%
0.019%
0.086%
0.399%
0.018%
0.006%
0.234%
0.153%
0.017%
0.038%
0.035%
0.181%
0.014%
0.015%
0.030%
0.195%
0.008%
0.060%
0.287%
0.147%
0.033%
0.401%
0.041%
0.058%
0.059%
0.061%
0.105%
0.086%
0.046%
0.613%
0.003%
0.017%
0.178%
0.103%
0.099%
0.076%
0.182%
0.529%
0.474%
0.077%
0.194%
0.065%
0.005%
0.033%
0.041%
0.003%
0.130%
Project description
Assets
Condominio Ile Saint Louis
Condomínio Jardins - Sub. Jardim Andaluzia
Condomínio Jardins - Sub. Jardim de Provence
Condomínio Jardins - Sub. Jardim de Toscana
Condomínio Jardins - Sub. Jardim de Veneto
Condomínio Jardins - Sub. Pátio Jardins
Condominio Le Jardim Residencial
Condominio Le Parc Boa Viagem Residencial Resort
Condomínio Le Parc Residential Resort (Salvador)
Condominio Lead Americas
Condominio Liber Bosque dos Jequitibas
Condominio Lume Giorno
Condominio Maidan Hipica Lifestyle
Condominio Mais Campos Eliseos
Condominio Mais Vila Curuça
Condomínio Menai Tatuapé
Condomínio Menara
Condomínio Michigan Residence Park
Condomínio Morada Alto do Imbuí
Condominio Nova America - Torre01/Office 1000
Condominio Nova America - Torre01/Office 3000
Condominio Nova America Torre 2 Office 2.000
Condomínio Nova Mooca
Condominio Novo Jardim Family Resor
Condomínio Parque das Aguas
Condominio Parque das Arvores
Condomínio Parque das Cachoeiras
Condomínio Parque das Palmeiras
Condomínio Parque dos Lagos
Condominio Parque dos Passaros
Condomínio Parque dos Sonhos
Condomínio Parque Jardim
Condomínio Paulistania Bosque Residencial
Condominio Peninsula Way
Condominio Personna (Exclusive)
Condominio Pleno Residencial
Condominio Podium Vila Leopoldina
Condominio Portale Mattino
Condominio Reserva Morumbi
Condominio Residencial Mais Mirassol
Condominio Residencial Terrabela Zona Sul
Condomínio Residencial Up Life
Condominio Residencial Vita Parque
Condominio Residencial Vitória São Luis
Condomínio Taruma
Condominio Thera Faria Lima Pinheiros
Condominio Thera One
Condomínio Thera One
Condomínio Thera One
Condominio Varanda Ipiranga
Condomínio Varanda Novamerica
Condomínio Ventana
Condomínio Ventura
103,065
53,371
45,386
66,714
43,519
32,054
64,060
258,589
105,772
114,655
944
51,115
12,539
1,378
1,615
7,491
8,028
1,451
11,042
5,911
58,196
10,430
705
783
1,160
2,502
706
1,936
877
1,293
1,456
762
1,694
43,303
4,491
66,095
3,144
43,550
26,809
527
9,742
76,686
27,437
22,014
5,858
81,166
427
9,353
41,570
28,499
1,135
2,536
6,408
Total consolidated
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
% of assets
0.738%
0.382%
0.325%
0.478%
0.312%
0.230%
0.459%
1.852%
0.757%
0.821%
0.007%
0.366%
0.090%
0.010%
0.012%
0.054%
0.057%
0.010%
0.079%
0.042%
0.417%
0.075%
0.005%
0.006%
0.008%
0.018%
0.005%
0.014%
0.006%
0.009%
0.010%
0.005%
0.012%
0.310%
0.032%
0.473%
0.023%
0.312%
0.192%
0.004%
0.070%
0.549%
0.196%
0.158%
0.042%
0.581%
0.003%
0.067%
0.298%
0.204%
0.008%
0.018%
0.046%
178
Project description
Condominio Villa Solare
Condominio Vista Park Residencial
Condomínio Vita
Condomínio Vita Praia Residencial
Condominio Vita São Miguel
Condominio Vitoria do Maguary
Condominio Vitoria Jundiai 1
Condominio Way Pampulha
Condominio Westside Comfort Residences
Condominium Titanium Office Tijuca
Condomminio Liber Bosque dos Buritis
Cosmopolitan
Cosmopolitan High Garden
Cristall
Decor Paraiso
Duo Concept
Edifício Accanto
Edifício Art de Vivre
Edifício Aschneider Absolut Business
Edifício Beladdock
Edifício Cennário
Edifício Contemporâneo Campo Belo
Edifício Escritórios Mooca
Edifício Florae Aclimação
Edificio Floris Bosque Residencial Santana
Edifício Galleria Mooca
Edificio Gioia
Edificio K By Cyrela
Edificio Live Bandeirantes All Suites
Edificio Madarim
Edifício Mandarim (RJ)
Edifício Mirage Bay
Edificio Ornato Moema
Edificio Praça Santana
Edifício Res. Global Park Residencial
Edifício Riserva Schiavon
Edifício Sarau Pinheiros
Edificio Storia Ibirapuera
Edificio Tempo Bello
Edificio Vetrino
Edifício Via Paulista Home Stay
Edificio Vitale Mooca
Edificio Wave
Edifício Wave Office
Edificio Welcome Residenciais Verticiais
Encontro Imigrantes - Bandeirantes
Escritórios Rio Negro
Essenza Moema
Estilo Jardins
Excluisivite Maison Residence
Fatto Exclusive
179
Assets
25,039
79,262
1,761
1,427
19,495
7,977
384
295
124
244
13,113
29,664
163
4,949
48,351
5,641
12,162
33,308
241
589
736
232
102
2,412
5,629
1,317
1,303
6,057
23,734
37,068
13,765
9,172
5,386
61,411
731
9
1,809
1,332
901
17,847
63,404
21,622
1
1,077
34,293
17,674
11,079
10,516
52,049
40,077
27,624
3,875
9,975
Total consolidated
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
% of assets
0.179%
0.568%
0.013%
0.010%
0.140%
0.057%
0.003%
0.002%
0.001%
0.002%
0.094%
0.212%
0.001%
0.035%
0.346%
0.040%
0.087%
0.239%
0.002%
0.004%
0.005%
0.002%
0.001%
0.017%
0.040%
0.009%
0.009%
0.043%
0.170%
0.265%
0.099%
0.066%
0.039%
0.440%
0.005%
0.000%
0.013%
0.010%
0.006%
0.128%
0.454%
0.155%
0.000%
0.008%
0.246%
0.127%
0.079%
0.075%
0.373%
0.287%
0.198%
0.028%
0.071%
Project description
Assets
Fatto Figueira
Fatto Nova Carrão (Rego Barros)
Fatto Passion
Fatto Quality
Fatto Sport Faria Lima - Fase 1
Floris Bosque Residencial
Front Lake
Fun Residence Club
Fun Residencial e Lazer
Gallery Offices
Getulio Vargas Prime Offices
Gran Líder Olympus Private
Gran Vita Clube Residencial
Grand Family Vida & Lazer
Grand Filipe dos Santos
