8)CVM480 Auditores EN_1Q15_atualizado

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
Three-month Period Ended
March 31, 2015 and Report on
Review of Interim Financial of Information
Deloitte Touche Tohmatsu Auditores Independentes
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1Q15
Launches
1Q15 x 1Q14
4Q14
1Q15 x 4Q14
(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$) (ex-lots)
Usable Area Launched (sq. m.)
Units Launched
Sales
1Q14
9
463
333
72.0%
9
4,782
96,707
1,606
11
1,915
1,720
89.8%
567
9,711
197,172
2,406
-18.2%
-75.8%
-80.6%
-17.8 p.p.
-98.3%
-50.8%
-51.0%
-33.3%
22
2,260
1,813
80.2%
139.93
6,825
454,791
6,168
-59.1%
-79.5%
-81.6%
-8.2 p.p.
-93.3%
-29.9%
-78.7%
-74.0%
723
580
80.2%
6,272
1,981
1,548
1,363
88.0%
7,593
2,930
-53.3%
-57.5%
-7.8 p.p.
-17.4%
-32.4%
1,887
1,473
78.1%
5,760
5,723
-61.7%
-60.6%
2.2 p.p.
8.9%
-65.4%
(2)
Pre-Sales Contracts - R$ 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'
146
112
76.8%
5,283
487
909
853
93.8%
10,365
940
-84.0%
-86.9%
-17.0 p.p.
-49.0%
-48.2%
1,192
926
77.7%
5,888
3,870
²'
-87.8%
-87.9%
-0.9 p.p.
-10.3%
-87.4%
2,468
6,959
1,540
4,814
60.2%
44.6%
1,810
5,452
36.3%
27.6%
54,903
46,851
22,013
73.0%
85.7%
50,921
43,424
9,423
67.5%
86.2%
7.8%
7.9%
133.6%
5.5 p.p.
-0.5 p.p.
54,298
45,992
22,261
70.4%
86.1%
1.1%
1.9%
-1.1%
2.6 p.p.
-0.4 p.p.
1,035
361
154
101
34.8%
14.9%
9.7%
0.27
403
1,315
438
244
163
33.3%
18.5%
12.4%
0.41
159
-21.3%
-17.6%
-36.9%
-38.5%
1.6 p.p.
-3.7 p.p.
-2.7 p.p.
-34.4%
152.8%
1,531
495
256
150
32.3%
16.7%
9.8%
0.39
362
-32.4%
-27.1%
-39.8%
-33.0%
2.5 p.p.
-1.8 p.p.
-0.1 p.p.
-32.2%
11%
31/12/2014
4,441
1,647
37.1%
Chg %
-4.4%
-4.6%
-0.1 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
31/03/2015
4,245
1,572
37.0%
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Changes in Inventory
(R$ million)
Total Inventory Breakdown
1Q15
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Finished Inventory Breakdown
1Q15
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(R$ million)
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São Paulo - Other Cities
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2.4%
Rio de Janeiro
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1.4%
Minas Gerais
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Middle West
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Landbank on 03.31.2015*
Breakdown by Product (PSV in R$ billion)
VGV em (R$ bilhões)
Form of Acquisition (in %)
MCMV 2 and 3
Middle
0.4
Cash
9.2
27%
73%
45.3
Swaps
High end
Breakdown by Region (PSV in R$ billion)
VGV em (R$ bilhões)
South
Northeast
Middle West
3.8 2.3
North
São Paulo
1.3
3.3
Minas Gerais
10.8
1.6
6.5
25.4
Rio de Janeiro
São Paulo - Other Cities
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$
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1 && 7
7 "% % %
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$% 2% "(& 2 ( % 8
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&&
*
6
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"% % %
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7
6Q# " 6
1Q15
Adjusted Gross Margin
R$ MM
Net Revenue
Gross Profit
Gross Margin
Capitalized Interest from COGS
R$ MM
4Q14
1Q15 x 1Q14
R$ MM
1Q15 x 4Q14
1,035
1,315
-21.3%
1,531
-32.4%
361
438
-17.6%
495
-27.1%
34.8%
33.3%
1.6 p.p.
32.3%
2.5 p.p.
44
Adjusted Gross Margin
1Q14
39.1%
49
37.0%
-9.2%
55
2.1 p.p.
-20.2%
35.9%
3.2 p.p.
Gross Margin
.
5
&&
05
5
#$#% .
#$#% .
-
0 5#
!
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!
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*+ 9
+. &= 4
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7
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7
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6
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&& (
6
-%
8
2
2
6 "
5
> 6 "
/ 8 /(
" " N
# " 4
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77 2" # # ( % 8
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$ "%
22 # " "%
6
6 $
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& 2" 4 "$
> 6" "
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77 2"
6
6
& & ;# " /
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FY/
" 6 7
2
&&
Backlog Margin
/
5
5
&&
5
!
Sales to be Recognized (R$ thd)
Sales to be Recognized
Taxes to be Recognized
Net Income to be Recognized
1Q15
4,327
(81)
4Q14
4,527
(86)
1Q15 x 4Q14
-4.4%
-5.6%
1Q14
5,341
(108)
"
!M
1Q15 x 1Q14
-19.0%
-25.0%
4,245
4,441
-4.4%
5,233
-18.9%
(2,674)
(2,793)
-4.3%
(3,258)
-17.9%
Gross Profit to be Recognized
1,572
1,647
-4.6%
1,975
-20.4%
Gross Margin to be Recognized
37.0%
37.1%
Costs of Units Sold to be Recognized
-0.1 p.p.
37.7%
-0.7 p.p.
;2 F
))& . >L&
" "
I I
6
L&
6 $
2
&
6 6"
6 #&
5 7& /
#& 7
5
6 1 05
-% ;# " / 8 /;# "
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4
#"
# " $
(
4()
% $
% $
' 6 )
Commercial expenses
)
6 & 6#
66 & 2 "
6 2
J
"
$
L&
6
6# " "%
1Q15
4Q14
R$ MM
R$ MM
$
# 4
1Q15 x 4Q14
7
# 2%
1Q14
1Q15 x 1Q14
R$ MM
Show-rooms
19
26
-27.3%
20
-7.0%
Media
22
36
-40.1%
25
-14.6%
Third-party Services
35
36
-2.4%
34
3.1%
Others
Total
32
34
-5.2%
27
21.2%
107
132
-18.4%
106
1.5%
6
.
)? 4 & & *
O
6
6
*&'
" "8
>-
L&
;# " / 8 /;# "
2
&
6
"
5
7
"
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6
1
6
8
(
#
2
6 $
/ 8 /(
> 6
-%
# "
& & #& 7
0 5
2 6 6
General & Administrative Expenses
1Q15
4Q14
R$ MM
R$ MM
Salaries and Social Charges
Stock Options
Board Members/Management Remuneration
1Q15 x 1Q14
R$ MM
42
46
-8.5%
46
-8.3%
1
6
-87.7%
6
-88.4%
2
2
0.0%
1
26.3%
Third-Party Services
18
20
-8.4%
14
26.7%
Rent, travelling and representation
13
12
10.1%
14
-7.1%
Others
17
24
-27.2%
12
49.6%
12
18
-33.8%
13
-8.7%
106
128
-17.3%
107
-1.2%
Employees'
Total
# " / 8 /;# "
6
1Q14
1Q15 x 4Q14
" "8
L&
"%
$
6
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)
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7
G"%
2
2
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2%
)
7
7
2
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6
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L&
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6
8
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"
6 "
5
7
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"
6
"
EBITDA
1Q15
1Q14
R$ MM
R$ MM
Net Income from Continuous Operations
(-) Financial Result
(+) Depreciation and Amortization ¹
(+) Taxes over Profit
EBITDA
EBITDA Margin (%)
[, & 2 "
6
"> "
# "
2 #6
% $
"> "
1Q15 x 1Q14
4Q14
1Q15 x 4Q14
R$ MM
118
(6)
187
(9)
-37.1%
-34.5%
206
(2)
-42.8%
222.3%
19
23
154
14.9%
25
41
244
18.5%
-23.5%
-43.5%
-36.9%
-3.8 p.p.
21
31
256
16.7%
-9.9%
-23.8%
-39.8%
-1.8 p.p.
2 6 6# 6
L&
"%
2
" "
"
EBITDA Margin
0 5
/ 0& &
1 5
5
#$#% 9&*4
#$#% 9&*4
0 #%1
!
! #12BF
0
3&
& )
-% =
&
6)*
(
2 6 6
"7
2
2
7
1
8
6
R$ thd
Financial Expenses
SFH Interest
Interest on Corporate Loans
Capitalized Interest
1Q15
4Q14
(48)
(52)
1Q14
(47)
(55)
(44)
(52)
48
46
49
Sub Total
Monetary Adjustment on Loans
Bank Expenses
Other financial expenses
(52)
(3)
(3)
(7)
(56)
(3)
(2)
(5)
(48)
(4)
(3)
(6)
Total Financial Expenses
(64)
(67)
(60)
Financial Revenues
Income on Investments
48
48
44
Income on Receivables
Income on Loans to Partners
2
10
2
9
7
9
Other financial income
Total Financial Revenues
Financial Result
9
9
10
70
68
70
6
2
9
*&
+
?
-%
2
4
# " 7 "% =
7
.&
&
(9 & 7
6 $
57
#" 6
$
M
*
( 7
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"% =
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2 6 2 4 6 4 8
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2
# " 6"
6 0 57
"% 6 &
8
#
$ #" & 8
&
%
M
66 "
"% =
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7
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8
6
EPS
1
0
/
/
/
!
\ %
L/"
"
#(
Z - "
;# "
"%
%
"
" "% 2
7 "%
2 #6
#( %
6 "
U "
7
"%
"
6 "
5
5
6 $
& & ;# " / 8 /;# "
& " 6
$
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7 0
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6
&&
Earnings Release – 1Q15|2015
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 1Q15: 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 lnformações 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 professional independence.
The information in the performance report is not clearly identified as copy of the
information included in the financial statements, nor has it been subjected to audit
or review.
(Convenience Translation into English from the Original Previously Issued in Portuguese)
CYRELA BRAZIL REALTY S.A. EMPREENDIMENTOS E PARTICIPAÇÕES
BALANCE SHEETS AS OF MARCH 31, 2015
(In thousands of Brazilian reais - R$)
Parent
ASSETS
Note
CURRENT ASSETS
Cash and cash equivalents
Securities
Trade receivables
Properties for sale
Recoverable taxes
Deferred taxes
Accrued selling expenses
Prepaid expenses
Other assets
Total current assets
3
4
5
6
20
NONCURRENT ASSETS
Trade receivables
Securities
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
5
4
14
13
20
6
7
8
9
03/2015
12/2014
Consolidated
03/2015
12/2014
232,244
660,619
2,081
8,003
21,032
2,709
12,670
939,358
228,255
1,997
7,470
21,785
2,980
11,214
273,701
908,265
1,064,792
3,708,289
3,028,755
118,636
3,073
23,490
8,276
115,196
8,978,772
919,160
353,278
4,140,338
3,031,736
112,346
2,842
23,890
7,612
52,532
8,643,734
433
5,345
27,246
419,465
25,972
28,979
5,785,363
8,161
81,437
6,382,401
526
437,149
55,366
432,808
25,424
27,465
6,185,689
8,946
80,293
7,253,666
788,437
48,685
166,148
201,691
74
1,902
2,174,461
47,190
649,890
167,307
101,691
4,347,476
789,648
481,826
223,178
190,441
58
18
2,081,213
43,672
694,614
171,442
100,768
4,776,878
Parent
EQUITY AND LIABILITIES
CURRENT LIABILITIES
Borrowings and financing
Debentures
Real Estate Certificates (CRIs)
Trade payables and accrued warranties
Taxes and contributions payable
Deferred taxes and contributions
Payroll, related taxes and profit sharing
Payables due to property acquisitions
Dividends payable
Related parties
Advances from customers
Other liabilities
Total current liabilities
NONCURRENT LIABILITIES
Long-term liabilities
Debentures
Real Estate Certificates (CRIs)
Trade payables and accrued warranties
Taxes and contributions payable
Payables due to property acquisitions
Provisions for tax, labor and civil risks
Deferred taxes and contributions
Advances from customers
Other liabilities
Total noncurrent liabilities
EQUITY
Capital
Other reserves
Capital reservesStock option reserve
Earnings reserves:
Legal reserve
Expansion reserve
Treasury shares
Retained earnings/Accumulated losses
Other comprehensive income
Equity attributable to:
Company's owners
Noncontrolling interests
Total equity
TOTAL ASSETS
7,321,759
Arred
The accompanying notes are an integral part of this interim financial information.
7,527,367
13,326,248
13,420,612
TOTAL EQUITY AND LIABILITIES
Note
10
11
12
17
20
18
21 (c)
13
14
16
10
11
12
17
18
19
20
16
21 (a)
03/2015
12/2014
Consolidated
03/2015
12/2014
156,611
3,909
14,422
7,070
1,438
248
19,929
157,284
119,558
18,151
18
82,609
581,247
147,330
11,222
137,426
8,833
1,033
368
49,792
157,284
205,347
41,231
1,501
62,814
824,181
999,753
3,909
49,250
290,624
59,699
153,278
75,537
322,753
157,284
153,148
251,557
919,292
36,741
3,472,825
1,119,372
11,222
170,825
312,034
57,162
175,516
100,997
335,987
157,284
148,482
247,385
1,184,519
38,829
4,059,614
450,000
242,324
343,200
5,645
466
1,041,635
450,000
242,293
343,200
8,523
79
1,044,095
2,147,117
242,324
357,528
90,771
925
71,522
185,778
37,621
303,233
3,436,819
1,974,203
242,293
357,305
79,296
953
56,786
164,404
36,785
81,128
2,993,153
3,095,744
(34,881)
3,095,744
(34,881)
3,095,744
(34,881)
3,095,744
(34,881)
23 (c)
105,489
104,825
105,489
104,825
21 (c)
21 (d)
21 (b)
261,147
2,519,551
(266,796)
100,541
(81,918)
261,147
2,519,551
(220,416)
(66,879)
261,147
2,519,551
(266,796)
100,541
(81,918)
261,147
2,519,551
(220,416)
(66,879)
5,698,877
5,698,877
5,659,091
5,659,091
5,698,877
717,727
6,416,604
5,659,091
708,754
6,367,845
7,321,759
7,527,367
13,326,248
13,420,612
INTERIM STATEMENTS OF PROFIT OR LOSS
FOR THE QUARTER ENDED MARCH 31, 2015
(In thousands of Brazilian reais - R$, except earnings per share)
Note
Parent
03/2015
03/2014
Consolidated
03/2015
03/2014
NET OPERATING REVENUE
25
4,341
1,033
COST OF SALES AND SERVICES
25
(1,643)
(10,768)
(674,603)
(877,707)
2,698
(9,735)
360,611
437,655
(2,700)
(9,526)
(1,379)
(3,106)
(20,850)
(1,029)
(107,499)
(103,807)
(1,725)
(105,875)
(105,462)
(1,375)
117,777
5,558
256,863
(36,043)
8,606
(21,114)
6,853
(12,640)
112,428
186,100
135,072
219,156
(35,049)
23,349
(11,700)
(38,341)
15,584
(22,757)
(64,017)
70,199
6,182
(60,450)
69,890
9,440
100,728
163,343
141,254
228,596
9,591
(32,913)
(23,322)
(5,605)
(35,647)
(41,252)
117,932
187,344
(17,391)
(23,891)
100,541
163,453
GROSS OPERATING PROFIT (LOSS)
OPERATING INCOME (EXPENSES)
Selling expenses
General and administrative expenses
Management fees
Profit (loss) on equity interests:
Share of profits of subsidiaries
Other operating expenses, net and other profits (losses) on investments
26
27
13 (d)
7 (a)
GROSS PROFIT FROM OPERATIONS BEFORE FINANCE INCOME (COSTS)
FINANCE INCOME (COSTS)
Finance costs
Finance income
28
28
PROFEIT BEFORE TAXES ON INCOME AND NONCONTROLLING
INTERESTS
INCOME TAX AND SOCIAL CONTRIBUTION
Deferred
Current
20 (d)
20 (d)
PROFIT FOR THE QUARTER FROM CONTINUING OPERATIONS
Portion of profit attributable to noncontrolling interests
PROFIT ATTRIBUTABLE TO COMPANY'S OWNERS
(187)
(187)
110
110
100,541
163,453
-
-
100,541
163,453
Weighted average number of shares in the quarter - basic earnings
Basic earnings per share - R$
29
378,828
0,26540
403,532
0,40506
Weighted average number of shares in the quarter - diluted earnings
Diluted earnings per share - R$
29
385,403
0,26087
410,620
0,39806
1,035,214
1,315,362
INTERIM STATEMENTS OF COMPREHENSIVE INCOME
PROFIT FOR THE QUARTER FROM DISCONTINUED OPERATIONS
Other comprehensive income:
Items that may be subsequently reclassified to the statement of profit or loss
Items that will not be subsequently reclassified to the statement of profit or loss
Total comprehensive income for the quarter, net of taxes
Total comprehensive income attributable to:
Company's owners
Noncontrolling interests
Parent
03/2015
03/2014
Consolidated
03/2015
03/2014
100,541
163,453
117,932
187,344
(15,039)
85,502
3,434
166,887
(15,039)
102,893
3,434
190,778
85,502
-
166,887
-
85,502
17,391
166,887
23,891
85,502
166,887
102,893
190,778
STATEMENTS OF CHANGES IN EQUITY FOR THE QUARTER ENDED MARCH 31, 2015
Capital reserves
Note
BALANCES AT DECEMBER 31, 2013
Other
reserves
Capital
Stock option
reserve
Other
Earnings reserves
Treasury
shares
Legal
reserve
Earnings
retention
Retained
earnings
Total
Parent
2,583,576
(34,881)
94,022
(246,739)
228,072
2,879,763
-
-
6,015
(54,139)
-
-
-
-
-
-
-
-
-
-
-
163,453
-
-
-
-
-
-
BALANCES AT MARCH 31, 2014
2,583,576
(34,881)
100,037
(300,878)
228,072
BALANCES AT DECEMBER 31, 2014
3,095,744
(34,881)
104,825
(220,416)
-
-
(46,418)
38
-
-
-
-
-
-
3,095,744
(34,881)
Capital transactions:
Capital increase (reduction)
Increase (decrease) in treasury shares
Costs on issuance of shares
Stock options granted/exercised
Share-based payment
Profit for the periodProfit for the period
Allocation of profit:
Legal reserve
Proposed dividends
Earnings retention reserve
Adjustments due to translation of investments and appreciation of financial assets
Capital transactions:
Capital increase (reduction)
Increase (decrease) in treasury shares
Costs on issuance of shares
Stock options granted/exercised
Share-based payment
Profit for the periodProfit for the period
Allocation of profit:
Legal reserve
Proposed dividends
Earnings retention reserve
Adjustments due to translation of investments and appreciation of financial assets
BALANCES AT MARCH 31, 2015
21 (b)
23 (c)
23 (c)
21 (c)
21 (c)
21 (d)
21 (d)
21 (b)
23 (c)
23 (c)
21 (c)
21 (c)
21 (d)
-
comprehensive
income
(42,191)
Noncontrolling
interests
5,461,622
732,426
Total
consolidated
6,194,048
(54,139)
6,015
(51,403)
-
(51,403)
(54,139)
6,015
3,434
166,887
23,891
190,778
-
-
-
(73,142)
-
(73,142)
-
2,879,763
163,453
(38,757)
5,580,385
631,772
6,212,157
261,147
2,519,551
-
(66,879)
5,659,091
708,754
6,367,845
-
-
-
-
(46,418)
702
68,297
-
21,879
702
-
-
-
100,541
-
100,541
17,391
117,932
-
-
-
-
-
(15,039)
(15,039)
(76,715)
-
(76,715)
(15,039)
105,489
(266,796)
261,147
2,519,551
100,541
(81,918)
(38)
702
5,698,877
717,727
6,416,604
0
0
0
0
INTERIM STATEMENTS OF CASH FLOWS
Parent
03/2015
CASH FLOW FROM OPERATING ACTIVITIES
Profit before income tax and social contribution and noncontrolling interests
Adjusted by:
Depreciation and amortization of property, plant and equipment and intangible assets
Amortization of appreciation of assets
Interest, inflation adjustments on borrowings
Deferred taxes
Adjustments to present value
Provisions for warranty
Provisions for tax, labor and civil risks
Accrued share-based payment
03/2014
Consolidated
03/2015
03/2014
100,728
163,343
141,254
228,596
3,202
127
(117,777)
38,719
(187)
2,878
702
28,392
3,122
1,280
(256,863)
48,047
110
242
(3,990)
9,449
(35,260)
16,871
1,977
(8,606)
80,473
9,591
215
25,903
21,374
702
289,754
23,249
1,390
(6,853)
84,306
(5,605)
944
14,895
3,213
9,449
353,584
9
(1,081)
5,040
(72,446)
(1,946)
(5,756)
405
(28,086)
(75,469)
(2,707)
(15,813)
(1,006)
(237,643)
90,695
6,561
7,980
1,819
(17,754)
(203,128)
433,045
(96,644)
61,202
(6,584)
(74,867)
1,502
1,066
(124,215)
484,259
238,699
(27,679)
(6,001)
23,681
70,876
(97,641)
12,648
(139,955)
428,212
Taxes and contributions paid
Interest paid
Net cash and cash equivalents provided by (used in) operating activities:
(29,724)
(105,193)
(29,684)
(232,812)
(31,470)
(66,894)
385,895
(45,809)
(62,429)
319,974
CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment
Write-off of property, plant and equipment and intangible assets
Dividends received
Increase (decrease) in investments
Acquisition of intangible assets
Decrease (increase) in short-term investments
Net cash and cash equivalents provided by (used in) investing activities:
(78)
233,464
284,639
(3,610)
(228,815)
285,600
(27)
59,400
605,797
(1,349)
2,966
666,787
(10,145)
286
10,666
42,664
(18,134)
(278,373)
(253,036)
(28,050)
12,541
(15,835)
(2,443)
(133,337)
(167,124)
CASH FLOW FROM FINANCING ACTIVITIES
Borrowings, financing and CRIs
Debentures paid
Repayment of borrowings, financing and CRIs
Distribution of dividends
Certificates of Real Estate Receivables
Increase (decrease) in noncontrolling interests
Treasury shares
Net cash and cash equivalents used in financing activities:
(130,000)
(46,418)
(176,418)
(54,139)
(54,139)
469,209
(558,127)
(8,418)
(46,418)
(143,754)
759,378
(405,448)
(124,545)
(54,139)
175,246
3,989
379,836
(10,895)
328,096
232,244
228,255
668,554
288,718
908,265
919,160
3,989
379,836
(10,895)
Changes in current and noncurrent assets and liabilities:
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 payables due to acquisition of properties
Increase (decrease) in taxes payable
Increase (decrease) in taxes and contributions payable
Increase (decrease) in other liabilities
Cash and cash equivalents provided by (used in) operating activities
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS:
At end of period
At beginning of period
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS:
1,658,232
1,330,136
328,096
STATEMENTS OF VALUE ADDED
Parent
03/2014
03/2015
REVENUE
Sale of goods, products and services
Other revenues
Consolidated
03/2015
03/2014
4,675
4,675
1,359
1,359
(1,643)
(12,574)
(14,217)
(10,768)
(43,743)
(54,511)
(674,603)
(149,115)
(823,718)
(877,707)
(111,082)
(988,789)
(9,542)
(53,152)
244,292
362,278
(3,202)
(127)
(3,329)
(3,122)
(1,280)
(4,402)
(16,871)
(1,977)
(18,848)
(23,249)
(1,390)
(24,639)
WEALTH PRODUCED BY THE ENTITY
(12,871)
(57,554)
225,444
337,639
WEALTH RECEIVED IN TRANSFERS
Other profits (losses) on investments
Finance income
Total wealth received in transfers
Total wealth for distribution
117,777
2,814
23,349
143,940
131,069
256,863
(10,316)
15,584
262,131
204,577
8,606
4,791
70,199
83,596
309,040
6,853
(1,155)
69,890
75,588
413,227
13,245
1,379
(19,666)
(5,042)
521
35,049
30,528
14,720
(2)
1,029
(13,180)
2,567
216
38,341
41,124
54,168
2,174
1,725
12,905
70,972
56,119
64,017
191,108
57,410
10,417
1,375
19,274
88,476
76,957
60,450
225,883
100,541
100,541
163,453
163,453
100,541
17,391
117,932
163,453
23,891
187,344
131,069
204,577
309,040
413,227
INPUTS ACQUIRED FROM THIRD PARTIES
Cost of sales and services
Materials, energy, outside services and other
GROSS VALUE ADDED
RETENTIONS
Depreciation, amortization and depletion
Amortization of appreciation of assets
WEALTH DISTRIBUTED
Personnel and payroll taxes
Salaries and related taxes
Sales commissions
Management fees
Profit sharing
Taxes, fees and contributions
Interest
Lenders and lessors:
Profit for the period
Portion of profit attributable to noncontrolling interests
TOTAL WEALTH DISTRIBUTED
1,068,010
1,068,010
1,351,067
1,351,067
NOTES TO THE INTERIM FINANCIAL INFORMATION
(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 are traded
on BM&FBOVESPA S.A. - São Paulo Mercantile and Stock Exchange - “Novo Mercado” under the ticker symbol CYRE3.
The Company’s registered head office is located at Avenida Engenheiro Roberto Zuccolo, 555,
1º andar, sala 1.001, City of São Paulo, State of São Paulo.
The Company is engaged mainly in the development and construction of residential units,
individually or together with other business partners, by owning interests in subsidiaries, joint
ventures, or associates. The subsidiaries share the corporate, managerial and operating costs
and structures of the Company or of the business partner, as the case may be, with the Parent.
2.
PRESENTATION OF INTERIM FINANCIAL INFORMATION AND
SIGNIFICANT ACCOUNTING POLICIES
2.1.
Statement of compliance
The Company’s financial statements are comprised of:
a) The Company’s individual financial information, prepared in accordance with
accounting practices adopted in Brazil, as prescribed by CPC 26 (R1) - Presentation
of Financial Statements, identified as “Parent”.
b) The consolidated interim financial information prepared in accordance with the
accounting practices adopted in Brazil, pursuant to CPC 21 (R1) - Interim Financial
Reporting, and the consolidated interim financial information in accordance with
CPC 21 (R1) and IAS 34 - Interim Financial Reporting, issued by the International
Accounting Standards Board (IASB), which included technical instruction OCPC 04
on the application of technical interpretation ICPC 02 - Real Estate Construction
Agreement, issued by the Accounting Pronouncements Committee (CPC), approved
by the Brazilian Securities and Exchange Commission 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 the CFC. In the case of the Company,
these accounting practices differ from the IFRSs applicable to real estate development
entities in Brazil, in relation to separate financial statements, only with respect to the
capitalization of interest incurred by the Parent, in relation to the assets under
construction of its subsidiaries. For purposes of IFRSs, such capitalization is only
permitted in the consolidated financial statements and not in the separate financial
statements.
Except for the application of the accounting policies described in note 2, the information
related to the basis of 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 in relation to those disclosed in note 2 to the annual financial
statements for the year ended December 31, 2014 (“financial statements for the year
ended December 31, 2014”), published on March 20, 2015 on the newspaper O Estado
de São Paulo and on São Paulo State’s Official Gazette, and made available on the
following
websites:
www.cvm.gov.br,
www.bmfbovespa.com.br
and
http://ri.brazilrealty.com.br.
2.2.
New and revised standards and interpretations
The Company did not adopt the following new and revised IFRSs (already issued):
IFRS 9
IFRS 15
Amendments to IFRS 11/CPC 19 (R2)
Amendments to IAS 16/CPC 27 and
IAS 38/CPC 04 (R1)
Amendments to IAS 19/CPC 33 (R1)
Financial Instruments (3)
Revenue from Contracts with Customers (2)
Joint Arrangements (1)
Clarification of Acceptable Methods of Depreciation and
Amortization (1)
Defined Benefit Plan: Employee Contributions
(1) Effective for annual periods beginning on or after January 1, 2016.
These pronouncements are expected to be issued by the Brazilian Securities and
Exchange Commission (CVM) and the CFC so that they are applied when they become
effective, as set forth in the IFRSs.
The Company’s management has not yet evaluated the new standards but no significant
impacts are expected, except to IFRS 15.
On May 28, 2014, the International Accounting Standards Board (IASB) issued IFRS 15
- Revenue from Contracts with Customers to clarify and converge the recognition of
revenue from real estate development. For IFRS purposes, the standard will become
effective on or after January 1, 2017. The Company’s management awaits the issuance
of the corresponding technical pronouncements by CPC and CFC, as part of the
accounting practices standardization process.
2.3.
Early adoption of Law 12973/14
The Company did not early adopt Law 12973/14 for 2014 annual period as no
significant effects were identified that might impact the operations.
3.
CASH AND CASH EQUIVALENTS
Parent
Consolidated
03/2015 12/2014 03/2015 12/2014
Cash and banksDomestic currency
Bank certificates of deposit (i)
7,662 12,015 254,946
7,662 12,015 254,946
224,582 216,240 653,319
232,244 228,255 908,265
359,837
359,837
559,323
919,160
(i) Short-term investments that are readily convertible into a known cash amount and that are
not subject to a significant risk of change in value, and the Company has the right to
redeem them at any time, yield average interest of 100.44% of the Interbank Deposit (CDI)
rate.
4.
SECURITIES
Parent
03/2015 12/2014
Consolidated
03/2015 12/2014
Investment fund - fixed income (ii)
Bank certificates of deposit (i)
Other
660,594 433,175
683,971 471,534
5,195
3,704
429,331 363,054
175
270
175
516
665,964 437,149 1,113,477 835,104
Current
Noncurrent
- 1,064,792 353,278
660,619
5,345 437,149
48,685 481,826
(i)
Short-term investments yielding average interest of 100.44% of the CDI.
(ii) The Company invests in Fundo de Investimento Exclusivo, managed by Banco Safra
S.A., which is responsible for holding the assets comprising the Fund’s portfolio in
custody and financial settlement of its operations. The Fund is comprised of fixed-income
securities and yield average interest of 103.68% of the CDI.
The investment funds, proportionally to the units held by the Company, are broken down
as follows:
Consolidated
03/2015 12/2014
Time deposits and other securities:
Repurchase agreements
Financial bills (a)
Federal government bonds (b)
CBD/Other securities
53,432 51,693
221,415 232,960
391,094 164,948
18,030 21,933
683,971 471,534
(a) Financial bills yielding average interest of 105.65% of the CDI.
(b) Federal government bonds yielding average 100.32% of the CDI.
5.
TRADE RECEIVABLES
Parent
03/2015 12/2014
Real estate projects completed
Real estate projects in construction
Recognized revenue
Installments received
Adjustment to present value (APV)
2,514
-
2,523
Consolidated
03/2015
12/2014
1,381,832
1,636,784
- 9,492,360 9,465,403
- (6,333,780) (6,163,804)
- 3,158,580 3,301,599
(56,238)
(56,453)
- 3,102,342 3,245,146
Receivables from sale recognized
Services rendered
Total trade receivables
2,514
2,514
2,523
2,523
4,484,174
12,552
4,496,726
4,881,930
48,056
4,929,986
Current
Noncurrent
2,081
433
1,997
526
3,708,289
788,437
4,140,338
789,648
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 the key 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 the procedures and standards established in CFC
Resolution 1266/09 and CPC 17 (R1), OCPC 01 (R1) and OCPC 04 and ICPC 02 for the
recognition of revenues from real estate operations. Consequently, receivables from units sold
but not yet completed are not fully reflected in the consolidated interim financial information,
since recording them is limited to the portion of revenue recorded under the percentage-ofcompletion 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 March 31, 2015 was 6.35% per year (5.81% as of March 31, 2014).
The net present value adjustment accounted for in profit or loss, in line item “Revenue from
property development” and “Resale of properties”, totaled R$215 in the period ended March
31, 2015 (R$943 as of March 31, 2014).
The allowance for doubtful debts is recognized when there is objective evidence that the
Company and its subsidiaries will not be able to collect all the amounts due at their original
due dates. The Company and its subsidiaries consider the credit risk as remote, since there is
guarantee of recovery of the assets sold. If there are any indications that the amount recorded is
lower than the recoverable amount of trade receivables, an allowance will be recognized.
As supplemental information, the balance of “Trade receivables”, taking into consideration the
balance not yet reflected in the interim financial information relating to the real estate
development and resale activity, is as follows:
Real estate development and resale
Parent
03/2015 12/2014
Consolidated
03/2015
12/2014
Total in current assets
Total in noncurrent assets
2,081
433
2,514
1,997 3,695,737 4,092,282
526
788,437
789,648
2,523 4,484,174 4,881,930
Total sales contracted - Unrecognized
Portion classified as advances from customers
2,514
- 4,326,712 4,526,998
(69,318)
(56,257)
2,523 8,741,568 9,352,671
Current
Noncurrent
2,081
433
1,997 4,667,928 4,991,979
526 4,073,640 4,360,692
The noncurrent portion of assets is determined by the amounts expected to be received 12
months after the interim financial information reporting date.
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:
Parent
03/2015 12/2014
12 months
24 months
36 months
48 months
Above 48 months
Total
2,081
316
61
32
24
2,514
1,997
424
76
26
2,523
Consolidated
03/2015
12/2014
4,667,928
2,385,996
1,216,552
256,359
214,733
8,741,568
4,991,979
2,309,069
1,359,278
422,581
269,764
9,352,671
6.
PROPERTIES FOR SALE
Refers to costs of real estate units available for sale (both completed and under construction),
land for future developments and advances to property suppliers for purchase of properties, as
shown below:
Parent
03/2015 12/2014
Properties under construction
Completed properties
Land for future developments (a)
Interest capitalized in inventories (b)
Advances to suppliers
Current
Noncurrent
Consolidated
03/2015
12/2014
7,709
293
25,973
33,975
33,975
7,072
398
25,424
32,894
32,894
1,759,642
720,673
2,405,758
174,258
5,060,331
142,885
5,203,216
1,729,613
621,394
2,443,648
166,293
4,960,948
152,001
5,112,949
8,003
25,972
7,470 3,028,755 3,031,736
25,424 2,174,461 2,081,213
(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) The balance of charges capitalized, on a consolidated basis, totaled R$40,292 relating to
charges of the Financial Housing System (SFH) and R$133,966 relating to charges on
other debts, totaling R$174,258 as of March 31, 2015 (SFH charges of R$33,292, charges
on other debts of R$133,000, totaling R$166,293 as of December 31, 2014).
The recognition of charges capitalized in consolidated, in line item “Cost of properties sold”,
totaled R$36,075 relating to charges of the Financial Housing System (SFH) and R$7,990
relating to charges of other debts, totaling R$44,065 as of March 31, 2015 (SFH charges of
R$32,814, charges of other debts of R$15,738, totaling R$48,552 as of March 31, 2015),
recognized in profit or loss according to OCPC 01 (R1).
The Company, together with Cyrela Commercial Properties (CCP), reached an agreement with
Caixa Fundo de Investimento Imobiliário Porto Maravilha (“FII PM”) for the development of
the area named “Gasômetro”, located in Porto Maravilha region, 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 projects, and hotels. To
complete the land purchase transaction, there are still clauses to be complied with. For this
reason, only advances and sundry expenses for acquiring the land were recorded.
7.
INVESTMENTS
a) The main information on direct equity interests held is summarized below:
Equity interest - %
03/2015
12/2014
Total Direct Total Direct
Profit
(loss) for the
Equity
period
03/2015 12/2014 03/2015 03/2014
Investment
03/2015
12/2014
Share of profit
(loss) of
subsidiaries
03/2015 03/2014
Consolidated entities
Abc Ii de Investimento Imobiliária Ltda.
Abc Realty de Investimento Imobiliária Ltda.
Adiel Empreendimentos Imobiliários Ltda.
Alexandria Empreendimentos Imobiliários Ltda.
Andaluzia Empreendimentos Imobiliários Ltda.
Angra dos Reis Empreendimentos Imobiliários Ltda.
Atlantida Empreendimentos Imobiliários Spe Ltda.
BR Serviços e Investimento Bahamas Ltda.
Barão de Miracema Empreendimentos Imobiliários
Spe Ltda.
Barra do Pirai Empreendimentos Imobiliários Ltda.
Basco Empreendimentos Imobiliários Ltda.
Blumenau Incorporadora Ltda.
Boa Vista Empreendimentos Imobiliários Spe Ltda.
Brazil Realty - Companhia Securitizadora de Créditos
Imobiliários
Brc Administração e Participação Ltda.
Bretanha Empreendimentos Imobiliários Ltda.
Budapeste Empreendimentos Imobiliários Ltda.
