quarterly financial report 3q15

8/20/2019 Quarterly Financial Report 3Q15

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KPDS 130047

Multiplan Empreendimentos Imobiliários S.A.

Quarterly information - ITRSeptember 30, 2015


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Multiplan Empreendimentos Imobiliários S.A.Quarterly information - ITR

September 30, 2015

2

Contents

Independent auditors' report on quarterly information 3

Balance sheets 5

Statements of income 9

Statements of comprehensive income 11

Statements of changes in shareholders’ equity 12

Statements of cash flows 14

Statements of added value 18

Notes to the quarterly information 20


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3

Report on the review of quarterly information - ITR

(A free translation of the original report in Portuguese, as filed with the Brazilian Securities and ExchangeCommission - CVM, prepared in accordance with the accounting practices adopted in Brazil, rules of theCVM and the International Financial Reporting Standards - IFRS)

ToBoard Members and Shareholders ofMultiplan Empreendimentos Imobiliários S.A.Rio de Janeiro - RJ

Introduction

We have reviewed the individual and consolidated interim accounting information of MultiplanEmpreendimentos Imobiliários S.A.(“Company”), contained in the quarterly information form -ITR for the quarter ended September 30, 2015, which comprise the balance sheet and relatedstatements of income, of comprehensive income for the three and nine-month periods thenended, the changes in shareholders' equity and in cash flows for the nine-month period thenended, including explanatory notes.

Management is responsible for the preparation of the individual interim accounting informationin accordance with the Accounting Pronouncement CPC 21(R1) - Interim Statement andconsolidated interim accounting information in accordance with CPC 21(R1) and theinternational accounting rule IAS 34 - Interim Financial Reporting, which takes intoconsideration OCPC 04 on the application of ICPC 02 to real estate development entities in

Brazil, issued by the CPC and approved by the CVM and the CFC , as well as the presentationof this information in accordance with the standards issued by the Brazilian Securities andExchange Commission, applicable to the preparation of quarterly information - ITR. Ourresponsibility is to express our conclusion on this interim accounting information based on ourreview.

Scope of the reviewWe conducted our review in accordance with Brazilian and International Interim InformationReview Standards (NBC TR 2410 - Revisão de Informações Intermediárias Executada pelo Auditor da Entidade and ISRE 2410 - Review of Interim accounting information Performed bythe Independent Auditor of the Entity, respectively). A review of interim information consists ofmaking inquiries primarily of the management responsible for financial and accounting matters

and applying analytical procedures and other review procedures. The scope of a review issignificantly less than an audit conducted in accordance with auditing standards and,accordingly, it did not enable us to obtain assurance that we were aware of all the materialmatters that would have been identified in an audit. Therefore, we do not express an auditopinion.

Conclusion on the individual and consolidated interim financial informationprepared in accordance with CPC 21 (R1)Based on our review, nothing has come to our attention that causes us to believe that theaccompanying individual interim financial information included in the ITR referred to above isnot prepared, in all material respects, in accordance with CPC 21 (R1), applicable to thepreparation of Interim Financial Information - ITR, and presented in accordance with the

standards issued by CVM applicable to the preparation of Interim Financial Information - ITR.


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4

Conclusion on the consolidated interim financial information prepared in accordance withinternational standard IAS 34, which considers technical guideline OCPC 04 on theapplication of technical interpretation ICPC 02 to real estate development entities inBrazil, issued by the CPC and approved by the CVM and the CFCBased on our review, nothing has come to our attention that causes us to believe that theaccompanying consolidated interim financial information included in the ITR referred to aboveis not prepared, in all material respects, in accordance with IAS 34, which also takes intoconsideration OCPC 04 on the application of ICPC 02 to real estate development entities inBrazil, issued by the CPC and approved by the CVM and the CFC, applicable to the preparationof Interim Financial Information - ITR, and presented in accordance with the standards issuedby CVM.

Emphasis of mattersWe draw attention to Note 2 to the interim financial information, which states that the individualand consolidated interim financial information have been prepared in accordance withaccounting practices adopted in Brazil (CPC 21 (R1)). The consolidated interim financialinformation, prepared in accordance with International Financial Reporting Standards - IFRSapplicable to real estate development entities, also considers technical guideline OCPC 04issued by the CPC. Such technical guideline addresses the recognition of real estate revenuesand involves issues related to the meaning and application of the concept of continuous transferof risks, rewards and control on the sale of real estate units, as detailed in note 2. Our conclusiondoes not contain any qualification regarding this matter.

Other matters

Interim information of added value

We also reviewed the individual and consolidated Statements of added value for the ninemonths period ended September 30, 2015, prepared under the responsibility of the Company`smanagement, for which presentation is required in the interim information in accordance withthe standards issued by the Brazilian Securities and Exchange Commission applicable to thepreparation of quarterly information - ITR, and considered as supplementary information byIFRS, which does not require the presentation of the statements of added value. Thesestatements were submitted to the same review procedures described previously and, based onour review, we are not aware of any fact that might lead us to believe that they were notprepared, in all material respects, in accordance with the individual and consolidated interimaccounting information, taken as a whole.

Rio de Janeiro, October 27, 2015

KPMG Auditores IndependentesCRC SP-014428/O-6 F-RJ

Original in Portuguese signed by

Marcelo Luiz FerreiraAccountant CRC RJ-087095/O-7


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Balance sheets at September 30, 2015 and December 31, 2014

(Amounts expressed in thousands of reais – R$)

5

The accompanying notes are an integral part of this quarterly information.

Parent company

09/30/2015 12/31/2014

Assets

Current assetsCash and cash equivalents (Note 3) 76,958 117,125Interest earning bank deposits (Note 3) 115,230 155,011Accounts receivable (Note 4) 156,983 191,049

Land and properties for sale (Note 7) 3,168 3,168Accounts receivable from related parties (Note 5) 2,366 2,287Taxes and social contributions recoverable (Note 6) 1,387 1,274Sundry advances 1,032 17,331Others 12,619 8,567

Total current assets 369,743 495,812

Non-current assetsAccounts receivable (Note 4) 42,913 45,045Land and properties for sale (Note 7) 54,944 50,301Accounts receivable from related parties (Note 5) 10,930 11,687

Judicial deposits (Note 18.2) 11,712 11,276Others 5,827 4,913

126,326 123,222

Investments (Note 9) 1,779,606 1,620,374Investment property (Note 10) 3,376,726 3,400,112Property, plant and equipment (Note 11) 26,218 26,527Intangible assets (note 12) 348,210 347,885

Total non-current assets 5,657,086 5,518,120

Total assets 6,026,829 6,013,932


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Balance sheets at September 30, 2015 and December 31, 2014


6

Consolidated

09/30/2015 12/31/2014

Assets

Current assetsCash and cash equivalents (Note 3) 125,562 170,926Interest earning bank deposits (Note 3) 126,173 155,011Accounts receivable (Note 4) 231,795 345,182Land and properties for sale (Note 7) 75,879 156,420Accounts receivable from related parties (Note 5) 2,563 2,486Taxes and social contributions recoverable (Note 6) 2,609 2,661Sundry advances 2,243 20,945Others 24,685 18,030

Total current assets 591,509 871,661

Non-current assetsAccounts receivable (Note 4) 138,580 51,517Land and properties for sale (Note 7) 228,241 193,784Accounts receivable from related parties (Note 5) 11,423 12,422Judicial deposits (Note 18.2) 14,066 13,369

Deferred income and social contribution taxes (Note 8) 17,598 16,045Others 16,706 17,134

426,614 304,271

Investments (Note 9) 127,163 135,127Investment property (Note 10) 5,176,118 4,971,154Property, plant and equipment (Note 11) 31,975 32,476Intangible assets (note 12) 348,865 348,527

Total non-current assets 6,110,735 5,791,555

Total assets 6,702,244 6,663,216



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Balance sheets at September 30, 2015 e December 31, 2014