Grand Life Icarai
Grand Life Jardim da Saúde
Grand Square
Grupamento 360 Graus On The Park
Grupamento Empresarial Universe
Grupamento Residencial Belle Vie
Grupamento Residencial Majestic
Grupamento Residencial Reserva do Parque
Grupamento Residencial Reserva Jardim
Grupamento Residencial Vivae
Halth Center - Biosphere
Home Boutique Brooklin
Host Paraiso
Idylle Cambui
In Mare Bali Residencial Resort
Infinity
Infinity Prime Offices
Inspire Verde
Invite Taquaral
Jardim de Lombardia
Jardim de Provence
Jardim de Provence
Jardins Novo Higienópolis
Le Champ
Le France
Le Grand Miguel Couto
Le Monde Office
Le Monde Office Life
Le Parc Residencial Resort
Les Palais Botafogo
Les Residence de Monaco
Liber Condominio Resort
Liber Park Campo Limpo
Liber Village Campo Limpo
Lindóia Square
Living Dom Jayme - Suit São Bernardo
31,516
359
18,149
67,012
991
868
750
21,384
3,920
26,079
18,926
13,166
4,931
15,490
1,035
455
203
5,432
252
26,456
193,393
49,437
2,541
142,823
8,899
32,145
1,289
9,415
26,640
1,475
15,794
28,164
10,254
2,405
15,695
10,797
38,732
3,926
82,947
90,170
14,873
54,026
219
6,045
3,919
15,753
4,762
3,186
1,545
6,391
5,836
4,681
16,859
Total consolidated
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
% of assets
0.226%
0.003%
0.130%
0.480%
0.007%
0.006%
0.005%
0.153%
0.028%
0.187%
0.136%
0.094%
0.035%
0.111%
0.007%
0.003%
0.001%
0.039%
0.002%
0.189%
1.385%
0.354%
0.018%
1.023%
0.064%
0.230%
0.009%
0.067%
0.191%
0.011%
0.113%
0.202%
0.073%
0.017%
0.112%
0.077%
0.277%
0.028%
0.594%
0.646%
0.106%
0.387%
0.002%
0.043%
0.028%
0.113%
0.034%
0.023%
0.011%
0.046%
0.042%
0.034%
0.121%
180
181
Project description
Assets
Maayan
Mais Campos Sales
Mais Cangaiba
Mais Garulhos
Mais Jaçana Nature
Mais São Cristovão
Mirai Offices
Misti Morumbi
Mood
Neo Life Residencial
New Residence Ipiranga
New Station Vila Clementino
Next Office Castanheira
Nobre Norte Clube Residencial
Norte Privilege
Nova Alameda
Novamérica Office Park
Novo Stillo Home Club
Now Alto da Boa Vista
Now Studios Ipiranga
Ocean Pontal Residence & Beach Place
Parque Canoas Allegro
Passeio do Bosque-Bonfiglioli
Peninsula Way Residence Office
Pleno Jaçana
Pleno Meier Residencial
Pleno Novo Engordadouro
Pleno Residencial
Pleno Residencial
Pleno Residencial
Pleno Vila Flora
Ponta Negra Condominio Residencial
Privilege Exclusive Houses
Punto Riserva Lindóia
Reserva Bosque dos Jequitibas
Reserva do Bosque
Reserva Ipanema
Reserva Juglair Ecoville
Residencial Bosque Clube
Residencial Paulo Gorski (Opera Unique Home)
Residencial Pereira Nunes
Residencial Prime Family Club
Residencial Ventura Clube de Morar
Riserva Anita
Riserva Golf Vista Mare Residenziale
Riserva Golf Vista Mare Residenziale
Saint Barth
Saint Martin
Serenitá
Splendido Jardim do Golf
Splendore Family Club
Station Offices
Summer Bandeirante Residencial
202,353
2,995
689
21,060
221
1,140
6,982
8,110
20,426
5,748
18,205
31,451
23,633
22,397
1,553
36,513
14,839
7,565
31,872
24,999
76,532
18,750
42,010
18,400
23,917
8,950
34,288
8,070
9,493
9,289
22,676
1,952
7,532
2,307
40,584
833
66,158
32,800
834
39,175
2,450
8,491
10,991
42,356
285,926
32,822
46,127
20,219
303
1,296
37,881
11,280
17,766
Total consolidated
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
% of assets
1.449%
0.021%
0.005%
0.151%
0.002%
0.008%
0.050%
0.058%
0.146%
0.041%
0.130%
0.225%
0.169%
0.160%
0.011%
0.261%
0.106%
0.054%
0.228%
0.179%
0.548%
0.134%
0.301%
0.132%
0.171%
0.064%
0.246%
0.058%
0.068%
0.067%
0.162%
0.014%
0.054%
0.017%
0.291%
0.006%
0.474%
0.235%
0.006%
0.281%
0.018%
0.061%
0.079%
0.303%
2.047%
0.235%
0.330%
0.145%
0.002%
0.009%
0.271%
0.081%
0.127%
Project description
Supera
Terrabela Planalto
Time Center Campinas
Tons da Vila
Tree Morumbi
Urban Pr
Varanda Castanheira
Varanda Expressions
Varanda Pompeia
Varandas da Serra
Vega Luxury Design Offices
Ventura
Verdant Valley Residence
Vereda Ipiranga
Vilagio Luna
Villa Varanda
Vintage Condomínio Clube
Visionnaire Neoville Florianópolis
Vita
Vita Alto do Ipiranga
Vita Home Club
Vitamare Neoville Florianópolis
Vitoria São Judas
Vitrine Umarizal
Vitta Jaçana Residence Clube
Way
Way Bandeirantes Residencial
Way Orquidário
Way Penha
Way Vila Guilherme
West Residencial
You! Clube Residencial
Total of assets
Assets
397
42,889
14,165
9,674
12,443
42,212
48,827
434
888
324
44,117
1,216
26,132
1,441
24,498
23,267
82,689
20,227
59,761
28,655
60,750
46,725
1,504
5,671
3,371
56,808
31,432
25,551
77,789
42,295
2,750
23,654
6,967,414
Total consolidated
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
13,965,433
% of assets
0.003%
0.307%
0.101%
0.069%
0.089%
0.302%
0.350%
0.003%
0.006%
0.002%
0.316%
0.009%
0.187%
0.010%
0.175%
0.167%
0.592%
0.145%
0.428%
0.205%
0.435%
0.335%
0.011%
0.041%
0.024%
0.407%
0.225%
0.183%
0.557%
0.303%
0.020%
0.169%
49.89%
23. MANAGEMENT AND EMPLOYEE BENEFITS
Management and employee benefits are all offered as compensation paid, payable, or provided
by the Company, or on behalf of the Company, in exchange for services that are rendered to
the Company.
a) Postretirement benefits
The Company and its subsidiaries do not offer pension plans to their employees; however,
they make monthly contributions based on payroll to official pension and social security
funds, which are charged to expenses on the accrual basis.