Cabo Frio Empreendimentos Imobiliários Ltda.
Cacapava Empreitada de Lavor Ltda.
Cajati Empreendimentos Imobiliários Ltda.
Calafete Investimento Imobiliária Ltda.
Cananeia Empreend Imob Ltda.
Caninde de Investimento Imobiliária Ltda.
Canoa Quebrada Empreendimentos Imobiliários Ltda.
Capital Realty de Investimento Imobiliária Ltda.
Carapa Empreendimentos Imobiliários Ltda.
Carcavelos Empreendimentos Imobiliários Ltda.
Cbr 002 Empreendimentos Imobiliários Ltda.
64.00 34.00 64.00 34.00
94.99 94.99 94.99 94.99
74.99
- 74.99
50.00 50.00 50.00 50.00
99.99 99.99 99.99 99.99
88.07 88.07 88.07 88.07
99.99 59.99 99.99 59.99
100.00 100.00 100.00 100.00
559
8,212
6,543
(181)
6,102
(552)
772
3
550
8,316
11,072
(131)
6,047
(1,571)
651
20
100.00
99.99
99.99
60.00
50
453
19
4,469
564
453
19
10,576
6,996
10
(105)
294
(49)
(2,960)
120
(22)
154
2,134
1,240
(1)
(4,983)
1,182
(11)
189
7,802
6,102
463
-
186
7,901
6,047
391
20
3
(99)
(25)
(2,607)
72
(22)
52
2,027
(1)
(3,384)
709
(11)
(514)
(227)
207
(7)
(8,389)
50
453
19
2,681
564
453
19
5,288
4,197
(514)
(136)
207
(4)
(5,034)
99.99 100.00
99.99 99.99
99.99 99.99
- 50.00
60.00 60.00
99.99
99.99
99.99
50.00
60.00
100.00
100.00
99.99
99.99
99.99
99.99
99.99
100.00
(vii)
96.84
99.99
99.99
60.00
34.02
100.00
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
50.00
50.00
50.00
99.99
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
97.61
99.99
99.99
53.20
99.99
99.99
60.00
23.55
99.99
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
99.99
50.00
99.99
99.99
99.99
99.99
99.99
99.99
100.00
100.00
99.99
99.99
99.99
99.99
99.99
100.00
96.84
99.99
99.99
60.00
34.02
100.00
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
50.00
50.00
50.00
99.99
99.99
99.99
50.00
99.99
99.99
99.99
99.99
99.99
99.99
99.99
2,376
2,559
99.99
1,056
1,303
99.99
230
229
99.99
5
5
99.99
26
25
97.61
(321)
(247)
99.99
4
4
99.99
(606)
1,035
53.20
(178)
642
99.99 22,943 22,143
99.99
55
54
60.00 40,268 39,955
23.55
6,917
7,057
99.99
(955)
(770)
99.99
8
9
99.99
5
6
2
3
99.99
427
427
99.99
4,339
3,686
99.99
615
312
99.99
185
155
99.99
1,598
1,387
99.99
184
154
99.99
198
178
99.99
8
7
99.99
583
582
99.99
75
50.00 73,588 72,927
50.00 125,018 124,230
50.00
3
3
99.99
39
99.99
15
99.99
536
469
50.00 73,060 73,059
99.99 101,188 100,873
99.99
(1,098)
804
99.99
99.99
8
7
99.99
99.99
813
462
(338)
(247)
1
(75)
(1,641)
(811)
1
313
(140)
(185)
(1)
652
(2,188)
2
(48)
(104)
80
(1,902)
(169)
(354)
146
(3)
3,698
(184)
(1)
(2)
3
(1)
(203)
2
(2)
(1)
31
(1)
-
2,376
1,056
230
5
25
4
1
22,941
54
24,161
1,629
9
5
427
4,338
615
185
1,597
184
198
7
582
75
36,794
62,509
2
39
15
535
36,530
101,178
7
813
2,559
1,303
229
5
25
4
1,035
342
22,141
53
23,973
1,662
9
6
427
3,686
312
155
1,387
154
178
7
582
36,463
62,115
2
468
36,530
100,863
804
7
462
(338)
(247)
1
(73)
(1,641)
(431)
1
188
(33)
(185)
(1)
652
(1,094)
1
(48)
(103)
80
(1,902)
(169)
(356)
146
(3)
3,610
(184)
(1)
(1)
3
(1)
(122)
2
(2)
(1)
15
(1)
-
99.99
99.99
99.99
99.99
50.00
99.99
100.00
100.00
100.00
97.23
99.99
99.99
99.99
99.99
99.99
99.99
80.00
99.99
99.99
99.99
99.99
99.99
99.99
100.00
80.00
96.50
100.00
99.99
99.99
99.99
99.99
50.00
99.99
99.99
99.99
72.24
99.99
99.99
99.99
99.99
99.99
80.00
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
50.00
99.99
100.00
100.00
100.00
97.23
99.99
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
96.50
100.00
99.99
461
351
99.99
1
99.99
1
99.99
120
110
50.00
1
99.99
808
4,036
99.99
4,555
4,776
99.99
3,790
3,487
5,777
5,915
72.24 11,086 11,425
99.99 128,153 143,674
- 57,736 56,870
99.99
4
4
99.99 13,330 17,628
99.99 29,490 35,362
99.99 18,401 17,305
99.99
1,636
2
99.99
130
20
- 11,080 10,228
99.99
1
1
99.99
267
267
99.99
5,244
5,239
99.99
1,102
1,101
99.99
1,749 37,669
80.00
136
61.24
2,151
1,957
99.99
9,969
9,450
27
(221)
(186)
(138)
(340)
1,478
1,646
2,302
127
(4)
(13)
(40)
472
1,681
(80)
194
519
(1,364)
(1,788)
43,408
(9)
484
5,603
(57)
2,482
(3)
1,311
674
928
461
120
1
807
4,555
3,791
8,010
128,151
4
13,330
29,486
18,399
1,310
130
1
267
5,244
1,101
1,749
108
1,317
9,969
351
110
1
4,035
4,776
3,487
8,255
143,673
4
17,628
35,359
17,303
2
20
1
267
5,239
1,101
37,669
1,198
9,450
27
(221)
(186)
(245)
1,478
2,302
127
(4)
(10)
(40)
1,681
(64)
119
519
(1,364)
(1,292)
43,408
483
5,603
(57)
(3)
1,311
413
928
(vi)
Cbr Assessoria e Consultoria Imobiliária Ltda.
Century de Investimento Imobiliária Ltda.
Corsega Empreendimentos Imobiliários Ltda.
Cotia Empreendimentos Imobiliários Ltda.
Country de Investimento Imobiliária Ltda.
Cybra de Investimento Imobiliária Ltda.
Cyrela Aconcagua Empreendimentos Imobiliários Ltda.
Cyrela Administradora de Bens Ltda.
Cyrela Alasca Empreendimentos Imobiliários Ltda.
Cyrela Anis Empreendimentos Imobiliários Ltda.
Cyrela Asteca Empreendimentos Imobiliários Ltda.
Cyrela Austurias Empreendimentos Imobiliários Ltda.
Cyrela Azaleia Empreendimentos Imobiliários Ltda.
Cyrela Bahia Empreendimentos Imobiliários Ltda.
Cyrela Begonia Empreendimentos Imobiliária Ltda.
Cyrela Belgrado Empreendimentos Imobiliários Ltda.
Cyrela Bentevi Empreendimentos Imobiliária Ltda.
Cyrela Bolívia Empreendimentos Imobiliários Ltda.
Cyrela Boraceia Empreendimentos Imobiliários Ltda.
Cyrela Borgonha Empreendimentos Imobiliários Ltda.
Cyrela Bracy de Investimento Imobiliária Ltda.
Cyrela Braga Empreendimentos Imobiliários Ltda.
(ii)
Equity interest - %
03/2015
12/2014
Cyrela Bragança Empreendimentos Imobiliários Ltda.
Cyrela Brazil Realty Rjz Empr Imobiliária Ltda.
Cyrela Calabria Empreendimentos Imobiliária Ltda.
Cyrela Canarios Empreendimentos Imobiliários Ltda.
Cyrela Castilha Empreendimentos Imobiliários Ltda.
Cyrela Caxambu Empreendimentos Imobiliários Ltda.
Cyrela Chavin Empreendimentos Imobiliários Ltda.
Cyrela Chile Empreendimentos Imobiliários Ltda.
Cyrela Classic de Investimento Imobiliária Spe Ltda.
Cyrela Coimbra Empreendimentos Imobiliários Ltda.
Cyrela Comercial Imobiliária Ltda.
Cyrela Congonhas Empreendimentos Imobiliários Ltda.
Cyrela Conquista Empreendimentos Imobiliários Ltda.
Cyrela Construtora Ltda.
Cyrela Cordoba Empreendimentos Imobiliários Ltda.
Cyrela Costa Rica Empreendimentos Imobiliários Ltda.
Cyrela Cristal Empreendimentos Imobiliários Ltda.
Cyrela Cuzco Empreendimentos Imobiliários Ltda.
Cyrela Dinamarca Empreendimentos Imobiliários Ltda.
Cyrela Dinamica de Investimento Imobiliária Ltda.
Cyrela Elwing Empreendimentos Imobiliários Spe Ltda.
Cyrela Empreendimentos Imobiliários Comercial
Importadora e Exportadora Ltda.
Cyrela Esmeralda Empreendimentos Imobiliários Ltda.
Cyrela Europa Empreendimentos Imobiliários Ltda.
Cyrela Extrema Empreendimentos Imobiliários Ltda.
Cyrela Fibra N.A. Empreendimentos Imobiliários Ltda.
Cyrela Genova Empreendimentos Imobiliários Ltda.
Cyrela Gerbera Empreendimentos Imobiliários Ltda.
Cyrela Girassol Ltda.
Cyrela Greenfield de Investimento Imobiliária Ltda.
Cyrela Grenwood de Investimento Imobiliária Ltda.
Cyrela Guarani Empreendimentos Imobiliários Ltda.
Cyrela Holanda Empreendimentos Imobiliários Ltda.
Cyrela Iberia Empreendimentos Imobiliários Ltda.
Cyrela Imobiliária Ltda.
Cyrela Inca Empreendimentos Imobiliários Ltda.
Cyrela Índico Empreendimentos Imobiliários Ltda.
Cyrela Indonesia Empreendimentos Imobiliários Ltda.
Cyrela Inhambu Empreend Imob Ltda.
Cyrela Ipanema Empreendimentos. Imobiliária
Cyrela Jade Empreendimentos Imobiliária Ltda.
Cyrela Jamaica Empreendimentos Imobiliários Ltda.
Cyrela Jasmim Ltda.
Cyrela Jequitiba Empreendimentos Imobiliários Ltda.
Cyrela Kilauea Empreendimentos Imobiliários Ltda.
Cyrela Lakewood Empreendimentos Imobiliários Ltda.
Cyrela Mac Amazonas Empreendimentos Imobiliários
Spe Ltda.
Cyrela Mac Monterey Empreendimentos Imobiliários
Spe Ltda.
Cyrela Madri Empreend Imob Ltda.
Cyrela Magik California Empreendimentos Imobiliários
Spe Ltda.
Cyrela Magik Monaco Empreendimentos
Imobiliários Ltda.
Cyrela Maguari Empreendimentos Imobiliários Ltda.
Cyrela Maia Empreendimentos Imobiliários Ltda.
Cyrela Malibu Empreendimentos Imobiliários Ltda.
Cyrela Manaus Empreendimentos Imobiliários Ltda.
Cyrela Marche Empreendimentos Imobiliários Ltda.
Cyrela Maresias Empreendimentos Imobiliários Ltda.
Cyrela Moinho Empreendimentos Imobiliários Ltda.
Cyrela Molise Empreendimentos Imobiliários Ltda.
Cyrela Monserrate Empreendimentos Imobiliários Ltda.
Profit
(loss) for the
Equity
period
03/2015 12/2014 03/2015 03/2014
Investment
03/2015
12/2014
Share of profit
(loss) of
subsidiaries
03/2015 03/2014
100.00
100.00
99.99
99.99
99.99
99.99
99.99
85.00
95.75
99.99
89.00
99.99
80.00
100.00
99.99
100.00
100.00
100.00
100.00
96.50
100.00
99.99
99.99
99.99
99.99
99.99
99.99
99.99
85.00
50.00
99.99
89.00
99.99
80.00
99.99
99.99
99.99
99.99
99.99
99.99
50.00
99.99
100.00
100.00
99.99
99.99
99.99
99.99
99.99
85.00
95.75
99.99
89.00
99.99
80.00
100.00
99.99
100.00
100.00
100.00
100.00
96.50
100.00
99.99
9
99.99 103,810
99.99
170
99.99
562
99.99
413
99.99
(20)
99.99
3,099
85.00
7,000
50.00
463
99.99
3
89.00
(4,076)
99.99
1
80.00 22,694
99.99
1,255
99.99
56
99.99 19,360
99.99 12,163
99.99
(4,271)
99.99
1,107
50.00
728
99.99
4,376
9
82,373 21,437
170
500
(3)
414
(20)
2,488
(5)
7,744
(345)
420
43
3
(3,960)
(116)
1
22,653
41
44,590 (54,167)
46
22,183
(2,823)
12,637
(473)
(4,084)
(188)
2,014
(907)
947
(219)
5,128
729
(7)
2,403
1
(2)
(93)
623
(83)
145
3,199
(8,086)
(5,860)
(52)
(1,273)
(301)
452
9
103,810
170
562
414
3,099
5,950
232
3
1
18,155
1,255
56
19,359
12,164
1,107
363
4,377
9
82,373
170
500
414
2,489
6,583
210
3
1
18,122
44,590
46
22,182
12,637
2,014
473
5,128
21,437
(3)
(5)
(293)
22
(103)
33
(54,167)
(2,823)
(473)
(188)
(907)
(110)
729
(8)
2,403
1
(2)
(93)
530
(42)
129
2,560
(8,086)
(5,860)
(52)
(1,273)
(150)
452
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
(vii)
75.00
99.99
100.00
99.99
99.99
99.99
95.75
99.99
99.99
99.99
99.99
66.67
99.99
80.00
99.99
50.06
54.99
99.99
99.99
99.99
99.99
72.00
99.99
75.00
99.99
99.99
99.99
99.99
99.99
50.00
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
75.00
99.99
100.00
99.99
99.99
99.99
95.75
99.99
99.99
99.99
99.99
66.67
99.99
80.00
99.99
50.06
54.99
99.99
99.99
99.99
99.99
72.00
99.99
75.00
99.99
99.99
99.99
99.99
99.99
50.00
38,600
21,675
35,715
43,447
7,617
468
1,074
36
3,635
19,704
2
(1,217)
(1,017)
78,299
39,204
32,524
7,483
6
(212)
1,635
20
7
2,109
45,529
16,166
32,959
44,482
13,853
448
849
36
3,635
19,267
2
(1,347)
(1,403)
87,694
1
35,588
29,933
7,505
6
(46)
405
(28)
2
2,553
(2,443)
2,149
8,222
6,873
1,857
(11)
(45)
(9,059)
96
5,059
1,339
222
(98)
3,467
126
66
38,600
21,675
35,715
43,447
5,077
468
860
36
1,820
10,837
2
78,298
1
28,227
32,524
5,612
6
1,635
21
7
1,054
45,529
16,166
32,959
44,482
9,235
448
680
36
1,820
10,597
2
87,693
1
25,623
29,933
5,629
6
405
1
2
1,276
(2,547)
5,509
726
(1,035)
176
(26)
(288)
378
969
2,604
(2,004)
358
(166)
(12)
28
(2,443)
2,149
8,222
6,873
1,238
(9)
(25)
96
5,059
964
222
(98)
2,600
126
33
80.00
60.00
80.00
60.00
4,435
4,362
73
979
2,661
2,617
44
588
63.00
-
33.00
-
63.00
-
33.00
-
237
-
193
-
50
-
(14)
(146)
81
-
64
-
17
-
(5)
(146)
75.92
56.00
75.92
56.00
674
334
339
137
377
187
190
77
80.00
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
80.00
99.99
99.99
99.99
97.47
99.99
99.98
99.99
99.99
99.99
80.00
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
80.00
99.99
99.99
99.99
97.47
99.99
99.98
99.99
99.99
99.99
44,451
17,550
1,784
10,154
26,383
5
21,383
10,229
265
8
40,806
24,155
1,592
10,154
29,472
7
41,046
23,833
265
1,540
3,486
296
(18)
829
(62)
2,245
(1,603)
(1,612)
1,343
(2)
972
1,342
9,973
(1)
35,560
17,547
1,784
10,154
25,717
5
21,379
10,229
265
8
32,643
24,151
1,592
10,154
28,728
7
41,042
23,832
265
1,540
99.99
99.99
100.00
80.00
99.99
74.99
100.00
99.99
80.00
99.99
99.99
85.99
99.99
99.99
100.00
100.00
75.99
99.99
99.99
99.99
99.99
99.99
80.00
99.99
74.99
99.99
99.99
80.00
99.99
78.99
99.99
99.99
99.99
99.99
75.99
99.99
99.99
99.99
99.99
100.00
80.00
99.99
74.99
100.00
99.99
80.00
99.99
99.99
85.99
99.99
99.99
100.00
100.00
75.99
99.99
99.99
99.99
99.99
99.99
80.00
99.99
74.99
99.99
99.99
80.00
99.99
78.99
99.99
99.99
99.99
99.99
75.99
99.99
99.99
276,708
1,637
178,142
3,585
95
22,364
160,503
5
29,863
11,146
42,405
3,628
49
473
555
19,773
59,045
20,895
110,155
344,591
1,577
162,539
3,438
8
20,137
200,086
5
29,819
10,997
56,996
3,303
33
453
(258)
22,416
58,813
23,003
107,732
39,040 70,421
(1)
15,603 22,539
(38)
(1)
2,227
3,356
10,581 (23,696)
44
25
(118)
(83)
1,409 40,280
325
(471)
(35)
121
(3,862)
(2,644)
212
(3)
(3)
6,893
3,290
(3,377) (1,155)
276,681
1,637
178,142
2,869
95
16,773
160,503
5
23,889
11,146
2,866
48
473
556
19,772
44,875
20,893
110,145
344,558
1,577
162,539
2,751
8
15,103
200,086
5
23,854
10,997
2,610
33
453
1
22,416
44,698
23,000
107,721
39,036 70,414
(1)
15,603 22,539
(30)
(1)
1,670
2,517
10,581 (23,696)
35
20
(118)
(83)
256
(372)
(35)
121
(3,862)
(2,644)
212
(2)
(2)
6,893
3,290
(3,376) (1,154)
100.00
97.44
42.99
100.00
100.00
99.99
99.99
84.16 100.00
59.90 97.44
24.99 42.99
99.99 100.00
99.99 100.00
99.99 99.99
99.99 99.99
96,360
68,925
38,911
34
1,433
5
71
105,882
73,593
35,294
5
18,699
5
56
(9,522)
1,023
3,617
(1)
(1,266)
-
(vii)
(2,547)
5,509
726
(1,035)
264
(33)
(523)
130
378
969
3,617
(2,004)
478
(166)
(12)
56
2,789
296
(18)
808
(62)
2,245
(1,603)
(1,612)
1,075
(2)
948
1,342
9,973
(1)
Cyrela Montblanc Empreendimentos Imobiliários Ltda.
Cyrela Montijo Empreendimentos Imobiliários Ltda.
Cyrela Monza Empreendimentos Imobiliários Ltda.
Cyrela Nazca Empreendimentos Imobiliários Ltda.
Cyrela Niagara Empreendimentos Imobiliários Ltda.
Cyrela Niss Empreendimentos Imobiliários Ltda.
Cyrela Nordeste Empreendimentos Imobiliários Ltda.
Cyrela Normandia Empreendimentos Imobiliários Ltda.
Cyrela Pacifico Empreendimentos Imobiliários S.A.
Cyrela Pamplona Empreendimentos Imobiliários Ltda.
Cyrela Paris Empreendimentos Imobiliários Ltda.
Cyrela Particip e Empreendimentos Imobiliários Ltda.
Cyrela Perola Empreendimentos Imobiliária Ltda.
Cyrela Pinguim Empreendimentos Imobiliários Ltda.
Cyrela Pompeia Empreendimentos Imobiliários Ltda.
Cyrela Porto Velho Empreendimentos Imobiliários Ltda.
Cyrela Portugal Empreendimentos Imobiliários Ltda.
Cyrela Puglia Empreendimentos Imobiliários Ltda.
Cyrela Recife Empreendimentos Imobiliários Ltda.
Cyrela Rjz Construtora e Empreendimentos
Imobiliários Ltda.
Cyrela Rjz Empreendimentos Imobiliários Ltda.
Cyrela Rjz Jcgontijo Empreendimentos Imobiliária Ltda.
Cyrela Rondonia Empreendimentos Imobiliários Ltda.
Cyrela Roraima Empreendimentos Imobiliários Ltda.
Cyrela Rubi Empreendimentos Imobiliários Ltda.
Cyrela Safira Empreendimentos Imobiliários Ltda.
84.16 114,488 125,802
59.90 115,069 122,861
24.99 155,642 141,174
99.99
34
5
99.99
1,433 18,699
99.99
5
5
99.99
70
56
(11,314)
1,708
14,469
(1)
(1,266)
-
(1,862)
3,496
5,359
(2)
10,796
31
(1,567)
2,094
1,340
(2)
10,796
31
Equity interest - %
03/2015
12/2014
Cyrela Salamanca Empreendimentos Imobiliários Ltda.
Cyrela Sanset de Investimento Imobiliária Spe Ltda.
Cyrela Sao Paulo Empreendimentos Imobiliários Ltda.
Cyrela Sintra Empreendimentos Imobiliários Spe Ltda.
Cyrela Suecia Empreendimentos Imobiliários Ltda.
Cyrela Toscana Empreendimentos Imobiliários Ltda.
Cyrela Trentino Empreendimentos Imobiliários Ltda.
Cyrela Turim Empreendimentos Imobiliários Ltda.
Cyrela Turquesa Empreendimentos Imobiliários Ltda.
Cyrela Tururin Empreendimentos Imobiliários Ltda.
Cyrela Vermont de Investimento Imobiliária Ltda.
Cyrela Vila Real Empreendimentos Imobiliários Ltda.
Cyrela Vilhena Empreendimentos Imobiliários Ltda.
Cyrela Violeta Empreendimentos Imobiliários Ltda.
Cyrela Volpago Participações Societárias S.A.
Cyrela White River Investimento Imobiliária Spe Ltda.
Cyrela Zagreb Empreendimentos Imobiliários Ltda.
Cyset Empreendimentos Imobiliários Ltda.
Cz6 Empreendimentos Comerciais Ltda.
Egito Empreendimentos Imobiliários Ltda.
Elbrus Empreendimentos Imobiliários Ltda.
Flamingo Investimento Imobiliária Ltda.
Funchal Empreendimentos Imobiliários Ltda.
Gabrielle Empreendimentos Imobiliários Spe Ltda.
Galiza Empreendimentos Imobiliários Ltda.
Gatrun Empreendimentos Imobiliários Ltda.
Goiania Empreendimentos Imobiliários Ltda.
Goldsztein Cyrela Empreendimentos Imobiliários S.A.
Guararema Empreendimentos Imobiliários Ltda.
Gv 10 Empreendimentos Imobiliários Ltda.
Himalaia Empreendimentos Imobiliários Ltda.
Ic Incorporadora Ltda.
Iracema Incorporadora Ltda.
Itaipava Empreitada de Lavor e Eng Ltda.
Jardim America Incorporadora Spe Ltda.
Jardim Cedro do Libano Empreendimentos Imobiliários
Spe Ltda.
Kalahari Empreendimentos Imobiliários Ltda.
Lao Empreendimentos Imobiliários Ltda.
Lc Empreendimentos Imobiliários Spe Ltda.
Licy Empreendimentos Imobiliários S.A.
Lider Cyrela Df 01 Empreendimentos Imobiliários Ltda.
Liguria Empreendimentos Imobiliária Ltda.
Liubliana Empreendimentos Imobiliários Ltda.
Living 001 Empreendimentos Imobiliários Ltda.
Living Andino Empreendimentos Imobiliários Ltda.
Living Andradas Empreendimentos Imobiliários Ltda.
Living Araraquara Empreendimentos Imobiliários Ltda.
Living Betim Empreendimentos Imobiliários Ltda.
Living Bucareste Empreendimentos Imobiliários Ltda.
Living Cabreuva Empreendimentos Imobiliária Ltda.
Living Cacoal Empreendimentos Imobiliários Ltda.
Living Caete Empreendimentos Imobiliários Ltda.
Living Cajamar Empreendimentos Imobiliários Ltda.
Living Cantagalo Empreendimentos Imobiliários Ltda.
Living Capivari Empreendimentos Imobiliários Ltda.
Living Cedro Empreendimentos Imobiliários Ltda.
Profit
(loss) for the
Equity
period
03/2015 12/2014 03/2015 03/2014
Investment
03/2015
12/2014
Share of profit
(loss) of
subsidiaries
03/2015 03/2014
80.00
73.44
64.00
75.00
89.49
99.99
99.99
99.99
99.99
50.00
97.89
99.99
99.99
99.99
99.99
96.49
99.99
69.99
100.00
100.00
59.41
100.00
67.49
64.99
99.99
99.99
80.00
99.99
99.99
100.00
99.99
(vii)
50.00
99.99
59.99
80.00
37.99
64.00
75.00
50.00
99.99
99.99
99.99
99.99
50.00
50.00
99.99
99.99
99.99
50.00
99.99
36.99
63.99
99.99
30.00
99.99
45.00
29.99
99.99
99.99
80.00
99.99
99.99
99.99
99.98
50.00
99.90
59.99
80.00
73.44
64.00
75.00
89.49
99.99
99.99
99.99
99.99
50.00
97.89
99.99
99.99
99.99
99.99
96.49
99.99
69.99
100.00
100.00
59.41
100.00
67.49
64.99
99.99
99.99
80.00
99.99
99.99
100.00
99.99
50.00
99.99
59.99
80.00
7,593
7,435
37.99
488
467
64.00
2,312
2,184
75.00
1,574
1,275
50.00 68,424 69,759
99.99
3
3
99.99
2
1
99.99
1,324
1,331
99.99
27
28
50.00
3,133
3,116
50.00 12,512 12,457
99.99
148
148
99.99
(114)
42
99.99 17,069 16,827
- 109,030 105,522
50.00
3,482
2,574
99.99
107
2,524
36.99
34
34
63.99
2,545
2,053
99.99
(234)
(230)
30.00 12,586 11,687
99.99
8,842
8,802
45.00
10
11
29.99
2,426 18,110
99.99
45
43
99.99
50
1
80.00
247
225
99.99 678,143 632,879
99.99
3
4
99.99
3,050
1,651
99.98
732
575
50.00 54,229 42,999
99.90
2,636
2,602
59.99
221
222
158
21
(117)
300
(1,456)
(7)
(1)
16
(20)
(251)
3,507
909
(17)
492
(4)
899
(10)
(1)
1,516
1
(1)
22
15,014
279
157
(218)
3
(1)
1,400
80
151
(6,651)
(1)
(2)
(1)
42,924
15
(1)
(10)
(1,061)
(2)
457
(2)
7,364
5
17,536
63
(4)
(7)
18
(5)
6,074
185
1,480
1,181
34,467
3
1
1,324
27
1,566
6,256
148
17,068
1,741
107
12
1,629
3,776
8,841
5
728
44
50
197
680,674
4
3,050
732
27,114
2,633
132
5,948
177
1,398
956
35,051
3
1
1,331
28
1,558
6,228
148
42
16,825
1,287
2,524
12
1,314
3,506
8,801
5
5,433
43
1
180
635,129
4
1,651
575
21,499
2,599
133
126
8
(75)
225
(644)
(7)
(1)
8
(10)
(251)
454
(17)
315
(4)
270
(10)
455
1
(1)
17
15,294
279
157
(109)
3
(1)
1,120
31
113
(3,297)
(1)
(2)
(1)
8
(1)
(4)
(679)
(2)
137
(1)
2,209
4
17,650
63
(4)
(4)
18
(3)
70.00
100.00
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
100.00
99.99
100.00
99.99
99.99
99.99
99.99
70.00
99.99
10.00
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
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
70.00
100.00
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
100.00
99.99
100.00
99.99
99.99
99.99
50.00
70.00
99.99
10.00
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
50.00
6
823
(1)
(502)
364
(2,485)
1
(348)
(242)
(21)
(3)
(1)
(23)
(25)
1
2
(26)
4,676
(8)
(1)
(18)
1,822
391
(1,860)
-
506
8,827
23
6,518
596
38,769
14
2
557
1,902
532
13,293
4
301
1
4
3,769
2
3
147
387
12
2
1,011
1
134
138
7,522
55
9,223
525
5,604
23
7,020
232
41,253
14
2
556
1,692
532
13,196
4
176
1
186
3,790
2
3
2
287
13
2
1,034
8
133
136
6,188
35
5,650
4
823
(502)
364
(2,484)
1
(348)
(242)
(21)
(3)
(1)
(23)
(25)
1
2
(26)
2,338
(6)
(1)
(2)
1,822
391
(1,860)
-
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
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
54.99
99.99 99.99
99.99 99.99
99.99 99.99
99.99 99.99
- 99.99
99.99 99.99
99.99 99.99
99.99 99.99
99.99 99.99
99.99 99.99
99.99 99.99
99.99 99.99
99.99 99.99
99.99 99.99
99.99 99.99
99.99 99.99
99.99 99.99
99.99 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
99.99 100.00
9.99 54.99
(1)
24,187
(410)
(326)
(338)
(1)
(335)
(2)
(1)
1
(86)
(1)
(68)
(1)
(98)
(1)
1
(1)
2,150
(1)
55,177
6,549
(7,218)
-
1
1,796
748,315
82
16,636
2
33,453
1
1
4
2
2,432
1
883
1
157
14,942
3
54
2
13,368
1,142
1
1,797
917,291
492
61
16,607
2
9,381
2
1
211
3
2,152
2
951
2
157
11,935
4
53
3
27,648
1,121
(1)
24,187
(410)
(326)
(338)
(1)
(335)
(2)
(1)
1
(86)
(1)
(68)
(1)
(98)
(1)
1
(1)
2,150
-
55,177
6,549
(5,775)
-
(ii)
723
8,828
221
6,518
596
38,772
14
2
557
1,901
532
13,293
3
301
4
3,769
2
3
146
387
13
2
1,010
(17)
134
139
7,522
55
18,448
750
5,605
223
7,020
232
41,257
14
2
556
1,692
532
13,196
4
176
1
186
3,790
2
3
1
287
13
2
1,034
8
133
136
6,188
35
11,301
Living Cerejeira Empreendimentos Imobiliários Ltda.
Living Colombo Empreendimentos Imobiliários Ltda.
Living Empreendimentos Imobiliários Sa
Living Eucalipto Empreendimentos Imobiliários Ltda.
Living Figueira Emp. Imob Ltda.
Living Laranjal Empreendimentos Imobiliários Ltda.
Living Loreto Empreendimentos Imobiliários Ltda.
Living Munhoz Empreendimentos Imobiliários Ltda.
Living Paineiras Empreendimentos Imobiliários Ltda.
Living Pessego Empreendimentos Imobiliários Ltda.
Living Pisco Empreendimentos Imobiliários Ltda.
Living Prados Empreendimentos Imobiliários Ltda.
Living Resende Empreendimentos Imobiliários Ltda.
Living Sabino Empreendimentos Imobiliários Ltda.
Living Salazares Empreendimentos Imobiliários Ltda.
Living Salete Empreendimentos Imobiliários Ltda.
Living Salinas Empreendimentos Imobiliários Ltda.
Living Sarutaia Empreendimentos Imobiliários Ltda.
Living Savana Empreendimentos Imobiliária Ltda.
Living Tallinn Empreendimentos Imobiliários Ltda.
Living Tatui Empreendimentos Imobiliários Ltda.
Living Tupi Empreendimentos Imobiliários Ltda.
Living Uberaba Empreendimentos Imobiliários Ltda.
Lombok Incorporadora Ltda.
Londrina Empreendimentos Imobiliários Ltda.
Lorena Empreendimentos Imobiliários Spe Ltda.
(iii)
99.99
1
1
99.99
1,796
1,797
99.99 748,314 917,290
99.99
82
492
99.99
61
99.99 16,638 16,609
99.99
2
2
99.99 33,453
9,381
99.99
2
2
99.99
1
1
99.99
(24)
211
99.99
5
99.99
1
3
99.99
(405)
(406)
99.99
2,432
2,143
99.99
1
2
99.99
883
951
99.99
1
2
99.99
156
157
99.99 14,942 11,935
99.99
3
4
99.99
54
53
99.99
2
3
99.99 13,368 27,648
99.99
(403)
(402)
9.99 11,419 11,210
Equity interest - %
03/2015
12/2014
Luanda Empreendimentos Imobiliários Ltda.
Lyon Empreendimentos Imobiliários Ltda.
Mac Construtora Ltda.
Mac Cyrela Equador Empreendimentos
Imobiliários Ltda.
Mac Cyrela Italia Empreendimentos Imobiliários Ltda.
Mac Cyrela Mafra Empreendimentos Imobiliários Ltda.
Mac Cyrela Manay Empreendimentos Imobiliários Ltda.
Mac Dinamarca Empreendimentos Imobiliários Ltda.
Mac Empreendimentos Imobiliários Ltda.
Mac Espanha Empreendimentos Imobiliários Ltda.
Mac Holanda Empreendimentos Imobiliários Ltda.
Mac Italia Empreendimentos Imobiliários Ltda.
Mac Mexico Empreendimentos Imobiliários Ltda.
Mac Portugal Empreendimentos Imobiliários Ltda.
Mac Veneza Empreendimentos Imobiliária Ltda.
Madinina Empreendimentos Imobiliários Ltda.
Maloga Empreendimentos Imobiliários S.A.
Matis Empreend Imob Ltda.
Medan Empreendimentos Imobiliários Ltda.
Monte Alegre Empreendimentos Imobiliários Ltda.
Moscou Empreendimentos. Imobiliária. Ltda.
Navarra Empreendimentos Imobiliários Ltda.
Nilo Empreendimentos Imobiliários Ltda.
Nova Iguacu Empreendimentos Imobiliários Ltda.
Nova Zelandia Empreendimentos Imobiliários Ltda.
Office Shopping 2 Empreendimentos Ltda.
Option de Investimento Imobiliária Ltda.
Peniche Empreendimentos Imobiliários Ltda.
Pequim Empreendimentos Imobiliários Ltda.
Peru Empreendimentos Imobiliários Ltda.
Petropolis Empreendimentos Imobiliários Ltda.
Pitombeira Empreendimentos Imobiliários Ltda.
Plano & Plano Construções e Participações Ltda.
Plano Amoreira Empreendimentos Imobiliários Spe Ltda.
Plano Castanheira Empreendimentos Imobiliários
Spe Ltda.
Potim Empreendimentos Imobiliários Ltda.
Praca Oiapoque Empreendimentos Imobiliários Spe Ltda.
Praga Empreendimentos Imobiliários Ltda.
Praia do Forte Empreendimentos Imobiliários Ltda.
Queiroz Galvão Cy Oklahoma Empreendimentos
Imobiliários Spe Ltda.
Ravenna Empreendimentos Imobiliários Ltda.
Rua do Orfanato Empreendimentos Imobiliários
Spe Ltda.
Salermo Empreendimentos Imobiliários Ltda.
Sapucainha Empreendimentos Imobiliários Ltda.
Saracura - Investimento Imobiliária Ltda.
Seller Consultoria Imobiliária e Representações Ltda.
Severa Incorporações Imobiliária S.A.
Sevilha Empreendimentos Imobiliários Ltda.
Sk Edson Empreendimentos Imobiliários Spe Ltda.
Sk Realty Empreendimentos Imobiliários S.A.
Spe Brasil Incorporações 2 Ltda.
Spe Goiania Incorporações 5 S.A.
Spe Mg 01 Empreendimentos Imobiliários Ltda.
Suriname Empreendimentos Imobiliários Ltda.
Tal de Investimento Imobiliária Ltda.
Tal Empreendimentos Imobiliários Ltda.
Tal Portfolio Investimento e Participações Ltda.
Toulon Empreendimentos Imobiliários Spe Ltda.
Unique de Investimento Imobiliária Ltda.
Vereda Paraiso Empreendimentos Imobiliários Ltda.
Vinson Empreendimentos Imobiliários Ltda.