7

Parent company

09/30/2015 12/31/2014Liabilities

Current liabilities

Loans and financing (Note 13) 227,180 122,429Accounts payable (Note 14) 48,927 59,815Liabilities for acquisition of assets (Note 16) 269 15,467Taxes and contributions payable (Note 17) 24,398 28,893Interest on own capital (Note 20.c) 77,583 73,059Deferred income and costs (Note 19) 17,787 24,394

Debentures (Note 15) 25,919 9,735Others 4,954 2,773

Total current liabilities 427,017 336,565

Non-current liabilities

Loans and financing (Note 13) 872,140 1,050,279Debentures (Note 15) 398,223 398,223Provision for risks (Note 18.1) 8,688 14,503Deferred income and social contribution taxes (Note 8) 160,453 149,352Deferred income and costs (Note 19) (15,984) (1,872)Others 224 5

Total non-current liabilities 1,423,744 1,610,490

Equity (Note 20)Capital 2,388,062 2,388,062Share issuance costs (39,003) (38,993)Capital reserves 970,236 966,083Profit reserves 912,529 932,425Treasury shares (104,314) (90,704)Effects on capital transactions (89,996) (89,996)Retained earnings 138,554 -

Total shareholders' equity 4,176,068 4,066,877

Total shareholders’ equity and liabilities 6,026,829 6,013,932



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Balance sheets at September 30, 2015 e December 31, 2014


8


Consolidated

09/30/2015 12/31/2014Liabilities

Current liabilities

Loans and financing (Note 13) 310,022 203,138Accounts payable (Note 14) 78,317 89,416Liabilities for acquisition of assets (Note 16) 51,415 32,378Taxes and contributions payable (Note 17) 38,726 45,176Interest on own capital (Note 20.c) 77,583 73,059

Deferred income and costs (Note 19) 23,909 33,541Debentures (Note 15) 25,919 9,735Others 5,787 5,590

Total current liabilities 611,678 492,033 Non-current liabilities

Loans and financing (Note 13) 1,287,504 1,507,955Liabilities for acquisition of assets (Note 16) 48,583 17,529Debentures (Note 15) 398,223 398,223Provision for risks (Note 18.1) 9,614 15,322Deferred income and social contribution taxes (Note 8) 170,729 157,840

Deferred income and costs (Note 19) (6,538) 4,655Others 224 5

Total non-current liabilities 1,908,339 2,101,529

Shareholders' equity (Note 20)Capital 2,388,062 2,388,062Share issuance costs (39,003) (38,993)Capital reserves 970,236 966,084Profit reserves 912,529 932,424Treasury shares (104,314) (90,704)Effects on capital transactions (89,996) (89,996)Retained earnings 138,554 -

4,176,068 4,066,877

Non-controlling interests 6,159 2,777 Total shareholders' equity 4,182,227 4,069,654

Total shareholders’ equity and liabilities 6,702,244 6,663,216


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Statements of income

Quarter ended September 30, 2015 and 2014

(In thousands of reais, except basic and diluted earnings per share, in reais)

9

Parent company

7/1/2015-09/30/2015

1/1/2015-09/30/2015

7/1/2014-09/30/2014

1/1/2014-09/30/2014

Net operating income (Note 22) 201,552 596,242 192,592 574,267

Cost of services rendered and properties sold (Note 23) (37,082) (104,057) (37,241) (108,075)

Gross income 164,470 492,185 155,351 466,192

Operating income (expenses):

Administrative expenses - Head office (Note 23) (31,627) (88,779) (28,590) (80,504)Administrative expense - Shopping centers (Note 23) (2,231) (4,487) (3,671) (8,154)Expenses on projects for lease (Note 23) (781) (2,633) (1,229) (8,259)Expenses on projects for sale (Note 23) (260) (869) (410) (3,061)Expenses on share-based compensation (Note 21) (2,861) (9,812) (4,046) (10,671)Equity in subsidiaries (Note 9) 11,652 32,523 20,328 64,069Depreciation and amortization (2,848) (8,760) (2,920) (8,335)Other operating income, net (5,346) (4,336) (4,205) (5,207)

Operating income before financial income 130,168 405,032 130,608 406,070Net financial income (loss) (Note 24) (42,520) (112,100) (32,945) (91,688)

Income before income and social contribution taxes 87,648 292,932 97,663 314,382

Income and social contribution taxes (Note 8)Current (23,489) (53,278) (23,331) (45,712)Deferred assets (3,673) (11,100) (5,870) (24,972)

Total current and deferred income and social contributiontaxes (27,162) (64,378) (29,201) (70,684)

Net income for the period 60,486 228,554 68,462 243,698

Basic earnings per share (Note 27) 1.2137 1.2974Diluted earnings per share (Note 27) 1.2134 1.2964



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Statements of income


(In thousands of reais, except basic and diluted earnings per share, in reais)

10

Consolidated

7/1/2015 to09/30/2015

1/1/2015 to09/30/2015

7/1/2014 to09/30/2014

1/1/2014 to09/30/2014

Net operating income (Note 22) 257,707 771,562 273,569 795,733

Cost of services rendered and properties sold (Note 23) (62,715) (182,374) (76,463) (221,818)

Gross income 194,992 589,188 197,106 573,915

Operating income (expenses):Administrative expenses - Head office (Note 23) (32,623) (91,078) (29,533) (85,584)Administrative expense - Shopping centers (Note 23) (5,647) (18,662) (9,238) (23,105)Expenses on projects for lease (Note 23) (4,747) (11,902) (2,371) (11,198)Expenses on projects for sale (Note 23) (1,230) (3,177) (1,984) (7,985)Expenses on share-based compensation (Note 21) (2,861) (9,812) (4,046) (10,671)Equity in subsidiaries (Note 9) 1,325 4,207 382 14,779Depreciation and amortization (2,933) (9,015) (2,997) (8,576)Other operating income, net (5,034) (9,643) (4,685) 5,033

Operating income before financial income 141,242 440,106 142,634 446,608Net financial income (loss) (Note 24) (51,035) (138,047) (41,752) (119,725)

Income before income and social contribution taxes 90,207 302,059 100,882 326,883

Income and social contribution taxes (Note 8)Current (28,122) (66,444) (26,749) (58,564)Deferred assets (3,656) (11,335) (5,975) (24,482)

Total current and deferred income and socialcontribution taxes (31,778) (77,779) (32,724) (83,046)

Net income for the period 58,429 224,280 68,158 243,837

Income attributable to:Non-controlling interest (127) (202) (26) 17Owners of the parent company 58,556 224,482 68,184 243,820

Basic earnings per share (Note 27) 1.1920 1.2980Diluted earnings per share (Note 27) 1.1918 1.2971



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Statement of comprehensive income


(In thousands of reais – R$)

11

Parent company

7/1/2015 to09/30/2015

1/1/2015 to09/30/2015

7/1/2014 to09/30/2014

1/1/2014 to09/30/2014

Net income for the period 60,486 228,554 68,462 243,698Other comprehensive income - - - -

Total comprehensive income for the period 60,486 228,554 68,462 243,698

Consolidated

7/1/2015 to09/30/2015

1/1/2015 to09/30/2015

7/1/2014 to09/30/2014

1/1/2014 to09/30/2014

Net income for the period 58,429 224,280 68,158 243,837Other comprehensive income - - - -

Total comprehensive income for the period 58,429 224,280 68,158 243,837 Total comprehensive income attributable to:

Non-controlling interests (127) (202) (26) 17Owners of the parent company 58,556 224,482 68,184 243,820



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Statements of cash flows



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Parent company

09/30/2015 09/30/2014

Cash flows from operating activitiesIncome (loss) before taxes 292,932 314,382

Adjustments in:Depreciation and amortization 83,162 86,924Equity in net income of subsidiaries (32,523) (64,069)Share-based compensation 9,590 10,671Recognition of repurchases of points of sale 6,404 6,717Deferred income and cost (13,158) (15,325)Inflation adjustment on debentures 40,676 25,599Adjustment to loans and financings 99,289 85,368Adjustments to liabilities for acquisition of assets 645 1,537Restatements on related party transactions (1,254) (1,383)Others 4,159 4,832