182
b) Profit sharing plan
The Company and the other group companies have an employee profit-sharing program in
accordance with the collective bargaining agreement entered into with the Union of the São
Paulo Construction Workers. As at September 30, 2014, the accrued bonuses totaled
R$33,426 (R$29,558 at September 30, 2013), recorded as general and administrative
expenses, and in “Salaries, payroll taxes, and profit sharing” classified in the liabilities, as
shown in note 27, based on the indicators and parameters defined in the agreement and
projected earnings.
c) Stock option plan
Description of the plan
To participate in the program, officers or employees must acquire the Company’s shares
within preset deadlines, using own funds or funds arising exclusively from the receipt of
the annual bonus granted according to the compensation policy in force.
In exchange for the share acquisition, the Company will enter into a stock option agreement
with each beneficiary, whereby the Company will grant, for each share acquired, stock
options within previously defined limits and conditions.
Computation of amounts and recording of stock options are in compliance with the criteria
established by CVM Resolution 650/10 - Share-based Payment (CPC 10 (R1)).
The number of stock options granted, vesting and exercise periods, as approved at the
Company’s Shareholders Meeting, are as follows:
Number, amounts and terms of the plans
2006
Grand dates
Vesting period
05/17/2007
10/08/2007
10/01/2009
12/01/2010
02/01/2011
08/01/2012
05/04/2006 09/02/2013
04 years
(25% per
year)
05/03/2007
05/03/2008
05/03/2009
Exercise term
05/03/2010
Average strike price R$14.60
183
2007
05 years
05/17/2012
10/08/2012
10/01/2015
10/07/2015
10/07/2015
08/01/2017
R$0.01
2008
04/29/2008
05 years
04/28/2013
R$0.01
Plans granted in
2011
2012
08/11/2011
08/11/2011 05/02/2012
08/11/2011 05/02/2012
05 years; 03
years; 2.5
years and 6 03 years; 05
months
years
08/10/2016
08/10/2014
02/10/2014
R$0.01
04/27/2015
04/27/2017
R$0.01
2013
2014
03/28/2013
05/02/2014
05 years
03 years; 05
years
03/30/2018
R$0.01
05/02/2017
02/05/2019
R$0.01
2006
Number at 12.31.2012
Granted shares
Exercised shares
Cancelled shares
Granted shares
Exercised shares
Cancelled shares
126,412
126,412
2007
2008
Changes in shares granted
2011
2012
2013
4,129,714
771,015 352,561
49,590
(86,284) (744,417) (49,590)
(115,237) (14,633) (64,600)
3,928,193
11,965 287,961
126,412 3,960,788
(126,412) (234,818)
- 3,725,970
11,965 287,961
(433)
- (12,133)
11,532 275,828
2014
454,651
29,767
3,455,181
- (1,495,328)
(68,492)
415,926
1,959,853
400,997
(29,767)
371,230
Total
-
5,834,353
3,534,538
(2,375,619)
(262,962)
6,730,310
2,097,853
404,586 550,230
(202,293)
2,300,146 550,230
6,885,976
954,816
(232,493)
(373,363)
7,234,936
The market value of each stock option is estimated on the grant date, using the BlackScholes option pricing model, which uses the following basic assumptions: the price on the
grant date, strike price, vesting period, stock price volatility, percentage of distributed
dividends and risk-free rate.
The amounts of the amortizations recorded as expenses in the Company’s interim financial
information, as a balancing item to equity, from the grant date through September 30, 2014,
are as follows:
Plan
Average strike price
Grant date
2006
R$14,60
2007
R$0,01
2008
2011
2012
2013
2014
Total
R$0,01
R$0,01
R$0,01
R$0,01
R$0,01
05/04/2006
05/17/2007
10/08/2007
10/01/2009
12/01/2010
02/01/2011
08/01/2012
04/29/2008
08/11/2011
05/02/2012
03/28/2013
05/02/2014
Accumulated
costs
09/2014
Accumulated
costs
09/2013
2,744
3,718
85,300
72,752
29,226
2,974
3,688
10,997
608
135,537
29,227
1,820
1,808
3,069
112,394
Additionally, the Company granted stock options through 2013, whose strike price
corresponded to the market value, which were exercised during 2013. As at September 30,
2014, the reclassification of the equity was made between treasury shares and the stock
options reserve in the net amount of R$34,881, in order to show the exercise of the option
through treasury shares held by the Company for the year ended December 31, 2013.
184
24. FINANCIAL INSTRUMENTS
a) Analysis of financial instruments
The Company and its subsidiaries conduct transactions involving financial instruments, all
recorded in balance sheet accounts, which are intended to meet their needs and reduce their
exposure to credit, currency and interest rate risks. These risks are managed by defining
strategies, setting control systems and determining position limits.
The Company and its subsidiaries valued their financial assets and financial liabilities in
relation to market values, based on information available and appropriate valuation
methodologies. However, both the interpretation of market inputs and the selection of
appraisal methods require considerable judgment and reasonable estimates to calculate the
most adequate realizable value. Accordingly, estimates presented herein are not necessarily
indicative of the amounts that could be realized in the market. The use of different market
assumptions and/or valuation methodologies may have a material effect on the estimated
realizable values.
Transactions for speculative purposes are not conducted with financial instruments.
Company
09/2014
12/2013
Consolidated
09/2014
12/2013
Classification
FINANCIAL ASSETS
Measured at amortized cost
Cash equivalents
Short-term investments
Trade receivables
Related parties
Current accounts with venture
partners
1,408,901
1,064,077
7,681,201
8,338,153
194,689
359,299
3,636
563,013
288,718
22,941
5,326
470,406
925,530
857,400
5,075,277
163,447
1,330,136
397,284
5,622,358
227,174
Loans and receivables
288,264
276,686
659,547
761,201
FINANCIAL LIABILITIES
Measured at amortized cost
Debentures
Suppliers of goods and
services
Payables for property
acquisitions
Related parties
Current accounts with venture
partners
1,912,640
2,230,322
5,714,616
5,902,798
754,851
245,967
494,169
414,024
717,061
708,165
3,430,341
245,967
542,852
2,795,855
717,061
700,832
Other liabilities
Other liabilities
Other liabilities
9,881
1,039
422,021
386,897
Other liabilities
6,613
122,154
118,780
418,578
160,085
515,445
169,321
Other liabilities
Other liabilities
279,005
271,253
494,772
617,387
Other liabilities
b) Fair value of assets and liabilities
The fair value of financial assets and financial liabilities is included in the amount by which
the instrument can be exchanged in a current transaction between willing parties and not in
an unwilling sale or settlement.