99.99
99.99
20.00
Profit
(loss) for the
Equity
period
03/2015 12/2014 03/2015 03/2014
99.99
99.99
50.00
99.99
99.99
20.00
99.99
99.99
50.00
65,349
808
3,341
61,839
588
3,337
68.00
50.00
80.00
68.60
70.00
50.00
50.05
70.00
50.00
70.00
50.00
74.51
99.99
99.99
(vii)
99.99
99.99
99.99
99.99
90.00
99.99
100.00
65.35
100.00
100.00
99.99
100.00
100.00
100.00
78.99
91.59
38.00
20.00
60.00
36.75
40.00
50.00
0.10
40.00
0.01
40.00
0.01
50.00
99.99
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
99.99
78.99
60.00
68.00
50.00
80.00
68.60
70.00
50.00
50.05
70.00
50.00
70.00
50.00
74.51
99.99
99.99
99.99
99.99
99.99
99.99
90.00
99.99
100.00
65.35
100.00
100.00
99.99
100.00
100.00
100.00
78.99
91.59
91.59
99.99
69.99
99.99
80.00
60.00
99.99
69.99
99.99
80.00
91.59
99.99
69.99
99.99
80.00
60.00
99.99
69.99
99.99
80.00
1
254
6,088
292
3,743
48.89
100.00
39.99 48.89
99.99 100.00
39.99
99.99
2,537
37,711
80.00
99.99
100.00
99.99
99.99
25.33
100.00
65.00
50.00
63.00
70.00
70.00
70.00
70.00
75.91
100.00
100.00
100.00
90.00
96.48
57.44
69.51
80.00
99.99
99.99
99.99
99.99
25.33
99.99
30.00
50.00
63.00
70.00
70.00
70.00
70.00
56.00
99.99
99.99
99.99
90.00
45.93
10.00
45.00
80.00
99.99
100.00
99.99
99.99
25.33
100.00
65.00
50.00
63.00
70.00
70.00
70.00
70.00
75.91
100.00
100.00
100.00
90.00
96.48
57.44
69.51
80.00
1,539
1,423
99.99
2
3
99.99
2,456
2,456
99.99
3,114
3,846
99.99 15,572 22,923
25.33
5,337
5,338
99.99
7,569
6,948
30.00 25,689 22,810
50.00 121,403 132,716
63.00
1,629
1,525
70.00
2,006
2,107
70.00
4,172
3,854
70.00
4,101
4,194
70.00
4,890
4,893
56.00 53,009 83,872
99.99
5
4
99.99
2,113
2,092
99.99
2
2
90.00 26,409 26,410
45.93
74
73
10.00
350
344
45.00 85,992 86,127
38.59
46.49
38.59
25.00
38.59
46.49
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
50.00
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
50.00
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
59.99
4,441
4,415
24.00
791
791
24.00
3,053
3,054
50.00 23,059 22,833
50.00 19,003 19,092
50.00
3,446
5,146
50.00 34,202 34,233
50.00
8,993
8,858
50.00
5,699
5,607
32.50 166,209 166,209
- 27,426
50.00 29,727 26,569
50.00
48
2,492
50.00 10,833 11,478
50.00 391,822 386,017
1.27
46.49
80.00
36.67
90.00
1.27
25.00
80.00
30.00
90.00
1.27
46.49
80.00
36.67
90.00
1.27 771,024 799,213
25.00
953
947
80.00
(331)
(339)
30.00
(163)
(178)
90.00 57,016 59,125
38.00
1,149
1,233
20.00
7,060
7,385
60.00
7,868 10,330
36.75
1,174
1,200
40.00
1,959
2,274
50.00 683,062 673,010
0.10
674
946
40.00
292
285
0.01
10
10
40.00
3,346
5,024
0.01
9,092 11,289
50.00 26,650 26,270
99.99
9
9
99.99
2
2
99.99
87
7
99.99
138
136
99.99
12
2
99.99
198
8
90.00
4,320
4,561
99.99 12,520 10,887
99.99
583
5,667
65.35
3,172
3,172
99.99
6,167
6,278
99.99
(1,503) (1,034)
99.99
2
2
99.99
1,421 16,916
99.99
5
5
99.99
4,064
4,470
78.99 389,599 356,951
60.00 105,073 93,228
(425)
38
223
Investment
03/2015
12/2014
Share of profit
(loss) of
subsidiaries
03/2015 03/2014
65,343
808
674
61,833
588
672
(425)
9
(185)
225
388
6
233
29,657
(272)
8
(378)
463
1
(241)
3,615
(7)
(111)
(469)
(394)
283
(406)
32,604
14,369
20
432
1,498
116
171
27,040
19
1,263
717
5,597
(1)
(1)
(102)
(1)
92
(14)
(8,373)
(1,323)
16
(2)
15,012
11,167
436
1,412
4,721
431
784
339,021
2
116
1,340
3
13,326
9
2
87
137
11
197
3,888
12,518
583
2,073
6,167
2
1,422
288
4,064
308,017
63,044
468
1,477
6,198
441
910
335,326
2
113
2,011
3
13,136
9
1
7
136
1
8
4,105
10,885
5,667
2,073
6,278
2
16,916
5
4,470
282,059
55,937
(70)
45
233
2
93
13,498
3
(151)
1
(217)
3,615
(7)
(111)
(469)
(394)
283
(406)
25,923
8,622
2
254
6,636
286
8,837
(1)
(548)
6
1,206
(1)
2,517
1,968
1
254
4,262
292
2,994
1
254
4,645
286
7,069
(383)
6
965
2,414
33,721
1,757
1,014
37,710
965
33,720
1,232
3
2,456
3,114
15,571
1,352
7,569
7,706
60,289
1,026
1,404
2,921
2,871
3,424
29,685
4
2,113
2
23,770
34
35
38,698
1,139
3
2,456
3,846
22,922
1,352
6,948
6,843
66,657
960
1,474
2,698
2,936
3,426
46,968
4
2,092
2
23,770
34
34
38,758
(195)
2,347
405
2,837
451
(44)
2
(2)
226
(77)
400
(18)
20
(5)
(1,021)
431
(2,444)
(145)
6,304
(563)
1,449
185
6,072
(223)
(148)
1
731
5,427
2,663
190
734
11,530
9,504
1,723
17,101
4,496
2,850
54,018
13,713
14,863
24
5,416
195,799
2,648
190
735
11,417
9,548
2,573
17,116
4,429
2,804
54,018
13,284
1,246
5,739
192,903
(3,543)
6
(142)
15
(2,109)
38,819
66
293
(264)
(1,941)
9,792
237
51,314
12
-
116
89
318
(195)
(15,901) (10,628)
621
52
7,378
1,110
7,144 10,645
74
59
(101)
97
(263)
(7)
(6)
3,137 17,734
(1)
21
472
(1)
(4)
1
14
6
1
(135)
(3)
1,757
56
8
86
899
43
68
13,510
505
287
1
(1)
(1)
(102)
(1)
83
(14)
(8,373)
(1,323)
16
(2)
11,539
6,700
1,762
1,574
5
-
93
71
318
(195)
(15,901) (10,628)
621
52
2,213
333
2,861
5,338
46
37
(70)
68
(184)
(5)
(4)
1,757
9,931
(1)
21
472
(3)
6
1
(61)
(1)
Joint ventures or associates
Agin Vergueiro Empreendimentos Imobiliários Spe Ltda.
Agra Cyrela Spe Ltda.
Aldeia da Colina Empreendimentos Imobiliários Spe
Ltda.
Alpen Haus Desenv Imobiliária S.A.
Alpen Haus Negócios Imobiliários S.A.
Arizona Investimento Imobiliário Ltda.
Austria Incorporadora Ltda.
C.E.A. Empreendimentos Imobiliários Spe Ltda.
Cabo Frio Incorporadora Ltda.
Camargo Correa Cyrela Empr Im Spe Ltda.
Carlos Petit Empreendimentos Imobiliários Ltda.
Cbr 022 Empreend Imob Ltda.
Chl Lxxviii Incorporações Ltda.
Cipasa Santa Maria Empreendimentos Imobiliários S.A.
City Parque Morumbi Spe S.A.
Costa Maggiore Empreendimentos Imobiliários Ltda.
Cury Construtora e Incorp S.A.
Cyrela Commercial Properties S.A. Empreend e
Participações
Cyrela Gafisa Spe Ltda.
Cyrela Japão Empreendimentos Imobiliários Spe Ltda.
Cyrela Magik Tecnisa Empr Imobiliária Spe Ltda.
Cyrela Malasia Empreendimentos Imobiliários Ltda.
(vii)
(iv)
6,080
1,625
7,350
1,806
1
29
10,150
236
(1)
53,212
7
(49)
(27)
(1)
113
(38)
200
(9)
10
(2)
(511)
215
(1,222)
(73)
3,146
(339)
725
92
3,036
4,870
(223)
(74)
1
366
2,577
(45)
1
(114)
5
(1,898)
493
16
235
(79)
(1,747)
Equity interest - %
03/2015
12/2014
Cyrela Minas Empreendimentos Imobiliários Spe Ltda.
Cyrela Oceania Empreendimentos Imobiliários Ltda.
Cyrela Piemonte Empreendimentos Imobiliários Ltda.
Cyrela Tecnisa de Investimento Imobiliária Ltda.
Cyrela Tecnisa Klabin Segall Ei Spe Ltda.
Cyrela Tolteca Empreendimentos Imobiliários Ltda.
Cyrsa S.A.
Estela Borges Empreendimentos Imobiliários S.A.
Estrada Rodrigues Caldas Empreendimentos Imobiliários
Spe Ltda.
Fazenda Sao Joao Empreendimentos Imobiliários
Spe Ltda.
Forest Hill de Investimento Imobiliária Ltda.
Gliese Incorporadora Ltda.
Guaruba Empreendimentos Imobiliários Spe Ltda.
Jaguariúna Empreend Imob Ltda.
Klabin Segallcyrela Spe Ltda.
Living Botucatu Empreendimentos Imobiliários Ltda.
Living Jatoba Empreendimentos Imobiliária Ltda.
Living Talara Empreendimentos Imobiliários Ltda.
Lucio Brazil Real Estate S.A.
Magnum Investimento Imobiliária Ltda.
Marques de Itu Spe Empreendimentos Imobiliários Ltda.
Mestre Alvaro Empreendimentos Imobiliários Ltda.
Moinho Velho Empreendimentos Imobiliários Spe Ltda.
Nepal Empreendimentos Imobiliários Ltda.
Nova Vila Guilherme Empr Imobiliária Spe Ltda.
Padre Adelino Empreendimentos Imobiliários S.A.
Parque Turiassu Empreendimentos Imobiliários Spe Ltda.
Petronio Portela Empreendimentos Imobiliários S.A.
Plarcon Cyrela Empreendimentos Imobiliários Spe Ltda.
Prologis Ccp 9
Queiroz Galvão Cyrela Empr Imobiliária S.A.
Queiroz Galvão Mac Cyrela Veneza e I S.A.
Reserva Casa Grande Empreendimentos
Imobiliários Ltda.
Rouxinol Salvador Alende Empr Imobiliária Ltda.
Saira-Sapucaia Empreendimentos Imobiliários Ltda.
Savona Empreendimentos Imobiliários Spe Ltda.
Scp Isla
Scp Veredas Buritis Fase Ii
Slk Empreendimentos Imobiliários Spe S.A.
Sociedade Residencial Gran Bueno Ltda.
Spe Brasil Incorp 11 Ltda.
Spe Brasil Incorporação 7 Ltda.
Spe Chl Cv Incorporações Ltda.
Spe Faicalville Incorp 1 Ltda.
Spe Faiçalville Incorporação 2 Ltda.
Tamoios Empreendimentos Imobiliários Spe Ltda.
Tapira Empreendimentos Imobiliários Ltda.
Tibirica Empreendimentos Imobiliários Ltda.
Vila Maria Empreendimentos Imobiliários S.A.
Vix One Empreendimentos Imobiliários Spe Ltda.
Subtotal
Capitalization of interest
(vii)
(v)
(v)
Profit
(loss) for the
Equity
period
03/2015 12/2014 03/2015 03/2014
50.00
60.00
49.99
49.99
32.44
60.00
50.00
50.00
50.00
60.00
49.99
49.99
20.00
60.00
50.00
50.00
50.00
60.00
49.99
49.99
32.44
60.00
50.00
50.00
50.00
60.00
49.99
49.99
20.00
60.00
50.00
50.00
308
2,725
7,851
2,329
620
15,789
10,550
65
1,754
2,448
5,607
3,224
597
15,060
83,185
81
(1,446)
377
2,229
(96)
23
729
16,714
(15)
90.00
90.00
90.00
90.00
5,188
5,946
(758)
84.99
49.44
57.53
60.00
46.47
75.00
50.00
70.00
49.97
30.00
50.00
50.00
50.00
90.00
50.00
50.00
39.99
50.00
50.00
17.80
38.63
30.00
84.99
25.00
57.53
60.00
29.25
50.00
50.00
40.00
49.97
30.00
50.00
50.00
50.00
90.00
50.00
50.00
39.99
50.00
50.00
17.80
32.00
15.00
84.99
49.44
57.53
60.00
46.47
75.00
50.00
70.00
49.97
30.00
50.00
50.00
50.00
90.00
50.00
50.00
39.99
50.00
17.80
38.63
30.00
84.99
25.00
57.53
60.00
29.25
50.00
50.00
40.00
49.97
30.00
50.00
50.00
50.00
90.00
50.00
50.00
39.99
50.00
17.80
32.00
15.00
23,163
2,365
47,048
5,393
1,512
503
384
365
39,414
4,164
20,922
155
5,922
9,065
72
398
(74)
(309)
21,145
2,808
398
38,028
23,153
2,365
46,946
5,364
1,499
639
383
392
41,979
4,145
21,314
93
5,856
10,549
72
402
(105)
21,499
2,796
396
45,658
50.00
50.00
50.00
50.00
50.00
59.99
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
50.00
50.00
59.99
24.75
50.00
50.00
64.99
50.00
50.00
50.00
50.00
50.00
6.00
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
50.00
50.00
59.99
24.75
50.00
50.00
64.99
50.00
50.00
50.00
50.00
50.00
59.99
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
50.00
59.99
24.75
50.00
50.00
64.99
50.00
50.00
50.00
50.00
50.00
6.00
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
50.00
59.99
24.75
50.00
50.00
64.99
1,903
25,248
(245)
22,857
11,609
6,996
(2,681)
1,662
2,066
4,919
24,264
13,010
8,562
53
10,842
1,775
10,153
1,253
30,460
27,329
1,981
20,407
31,751
356
1,396
2,169
1,421
41,332
(608)
20,016
14,127
5,190
(2,261)
1,647
1,999
13,653
24,270
12,221
7,179
53
15,230
1,818
9,955
1,250
28,349
1,499
20,565
25,515
351
618
1,422
Investment
03/2015
12/2014
Share of profit
(loss) of
subsidiaries
03/2015 03/2014
11
406
(132)
44
954
-
153
1,635
3,925
1,164
125
9,474
5,274
29
876
1,469
2,803
1,612
120
9,036
41,592
37
(723)
226
1,115
(48)
5
438
8,357
(8)
6
244
(66)
9
573
-
440
4,669
5,351
(682)
396
(23)
102
(196)
19
(136)
(26)
435
20
224
62
(1,484)
(4)
32
(354)
12
2
(7,630)
(21)
(1)
1,227
(50)
(840)
17
(934)
46
(843)
(2,670)
(6)
(3,359)
19,688
592
27,070
3,236
444
253
195
150
19,695
1,249
10,461
79
2,962
8,160
36
201
10,572
498
128
5,705
19,680
592
27,011
3,219
438
320
194
159
20,977
1,243
10,657
47
2,929
9,495
36
202
10,749
496
127
6,849
(20)
59
(118)
6
(68)
(10)
218
6
112
31
(1,335)
(2)
13
(177)
2
1
(1,144)
(158)
(167)
362
2,841
(427)
(42)
15
107
396
(3)
560
555
40
60
171
2
2,047
(779)
(5)
(823)
36
5
778
199
955
74
(46)
445
(1)
154
1,243
1,144
107
(69)
1,332
(5,643)
3
(15)
(1,602)
(i)
(18)
706
(30)
(420)
3
122
14
(759)
(1,335)
(2)
(504)
951
710
(79)
12,625
20,667
(83)
181
11,429
10,008
1,421
477
6,823
7,993
89
88
421
314
(27)
(12)
1,164
1,153
11
52
1,033
999
54
(23)
2,459
6,826
198
222
12,132
12,134
(1)
(1)
6,505
6,110
280
77
4,281
3,590
277
622
27
27
5,422
7,616
20
572
889
910
30
53
5,077
4,978
85
(35)
627
625
1
15,230
1,023
13,666
14,175
(389)
666
990
749
(2)
12,245
12,339
(494) (3,386)
7,859
6,316
9
178
175
3
(8)
698
309
389
1,410
924
130
(1,041)
5,697,274 6,096,239 123,829 272,601
88,089
89,450
(6,052) (15,738)
5,785,363 6,185,689 117,777 256,863
(i) The Parent’s investments include capitalized interest on borrowings, financing and debentures that are directly related to the real estate projects of 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 creation of new companies which currently have no projects in progress.
(v)Refers to the corporate restructuring whereby such companies were previously indirect and became direct subsidiaries.
(vi)
Refers to the merger of this company into a company of the Group.
(vii)
Refers to the sale of equity interest in the company whose accrued gain (loss) will be recorded through the end of 2014.
Changes in Company’s investments are as follows:
Parent
Consolidated
Balance at December 31, 2013
Capital subscription/(Reduction)
Dividends
Share of profit of subsidiaries
Balance at March 31, 2014
6,679,285
(600,739)
(59,400)
256,863
(5,058)
6,270,951
708,087
15,835
(12,541)
6,853
718,234
Balance at December 31, 2014
Capital subscription/(Reduction)
Dividends
Balance at March 31, 2015
6,185,689
(289,331)
(233,464)
117,777
4,692
5,785,363
694,614
(42,664)
(10,666)
8,606
649,890
b) The main information on the Company’s indirect investments is summarized as follows:
Total equity
interest-%
03/2015 12/2014
Equity
03/2015 12/2014
Profit (loss)
for the
period
03/2015 03/2014
Abdo Empreendimentos Imobiliários Ltda.
Access Consultoria Imobiliários Ltda.
Agcc Empreendimentos Imobiliários Ltda.
Alabama Empreendimentos Imobiliários Ltda.
Andorra Empreendimentos Imobiliários Ltda.
Australia Empreendimentos Imobiliários Ltda.
Batel Empreendimentos Imobiliários Ltda.
Belgica Empreendimentos Imobiliários Ltda.
Betabens Administração de Bens Ltda.
Bhutan Empreendimentos Imobiliários Ltda.
Brigadeiro Galvão Empreendimentos Imobiliários Spe Ltda.
Campos Sales Empreendimentos Imobiliários Ltda.
Carlos Gomes Square Empreendimentos Imobiliários Ltda.
Chapeuzinho Vermelho Ltda.
Chiachiaretta Empreendimentos Imobiliários Ltda.
Cupertino Empreendimentos Imobiliários Ltda.
Curupaiti Empreendimentos Imobiliários Spe Ltda.
Cy Qg-Terra Encantada Empreendimentos Imobiliários Ltda.
Cyrela Andrade Mendonca Jcpm Empreendimentos Imobiliários Spe S.A.
Cyrela Ccp Canela Empreendimentos Imobiliários Ltda.
Cyrela China Empreendimentos Imobiliários Ltda.
Cyrela Diamante Empreendimentos Imobiliários Ltda.
Cyrela Investimentos e Participações Ltda.
Cyrela Lambari Empreendimentos Imobiliários Ltda.
Cyrela Mac Everest Empreendimentos Imobiliários Spe Ltda.
Cyrela Mexico Empreendimentos Imobiliários Ltda.
Cyrela Palermo Empreendimentos Imobiliários Ltda.
Cyrela Parana Empreendimentos Imobiliários Ltda.
Cyrela Polinesia Empreendimentos Imobiliários Ltda.
Cyrela Rjz Gulf Empreendimentos Imobiliários Ltda.
Cyrela Somerset de Investimentos Imobiliários Ltda.
Cyrela Sul 001 Empreendimentos Imobiliários Spe Ltda.
Cyrela Sul 011 Empreendimentos Imobiliar.
Cyrela Sul Construtora Ltda.
(ii)
(ii)
99.99
49.99
99.99
49.02
79.99
100.00
94.99
99.99
79.99
49.99
49.95
39.99
66.99
99.99
74.99
79.99
49.99
49.99
50.00
85.00
50.00
99.99
51.02
99.99
99.99
54.09
99.99
99.99
99.99
99.99
77.96
82.99
92.50
92.50
92.49
92.50
92.49
92.50
92.50
92.50
89.99
99.99
99.99
49.99
99.99
49.02
79.99
100.00
94.99
99.99
79.99
49.99
49.95
39.99
66.99
99.99
74.99
79.99
49.99
49.99
50.00
85.00
50.00
99.99
51.02
99.99
99.99
54.09
99.99
99.99
99.99
99.99
77.96
82.99
92.50
92.50
92.49
92.50
92.49
92.50
92.50
92.50
-
20,818
20,699
398
754
442
626
11,675
11,577
43,788
37,079
42,430
59,615
21,250
19,331
(3,389)
(641)
(24)
(49)
10
10
(555)
(545)
23,365
20,828
305
517
24,980
26,335
4
4
14,782
14,151
13
13
1,293
1,414
8,428
8,428
61,081
57,838
31,817
31,444
(2,391)
1,662
24,201
29,422
172
5,307
1,148
2,588
65
64
59,181
71,540
6,844
16,837
48,598
56,823
116,140 129,536
1,406
2,418
38,346
45,888
34,300
32,797
6,648
6,364
11,580
11,451
12,980
11,804
1,013
989
7,365
7,048
936
936
4,366
1,395
707
(708)
-
(1)
(260)
(184)
98
6,611
9,956
1,919
(308)
25
(10)
2,537
(212)
6,645
631
(71)
3,243
(157)
(451)
2,279
65
(767)
2
2,729
(1,193)
11,275
22,704
(895)
1,008
1,503
(64)
(60)
(1)
(1)
(1,601)
15
(246)
44
(219)
(1,553)
(1,369)
757
478
(81)
(305)
1,990
(173)
17,189
(489)
(472)
(9,301)
(11)
(4,560)
8,764
(610)
4,117
(222)
3,045
867
11,845
23,411
154
4,838
(6)
(4)
-
Total equity
interest-%
03/2015 12/2014
Cyrela Tupiza Empreendimentos Imobiliários Ltda.
Cyte Magik Empreendimentos Imobiliários Ltda.
Cytec Empreendimentos Imobiliários Ltda.
Decor Paraiso Empreendimentos Imobiliários Ltda.
Dgc Agua Verde Ltda.
Dgc Ana Garibaldi Ltda.
Dgc Campo Comprido Ltda.
Dgc Ecoville Dois Ltda.
Dgc João Gualberto Ltda.
Dgc Living Parana Empreendimentos Imobiliários Ltda.
Dgc Map Parana Empreendimentos Imobiliários Ltda.
Dgc Paulo Gorski Ltda.
Dgc Pinheirinho Empreendimentos Imobiliários Ltda.
Dgc Pugsley Ltda.
Dgc Santa Quiteria Ltda.
Dgc Santa Quiteria Tres Ltda.
Dgc Uberaba Ltda.
Dgc West Side Ltda.
Dover Empreendimentos Imobiliários Ltda.
Fabia Empreendimentos Imobiliários Spe Ltda.
Farroupilha Empreendimentos Imobiliários S.A.
Fernão Dias Empreendimentos Imobiliários Spe Ltda.
99.99
60.00
99.99
48.25
94.99
94.99
94.99
79.99
94.99
94.99
94.99
94.99
94.99
99.99
79.99
94.99
79.99
94.99
49.02
32.50
99.99
99.99
99.99
60.00
99.99
48.25
94.99
94.99
94.99
79.99
94.99
94.99
94.99
94.99
94.99
99.99
79.99
94.99
79.99
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
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
78.99
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
49.44
49.99
49.99
49.99
49.99
49.95
49.44
49.44
49.99
49.99
99.99
79.99
49.99
59.99
59.99
99.99
89.99
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
78.99
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
49.44
49.99
49.99
49.99
49.99
49.95
49.44
49.44
49.99
Equity
03/2015 12/2014
21,269
840
1,361
1,576
28,396
1,156
2,874
10,456
29,533
9,638
5,718
5,036
25,275
423
496
11,169
41
4,756
18,974
190
37,211
(1,439)
Profit (loss)
for the
period
03/2015 03/2014
20,758
2,265
1,901
1,899
32,196
1,561
3,471
10,689
29,202
7,207
5,714
6,821
18,531
478
506
12,394
191
11,115
15,852
191
38,094
(2,335)
511
(1,425)
(540)
471
(346)
44
231
(233)
330
2,431
(107)
(1,785)
(816)
(56)
(10)
259
(150)
(161)
3,122
(1)
117
796
206
514
1,320
4,132
(1,275)
362
(1,427)
210
1,249
760
(9)
163
294
(68)
(9)
(783)
(14)
2,527
424
10
5,107
(209)
4,557
6,946
29,916
32,604
48,371
50,431
3,039
3,052
14,785
14,608
5,955
5,979
(4,804) (3,621)
(5)
3,345
3,982
4,127
6,595
32,563
30,755
16,486
14,864
2,114
6,321
1,886
1,871
10
10
(60)
64
9,108
8,777
1,173
6,229
26,021
39,489
5,109
4,674
41,254
41,522
70,459
79,868
14,923
15,187
13,007
10,782
9,400
8,324
2,242
2,192
6,202
6,376
2,233
2,623
6,073
6,140
5,615
4,954
12,663
11,269
5,699
4,894
24,469
27,159
9,835
152,885 144,683
11,676
9,672
15,586
15,330
7,408
8,324
3,084
2,572
11,624
11,573
2,694
3,081
173,207 161,355
15,369
12,043
54
54
13
14
155
151
115
114
7
7
24,388
18,297
1,703
18,271
(62)
(62)
4
(673)
(5,958)
(13)
(3)
157
(1,183)
(17)
512
(84)
1,808
1,622
89
(136)
(228)
(184)
3,559
4,532
(65)
1,383
7,091
(263)
2,225
(129)
(174)
(4,365)
3,432
661
1,144
404
4,110
8,203
2,504
256
(916)
(9)
(661)
(536)
5,721
3,326
(2)
(1)
6,090
544
-
1,371
(40)
(481)
222
(69)
628
(756)
(183)
433
719
1,141
345
241
(620)
(29)
2
(8)
2,680
(79)
(122)
6,038
(603)
6,042
(30)
(1)
(2,021)
(4,158)
874
883
1,472
2,077
2,328
12,276
1,148
(482)
(1)
(506)
(227)
(1)
3,742
1,789
1,277
(71)
-
Francisco Leitão Empreendimentos Imobiliários Spe Ltda.
Garibaldi Empreendimentos Imobiliários Ltda.
Gcln Incorporações e Empreendimentos Ltda.
Gcm Empreendimentos Imobiliários Ltda.
Gcw Capão da Canoa Empreendimentos Imobiliários Ltda.
Gcw Wangri-La Urbanismo Ltda.
Global Park Residencial Empreendimentos Imobiliários Ltda.
Goldsztein Cyrela Scp Nh
Horizons Empreendimentos Imobiliários Ltda.
Jardim Acropole Empreendimentos Imobiliários Ltda.
Jardim Leão Empreendimentos Imobiliários Ltda.
Jardim Loureiro da Silva Empreendimentos Imobiliários Ltda.
Jardim Real Empreendimentos Imobiliários Ltda.
Jardim Sul Incorporações Ltda.
Kilimanjaro Empreendimentos Imobiliários Ltda.
Koby Administração de Bens Ltda.
Living Abaete Empreendimentos Imobiliários Ltda.
Living Afenas Empreendimentos Imobiliários Ltda.
Living Amoreira Empreendimentos Imobiliários Ltda.
Living Amparo Empreendimentos Imobiliários Ltda.
Living Apiai Empreendimentos Imobiliários Ltda.
Living Batatais Empreendimentos Imobiliários Ltda.
Living Batbacena Empreendimentos Imobiliários Ltda.
Living Brotas Empreendimentos Imobiliários Ltda.
Living Cambui Empreendimentos Imobiliários Ltda.
Living Carita Empreendimentos Imobiliários Ltda.
Living Construtora Ltda.
Living Indiana Empreendimentos Imobiliários Ltda.
Living Ipe Empreendimentos Imobiliários Ltda.
Living Jacaranda Empreendimentos Imobiliários Ltda.
Living Martini Empreendimentos Imobiliários Ltda.
Living Nazare Empreendimentos Imobiliários Ltda.
Living Ourinhos Empreendimentos Imobiliários Ltda.
Living Panama Empreendimentos Imobiliários Ltda.
Living Pirassununga Empreendimentos Imobiliários Ltda.
Living Pitangui Empreendimentos Imobiliários Ltda.
Living Provance Empreendimentos Imobiliários Ltda.
Living Ravelo Empreendimentos Imobiliários Ltda.
Living Ribeirao Empreendimentos Imobiliários Ltda.
Living Sabara Empreendimentos Imobiliários Ltda.
Living Sul Empreendimentos Imobiliários Ltda.
Mac 11 de Junho Empreendimentos Imobiliários Ltda.
Mac Aclimação Empreendimentos Imobiliários Ltda.
Mac Aconcagua Empreendimentos Imobiliários Ltda.
Mac Apolo 11 Empreend Imobiliários Ltda.
Mac Arizona Empreendimentos Imobiliários Ltda.
Mac Atari 72 Empreendimentos Imobiliários Ltda.
Mac Australia Empreendimentos Imobiliários Ltda.
Mac Barcelona Empreendimentos Imobiliários Ltda.
Mac Brasil Empreendimentos Imobiliários Ltda.
(iii)
Total equity
interest-%
03/2015 12/2014
Mac Celular 73 Empreendimentos Imobiliários Ltda.
Mac Chile Empreendimentos Imobiliários Ltda.
Mac Concorde 69 Empreendimentos Imobiliários Ltda.
Mac Construção Civil Ltda.
Mac Continental Empreendimentos Imobiliários Ltda.
Mac Empreendimentos Imobiliários Ltda. - Scp Investimentos
Mac Hendrix 70 Empreendimentos Imobiliários Ltda.
Mac Intel 71 Empreendimentos Imobiliários Ltda.
Mac Investimentos e Participações Ltda.
Mac Irlanda Empreendimentos Imobiliários Ltda.
Mac Java Empreendimentos Imobiliários Ltda.
Mac Londres Empreendimentos Imobiliários Ltda.
Mac Luna Empreendimentos Imobiliários Ltda.
Mac Madri Empreendimentos Imobiliários Ltda.
Mac Massachusetts Empreend Imobiliários Ltda.
Mac Miami Empreendimentos Imobiliários Ltda.
Mac Milao Empreendimentos Imobiliários Ltda.
49.95
49.99
49.95
49.99
49.99
48.00
49.95
49.95
49.99
49.99
49.99
49.99
49.99
49.44
49.99
45.29
49.44
49.95
49.99
49.95
49.99
49.99
48.00
49.95
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
49.99
84.99
54.58
99.99
21.42
49.99
49.99
78.99
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
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
49.99
84.99
54.58
99.99
21.42
49.99
49.99
78.99
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
Equity
03/2015 12/2014
7
(42)
7
116
5,743
7
6
(1,394)
131
16
1
3
11,172
14,829
13,441
10,325
Profit (loss)
for the
period
03/2015 03/2014
7
(42)
7
(158)
1
8,443
7
6
(1,674)
(101)
17
1
4
8,547
14,507
15,958
10,176
164
(1)
666
230
91
2,624
(465)
2,043
149
(709)
402
8
1,130
952
2,384
(1,008)
6,287
5,914
15,591
12,599
19,455
16,080
19,909
18,750
1
1
13,641
13,172
2
7
28,517
27,382
23,727
23,662
8
7
11,051
10,594
19,683
19,502
5,740
8,440
7
7
12,989
12,084
11,602
12,969
7,223
9,003
332
333
3,221
3,501
(21)
(21)
2,878
2,871
(529)
(683)
1,050
1,047
121,315 119,764
1,855
1,781
14,887
17,065
5,100
1,730
163
162
880
988
16,092
16,962
216
204
1,645
1,417
13
13
55
8
16,603
14,652
10,126
13,757
21
21
9,638
8,110
(100)
(230)
36,158
33,386
4,545
12,138
191
13
2,375
5,445
20,675
20,332
2,463
2,391
(1,260) 10,807
1,107
1,114
13
13
4,453
4,930
37,578
35,573
13
13
12,201
21,396
10,110
9,930
28,706
32,666
(1,156) (1,061)
6,088
5,209
513
2,992
3,376
3,517
(2)
(5)
1,135
(1)
951
(1)
666
905
3,683
1,180
(138)
(29)
7
154
3
1,551
81
(13)
3,570
1
(202)
61
63
7
(806)
509
1
(117)
3,602
(3,093)
(3,127)
722
(113)
5,631
(2)
(745)
(631)
209
(773)
(903)
(1,380)
1,035
1,284
1,170
2,155
2,222
3,782
(49)
(174)
1,163
402
694
9,265
11,579
71
322
(69)
7,160
161
3,678
2,486
(1)
(80)
(1)
(1)
(48)
2,872
(194)
138
3,626
(214)
(38)
(468)
41
143
(1)
885
73
(37)
10,177
(168)
(228)
Mac Monaco Empreendimentos Imobiliários Ltda.
Mac Nova York Empreendimentos Imobiliários Ltda.
Mac Nova Zelandia Empreendimentos Imobiliários Ltda.
Mac Otacilio Empreendimentos Imobiliários Ltda.
Mac Paris Empreendimentos Imobiliários Ltda.
Mac Pionner-4 Empreend Imobiliários Ltda.
Mac Ranger-7 Empreend Imobiliários Ltda.
Mac Rio das Pedras Empreendimentos Imobiliários Ltda.
Mac Roma Empreendimentos Imobiliários Ltda.
Mac Santiago Empreendimentos Imobiliários Ltda.
Mac Souza Barros Empreendimentos Imobiliários Ltda.
Mac Texas Empreendimentos Imobiliários Ltda.
Mac Uruguai Empreendimentos Imobiliários Ltda.
Mac Zond-6 Empreendimentos Imobiliários Ltda.
Madison Propriedades Imobiliárias Ltda.
Maiastra 1 Empreendimentos Imobiliários Ltda.
Marica Empreendimentos Imobiliários Ltda.
Matheo Empreendimentos Imobiliários Ltda.
Mdr Serviços de Cobrança Ltda.
Megc Empreendimentos Imobiliários Ltda.
Mesopotamia Empreendimentos Imobiliários Spe S.A.
Miralta Empreendimentos Imobiliários Spe Ltda.
Oaxaca Incorporadora Ltda.
Paraba Investimentos e Participações Ltda.
Pascal 1777 Empreendimentos Imobiliários Spe Ltda.
Pirapitingui Empreendimentos Imobiliários Ltda.
Plano Angelim Empreendimentos Imobiliários Ltda.
Plano Araucaria Empreendimentos Imobiliários Ltda.
Plano Aroeira Empreendimentos Imobiliários Ltda.
Plano Cabreuva Empreend Imobiliários Ltda.
Plano Cambara Empreendimentos Imobiliários Ltda.
Plano Cambui Empreendimentos Imobiliários Ltda.
Plano Carvalho Empreendimentos Imobiliários Ltda.
Plano Cedro Empreendimentos Imobiliários Ltda.
Plano Cerejeiras Empreendimentos Imobiliários Ltda.
Plano Coqueiro Empreendimentos Imobiliários Ltda.
Plano Eucalipto Empreendimentos Imobiliários Ltda.
Plano Figueira Empreendimentos Imobiliários Ltda.
Plano Flambouyant Empreendimentos Imobiliários Ltda.
Plano Guapira Empreendimentos Imobiliários Ltda.
Plano Guarita Empreendimentos Imobiliários Ltda.
Plano Ipe Empreendimentos Imobiliários Ltda.
Plano Jacaranda Empreendimentos Imobiliários Ltda.
Plano Jatoba Empreendimentos Imobiliários Ltda.
Plano Jequitiba Empreendimentos Imobiliários Ltda.
Plano Laranjeira Empreendimentos Imobiliários Ltda.
Plano Limeira Empreendimentos Imobiliários Ltda.
Plano Limoeiro Empreendimentos Imobiliários Ltda.
Plano Macieira Empreendimentos Imobiliários Ltda.
Plano Magnolia Empreendimentos Imobiliários Ltda.
Plano Manaca Empreendimentos Imobiliários Ltda.
Plano Mangueira Empreendimentos Imobiliários Ltda.
Plano Mogno Empreendimentos Imobiliários Ltda.
Plano Paineira Empreendimentos Imobiliários Ltda.