489,922 455,253

Variation in operating assets and liabilitiesLand and properties for sale (4,643) (4,456)Accounts receivable 29,291 22,518Judicial deposits (497) 2,417Sundry advances (790) (13,540)Other assets (4,967) 5,990Accounts payable (10,888) (28,582)Liabilities for acquisition of assets (15,843) (18,830)Taxes and contributions payable (36,361) (7,097)Taxes paid (33,942) (27,620)Deferred income and costs 9,528 (7,090)Other liabilities 2,399 (55)

Net cash generated by operating activities 423,209 378,908


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Parent company

09/30/2015 09/30/2014

Cash flows from investment activitiesIncrease of Investments (130,679) (141,739)Write-off of investment 5,001 4,000Dividends received 14,657 33,431

Capital decrease (91) 8,111Receipt (payment) on related-party transactions 1,932 2,073Additions in property, plant and equipment (2,942) (19,233)Additions in investment property (69,909) (136,377)Write-off in investment property - 725Additions to intangible assets (5,116) (9,385)Interest earning bank deposits 39,781 51,044

Net cash invested in investment activities (147,366) (207,350)

Cash flows from financing activitiesPayment of loans and financing (88,169) (90,617)

Payment of interests on loans and financing (91,338) (84,131)Cash from stock option exercise 24,955 38,253Repurchase of shares to be held in treasury (44,002) (6,171)Share issuance costs (10) (143)Payment of charges on debentures (24,491) (32,966)Dividends and interest on own capital paid (92,955) (48,415)

Net cash generated in financing activities (316,010) (224,190)

Decrease in cash and cash equivalents (40,167) (52,632)

Cash and cash equivalents at the beginning of the period 117,125 136,571Cash and cash equivalents at the end of period 76,958 83,939

Decrease in cash and cash equivalents (40,167) (52,632)


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Consolidated

09/30/2015 09/30/2014

Cash flows from operating activitiesIncome (loss) before taxes 302,059 326,883

Adjustments in:Depreciation and amortization 115,297 118,462

Equity in net income of subsidiaries (4,207) 14,779Share-based compensation 9,590 10,671Non-controlling interest 202 (17)Recognition of repurchases of points of sale 6,496 7,032Deferred income and cost (19,402) (28,319)Inflation adjustment on debentures 40,676 25,599Adjustment to loans and financings 140,160 126,130Adjustments to liabilities for acquisition of assets 647 1,482Restatements on related party transactions (1,340) (1,471)Others 5,242 668

595,420 601,899

Variation in operating assets and liabilitiesLand and properties for sale (38,713) (14,222)Accounts receivable 21,829 (25,931)

Judicial deposits (787) 2,222Sundry advances 1,613 (12,992)Other assets (6,227) (8,932)Accounts payable (11,099) (41,143)Liabilities for acquisition of assets (58,513) (14,133)Taxes and contributions payable (34,700) (4,399)Taxes paid (50,559) (42,662)Deferred income and costs 15,666 (18,264)Other liabilities 416 (919)

Net cash generated by operating activities 434,346 420,524


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Statements of added value



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Parent company

09/30/2015 09/30/2014

Income:Net income from sales and services 656,721 631,298Other income 8,433 5,375Allowance for doubtful accounts (6,907) 1,093

658,247 637,766

Inputs acquired from third partiesCosts of sales and services (24,285) (34,014)Power, outsourced services and other (37,041) (52,524)

, ) , )

Gross added value 596,921 551,228

RetentionsDepreciation and amortization (83,162) (86,922)

Net added value produced by the Entity 513,759 464,306

Added value received as transferEquity in net income of subsidiaries 32,523 64,069Financial income 33,219 22,064

65,742 86,133

Total added value payable 579,501 550,439

Distribution of added valuePersonnel

Direct remuneration (55,728) (45,576)Benefits (4,584) (3,717)FGTS (2,254) (1,560)

(62,566) (50,853)

Taxes, rates and contributionsFederal (133,401) (134,727)State (96) (53)Municipal (4,766) (4,639)

(138,263) (139,419)

Third-party capital remuneration

Interest, exchange rate changes and inflation adjustment (144,668) (112,038)Rental expenses (5,450) (4,431)

(150,118) (116,469)

Remuneration of own capitalInterest on own capital (90,000) (70,000)Retained earnings (138,554) (173,698)

(228,555) (243,698)

Distributed added value (579,501) (550,439)



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Statements of added value



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Consolidated

09/30/2015 09/30/2014

Income:Net income from sales and services 856,402 876,678Other income 3,127 16,239Allowance for doubtful accounts (9,346) (1,457)

850,183 891,460

Inputs acquired from third parties:Costs of sales and services (201,124) (218,283)Power, outsourced services and other (58,777) (74,829)

(259,901) (293,112) Gross added value 590,282 598,348 Retentions:

Depreciation and amortization (115,297) (118,461)

Net added value produced by the Entity 474,985 479,887

Added value received as transfer:Equity in net income of subsidiaries 4,207 14,779Financial income 36,721 25,951

40,928 40,730 Total added value payable 515,913 520,617

Distribution of added value:Personnel

Direct remuneration (63,061) (54,278)Benefits (4,787) (3,797)FGTS (2,328) (1,586)

(70,176) (59,661)

Taxes, rates and contributionsFederal (163,312) (164,213)State (202) (243)Municipal (19,894) (19,027)

(183,408) (183,483)

Third-party capital remuneration

Interest, exchange rate changes and inflation adjustment (173,622) (143,485)Rental expenses 135,573 109,849 , ) , )

Remuneration of own capital:

Non-controlling interest in retained earnings 202 (17)Interest on own capital (90,000) (70,000)Retained earnings (134,482) (173,820)

(224,280) (243,837)

Distributed added value (515,913) (520,617)



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Quarterly information

September 30, 2015

20

Notes to the quarterly information

(In thousands of reais - R$, unless otherwise stated)

1

Company’s General informationThe individual and consolidated quarterly information of Multiplan EmpreendimentosImobiliários S.A. (“Company”, “Multiplan” or “Multiplan Group” when referred to jointly withits subsidiaries) as of September 30, 2015 were authorized for issuance by Management onOctober 27, 2015. The Company was established as a publicly-traded entity headquartered inBrazil, whose shares are traded on the São Paulo Stock Exchange (BM&FBovespa). TheCompany is located at Avenida das Américas, 4.200 - Bloco 2 - 5° andar - Barra da Tijuca. Riode Janeiro - RJ.

The Company was established on December 30, 2005 and in engaged mainly in(a) the planning, construction, development and sale of real estate projects of any nature, eitherresidential or commercial, including mainly urban shopping centers and areas developed basedon these real estate projects; (b) the purchase and sale of real estate and the acquisition anddisposal of real estate rights, and their operation, in any mean, including through lease; (c) theprovision of management and administrative services for its own shopping centers, or those ofthird parties; (d) the provision of technical advisory and support services concerning real estateissues; (e) civil construction, the execution of construction works and provision of engineeringand similar services in the real estate market; (f) development, promotion, management,planning and intermediation of real estate developments; (g) import and export of goods andservices related to its activities; and (h) the acquisition of equity interests and share control in

other entities, as well as joint ventures with other entities, where it is authorized to enter intoshareholders’ agreements in order to attain or supplement its corporate purpose.