185
The following methods and assumptions were adopted in estimating fair values:
• Cash equivalents, trade payables, and other current liabilities approximate measured at
amortized costs approximate their market values.
• Trade receivables: receivables from units under construction and completed units
approximate their fair values on the sale date and are subsequently adjusted based on
market indices. Receivables from units under construction are recognized to the extent
the work is performed, stated at present value, in order to determine such amounts at
market value upon revenue recognition.
• Debentures issued by the Company are public and allow comparison with other
instruments at fair value. The Company considers that the carrying amount of debentures
approximates the fair value of these securities.
• Securities yield interest indexed to the CDI, according to quotations reported by the
corresponding financial institution, therefore, the value of these securities approximates
their fair values.
c) Sensitivity analysis for financial assets and liabilities
Based on the probable scenario for the cumulative CDI were defined scenarios with
deterioration of 25% and 50%, defined the probable rate for CDI accumulated for the next
12 months 11.77% p.a. based on benchmark one-year préxDI swap rates disclosed by
BM&F and alternative scenarios considering the CDI to 8.83% p.a. and 5.88% p.a. For
each scenario, we calculated the “gross financial income”, not taking into consideration the
impact of taxes on the income from short-term investments. We calculated the sensitivity of
short-term investments to the scenarios for the average monthly yields, based on the
balance at September 30, 2014. For those cases where the risk factor is the US dollar
fluctuation, based on the scenario for the coming 12 months of US$1.00 = R$2.45, the
Company defined 25% e 50% stress scenarios, using the of US$1.00 = R$1.84 and of
US$1.00 = R$1.23 exchange rates.
These rates used for market projections were obtained from external source.
Transaction
Position
09/2014
Risk
factor
Scenario I
Probable
Scenario II
Scenario III
Investment funds - fixed income
Projected revenue
494,293
CDI
11.77%
58,178
8.83%
43,646
5.88%
29,064
Bank certificates of deposit
Projected revenue
943,773
CDI
11.77%
111,082
8.83%
83,335
5.88%
55,494
1,989
USD
2,45
1,988
1,84
1,491
1,23
994
Others
Projected revenue
186
The Company’s securities (debentures and CRIs), in the total amount of R$791,972, líquidos
of issuance costs, yield interest equivalent to 100% of the CDI rate plus 0.65% to 1.20%
p.a., 101,5% of the CDI to 108% of the CDI, respectively. In order to determine the debt
sensibility subject to CDI rate, the interest rate risk to which the Company had a liability
position as at September 30, 2014, three different scenarios were defined. The probable CDI
rate accumulated for the next 12 months is 11.77% p.a., based on benchmark one-year
préxDI swap rates disclosed by BM&F, equivalent to the probable scenarios listed below.
Based on the probable CDI rate, stress scenarios were defined at the average rate of 14.71%
p.a. and 17.66% p.a. for the next 12 months. The sensitivity of the finance costs to the
scenarios for the CDI rate variance was determined based on the balances as at September
30, 2014, net of issue, costs, as highlighted below:
Transaction
CYRE 12 and 22 debentures
Position
09/2014
Risk
factor
43,771
100% CDI +
0.65% p.a.
Projected expense
CYRE 16 debentures
Projected expense
CRI - 1st Issue
Projected expense
CRI - 2nd Issue
Projected expense
CRI - 3nd Issue
Projected expense
CRI - 4th Issue
Projected expense
Total
202,564
100% CDI +
1.20% p.a.
44,830
107% CDI
312,251
108% CDI
137,088
100% CDI +
0.80% p.a.
51,468
101.5% CDI
791,972
Scenario I
Probable Scenario II
Scenario III
12.50%
15.46%
18.42%
5,471
6,767
8,063
13.11%
16.09%
19.07%
26,556
11.72%
5,667
11.83%
39,874
32,593
14.66%
7,092
14.81%
49,898
38,629
17.61%
8,522
17.79%
59,952
11.8%
14.55%
17.3%
17,355
11.08%
6,156
101,079
21,427
13.86%
7,694
125,471
25,498
16.63%
9,239
149,903
Financing for the construction of properties is subject to the average interest rate of 9.23%
p.a., indexed to the TR, a managed prime rate. In order to determine the sensibility of the
finance costs to the TR rate, the interest rate risk to which the Company had a liability
position as at September 30, 2014, three different scenarios were defined. Future TR (12
months) was used based on the one-year fixed rate for DI and TR for DI swap benchmark
rates disclosed by Commodities and Futures Exchange (BM&F), equivalent to the probable
annual TR scenario of 1.26% p.a. Based on the probable TR scenario, stress scenarios of
25% and 50% were defined, and the annual rate applicable to work financing was
recalculated. For each scenario, the finance costs were calculated, not considering the tax
effects and payment flow estimated for 2014. The sensitivity of the finance costs to the
scenarios exposed to the TR rate was determined based on the balances as at September 30,
2014.
187
The debt assumed with the BNDES is subject to 3.78% p.a. plus the TJLP (Long-term
Interest Rate) and the Assumption of the Unpaid IPTU (Real Estate Tax) is subject to
interest of 12% p.a. indexed to the IPCA (Broad Consumer Price Index). In order to text the
debt sensitivity to the TJLP and the IPCA, the interest rate risk factors to which Company
liabilities are exposed as at September 30, 2014, the Company defined three different
scenarios, using a TJLP of 5.50% p.a. and IPCA of 6.30% p.a. as the probable scenario.
Based on the probable scenario, two stress scenarios of 25% and 50% were defined, and the
annual rate applied to these borrowings was recalculated as follows.
Transaction
BNDES
Projected expense
Assumption of debt
property tax
Projected expense
Local borrowings
Position
09/2014
Risk
factor
Scenario I
Probable
Scenario II
Scenario III
104,936
TJLP + 3.78%
9.49%
9,958
10.92%
11,459
12.34%
12,949
9,433
IPCA +
12.00%
19.06%
20.83%
22.58%
1,798
1,965
2,130
12.13%
14.71%
17.31%
104,455
126,673
149,062
10.61%
253,873
10.96%
262,248
11.29%
270,144
108% CDI,
111.5% CDI,
117.85% CDI;
861,133
Projected expense
Construction financing
Projected expense
2,392,770
TR + 9.23%
d) Derivative transactions
Under CVM Resolution 550, of October 17, 2008, publicly-held companies are required to
disclose in a separate note information on all their derivative financial instruments.
Derivatives are used by the Company to hedge against market risk related to currency and
interest rates. Such instruments are comprised of two contracts: (i) cash flow swap and
(ii) non-deliverable forward contracts.
(i) Cash flow swap
This type of swap provides for the payment of the interest difference over the term of the
contract at periodic intervals (constant flow). The Company records an asset if the debt
cost approximates 111% of CDI and a liability under a fixed rate of 9.93% p.a., with the
principal amount being repayable on the contract maturity.