Plano Palmeiras Empreendimentos Imobiliários Ltda.
Total equity
interest-%
03/2015 12/2014
Plano Peroba Empreendimentos Imobiliários Ltda.
Plano Pinheiro Empreendimentos Imobiliários Ltda.
Plano Piracema Empreendimentos Imobiliários Spe Ltda.
Plano Pitangueiras Empreendimentos Imobiliários Ltda.
Plano Seringueira Empreendimentos Imobiliários Ltda.
Plano Videira Empreendimentos Imobiliários Ltda.
Prime Planejamento Imobiliários Ltda.
Rail Incorporadora Ltda.
Raimundo Pereira Magalhaes Empreendimentos Imobiliários Spe Ltda.
Scp - Baturite
Scp Arruda Alvim
78.99
78.99
78.99
78.98
78.98
78.99
99.99
19.99
59.99
49.04
45.30
78.99
78.99
78.99
78.98
78.98
78.99
99.99
19.99
59.99
49.04
45.30
49.45
49.02
48.25
49.02
99.99
49.99
49.99
49.99
49.99
49.99
49.99
49.95
49.95
84.25
16.66
49.99
79.99
49.99
78.98
78.98
99.99
79.99
40.00
40.00
81.99
49.45
49.02
48.25
49.02
99.99
49.99
49.99
49.99
49.99
49.99
49.95
49.95
81.99
16.66
49.99
79.99
49.99
78.98
78.98
99.99
79.99
40.00
40.00
81.99
40.00
49.99
60.00
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
49.95
49.95
40.00
49.99
60.00
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
Equity
03/2015 12/2014
864
392
21,729
30,690
7,226
740
1,024
386
(2,080)
1,129
13,443
637
206
21,278
26,244
10,120
378
1,142
374
(838)
1,137
20,078
Profit (loss)
for the
period
03/2015 03/2014
(13)
35
(26)
382
1,758
172
(118)
13
156
5
2,043
(26)
(187)
(1,971)
(1)
45
51
(1,470)
58
2,384
Scp Empreendimentos 2012
Scp Mac Projetos
Seattle Empreendimentos Imobiliários Ltda.
Selling Consultoria Imobiliários e Representações Ltda.
Sk Antonio Carlos Empreendimentos Imobiliários Ltda.
Sk Antonio Macedo Empreendimentos Imobiliários Spe Ltda.
Sk Ipojuca Empreendimentos Imobiliários Ltda.
Sk Joaquim Ferreira Lobo Empreendimentos Imobiliários Spe Ltda.
Sk Jurucê Empreendimentos Imobiliários Spe Ltda.
Sk Mourato Coelho Empreendimentos Imobiliários Spe Ltda.
Sk Xxi Empreendimentos Imobiliários Ltda.
Sk Xxii Empreendimentos Imobiliários Ltda.
Ssb Empreendimentos Imobiliários Spe S.A.
Stuhlberger Vila Mariana Spe S.A.
Tons da Villa Empreendimentos Imobiliários Ltda.
Torres Vedras Empreendimentos Imobiliários Ltda.
Venancio Aires Empreendimentos Imobiliários Spe Ltda.
Vero Campo Belo Empreendimentos Imobiliários Spe Ltda.
Vero Sta Isabel Empreendimentos Imobiliários Spe Ltda.
Viana do Castelo Empreendimentos Imobiliários Ltda.
Vinhedo Empreendimentos Imobiliários Ltda.
Vivere Franca Empreendimentos Imobiliários Ltda.
Vivere Japão Empreendimentos Imobiliários Ltda.
Vmss Empreendimentos Imobiliários Spe S.A.
(ii)
(i)
110,758
91,262
20,995
6,264
181,996 171,160
3,637
7,870
7,819
984
5,417
67,613
60,873
(53)
(172)
458
(701)
809
(24)
1
1
(1)
5,071
5,229
(823)
13,157
(8)
7,235
7,164
(8)
17,390
17,265
(75)
10,666
10,540
(79)
6
9
(3)
6
7
(1)
14,174
12,095
2,569
758
34
33
1
266
1,410
3,175
(46)
2,214
24,536
23,087
1,448
(510)
10,348
10,344
(3)
(38)
388
381
6
(4)
44,880
57,910 (13,030)
4,113
484
526
(122)
139
(19)
3,015
(29)
(525)
273
329
(56)
144
326
445
(85)
(39)
65,096
65,672
(576) (10,507)
Acropole Incorporadora Ltda.
Autentico Vila Carrão Empreendimentos Imobiliários Spe Ltda.
Bello Villarinho Empreendimentos Imobiliários Ltda.
Bni Curi Guarapiranga Desenv Imobiliários Ltda.
Caiobas Empreendimentos Imobiliários Spe Ltda.
Capri Incorporações Spe Ltda.
Ccisa 01 Incorporadora Ltda.
Ccisa11 Incorporadora Ltda.
Cedro Consultoria Imobiliários Ltda.
(ii)
(ii)
(ii)
645
(248)
12,220
5,519
828
(898)
3,036
7,381
72,496
20,381
77,932
4,070
7,100
426
3,237
7,378
2,536
(36)
535
1,900
(1)
838
(4)
(5)
(7)
(4)
2,376
1,424
(199)
(267)
1
1
1
(521)
513
(246)
12,220
11,111
874
1,378
829
7,423
71,631
15,827
75,725
4,369
4,930
401
1,300
4,908
1,867
(24)
34
1,688
1
873
(4)
(5)
(5)
(4)
984
388
(139)
(8)
132
(2)
508
(46)
(2,276)
2,207
(42)
865
4,554
407
(300)
2,170
25
1,937
2,470
668
(12)
501
213
(1)
(35)
(2)
1,393
1,036
(60)
(267)
(775)
(102)
40
(1,431)
(18)
29
2,395
2,124
111
2,932
1,179
(385)
2,676
(159)
417
253
(3)
838
2
458
(1)
(517)
Total equity
interest-%
03/2015 12/2014
Chillan Investimentos Imobiliários Ltda.
Cyrela Milao Empreendimentos Imobiliários S.A.
Cyrela Tennessee Empreendimentos Imobiliários S.A.
Dalaveca Incorporadora Ltda.
Dalia Empreendimentos Imobiliários Ltda.
Emmerin Incorporações Ltda.
Equity
03/2015 12/2014
Profit (loss)
for the
period
03/2015 03/2014
25.00
48.72
48.72
74.99
48.61
49.95
25.00
48.72
48.72
74.99
48.61
49.95
48,688
7,049
8,560
22,305
(116)
(79)
53,865
6,837
9,736
24,246
(59)
(75)
4,568
489
260
(841)
(111)
(4)
8,321
735
559
404
256
(10)
49.92
49.95
48.61
48.61
25.00
49.95
48.72
25.00
49.95
49.95
74.99
49.95
25.00
49.99
69.99
49.95
49.95
49.95
40.00
49.99
25.00
35.00
49.95
25.00
49.99
34.99
69.99
49.92
49.95
49.95
49.92
49.95
48.72
49.99
69.99
74.99
49.99
49.99
19.99
47.87
49.99
79.99
49.96
37.49
49.99
74.99
49.92
49.95
48.61
48.61
25.00
49.95
48.72
25.00
49.95
49.95
74.99
49.95
25.00
49.99
69.99
49.95
49.95
49.95
40.00
49.99
25.00
35.00
49.95
25.00
49.99
34.99
69.99
49.92
49.95
49.95
49.92
49.95
48.72
49.99
69.99
74.99
49.99
49.99
19.99
47.87
49.99
79.99
49.96
37.49
49.99
74.99
2,639
3,619
3,576
11,093
3
(10)
1,780
23,575
2,270
1,413
13,558
1,191
3,069
37,052
18,002
(66)
3,732
5,656
8,653
10
27,366
34,354
6,904
(628)
87
2,528
1,629
5,913
4,396
798
1,443
4,332
2,504
(54)
17,665
6,574
6,754
27,685
(199)
19,469
8,713
32,407
1,981
(98)
9,393
2,714
3,612
3,580
11,174
3
358
5,680
29,727
2,481
1,350
11,838
558
2,869
35,418
17,004
(63)
3,978
6,126
8,653
17
27,366
33,295
(33)
5,829
10
86
2,564
2,098
6,378
4,292
792
1,292
4,093
2,498
(54)
15,634
6,626
6,754
27,685
(199)
20,655
8,774
31,920
2,215
(95)
9,106
(75)
7
(81)
(368)
13
357
(211)
63
1,719
633
200
1,634
998
(3)
(246)
(470)
(7)
1,059
33
1,075
(638)
1
(36)
31
(465)
105
6
151
239
6
2,031
(52)
(812)
(61)
487
1,766
(3)
(93)
(232)
136
52
242
353
546
1,012
3,174
1,696
(1,225)
1,914
(50)
(27)
1,403
9
1,784
2,801
4,362
148
(6)
2,654
104
58
297
(365)
(170)
229
(103)
915
(176)
668
1,650
1
10
Europa Brasil Empreendimentos Imobiliários Spe Ltda.
Forest Ville Incorporações Ltda.
Galeria Boulevard Desenvolvimentos Imobiliários S.A.
Galeria Boulevard Negócios Imobiliários S.A.
Girassol - Vila Madalena Empreendimentos Imobiliários S.A.
Gran Via Incorporadora Ltda.
Grand Life Botafogo Empreendimentos Imobiliários Spe Ltda.
Hesa 20 Investimentos Imobiliários Ltda.
Horto do Sol Incorporações Ltda.
Imperio da Franca Incorporações Ltda.
Imperio do Ocidente Incorporações Ltda.
Imperio Romano Incorporações Ltda.
Ipanema Investimentos Imobiliários Ltda.
Jacira Reis Empreendimentos Imobiliários Ltda.
Lamballe Incorporadora Ltda.
Luar do Paraiso Incorporações Ltda.
Madagascar Incorporações Spe Ltda.
Manilha Incorporadora Ltda.
Mãos Dadas Empreendimentos Imobiliários S.A.
Merito Empreendimentos Imobiliários Spe Ltda.
Miziara Empreendimentos Imobiliários Ltda.
Mnr6 Empreendimentos Imobiliários S.A.
Monterey Incorporações Spe Ltda.
Moron Investimentos Imobiliários Ltda.
Nova Delhi Incorporações Spe Ltda.
Np Empreendimentos Imobiliários Ltda.
Parada do Sol Incorporações Ltda.
Platina Brasil Empreendimentos Imobiliários Spe Ltda.
Plaza Del Arte Incorporações Ltda.
Porto Esperanca Incorporações Ltda.
Prata Brasil Empreendimentos Imobiliários Spe Ltda.
Provincia Incorporações Ltda.
Residencial Sao Conrado Empreendimentos Imobiliários Ltda.
Rgc Urbanismo Ltda.
Riviera Ponta Negra Empreendimentos Imobiliários Spe Ltda.
Saint Simon Incorporações Ltda.
Salmiana Empreendimentos S.A.
Santo Eliseu Empreendimentos Imobiliários Ltda.
Scp - Balneario Costa do Sol
Scp - Classic/Galli
Teresopolis Empreendimentos Imobiliários Ltda.
Topazio Brasil Empreendimentos Imobiliários Spe Ltda.
Vicente Lima Cleto Incorporações Ltda.
Viena Incorporações Spe Ltda.
Villa Real Incorporações Ltda.
(i)
Change due to the increase/decrease in equity interests.
(ii)
Refers to the creation of new companies which currently have no projects in progress.
(iii) Refers to the sale of equity interest in the company.
c) The total balances of the balance sheet and income statement accounts of the consolidated
companies, joint ventures or associates, either direct and indirect, considered in the
consolidated interim financial information as of March 31, 2015, the consolidated financial
statements as of December 31, 2014, and profit (loss) for the quarter ended March 31,
2014, may be summarized as follows:
March 31, 2015
Equity
interest
-%
Assets
64.00
94.99
99.99
49.99
74.99
99.99
49.02
50.00
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
60.00
100.00
100.00
99.99
49.95
99.99
99.99
99.99
99.99
100.00
39.99
96.84
99.99
99.99
60.00
34.02
66.99
100.00
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
50.00
50.00
50.00
99.99
99.99
99.99
50.00
99.99
99.99
99.99
99.99
532
12,041
20,810
882
9,381
539
12,120
329
6,668
45,459
21,388
1,856
91,136
3
4,073
453
19
36,638
4,690
121
10
6,573
409,246
1,440
231
359
5
26
29,813
4
1,152
53,719
1,723
23,109
932
45,870
9,275
611
143
8
6
130,631
2
493
14,223
617
2,113
1,622
208
199
8
583
19,279
193,066
139,971
3
7,268
15
24,604
191,107
101,404
3,664
8
Balance sheet
Liabilities Equity
Profit (loss)
for the year
Angra dos Reis Empreendimentos Imobiliários Ltda.
B R Serviços e Investimento Bahamas Ltda.
Barão de Miracema Empreendimentos Imobiliários Spe Ltda.
Brazil Realty - Companhia Securitizadora de Créditos Imobiliários
(27)
559
3,829
8,212
(8) 20,818
484
398
2,838
6,543
97
442
445
11,675
510
(181)
566
6,102
1,671
43,788
21,940
(552)
1,084
772
48,706
42,430
3
4,023
50
453
19
15,388
21,250
8,079
(3,389)
145
(24)
10
2,104
4,469
406,870
2,376
384
1,056
1
230
914
(555)
5
26
30,134
(321)
4
1,758
(606)
30,354
23,365
1,901
(178)
166
22,943
877
55
5,602
40,268
2,358
6,917
306
305
1,098
(955)
8
1
5
105,651
24,980
2
66
427
9,884
4,339
2
615
1,928
185
24
1,598
24
184
1
198
8
583
19,204
75
119,478
73,588
14,953 125,018
3
7,229
39
15
24,068
536
118,047
73,060
216 101,188
4,762
(1,098)
8
10
(105)
(1)
(260)
294
(184)
98
(49)
6,611
(2,960)
120
9,956
(22)
(514)
1,919
(308)
25
(227)
(338)
(247)
1
(10)
(75)
(1,641)
2,537
(811)
1
313
(140)
(212)
(185)
(1)
6,645
652
(2,188)
2
(48)
(103)
80
(1,902)
-
March 31, 2015
Equity
interest
-%
Assets
99.99
99.99
99.99
99.99
99.99
99.99
50.00
99.99
100.00
74.99
79.99
100.00
100.00
97.23
49.99
49.99
50.00
99.99
99.99
99.99
99.99
85.00
99.99
99.99
80.00
99.99
99.99
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
50.00
99.99
85.00
99.99
95.75
99.99
89.00
99.99
80.00
100.00
99.99
100.00
100.00
100.00
51.02
100.00
96.50
100.00
1,784
3,685
1
1
121
1
1,202
4,748
7
24,563
4,177
12,491
12,775
13
2,532
8,428
137,806
60,979
4
26,524
199,800
40,857
18,490
1,715
130
13,235
2
269
5,255
1,103
48,148
29,968
2,684
25,767
9
111,876
170
615
419
32,004
3,114
9,876
2,446
502
3
1,711
1
30,812
12,868
45,056
84,467
46,307
1,046
32,228
6,006
1,595
5,882
971
3,224
1
394
193
3
9,781
387
6,714
1,689
1,239
9,653
3,243
13,194
138,719
11,367
89
79
2,155
1
2
11
1
46,399
29,832
533
15,798
8,066
53
6
20
187
15
2,876
4,837
39
5,787
8,118
11,613
45,000
65,107
34,144
5,317
8,027
4,899
867
1,506
813
461
1
1
120
1
808
4,555
4
14,782
3,790
5,777
11,086
13
1,293
8,428
128,153
57,736
4
13,330
61,081
29,490
18,401
1,636
130
11,080
1
267
5,244
1,102
1,749
136
2,151
9,969
9
103,810
170
562
413
(20)
31,817
3,099
7,000
(2,391)
463
3
(4,076)
1
22,694
1,255
56
19,360
12,163
(4,271)
24,201
1,107
728
4,376
(169)
27
(221)
631
(186)
(138)
(340)
(71)
1,478
1,646
2,302
3,243
127
(4)
(13)
(40)
472
1,681
(80)
194
519
21,437
(3)
(157)
(5)
(345)
(451)
43
(116)
41
(54,167)
(2,823)
(473)
(188)
2,279
(907)
(219)
729
99.99
100.00
100.00
40,631
54,848
46,483
2,031
33,173
10,768
38,600
21,675
35,715
(2,547)
5,509
726
Balance sheet
Liabilities Equity
Profit (loss)
for the year
Cyrela Begonia Empreendimentos Imobiliários Ltda.
Cyrela Bentevi Empreendimentos Imobiliária Ltda.
Cyrela Braganca Empreendimentos Imobiliários Ltda.
Cyrela Empreendimentos Imobiliários Comercial Importadora e
Exportadora Ltda.
March 31, 2015
Equity
interest
-%
Assets
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
75.00
99.99
100.00
99.99
99.99
99.99
95.75
99.99
80.00
54.09
63.00
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
80.00
99.99
74.99
100.00
99.99
80.00
99.99
99.99
99.99
99.99
85.99
99.99
99.99
99.99
100.00
100.00
75.99
99.99
99.99
100.00
97.44
77.96
42.99
122,325
9,682
472
1,110
8,130
5,559
24,206
2
1,769
1,775
87,458
39,204
68,852
3,166
8,409
6
626
1,636
21
14
2,166
7,732
6,819
186
879
1,211
76,521
18,305
1,835
10,160
31,177
16,354
60,419
70,168
114,263
265
10
380,263
1,642
487,137
3,624
95
29,210
197,550
13
143,996
8,272
11,456
178,752
132,491
4,125
163
474
417,763
7,189
42,944
59,771
68,854
320,543
93,677
74,612
5,991
350,329
Balance sheet
Liabilities Equity
Profit (loss)
for the year
Cyrela Jasmim Ltda.
Cyrela Mac Amazonas Empreendimentos Imobiliários Spe Ltda.
Cyrela Mac Monterey Empreendimentos Imobiliários Spe Ltda.
Cyrela Magik California Empreendimentos Imobiliários Spe Ltda.
Cyrela Magik Monaco Empreendimentos Imobiliários Ltda.
Cyrela Rjz Construtora e Empreendimentos Imobiliários Ltda.
78,878
2,065
4
36
8,094
1,924
4,502
2,986
2,792
9,159
36,328
2,994
926
838
1
1
7
57
6,584
2,384
121
642
537
32,070
755
51
6
4,794
16,349
39,036
10,987
104,034
2
103,555
5
308,995
39
6,846
37,047
8
114,133
1,428
310
130,154
90,086
497
114
1
301,623
6,634
23,171
726
47,959
210,388
(20,811)
(40,457)
4,585
194,687
43,447
7,617
468
1,074
36
3,635
19,704
2
(1,217)
(1,017)
78,299
39,204
32,524
172
7,483
6
(212)
1,635
20
7
2,109
1,148
4,435
65
237
674
44,451
17,550
1,784
10,154
26,383
5
21,383
59,181
10,229
265
8
276,708
1,637
178,142
3,585
95
22,364
160,503
5
29,863
6,844
11,146
48,598
42,405
3,628
49
473
116,140
555
19,773
59,045
20,895
110,155
114,488
115,069
1,406
155,642
(1,035)
264
(33)
(523)
130
378
969
3,617
(2,004)
65
478
(166)
(12)
56
(767)
73
2
50
339
3,486
296
(18)
829
(62)
2,245
2,729
(1,603)
(1,612)
39,040
15,603
(38)
2,227
10,581
44
(1,193)
(118)
11,275
1,409
325
(35)
22,704
121
(2,644)
(3)
6,893
(3,377)
(11,314)
1,708
(895)
14,469
March 31, 2015
Equity
interest
-%
Assets
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
92.50
92.50
89.99
89.99
89.99
89.99
92.49
89.99
99.99
60.00
99.99
99.99
99.99
99.99
99.99
50.00
97.89
99.99
99.99
99.99
99.99
96.49
99.99
69.99
60.00
99.99
100.00
48.25
94.99
94.99
94.99
79.99
94.99
94.99
94.99
94.99
94.99
99.99
79.99
94.99
79.99
94.99
49.02
100.00
59.41
32.50
99.99
99.99
43
32,315
5
111
8,894
567
2,314
2,006
38,698
342,231
47,001
6,648
11,580
12,980
1,013
7,366
936
4,366
1,737
2,178
32,981
3
2
53,136
1,315
26
4,089
12,493
163
13
17,083
114,406
3,690
109
77
4,079
6,122
2,657
2,346
30,415
1,424
3,139
32,624
44,132
33,721
5,735
40,128
41,532
566
566
11,496
145
6,304
31,328
12
29,213
314
58,945
1,146
Balance sheet
Liabilities Equity
Profit (loss)
for the year
Cyrela Sul 009 Empreendimentos Imobiliar
Cyrela Sul Construtora Ltda.
Dgc Pugsley Ltda.
Dgc Uberaba Ltda.
Dgc West Side Ltda.
Elbrus Empreendimentos Imobiliários Ltda.
9
34
30,882
1,433
5
41
70
1,301
7,593
79
488
2
2,312
432
1,574
352
38,346
273,807
68,424
12,701
34,300
6,648
11,580
12,980
1,013
1
7,365
936
4,366
1,030
707
2,886
(708)
17,192
15,789
3
2
31,867
21,269
(9)
1,324
(1)
27
956
3,133
(19) 12,512
15
148
127
(114)
14
17,069
5,376 109,030
208
3,482
2
107
43
34
3,239
840
4,761
1,361
112
2,545
770
1,576
2,019
28,396
268
1,156
265
2,874
22,168
10,456
14,599
29,533
24,083
9,638
17
5,718
35,092
5,036
16,257
25,275
143
423
70
496
327
11,169
104
41
1,548
4,756
12,354
18,974
246
(234)
16,627
12,586
124
190
21,734
37,211
2,585
(1,439)
(1)
(1,266)
158
21
(117)
300
1,008
(1,456)
1,503
(64)
(60)
(1)
(1)
(1,601)
729
511
(7)
(1)
16
(20)
(251)
3,507
909
(17)
(1,425)
(540)
492
471
(346)
44
231
(233)
330
2,431
(107)
(1,785)
(816)
(56)
(10)
259
(150)
(161)
3,122
(4)
899
(1)
117
796
March 31, 2015
Equity
interest
-%
Assets
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
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
99.99
99.99
99.99
99.99
99.99
99.99
99.99
78.99
99.99
100.00
99.99
100.00
8,906
5,310
11
16,209
45
40,560
51
121,703
3,465
14,791
6,335
6,852
885
905,152
781
3
3,341
898
3,477
54,314
2,727
4,785
231
909
48,991
35,059
4,229
3,823
9,482
10
63
223
14,111
608
49,623
14
2
2,343
1,913
532
13,315
3
12,444
24,439
5
3,784
2
36,696
97,921
5,289
85,802
3
147
145,329
7,901
41,432
29,405
13
10,768
2
1,022
32,824
131
Balance sheet
Liabilities Equity
Profit (loss)
for the year
Jardim Cedro do Libano Empreendimentos Imobiliários Spe Ltda.
64
8,842
753
4,557
1
10
13,783
2,426
45
10,644
29,916
1
50
73,332
48,371
426
3,039
6
14,785
380
5,955
11,656
(4,804)
638
247
227,009 678,143
781
3
291
3,050
166
732
132
3,345
85
54,229
91
2,636
658
4,127
10
221
186
723
16,428
32,563
18,573
16,486
2,115
2,114
1,937
1,886
654
8,828
10
123
(60)
2
221
7,593
6,518
12
596
10,851
38,772
14
2
1,786
557
12
1,901
532
22
13,293
3
3,336
9,108
24,138
301
1
4
15
3,769
2
35,523
1,173
71,900
26,021
180
5,109
44,548
41,254
3
1
146
74,870
70,459
7,514
387
26,509
14,923
16,398
13,007
13
1,368
9,400
2
12
1,010
32,841
(17)
(3)
134
(10)
4
(1)
1,516
1
(673)
(1)
(5,958)
(13)
(3)
157
(1,183)
22
15,014
(17)
279
157
512
(218)
3
(84)
(1)
6
1,808
1,622
89
(136)
823
(228)
(1)
(502)
364
(2,485)
1
(348)
(184)
(242)
(21)
3,559
4,532
(65)
1,383
(3)
7,091
(263)
2,225
(1)
(129)
(23)
(25)
1
March 31, 2015
Equity
interest
-%
Assets
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
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
54.99
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
167
3,647
7,856
55
19,652
44,725
1
5,113
5,181
778,554
82
29,146
8,587
14,044
16,644
2
19,115
33,577
42,676
2
359,360
1,935
28,580
114
23,980
5
22,525
6,445
1
12,811
5,011
99
11,585
2
889
1
156
192,633
14,953
3
54
2
28,174
17
11,627
98,688
820
36,155
54
13
156
115
7
64,236
20,561
1
7
1
7
2,357
7,063
1,242
7,459
Balance sheet
Liabilities Equity
Profit (loss)
for the year
Mac Cyrela Equador Empreendimentos Imobiliários Ltda.
28
1,405
334
13,450
26,277
3,317
2,948
30,240
23,073
2,972
1,381
6
13,416
124
18,207
206,475
1,934
16,904
138
8,394
15,117
3,361
1,187
2,317
504
9,153
1
6
19,426
11
14,806
420
208
33,339
12
20,786
1
39,848
18,858
63
43
2,241
3,722
93
399
139
2,242
7,522
55
6,202
18,448
1
1,796
2,233
748,314
82
6,073
5,615
12,663
16,638
2
5,699
33,453
24,469
2
152,885
1
11,676
(24)
15,586
5
7,408
3,084
1
11,624
2,694
(405)
2,432
1
883
1
156
173,207
14,942
3
54
2
13,368
(403)
11,419
65,349
808
15,369
54
13
155
115
7
24,388
1,703
(62)
7
(42)
7
116
3,341
1,149
7,060
2
(26)
(174)
4,676
(1)
(4,365)
24,187
(410)
3,432
661
1,144
(326)
404
(338)
4,110
(1)
8,203
2,504
(335)
256
(2)
(916)
(9)
(1)
(661)
(536)
1
(86)
(1)
(68)
(1)
5,721
(98)
(1)
1
(1)
2,150
(1)
(425)
3,326
(2)
(1)
6,090
544
164
38
(1)
(185)
225
March 31, 2015
Equity
interest
-%
Assets
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
99.99
49.99
99.99
49.99
84.99
54.58
99.99
99.99
99.99
90.00
99.99
100.00
99.99
65.35
100.00
21.42
49.99
100.00
99.99
100.00
100.00
49.99
17,736
1,202
2,644
5,743
757,024
1,096
7
936
6
2,425
641
10
16
1
3
30,638
23,424
5,005
15,709
20,245
7,009
40,150
38,598
50,538
1
15,571
11,943
2
47,226
25,838
8
24,045
21,184
6,258
26,666
7
9
28,466
21,278
11,090
2
335
3,374
19
88
3,862
1,912
1,062
268
10,823
16,105
4,972
23,710
10,629
317,511
3,171
6,688
1,927
16,151
1,390
3
8,923
7
18,273
Balance sheet
Liabilities Equity
Profit (loss)
for the year
Mac Rio Das Pedras Empreendimentos Imobiliários Ltda.
9,868
7,868
28
1,174
685
1,959
5,743
73,962 683,062
422
674
7
644
292
6
3,819
(1,394)
510
131
10
16
1
3
19,466
11,172
8,595
14,829
1,659
3,346
2,268
13,441
9,920
10,325
722
6,287
24,559
15,591
19,143
19,455
30,629
19,909
1
1,930
13,641
2,851
9,092
2
18,709
28,517
2,111
23,727
8
12,994
11,051
1,501
19,683
518
5,740
16
26,650
7
9
15,477
12,989
9,676
11,602
3,867
7,223
2
3
332
153
3,221
40
(21)
1
87
984
2,878
2,441
(529)
12
1,050
130
138
10,811
12
15,907
198
652
4,320
11,190
12,520
10,046
583
196,196 121,315
(1)
3,172
521
6,167
72
1,855
1,264
14,887
2,893
(1,503)
1
2
7,502
1,421
2
5
13,173
5,100
388
6
233
666
29,657
(272)
8
230
91
2,624
(465)
(378)
2,043
149
513
2,992
3,376
3,517
(2)
463
(5)
1,135
(1)
951
(1)
666
905
3,683
1,180
(138)
(29)
7
154
3
1
(241)
3,615
(7)
1,551
(111)
81
(13)
(469)
(394)
283
3,570
March 31, 2015
Equity
interest
-%
Assets
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
99.99
69.99
99.99
80.00
99.99
48.89
19.99
59.99
100.00
80.00
99.99
100.00
99.99
49.04
0.01
94.65
45.30
49.45
49.02
48.25
49.02
99.99
99.99
25.33
100.00
8,307
478,908
175,257
163
876
31,873
216
2,022
13
57
1
18,854
17,435
38
9,635
566
44,330
26,514
191
5,132
26,819
1,935
10,935
1,136
13
16,667
40,515
13
23,289
23,630
57,248
(79)
9,594
889
393
28,732
34,415
20,318
743
254
7,866
294
5,985
1,124
2,582
394
909
49,601
2,222
2
2,459
4,689
1,919
2
13,443
157,012
187,374
7,870
89,817
31,465
2,317
5,565
8,013
Balance sheet
Liabilities Equity
Profit (loss)
for the year
Plano Castanheira Empreendimentos Imobiliários Spe Ltda.
Queiroz Galvão Cy Oklahoma Empreendimentos Imobiliários Spe Ltda.
Rua do Orfanato Empreendimentos Imobiliários Spe Ltda.
Scp - Baturite
Scp - Cyrela Nessim
Scp - Voluntarios da Patria
Scp Arruda Alvim
Scp Mac Projetos
4,243
89,309
70,184
(4)
15,781
377
2
2,251
7,309
17
(3)
666
8,172
21,969
2,757
6,144
(528)
12,195
29
12,214
2,937
11,088
13,520
28,542
1,077
3,506
25
1
7,003
3,725
13,092
3
1,778
2
2,242
100
45
8
2,989
11,890
683
3
1,575
790
2
46,254
5,378
22,204
15,893
1,859
228
444
4,064
389,599
105,073
163
880
16,092
216
1,645
13
55
1
16,603
10,126
21
9,638
(100)
36,158
4,545
191
2,375
20,675
2,463
(1,260)
1,107
13
4,453
37,578
13
12,201
10,110
28,706
(1,156)
6,088
864
392
21,729
30,690
7,226
740
254
6,088
292
3,743
1,024
2,537
386
(2,080)
37,711
1,539
2
2,456
3,114
1,129
13,443
110,758
181,996
7,870
67,613
15,572
458
5,337
7,569
(406)
32,604
14,369
1
(202)
61
63
7
(1)
(806)
509
1
(117)
3,602
(3,093)
(3,127)
722
(113)
5,631
(2)
(745)
(631)
209
(773)
(903)
(1,380)
1,035
(13)
35
(26)
382
1,758
172
(548)
6
1,206
(118)
13
156
1,757
116
318
5
2,043
20,995
3,637
984
(53)
(15,901)
809
621
March 31, 2015
Equity
interest
-%
Assets
49.99
49.99
65.00
49.99
49.99
49.99
49.99
50.00
49.95
49.95
70.00
70.00
70.00
70.00
84.25
16.66
75.91
100.00
100.00
100.00
49.99
79.99
90.00
96.48
49.99
57.44
78.98
78.98
99.99
79.99
69.51
40.00
40.00
81.99
1
11,990
50,092
14,785
11,155
17,557
10,705
123,302
6
7
2,161
4,242
4,102
4,891
25,740
34
63,225
5
1,951
2
1,893
51,289
57,536
78
10,349
358
332
100,917
904
788
165,487
302
519
102,799
1
6,919
5,071
24,403
25,689
1,628
13,157
3,920
7,235
167
17,390
39
10,666
1,899 121,403
6
1
6
155
2,006
70
4,172
1
4,101
1
4,890
11,566
14,174
34
10,216
53,009
5
(162)
2,113
2
483
1,410
26,753
24,536
31,127
26,409
4
74
1
10,348
8
350
(56)
388
56,037
44,880
420
484
807
(19)
79,495
85,992
29
273
193
326
37,703
65,096
40.00
38.59
46.49
59.99
24.00
24.00
50.00
50.00
49.99
60.00
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
1,021
6,884
1,838
7,331
9,953
13,498
24,862
20,027
655
12,295
6,130
4,188
34,237
999
15,218
9,349
16,528
233,960
22,255
35,441
82,928
54,275
115,430
5,745
8,950
2,118
17,226
376
804
213
2,890
9,162
10,445
1,803
1,024
903
75
611
742
35
171
6,225
10,247
10,829
67,751
19,219
28,060
10,432
33,894
37,498
1,675
1,850
1,692
13,989
Balance sheet
Liabilities Equity
Profit (loss)
for the year
Sk Ipojuca Empreendimentos Imobiliários Ltda.
(1)
(823)
7,378
(8)
(8)
(75)
(79)
7,144
(3)
(1)
(101)
(263)
(7)
(6)
2,569
1
3,137
21
(46)
1,448
(1)
1
(3)
6
6
(13,030)
(122)
(29)
(135)
(56)
(85)
(576)
Aldeia da Colina Empreendimentos Imobiliários Spe Ltda.
Alpen Haus Negócios Imobiliária S.A.
Arizona Investimento Imobiliária Ltda.
645
6,080
1,625
4,441
791
3,053
23,059
19,003
(248)
12,220
5,519
3,446
34,202
828
8,993
(898)
5,699
166,209
3,036
7,381
72,496
20,381
77,932
4,070
7,100
426
3,237
132
1
29
(44)
2
(2)
226
(77)
(2)
508
400
(18)
(46)
20
(2,276)
(5)
2,207
(42)
865
4,554
407
(300)
2,170
25
1,937
March 31, 2015
Equity
interest
-%
Assets
Balance sheet
Liabilities Equity
Profit (loss)
for the year
Cyrsa S.A.
Estrada Rodrigues Caldas Empreendimentos Imobiliários Spe Ltda.
Fazenda Sao Joao Empreendimentos Imobiliários Spe Ltda.
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
49.95
25.00
50.00
50.00
50.00
50.00
50.00
46.49
80.00
36.67
90.00
48.72
50.00
60.00
49.99
49.99
32.44
48.72
50.00
74.99
48.61
49.95
50.00
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
46.47
69.99
75.00
24,283
10,658
623
6,737
8,909
6,482
1
1,339
1
11,846
7,272
1,850
8,592
8,046
1
185
1
1,941
62,544
51,354
33,748
60
13,747
553,494
1,057
1,394
705
66,545
8,242
3,200
3,219
12,790
3,283
1,208
10,324
65,320
25,352
159
2,815
650
6,840
4,035
23,180
12,172
4,561
28,966
81,444
3
139,320
241
5,560
1,360
24,806
2,655
1,954
30,489
5,748
5,707
119,536
1,612
18,775
70,792
16,905
7,378
8,122
2,536
659
(36)
6,202
535
7,009
1,900
1
(1)
5,644
838
4
(4)
6
(5)
1,346
(7)
5
(4)
9,470
2,376
5,848
1,424
2,049
(199)
8,592
8,313
(267)
1
184
1
1
2,462
(521)
13,856
48,688
23,928
27,426
4,021
29,727
12
48
2,914
10,833
161,672 391,822
104
953
1,725
(331)
868
(163)
9,529
57,016
1,193
7,049
2,892
308
494
2,725
4,939
7,851
954
2,329
588
620
1,764
8,560
54,770
10,550
3,047
22,305
275
(116)
2,894
(79)
585
65
1,652
5,188
1,396
2,639
17
23,163
9,807
2,365
942
3,619
25,390
3,576
70,351
11,093
3
92,272
47,048
251
(10)
3,780
1,780
(4,033)
5,393
1,231
23,575
385
2,270
541
1,413
16,931
13,558
4,557
1,191
2,638
3,069
82,484
37,052
100
1,512
773
18,002
70,289
503
2,470
668
(12)
501
213
(1)
(35)
(2)
1,393
1,036
(60)
(267)
(775)
4,568
(1,021)
431
(2,444)
(145)
6,304
6
(142)
15
(2,109)
489
(1,446)
377
2,229
(96)
23
260
16,714
(841)
(111)
(4)
(15)
(758)
(75)
(23)
7
(81)
102
(368)
13
(196)
357
(211)
63
1,719
633
200
1,634
19
998
(136)
March 31, 2015
Equity
interest
-%
Assets
Balance sheet
Liabilities Equity
Profit (loss)
for the year
Living Jatoba Empreendimentos Imobiliários Ltda.