As of September 30, 2015 and December 31, 2014, the Company holds direct and indirectinterests in the following real estate developments:

Interest - %

Joint venture Location Start-up of operations 09/30/2015 12/31/2014

Shopping CentersBHShopping Belo Horizonte 1979 80.0 80.0BarraShopping Rio de Janeiro 1981 51.1 51.1

RibeirãoShopping Ribeirão Preto 1981 80.0 80.0MorumbiShopping São Paulo 1982 65.8 65.8ParkShopping Brasília 1983 61.7 61.7DiamondMall Belo Horizonte 1996 90.0 90.0Shopping Anália Franco São Paulo 1999 30.0 30.0ParkShopping Barigui Curitiba 2003 84.0 84.0Shopping Pátio Savassi Belo Horizonte 2004 96.5 96.5BarraShopping Sul Porto Alegre 2008 100.0 100.0Vila Olímpia São Paulo 2009 60.0 60.0New York City Center Rio de Janeiro 1999 50.0 50.0Santa Úrsula São Paulo 1999 62.5 62.5Parkshopping São Caetano São Caetano 2011 100.0 100.0VillageMall Rio de Janeiro 2012 100.0 100.0ParkShoppingCampoGrande Rio de Janeiro 2012 90.0 90.0JundiaíShopping São Paulo 2012 100.0 100.0


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September 30, 2015

21

The majority of the shopping centers are managed based on a structure known as “CondomínioPro Indiviso" - CPI (undivided interest). The shopping centers are not legal entities, but unitsoperated under an agreement whereby the owners (investors) share all income, costs andexpenses. The CPI structure is an option permitted by Brazilian laws for a period of five years,with possibility of renewal. Under the CPI structure, each co-investor holds an interest inproperty, which is undivided. As of September 30, 2015, the Company is the legalrepresentative and manager of all above mentioned shopping malls.

2

Presentation of financial statements and accounting policies

2.1 Statement of conformity regarding the IFRS and Accountant Statements Committee- CPC rulesThese financial statements include:

a. The consolidated interim financial statements, prepared in accordance with the InternationalFinancial Reporting Standards (IFRS) issued by the International Accounting Standards Board(IASB) and the accounting practices adopted in Brazil (BRGAAP), and taking intoconsideration OCPC 04 guidance on the application of Technical Interpretation ICPC 02 toBrazilian real estate development companies, issued by the Accounting PronouncementsCommittee (CPC) and approved by the Securities Commission (CVM) and the FederalAccounting Council (CFC);

b. The parent company’s interim financial statements, prepared in accordance with the accountingpractices adopted in Brazil, which comprise the CVM standards and the pronouncements,interpretations and guidance issued by CPC, CVM and CFC, including OCPC 04 - Guidance onthe application of Technical Interpretation ICPC 02 to Brazilian Real Estate DevelopmentEntities.

2.2 Measuring basisThe individual and consolidated interim financial statements have been prepared based on thehistorical cost, except for certain financial instruments measured at fair value, as described inthe note 25 below.

2.3 Basis of consolidationAs of September 30, 2015 and December 31, 2014, the consolidated interim financial statementsincorporate the interim financial statements of the Company and its subsidiaries, as follows:


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September 30, 2015

22

Interest %

September 30 2015 December 31, 2014

Corporate name Direct Indirect Direct Indirect

RENASCE - Rede Nacional de Shopping Centers Ltda. 99.99 - 99.99 -County Estates Limited (a) - 99.00 - 99.00Embassy Row Inc. (a) - 99.00 - 99.00EMBRAPLAN - Empresa Brasileira de Planejamento Ltda. (b) 99.99 - 99.99 -CAA Corretagem e Consultoria Publicitária S/C Ltda. 99.00 - 99.00 -Multiplan Administradora de Shopping Centers Ltda. 99.00 - 99.00 -CAA Corretagem Imobiliária Ltda. 99.61 - 99.61 -MPH Empreendimentos Imobiliários Ltda. 50.00 50.00 50.00 50.00Danville SP Participações Ltda. 99.99 - 99.99 -

Multiplan Holding S.A. 100.00 - 100.00 -Multiplan Greenfield I Empreendimento Imobiliário Ltda. 99.99 - 99.99 -Barrasul Empreendimento Imobiliário Ltda. 99.99 - 99.99 -Ribeirão Residencial Empreendimento Imobiliário Ltda. 99.99 - 99.99 -Multiplan Greenfield II Empreendimento Imobiliário Ltda. 99.99 - 99.99 -Multiplan Greenfield III Empreendimento Imobiliário Ltda. 99.99 - 99.99 -Multiplan Greenfield IV Empreendimento Imobiliário Ltda. 99.99 - 99.99 -Morumbi Business Center Empreendimento Imobiliário Ltda. 99.99 - 99.99 -Pátio Savassi Administração de Shopping Center Ltda. 100.00 - 100.00 -Jundiaí Shopping Center Ltda. 99.99 - 99.99 -Parkshopping Campo Grande Ltda. 99.99 - 99.99 -Parkshopping Corporate Empreendimento Imobiliário Ltda. 99.99 - 99.99 -Multiplan Arrecadadora Ltda. 99.99 - 99.99 -Parkshopping Global Ltda. 87.00 - 87.00 -

Parkshopping Canoas Ltda.(c) 94.67 - 99.90 -Multishopping Shopping Center Ltda. 99.99 - 99.90 -Parkshopping Jacarepagua Ltda. 99.99 - 99.90 -Multiplan Greenfield XI Empreendimento Imobiliário Ltda. 99.95 - 99.90 -Multiplan Greenfield XII Empreendimento Imobiliário Ltda. 99.96 - 99.99 -Multiplan Greenfield XIII Empreendimento Imobiliário Ltda. 99.96 - 99.99 -Multiplan Greenfield XIV Empreendimento Imobiliário Ltda. 99.99 - 99.90 -Multiplan Greenfield XV Empreendimento Imobiliário Ltda. 99.99 - 99.90 -

(a) Foreign companies.

(b) Dormant company since 2003.

(c) For further information on the change in the share, refer to Note 9.1 a.


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The interim financial statements of subsidiaries are prepared for the same reporting period thatthe parent company, using consistent accounting policies.

All intragroup balances, income and expenses are fully eliminated.

The reconciliation between the individual and consolidated shareholders’ equity and net incomefor the nine months ended September 30, 2015 and 2014 is as follows:

09/30/2015 09/30/2014

Shareholders'equity

Net incomefor theperiod

Shareholders'equity

Net incomefor theperiod

Parent company 4,176,068 228,554 4,036,296 243,698Equity in the earnings of County’s profit or loss for the

period (a) - (4,072) - (582)Deferred assets (b) - - (132) 704

Consolidated 4,176,068 224,482 4,036,164 243,820

(a) Subsidiary Renasce holds 100% in the County’s capital, whose main activity is the investment in subsidiary Embassy.In order to properly prepare the Multiplan's individual and consolidated balances, the Company adjusted theRenasce's capital and the investment calculation for consolidation purposes only. Adjustment relating to theCompany’s equity in the earnings of County not reflected on equity in the earnings of Renasce.

(b) Adjustment referring to derecognition of deferred assets and recognition of deferred income tax on the

aforementioned write-off in the subsidiaries only for consolidation purposes.

2.4 Accounting policies adopted in the quarterly informationSignificant accounting policies adopted by the Company in this quarterly information areconsistent with those adopted in the financial statements for the year ended December 31, 2014released on February 11, 2015.

3

Cash and cash equivalents and interest earning bank deposits

September 30, 2015 December 31, 2014

Parent

company Consolidated

Parent

company Consolidated

Cash and cash equivalentsCash and banks 29,482 47,017 42,920 56,211Interest earning bank deposits - BankCertificates of Deposit (CDBs) 5,745 6,434 3,071 3,071Interest earning bank deposits - Purchaseand sale commitments 41,731 72,111 71,134 111,644

Total cash and cash equivalents 76,958 125,562 117,125 170,926

These short-term investments are made with prime financial institutions, at market price andterms.The short-term investments presented as cash equivalent may be redeemed at any time withoutaffecting earnings recognized or with no risk of significant change in value.


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The Fixed Income Investment Funds - DI are non-exclusive funds classified by the BrazilianFinancial and Capital Markets Association (ANBIMA) as short-term, low-risk funds. Thefunds’ portfolios are managed by Bradesco Asset Management, Santander Asset and Itaú Asset.The Company does not interfere with or influence the management of the portfolios or theacquisition and sale of the securities included in the portfolios.


Parentcompany Consolidated


Interest earning bank deposits - dailyliquidityInvestment fund DI - fixed income securities 115,230 126,173 155,011 155,011

Total interest earning bank deposits 115,230 126,173 155,011 155,011

The Company's exposure to interest rate risks, credit, liquidity and market risks, and sensitivityanalysis of financial assets and liabilities are disclosed in Note 25.