Description
Cash flow swap linked to
fundraising
Notional
amount in
R$'000
Long
position
(Cyrela)
60,000
111% CDI
Short
Fair value
position
Fair value
(Banco
(Banco
(Cyrela) Votorantim)
Votorantim) 06.30.2014 06.30.2014
9.93% p.a.
62,069
61,718
188
(ii) Non-deliverable forward (NDF) contracts
Non-deliverable forward (NDF) contracts are used by the Company to hedge against
currency fluctuations. These instruments consist of dollar futures at amounts equivalent
to the amounts in reais of the debt fixed interest of 9.93% p.a. and of the principal,
divided by the selling dollar futures rates, which range from 2.33 to 2.40.
(iii) Sensitivity analysis
For the purpose of assessing the derivatives' sensitivity, the Company defined two
different scenarios, based on their fair values as at June 30, 2014. The Company used as
calculation basis the market value for settlement of the transaction in the market and
applied the 25% and 50% stresses, as shown in the scenarios listed below:
Transaction
NDF
Risk
Scenario I
Scenario II
Scenario III
Dollar
appreciation
6,771
(5,935)
(14,406)
The main market risks to which the Company and its subsidiaries are exposed in
conducting their business are:
(i) Market risk
The market risk is the risk that the fair value of future cash flows from financial
instruments fluctuates due to changes in market price. The market prices are affected
by two types of risks: interest rate risk and currency risk. Financial instruments
affected by market risk include short-term investments, trade receivables, trade
payables, borrowings payable, available-for-sale securities and derivative financial
instruments.
Description
Sale of NDF
Sale of NDF
Notional
amount
in
Forward
US$000
rate
1,279
26,182
27,461
Maturity
date
2,3293 12/15/2014
2,3991 06/15/2015
Base date
Position
in R$000
06.30.2014
3,135
64,173
67,308
Interest rate risk: the profit or loss of the Company and its subsidiaries is susceptible to
changes in the interest rate levied on short-term investments and debts at variable
interest rates, mainly the CDI rate.
Interest rates on borrowings, debentures and real estate certificates receivable are
mentioned in notes 10, 11 and 12. The contractual interest rates on securities are
mentioned in note 4. Twelve percent (12%) interest per year, allocated on a pro rata
temporis basis, is levied on receivables from completed properties, as described in
note 5. Additionally, as mentioned in note 13, a significant portion of the balances held
with related parties and balances held with venture partners is not subject to finance
charges.
189
• Currency risk: the Company has entered into transactions denominated in foreign
currencies that are exposed to market risks deriving from changes in the quotations
of the related foreign currencies. Any fluctuation in the exchange rate can increase or
reduce these balances. As at September 30, 2014, the Company’s foreign-currency
denominated borrowings amounted to R$62,069 (R$61,590 at September 30, 2013)
and short-term investments totaled the amount equivalent to R$1,989 (R$26,146 at
September 30, 2013), this exposure beinh hedged by future receivables, in dollars,
from a real estate development project already delivered and built in Argentina.
(ii) Credit risk
Credit risk is the risk of a business counterparty not complying with an obligation set
forth in a financial instrument or agreement with a customer, which would cause the
Company to incur a financial loss. The Company is exposed to credit risk in its
operating activities (particularly in relation to trade receivables).
The Company’s credit risk on operating activities is managed based on specific
customer acceptance standards, credit analysis and definition of exposure limits by
customer, which are periodically reviewed. In addition, receivables are substantially
collateralized by the financed properties.
(iii) Liquidity risk
The liquidity risk consists of the possibility of the Company and its subsidiaries not
having sufficient funds to meet their commitments, due to the different currencies and
settlement terms of their rights and obligations.
The Company’s and its subsidiaries’ cash flows and liquidity control are monitored on
a daily basis by the Company’s management to ensure that the operating cash
generation and early funding, when necessary, are sufficient to maintain their payment
schedule, thus not posing liquidity risks for the Company and its subsidiaries.
(iv) Capital management
The Company’s capital management aims to ensure that an appropriate credit rating is
maintained by financial institutions and an optimum capital ratio, so as to support the
Company’s business and maximize shareholder value.
The Company controls its capital structure and adjusts it to current economic
conditions. In order to keep this structure adjusted, the Company may pay dividends,
capital return to shareholders, raise new borrowings, and issue debentures. The capital
structure objectives, policies or processes have not been changed since December 31,
2008.
The Company’s net debt structure (adjusted debt) includes borrowings, financing,
debentures, real estate receivables (net of issuance costs), less cash and cash
equivalents, and securities:
190
Company
09/2014
12/2013
Consolidated
09/2014
12/2013
(+) Adjusted debt (principal + interest) (i) 1,495,354 1,840,495 4,222,313 4,222,326
(-) Cash and cash equivalents, shortterm investments and securities
(553,988) (311,659) (1,782,930) (1,727,420)
Net debt
941,366 1,528,836 2,439,383 2,494,906
(i) Consisting of borrowings and financing, debentures, and certificates of real estate
receivables, net of issuance costs.
191
25. GROSS OPERATING PROFIT
The table below shows the breakdown of net revenue and revenue-related costs, presented in the financial information:
07/01/2014
to
09/30/2014
Gross operating profit
Real estate development and resale
Land subdivision
Service rendering and other
Deductions from gross revenue
Net operating revenue
Real state sold
Land subdivision
Service rendering
Company
01/01/2014 07/01/2013
to
to
09/30/2014 09/30/2013
01/01/2013
to
09/30/2013
07/01/2014
to
09/30/2014
Consolidated
01/01/2014 07/01/2013
to
to
09/30/2014 09/30/2013
01/01/2013
to
09/30/2013
186
4,350
747
5,283
(49)
5,234
2,035
8,796
747
11,578
(408)
11,170
487
487
(226)
261
2,643
2,643
(972)
1,671
1,578,404
29,189
20,784
1,628,377
(14,681)
1,613,696
4,262,729
60,917
53,015
4,376,661
(89,272)
4,287,389
1,403,211
11,003
20,924
1,435,138
(40,690)
1,394,448
4,006,603
31,345
58,282
4,096,230
(113,993)
3,982,237
926
(1,595)
(669)
4,565
(10,164)
(3,276)
(13,440)
(2,270)
(429)
(429)
(168)
(1,758)
(1,758)
(87)
(1,099,837)
(16,815)
(14,313)
(1,130,965)
482,731
(2,849,182)
(28,287)
(35,982)
(2,913,451)
1,373,938
(916,592)
(5,609)
(14,997)
(937,198)
457,250
(2,623,542)
(15,247)
(41,404)
(2,680,193)
1,302,044
192
193
26. SELLING EXPENSES
The main expenses incurred in the nine-month period are as follows:
07/01/2014
to
09/30/2014
Sales stand
Advertising and publicity (media)
Professional services
Expenses on units sold
Expenses on projects cancelled
Others selling expenses
(178)
(112)
(2,100)
(2,390)
Company
01/01/2014 07/01/2013
to
to
09/30/2014 09/30/2013
(1,456)
(413)
(4,486)
(6,355)
(691)
(790)
(90)
(3,423)
(4,994)
01/01/2013
to
09/30/2013
(792)
(4,280)
(112)
(7,285)
(12,469)
07/01/2014
to
09/30/2014
(24,749)
(27,678)
(27,962)
(11,405)
(3,719)
(22,792)
(118,305)
Consolidated
01/01/2014 07/01/2013
to
to
09/30/2014 09/30/2013
(66,493)
(84,915)
(82,236)
(35,047)
(11,286)
(54,999)
(334,976)
(26,500)
(28,564)
(33,313)
(11,829)
(13,220)
(113,426)
01/01/2013
to
09/30/2013
(74,197)
(70,162)
(83,550)
(29,320)
(4,776)
(47,366)
(309,371)
(i) The principal recorded under this caption refers to salaries and wages expenses incurred by the Group companies.