Prologis Ccp 9
Reserva Casa Grande Empreendimentos Imobiliários Ltda.
Rgc Urbanismo Ltda.
Scp - Classic/Galli
Scp Isla
50.00
70.00
49.95
49.97
49.95
30.00
49.95
40.00
50.00
49.99
50.00
25.00
35.00
50.00
49.95
25.00
90.00
49.99
50.00
34.99
50.00
69.99
39.99
50.00
50.00
49.92
49.95
49.95
49.92
17.80
49.95
38.63
30.00
50.00
48.72
49.99
69.99
50.00
74.99
50.00
49.99
49.99
50.00
19.99
47.87
50.00
59.99
29.99
70.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
50.00
63.00
49.99
50.00
50.00
50.00
385
9,797
1,504
39,423
3,796
77,255
6,323
8,709
22,636
79
749
52,626
44,096
5,964
33,770
11,919
5,133
136
760
521
3,410
1,348
39
27,010
1,715
6,341
5,088
839
2,812
1,543
432
91,885
2,102
5,108
15,321
66,702
26,891
23,032
851
48,093
6,825
25,883
35,997
2
11,609
7,964
5,458
1,742
2,391
13,194
24,265
41,112
15,354
53
12,250
1,873
27,173
1,254
2,253
44,161
83,510
57,621
2,031
1
9,432
1,570
9
64
73,091
667
56
1,714
69
594
25,260
9,742
42
26,866
2,854
5,761
64
673
123
882
1,422
348
5,865
86
428
692
41
4
100
34
53,857
199
776
12,817
66,756
1,643
5,367
1,096
41,519
71
3,026
8,312
201
968
8,139
80
325
8,275
1
28,102
6,792
1,408
98
17,020
1
624
24,692
53,050
30,292
50
384
365
(66)
39,414
3,732
4,164
5,656
8,653
20,922
10
155
27,366
34,354
5,922
6,904
9,065
(628)
72
87
398
2,528
(74)
(309)
21,145
1,629
5,913
4,396
798
2,808
1,443
398
38,028
1,903
4,332
2,504
(54)
25,248
17,665
(245)
6,574
6,754
22,857
27,685
(199)
11,609
6,996
(2,681)
1,662
2,066
4,919
24,264
13,010
8,562
53
10,842
1,775
10,153
1,253
1,629
19,469
30,460
27,329
1,981
(26)
(3)
435
(246)
20
(470)
224
(7)
62
1,059
33
1,075
(1,484)
(638)
1
(4)
(36)
32
(354)
31
(465)
105
6
12
151
2
(7,630)
(158)
239
6
(167)
2,031
362
(52)
2,841
(427)
(42)
15
107
396
(3)
560
555
40
60
171
2
74
(812)
2,047
(779)
(5)
March 31, 2015
Equity
interest
-%
Balance sheet
Liabilities Equity
Assets
Profit (loss)
for the year
December 31, 2014
59.99
24.75
79.99
50.00
49.96
37.49
49.99
50.00
74.99
64.99
21,477
32,319
25,982
891
34,368
12,648
1,502
9,426
3,084
Equity
interest
-%
Assets
64.00
94.99
99.99
49.99
74.99
99.99
49.02
50.00
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
96.84
99.99
99.99
60.00
34.02
66.99
100.00
99.99
99.99
99.99
100.00
99.99
99.99
99.99
523
12,044
20,715
1,182
17,444
714
11,906
334
6,597
45,555
24,123
1,855
112,453
20
4,046
453
19
35,835
7,109
140
10
10,594
7,790
530,748
1,518
230
446
5
25
27,347
4
1,382
52,633
2,760
22,280
929
41,826
9,280
685
372
9
8
119,564
3
429
13,572
356
1,070
568
17,269
535
1,961
10,667
98
106
33
915
20,407
31,751
8,713
356
32,407
1981
(98)
1,396
9,393
2,169
Balance sheet
Liabilities
Equity
Angra Dos Reis Empreendimentos Imobiliários Ltda.
B R Serviços e Investimento Bahamas Ltda.
Brazil Realty - Companhia Securitizadora de Créditos Imobiliários
(27)
3,728
16
428
6,372
88
329
465
550
8,476
25,694
1,204
52,838
3,482
16,504
7,750
189
18
794
528,189
215
1
991
27,594
347
31,805
2,118
137
875
1,871
2,223
168
1,142
2
93,229
2
9,886
44
550
8,316
20,699
754
11,072
626
11,577
(131)
6,047
37,079
(1,571)
651
59,615
20
564
453
19
19,331
(641)
(49)
10
10,576
6,996
2,559
1,303
229
(545)
5
25
(247)
4
1,035
20,828
642
22,143
54
39,955
7,057
517
(770)
9
6
26,335
3
427
3,686
312
(823)
36
(61)
5
487
1766
(3)
778
(93)
199
December 31, 2014
Equity
interest
-%
Assets
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
50.00
99.99
99.99
99.99
50.00
100.00
74.99
79.99
100.00
100.00
97.23
49.99
49.99
50.00
99.99
99.99
99.99
99.99
85.00
99.99
99.99
99.99
99.99
99.99
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
592
1,542
154
179
7
582
15
191,037
138,403
3
191,107
100,890
2,865
7
1,179
3,756
110
4,714
24,165
31,610
4,569
7
25,339
3,613
12,651
13,186
13
3,752
8,428
154,099
61,149
4
23,545
244,490
41,960
17,375
2
29
13,154
2
270
5,250
1,102
45,593
2,577
26,979
9
91,306
170
502
419
2,607
9,946
7,299
Balance sheet
Liabilities
Equity
Cyrela Begonia Empreendimentos Imobiliários Ltda.
Cyrela Bentevi Empreendimentos Imobiliários Ltda.
Cyrela Braganca Empreendimentos Imobiliários Ltda.
437
155
155
1,387
154
1
178
7
582
15
118,110
72,927
14,173 124,230
3
118,048
73,059
17 100,873
2,061
804
7
717
462
3,405
351
110
678
4,036
23,696
469
166
31,444
(207)
4,776
3
4
11,188
14,151
126
3,487
6,736
5,915
1,761
11,425
13
2,338
1,414
8,428
10,425 143,674
4,279
56,870
4
5,917
17,628
186,652
57,838
6,598
35,362
70
17,305
2
9
20
2,926
10,228
1
1
3
267
11
5,239
1
1,101
7,924
37,669
620
1,957
17,529
9,450
9
8,933
82,373
170
2
500
5
414
20
(20)
119
2,488
2,202
7,744
5,637
1,662
December 31, 2014
Equity
interest
-%
Assets
95.75
99.99
89.00
99.99
80.00
100.00
99.99
100.00
100.00
100.00
51.02
100.00
96.50
100.00
489
3
1,866
1
24,196
54,261
46
94,507
46,440
1,059
38,705
6,224
1,774
6,873
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
75.00
99.99
100.00
99.99
99.99
99.99
95.75
99.99
80.00
54.09
63.00
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
80.00
99.99
74.99
100.00
99.99
46,908
55,047
45,609
114,655
16,026
448
880
8,246
5,515
24,139
3
2,684
2,263
97,024
1
35,588
41,003
8,218
8,847
6
1,165
405
27
2
2,651
10,955
7,495
190
849
1,083
73,096
25,242
1,632
13,914
29,480
7
61,995
107,576
109,900
265
1,544
445,149
1,579
512,627
3,404
8
29,288
211,495
13
Balance sheet
Liabilities
Equity
Cyrela Empreendimentos Imobiliários Comercial Importadora e
Exportadora Ltda.
Cyrela Jasmim Ltda.
Cyrela Mac Monterey Empreendimentos Imobiliários Spe Ltda.
Cyrela Magik California Empreendimentos Imobiliários Spe Ltda.
69
5,826
1,543
9,671
72,324
33,803
5,143
9,283
4,210
827
1,745
420
3
(3,960)
1
22,653
44,590
46
22,183
12,637
(4,084)
29,422
2,014
947
5,128
1,379
45,529
38,881
16,166
12,650
32,959
70,173
44,482
2,173
13,853
448
31
849
8,210
36
1,880
3,635
4,872
19,267
1
2
4,031
(1,347)
3,666
(1,403)
9,330
87,694
1
35,588
11,070
29,933
2,911
5,307
1,342
7,505
6
1,211
(46)
405
55
(28)
2
98
2,553
8,367
2,588
3,133
4,362
126
64
656
193
749
334
32,290
40,806
1,087
24,155
40
1,592
3,760
10,154
8
29,472
7
20,949
41,046
36,036
71,540
86,067
23,833
265
4
1,540
100,558 344,591
2
1,577
350,088 162,539
(34)
3,438
8
9,151
20,137
11,409 200,086
8
5
December 31, 2014
Equity
interest
-%
Assets
80.00
99.99
99.99
99.99
99.99
85.99
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
92.50
92.50
99.99
99.99
99.99
99.99
99.99
50.00
97.89
99.99
99.99
99.99
99.99
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
143,556
18,127
11,191
170,397
131,727
3,712
78
454
433,360
8,855
43,566
59,506
56,234
319,412
97,876
83,374
6,068
312,914
6
22,528
5
94
8,689
609
2,191
1,942
46,238
480,397
50,166
6,364
11,451
11,804
989
7,048
936
1,395
3
1
66,645
1,344
27
4,069
12,490
162
168
16,850
127,117
3,028
2,526
78
4,223
21,757
1,944
3,006
37,842
1,874
3,758
33,172
43,396
28,692
5,725
39,540
58,736
Balance sheet
Liabilities
Equity
Dgc Ecoville Ltda.
113,737
1,290
194
113,574
74,731
409
45
1
303,824
9,113
21,150
693
33,231
211,680
(27,926)
(39,487)
3,650
171,740
1
3,829
38
1,254
142
7
667
350
410,638
17,369
45,887
13
(1)
953
33
14
126
23
21,595
454
2
44
1,958
19,856
(109)
1,107
5,646
313
287
22,483
14,194
21,485
11
32,719
40,205
29,819
16,837
10,997
56,823
56,996
3,303
33
453
129,536
(258)
22,416
58,813
23,003
107,732
125,802
122,861
2,418
141,174
5
18,699
5
56
7,435
467
2,184
1,275
45,888
69,759
32,797
6,364
11,451
11,804
989
7,048
936
1,395
3
1
20,758
1,331
28
3,116
12,457
148
42
16,827
105,522
2,574
2,524
34
2,265
1,901
2,053
1,899
32,196
1,561
3,471
10,689
29,202
7,207
5,714
6,821
18,531
December 31, 2014
Equity
interest
-%
Assets
99.99
79.99
94.99
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
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
620
576
12,745
233
12,378
27,548
19
28,626
317
84,697
987
8,860
7,835
11
49,999
43
39,055
1
126,273
3,562
14,615
6,431
7,318
872
937,803
1,442
4
2,133
748
4,109
43,145
2,711
7,278
231
934
45,097
34,478
8,057
3,810
9,638
10
188
224
14,887
270
53,829
14
2
582
1,743
532
13,203
4
11,972
24,315
1
14,285
3,820
2
30,272
81,670
4,716
69,856
Balance sheet
Liabilities
Equity
Dgc Pugsley Ltda.
Dgc Uberaba Ltda.
Dgc Vivare Ltda.
Dgc West Side Ltda.
Elbrus Empreendimentos Imobiliária. Ltda.
Jardim Cedro do Libano Empreendimentos Imobiliários Spe Ltda.
142
70
351
42
1,263
11,696
249
16,939
126
46,603
3,322
58
889
31,889
6,451
75,842
510
7
452
10,939
647
304,924
1,447
482
173
127
146
109
683
9
184
14,342
19,614
1,736
1,939
4,033
124
1
7,867
38
12,572
26
51
7
3,195
24,139
14,099
30
24,043
42,181
42
28,334
478
506
12,394
191
11,115
15,852
(230)
11,687
191
38,094
(2,335)
8,802
6,946
11
18,110
43
32,604
1
50,431
3,052
14,608
5,979
(3,621)
225
632,879
(5)
4
1,651
575
3,982
42,999
2,602
6,595
222
750
30,755
14,864
6,321
1,871
5,605
10
64
223
7,020
232
41,257
14
2
556
1,692
532
13,196
4
8,777
176
1
186
3,790
2
6,229
39,489
4,674
41,522
December 31, 2014
Equity
interest
-%
Assets
99.99
99.99
99.99
99.99
99.99
99.99
99.99
78.99
99.99
100.00
99.99
100.00
99.99
99.99
99.99
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
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
54.99
99.99
99.99
49.44
49.99
49.99
3
2
150,206
7,710
34,812
23,669
13
9,716
2
1,040
8
130
141
3,670
6,796
35
19,708
22,117
1
5,113
5,410
978,753
492
62
24,225
7,550
12,142
16,613
2
18,396
9,403
55,054
9,835
3
370,843
1
26,325
211
23,580
22,505
5,902
3
12,381
3,408
98
11,352
3
953
2
156
182,793
15,916
4
53
3
40,883
17
11,211
92,546
603
33,846
54
14
Balance sheet
Liabilities
Equity
Living Figueira Empreendimentos Imobiliários Ltda.
Living Ourinhos Empreendimentos Imobiliários Ltda.
3
1
1
70,338
79,868
7,423
287
19,625
15,187
12,887
10,782
13
1,392
8,324
2
6
1,034
8
(3)
133
5
136
1,478
2,192
608
6,188
35
13,332
6,376
10,816
11,301
1
3,316
1,797
2,787
2,623
61,463 917,290
492
1
61
18,085
6,140
2,596
4,954
873
11,269
4
16,609
2
13,502
4,894
22
9,381
27,895
27,159
9,835
1
2
226,160 144,683
1
16,653
9,672
211
8,250
15,330
14,181
8,324
3,330
2,572
3
808
11,573
327
3,081
504
(406)
9,209
2,143
1
2
2
951
2
(1)
157
21,438 161,355
3,981
11,935
4
53
3
13,235
27,648
419
(402)
1
11,210
30,707
61,839
15
588
21,803
12,043
54
14
December 31, 2014
Equity
interest
-%
Assets
Balance sheet
Liabilities
Equity
Mac Incorporadora Ltda.
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
24.99
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
99.99
49.99
99.99
49.99
84.99
54.58
99.99
151
114
7
55,704
28,724
1
7
1
7
1,501
7,000
5
1,326
7,844
20,113
1,232
3,441
8,443
752,743
1,186
7
958
6
2,230
686
10
17
4
4
27,211
22,787
6,394
23,941
19,175
8,211
37,954
34,416
46,511
1
15,134
13,762
7
55,854
25,763
8
28,606
21,004
9,098
26,342
7
9
26,425
18,103
11,801
2
336
4,000
11
7
3,846
2,034
1,320
267
37,407
10,453
63
43
1,659
3,663
4
93
459
9,783
32
1,167
79,733
240
673
3,904
787
3
18,664
8,280
1,370
7,983
8,999
2,297
25,355
18,336
27,761
1,962
2,473
28,472
2,101
1
18,012
1,502
658
72
14,341
5,134
2,798
3
499
32
975
2,717
273
131
151
114
7
18,297
18,271
(62)
7
(42)
7
(158)
3,337
1
1,233
7,385
10,330
1,200
2,274
8,443
673,010
946
7
285
6
(1,674)
(101)
10
17
1
4
8,547
14,507
5,024
15,958
10,176
5,914
12,599
16,080
18,750
1
13,172
11,289
7
27,382
23,662
7
10,594
19,502
8,440
26,270
7
9
12,084
12,969
9,003
2
333
3,501
(21)
7
2,871
(683)
1,047
136
December 31, 2014
Equity
interest
-%
Assets
99.99
99.99
90.00
99.99
100.00
99.99
65.35
100.00
21.42
49.99
100.00
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
99.99
69.99
99.99
80.00
99.99
48.89
19.99
59.99
100.00
80.00
2
8
4,917
21,447
11,385
304,405
3,171
6,438
1,853
21,594
1,411
3
18,912
7
14,884
7,751
454,301
140,877
162
1,071
32,190
204
1,693
13
16
2
17,390
20,161
38
8,107
789
45,236
35,102
13
5,348
27,491
1,845
28,370
1,144
13
16,211
39,462
13
36,249
10,466
58,758
(14)
8,857
661
209
27,768
35,669
20,200
379
256
9,171
288
11,524
1,226
2,700
384
2,022
46,859
2,149
Balance sheet
Liabilities
Equity
Queiroz Galvão Cy Oklahoma Empreendimentos Imobiliários Spe Ltda.
2
8
356
4,561
10,560
10,887
5,718
5,667
184,641 119,764
(1)
3,172
160
6,278
72
1,781
4,529
17,065
2,445
(1,034)
1
2
1,996
16,916
2
5
13,154
1,730
3,281
4,470
97,350 356,951
47,649
93,228
162
83
988
15,228
16,962
204
276
1,417
13
8
8
2
2,738
14,652
6,404
13,757
17
21
(3)
8,110
1,019
(230)
11,850
33,386
22,964
12,138
13
(97)
5,445
7,159
20,332
(546)
2,391
17,563
10,807
30
1,114
13
11,281
4,930
3,889
35,573
13
14,853
21,396
536
9,930
26,092
32,666
1,047
(1,061)
3,648
5,209
24
637
3
206
6,490
21,278
9,425
26,244
10,080
10,120
1
378
2
254
2,535
6,636
2
286
2,687
8,837
84
1,142
286
2,414
10
374
2,860
(838)
13,138
33,721
726
1,423
December 31, 2014
Equity
interest
-%
Assets
99.99
100.00
99.99
49.04
0.01
94.65
45.30
49.45
49.02
48.25
49.02
99.99
99.99
25.33
100.00
49.99
49.99
65.00
49.99
49.99
49.99
50.00
49.95
49.95
63.00
70.00
70.00
70.00
70.00
81.99
16.66
75.91
100.00
100.00
100.00
49.99
79.99
90.00
96.48
49.99
57.44
78.98
78.98
99.99
79.99
69.51
40.00
40.00
81.99
3
2,456
3,709
1,912
2
20,278
156,516
176,538
9,299
89,617
36,873
2,275
5,565
7,362
2
11,829
39,089
11,065
17,268
10,541
134,105
9
7
2,570
2,909
4,142
4,111
4,947
25,719
34
98,170
4
1,957
2
3,967
47,834
57,563
77
10,345
363
323
138,618
912
3,601
164,839
357
659
110,506
40.00
38.59
46.49
59.99
24.00
24.00
50.00
50.00
49.99
60.00
25.00
50.00
872
8,157
2,016
7,380
9,951
13,519
24,782
20,092
1,138
12,296
11,938
5,851
Balance sheet
Liabilities
Equity
Scp - Baturite
Scp - Cyrela Nessim
Scp Arruda Alvim
Scp Mac Projetos
3
2,456
(137)
3,846
775
1,137
2
200
20,078
65,254
91,262
5,378 171,160
1,480
7,819
28,744
60,873
13,950
22,923
2,976
(701)
227
5,338
414
6,948
1
1
6,600
5,229
16,279
22,810
3,901
7,164
3
17,265
1
10,540
1,389 132,716
9
7
1,045
1,525
802
2,107
288
3,854
(83)
4,194
54
4,893
13,624
12,095
1
33
14,298
83,872
4
(135)
2,092
2
792
3,175
24,747
23,087
31,153
26,410
4
73
1
10,344
19
344
(58)
381
80,708
57,910
386
526
586
3,015
78,712
86,127
28
329
214
445
44,834
65,672
359
807
210
2,965
9,160
10,465
1,949
1,000
1,384
76
827
705
513
7,350
1,806
4,415
791
3,054
22,833
19,092
(246)
12,220
11,111
5,146
December 31, 2014
Equity
interest
-%
Assets
Balance sheet
Liabilities
Equity
Cyrsa S.A.
Estrada Rodrigues Caldas Empreendimentos Imobiliários Spe Ltda.
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
36.67
90.00
48.72
50.00
60.00
49.99
49.99
32.44
48.72
60.00
50.00
74.99
48.61
49.95
50.00
90.00
49.92
84.99
49.44
49.95
48.61
48.61
25.00
57.53
34,267
996
14,959
12,430
16,422
233,960
21,112
34,685
82,081
44,140
111,232
5,413
8,727
1,939
13,191
19,540
9,895
454
6,387
7,824
1
6,644
1,086
10,013
5,835
1,380
5,263
1,992
71,770
98,050
41,817
2,504
13,757
515,415
1,031
1,372
842
70,563
8,054
3,161
3,165
10,700
3,083
1,176
10,309
28,786
91,047
29,832
112
1,543
678
6,987
5,616
23,162
12,172
4,403
29,022
81,518
3
146,641
34
34,233
122
874
6,101
8,858
11,052
1,378
10,815
5,607
67,751 166,209
20,283
829
27,262
7,423
10,450
71,631
28,313
15,827
35,507
75,725
1,044
4,369
3,797
4,930
1,538
401
11,891
1,300
14,632
4,908
8,028
1,867
478
(24)
6,353
34
6,136
1,688
1
5,771
873
4
(4)
5
(5)
1,091
(5)
4
(4)
9,029
984
5,447
388
1,519
(139)
5,263
2,000
(8)
17,905
53,865
69,320
28,730
15,248
26,569
12
2,492
2,279
11,478
129,398 386,017
84
947
1,711
(339)
1,020
(178)
11,438
59,125
1,217
6,837
1,407
1,754
717
2,448
5,093
5,607
(141)
3,224
579
597
573
9,736
13,726
15,060
7,862
83,185
5,586
24,246
170
(58)
1,618
(75)
597
81
1,041
5,946
2,902
2,714
9
23,153
9,807
2,365
791
3,612
25,442
3,580
70,344
11,174
3
99,695
46,946
December 31, 2014
Equity
interest
-%
Assets
Balance sheet
Liabilities
Equity
Prologis Ccp 9
Rgc Urbanismo Ltda.
Scp - Classic/Galli
Scp Isla
49.95
48.72
60.00
25.00
49.95
49.95
74.99
49.95
25.00
49.99
46.47
69.99
75.00
50.00
70.00
49.95
49.97
49.95
30.00
49.95
40.00
50.00
49.99
50.00
25.00
35.00
50.00
49.95
25.00
90.00
49.99
50.00
34.99
50.00
69.99
39.99
49.99
50.00
49.92
49.95
49.95
49.92
17.80
49.95
38.63
30.00
50.00
48.72
49.99
69.99
50.00
74.99
50.00
49.99
49.99
50.00
19.99
47.87
50.00
59.99
29.99
70.00
50.00
50.00
251
9,040
1,287
32,610
2,926
2,073
30,695
4,694
6,042
107,833
1,591
17,430
70,101
384
9,133
1,456
41,990
4,090
76,781
7,027
8,709
23,003
231
756
52,626
42,405
5,858
33,542
13,802
6,186
136
263
522
4,078
12
39
27,141
2,203
6,386
5,384
831
2,799
1,350
430
93,598
1,421
5,026
14,905
66,703
43,465
21,697
994
47,974
6,825
31,930
35,997
2
15,027
5,369
2,061
1,846
2,343
14,605
(107)
3,360
(4,077)
2,883
445
723
18,857
4,136
3,173
72,415
92
426
69,462
1
8,741
1,519
11
112
72,636
901
56
1,689
214
663
25,260
9,110
2
33
27,713
3,253
6,176
64
177
120
1,514
117
348
5,642
105
8
1,092
39
3
58
34
47,940
933
12,407
66,757
2,133
6,063
1,602
41,348
71
11,914
8,312
201
900
179
4,322
199
344
952
358
5,680
5,364
29,727
2,481
1,350
11,838
558
2,869
35,418
1,499
17,004
639
383
392
(63)
41,979
3,978
4,145
6,126
8,653
21,314
17
93
27,366
33,295
5,856
(33)
5,829
10,549
10
72
86
402
2,564
(105)
(309)
21,499
2,098
6,378
4,292
792
2,796
1,292
396
45,658
1,421
4,093
2,498
(54)
41,332
15,634
(608)
6,626
6,754
20,016
27,685
(199)
14,127
5,190
(2,261)
1,647
1,999
13,653
December 31, 2014
Equity
interest
-%
Assets
Balance sheet
Liabilities
Equity
March 31, 2014
Abc Ii de Invest Imob Ltda.
Abc Realty de Invest Imob Ltda.
Abdo Empreend Imob Ltda.
Adiel Empreend Imob Ltda.
Agcc Empreend Imob Ltda.
Alabama Empreendimentos Imob. Ltda.
Alexandria Empreend Imob Ltda.
Andaluzia Empreend Imob Ltda.
Andorra Empreend Imob Ltda.
Angra Dos Reis Empreend Imob Ltda.
Atlantida Empreend Imob Spe Ltda.
Australia Empreendimentos Imob Ltda.
B R Serviços e Invest Bahamas Ltda.
Barão de Miracema Empreend Imob Spe Ltda.
Barra do Pirai Empreend Imob Ltda.
Basco Empreend Imob Ltda.
Belgica Empreend Imob Ltda.
Betabens Adm de Bens Ltda.
Bhutan Empreendimentos Imob. Ltda.
Boa Vista Empreend Imob Spe Ltda.
Brazil Realty - Cia Securit de Cred Imob
Brc Adm e Participação Ltda.
Bretanha Empreend Imob Ltda.
Brigadeiro Galvão Empreend Imob Spe Ltda.
Budapeste Empreend Imob Ltda.
Cabo Frio Empreend Imob Ltda.
Cajati Empreend Imob Ltda.
Calafete Invest Imob Ltda.
Campos Sales Empreend. 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.
50.00
50.00
50.00
50.00
49.99
50.00
50.00
50.00
50.00
49.99
50.00
50.00
59.99
24.75
79.99
50.00
49.96
37.49
49.99
50.00
74.99
64.99
24,270
37,855
13,652
53
44,492
16,227
2,054
27,221
1,250
86,848
64,743
1,526
21,245
25,610
26,310
908
35,045
13,485
5
1,122
9,301
5,547
Equity
interest
-%
Profit (loss)
for the period
64
95
100
80
100
49
50
100
80
68
100
100
100
100
100
100
100
80
50
50
60
100
100
100
50
100
100
100
100
100
40
100
97
100
100
60
100
154
2,134
15
1,240
44
(219)
(80)
(1)
(1,553)
(4,983)
1,182
(1,369)
(11)
207
478
(81)
(7)
(8,389)
(354)
146
(305)
(3)
3,698
(184)
1,990
(1)
(2)
3
(1)
(203)
-
25,634
6,473
23,837
997
236
17,266
58,414
36,394
27
680
95
17,536
557
3,125
11,270
100
504
195
4,125
24,270
12,221
7,179
53
20,655
15,230
1,818
9,955
1,250
28,434
28,349
1,499
20,565
25,515
8,774
351
31,920
2,215
(95)
618
9,106
1,422
March 31, 2014
Carlos Gomes Square Empreend Imob Ltda.
Cbr Ass e Consult Imob Ltda.
Cbr029 Empreend Imob Ltda.
Cbr033 Empreend Imob Ltda.
Ccp Canela
Century de Invest Imob Ltda.
Chiachiaretta Empreend Imob Ltda.
Corsega Empreend Imob Ltda.
Cotia Empreend Imob Ltda.
Country de Invest Imob Ltda.
Cupertino Empreendimentos Imob. Ltda.
Curupaiti Empreend Imob Spe Ltda.
Cybra de Invest Imob Ltda.
Cyrela Aconcagua Empreend Imob Ltda.
Cyrela Alasca Empreend Imob Ltda.
Cyrela Andrade Mendonca Jcpm e I Spe S.A.
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 Empreend Imob Ltda.
Cyrela Belgrado Empreend Imob Ltda.
Cyrela Bentevi Empreend 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.
Equity
interest
-%
Profit (loss)
for the period
67
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
50
50
50
100
100
50
100
100
100
100
100
100
100
100
100
100
50
100
100
100
50
100
75
80
100
100
97
50
50
100
98
100
100
85
100
100
100
100
98
100
100
100
100
100
80
97
100
100
100
(173)
(157)
(20)
17,189
2
(2)
(223)
(1)
31
(1)
(11)
(1,364)
(489)
685
(1,788)
(472)
43,408
(9)
484
(9,301)
5,603
(57)
2,482
(3)
1,311
674
928
(7)
2,403
March 31, 2014
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 China Empreend Imob Ltda.
Cyrela Classic de Invest Imob Spe Ltda.
Cyrela Coimbra Empreend Imob Ltda.
Cyrela Comercial Imob Ltda.
Cyrela Congonhas Empreend Imob Ltda.
Cyrela Conquista Empreend Imob Ltda.
Cyrela Cordoba Empreend Imob Ltda.
Cyrela Costa Rica Empreend Imob Ltda.
Cyrela Cristal Empreend Imob Ltda.
Cyrela Cuzco Empreend Imob Ltda.
Cyrela Diamante
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 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 Inca Empreend Imob Ltda.
Cyrela Índico Empreend Imob Ltda.
Cyrela Indonesia Empreend Imob Ltda.
Cyrela Inhambu Empreend Imob Ltda.
Cyrela Invest e Particip Ltda.
Cyrela Ipanema Empreend. Imob
Cyrela Itapeva Empreend Imob Ltda.
Cyrela Jade Empreend Imob Ltda.
Cyrela Jamaica Empreend Imob Ltda.
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 Everest 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 Mexico Empreend Imob Ltda.
Cyrela Moinho Empreend Imob Ltda.
Cyrela Molise Empreend Imob Ltda.
Cyrela Monserrate Empreend Imob Ltda.
Equity
interest
-%
Profit (loss)
for the period
100
100
100
100
100
85
100
96
100
89
100
80
100
100
100
100
100
51
100
97
100
100
100
100
100
67
100
100
80
100
96
96
100
100
100
100
100
72
100
100
100
75
100
100
100
100
100
100
96
100
80
54
63
100
76
80
100
100
100
100
100
100
100
100
100
100
1
(2)
(93)
623
(4,560)
(83)
145
3,199
(8,086)
(5,860)
(52)
(456)
8,764
(1,273)
(301)
452
(2,443)
2,149
8,222
6,873
1,857
(11)
(45)
(9,059)
96
5,059
1,339
222
(98)
(610)
3,467
126
66
4,117
979
(222)
(14)
(146)
137
1,343
(2)
972
1,342
3,045
9,973
(1)
March 31, 2014
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 Palermo Empreend Imob Ltda.
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.
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 Gulf 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 Somerset de Invest Imob Ltda.
Cyrela Suecia Empreend Imob Ltda.
Cyrela Toscana Empreend Imob Ltda.
Cyrela Trentino Empreend Imob Ltda.
Cyrela Tupiza 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.
Cyte Magik Empreend Imob Ltda.
Cytec Empreend Imob Ltda.
Cz6 Empreend Comerciais Ltda.
Decor Paraiso Empreend Imob Ltda.
Dgc Ecoville Ltda.
Dgc Living Parana Empreen Imob Ltda.
Dgc Luiz Tramontin Empreend Imob Ltda.
Dgc Map Parana Empreend Imob Ltda.
Equity
interest
-%
Profit (loss)
for the period
100
100
100
100
75
100
100
100
80
100
100
100
98
86
100
100
100
100
100
100
76
100
100
100
97
78
43
100
100
100
100
80
73
64
75
83
89
100
100
100
100
100
50
100
100
98
100
100
100
98
96
100
70
60
100
100
48
95
95
95
80
100
95
95
95
95
70,421
(1)
22,539
3,356
(23,696)
25
867
(83)
11,845
40,280
(471)
23,411
(3,862)
212
(3)
3,290
(1,155)
(1,862)
3,496
154
5,359
(2)
10,796
31
1,400
80
151
4,838
(6,651)
(1)
206
(2)
(1)
42,924
15
(1)
(10)
514
1,320
(1,061)
4,132
(1,275)
362
(1,427)
210
(18)
1,249
760
757
(9)
March 31, 2014
Dgc Pinheirinho Empreend Imob Ltda.
Dgc Pugsley Ltda.
Dgc Uberaba Ltda.
Dgc Vivare Ltda.
Dgc West Side Ltda.
Dover Empreendimentos Imob. Ltda.
Egito Empreend Imob Ltda.
Elbrus Empreendimentos Imob. Ltda.
Ephigenio Sales Empreend Imob Spe Ltda.
Fabia Empreend Imob Spe Ltda.
Farroupilha Empreend Imob S.A.
Fernão Dias Empreend Imob Spe Ltda.
Flamingo Invest Imob Ltda.
Francisco Leitão Empreend Imob Spe Ltda.
Funchal Empreend Imob Ltda.
Gabrielle Emp. Imob. Spe Ltda.
Galiza Empreend Imob Ltda.
Galvão e Living Planej Imob Ltda.
Garibaldi Empreend Imob Ltda.
Gatrun Empreend Imob Ltda.
Gcln Incorp e Empreend Ltda.
Gcm Empreend Imob Ltda.
Gcw Capão da Canoa Emp. Imob. Ltda.
Global Park Residencial Empr Imob Ltda.
Goiania Empreend Imob Ltda.
Goldsztein Cyrela Empreend Imob S.A.
Guararema Empreend Imob Ltda.
Gv 10 Empreend Imob Ltda.
Himalaia Empreend Imob Ltda.
Horizons Empreend Imob Ltda.
Ic Incorporadora Ltda.
Jardim Acropole Empreend Imob
Jardim America Incorp Spe Ltda.
Jardim Cedro do Libano E. I. Spe Ltda.
Jardim Loureiro da Silva Empreend. Imob. Ltda.
Jardim Real Empreend Imob Ltda.
Jardim Sul Incorp Ltda.
Jdm Lavras Alegrete Empreend Imob Ltda.
Jdm Leão Empr Imob Ltda.
Jdm Pq Das Palmeiras Empr Imob Ltda.
Kalahari Empreend Imob Ltda.
Kilimanjaro Empreendimentos Imob. Ltda.
Koby Adm de Bens 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.
Liubliana Empreend Imob Ltda.
Living 001 Empreend Imob Ltda.
Equity
interest
-%
Profit (loss)
for the period
95
95
100
80
95
80
100
95
49
100
59
90
33
100
100
100
50
55
65
100
100
100
100
80
50
60
60
100
80
100
90
100
100
100
90
100
50
100
100
60
70
65
100
10
100
100
100
100
50
79
40
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
163
294
(68)
(9)
(783)
(14)
2,527
424
(2)
457
10
5,107
(209)
1,371
(2)
7,364
(40)
(481)
222
(69)
628
(756)
5
17,536
(183)
63
36
433
(4)
(7)
18
719
(5)
(8)
345
241
(620)
(4)
1,141
(6)
(1)
(29)
(18)
1,822
391
(1,860)
2
-
March 31, 2014
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 Botucatu 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 Empreend Imob 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 Jatoba 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 Talara Empreend Imob Ltda.
Living Tallinn Empreend Imob Ltda.
Living Tatui Empreend Imob Ltda.
Equity
interest
-%
Profit (loss)
for the period
100
100
100
100
100
100
100
100
100
100
100
100
75
100
100
100
100
100
100
100
100
100
100
50
100
100
100
100
100
100
100
100
100
100
50
100
100
100
100
100
100
100
100
100
100
100
100
100
100
89
100
100
100
100
100
100
100
100
100
100
100
100
100
70
100
100
(8)
2,680
(79)
(122)
(1)
6,038
(10)
(603)
6,042
(1)
(674)
(30)
(15)
2
(1)
(1)
(2,021)
708
(1)
(4,158)
55,177
1
1
874
883
(1)
1,472
(2)
2,077
(139)
2,328
(148)
12,276
1,148
8
(482)
(2)
(1)
(506)
(1)
(227)
(1)
10
(1)
(1)
(1)
(1)
(11)
3,742
(1)
March 31, 2014
Living Tupi Empreend Imob Ltda.
Living Uberaba Empreend Imob Ltda.
Londrina Empreend Imobiliários Ltda.
Lorena Empreend Imob Spe Ltda.
Luanda Empreend Imob Ltda.
Lyon Empreend Imob Ltda.
Mac 11 de Junho Empreend Imob Ltda.
Mac Aconcagua Empreend Imob Ltda.
Mac Apolo 11 Empreend Imob Ltda.
Mac Arizona Empreendimentos Imob. Ltda.
Mac Australia Empreend Imob Ltda.
Mac Barcelona Empreend Imob Ltda.
Mac Brasil Empreend Imob Ltda.
Mac Buenos Aires Empreend e Partic Ltda.
Mac Chile Empreend Imob 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. - Scp Investim
Mac Empreend Imob Ltda.
Mac Escocia Empreend Imob Ltda.
Mac Espanha Empreend Imob Ltda.
Mac Holanda Empreend Imobiliários Ltda.
Mac Incorporadora Ltda.
Mac Invest e Particip Ltda.
Mac Irlanda Empreend Imob Ltda.