4

Accounts receivable




Rental 111,091 152,040 135,354 170,389Key money 29,147 46,917 35,316 50,240Debt acknowledgment (a) 8,551 11,182 6,201 9,117Parking lots 5,911 10,689 9,308 12,212Management fees (b) 8,437 8,437 8,996 8,996Sales 2,001 2,001 1,896 1,896Advertising 984 984 906 906Sales of property (c) 47,180 159,345 47,191 159,997Others 1,073 2,930 1,542 2,495

214,375 394,525 246,710 416,248

Allowance for doubtful accounts (d) (14,479) (24,151) (10,616) (19,549)

199,896 370,374 236,094 396,699

Non-current (42,913) (138,580) (45,045) (51,517)

Current 156,983 231,795 191,049 345,182

(a) Refer to key money, leases and other balances, which were past due and have been restructured.

(b) Refers to management fees receivable by the Company, charged from investors or storeowners in the shoppingcenters managed by them, which correspond to a percentage on the store lease amount (7% on the net income of theshopping centers, or 6% of the minimum lease amount, plus 15% on the portion exceeding minimum lease amount ora fixed amount), on regular fees charged from storeowners (5% on expenditures), on financial management (variablepercentage on expenditures incurred with shopping center expansion) and on promotion fund (5% on the amountcontributed to the promotion fund).


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(c) In accordance with the pronouncement CPC 12 - Adjustment to Present Value, approved by CVM Resolution 564 ofDecember 17, 2008, the Company assessed internally certain assets and liabilities to analyze the need to present them

at present value. The Discounted Cash Flow (DCF) method was used, applying the discount rates below.The future cash flow of the model was based on the real estate portfolio of receivables sold and assumptions ofinflation adjustment (National Civil Construction Index, or INCC) and interest (Price table) adopted in the market.Accordingly, to determine the present value of a cash flow (AVP), three sets of information were used: (i) themonthly amount of future cash flows, (ii) the period of such cash flows and (iii) the discount rate.

Monthly amount of future cash flows: comprises the receivables portfolio contracted in the two real estate projectsdeveloped by the company (Residence Du Lac and Diamond Tower). Cash flow includes monthly receivables inaccordance with each client’s contract. The portfolio is adjusted for inflation based on the INCC rate over theconstruction period. In addition to the inflation adjustment, the portfolio (after delivery of keys) is adjusted based onthe Price table interest rate (which was not considered as shown below):

(i) Cash flow period: Cash flows are projected on a monthly basis as from the present date considering monthly andintermediate installments. Since interest is charged after delivery of keys, the Company conservatively considers theprepayment of all trade accounts receivable when keys are delivered, not including discounts, fines or interest.

(ii) Discount rate: the discount rate used to discount cash flow to present value during construction is the prevailing SELICrate. This rate was selected because it can be considered as the client’s opportunity cost and is decisive to the client’sprepayment decision.

Projects Residence Du Lac and Diamond Tower received permission for occupancy in August2015.

The effect on the result for the periods ended September 30, 2015 and 2014 is as follows:

Consolidated

7/1/2015 to

09/30/2015

1/1/2015 to

09/30/2015

7/1/2014 to

09/30/2014

1/1/2014 to

09/30/2014

Expense - (43) - -Income 181 72 1,720 2,309

(d) The Company recognized an allowance for doubtful accounts based on the following criteria:

(i) Store leases - past due balance over than 180 days and amounts in excess of R$5 are individually analyzed,independently of the due date for all storeowners that already are considered in the provision for doubtful accounts;

(ii) Assignment of rights - All past due balance over 180 days and independent individual analysis regardless of the due datefor all storeowners that already are considered in the provision for doubtful accounts;

(iii) Debt acknowledgment - All past-due balances regardless of the maturity term.

It should be emphasized that the Company understands that there are no risks relating to theproperty sales accounts receivable since such amounts are guaranteed by the property sold.

The aging list of trade accounts receivable is as follows:

Balance past-due, but without impairment loss

Balance due and withoutimpairment loss

Parentcompany < 30 days

From 30 to60 days

From 61 to90 days

From 91 to120 days

From 121 to180 days

> 180days Total

09/30/2015 190,072 2,131 2,021 1,313 686 988 17,162 214,37512/31/2014 227,833 2,328 1,170 1,113 590 1,030 12,646 246,710


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Balance past-due, but without impairment loss

Balance due and withoutimpairment loss

Consolidated < 30 daysFrom 30 to

60 daysFrom 61 to

90 daysFrom 91 to

120 daysFrom 121 to

180 days> 180days Total

09/30/2015 355,067 3,874 2,908 1,806 1,148 1,978 27,744 394,52512/31/2014 381,942 5,049 2,147 1,768 1,883 2,237 21,222 416,248

The changes in the allowance for doubtful accounts are as follows:

Parent company

Storesleased Key money

Debtacknowled

gment Total

Balances at December 31, 2014 (6,479) (2,594) (1,543) (10,616)

Additions (2,888) (624) (1,499) (5,011)Write-offs 43 - - 43Reversal due to renegotiation 489 280 336 1,105

Balances at September 30, 2015 (8,835) (2,938) (2,706) (14,479)

Consolidated

Storesleased

Keymoney

Debtacknowled

gment Total

Balances at December 31, 2014 (11,324) (6,401) (1,824) (19,549)

Additions (4,299) (1,057) (2,075) (7,431)Write-offs 129 58 - 187Reversal due to renegotiation 1,065 900 677 2,642

Balances at September 30, 2015 (14,429) (6,500) (3,222) (24,151)

Aging of trade accounts receivable included in the allowance for doubtful accounts:




Less than 60 days (1,175) (1,321) (1,603) (2,391)om 60 to 120 days (504) (576) (503) (856)From 120 to 180 days (220) (316) (548) (999)From 180 to 240 days (1,147) (1,723) (573) (1,225)Over 240 days (11,433) (20,215) (7,389) (14,078)

(14,479) (24,151) (10,616) (19,549)

The Company has operating lease agreements with the tenants of shopping center stores(lessors) with a standard term of 5 years. Exceptionally, there may be agreements withdifferentiated terms and conditions.


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For the nine months ended September 30, 2015 and 2014, the Company had billings of R$471,982 and R$ 442,353, respectively, from minimum rent in the Company’s interest only inrelation to contracts prevailing at the end of each period, these presented the following renewalschedule:

Consolidated

September 30,2015

September 30,2014

In 2014 n/a 4.5%In 2015 4,9% 12.2%In 2016 13.8% 15.7%In 2017 18.4% 20.4%In 2018 17.4% 17.5%

After 2018 38,3% 23.0%Undetermined* 7.2% 6.7%

Total 100% 100%

(*) Non-renewed agreements in which the parties may request termination via a prior legal notice (30 days).