194
195
27. GENERAL AND ADMINISTRATIVE EXPENSES
The main expenses incurred in the nine-month periods are as follows:
07/01/2014
to
09/30/2014
Payroll and related taxes
Profit sharing (PLR)
Share-based expense (stock
options)
Professional services
Leases, travel and
representations
Depreciation and amortization
Other administrative expenses
Company
01/01/2014 07/01/2013
to
to
09/30/2014 09/30/2013
01/01/2013
to
09/30/2013
07/01/2014
to
09/30/2014
Consolidated
01/01/2014 07/01/2013
to
to
09/30/2014 09/30/2013
01/01/2013
to
09/30/2013
(12,646)
(12,961)
(37,892)
(1,428)
(9,227)
(7,812)
(38,354)
(903)
(45,492)
(11,909)
(139,020)
(33,426)
(51,245)
(11,356)
(145,532)
(29,558)
(2,542)
(8,653)
(14,515)
(27,742)
(6,657)
(9,947)
(13,020)
(25,420)
(2,542)
(16,493)
(14,515)
(47,503)
(3,657)
(10,600)
(13,020)
(32,124)
(6,101)
(3,079)
(2,270)
(48,252)
(19,868)
(9,306)
(7,407)
(118,158)
(6,279)
(2,903)
(1,702)
(44,527)
(15,428)
(9,196)
(7,395)
(109,716)
(14,756)
(5,342)
(18,232)
(114,766)
(44,441)
(16,237)
(39,947)
(335,089)
(13,304)
(4,430)
(4,185)
(98,777)
(37,480)
(15,415)
(12,227)
(285,356)
196
197
28. FINANCE INCOME
The main finance income and cost for the nine-month periods are as follows:
07/01/2014
to
09/30/2014
Finance costs:
Interest - National Housing
System (SFH)
Interest - domestic and foreign
financing
Interest capitalization
Inflation adjustments
Banking costs
Discounts granted
Other finance costs
Finance income:
Income from short-term
investments
Finance income or receivables
Discounts obtained
Several interest receivable
Other finance income
Finance income (costs), net
-
Company
01/01/2014 07/01/2013
to
to
09/30/2014 09/30/2013
-
01/01/2013
to
09/30/2013
07/01/2014
to
09/30/2014
Consolidated
01/01/2014 07/01/2013
to
to
09/30/2014 09/30/2013
01/01/2013
to
09/30/2013
(935)
(2,240)
(46,795)
(141,003)
(39,350)
(113,775)
(40,185)
5,745
(67)
(714)
(782)
(36,003)
(140,500)
24,716
(705)
(1,265)
(5,011)
(3,145)
(125,910)
(73,988)
25,700
(5,069)
(199)
(892)
(55,383)
(160,088)
65,160
(4,975)
(970)
3,000
(2,321)
(102,434)
(52,706)
44,249
(2,267)
(2,569)
(3,101)
(3,514)
(66,703)
(157,099)
142,798
(9,280)
(8,646)
(7,679)
(15,062)
(195,971)
(53,297)
54,533
(2,605)
(2,548)
(890)
(1,219)
(45,376)
(150,881)
154,729
(4,275)
(4,274)
(59)
(7,439)
(125,974)
12,246
48
1,658
92
150
93
14,287
(21,716)
40,661
402
4,582
100
761
2,322
48,828
(77,082)
3,465
388
1,747
3
361
1,190
7,154
(48,229)
13,062
3,105
6,086
5
1,046
1,447
24,751
(77,683)
43,458
5,905
8,901
1,283
5,060
3,680
68,287
1,584
136,397
18,720
25,290
2,407
15,501
11,882
210,197
14,226
31,159
7,233
5,976
581
3,965
1,426
50,340
4,964
79,773
28,986
17,663
2,964
14,324
5,836
149,546
23,572
198
199
29. EARNINGS PER SHARE
The following is the information on earnings per share for the nine-month periods ended
September 30, 2014 and 2013.
Basic earnings per share are calculated by dividing profit for the nine-month period attributable
to the holders of the Company’s common shares by the weighted average number of common
shares outstanding during the quarter.
Diluted earnings per share are calculated by dividing the profit attributable to the holders of the
Company’s common shares by the weighted average number of common shares outstanding
during the nine-month period plus the weighted average number of common shares that would
be issued on the conversion of all the diluted potential common shares into common shares.
Basic and diluted earnings per share
09/2014
09/2013
Profit for the year
R$511,476
R$536,310
387,895
414,495
R$1.31859
R$1.29389
396,319
413,389
R$1.29057
R$1.29735
396,319
413,389
7,235
403,554
6,730
420,119
R$1.26743
R$1.27657
Average number of shares in circulation (-) treasury
Earnings per share
Average number of shares in the plans - Basic
Basic earnings per share
Diluted earnings per share:
Average number of shares in the plans - Basic
Increase in the number of shares from the Stock Option Plans, in
case all granted shares are exercised
Average number of shares in the plans - Diluted
Diluted earnings per share
30. SEGMENT REPORTING
a) Operating segment identification criteria
The Company segmented its operating structure taking into consideration the way
Management manages the business. The operating segments presented in the interim
information are shown below:
1) Real estate development.
2) Service provision.
The real estate development segment comprises the sale and resale of properties and also
land plotting activities and is subdivided and set out according to the product developed to
be sold, as follows:
200
Cyrela products: this category includes real estate ventures determined by the Launching
Committee as high standard and luxury products, both from the parent and the joint
ventures.
(i) Living + MCMV products: this category includes real estate ventures determined by
the Launching Committee as Living or “Minha Casa, Minha Vida”, both from the
parent and the joint ventures.
Information on the land subdivision and service rendering activities is being presented in
this note under “Other”..