Mac Italia 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 Empreend Imob Ltda.
Mac Mexico Empreend 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 Pari Empreend Imob Ltda.
Mac Pionner-4 Empreend Imob Ltda.
Mac Portugal Empreend Imob Ltda.
Mac Ranger-7 Empreend 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 Suica Empreend Imob Ltda.
Mac Texas Empreendimentos Imob. Ltda.
Mac Tokio Empreend Imob Ltda.
Mac Uruguai Empreend Imob Ltda.
Mac Veneza Empreend Imob Ltda.
Mac Zond-6 Empreend Imob Ltda.
Madinina Empreend Imob Ltda.
Madison Propriedades Imobs Ltda.
Maiastra 1 Empreend Imob Ltda.
Maiastra 2 Empreend Imob Ltda.
Maloga Empr. Imob. Ltda.
Marica Empreend Imob Ltda.
Matheo Empreend Imob Ltda.
Matis Empreend Imob Ltda.
Equity
interest
-%
Profit (loss)
for the period
100
100
100
80
50
100
100
49
50
50
50
49
49
50
50
50
50
50
68
50
80
69
70
48
50
50
50
70
25
50
50
50
50
50
50
49
50
70
45
49
48
49
49
50
50
50
50
50
50
50
50
40
50
49
50
48
75
50
100
100
100
100
100
100
100
100
16
(1)
6,549
(7,218)
(91)
1,789
1,277
(71)
(709)
223
20
432
1,498
116
171
402
27,040
2,214
19
1,263
8
1,130
952
717
2,384
(1,008)
1,284
1,170
2,155
2,222
5,597
3,782
(49)
(174)
1,163
(246)
402
(1)
694
9,265
11,579
(1)
71
(102)
March 31, 2014
Medan Empreend Imob Ltda.
Mesopotamia Empreend Imob Spe S.A.
Miralta Empreend Imob Spe Ltda.
Monte Alegre 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.
Office Shopping 2 Empreend Ltda.
Option de Invest Imob Ltda.
Paraba Invest e Particip Ltda.
Parecis Empreend Imob Ltda.
Pascal 1777 Empreend Imob Spe Ltda.
Peniche Empreend Imob Ltda.
Pequim Empreend Imob Ltda.
Peru Empreend Imob Ltda.
Petropolis Empreend Imob Ltda.
Pirapitingui Empreend Imob Ltda.
Pitombeira Empreend Imob Ltda.
Plano & Plano Constr e Particip Ltda.
Plano Amoreira Empreend Imob Spe Ltda.
Plano Angelim Empreend Imob Ltda.
Plano Araucaria Empreend Imob Ltda.
Plano Aroeira Empreend Imob Ltda.
Plano Cabreuva Empreend Imob Ltda.
Plano Cambara Empreend Imob Ltda.
Plano Carvalho Empreend Imob Ltda.
Plano Castanheira Empr Imob Spe Ltda.
Plano Cedro Empreend Imob Ltda.
Plano Cerejeiras Empreend Imob Ltda.
Plano Eucalipto Empreend. Imob Ltda.
Plano Figueira Empreend Imob Ltda.
Plano Flambouyant Empreend Imob Ltda.
Plano Guapira 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 Limoeiro Empreend Imob Ltda.
Plano Macieira 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 Ltda.
Plano Pitangueiras Empreend Imob Ltda.
Plano Seringueira Empreend Imob Ltda.
Plano Videira Empreend Imob Ltda.
Potim Empreend Imob Ltda.
Praca Oiapoque Empreend Imob Spe Ltda.
Praga Empreend Imob Ltda.
Praia do Forte Empreend Imob Ltda.
Prime Planejamento Imob Ltda.
Queiroz Galvão Cy Oklahoma e I Spe Ltda.
Raimundo Pereira Magalhaes e I Spe Ltda.
Ravenna Empreend Imob Ltda.
Rua do Orfanato Empr Imob Spe Ltda.
Salermo Empreend Imob Ltda.
Equity
interest
-%
Profit (loss)
for the period
50
100
85
55
100
100
100
90
100
100
100
65
100
21
100
50
100
100
100
100
50
100
79
92
79
79
79
79
79
79
92
79
79
79
79
79
79
79
79
79
79
79
79
79
72
79
79
79
79
79
79
79
79
79
79
100
70
100
80
100
49
20
60
100
80
100
(54)
322
(69)
(9)
(1)
92
(14)
(8,373)
7,160
(1,323)
161
3,678
(238)
16
(2)
2,486
15,012
11,167
(1)
(80)
(1)
(1)
(1)
(48)
2,872
(194)
138
3,626
(214)
(38)
(468)
41
143
(1)
885
73
(37)
10,177
(168)
(228)
(26)
(187)
(1,971)
(1)
2,517
6
1,968
45
12
51
(1,470)
89
-
March 31, 2014
Sao Goncalo Empreend Imob Ltda.
Sapucainha Empreend Imob Ltda.
Saracura - Invest Imob Ltda.
Scp - Baturite
Scp - Cyrela Nessim
Scp - Provence Horto
Scp Arruda Alvim
Scp Mac Projetos
Seattle Empreendimentos Imob. Ltda.
Seller Consultoria Imob e Represent Ltda.
Selling Consult Imob e Represent Ltda.
Sevilha Empreend Imob Ltda.
Sk Edson Empreend Imob Spe Ltda.
Sk Jurucê Empreend Imob Ltda.
Sk Realty Empreend Imob S.A.
Spe Goiania Incorp 5 S.A.
Sr Antonio Macedo Empreend Imob Spe Ltda.
Sr Mourato Coelho Empreend Imob Spe Ltda.
Ssb Empreend Imob Spe S.A.
Suriname Empreend Imob Ltda.
Tal de Invest Imob Ltda.
Tal Empreend Imob Ltda.
Tal Portfolio Invest e Particip Ltda.
Tapira Empreend Imob Ltda.
Torres Vedras Empreend Imob Ltda.
Unique de Invest Imob Ltda.
Venancio Aires Empreend Imob Spe Ltda.
Vereda Paraiso Empreend Imob Ltda.
Vero Campo Belo Empr Imob Spe Ltda.
Vero Sta Isabel Empreend Imob Spe Ltda.
Viana do Castelo Empreend Imob Ltda.
Vinhedo Empreend Imob Ltda.
Vinson Empreendimentos Imob. Ltda.
Vivere Franca Empreend Imob Ltda.
Vivere Japão Empreend Imob Ltda.
Vmss Empreend Imob Spe S.A.
Agin Vergueiro Empreend Imob Spe Ltda.
Aldeia da Colina Empreend Imob Spe Ltda.
Alpen Haus Desenv Imob S.A.
Alpen Haus Negócios Imob S.A.
Arizona Invest Imob Ltda.
Autentico Vila Carrão Empr Imob Spe Ltda.
Bni Guarapiranga Desenv. Imob. Ltda.
Brasil Incorporação 83 Ltda.
C.E.A. Empreend Imob Spe Ltda.
Caiobas Empreend Imob Spe Ltda.
Capri Incorp Spe Ltda.
Ccisa08 Consultoria Imobiliária Ltda.
Equity
interest
-%
Profit (loss)
for the period
100
100
100
49
0
100
95
45
49
49
48
49
100
100
100
65
50
50
63
70
50
50
77
17
76
100
100
100
13
80
96
50
57
79
79
100
80
70
40
40
77
40
39
46
60
24
24
50
50
25
50
50
50
50
50
50
33
50
50
25
50
25
50
25
50
50
50
(195)
58
2,384
6,264
306
5,417
(172)
(10,628)
(24)
52
1,110
(150)
10,645
59
97
(170)
(31)
758
266
17,734
(1)
472
3
(510)
14
(38)
1
(4)
4,113
139
(525)
(3)
144
(39)
(10,507)
(102)
(195)
(563)
1,449
40
(1,431)
(69)
185
(18)
6,072
29
2,395
2,124
111
2,932
1,179
(385)
2,676
417
253
(159)
March 31, 2014
Cedro Consultoria Imob Ltda.
Chl Lxxviii Incorp Ltda.
Cipasa Votorantim Empreend Imob S.A.
Construtora Pampaulista Ltda.
Costa Maggiore Empreend Imob Ltda.
Cyrela Japão Empreend Imob Spe Ltda.
Cyrela Lirio
Cyrela Lombardia Empreend Imob Ltda.
Cyrela Magik Tecnisa Empr Imob Spe Ltda.
Cyrela Malasia Empreend Imob Ltda.
Cyrela Milao Empreend Imob S.A.
Cyrela Minas Empreend Imob Spe Ltda.
Cyrela Nazca Empreend Imob Ltda.
Cyrela Oceania Empreend Imob Ltda.
Cyrela Tecnisa de Invest Imob Ltda.
Cyrela Tennessee Empreend Imob S.A.
Cyrela Tolteca Empreend Imob Ltda.
Cyrela Vila do Conde Empreend Imob Ltda.
Cyrsa S.A.
Dalia Empreend Imob Ltda.
Emmerin Incorp Ltda.
Estela Borges Empreend Imob S.A.
Estrada Rodrigues Caldas E. I. Spe Ltda.
Europa Brasil Empreend Imob Spe Ltda.
Fazenda Sao Joao Empreend Imob Spe Ltda.
Forest Hill de Invest Imob Ltda.
Forest Ville Incorp Ltda.
Fortuna Incorp Ltda.
Galeria Boulevard Desenvolv Imob S.A.
Galeria Boulevard Negócios Imob S.A.
Girassol - Vila Madalena Empr Imob S.A.
Grand Life Botafogo Empr Imob Spe Ltda.
Guaruba Empreend 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.
Ipanema Invest Imob Ltda.
Jacira Reis Empreend Imob Ltda.
Jaguariúna Empreend Imob Ltda.
Luar do Paraiso Incorp Ltda.
Madagascar Incorp Ltda.
Magnum Invest Imob Ltda.
Equity
interest
-%
Profit (loss)
for the period
50
50
50
50
50
50
50
50
50
50
50
25
50
50
50
85
50
50
46
80
50
50
37
90
49
50
80
60
50
32
49
60
50
50
75
49
50
50
90
50
85
49
50
50
49
49
25
58
50
49
60
25
50
50
75
50
25
50
50
38
70
50
50
50
30
50
(3)
838
2
458
(1)
(517)
8,321
2,808
(148)
1
731
5,427
66
293
(264)
(1,941)
735
11
(1)
406
(132)
44
559
954
404
256
(10)
(37)
440
(232)
(21)
(1)
136
1,227
52
242
(50)
353
546
1,012
3,174
1,696
(1,225)
1,914
(840)
17
(50)
(934)
(27)
46
1,403
March 31, 2014
Mãos Dadas Empreend Imob S.A.
Marina Crepi Empreend Imob Spe Ltda.
Marquise Empreend Imob Spe Ltda.
Merito Empreend Imob Spe Ltda.
Mestre Alvaro Empreend Imob Ltda.
Miziara Empreendimento Imob. Ltda.
Mnr6 Emp Imob S.A.
Moinho Velho Empreend Imob Spe Ltda.
Monterey Incorp Ltda.
Moron Invest Imob Ltda.
Nepal Empreend Imob Ltda.
Nova Delhi Incorp Spe Ltda.
Nova Vila Guilherme Empr Imob Spe Ltda.
Np Empreend Imob Ltda.
Padre Adelino Empreend Imob S.A.
Parada do Sol Incorp Ltda.
Parque Turiassu Empreend Imob Spe Ltda.
Petronio Portela Empreend Imob S.A.
Plarcon Cyrela Empreend Imob Spe Ltda.
Platina Brasil Empreend Imob Spe Ltda.
Plaza Del Arte Incorp Ltda.
Porto Esperanca Incorp Ltda.
Prata Brasil Empreend Imob Ltda.
Provincia Incorp Ltda.
Queiroz Galvão Cyrela Empr Imob S.A.
Residencial Sao Conrado Empr Imob Ltda.
Rgc Urbanismo Ltda.
Riviera Ponta Negra Empr Imob Spe Ltda.
Rouxinol Salvador Alende Empr Imob Ltda.
Saint Simon Incorp Ltda.
Saira-Sapucaia Empreend Imob Ltda.
Salmiana Empreend S.A.
Santo Eliseu Empreend Imob Ltda.
Savona Empreend Imob Spe Ltda.
Scp - Classic/Galli
Scp Isla
Slk Empreend Imob Spe Ltda.
Tamoios Empreend Imob Spe Ltda.
Teresopolis Empreend Imob Ltda.
Tibirica Empreend Imob Ltda.
Topazio Brasil Empreend Imob Spe Ltda.
Toulon Empreend Imob Spe Ltda.
Vicente Lima Cleto Incorp Ltda.
Viena Incorp Spe Ltda.
Vila Maria Empreend Imob S.A.
Villa Real Incorp Ltda.
Vix One Empreend Imob Spe Ltda.
Equity
interest
-%
Profit (loss)
for the period
40
100
100
50
50
25
35
50
50
25
90
50
50
35
50
70
40
50
50
50
50
50
50
50
39
30
49
50
70
50
75
50
50
50
50
20
48
50
30
70
50
50
50
50
50
50
50
50
50
50
50
50
60
80
50
50
90
37
50
50
75
65
9
(117)
1,784
2,801
4,362
(843)
148
(6)
(76)
2,654
(5)
(2,670)
104
58
297
(365)
(170)
(6)
(3,359)
229
(103)
(148)
955
74
(46)
445
(1)
154
1,243
915
1,144
107
2
2,529
1,332
(5,643)
(176)
(15)
668
(4)
1,650
1
162
10
(1,602)
d) Investments abroad
The balance sheet accounts of subsidiary Brazil Realty Serviços e Investimentos Ltd.
(based in Bahamas), whose functional currency corresponds to the US dollar, were
translated into Brazilian reais using the exchange rate prevailing on March 31, 2015 R$3.2080 (March 2014: R$2.2630 and December 2014: R$2.6562).
The interim financial information of joint venture Cyrsa S.A. (based in Argentina), whose
functional currency corresponds to the Argentinean pesos, were translated into Brazilian
reais using the exchange rate prevailing on March 31, 2015 - R$0.3637 (March 2014:
R$0.2825 and December 2014: R$0.3172).
e) Breakdown of the investments presented in consolidated
Profit
Share of
Equity interest - %
(loss) for the
profit (loss) of
03/2015
12/2014
Equity
period
Investment
subsidiaries
Total Direct Total Direct 03/2015 12/2014 03/2015 03/2014 03/2015 12/2014 03/2015 03/2014
Cyrela Commercial Properties S.A. Empreend e Participações
Cyrsa S.A.
Estrada Rodrigues Caldas Empreendimentos Imobiliários Spe
Ltda.
Prologis Ccp 9
Scp Isla
Slk Empreendimentos Imobiliários Spe S/A
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
50.00
1.27
46.49
80.00
36.67
90.00
50.00
80.00
60.00
49.99
49.99
32.44
60.00
50.00
50.00
90.00
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
50.00
1.27
25.00
80.00
30.00
90.00
50.00
80.00
60.00
49.99
49.99
20.00
60.00
50.00
50.00
90.00
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
1.27
46.49
80.00
36.67
90.00
50.00
60.00
49.99
49.99
32.44
50.00
50.00
90.00
38.59
6,080
7,350
25.00
1,625
1,806
59.99
4,441
4,415
24.00
791
791
24.00
3,053
3,054
50.00 23,059 22,833
50.00 19,003 19,092
50.00
3,446
5,146
50.00 34,202 34,233
50.00
8,993
8,858
50.00
5,699
5,607
32.50 166,209 166,209
- 27,426
50.00 29,727 26,569
50.00
48
2,492
50.00 10,833 11,478
50.00 391,822 386,017
1.27 771,024 799,213
25.00
953
947
80.00
(331)
(339)
30.00
(163)
(178)
90.00 57,016 59,125
50.00
308
1,754
3,585
3,438
60.00
2,725
2,448
49.99
7,851
5,607
49.99
2,329
3,224
20.00
620
597
- 15,789 15,060
50.00 10,550 83,185
50.00
65
81
90.00
5,188
5,946
1
29
(44)
2
(2)
226
(77)
400
(18)
20
(5)
(1,021)
431
(2,444)
(145)
6,304
(3,543)
6
(142)
15
(2,109)
(1,446)
(38)
377
2,229
(96)
23
729
16,714
(15)
(758)
2,347
2,837
(195)
405
451
(563)
2,663
2,648
190
190
732
733
1,449 11,530 11,417
9,504
9,548
185
1,723
2,573
- 17,102 17,117
6,072
4,496
4,429
2,850
2,804
- 54,018 54,018
- 13,715
(148) 14,863 13,284
1
24
1,246
731
5,416
5,739
5,427 195,911 204,958
38,819
9,792 10,150
66
237
236
293
(265)
(1)
(264)
(49)
(1,941) 51,314 53,212
11
153
876
406
1,635
1,469
3,926
2,803
(132)
1,164
1,612
44
125
120
9,036
5,274 41,592
32
40
440
4,669
5,351
7
(27)
(1)
113
(38)
200
(9)
10
(2)
(510)
215
(1,222)
(73)
3,107
(45)
1
(114)
5
(1,898)
(723)
226
1,115
(48)
5
8,357
(8)
(682)
(49)
(338)
725
92
3,036
4,870
(74)
1
366
2,714
493
16
235
(79)
(1,747)
6
(1)
244
(66)
9
573
396
84.99
49.44
57.53
60.00
46.47
75.00
50.00
70.00
49.97
30.00
50.00
50.00
50.00
90.00
50.00
50.00
39.99
50.00
50.00
17.80
38.63
30.00
50.00
50.00
50.00
50.00
50.00
59.99
29.99
70.00
50.00
50.00
50.00
50.00
50.00
50.00
84.99
25.00
57.53
60.00
29.25
50.00
50.00
40.00
49.97
30.00
50.00
50.00
50.00
90.00
50.00
50.00
39.99
50.00
50.00
17.80
32.00
15.00
50.00
50.00
50.00
50.00
50.00
6.00
29.99
70.00
50.00
50.00
50.00
50.00
50.00
50.00
84.99
49.44
57.53
60.00
46.47
75.00
50.00
70.00
49.97
30.00
50.00
50.00
50.00
90.00
50.00
50.00
39.99
50.00
17.80
38.63
30.00
50.00
50.00
50.00
50.00
50.00
59.99
29.99
70.00
50.00
50.00
50.00
50.00
50.00
50.00
84.99
25.00
57.53
60.00
29.25
50.00
50.00
40.00
49.97
30.00
50.00
50.00
50.00
90.00
50.00
50.00
39.99
50.00
17.80
32.00
15.00
50.00
50.00
50.00
50.00
50.00
6.00
29.99
70.00
50.00
50.00
50.00
50.00
50.00
50.00
(23)
102
(196)
19
(136)
(26)
435
20
224
62
(1,484)
(4)
32
(354)
12
2
(7,630)
(158)
(167)
362
2,841
(427)
(42)
15
107
396
(3)
560
555
-
(21)
(1)
1,227
(50)
17
(934)
46
(843)
(2,670)
(6)
(3,359)
955
74
(46)
445
(1)
154
1,243
-
(20)
59
(118)
6
(68)
(10)
218
6
112
31
(1,335)
(2)
13
(177)
1
(1,144)
(79)
(83)
181
1,421
(26)
(12)
11
54
198
(1)
280
277
-
(18)
706
(30)
3
(467)
14
(759)
(1,335)
(2)
(504)
477
52
(23)
222
(1)
77
622
-
23,163
2,365
47,048
5,393
1,512
503
384
365
39,414
4,164
20,922
155
5,922
9,065
72
398
(74)
(309)
21,145
2,808
398
38,028
1,903
25,248
(245)
22,857
11,609
6,996
(2,681)
1,662
2,066
4,919
24,264
13,010
8,562
53
23,153
2,365
46,946
5,364
1,499
639
383
392
41,979
4,145
21,314
93
5,856
10,549
72
402
(105)
21,499
2,796
396
45,658
1,421
41,332
(608)
20,016
14,127
5,190
(2,261)
1,647
1,999
13,653
24,270
12,221
7,179
53
19,688
592
27,070
3,236
444
252
192
147
19,695
1,249
10,461
78
2,961
8,159
36
199
(29)
(155)
10,572
496
128
5,705
952
12,625
(123)
11,429
5,804
420
(804)
1,164
1,033
2,459
12,132
6,505
4,281
27
19,680
592
27,011
3,219
438
320
192
157
20,977
1,243
10,657
47
2,928
9,494
36
201
10,749
496
127
6,849
710
20,667
10,008
7,063
311
1,153
999
6,826
12,134
6,110
3,590
27
Profit
Share of
Equity interest - %
(loss) for the
profit (loss) of
03/2015
12/2014
Equity
period
Investment
subsidiaries
Total Direct Total Direct 03/2015 12/2014 03/2015 03/2014 03/2015 12/2014 03/2015 03/2014
8.
50.00
50.00
50.00
50.00
63.00
50.00
50.00
50.00
59.99
24.75
50.00
90.00
50.00
64.99
50.00
50.00
50.00
50.00
63.00
50.00
50.00
50.00
59.99
24.75
50.00
90.00
50.00
64.99
50.00
50.00
50.00
50.00
63.00
50.00
50.00
59.99
24.75
50.00
50.00
64.99
50.00
50.00
50.00
50.00
63.00
50.00
50.00
59.99
24.75
50.00
50.00
64.99
10,842
1,775
10,153
1,253
1,629
30,460
27,329
1,981
20,407
31,751
356
26,409
1,396
2,169
15,230
1,818
9,955
1,250
1,525
28,349
1,499
20,565
25,515
351
26,410
618
1,422
40
60
171
2
74
2,047
(779)
(5)
(823)
36
5
(1)
778
199
1,144
107
(69)
59
1,332
(5,643)
3
(15)
(1,602)
5,421
7,615
889
910
5,077
4,978
625
625
1,026
15,232
13,666 14,175
990
749
12,245 12,339
7,859
6,315
178
175
698
309
1,408
925
649,890 694,614
20
30
85
47
1,024
(389)
(2)
(494)
9
3
389
130
8,606
572
53
(35)
666
(3,387)
(8)
(3)
(1,041)
6,853
PROPERTY, PLANT AND EQUIPMENT
Changes are as follows:
Parent
Cost:
Machinery
and equipment
Furniture
and fixtures
Computers
Facilities
Leasehold
improvements
(i)
Vehicles
Total
Balance at 12.31.2013
Additions
1,380
1,380
5,890
5
5,895
10,538
22
10,560
362
362
92
92
16,641
16,641
34,903
27
34,930
Additions
Write-offs
1,392
1
1,393
5,908
5,908
10,757
42
10,799
362
362
92
92
16,683
35
16,718
35,194
78
35,272
10% p.a. Facilities
20% p.a. Vehicles
Leasehold
improvements
(i)
Parent
Depreciation:
10% p.a. Machinery and
equipment
10% p.a. Furniture
and fixtures
20% p.a. Computers
Total
Depreciation
(652)
(30)
(682)
(2,536)
(147)
(2,683)
(6,772)
(346)
(7,118)
(137)
(9)
(146)
(92)
(92)
(12,457)
(394)
(12,851)
(22,646)
(926)
(23,572)
Depreciation
(772)
(30)
(802)
(3,126)
(147)
(3,273)
(8,157)
(327)
(8,484)
(173)
(9)
(182)
(92)
(92)
(13,928)
(350)
(14,278)
(26,248)
(863)
(27,111)
728
698
620
591
3,354
3,212
2,782
2,635
3,766
3,442
2,600
2,315
225
216
189
180
4,184
3,790
2,755
2,440
12,257
11,358
8,946
8,161
Residual balance at 12.31.2013
-
Consolidated
Cost:
Machinery
and
equipment
Furniture
and
fixtures
Computers
Facilities
Vehicles
Leasehold
improvements
(i)
Sales
stands (ii)
Total
Additions
7,078
290
7,368
13,296
390
13,686
16,512
126
16,638
1,082
1,082
243
243
24,046
1,010
25,056
441,698
26,234
467,932
503,955
28,050
532,005
Additions
Write-offs
7,592
42
7,634
13,929
5
(50)
13,884
16,992
161
17,153
1,087
8
1,095
243
(29)
214
25,466
151
(207)
25,410
522,953
9,778
532,731
588,262
10,145
(286)
598,121
Consolidated
Depreciation:
10% p.a. Machinery and
equipment
10% p.a. Furniture and
fixtures
20% p.a. Computers
10% p.a. Facilities
20% p.a. Vehicles
Leasehold
improvements
(i)
Sales
stands
(ii)
Total
Depreciation
(3,481)
(214)
(3,695)
(5,141)
(337)
(5,478)
(10,711)
(558)
(11,269)
(412)
(27)
(439)
(159)
(6)
(165)
(17,534)
(576)
(18,110)
(309,954)
(18,586)
(328,540)
(347,392)
(20,304)
(367,696)
Depreciation
(4,331)
(212)
(4,543)
(6,508)
(346)
(6,854)
(12,923)
(524)
(13,447)
(519)
(26)
(545)
(184)
22
(162)
(19,655)
(462)
(20,117)
(372,700)
(12,446)
(385,146)
(416,820)
(13,994)
(430,814)
3,597
3,673
3,261
3,091
8,155
8,208
7,421
7,030
5,801
5,369
4,069
3,706
670
643
568
550
84
78
59
52
6,512
6,946
5,811
5,293
131,744
139,392
150,253
147,585
156,563
164,309
171,442
167,307
(i)
Costs are charged to profit or loss over the property lease periods, which can range from three to five years.
(ii) Depreciation is based on the useful life of the assets of 43 months on average, used during the project sales period, and it is allocated to profit or loss, in line
item “Selling expenses”.
9.
INTANGIBLE ASSETS
Parent
Software
licenses
Subtotal
Trademarks
and patents
Implementation
costs
Additions
37
37
60,311
624
60,935
22,182
22,182
82,530
624
83,154
110,045
725
110,770
192,575
1,349
193,924
Additions
Reclassifications
37
37
66,767
796
67,563
22,199
2,670
24,869
89,003
3,466
92,469
124,302
144
124,446
213,305
3,610
216,915
Trademarks
and patents
10% p.a. Implementation
costs
Parent
20% p.a. Software
licenses
Subtotal
Appreciation
Cost:
Amortization:
Appreciation
Total
Total
Amortization
-
(14,537)
(1,537)
(16,074)
(8,659)
(659)
(9,318)
(23,196)
(2,196)
(25,392)
(97,024)
(1,280)
(98,304)
(120,220)
(3,476)
(123,696)
Amortization
-
(20,683)
(1,608)
(22,291)
(11,293)
(731)
(12,024)
(31,976)
(2,339)
(34,315)
(101,036)
(127)
(101,163)
(133,012)
(2,466)
(135,478)
45,774
44,861
46,084
45,272
13,523
12,864
10,906
12,845
59,334
57,762
57,027
58,154
13,021
12,466
23,266
23,283
72,355
70,228
80,293
81,437
37
37
37
37
Consolidated
Software
licenses
Subtotal
Trademarks
and patents
Implementation
costs
Additions
108
108
71,484
1,247
72,731
36,294
471
36,765
107,886
1,718
109,604
112,293
725
113,018
220,179
2,443
222,622
Additions
Reclassifications
108
108
77,940
795
78,735
42,498
3,645
46,143
120,546
4,440
124,986
128,950
13,694
(12,357)
130,287
249,496
18,134
(12,357)
255,273
Trademarks
and patents
10% p.a. Implementation
costs
Cost:
Amortization:
Consolidated
20% p.a. Software
licenses
Subtotal
Appreciation
Appreciation
Total
Total
Amortization
-
(17,060)
(1,784)
(18,844)
(16,519)
(1,161)
(17,680)
(33,579)
(2,945)
(36,524)
(95,977) (129,556)
(1,390)
(4,335)
(97,367) (133,891)
Amortization
-
(27,290)
(1,622)
(28,912)
(21,211)
(1,255)
(22,466)
(48,501)
(2,877)
(51,378)
(100,227) (148,728)
(1,977)
(4,854)
(102,204) (153,582)
54,424
53,887
50,650
49,823
19,775
19,085
21,287
23,677
74,307
73,080
72,045
73,608
108
108
108
108
16,316
15,651
28,723
28,083
90,623
88,731
100,768
101,691
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 a finite useful life with average amortization rates: 15% for
implementation costs and 20% for software licenses.
Breakdown of goodwill arising on the appreciation of assets with finite useful lives:
Goodwill in the Company
Belgica Empreendimentos Imobiliária Ltda.
Rouxinol Salvador Alende Empreendimentos Imobiliários Ltda.
LC Empreendimentos Imobiliários Spe Ltda.
Calafete Investimento Imobiliários Ltda.
Saracura - Investimento Imobiliários Ltda.
Lombok Incorporação Ltda.
Oaxaca Incorporação Ltda.
Total
Balance at
12.31.2013
Appreciation
1,186
68
19
10,000
2
36
24
16
447
234
25
53
912
13,021
725
725
Amortization
(923)
(16)
6
(8)
(1)
33
(207)
(108)
51
(2)
(105)
(1,280)
Parent
Balance at Balance at
03.31.2014 12.31.2014
987
68
3
10,000
8
28
23
49
240
126
76
51
807
12,466
68
3
10,000
9
2
16
142
74
25
8
562
4,410
4,658
3,289
23,266
Appreciation
143
143
Amortization
114
(1)
(3)
(99)
(52)
(8)
(78)
(127)
Balance at
03.31.2015
257
68
2
10,000
6
2
16
43
22
25
485
4,410
4,658
3,289
23,283
Goodwill in the Company
Rouxinol Salvador Alende Empreendimentos
Imobiliários Ltda.
LC Empreendimentos Imobiliários Spe Ltda.
Global Park Residencial Empreendimentos
Imobiliários Ltda.
Mac Cyrela Mafra Empreendimentos
Imobiliários Ltda.
Calafete Investimento Imobiliários Ltda.
Saracura - Investimento Imobiliários Ltda.
Lombok Incorporação Ltda.
Oaxaca Incorporação Ltda.
Subtotal
Goodwill in investees
Plano & Plano Construtora e Participação Ltda.
Living Empreendimentos Imobiliários Ltda.
Cyrela Indonesia Empreendimentos Imobiliários
Subtotal
Total
Appreciation
1,186
68
725
-
(923)
-
987
68
68
19
10,000
2
-
(16)
6
3
10,000
7
36
-
(8)
24
16
447
234
25
53
912
13,021
725
(1)
33
(207)
(108)
51
(2)
(105)
(1,280)
1,814
107
3
1,371
3,295
-
(64)
(4)
(42)
(110)
16,316
725
(1,390)
Amortization
Balance at
03.31.2014
Consolidated
Balance at Transfers to
12.31.2014 inventories
Balance at
03.31.2013
Appreciation
Amortization
Balance at
03.31.2015
-
143
-
114
-
257
68
3
10,000
-
-
-
(1)
-
2
10,000
-
29
9
-
-
(3)
6
22
48
240
126
76
51
807
12,466
2
16
142
74
25
8
562
4,410
4,658
3,289
23,266
143
(99)
(52)
(8)
(78)
(127)
2
16
43
22
25
484
10,925
2,116
1
11,434
13,551
(1,850)
(1,850)
6,330
1,244
9,584
17,158
13,694
(1,977)
28,083
1,814
43
(1)
1,329
3,185
15,651
(4,410)
(4,658)
(3,289)
(12,357)
4,214
1,243
5,457
28,723
(12,357)
As of March 31, 2015, the appreciation balance substantially derives from trade receivables
and is recognized to profit or loss as such assets are realized, based on the stage of completion
of the works.
10. BORROWINGS AND FINANCING
Parent
03/2015 12/2014
Consolidated
03/2015
12/2014
Borrowings - swap
Borrowings - local currency
Financing - local currency
Interest payable - financing
Interest payable - local currency
Interest payable - swap
60,578 60,078
60,578
60,078
530,000 530,000
784,552
791,916
- 2,273,547 2,225,470
6,049
5,650
13,832
6,933
19,943
10,142
2,201
319
2,201
319
606,611 597,330 3,146,870 3,093,575
Current
Noncurrent
156,611 147,330
999,753 1,119,372
450,000 450,000 2,147,117 1,974,203
The swap transaction, conducted on June 15, 2012, is related to a foreign currencydenominated borrowing for a three-year period, under a U.S. dollar loan, consisting of three
agreements: (a) Bank Credit Note of R$60,000, subject to semiannual interest and repayment
of principal in three years; (b) 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 (b) 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 (b) and (c) have the same
maturity dates of the debt in Brazilian reais. The debt is equivalent to US$23 million, indexed
to the U.S. dollar exchange rate, plus 4.3% per year. As of March 31, 2015, derivative
transactions (swap/NDF) are stated at fair value and the loss on the aforesaid agreements
totaled R$22,625, which are recorded in “Other liabilities”.
Borrowings and financing in local currency are represented by:
• As of March 31, 2015, the short- and long-term credit facilities total R$784,552, of which
R$200,000 is subject to 111.5% of the interbank deposit rate (CDI) and R$42,187 is subject
to 117.85% of the CDI, R$100,000 is subject to 100% of the CDI plus spread of 0.7030%
p.a., R$100,000 is subject to the Long-term Interest Rate (TJLP), plus spread of 3.78% p.a.,
R$7,481 is subject to the Extended Consumer Price Index (IPCA) plus spread of 12% p.a.,
R$1,049 is subject to 3.5% p.a., R$150,000 is subject to 112% of the CDI, R$100,000 is
subject to the Reference Rate (TR) plus spread of 8.75% p.a., R$80,000 is subject to the TR
plus spread of 8.1875% p.a., R$2,335 is subject to 100% of the CDI plus spread of 1% p.a.,
and R$1,500 is subject to 100% of the CDI plus spread of 1.5% p.a. (as of December 31,
2014, total of R$791,916, of which R$200,000 is subject to 111.5% of the CDI, R$50,624 is
subject to 117.85% of the CDI, R$100,000 is subject to 100% of the CDI plus 0.7030% p.a.,
R$100,000 is subject to TJLP plus 3.78% p.a., R$7,043 is subject to the Extended
Consumer Price Index (IPCA) plus 125 p.a., R$1,049 is subject to 3.5% p.a., R$150,000 is
subject to 112% of the CDI, R$100,000 is subject to the Reference Rate plus 8.75% p.a.,
R$80,000 is subject to the Reference Rate plus 8% p.a., R$2,200 is subject to 100% of the
CDI plus 1% p.a., and R$1,000 is subject to 100% of the CDI plus 1.5% p.a.). These
borrowings are collateralized by the controlling shareholder’s collateral signature,
mortgages, and receivables. For credit facilities in the amount of R$150,000, R$100,000 and
R$80,000, there are restrictive covenants determining maximum debt and leverage ratios, as
well as minimum coverage ratios of falling due installments, which will be discussed below.
• As of March 31, 2015, financing amounting to R$2,273,547 (R$2,225,470 as of December
31, 2014) consist of real estate credit transactions, subject to interest ranging from 8.30%
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 of March 31, 2015, mortgages and pledges of receivables given as
collateral for such financing totaled R$2,260,415 (R$2,202,841 as of December 31, 2014).
In the quarter ended March 31, 2015, interest on real estate borrowings eligible for
capitalization in inventories totaled R$43,075 (R$38,050 in the quarter ended March 31, 2014).
The maturity of the noncurrent liabilities portion per year is as follows:
Year
Parent
03/2015 12/2014
Consolidated
03/2015
12/2014
2016 - 9 months
2017
2018
2019
2020
2021
2022 to 2027
Total
100,000
100,000
250,000
450,000
880,353
683,479
456,511
41,230
12,060
10,249
63,235
2,147,117
100,000
100,000
250,000
450,000
1,072,642
418,418
380,640
20,179
9,186
9,903
63,235
1,974,203
Changes in “Borrowings and financing” as of March 31, 2015 and December 31, 2014 are as
follows:
03/2015
Opening balance
Additions
Principal payment
Interest paid
Interest and charges
Closing balance
Parent
12/2014
03/2014
Consolidated
03/2015
12/2014
03/2014
597,330
414,024 414,024 3,093,575
2,795,855 2,795,855
336,827
469,209
2,069,038
759,378
- (156,828)
- (428,127) (1,798,935) (405,448)
(8,351) (60,143) (3,880) (45,521)
(205,671) (36,625)
17,632
63,450 10,949
57,734
233,288
46,883
606,611
597,330 421,093 3,146,870
3,093,575 3,160,043
a) Restrictive covenants
The Company is a party to loan agreements containing 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 less SFH debt) / Equity
Equal or lower than 0.8
Receivables (plus properties for sale) / net debt (less properties Equal or higher than 1.5
payable and unrecognized costs and expenses)
or lower than 0
EBIT / finance costs, net
Equal or higher than 1.5
or lower than 0
As of March 31, 2015, the Company was compliant with these covenants.