5 Related party transactions

5.1 The main balances and transactions with related parties are as follow:




Current assets:Sundry loans and advancesShopping center condominiums (a) 8,119 12,205 4,889 6,872Associação Barra Shopping Sul (b) 1,142 1,142 1,203 1,203Associação ParkShopping Barigui (c) 345 345 310 310Associação ParkShopping São Caetano (d) - - 169 169Associação BarraShopping (p) 108 108 - -Associação Jundiaí Shopping (e) - 197 - 200Condominium Village Mall (f) 482 482 195 195Associação Village Mall (g) 122 122 126 126Loans - Other (h) 167 167 284 283

Sub Total 10,485 14,768 7,176 9,358Provision for losses (a) (8,119) (12,205) (4,889) (6,872)

Total sundry loans and advances - current 2,366 2,563 2,287 2,486

Accounts receivableMultiplan Administradora de ShoppingCenters Ltda. (i) 5,878 - 9,308 -

Total accounts receivable - current 5,878 - 9,308 -

Total current assets 8,244 2,563 11,595 2,486

Non-current assets:


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Sundry loans and advancesCondominium Village Mall (f) 2,257 2,257 1,260 1,260Associação Jundiaí Shopping (e) - 623 - 735Associação Village Mall (g) 132 132 221 221Associação Barra Shopping Sul (b) 6,326 6,326 8,123 8,123Associação ParkShopping Barigui (c) 1,982 1,982 2,013 2,013Associação BarraShopping (p) 54 54 - -Parkshopping Canoas (j) 130 - - -Loans - Other (h) 49 49 70 70

Total sundry loans and advances - non-

current 10,930 11,423 11,687 12,422

InvestmentAdvances for future capital increaseParque Shopping Maceió S.A. - - 5,000 5,000


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Parent company

09/30/2015 09/30/2014

Statement of income:

Income from servicesMultiplan Administradora de Shopping Centers Ltda. (e) 62,581 52,243

Lease incomeHot Zone - BH Shopping (k.1) 49 153

Hot Zone - Morumbi Shopping (k.2) 99 91Hot Zone - Barra Shopping (k.3) 140 97Hot Zone - ParkShopping Brasília (k.4) 35 41Hot Zone - Barra Shopping Sul (k.5) 215 218Hot Zone - São Caetano (k.6) 8 -Tantra Comércio de Artigos Orientais Ltda. - Morumbi Shopping (l.1) 83 44Tantra Comércio de Artigos Orientais Ltda. - Barra Shopping (l.2) - 17

Head office expensesExpense with rental (m) 33 31

Mall expenses

Multiplan Arrecadadora Ltda (n) 771 765

Services agreementPeres - Advogados, Associados S/C (o) 1,005 867

Net financial income (loss)Interest on loans and advances 1,254 1,383

Statement of income:


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Consolidated

09/30/2015 09/30/2014Lease incomeHot Zone - BH Shopping (k.1) 49 153Hot Zone - Morumbi Shopping (k.2) 99 91Hot Zone - Barra Shopping (k.3) 140 97Hot Zone - ParkShopping Brasília (k.4) 35 41Hot Zone - Barra Shopping Sul (k.5) 215 218Hot Zone - São Caetano (k.6) 8 -HotZone - Campo Grande (k.7) 220 224HotZone - Jundiaí (k.8) 23 15Tantra Comércio de Artigos Orientais Ltda. - Morumbi Shopping (l.1) 83 44Tantra Comércio de Artigos Orientais Ltda. - Barra Shopping (l.2) - 17

Head office expensesExpense with rental (m) 33 31

Services agreementPeres - Advogados, Associados S/C (o) 1,005 867

Net financial income (loss)Interest on loans and advances 1,340 1,471

(a) Prepayments of charges granted to condominiums of shopping centers owned by Multiplan Group, in light of the defaultof storeowners with the condominiums. An allowance for loan losses was set up for these advances in light of theprobable risk of non-collection.

(b) Refer to the advances made to Associação dos Lojistas do Barra Shopping Sul to meet working capital requirements. An

amount of R$ 4,800 in advance in 2008, R$ 3,600 in 2009 and R$ 1,000 in 2010. These agreements are monthly adjustedbased on the CDI fluctuation and contractual payment terms that began in January 2009. On October 1, 2012, theagreements were renegotiated and joined together, the consolidated debt started to pay 110% of the CDI and is repayablein monthly installments of R$75 until the debt is fully repaid, so that the agreement’s final maturity does not exceed 120months.

(c) Refer to the advances made to Associação dos Lojistas do ParkShopping Barigui to meet working capital requirements.The outstanding balance is adjusted on a monthly basis at 117% of the CDI fluctuation and is being repaid in 40 and 120monthly installments since July 2011.

(d) These refer to advances granted to the Association of Store Owners of ParkShopping São Caetano, which have alreadybeen repaid in 36 monthly installments, starting from July 2012.

(e) Refers to the R$1,300 loan granted to Associação de Lojistas do Jundiaí Shopping, which bears interest equivalent to the

CDI plus 1.0% per year, to be repaid in 84 monthly installments starting January 2013.

(f) Refers to a loan of R$ 1,800 granted to the VillageMall Consortium, subject to interest at 110% of the Interbank DepositCertificate (CDI) rate, to be repaid in 120 monthly installments, from January 2013, and to another loan of R$ 1,500,subject to the same interest rate, to be repaid in 60 monthly installments from June 2015.

(g) Refers to a loan of R$ 500 granted to the Association of Store Owners of Village Mall, subject to interest at the CDI rateplus 1.0% per year, to be repaid in 48 monthly installments, starting from October 2013.

(h) Refers to loans granted to employees, which are being repaid in annual installments.

(i) Refers to the portion of accounts receivable and income that the Company has with subsidiary MTA manages the malls’parking lots and transfer from 93% to 97.5% of net income to the Company. Note that whenever total expenses exceeds

the revenue generated, the Company is required to reimburse such difference to MTA plus 3% of monthly gross revenue.These amounts are billed and received on a monthly basis.


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(j) These are amounts recoverable from the subsidiary ParkShopping Canoas Ltda., referring to the sharing of payrollexpenses.

(k) Refers to amount billed as Hot Zone store leases entered into with Divertplan Comércio e Indústria Ltda, (lessee), whereMultiplan Planejamento Participações e Administração S/A, a Company shareholder, holds 99% of the capital. The totalamounts charged as occupancy costs account for 8% of stores’ gross income. The table shows the amounts actuallyallocated as Rental income, since the other amounts refer to charges that are common and specific to the shoppingcenters’ promotion fund.

(k.1) BH Shopping - renewed lease agreement, effective from September 2009 to August 2016

(k.2) Morumbi Shopping - renewed lease agreement, effective from June 2010 to June 2017

(k.3) Barra Shopping - lease agreement effective from June 2012 to June 2022

(k.4) Parkshopping Brasília - renewed lease agreement, effective from January 2012 to December 2016

(k.5) Barra Shopping Sul - lease agreement effective from November 2008 to November 2018

(k.6) Parkshopping São Caetano - lease agreement effective from February 2012 to November 2022.(k.7) Parkshopping Campo Grande - lease agreement effective from November 2012 to November 2022.

(k.8) Jundiaí Shopping - lease agreement effective from October 2012 to November 2022.

As of September 30, 2015, the amounts receivable from rental of the Hot Zone stores totaled R$ 39 in the Parentcompany and R$ 73 in the Consolidated in comparison with R$170 in the Parent Company and R$301 in theConsolidated as of December 31, 2014. The rental amounts received from Hot Zone stores totaled R$829 in theParent Company, and R$ 1,130 in Consolidated up to June 30, 2015 compared to R$678 of the Parent company andR$1,104, consolidated as of December 31, 2014.

(l) Refers to amounts invoiced to Tantra Comércio de Artigos Orientais Ltda, relating to a kiosk lease agreement enteredinto with a close family member (lessee) of the Company’s controlling shareholder. The lease payments are annuallyadjusted using the IGP-DI.

(l.1) Morumbi Shopping - renewed agreement, effective beginning June 17, 2009 for an indefinite period

(l.2) Barra Shopping - Contract terminated on March 15, 2014.

(m) Refers to the lease agreement entered into with close family member of the Company’s controlling shareholder of anoffice located in Centro Empresarial Barra Shopping, dated February 22, 2013. The agreement is effective for 24-monthperiod, starting April 1, 2013 and lease payments are adjusted using the IPCA.

(n) Refers to rental collection services, common and specific charges, income from promotion fund and other incomederiving from the operation and sale of office spaces of the Company and/or its subsidiaries.

(o) Refers to the addendum to the legal service agreement entered into by the Company and Peres - Advogados, AssociadosS/C, owned by a close family member of the Company’s controlling shareholder, dated May 1st,, 2011. The contract hasan indefinite term of duration and establishes a monthly remuneration of R$ 50, adjusted by the Consumer Price Index(IPC) on an annual basis. Additionally, on April 5, 2013, R$550 was paid as bonus.

5.2 Remuneration of key management personnel

Remuneration of key personnelThe executive officers and directors, which have the decision power and the Company’soperations control, are elected by the Board and considered key management personnel in

accordance with the Company’s Bylaws.