Consolidated information on operating segments
MAP
Operating expenses
Gross profit before finance
income (costs)
Total assets
Total liabilities
Equity
2,879,484 1,296,297 111,607
(1,948,937) (900,245) (64,269)
930,547
396,052 47,338
(186,606) (105,147) (43,223)
743,941
Total assets
Total liabilities
Equity
290,905
4,115
Total
- 4,287,388
- (2,913,451)
- 1,373,937
(313,424) (648,400)
(313,424)
725,537
9,260,994 4,316,423 149,452
238,564 13,965,433
3,788,427 1,486,630 77,591 2,168,736 7,521,384
5,472,567 2,829,793 71,861 (1,930,172) 6,444,049
MAP
Operating expenses
Gross profit before finance
income (costs)
Consolidated - 09/2014
Living
Other Corporate
Consolidated - 09/2013
Living
Other Corporate
2,750,473 1,144,631 87,133
(1,848,051) (775,491) (56,651)
902,422
369,140 30,482
(163,811) (100,793) (44,768)
738,611
268,347
(14,286)
Total
- 3,982,237
- (2,680,193)
- 1,302,044
(255,912) (565,284)
(255,912)
736,760
8,702,157 4,721,029 153,365
462,922 14,039,473
2,746,757 1,674,123 130,168 3,166,121 7,717,169
5,955,400 3,046,906 23,197 (2,703,199) 6,322,304
The amounts shown as Corporate comprise mainly expenses on the corporate unit not
allocated to other segments.
b) Information on net sales revenue
A substantial portion of the consolidated net revenue is derived from the Brazilian market.
201
c) Information on major customers
The Company and its investees do not have customers that concentrate significant market
share (above 10%) in their projects and that affect results of operations..
31. INSURANCE
The Company and its investees have insurance coverage considered sufficient by Management
to cover probable losses on their assets and/or liabilities, as follows:
a) Engineering risk:
(i) Basic - R$3,413,837: covers accidents (sudden and unpredictable causes) in the
construction site, such as natural damage or acts of God, windstorms, storms,
lightning, flood, earthquakes etc., losses resulting from construction work, use of
defective or improper materials, construction faults and, structure collapse.
(ii) Projects - R$3,413,837: covers indirect damage caused by possible design flaws.
(iii) Stationary - R$270: covers incidents with movable and stationary equipment and small
tools.
(iv) Other - R$736,773: refers to nonrecurring expenses, removal of debris, riots, strikes,
joint construction liability, etc.
b) Sales stand: fire - R$13,000, theft - R$450 and other risks - R$1,450.
c) Sundry risks: fire - R$28,400, theft - R$987, and other risks - R$6,662.
d) Contractual warranties: R$656,565.
e) Damages to mortgaged properties: R$365,050.
f) Erection risks: civil liability - R$93,600.
32. FIDUCIARY INTERIM FINANCIAL INFORMATION AND SUPPLEMENTARY
INFORMATION ACCORDING TO CVM INSTRUCTION 414/04
The fiduciary balances representing transactions intermediated by subsidiary Brazil Realty
Securitizadora, were shown separately from the subsidiary’s interim financial information. The
following tables show the carrying amount of fiduciary transactions for the period/year
presented:
202
32.1. Separate balance sheet
09/2014
Assets:
Current assets
Related-party transactions- CCI/CCB
Interest on real estate receivables- CCI/CCB
Total assets
523,200
22,437
545,637
545,637
700,000
8,165
708,165
708,165
16,667
22,437
39,104
8,165
8,165
506,533
506,533
545,637
700,000
700,000
708,165
Liabilities:
Current liabilities
Certificates of Real Estate Receivables (CRIs)
Interest on real estate certificates - CRI
Noncurrent liabilities
Certificates of Real Estate Receivables (CRIs)
Total liabilities
09/2013
32.2. Receivables - mortgage notes (CCI)
Refer to the real estate receivables acquisition transactions, conducted pursuant to
Law 9514/97 and Law 10931/04, which govern the issue of certificates of real estate
receivables (CRIs) and Mortgage Notes (CCIs), respectively (jointly referred to as “real
estate securities”).
The fiduciary regime for receivables is established under Article 9 of Law 9514/97 and
Article 23 of Law 10931/04, and this are allocated to separate equity for the sole purpose
of backing said real estate securities, and, therefore, cannot be mistaken for the
Company’s equity.
32.3. Certificate of Real Estate Receivables (CRI)
Represent the amounts payable to the investors that acquire the CRIs.
32.4. Supplementary information on the issue of CRIs
As provided for by Article 3 of CVM Instruction 414, of December 30, 2004, we present
below data relating to:
a) Issuance date, amortization date, issuance unit face value, number of certificates
issued, compensation, retrocession, repayment of principal and interest payments for
the nine-month period, default of restricted receivables and risk rating are described
in note 12.
203
33. NONCASH TRANSACTIONS
The Company and its subsidiaries carried out the following activities not involving cash or
cash equivalents, and these activities were not included in the statement of cash flows:
Company
Consolidated
09/2014 09/2013 09/2014 09/2013
Increase in properties for sale
Advances from customers increased - exchange
Increase in the Equity
Reduction in revenue reserves
Reduction of treasury shares for cancellation
512,168
(831,529)
319,361
- (321,585) (32,373)
- 321,585 32,373
- 512,168
- (831,529)
- 319,361
-
34. APPROVAL OF INTERIM FINANCIAL INFORMATION
The Company’s individual and consolidated interim information was approved by the Board of
Directors at the meeting held on November 11, 2014
In compliance with the provisions of Brazilian Securities and Exchange Commission (CVM)
Instruction 480/09, the Company’s management declared that it has discussed, reviewed and
agreed with the Company’s individual and consolidated interim information for the threemonth period ended September 30, 2014, and the conclusions expressed in the independent
auditor’s report thereon.
35. EVENTS AFTER THE REPORTING PERIOD
The at October, 2014, the Company paid the remaining balance of R $ 37,812 to Cyrela
Volpago Participações related to the redemption of preferred shares.
2014-1719 Notas
204
The chart below shows the estimates published to the market through Material Fact in 03/20/2014
2014
Gross Margin (%)
Projection
Fulfilled
31 to 35
32.0
The estimates solely reflect Management's perception of Cyrela's future performance, especially considering
the following factors: (i) growth of the domestic and international economies, mainly regarding inflation,
interest rates, employment levels, and GDP growth; (ii) the conditions of the market and real estate industry
in general, such as competition, land availability and pricing, etc.; (iii) deadlines for the approval of projects,
and the regulation of the real estate industry; (iv) availability of funding to Cyrela and to the end consumer;
(v) government incentives and programs for the housing sector; and (vi) operating factors. All assumptions
indicated above are subject to change, risks, and uncertainties beyond Management's control. Any change
to the perception or facts described above may lead to results that differ from estimates. Estimates may be
revised should any of these factors materially change.
2014 estimate is an annual feature and it is going to be discussed in the statements to be published during
the year.