11. DEBENTURES (PARENT AND CONSOLIDATED)
a) Below are the features and balances of the debentures:
Features
CYRE 12
CYRE 22
CYRE 16
Series issued
Type of issuance
Nature of issuance
Issuance date
Date of maturity
Type of debenture
Yield
Second
Simple
Public
01/05/08
01/05/18
Unsecured
100% DI +
0.65% p.a.
10
24,975
10
(24,965)
Semiannual
1
Second
Simple
Public
01/05/08
01/05/18
Unsecured
100% DI +
0.65% p.a.
10
24,975
4,253
(20,722)
Semiannual
1
Single
Simple
Public
08/21/2012
08/21/2017
Unsecured
100% DI +
1.20 p.a.
1,000
400
200
(200)
Semiannual
2
Par value (unit)
Securities issued (unit)
Securities outstanding (unit)
Securities redeemed (unit)
Type of interest payment
Amortization installments
CYRE 12 CYRE 22 CYRE 16 03/2015
Balances:
Debentures payable
Issuance costs
(-) Amortization of costs
Unamortized issuance costs
Interest on debentures payable
Current
Noncurrent
100
(857)
855
(2)
42,530
(857)
817
(40)
2014
200,000 242,630 242,630
(1,099) (2,813) (2,813)
835
2,507
2,476
(264)
(306)
(337)
3
1,222
2,684
3,909
11,222
101
43,712
202,420 246,233 253,515
3
98
1,222
42,490
2,684
3,909 11,222
199,736 242,324 242,293
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 May 2014, the Company partially early redeemed the 6th Issue of Debentures called
CYRE 16 to R$200,000.
Interest on debentures eligible for capitalization in inventories totaled R$1,943 in the
quarter ended March 31, 2015 (R$5,328 as of March 31, 2014).
Among the debentures issued by the Company with outstanding balances as of March 31,
2015, only CYRE 12 and CYRE 22 are subject to a rescheduling clause, which took place
in 2010 and 2011.
The maturity of the noncurrent liabilities portion per year is as follows:
Year
03/2015
12/2014
24 months
36 months
48 months
Total
99,876
99,875
42,573
242,324
99,876
99,876
42,541
242,293
Changes in the balances of debentures were as follows:
03/2015
Opening balance
Principal payment
Interest paid
Closing balance
Parent
12/2014
03/2014
Consolidated
03/2015 12/2014 03/2014
253,515 717,061 717,061 253,515 717,061 717,061
- (454,200)
- (454,200)
(14,892) (58,349) (25,804) (14,892) (58,348) (25,804)
7,610
49,003
18,825
7,610
49,002
18,825
246,233 253,515 710,082 246,233 253,515 710,082
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 less SFH debt) / Equity
Equal or lower than 0.7
Receivables (plus properties for sale) / net debt (less Equal or higher than
properties payable and unrecognized costs and expenses)
1.5 or lower than 0
EBIT / finance costs, net
Equal or higher than
1.5 or lower than 0
(i)
(i)
For the CYRE 13 and CYRE 16 debentures, the calculation made must be 0.8 or
lower.
As of March 31, 2015, 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 de Créditos Imobiliários
(“Securitizadora”) conducted is first series of the first issue of CRI transactions, as approved by
the Board of Directors’ meeting held on February 23, 2011. On May 21, 2012, Securitizadora
conducted the second issue of CRI transactions, as approved by the Board of Directors’
meeting held on May 17, 2012. On October 7, 2013, Securitizadora conducted the third issue
of CRI transactions, as approved by the Board of Directors’ meeting held on September 19,
2013. On June 24, 2014, Securitizadora conducted the fourth issue of CRI transactions, as
approved by the Board of Directors’ meeting held on June 6, 2014.
The first series of the first issue of CRIs was 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 with the unit face value of R$334, totaling R$300,000, the third issuance with
the unit face value of R$325, totaling R$130,000, and the fourth issue with the unit face value
of R$312, totaling R$50,000. Under the public offering prospectus (“Collateral”), the first and
second issues of CRIs 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 clauses providing for the maximum debt and leverage ratios
as well as the minimum debt coverage service ratio for current installments and unincurred
costs, which must met on a quarterly basis. As of March 31, 2015, the Company was compliant
with these covenants.
The first, second and third issues of CRIs are backed by real estate credits arising from one
bank credit note (“CCB”), issued by the Company, and the 4th issue of CRIs 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 lenders of the CCB, which subsequently were acquired by
Securitizadora under Law 10931/04 (“Mortgage Loans”) and assignment agreement.
Securitizadora established a fiduciary relationship on Mortgage Loans, as set forth in the
Securitization Instrument, 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 stated separately in the subsidiary’s equity and will be treated as
a separate equity, intended specifically for the payment of CRIs and other obligations related to
the Fiduciary Relationship, under the terms of article 11 of Law 9514/97. The CRIs will be
accepted for trading in CETIP 21 system of CETIP S.A. - Balcão Organizado de ativos e
Derivativos and in 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 mortgage loans remain with the Group; accordingly, the consolidated balance
recorded in liabilities presented in the interim financial information, is as shown below:
03/2015
Amount Interest
raised payable
Issuance
1st series of the 1st issuance - code
12E0019753
Less:
CRI issuance costs
1st series of the 2nd issuance - code
11F0013690
Less:
CRI issuance costs
1st series of the 3rd issuance - code
13J0013455
Less:
1st series of the 4th issuance - code
14F0626699
Current
Noncurrent
43,200
1,730
(457)
300,000
-
12/2014
Amount Interest
raised payable
Total
44,930
(457)
12,692 312,692
(1,881)
-
(1,881)
43,200
(661)
300,000
(1,900)
421
-
Total
43,621
(661)
3,496 303,496
-
(1,900)
-
-
-
130,000
3,508 133,508
50,000
1,494
51,494
50,000
390,862
15,916 406,778
520,639
7,491 528,130
33,334
357,528
15,916 49,250
- 357,528
163,334
357,305
7,491 170,825
- 357,305
66
50,066
The balance disclosed by the Company does not include issuance costs expenses since these
are payable by Securitizadora.
The main features of the first series, taking into account the first, second, third and fourth
issues, are as follows:
Features
Issuance costs
Amortization date
Unit face value on
issuance
Number of certificates
issued
Yield
Retrocession
Payment of the
principal portion and
interest in the sixmonth period
1st series of the 1st issuance (i)
1st series of the 2nd issuance (ii)
1st series of the 3rd issuance (i)
06/14/2011
Semiannual interest and
principal payable on June 1, 2023
10/07/13
principal payable on October 08,
2015.
300
05/21/2012
Semiannual interest and principal
payable in two installments: the
1st one in the 4th year and the 2nd
in the 5th year as of the issuance
date.
334
900
Certificates are not subject to
inflation adjustment; interest will
be payable on the unit face value
as from the issuance date,
corresponding to a rate of 107%
of DI, as calculated and disclosed
by CETIP
None
Interest was paid on 12/01/2014.
1st series of the 4th issuance (i)
06/24/2014
principal payable on June 24,
2016.
325
312
900
400
160
corresponding to a rate of 108% of
DI, as calculated and disclosed by
CETIP
None
Interest was paid on 11/25/2014
corresponding to a rate of 100%
of DI, as calculated and disclosed
by CETIP plus 0.80% p.a.
None
Issuance early redeemed. Interest
and principal were paid in the
amount of R$130,000 on
03/10/2015
inflation adjustment; interest
will be payable on the unit face
value as from the issuance date,
corresponding to a rate of
101.5% of DI, as calculated and
disclosed by CETIP
None
Interest was paid on 12/26/2014
Features
Restrictive covenants
(i)
1st series of the 1st issuance (i)
1st series of the 2nd issuance (ii)
1st series of the 3rd issuance (i)
1st series of the 4th issuance (i)
The minimum coverage ratio is
calculated by dividing: (a) the
balance of restricted accounts
multiplied by the weighting
factor of 1.1, plus an amount
equivalent to the outstanding
balance of real estate receivables
multiplied by a weighting factor
equivalent to 1, and (b) the
outstanding balance of the
collateralized payables as of the
calculation date. The result of
such division shall be equal or
higher than 110%.
The minimum coverage ratio is
calculated by dividing: (a) the
balance of restricted accounts
multiplied by the weighting factor
of 1.1, plus an amount equivalent
to the outstanding balance of real
estate receivables multiplied by a
weighting factor equivalent to 1,
and (b) the outstanding balance of
the collateralized payables as of
the calculation date. The result of
such division shall be equal or
higher than 110%.
Failure to meet any of the
following financial ratios, which
will be calculated on a quarterly
basis by the Borrower based on
its audited consolidated financial
information and verified by
Securitizadora based on the
quarterly balance sheet. (i) the
ratio between (A) Net Debt +
Properties Payable, and (B)
Equity shall always be equal or
lower than 0.80; (ii) the ratio
between (A) Total Receivables +
Properties for Sale, and (B) Net
Debt + Properties Payable +
Unrecognized Costs and
Expenses shall always be equal
or higher than 1.5 or lower than
0; and (iii) the ratio between (A)
EBIT and (B) Net Finance Costs
shall always be equal or higher
than 1.5 or lower than 0. In any
of the situations, the EBIT shall
always be positive.
Failure to meet any of the
following financial ratios, which
will be calculated on a quarterly
basis by the Guarantor based on
its audited consolidated
financial information and
verified by the Lender
(“Financial Ratios”) based on
the quarterly balance sheet as of
June 2014: (i) the ratio between
(A) Net Debt + Properties
Payable and (B) Equity shall
always be equal or lower than
0.80; (ii) the ratio between (A)
Total Receivables + Properties
for Sale, and (B) Net Debt +
Properties Payable +
Unrecognized Costs and
Expenses shall always be equal
or higher than 1.5 or lower than
0; and (iii) the ratio between (A)
EBIT and (B) Net Finance Costs
shall always be equal or higher
than 1.5 or lower than 0. In any
of the situations, the EBIT shall
always be positive.
Default on receivables linked to the issue of CRIs has no impact on this transaction since the receivables are only guarantee of future payments.
(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 April 1, 2015, 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 updates the rating reports (risk assessment) of the securitization transactions on a quarterly basis, considering that such
Instruction requires such adjustment for transactions having a notional unit value equal or higher than R$300.
Interest on CRIs eligible for capitalization in inventories totaled R$2,748 in the quarter ended
March 31, 2015 (R$5,352 as of March 31, 2014).
On March 31, 2014, Securitizadora (an entity controlled by the Company) elected not to
renegotiate the clauses under the first issue of CRIs maturing in 2013. On June 2, 1014, the
Company redeemed R$226,800, and the amount of R$43,200 continues to mature in 2023 and
yield interest of 107% 0f the CDI.
On March 9, 2015, Securitizadora (an entity controlled by the Company) early redeemed the
first issue of the CRIs, in the amount of R$130,000, yielding interest based on the CDI plus
0.80% p.a.
03/2014
Consolidated
03/2015
12/2014 03/2014
480,626
708,165 708,165
(130,000) (226,800)
(6,481) (66,110)
13,477
65,371 18,273
357,622
480,626 726,438
528,130
700,832 700,832
50,223
(130,000) (226,800)
(6,481) (67,512)
15,129
71,387 18,598
406,778
528,130 719,430
03/2015
Opening balance
Additions
Principal payment
Interest paid
Closing balance
Parent
12/2014
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.
The balances in the interim financial information, Parent and consolidated, are as follows:
Parent
Assets
Liabilities
03/2015
12/2014
03/2015
12/2014
Prologis Ccp Logistica
Anastacio Empreend Imob E
Angra Dos Reis Empreendimentos Imobiliários Ltda.
Brx Administração de Shopping Center
Ccp Leasing Malls Consultoria
Ccp Propriedades Imobiliárias Ltda.
Consorcio Patente
Conx Empreendimentos Imobiliários Ltda.
Cury Construtora e Incorporação S.A.
Cyrela Andrade Mendonca Jcpm Empreendimentos
Imobiliários Spe S.A.
Cyrela Commercial Properties S.A. Empreendimentos e
Participações
Cyrela Empreendimentos Imobiliários Comercial
Importadora e Exportadora Ltda.
Consolidated
Assets
Liabilities
03/2015
12/2014
03/2015
12/2014
782
64
1,115
145
22
209
2,418
14,887
2,350
3
14
84
31
100
356
1,535
8
3
9,053
506
512
746
432
2
35,864
5
292
12
1,205
145
2
2,418
53
12,138
17
2,450
2
5
11
6
200
84
47
300
3
356
17
8
7
3
19
374
1
1,628
432
3
1
3
10,100
2,174
22
50
11,350
13
3,132
4
598
364
9,100
1
-
5
2,174
50
53
1
10,850
17
2
3
11
3
17
7
3,132
19
598
364
3
3
-
782
64
1,115
22
209
2,418
4,315
3
15
356
1,535
8
3
9,053
506
512
587
432
-
292
12
1,205
2
2,418
11
6
16
356
17
8
7
3
374
1
587
432
3
-
205
2,174
150
22
50
11,350
1,463
8
10
155
25
14
3,132
498
598
364
214
267
9,100
-
205
2,174
50
2,464
10,850
631
8
11
7
5
15
23
13
6
3,132
903
598
364
152
487
3
-
356
7,301
235
8,350
4,550
4,221
8
3,400
17
683
10,000
5,800
5
4,399
6
-
17
417
5
-
6
431
1,659
6
16
249
432
-
1,871
59
6
120
226
-
1,233
43
14
332
132
-
1,029
16
1,610
11,534
1,940
400
3,152
1
15,037
2,151
400
3,452
10
-
2
3
245
-
1,029
16
31
30
-
6
28
239
-
9
-
6
25
209
-
1,271
22,400
698
26,311
7
8
211
-
206
7
181
Parent
Liabilities
Assets
03/2015
12/2014
03/2015
12/2014
Cyrela Mac Amazonas Empreendimentos Imobiliários
Spe Ltda.
Cyrela Mac Monterey Empreendimentos Imobiliários
Spe Ltda.
Cyrela Maresias Empreendimentos Ltda.
Cyrela Rjz Construtora e Empreendimentos
Imobiliários Ltda.
Cyrsa S.A.
Estrada Rodrigues Caldas Empreendimentos Imobiliários
Spe Ltda.
Fundo de Investimento em Participações
Incortel Incorp Hoteleiras Ltda.
Inpar Empreend Patrimoniais Ltda.
Instituto Cyrela
Consolidated
Assets
Liabilities
03/2015
12/2014
03/2015
12/2014
1
25,740
248
2,500
1
359
294
9
69
25,283
248
3,150
688
859
294
4
154
23
6
-
67
9
1
4,677
4
344
1
4,816
294
9
67
22
294
4
154
22
6
117
-
58
7
1
119
20
344
660
1,291
-
1
100
-
8
11
3
249
80
4,667
12,608
2
200
40,640
2
14
277
2
1
300
11,900
38
-
3
280
294
405
3,020
33
30
200
1
7
46,645
123
14
10
1
356
948
300
12,024
38
11,528
29
153
28
19
28
27
4
64
1
319
-
280
405
28
33
30
1
7
16
5
123
7
1
33
948
8
28
3
249
4,470
2
200
142
695
2
14
490
2
1
-
3
280
294
394
3,020
33
200
1
6
630
123
14
1
8
27
29
142
28
112
18
290
64
30
627
-
280
346
28
29
6
263
123
1
27
33
7
627
24
62
1,579
55
225
100
68
50
44,675
16
200
62
1,609
8
55
19
452
68
50
145
16
9
200
6
60
580
43,144
7
-
25
8
300
580
43,144
9
-
36,792
497
312
100
68
50
44,675
61
1,193
400
200
35,305
7
312
68
50
245
61
1,200
200
343
1,210
6
31
75
43
111
43,144
22
-
13
1,631
1,204
6
29
16
75
300
102
14
52
43,144
21
39
2
-
1
1
29,859
23,897
366
1
-
3
57,588
16
12
48,142
90
23,654
366
-
4,486
3,205
8
16,975
-
4,486
3
3,205
16
12
16,418
28
-
23,897
366
1
-
57,588
16
90
23,654
366
1,392
4,486
3,205
16,975
5
-
4,486
3,205
16,418
-
Parent
Liabilities
Assets
03/2015
12/2014
03/2015
12/2014
Jardim Real Empreendimentos Imobiliários
Joao Fortes Engenharia S.A.
Klarcon Engenharia Ltda.
Living Empreendimentos Imobiliários S.A.
Matis Empreendimentos Imobiliários Ltda.
Millenium Investimentos Imobiliários Ltda.
Pdg Realty S.A. Empreendimentos e Participações
Plarcon Incorp Imobs Ltda.
3,580
121
1,450
7,153
3
1,380
2
14,552
1
100
17
8,100
304
388
69
7
130
2,932
9,927
4
1,100
5,800
172
30
1,515
1,105
245
17
3,580
37
121
1,635
9,099
3
3
20
307
4
1,380
11
36,336
6
21
20
93
4
27
1
100
17
4,600
304
381
2
230
7
7
130
1,083
2,202
5,600
70
4
1,100
17
30
1,330
5
1,470
6
11
5
2
8
7
10
83
38
2
201
553
4,195
7
150
381
26
27
3,500
35
8
-
37
3
17
307
4
11
78,537
6
21
11
96
4
27
1
17
6,430
18
2
200
784
4,060
7
7
150
381
353
2
43
5,469
17
8
5
-
Consolidated
Assets
Liabilities
03/2015
12/2014
03/2015
12/2014
3,581
121
709
3
1,380
1,590
7,636
28
304
17
45
7
187
4
172
1,105
-
17
3,580
121
716
1
3
1,380
5,296
304
2
15
17
7
42
1,083
2
4
16
2
1,330
5
-
1,080
5
23
9
12,281
1
1
23
1
2
201
46
4,195
42
150
381
27
3,500
13,782
3
3
6
3
5
3
4
2
2
2
5
105
1,080
6
215
21
8
99
1
1
19
4
169
39
4,060
14
7
28
150
381
353
2
5
5,469
14
21,411
1
1
2
1
2
1
2
1
2
5
630
Queiroz Galvão Cy Oklahoma Empreendimentos
Imobiliários Spe Ltda.
Roberto Lourenço
Scp Arruda Alvim
Scp Brasil 20
Scp Isla
Scp Mac Projetos
Scp Veredas Buritis Fase II
Sintese Moradia e Construções Ltda.
Viver Empreend Imob e Particip Ltda.
Total
Parent
Liabilities
Assets
03/2015
12/2014
03/2015
12/2014
Consolidated
Assets
Liabilities
03/2015
12/2014
03/2015
12/2014
1
20
16
104
283
49
5,149
8
3,160
1,980
396
2,311
3,848
217
25
5
14
1
50
85
419,465
1
20
16
283
49
5,149
20,071
2,934
1,980
430
2,311
3,848
217
25
5
50
85
2,089
201,691
96
1
29
15
132
224
288
49
4,939
191
3,160
695
2,171
77
469
63
270
420
66
52
49
40
251
250
1,801
23
432,808
720
8
1,250
31
2,175
18
396
275
875
163
6,433
177
39
13
1,712
15
119,558
720
9
15
8,000
5
31
1,050
277
156
95
100
875
750
690
3
40
251
23
1,712
205,347
1
29
14
137
288
49
4,939
22,065
2,934
5,696
2,171
77
63
270
3
458
250
1,801
2,192
190,441
8
1,250
26
31
711
83
2,175
14
275
875
163
6,433
177
29
47
1,712
153,148
766
9
12
8,000
56
5
3
31
1,050
19
280
2,018
100
875
276
750
690
180
3
33
7
16
1,712
148,482
As of March 31, 2015, the Company has intragroup loans totaling R$12,056 - consolidated
(R$12,117 as of December 31, 2014), adjusted using the CDI, plus annual interest of 4%,
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 of March 31, 2015, the Company also has a balance of R$40,560 (R$40,954 as of
December 31, 2014), which corresponds to advances granted to the company that sold the
land to make local improvements, as set forth in the underlying agreement. Advances are
subject to the Interbank Certificate of Deposit (CDI) rate. Interest is payable monthly and
the principal will be received through receivables corresponding to its interest in the
venture.
b) Operations
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.
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 2015
was set at up to R$15,211 by the Annual Shareholders’ Meeting held on April 28, 2015
(R$14,341 for 2014).
Compensation is recognized in the Company’s profit or loss in line item “Management
compensation”.
The accrued expenses incurred in the quarters are as follows:
Parent
03/2015 12/2014
Board of Directors
Executive Board
Charges
Benefits - Board of Directors
Benefits - Executive Board
Total
Compensation in the period:
Board of Directors - higher compensation
Board of Directors - lower compensation
Executive Board - higher compensation
Executive Board - lower compensation
Consolidated
03/2015 12/2014
303
846
230
1,379
192
665
172
1,029
591
846
288
1,725
480
665
230
1,375
534
103
637
16
481
497
559
103
662
19
481
500
2,016
1,526
2,387
1,875
63
47
188
60
194
48
214
60
194
47
188
60
194
48
214
60
Total members
03/2015 12/2014
7
6
13
5
5
10
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 to management 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.
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 to the
stock option plans. As of March 31, 2015, management-related expenses recorded in
profit or loss totaled R$702 (R$6,016 as of March 31, 2014).
No amounts were paid in the period relating to: (a) post-employment benefits (pension,
other retirement benefits, post-employment life insurance and post-employment health
care plan); (b) long-term benefits (leave of absence for length of service and long-term
disability benefits); and (c) severance benefits.
The variable compensation (stock option plan) is not included in the overall
compensation approved at the Shareholders’ Meeting.
14. CURRENT ACCOUNTS WITH VENTURE PARTNERS
The balances in net assets and liabilities can be as follows:
Parent
03/2015 12/2014
Cipasa Desenv Urbano S.A.
Condominio Sky Life
Consorcio Botafogo Business
Consorcio de Urbanização Jundiai
Consorcio Nhambiquaras
Conx Empreendimentos Imobiliários Ltda.
Costa de Guadalupe Empreendimentos Imobiliários S.A.
Cyrela Brazil Realty Rjz Empreendimento Imobiliário Ltda.
Cyrela Jasmim Ltda.
1,171
9,383
(440)
(994)
(18)
(12)
-
Consolidated
03/2015 12/2014
2,298
606
(38)
(38)
6,852
6,633
(7,726)
13
(7,713)
65
937
1,169
6,749
5,515
(2)
(2)
(3,328)
(3,317)
3,377
3,377
12,643
12,643
(410)
(410)
5,211
5,214
(272)
(272)
112
9,383
112
301
301
15,192
15,192
(78)
4
4
(357)
(702)
(3,553)
162
90
(145)
(23)
1,644
1,246
1
33,821
22
22
(3,517)
(1,860)
5
5
5
5
(33)
(15)
458
740
361
(5,717)
(69)
(5,499)
1,304
45
273
(1,340)
(1,047)
(14)
(41)
5
5
215
215
29,902
28,947
(1)
(1)
(1,033)
(295)
(6,101)
(152)
28
(2,039)
(1,018)
(5,822)
(3,845)
(1,015) (91,167) (106,278)
(1,185)
(1,185)
60
60
1
1
(33)
26
7,109
Parent
03/2015 12/2014
Incortel Incorp Hoteleiras Ltda.
Klabin Segall S.A.
Raimundo Pereira Magalhaes Empreendimentos Imobiliários
Spe Ltda.
Scp - Cyrela/Real Estate
Balance recorded in Assets
Balance recorded in Liabilities
Consolidated
03/2015 12/2014
4
1
-
1
4
10
84
- (30,302)
(833)
(159)
2
1
(1,497)
(103)
(255)
(2,870)
2,868
(3)
5,120
11,995
(501)
(106)
(3,907)
(21)
(19)
1
1
10
(30,302)
(833)
449
2
22,706
(300)
(2,258)
2,160
(384)
11,995
(501)
(106)
(3,120)
(21)
(21)
1
9,095
(55)
5,890
(151)
305
(442)
12
69
- (21,248)
480
14,135 (85,409)
(937)
5,890
(150)
305
(321)
12
69
(16,640)
465
(24,207)
55,366
41,231
223,178
247,385
27,246
18,151
166,148
251,557
15. CONSTRUCTION IN PROGRESS
As a result of the procedure prescribed by CVM Instruction 561/08 (OCPC 01 (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
03/2015
(+) Total gross sales revenue
(-) Total unrecognized gross revenue
(=) Unrecognized sales revenue:
03/2014
17,772,765
(13,446,053)
4,326,712
17,688,692
(13,161,694)
4,526,998
10,715,411
(8,041,669)
2,673,742
10,668,691
(7,875,340)
2,793,351
1,652,970
1,733,647
(+) Total cost of properties sold
(-) Total unrecognized cost
(=) Unrecognized cost
Unrecognized profit
b) Commitments on budgeted costs on units sold
Amounts not reflected in the financial statements
Current
Noncurrent
03/2015
03/2014
1,703,381
970,361
2,673,742
1,691,184
1,102,167
2,793,351
16. ADVANCES FROM CUSTOMERS
Parent
03/2015
12/2014
Amounts received for property sales
Amounts received for project sales:
Other advances
Units sold in projects under constructions
Allocated revenue
Received revenue
18
18
(134,877)
134,877
18
18
18
(128,909)
130,392
1,483
1,501
Consolidated
03/2015
12/2014
190,592
190,592
225,345
225,345
(38,444,725)
38,514,043
69,318
259,910
(37,294,489)
37,350,746
56,257
281,602
Amounts received for physical barters
Barters with land
Total advances from customers
18
1,501
962,615
1,222,525
984,045
1,265,647
Current
Noncurrent
18
-
1,501
-
919,292
303,233
1,184,519
81,128
Advances from customers originated from physical barters of land will be amortized in profit or
loss using the same procedure applied in 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”.
Parent
03/2015
12/2014
Consolidated
03/2015
12/2014
Accrued construction warranties
Other suppliers of goods and services
Total trade payables
7,070
7,070
8,833
8,833
142,991
238,404
381,395
138,626
252,704
391,330
Current
Noncurrent
7,070
-
8,833
-
290,624
90,771
312,034
79,296
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
Consolidated
03/2015 12/2014
2016
2017
2018
Noncurrent
Current
Total
47,926 34,738
4,539
3,148
19,057 18,900
71,522 56,786
322,753 335,987
394,275 392,773
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).
Interest and inflation adjustments relating to balances of land payable eligible for capitalization
in inventories totaled R$4,265 in the quarter ended March 31, 2015 (R$3,570 as of March 31,
2014).
19. PROVISIONS FOR TAX, LABOR AND CIVIL RISKS
The provisions for tax, labor and civil risks have been recognized for lawsuits whose likelihood
of loss was considered probable, based on the opinion of the Company’s legal counsel.
Broken down as follows:
Parent
Consolidated
03/2015 12/2014 03/2015 12/2014
Increased tax base of PIS/COFINS (taxes on revenue)
-
-
-
-
COFINS / CSLL levied on companies without
employees
-
-
1,332
1,356
2,914
2,878
4,370
4,289
2,914
2,878
5,702
5,645
1,879
852
5,645
1,399 75,554 54,431
4,246 104,522 104,328
8,523 185,778 164,404
Other
Labor lawsuits
Civil lawsuits
The Company and its subsidiaries are parties to civil, labor and tax proceedings both at the
administrative and the judicial levels.
Tax lawsuits
As of March 31, 2015, the Company and its subsidiaries are parties to lawsuits, totaling
R$80,332 (R$72,452 as of December 31, 2014), of which, the amount of R$5,702 (R$5,646 as
of December 31, 2014), is classified as probable losses, R$41,708 (R$37,391 as of December
31, 2014), is classified as possible losses, and R$32,923 (R$29,416 as of December 31, 2014)
is classified as remote losses by the Company’s legal counsel and Management.
Additional disclosures on the main provisions for tax risks, whose likelihood of loss is assessed
by Management as possible, are as follows:
• 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 of March 31, 2015 this proceeding amounts to
R$5,897 (R$5,865 as of December 31, 2014).
• 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
of March 31, 2015, these proceedings total R$10,668 (R$11,867 as of December 31, 2014).
• Four of the Company’s subsidiaries are parties to an administrative proceeding arising from
the tax assessment notice relating to the collection of social security contribution on profit
sharing for calendar 2008 as well as on contractors’ social security contribution. The
Companies filed an objection against this tax assessment and await a final decision by the
tax authorities. As of March 31, 2015 this proceeding amounts to R$5,130 (R$3,361 as of
December 31, 2014).
Labor lawsuits
R$156,004 (R$168,042 as of December 31, 2014), of which, the amount of R$75,554
(R$54,431 as of December 31, 2014), is classified as probable losses, R$37,367 (R$43,873 as
of December 31, 2014), is classified as possible losses, and R$43,083 (R$69,868 as of
December 31, 2014) is classified as remote losses.
Most of the lawsuits are filed by employees of subcontractors, mainly claiming the paying of
overtime and others. Under the Brazilian labor laws, we are jointly and severally liable for the
compliance of labor obligations to the employees of our service providers.
Civil lawsuits
R$217,761 (R$188,728 as of December 31, 2014), of which, the amount of R$104,522
(R$104,328 as of December 31, 2014), is classified as probable losses, R$72,938 (R$41,726 as
of December 31, 2014), is classified as possible losses, and R$40,301 (R$42,674 as of
December 31, 2014) is classified as remote losses.
Most of the lawsuits refer to compensation claims for pain and suffering.
Additionally, Queiroz Galvão MAC Cyrela Veneza, where the Company holds a 30% stake, is
a party to a civil class action challenging the validity of the Construction Permit granted to the
Domínio Marajoara project, which, as of March 31, 2015, 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 recognized a provision amounting to
R$13,634 related to threatened civil lawsuits related to this project.
Changes in the provision amounts
The provisions for probable losses on these lawsuits are estimated and adjusted by
Management, based on the opinion of its legal counsel. As of March 31, 2015, the provisions
for legal and administrative proceedings are classified in line item “Provision for tax, labor and
civil risks”:
Civil
Additions
Reversal/Payment
Inflation adjustment
Additions
Reversal/Payment
Parent
Tax
Labor
Total
678
1,026
2,537
4,241
19
7,384
7,403
(649) (1,031) (1,769) (3,449)
20
16
36
49
14
8,168
8,231
4,246
72
(3,724)
258
852
2,878
36
2,914
1,399
8,523
398
470
(80) (3,804)
162
456
1,879
5,645
Consolidated
Tax
Labor
Civil
Additions
Reversal/Payment
Additions
Reversal/Payment
25,012 14,998
16,071
(9,097) (7,636)
2,894
59
34,880
7,421
104,328
34,550
(46,386)
12,030
104,522
5,645
35
(57)
79
5,702
Total
52,560 92,570
5,778 21,849
(12,944) (29,677)
8,088 11,041
53,482 95,783
54,431 164,404
24,615 59,200
(9,053) (55,496)
5,561 17,670
75,554 185,778
20. DEFERRED TAXES AND CONTRIBUTIONS
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 properties (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, as amended by CVM Instruction 624/10 (OCPC 01(R1)).
The table below shows the balances of deferred taxes and contributions:
Parent
Consolidated
03/2015 03/2014 03/2015 03/2014
IRPJ
CSLL
Subtotal
-
-
936
503
1,439
857
461
1,318
PIS
COFINS
Subtotal
-
-
2,160
1,376
3,536
274
1,268
1,542
Total
-
-
4,975
2,860
Current
Noncurrent
-
-
3,073
1,902
2,842
18
Parent
Consolidated
03/2015 03/2014 03/2015 03/2014
IRPJ
CSLL
Subtotal
367
133
500
230
83
313
61,294 68,188
31,430 34,953
92,724 103,141
PIS
COFINS
Subtotal
38
176
214
24
110
134
17,467 19,423
80,708 89,737
98,175 109,160
Total
714
447 190,899 212,301
Current
Noncurrent
248
466
368 153,278 175,516
79 37,621 36,785
714
447 190,899 212,301
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
03/2015 03/2014
12 months
24 months
36 months
48 months
Above 48 months
Total
3,073
1,122
554
122
104
4,975
2,842
10
5
2
1
2,860
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:
Parent
03/2015 12/2014
In current and noncurrent assets
Tax loss carryforwards - CSLL
Difference of profit on real estate activities - deemed income
Difference of profit on real estate activities - RET
In current and noncurrent liabilities
Difference of profit on real estate activities - taxable income
Difference of profit on real estate activities - deemed income
Difference of profit on real estate activities - RET
(500)
(500)
-
Consolidated
03/2015 12/2014
1,145
294
1,439
1,143
175
1,318
(313) (6,200)
(7,452)
(6,944) (12,742)
- (79,580) (82,947)
(313) (92,724) (103,141)
b) Income tax and social contribution
The Company and its subsidiaries recognize the following balances to be offset, deducted
from or added to the future taxable income tax bases calculated based on 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:
Parent
03/2015
03/2014
(i) Credits for offset - taxable income
Tax losses for offset against future
taxable income - IRPJ and tax loss carryforwards
for offset against future taxable income
(ii) Taxable obligations - taxable income
Difference between profit from real estate activities taxed
on a cash basis and the amount recorded on the accrual basis
714,121
(1,470)
Consolidated
03/2015
03/2014
1,653,644
(921)
1,135,467
2,147,002
(18,234)
(21,919)
(iii) Taxable obligations - deemed income
Difference between the profit from taxable real estate activities
on a cash basis and the amount recorded on the accrual basis
Income tax base
Social contribution base
-
-
15,028
22,692
30,085
45,311
(iv) Taxable obligations - special taxation regime
Tax base - RET
-
-
4,130,387
4,311,933
In the current context of the Parent’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 is contingent on the issuance of a final
decision on the ongoing lawsuits, within an unpredictable period. In addition, the Parent
and certain subsidiaries recognize tax loss carryforwards, whose realization or recovery
depends on future events and, therefore, they are not recorded in the balance sheet.
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
period.
The tax difference between taxable income calculated on a cash basis and on accrual basis
will be incurred through 2028, 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 are recorded in line item “Deferred
taxes and contributions”, in current and noncurrent liabilities, based on expected settlement:
Consolidated
Parent
03/2015 03/2014 03/2015 03/2014
Current
Deferred payment
163
214
377
164
8,579
6,469
134 98,175 109,160
298 106,754 115,629
d) Income tax and social contribution expenses
As allowed by prevailing tax legislation, Company subsidiaries adopt the cash basis for
calculating revenue from real estate development, and this revenue is used to determine
taxable income.
The income tax and social contribution due on the Company’s and its subsidiaries’ taxable
income included in the interim financial information.
The income tax and social contribution expenses for the year ended March 31, 2015 and
2014 can be reconciled to the accounting profit as follows:
Parent
03/2015 12/2014
(x)
(=)
(+/-)
(=)
Profit before income tax and social contribution
Statutory rate:
Expected income tax and social contribution expense
Effect of the statutory rate on:
Temporary additions and deductions and other (i)
Unrecognized tax credits
Effect of tax gain from adopting the deemed income or
RET regime
Income tax and social contribution expense
Deferred
Current
Consolidated
03/2015 12/2014
100,728 163,343
-34%
-34%
(34,248) (55,537)
141,254 228,596
-34%
-34%
(48,026) (77,723)
40,044
6,446
(12,429)
-
2,926
6,446
(12,429)
27,761
2,330
6,326
(38,012)
65,827
87,333
6,326
(38,012)
-
(187)
110
(23,322)
(41,252)
(187)
(187)
110
110
9,591
(32,913)
(23,322)
(5,605)
(35,647)
(41,252)
(i) Refers mainly to provisions for tax, labor and civil risks, whose tax benefits were not recognized.
21. EQUITY
a) Capital
As of March 31, 2015 and December 31, 2014, capital totals R$3,095,744, represented by
399,742,799 common shares.
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 common, registered, book-entry 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 bought back, under the limits and effective term of this authorization. The
decision to cancel or sell the treasury shares will be made and disclosed to the market on a
timely basis.
Based on the provisions of CVM Instruction 10/80, Article 8, the following was specified:
(i) 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
(ii) the number of outstanding common shares issued by the Company is 248,497,237
common shares, according to share deposit account records informed by the
depositary institution as of March 31, 2015 (243,747,509 as of December 31, 2014).
Share buyback / cancellation program
Through March 31, 2015, the Company had bought back 4,361,300 shares, totaling
R$46,418 (24,962,600 shares as of December 31, 2014, totaling R$329,438). In June 2014,
the Company cancelled 23,261,088 treasury shares, totaling R$319,362.
65% of the share buyback program announced in June 2014 is already implemented,
totaling a share buyback volume of 17,059,000 shares, corresponding to a financial volume
of R$210,200.