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The key management personnel compensation accounted for in the statement of income bycategory is as follows:

09/30/2015 09/30/2014

Annual fixed remunerationSalaries and/or Directors’ fee 6,463 6,137Benefits (direct and indirect) 259 224

Variable compensationBonus 9,072 8,116Stock option plan 4,482 4,451

20,276 18,928

As of September 30, 2015, the key management personnel consisted of: 7 members of the Board

of Directors and five directors.

The Company does not grant to the executive officers and directors benefits relating to the laborcontract rescission beyond the ones foreseen in the applicable law.

6 Recoverable taxes and contributions




PIS/COFINS recoverable - 957 - 258IR and CSLL recoverable - - - 869Tax on financial operationsrecoverable

1,274 1,274 1,274 1,274

ISS recoverable 23 107 - 84INSS recoverable - 165 - 165Others 90 106 - 11

1,387 2,609 1,274 2,661


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7 Land and properties for sale




Land 54,944 228,241 50,301 193,784Property concluded 3,168 44,898 3,168 136,910Property under construction - 30,981 - 19,510

58,112 304,120 53,469 350,204

Current 3,168 75,879 3,168 156,420

Non-current 54,944 228,241 50,301 193,78458,112 304,120 53,469 350,204

The carrying amount of a project’s land is transferred to caption “Construction in progress”when units are placed for sale, that is, when the project is launched.

The Company reclassifies part of its inventories into non-current assets, according to launchesscheduled for subsequent years, into the heading of “land for future development” or based onthe completion schedule of its constructions, into the heading “construction in progress”.

Loan, financing and debenture financial expenses, whose funds were used in the process ofbuilding real estate projects, are capitalized in caption “Lands and properties for sale” andrecognized in income under caption “Cost of Properties Sold” in accordance with each project’ssales percentage.


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8 Income and social contribution taxes

The origin of deferred income and social contribution taxes is presented below:September 30, 2015 December 31, 2014

Parent company Consolidated Parent company Consolidated

Assets:Provision for legal and administrative proceedings 8,688 9,186 14,503 14,620Allowance for doubtful accounts 12,856 16,144 9,238 10,303Provision for losses on advances of charges 8,119 8,119 4,889 4,889Accrued annual bonus (g) 15,607 15,607 16,280 17,939Deferred (d) 4,525 4,525 5,311 5,311Tax loss and negative basis of social contribution (h) - 65,845 - 58,030Others - - 2,176 4,826

Deferred tax asset base 49,795 119,426 52,397 115,918

Deferred income tax assets (f) 10,180 27,587 10,698 26,578

Deferred social contribution assets (f) 4,482 10,748 4,716 10,433

Subtotal 14,662 38,335 15,414 37,011

Liabilities:

Unamortized goodwill on future earnings (b) (316,845) (316,845) (316,845) (316,845)Straight-line revenue (c) (16,715) (26,809) (25,027) (39,459)Income on real estate projects (a) - (110,462) - (116,200)Depreciation (e) (147,950) (175,856) (112,645) (128,877)Compound interest (33,532) (33,532) (30,088) (30,088)Others - - - -

Deferred tax liabilities base (515,042) (663,504) (484,605) (631,469)

Deferred income tax liabilities (f) (128,760) (140,492) (121,152) (131,167)Deferred social contribution liabilities (f) (46,354) (50,975) (43,614) (47,639)

Subtotal (175,114) (191,467) (164,766) (178,806)

Deferred income and social contribution taxes, net (160,452) (153,132) (149,352) (141,795)

(a) According to the tax criterion, the income (loss) on the sale of real estate units is determined based on the financial realization of income (cash basis)while for accounting purposes such transactions are accounted for on the accrual basis.

(b) Goodwill on acquisition of Multishopping Empreendimentos Imobiliários S.A., Bozano Simonsen Centros Comerciais S.A. and Realejo ParticipaçõesS.A. based on expected future earnings. Such companies were then merged and the respective goodwill reclassified to intangible assets. Thesecompanies were subsequently merged and the related goodwill was reclassified to intangible assets. Pursuant to the new accounting standards,beginning January 1, 2009 such goodwill is no longer amortized and deferred income tax liabilities on the difference between the tax base and thecarrying amount of the related goodwill was accounted for. For tax purposes, the amortization of goodwill was terminated on November 2014.

(c) The Company formed income tax and social contribution on deferred taxation of straight-line income during the term o f the contract, regardless of thereceipt term. As of 2015, with the enactment of Law 12,973, of May 13, 2014, these revenues started being taxed on an accrual basis. Thus, thedeferred balance up to December 31, 2014 will be subjected to taxation upon its realization.

(d) The Company recognized deferred income tax by fully derecognizing deferred charges.

(e) The Company recognized deferred income tax liabilities on differences between the amounts calculated based on accounting method and criteria, asprescribed in Law 12.973 dated May 13, 2014.

(f) In the consolidated, the basis for the deferred assets and liabilities are composed also by entities subject to the calculation of IRPJ and CSLL by thepresumed income regime. For this reason, the effect of the taxes rates includes the taxes rates used in the income presumption, according to the federallaw, and may vary depending on the income nature.

(g) For the calculation of deferred income tax, only the share of employee profit sharing was considered.

The parent company calculated an income tax loss of R$ 2,744 and a social contribution loss ofR$ 13,364.

Deferred income tax and social contribution will be realized based on Management’sexpectation, as follows:


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2015 11,000 16,096 26,636 31,6522016 21,607 35,072 9,107 12,4652017 8,500 21,965 3,400 17,184From 2018 to 2019 6,208 31,279 8,836 18,241From 2020 to 2021 2,480 15,015 4,418 36,376

49,795 119,427 52,397 115,918

Reconciliation of income and social contribution tax expenseThe reconciliation between the tax expense as calculated by the combined nominal rates and the

income and social contribution tax expense charged to income is presented below:Parent company

7/1/2015-09/30/2015 7/1/2014-09/30/2014

DescriptionIncome

taxSocial

contributionIncome

taxSocial

contribution

Income before income and social contribution taxes 87,648 87,648 97,663 97,663Rate 25% 9% 25% 9%Nominal rate (21,912) (7,888) (24,416) (8,789)Permanent additions and exclusions

Equity in income of subsidiaries 2,913 1,049 5,082 1,829Gifts and tributes (4) (1) (1) -Contributions, donations and sponsorship (167) (6) (987) (355)

Interest on own capital (JPC) paid - - - -Goodwill amortization on asset appreciation (5) (2) (4) (1)Compensation expenses (stock option plan) (659) (237) (1,012) (365)Tax benefits 674 - - -Others (870) (45) (408) 226

1,882 758 2,670 1,334

Current income and social contribution taxes in income (loss) (17,836) (5,653) (17,597) (5,734)Deferred income and social contribution taxes no profit or loss (2,195) (1,479) (4,149) (1,721)

Total (20,031) (7,132) (21,746) (7,455)


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Parent company

1/1/2015-09/30/2015 1/1/2014-09/30/2014

Description Income taxSocial

contribution Income taxSocial

contribution

Income before income and social contribution taxes 292,932 292,932 314,382 314,382Rate 25% 9% 25% 9%Nominal rate (73,233) (26,364) (78,596) (28,294)Permanent additions and exclusions

Equity in income of subsidiaries 8,131 2,927 16,017 5,766Gifts and tributes (11) (4) (14) (5)Contributions, donations and sponsorship (412) (43) (1,414) (355)Interest on own capital (JPC) paid 22,500 8,100 17,500 6,300Amortization of goodwill on asset appreciation (15) (5) (15) (5)Compensation expenses (stock option plan) (2,397) (863) (2,668) (961)

Tax benefits 1,173 - - -Executive Board bonuses and 13th salary (2,655) - (2,312) -Others (842) (364) (1,581) (47)

25,472 9,748 25,513 10,693

Current income and social contribution taxes in income (loss) (39,635) (13,643) (34,386) (6,275)Deferred income and social contribution taxes no profit or loss (8,127) (2,973) (18,697) (11,326)