205
SHAREHOLDING OF HOLDERS OF OVER 5% OF COMPANY’S SHARES OF ANY TYPE AND
CLASS, UP TO INDIVIDUAL LEVEL
Company: Cyrela Brazil Realty S.A. Empreendimentos e
Shareholding on 09/30/2014
Participações
(Shares in Units)
Common Shares
Total
Shareholder
Number
%
Number
%
Eirenor Sociedad Anônima (1)
21,900,008
5.5%
21,900,008
5.5%
Elie Horn
98,128,878
24.5%
98,128,878
24.5%
EH Capital Management (2)
7,502,400
1.9%
7,502,400
1.9%
Blackrock Inc. (3)
22,430,897
5.6%
22,430,897
5.6%
Tarpon Investimentos S.A. (4)
39,766,300
9.9%
39,766,300
9.9%
Oppenheimer Funds, Inc
32,236,500
8.1%
32,236,500
8.1%
Orbis Investment
23,653,332
5.9%
23,653,332
5.9%
Dynamo
19,990,100
5.0%
19,990,100
5.0%
Treasury Shares
11,847,727
3.0%
11,847,727
3.0%
Others
122,286,657
30.6%
122,286,657
30.6%
Total
399,742,799
100.0%
399,742,799
100.0%
(1) Holding company incorporated pursuant to the laws of Uruguay, in which Elie Horn holds a 100,0% stake,
(2) Holding company incorporated pursuant to the laws of the British Virgin Islands, in which Elie Horn holds a 100,0% stake,
(3) Company manager of investments incorporated pursuant to the laws of United States of America,
(4) Company manager of investments incorporated pursuant to the laws of Brazil,
Pág. 206
/ 208
CONSOLIDATED SHAREHOLDING OF CONTROLLING SHAREHOLDERS,
Shareholders
Controlling Shareholder
Shareholding on 09/30/2014
Number of
Common Shares
%
(In Units)
Number of
Common Shares
(In Units)
%
137,279,315
34.3%
137,279,315
34.3%
572,823
0.1%
572,823
0.1%
1,307,908
0.3%
1,307,908
0.3%
-
0.0%
-
0.0%
11,847,727
3.0%
11,847,727
3.0%
248,735,026
62.2%
248,735,026
62.2%
399,742,799
100.0%
399,742,799
248,735,026
62.2%
248,735,026
Managers
Board of Directors
Board of Executive Officers
Fiscal Council
Treasury Shares
Others Shareholders
Total
Outstanding Shares
Pág. 207
62.2%
/ 208
CONSOLIDATED SHAREHOLDING OF CONTROLLING SHAREHOLDERS,
Shareholders
Controlling Shareholder
Shareholding on 09/30/2013 (12 months ago)
Number of
Number of
Common Shares
Common Shares
%
(In Units)
(In Units)
%
137,865,815
33.1%
137,865,815
33.1%
592,823
0.1%
592,823
0.1%
2,164,049
0.5%
2,164,049
0.5%
-
0.0%
-
0.0%
2,164,049
0.5%
2,164,049
0.5%
273,872,093
65.7%
273,872,093
65.7%
416,658,829
100.0%
416,658,829
100.0%
273,872,093
65.7%
273,872,093
65.7%
Managers
Board of Directors
Board of Executive Officers
Fiscal Council
Treasury Shares
Others Shareholders
Total
Outstanding Shares
In accordance with the Bylaws, chapter X, article 51, the Company, its shareholders, managers
and the Fiscal Council members undertake to resolve by means of arbitration every and all dispute
or controversy which may arise among them, especially related to or derived from enforcement,
validity, effectiveness, construal, violation and their effects of provisions contained in these Bylaws,
in the possible shareholders’ agreements filed at the Company’s headquarters, in Law no,
6,404/76, in the rules issued by the Brazilian Monetary Council (CMN), by the Brazilian Central
Bank and by the Brazilian Securities and Exchange Commission (CVM), as well as other rules
applicable to the capital markets operation in general and those included in the “Novo Mercado”
Listing Regulation, in the “Novo Mercado” Listing Agreement and in the Arbitration Regulation of
the Market Arbitration Panel, in conformity with the Market Arbitration Panel Regulation established
by BOVESPA,
Pág. 208
/ 208
DECLARATIONS FOR THE PURPOSES OF ARTICLE 25, PARAGRAPH 1, ITEM VI, OF CVM RULE 480/09
We hereby declare, in the capacity of Executive Officers of Cyrela Brazil Realty S.A. Empreendimentos e
Participações, a corporation headquartered in the city and state of São Paulo, at Avenida Engenheiro
Roberto Zuccolo, 555, 1st floor, room 1001, Vila Leopoldina, CEP 05307-190, Corporate Taxpayer’s ID
(CNPJ/MF) no. 73.178.600/0001-18 (“Company”), pursuant to item VI, Paragraph 1, of Article 25 of CVM
Instruction 480 of December 7, 2009, that we have reviewed, discussed and approved the interim financial
statements of the Company for the quarter ended September 30, 2014.
São Paulo, November 13, 2014.
Raphael Abba Horn
Co-CEO
Efraim Schmuel Horn
Co-CEO
Rogério Jonas Zylbersztajn
Vice-chairman of the Board of Directors and Executive Vice-President
Eric Alexandre Alencar
Financial Officer and Investor Relations Officer
Cláudio Carvalho de Lima
Corporate Director
Cassio Mantelmacher
Real Estate Development Director
209
DECLARATIONS FOR THE PURPOSES OF ARTICLE 25, PARAGRAPH 1, ITEM V, OF CVM RULE 480/09
We hereby declare, in the capacity of Executive Officers of Cyrela Brazil Realty S.A. Empreendimentos e
Participações, a corporation headquartered in the city and state of São Paulo, at Avenida Engenheiro
Roberto Zuccolo, 555, 1st floor, room 1001, Vila Leopoldina, CEP 05307-190, Corporate Taxpayer’s ID
(CNPJ/MF) no. 73.178.600/0001-18 (“Company”), pursuant to item V, Paragraph 1, of Article 25 of CVM
Instruction 480 of December 7, 2009, that we have reviewed, discussed and agreed with the opinion stated
in the report of the Company's independent auditors (Deloitte Touche Tohmatsu) related to the Company’s
financial statements for the interim financial statements of the Company for the quarter ended September 30,
2014.
São Paulo, November 13, 2014.
Raphael Abba Horn
Co-CEO
Efraim Schmuel Horn
Co-CEO
Rogério Jonas Zylbersztajn
Vice-chairman of the Board of Directors and Executive Vice-President
Eric Alexandre Alencar
Financial Officer and Investor Relations Officer
Cláudio Carvalho de Lima
Corporate Director
Cassio Mantelmacher
Real Estate Development Director
2014-1719 8 CVM480 AUDITORES
210

Cyrela Brazil Realty S.A. Empreendimentos e Participações

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