As of March 31, 2015, these shares were quoted at R$13.25 (R$11.06 as of December 31,
2014) per share.
The balance as of March 31, 2015 is as follows:
Position
Shares sold under the stock option plan 2013 (January 2014)
Treasury shares bought back - 01/2014
Shares sold under the stock option plan 2012 (2 years vesting)
Cancellation of shares pursuant to BDM 06.11.2014
Adjustment of cancellation of shares
Adjustment of shares exercised in prior years
Shares exercised under the stock option plan 2009 Retention (December
2014)
Shares assigned under the stock option plan 2009 Retention (February 2015)
Number
of shares
Buyback
cost
Average
buyback
price
Market
price in
03/2015
9,398,549
(202,293)
2,650,800
1,280,000
(29,767)
(16,916,030)
2,732,400
6,808,500
6,125,568
3,908,000
443,400
1,013,500
246,738
37,910
16,226
(420)
(236,100)
36,982
91,022
(83,261)
(30,592)
83,400
48,119
5,004
10,774
13.12
-
132,505
(2,889)
37,853
17,485
(394)
(233,780)
36,122
94,093
78,836
48,147
5,520
11,209
(405,383)
16,807,244
2,854,400
1,506,900
(3,000)
21,165,544
(5,386)
220,416
30,536
15,882
(38)
266,796
13.11
13.11
(4,484)
220,223
30,856
17,450
(40)
268,489
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 Company held an Annual Shareholders’ Meeting on April 28, 2015 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 2014, in the amount of R$661,499, as follows:
1.
R$33,075 allocated to the legal reserve.
2.
R$471,318 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.
3.
R$157,106 allocated to the distribution of mandatory minimum dividends,
pursuant to Article 27, “n” of the Company’s bylaws, for the year ended
December 31, 2014, each common share being entitled to a dividend of
R$0.414990696.
The remaining balance of profit for the year ended December 31, 2014, after recognition of
legal reserve and proposed dividends, in the amount of R$471,318 (R$512,168 as of
December 31, 2013), was transferred to line item “Expansion reserve”, pursuant to article
40 of the Bylaws, and will be used for investment in the own Company, to finance its
activities, in accordance with the growth plan projected by Management for 2015.
At the Annual Shareholders’ Meeting held on May 8, 2014 the Company’s capital increase
was approved in the amount of R$512,169 without the issue of new shares, through 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
Absolutto Exclusive Life (Novo Projeto)
Agora Canoas
Agora Jaçana
Alameda Clube Residencial
Alameda Morumbi
Alcance Residencial
All Nations Vidamerica - Dom Heller
Amistá Bosque e Lazer/Dom Jaime
Amistá Special Resort
Antonio Ferreira
Apogeo Chacara Klabin
Arboretto Green Life
Ares do Parque Aclimação
Atmosfera
Auguri Residence
Avanti Guarulhos
Barra Prime Offices
Batel
Belle Epoque
Berrini - Cab - Corporativo
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 Tons da Manhã
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 Residencial Clube
Condominio Camino Girassol
Condominio Camino Lirio
Condominio Camino Tulipa
Condomínio Central Park Mooca
Consolidated
RET-CRI
Total
consolidated
36,004
811
547
772
2,659
2,406
262
18,200
10,937
45,159
14
1,831
342
36,722
9,159
26,795
224
883
1,293
2,352
1,424
31,524
27,528
825
45,189
972
2,433
34,807
56,359
918
592
29,978
42
28,131
1,938
1,963
8,921
24,942
981
2,028
58,094
14,307
2,747
13,828
2,260
6,763
10,766
12,547
5,076
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
% of
assets
0.270%
0.006%
0.004%
0.006%
0.020%
0.018%
0.002%
0.137%
0.082%
0.339%
0.000%
0.014%
0.003%
0.276%
0.069%
0.201%
0.002%
0.007%
0.010%
0.018%
0.011%
0.237%
0.207%
0.006%
0.339%
0.007%
0.018%
0.261%
0.423%
0.007%
0.004%
0.225%
0.000%
0.211%
0.015%
0.015%
0.067%
0.187%
0.007%
0.015%
0.436%
0.107%
0.021%
0.104%
0.017%
0.051%
0.081%
0.094%
0.038%
Project description
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
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 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
Condominio Novo Jardim Family Resor
Condomínio Panamérica Brickell - Bento Branco I
Condomínio Parque Das Aguas
Condominio Parque Das Arvores
Condomínio Parque Das Cachoeiras
Condomínio Parque Das Palmeiras
Condomínio Parque Dos Lagos
Condominio Parque Dos Pássaros
Condomínio Parque Dos Sonhos
Condomínio Parque Jardim
Consolidated
RET-CRI
Total
consolidated
81,677
525
2,176
17,051
20,541
22,717
4,393
45,836
67,901
71,394
17,998
26,894
7,400
685
3,364
4,838
240
10,943
81,092
56,933
17,189
60,579
58,963
37,880
29,831
189,752
59,605
124,008
22,331
12,452
435
1,044
7,803
4,320
897
753
2,483
1,368
3,791
32
38,527
11,062
1,091
301
796
559
229
663
505
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
% of
assets
0.613%
0.004%
0.016%
0.128%
0.154%
0.170%
0.033%
0.344%
0.510%
0.536%
0.135%
0.202%
0.056%
0.005%
0.025%
0.036%
0.002%
0.082%
0.609%
0.427%
0.129%
0.455%
0.442%
0.284%
0.224%
1.424%
0.447%
0.931%
0.168%
0.093%
0.003%
0.008%
0.059%
0.032%
0.007%
0.006%
0.019%
0.010%
0.028%
0.000%
0.289%
0.083%
0.008%
0.002%
0.006%
0.004%
0.002%
0.005%
0.004%
Project description
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 (Thera Berrini)
Condomínio Thera One (Thera Office)
Condomínio Thera One (Thera Residence)
Condominio Varanda Ipiranga
Condomínio Varanda Novamerica
Condomínio Ventana
Condomínio Ventura
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
Condominio Liber Bosque Dos Buritis
Cosmopolitan
Cosmopolitan High Garden
Cristall
Cyrela Inspired
Cyrela Lapa Premium - Coroados
Cyrela Year Edition - Maracanã
Decor Paraiso
Dona Carolina
Dona Margarida
Duo Concept
Edifício Accanto
Edifício Art de Vivre
Edifício Aschneider Absolut Business
Edifício Beladdock
Edifício Cennário
Consolidated
RET-CRI
Total
consolidated
1,737
36,949
7,343
92,231
3,208
7,631
36,046
145
2,943
39,939
15,261
12,304
4,899
98,560
1,617
4,770
17,099
42,505
445
1,288
4,995
16,205
111,926
1,356
867
27,134
1,822
280
246
80
255
5,427
33,132
85
3,900
61,434
4,269
11,434
4,079
5,628
542
34,953
3,312
7,570
57
554
620
241
81
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
% of
assets
0.013%
0.277%
0.055%
0.692%
0.024%
0.057%
0.270%
0.001%
0.022%
0.300%
0.115%
0.092%
0.037%
0.740%
0.012%
0.036%
0.128%
0.319%
0.003%
0.010%
0.037%
0.122%
0.840%
0.010%
0.007%
0.204%
0.014%
0.002%
0.002%
0.001%
0.002%
0.041%
0.249%
0.001%
0.029%
0.461%
0.032%
0.086%
0.031%
0.042%
0.004%
0.262%
0.025%
0.057%
0.000%
0.004%
0.005%
0.002%
0.001%
Project description
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 Mandarim (Belém)
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
Familia Ipiranga
Fatto Exclusive
Fatto Figueira
Fatto Nova Carrão (Rego Barros)
Fatto Passion
Fatto Quality
Fatto Sport Faria Lima - Fase 1
Fatto Sport Faria Lima - Fase 2
Floris Bosque Residencial
Friends 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
Consolidated
RET-CRI
Total
consolidated
866
3,583
1,089
737
6,589
25,140
39,410
17,573
20,579
6,489
70,480
469
14
845
1,319
706
22,560
29,863
24,631
1
822
7,280
13,066
8,542
22,882
53,042
44,548
13,884
3,780
2,674
8,092
4,175
18,781
95,703
111
1,750
226
4,010
7,042
3,263
32,491
26,630
6,009
1,803
13,142
1,056
32
206
5,530
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
% of
assets
0.006%
0.027%
0.008%
0.006%
0.049%
0.189%
0.296%
0.132%
0.154%
0.049%
0.529%
0.004%
0.000%
0.006%
0.010%
0.005%
0.169%
0.224%
0.185%
0.000%
0.006%
0.055%
0.098%
0.064%
0.172%
0.398%
0.334%
0.104%
0.028%
0.020%
0.061%
0.031%
0.141%
0.718%
0.001%
0.013%
0.002%
0.030%
0.053%
0.024%
0.244%
0.200%
0.045%
0.014%
0.099%
0.008%
0.000%
0.002%
0.041%
Project description
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
Henriqueta Mendes
Home Boutique Brooklin
Host Paraiso
Idylle Cambui
In Mare Bali Residencial Resort
Infinity Prime Offices
Inspire Verde
Invite Taquaral
Jardim de Lombardia
Jardim de Provence (Fase 1)
Jardim de Provence (Fase 2)
Jardim de Valencia
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 Bernado
Living Harmony Sacomã
Living Itirapina
Living Magic - Colgate
Maayan
Mais Campos Sales
Mais Cangaiba
Mais Guarulhos
Mais Jaçana Nature
Mais São Cristovão
Maria Curupaiti - Skr
Medplex Norte
Mirai Offices
Misti Morumbi
Consolidated
RET-CRI
Total
consolidated
207
32,038
212,070
29,088
2,325
114,445
4,571
58,290
921
8,114
69,108
29,501
23
11,061
295,758
1,158
9
13,955
47,432
86,646
4,195
5,923
58,247
4,614
42,225
190
5,592
3,117
12,860
4,799
33,340
1,732
2,230
2,906
2,735
18,133
12,341
2,153
36,614
174,899
825
195
9,570
99
205
2,323
21,431
16,117
44,862
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
% of
assets
0.002%
0.240%
1.591%
0.218%
0.017%
0.859%
0.034%
0.437%
0.007%
0.061%
0.519%
0.221%
0.000%
0.083%
2.219%
0.009%
0.000%
0.105%
0.356%
0.650%
0.031%
0.044%
0.437%
0.035%
0.317%
0.001%
0.042%
0.023%
0.097%
0.036%
0.250%
0.013%
0.017%
0.022%
0.021%
0.136%
0.093%
0.016%
0.275%
1.312%
0.006%
0.001%
0.072%
0.001%
0.002%
0.017%
0.161%
0.121%
0.337%
Project description
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
Now Alto da Boa Vista
Now Studios Ipiranga
Ocean Pontal Residence & Beach Place
On The Lake Lagoa Dos Ingleses
Parque Canoas Allegro
Pascal
Passeio do Bosque-Bonfiglioli
Pedra Bonita
Península - Q. 9 Lote 7
Peninsula Way Residence Office
Pleno Jaçana
Pleno Meier Residencial
Pleno Novo Engordadouro
Pleno Residencial (Fase 1)
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 (Fase 1)
Riserva Golf Vista Mare Residenziale (Fase 2)
Saint Barth
Saint Martin
Serenitá
Sk Viii - Edson
Sk Xii - Pirapitingui
Splendido Jardim do Golf
Splendore Family Club
Station Offices
Consolidated
RET-CRI
Total
consolidated
4,870
16,503
18,545
31,089
30,897
8,678
987
7,245
11,347
35,834
26,833
115,541
2,423
13,323
15,951
46,244
371
16,333
15,890
36,247
3,158
18,379
6,371
3,472
6,050
24,870
892
2,122
5,598
21,948
227
60,952
32,028
702
40,026
2,184
6,052
3,878
6,339
285,189
35,293
36,148
16,303
304
11,952
6,959
1,088
45,427
6,570
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
% of
assets
0.037%
0.124%
0.139%
0.233%
0.232%
0.065%
0.007%
0.054%
0.085%
0.269%
0.201%
0.867%
0.018%
0.100%
0.120%
0.347%
0.003%
0.123%
0.119%
0.272%
0.024%
0.138%
0.048%
0.026%
0.045%
0.187%
0.007%
0.016%
0.042%
0.165%
0.002%
0.457%
0.240%
0.005%
0.300%
0.016%
0.045%
0.029%
0.048%
2.140%
0.265%
0.271%
0.122%
0.002%
0.090%
0.052%
0.008%
0.341%
0.049%
Project description
Storia Vila Clementino - By Cyrela
Summer Bandeirante Residencial
Supera
Teodoro da Silva
Terrabela Planalto
Time Center Campinas
Tons da Vila
Tree Morumbi
Unitt
Urban Pr
Varanda Botanic.
Varanda Castanheira
Varanda Expressions
Varanda Pompeia
Varandas da Serra
Vega Luxury Design Offices
Ventura
Verdant Valley Residence
Vereda Ipiranga
Vicenzo Paciullo
Vilagio Luna
Villa Varanda
Vintage Condomínio Clube
Visionnaire Neoville Florianópolis
Vita Alto do Ipiranga
Vita Home Club
Vitamare Neoville Florianópolis
Vitrine Umarizal
Vitta Jaçana Residence Clube
Way
Way Bandeirantes Residencial
Way Orquidário
Way Penha
Way Vila Guilherme
West Residencial
You! Clube Residencial
Total
Consolidated
RET-CRI
Total
consolidated
23,285
26,425
173,374
32,930
44,770
32,046
1,185
12,613
5,148
43,630
11,668
21,852
340
640
139
40,245
1,353
62,428
1,485
90
14,207
21,903
47,297
15,649
27,445
29,413
22,757
4,182
1,554
59,115
38,905
37,109
54,592
22,409
692
27,723
6,949,437
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
13,326,248
% of
assets
0.175%
0.198%
1.301%
0.247%
0.336%
0.240%
0.009%
0.095%
0.039%
0.327%
0.088%
0.164%
0.003%
0.005%
0.001%
0.302%
0.010%
0.468%
0.011%
0.001%
0.107%
0.164%
0.355%
0.117%
0.206%
0.221%
0.171%
0.031%
0.012%
0.444%
0.292%
0.278%
0.410%
0.168%
0.005%
0.208%
52.15%
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) Post-employment 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.
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 of March 31, 2015, the accrued profit sharing totaled
R$12,203 (R$13,217 as of March 31, 2014), recorded in “General and administrative
expenses”, and as “Payroll, related taxes, and profit sharing” in liabilities, based on the
indicators and parameters defined in the agreement and projected earnings.
c) Stock option plan
Plan description
To participate in the program, officers or employees must acquire the Company’s shares
within preset deadlines, using own funds or funds arising exclusively from the receipt of
the annual bonus granted according to the compensation policy in force.
In exchange for the share acquisition, the Company will enter into a stock option agreement
with each beneficiary, whereby the Company will grant, for each share acquired, stock
options within previously defined limits and conditions.
Computation of amounts and recording of stock options are in compliance with the criteria
established by CVM Resolution 650/10 - Share-based Payment (CPC 10 (R1)).
The number of stock options granted, vesting and exercise periods, as approved at the
Company’s Shareholders Meeting, are as follows:
Number, amounts and terms of the plans
2006
Grant date
Vesting grace period
Exercise date
Average strike price
05/04/2006
04 years
(25% per year)
05/03/2007
05/03/2008
05/03/2009
05/03/2010
R$ 14.60
2007
2008
05/17/2007 04/29/2008
10/08/2007
10/01/2009
12/01/2010
02/01/2011
08/01/2012
09/02/2013
05 years
05 years
05/17/2012 04/28/2013
10/08/2012
10/01/2015
10/07/2015
10/07/2015
08/01/2017
R$ 0.01
R$ 0.01
Plans granted in
2011
08/11/2011
08/11/2011
08/11/2011
05 years; 03
years; 2.5 years
08/10/2016
08/10/2014
02/10/2014
R$ 0.01
2012
2013
2014
05/02/2012 03/28/2013 05/02/2014
05/02/2012
03 years
05 years
05 years
03 years
05 years
04/27/2015 03/03/2018 05/02/2017
04/27/2017
05/02/2019
R$ 0.01
R$ 0.01
R$ 0.01
Changes in shares granted
2011
2012
2013
2006
2007
2008
Number of shares at 12.31.2013
Granted shares
Exercised shares
Cancelled shares
126,412
126,412
3,960,788
3,960,788
11,965
11,965
287,961
287,961
400,997
400,997
Granted shares
Exercised shares
Cancelled shares
-
3,308,087 11,532
(3,000)
(283,686)
3,021,401 11,532
275,828
275,828
371,230 2,300,146
(3,753)
367,477 2,300,146
2014
2,097,853
404,586
(202,293)
2,300,146
Total
-
6,885,976
404,586
(202,293)
7,088,269
599,430
599,430
6,866,253
(3,000)
(287,439)
6,575,814
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 interim financial information,
as a balancing item to the Company’s equity, from the grant date through March 31, 2015,
are as follows:
Plan
Average
strike price
Grant date
Accrued
expense
03/2015
Accrued
expense
12/2014
2006
14.60
05/04/2006
2,744
3,718
2007
0.01
05/17/2007
10/08/2007
10/01/2009
12/01/2010
02/01/2011
08/01/2012
85,658
81,432
2008
2011
2012
2013
2014
0.01
0.01
0.01
0.01
0.01
04/29/2008
08/11/2011
05/02/2012
03/28/2013
05/02/2014
Total
29,226
3,334
4,327
15,027
1,605
141,921
29,226
2,696
3,000
6,966
127,038
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 are not conducted with financial instruments for speculative purposes.
Parent
03/2015
12/2014
Consolidated
03/2015
12/2014
FINANCIAL ASSETS
Measured at amortized cost
Cash and cash equivalents
Securities
Trade receivables
Related parties
1,347,433
1,156,101
6,886,307
7,097,869
232,244
665,964
2,514
419,465
27,246
228,255
437,149
2,523
432,808
55,366
908,265
1,113,477
4,496,726
201,691
166,148
919,160
835,104
4,929,986
190,441
223,178
FINANCIAL LIABILITIES
Measured at amortized cost
Debentures
Real Estate Certificates - CRI
Trade payables and provision for warranty
Payables due to acquisition of properties
Related parties
1,355,245
1,586,882
4,980,256
5,055,190
606,611
246,233
357,622
7,070
119,558
18,151
597,330
253,515
480,626
8,833
205,347
41,231
3,146,870
246,233
406,778
381,395
394,275
153,148
251,557
3,093,575
253,515
528,130
391,330
392,773
148,482
247,385
Classification
Loans and receivables
Other liabilities
Other liabilities
Other liabilities
Other liabilities
Other liabilities
Other liabilities
Other liabilities
b) Fair value of assets and liabilities
The fair value of financial assets and liabilities is the amount for which an instrument could
be exchanged in a current transaction between willing parties other than in a forced
liquidation or sale.
The following methods and assumptions were adopted in estimating fair value:
• Cash equivalents, trade payables, and other current liabilities measured at amortized
costs approximate their market values.
• Trade receivables: receivables from 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, and the
adjustment o present value is recorded, in order to determine such amounts at market
value upon revenue recognition.
• The debentures issued by the Company are of a public nature and can be compared to
other fair value instruments. 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 accumulated CDI, scenarios with stress of 25% and
50% were defined. The probable rate for accumulated CDI for the next 12 months of
13.52% p.a. was defined based on one-year fixed x DI benchmark swap rates disclosed by
BM&FBOVESPA and alternative scenarios considering the CDI of 10.14% p.a. and 6.31%
p.a. For each scenario, we calculated the “gross finance income”, not taking into
consideration the levy of taxes on the income from short-term investments. We calculated
the sensitivity of securities to the scenarios for average monthly yields, based on the
balance as of March 31, 2015. For those cases where the risk factor is the US dollar
fluctuation, based on the scenario for the coming 12 months, of R$3.01, the Company
defined 25% and 50% stress scenarios, using the U.S. dollar at R$2.26 and R$1.51,
respectively.
These rates used for market projections were obtained from an external source.
Transaction
Position at
03/2015
Risk
factor
Scenario I
Probable
Scenario II
Scenario III
683,971
CDI
13.52%
92,473
10.14%
69,355
6.76%
46,236
1,082,650
CDI
13.52%
146,374
10.14%
109,781
6.76%
73,187
175
USD
3.01
198
2.26
149
1.51
99
Investment funds - fixed income
Projected income
Bank certificates of deposit
Projected income
Other
The Company’s securities (debentures and CRIs), in the total amount of R$655,655, net 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 and 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 of March 31, 2015, three different scenarios were defined. The probable CDI
rate accumulated for the next 12 months is 13.52% p.a., based on one-year fixed x DI
benchmark swap rates disclosed by BM&FBOVESPA, equivalent to the probable scenarios
listed below. Based on the probable CDI rate, stress scenarios were defined at the average
rate of 16.90% p.a. and 20.28% 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 of
March 31, 2015, net of issue, costs, as highlighted below:
Transaction
CYRE 12 and 22 debentures
Projected expense
Position at
03/2015
Risk
factor
Scenario I
Probable
Scenario II
Scenario III
43,855
100% CDI + 0.65% p.a.
14.26%
6,254
17.66%
7,745
21.06%
9,236
202,684
100% CDI + 1.20% p.a.
14.88%
30,159
18.30%
37,091
21.72%
44,023
CRI - 1st issuance
Projected expense
44,930
107% do CDI
14.53%
6,528
18.18%
8,168
21.84%
9,813
CRI - 2nd issuance
Projected expense
312,692
108% do CDI
14.68%
45,903
18.37%
57,442
22.07%
69,011
CYRE 16 debentures
Projected expense
Position at
03/2015
Transaction
CRI - 4th issuance
Projected expense
Total
51,494
Risk
factor
101.5% CDI
655,655
Scenario I
Probable
Scenario II
Scenario III
13.74%
7,075
95,919
17.17%
8,842
119,288
20.61%
10,613
142,696
Financing for the construction of properties is subject to the average interest rate of 9.16%
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 of March 31, 2015, three different scenarios were defined. Future TR (12
months) was used based on the one-year fixed rate for TR, disclosed by BM&FBOVESPA,
equivalent to the probable annual TR scenario of 2.18% 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 2015. The sensibility of the
finance costs to the scenarios exposed to the TR rate was determined based on the balances
as of March 31, 2015.
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 an
interest of 12% p.a. indexed to the IPCA. In order to verify the sensitivity of the debt
pegged to the TJLP and the IPCA, interest rate risk factors to which the Company was
exposed as of March 31, 2015, 3 different scenarios were determined, using the TJLP of
6.50% p.a. and IPCA of 5.61% p.a. for a 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
Position at
03/2015
Scenario II
Scenario III
TJLP + 3.78%
10.53%
10,530
12.22%
12,220
13.90%
13,900
7,481
IPCA + 12.00%
18.28%
1,368
19.85%
1,485
21.43%
1,603
111.5% CDI; 117.85% CDI;
CDI + 0.703% p.a.; 112% CDI;
TR + 8.75% p.a.; TR + 8% p.a.;
CDI + 1% p.a.; CDI + 1.5% p.a.;
3.5% p.a.
13.37%
16.18%
18.98%
93,191
112,777
132,293
TR + 9.16%
11.54%
263,065
12.14%
276,743
12.73%
290,193
697,014
Projected expense
Financing of works
Projected expense
Scenario I
Probable
100,000
IPTU debt assumed
Projected expense
Local borrowings
Risk
factor
2,279,596
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 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) future dollar
sales.
(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 borrowing
Original
amount in
R$ thousands
Long
position
(Cyrela)
60,000
111% CDI
Fair value Fair value position
Short position
position (Cyrela) (Banco Votorantim)
(Banco Votorantim)
03.31.2015
03.31.2015
9,93% p.a.
62,201
61,623
(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 2.15% to
2.40%.
Base amount
in USD
Futures
thousands
rate
Description
Sale of NDF
26,182
Maturity
date
2.3991 15/06/2015
Position base
date in
R$ thousands
- 12/31/2014
83,993
(iii) Sensitivity analysis
For the purpose of assessing the derivatives' sensitivity, the Company defined two
different scenarios, based on their fair values as of March 31, 2015. 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:
Risk
Transaction
NDF
US dollar appreciation
Scenario I Scenario II Scenario III
(22,237)
(38,440)
(49,242)
e) Considerations on capital risks and management
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. Market prices are impacted by
two types of risks: interest rate and currency. The financial instruments affected by
market risks include securities, trade receivables, trade payables, borrowings,
available-for-sale instruments, and derivatives.
• Interest rate risk: the profit or loss of the Company and its subsidiaries is susceptible
to changes in the interest rate levied on securities and debts at variable interest rates,
mainly the CDI rate.
Interest rates on borrowings and financing, debentures and CRIs 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.
• 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 of March 31, 2014, the Company’s foreign-currency
denominated borrowings amounted to R$60,201 (R$60,319 as of December 31,
2013) and securities totaled R$175 (R$516 as of December 31, 2014), whose
exposure is hedged by future receivables, in US dollars, from real estate projects
already delivered 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 for inflation) includes: borrowings,
financing, debentures, CRIs (net of issuance costs), less cash and cash equivalents, and
securities:
Parent
03/2015
12/2014
( + ) Inflation adjusted debt (principal + interest):
( - ) Cash and cash equivalents, short-term
investments and securities:
Net debt
(i)
1,210,771
1,331,808
(898,208) (665,404)
312,563 1,528,836
Consolidated
03/2015
12/2014
3,802,525
3,878,119
(2,021,742)
1,780,783
(1,754,264)
2,494,906
(i) Comprised of borrowings and financing, debentures, and CRIs, net of issuance costs.
25. GROSS OPERATING PROFIT
The table below shows the breakdown of net revenue and revenue-related costs, presented in
the income statement:
Parent
03/2015 03/2014
Gross operating revenue
Real estate development and resale
Land subdivision
Service rendering and other
Deductions from gross revenue
Net operating revenue
Real estate sold
Land subdivision
Service rendering
Gross operating profit
4,675
4,675
(334)
4,341
119 1,031,782 1,317,983
1,240
22,263
17,433
13,965
15,651
1,359 1,068,010 1,351,067
(326)
(32,796)
(35,705)
1,033 1,035,214 1,315,362
- (10,683)
(1,643)
(85)
(1,643) (10,768)
2,698
Consolidated
03/2015
03/2014
(9,735)
(649,099)
(14,345)
(11,159)
(674,603)
(860,370)
(6,154)
(11,183)
(877,707)
360,611
437,655
26. SELLING EXPENSES
The main expenses incurred in the quarters are as follows:
Parent
03/2015 03/2014
Sales stands
Advertising and publicity (media)
Professional services
Expenses on units sold
Expenses on projects cancelled
Other selling expenses
(i)
(312)
(5)
(2,383)
(2,700)
Consolidated
03/2015
03/2014
(18,571) (19,970)
(21,676) (25,395)
(689) (31,046) (26,287)
(63) (13,998) (11,309)
(3,748)
(7,451)
(2,354) (18,460) (15,462)
(3,106) (107,499) (105,875)
(i) The principal recorded under this caption refers to salaries and wages expenses incurred
by the Group companies.
27. GENERAL AND ADMINISTRATIVE EXPENSES
The main expenses incurred in the quarters are as follows:
Parent
03/2015 03/2014
Payroll and related taxes
Profit sharing (PLR)
Share-based expense (stock options)
Professional services
Leases, travel and representations
Depreciation and amortization
Other administrative expenses
Consolidated
03/2015 03/2014
(11,292) (12,367) (41,941) (45,717)
20,368 19,196 (12,203) (13,258)
(702) (6,016)
(702)
(6,016)
(6,586) (9,804) (18,248) (14,497)
(4,836) (5,932) (13,330) (14,355)
(3,202) (3,122)
(4,425)
(4,663)
(3,276) (2,805) (12,958)
(6,956)
(9,526) (20,850) (103,807) (105,462)
28. FINANCE INCOME (COSTS)
The main expenses incurred and income earned in the quarters are as follows:
Finance costs:
Interest - National Housing System (SFH)
Interest - domestic and foreign financing
Interest capitalization
Inflation adjustments
Banking fees
Other finance costs
Finance income:
Income from short-term investments
Finance income on trade receivables
Inflation adjustments
Other finance income
Finance income (costs), net
Parent
03/2015 03/2014
Consolidated
03/2015 03/2014
(34,474)
(147)
(62)
(366)
(35,049)
(47,837)
10,680
(570)
(141)
(473)
(38,341)
(47,615)
(51,667)
47,765
(2,536)
(2,589)
(7,375)
(64,017)
(44,085)
(52,359)
48,730
(4,099)
(2,831)
(5,806)
(60,450)
19,872
2,563
914
23,349
(11,700)
11,831
70
1,521
2,162
15,584
(22,757)
48,133
2,363
10,366
9,337
70,199
6,182
43,849
7,112
8,784
10,145
69,890
9,440
29. EARNINGS PER SHARE
The following is the information on earnings per share for the quarters ended March 31, 2015
and 2014.
Basic earnings per share are calculated by dividing profit for the quarter attributable to the
holders of the Parent’s common shares by the weighted average number of common shares
outstanding during the quarter.
Diluted earnings per share are calculated by dividing profit for the quarter attributable to the
holders of the Parent’s common shares by the weighted average number of common shares
outstanding in the period plus the weighted average number of common shares that would be
issued if all potential diluted common shares were effectively converted into common shares.
Earnings dilution - %
03/2015 03/2014
Basic and diluted earnings per share
Profit for the period
Number of outstanding (-) treasury shares
Earnings per shares
100,541 163,453
378,577 403,532
0.26558 0.40506
Weighted average number of shares during the year
Basic earnings per share
378,828 403,532
0.26540 0.40506
Diluted earnings per share:
Weighted average number of shares during the year
Increase in the number of shares arising from the stock option plans, in
case all shares granted are exercised
Average number of shares during the plans - Diluted
Diluted earnings per share
378,828 403,532
6,576
7,088
385,403 410,620
0.26087 0.39806
30. SEGMENT REPORTING
a) Criteria for identification of operating segments
The Company segmented its operating structure taking into consideration the way
Management manages the business. The operating segments presented in the financial
statements are shown below:
(i) Real estate development activities.
(ii) Service provision.
The real estate development segment contemplates the sale resale of properties and also the
land subdivision activity and is subdivided and presented in accordance with the product
developed to be sold, as follows:
(i) Cyrela Products: include real estate projects classified by the Launch Committee as
“high end” and “luxury”, both of the Parent and joint ventures.
(ii) Living plus MCMV Products: real estate projects defined by the Launch Committee as
Living or “Minha Casa, Minha Vida”, both of the Parent and joint ventures.
Information on the land subdivision and service rendering activities is being presented in
this note under “Other”.
b) Consolidated information on operating segments
Operating expenses
Gross profit before finance income (costs)
Total assets
Total liabilities
Equity
Cyrela
Consolidated - 03/2015
Living +
MCMV
Other
Corporativo
587,641
(379,709)
207,932
(53,076)
154,856
412,457
35,116
(269,390) (25,503)
143,067
9,613
(32,984) (21,439)
110,083 (11,826)
8,436,773
3,879,685
4,557,088
Cyrela
Operating expenses
Gross profit before finance income (costs)
Total assets
Total liabilities
Equity
936,359
(609,401)
326,958
(59,102)
267,856
9,289,175
3,861,116
5,428,059
3,335,528
1,381,792
1,953,736
133,629
63,281
70,348
(118,040)
(118,040)
Total
1,035,214
(674,603)
360,611
(225,540)
135,071
1,420,318 13,326,248
1,584,886
6,909,644
(164,568) 6,416,604
Consolidated - 03/2014
Living +
MCMV
Other
Corporativo
346,794
32,210
(250,969) (17,337)
95,825
14,873
(30,691) (16,082)
65,134
(1,209)
4,375,990
1,726,308
2,649,682
107,843
47,060
60,783
(112,624)
(112,624)
Total
1,315,362
(877,707)
437,655
(218,499)
219,156
643,442 14,416,449
2,569,809
8,204,292
(1,926,367) 6,212,157
The balance in the “Corporate” column refers basically to corporate unit expenses not
apportioned among the other segments.
c) Information on net sales revenue
Most of the consolidated net revenue is derived from the Brazilian market.
d) Information on major customers
The Company and its investees do not have customers that account for significant market
share (above 10%) in their projects affecting operating income or expenses.
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$3,450,317: 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$3,450,317: 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$658,727: refers to nonrecurring expenses, removal of debris, riots, strikes,
joint construction liability, etc.
b) Sales stands: fire - R$13,400, theft - R$530, and other risks - R$1,775.
c) Sundry risks: robbery - R$150.
d) Contractual guarantees: R$650,719.
e) Physical damages to mortgaged properties: R$375,557.
f) Construction risks: Civil liability - R$90,000.
32. INTERIM FINANCIAL INFORMATION AND SUPPLEMENTAL INFORMATION
PURSUANT TO CVM INSTRUCTION 414/04
The fiduciary balances representing transactions intermediated by subsidiary Brazil Realty
Securitizadora were shown separately from the respective subsidiary’s interim financial
information. The following tables show the carrying amount of fiduciary transactions for the
reporting period/year:
32.1. Separate balance sheet:
03/2015 12/2014
Assets
Current assets
Related-party transactions - CCI/CCB
Interest on real estate receivables - CCI/CCB
Total assets
Liabilities
Current liabilities
Certificates of Real Estate Receivables (CRIs)
Interest on Certificates of Real Estate Receivables (CRIs)
Noncurrent liabilities
Certificates of Real Estate Receivables (CRIs)
Total liabilities
393,200 523,200
15,916
7,491
409,116 530,691
409,116 530,691
33,334 163,334
15,916
7,491
49,250 170,825
359,866 359,866
359,866 359,866
409,116 530,691
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. CRIs
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 year, default of restricted receivables and risk rating are described in note 12.
33. NONCASH TRANSACTIONS
In the quarter ended March 31, 2015, the Company and its subsidiaries increased the balance of
“Properties for sale” with payables due to acquisition of properties of physical barters In the
amount of R$18,734 (R$120,633 as of March 31, 2015).
34. APPROVAL OF INTERIM FINANCIAL INFORMATION
The Company’s individual and consolidated interim financial information was approved by the
Board of Directors at the meeting held on May 11, 2015.
Under CVM Instruction 480/09, the Company’s Executive Board declared that it has
discussed, reviewed and agreed with the Company’s individual and consolidated interim
financial information and the conclusions included in the independent auditor’s report on
review of interim financial information for the quarter ended March 31, 2015.
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 03/31/2015
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
90.209.405
22,6%
90.209.405
22,6%
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%
Oppenheimer Funds, Inc
32.236.500
8,1%
32.236.500
8,1%
Orbis Investment
40.255.664
10,1%
40.255.664
10,1%
Dynamo
19.990.100
5,0%
19.990.100
5,0%
Treasury Shares
21.165.544
5,3%
21.165.544
5,3%
Others
144.052.281
36,0%
144.052.281
36,0%
Total
399.742.799
100,0%
399.742.799
(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,
100,0%
CONSOLIDATED SHAREHOLDING OF CONTROLLING SHAREHOLDERS,
Shareholders
Controlling Shareholder
Managers
Board of Directors
Board of Executive Officers
Fiscal Council
Treasury Shares
Others Shareholders
Total
Outstanding Shares
Shareholding on 03/31/2015
Number of
Common Shares
%
(In Units)
Number of
Common Shares
(In Units)
%
128.623.887
32,2%
128.623.887
32,2%
120.223
0,0%
120.223
0,0%
1.335.908
0,3%
1.335.908
0,3%
-
0,0%
-
0,0%
21.165.544
5,3%
21.165.544
5,3%
248.497.237
62,2%
248.497.237
62,2%
399.742.799
100,0%
399.742.799
248.497.237
62,2%
248.497.237
62,2%
CONSOLIDATED SHAREHOLDING OF CONTROLLING SHAREHOLDERS,
Shareholders
Controlling Shareholder
Managers
Board of Directors
Board of Executive Officers
Fiscal Council
Treasury Shares
Others Shareholders
Total
Outstanding Shares
Shareholding on 03/31/2014 (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%
572.823
0,1%
572.823
0,1%
1.218.283
0,3%
1.218.283
0,3%
-
0,0%
-
0,0%
13.127.056
3,2%
13.127.056
3,2%
263.874.852
63,3%
263.874.852
63,3%
416.658.829
100,0%
416.658.829
100,0%
263.874.852
63,3%
263.874.852
63,3%
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,
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 March 31, 2015.
São Paulo, May 14, 2015.
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
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 March 31,
2015.
São Paulo, May 14, 2015.
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

8)CVM480 Auditores EN_1Q15_atualizado

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