Total (47,762) (16,616) (53,083) (17,601)

Consolidated

7/1/2015-09/30/2015 7/1/2014-09/30/2014

Description Income tax

Social

contribution Income tax

Social

contribution

Income before income and social contribution taxes 90,207 90,207 100,882 100,882Rate 25% 9% 25% 9%Nominal rate (22,552) (8,119) (25,221) (9,079)

Permanent additions and exclusionsEquity in income of subsidiaries 331 119 96 34Gifts and tributes (4) (1) (1) -Contributions, donations and sponsorship (176) (6) (987) (355)Interest on own capital (JPC) paid - - - -Amortization of goodwill on asset appreciation (5) (2) (10) (3)Compensation expenses (stock option plan) (659) (237) (1,012) (364)Tax benefits 572 - - -Executive Board bonuses and 13th salary - - - -Current losses without tax credit (1,012) (364) - -

Effect from subsidiaries’ Taxable income tax basis eliminated inconsolidated 1,094 394 3,394 1,222Income and social contribution taxes in companies taxed by the

deemed profit system (1,261) (454) (2,409) (867)Others 305 259 2,089 750

(815) (292) 1,160 417

Current income and social contribution taxes in income (loss) (20,678) (7,444) (19,669) (7,080)

Deferred income and social contribution taxes no profit or loss (2,688) (968) (4,392) (1,582)

Total (23,366) (8,412) (24,061) (8,662)


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Consolidated

1/1/2015-09/30/2015 1/1/2014-09/30/2014

DescriptionIncome

taxSocial

contributionIncome

taxSocial

contribution

Income before income and social contribution taxes 302,059 302,059 326,883 326,883Rate 25% 9% 25% 9%Nominal rate (75,515) (27,185) (81,721) (29,419) Permanent additions and exclusions

Equity in income of subsidiaries 1,052 379 3,695 1,330Gifts and tributes (11) (4) (14) (5)Contributions, donat ions and sponsorship (431) (43) (1,414) (355)Interest on own capital (JPC) paid 22,500 8,100 17,500 6,300Amortization of goodwill on asset appreciation (15) (5) (15) (5)Compensation expenses (stock option plan) (2,397) (863) (2,668) (960)

Tax benefits 1,225 - - -Executive Board bonuses and 13th salary (2,760) - (2,312) -Current losses without tax credit (1,889) (680) - -Effect from subsidiaries’ taxable income tax basis eliminated in

consolidated 3,380 1,217 12,295 4,426Income and social contribution taxes in companies taxed by the

deemed profit system (3,009) (1,083) (7,092) (2,553)Others 680 (420) 683 (741)

18,325 6,598 20,658 7,437

Current income and social contribution taxes in income (loss) (48,856) (17,588) (43,062) (15,502)

Deferred income and social contribution taxes no profit or loss (8,335) (3,001) (18,001) (6,480) Total (57,191) (20,589) (61,063) (21,982)


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Multiplan Empreendimentos Imobiliários S.A.Quarterly information

September 30, 2015

41

9.2 Changes in consolidated investments

Investees 12/31/2014 Write-offEquity in income

of subsidiaries 09/30/2015

SCP - Royal Green Península * 6,517 (3,871) 25 2,671Manati Empreendimentos e

Participações S.A 32,460 - 97 32,557Parque Shopping Maceió S.A 90,997 (3,300) 4,085 91,782Others 153 - - 153

Subtotal - Investment 130,127 (7,171) 4,207 127,163

Parque Shopping Maceió S.A. 5,000 (5,000) - -

Subtotal - advances for futurecapital increase 5,000 (5,000) - -

Total net investments 135,127 (12,171) 4,207 127,163

(*) Shareholder MTP conducts the material activities that and have the ability to affect the return on Royal Greenoperations; therefore, the investment is not consolidated, since financial information of shareholder MTP includesrecords of SCP operations.

9.3 Financial information of the subsidiaries The main information on the Company’s subsidiaries’ financial statements is as follows:

September 30, 2015

Currentassets

Non-currentassets

Currentliabilities

Non-currentliabilities

Netincome

CAA Corretagem e ConsultoriaPublicitária S/C Ltda. (a) 880 - 60 - 368

RENASCE - Rede Nacional de ShoppingCenters Ltda. 815 6,913 7,012 64 294

CAA Corretagem Imobiliária Ltda. (a) 17 - - - -MPH Empreendimentos Imobiliários

Ltda. 16,795 164,122 2,753 (2,042) 18,300Multiplan Administr. Shopping Center 38,620 209 24,754 499 177,022Pátio Savassi Administração de Shopping

Center Ltda. 9 460 129 328 -

Danville SP Empreendimento ImobiliárioLtda. (c) 68 44,762 (16) - (7)Multiplan Holding S.A. 2 45 - - -Embraplan Empresa Brasileira de

Planejamento Ltda. (b) 224 - 4 - -Multiplan Greenfield I Emp Imob Ltda. 23,733 43,670 4,371 1,742 7,656Barrasul Empreendimento Imobiliário

Ltda. 14,967 45,489 4,599 1,660 8,446Ribeirão Residencial Emp Imob. Ltda. (c) 91 8,380 263 - (10)Morumbi Bussiness Center Empr. Imob.

Ltda. (d) 4,409 144,562 10,466 3,880 359Multiplan Greenfield II Empr.Imob.Ltda.

(c) 54,848 210,395 18,358 148,923 23,113Multiplan Greenfield IV

Empr.Imob.Ltda. (c) 15,326 238,065 19,790 161,369 24,637


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September 30, 2015

Currentassets

Non-currentassets

Currentliabilities


Netincome

Multiplan Greenfield IIIEmpr.Imob.Ltda. (c) 1,135 333,659 14,726 22,436 15

Parkshopping Campo Grande Ltda 19,207 391,201 34,403 58,913 31,859Jundiaí Shopping Center Ltda 13,425 328,582 33,915 48,663 27,976Parkshopping Corporate

Empr.Imob.Ltda. (c) 790 42,932 263 - 538Multiplan Arrecadadora Ltda. 147,202 6,753 152,045 - 704Parkshopping Global.Ltda. 807 20,147 692 - (9)Parkshopping Canoas.Ltda. 16,316 76,056 10,069 18,877 4Multishopping Shopping Center Ltda 11 - - - -Parkshopping Jacarepagua Ltda. 257 81,658 20,594 19,282 -

Multiplan Greenfield XIEmpr.Imob.Ltda. 1 - - - -Multiplan Greenfield XII

Empr.Imob.Ltda. - - - - -Multiplan Greenfield XIII

Empr.Imob.Ltda. 1 - - - -Multiplan Greenfield XIV

Empr.Imob.Ltda. 9 - - - -Multiplan Greenfield XV

Empr.Imob.Ltda. 9 - - - -

Balances at September 30, 2015 369,974 2,188,060 359,250 484,594 321,265


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43

December 31, 2014

Currentassets

Non-currentassets

Currentliabilities


Netincome

CAA Corretagem e ConsultoriaPublicitária S/C Ltda. (a) 553 58 63 - 332

RENASCE - Rede Nacional deShopping Centers Ltda. 178 7,103 2,006 64 399

CAA Corretagem Imobiliária Ltda. (a) 20 - - - -MPH Empreendimentos Imobiliários

Ltda. 18,968 167,125 3,809 (2,721) 27,459Multiplan Administr. Shopping Center 37,393 84 29,658 117 216,981Pátio Savassi Administração de

Shopping Center Ltda. 905 467 532 344 8,275Danville SP Empreendimento

Imobiliário Ltda. (c) 53 43,951 (11) - 2Multiplan Holding S.A. 6 22 - - -Embraplan Empresa Brasileira de

Planejamento Ltda. (b) 218 - 3 - -Multiplan Greenfield I Emp Imob

Ltda. 62,224 - 5,569 2,044 54,559Barrasul Empreendimento Imobiliário

Ltda. 58,607 - 4,556 1,782 56,007Ribeirão Residencial Emp Imob. Ltda.

(c) 61 7,532 16 - -Morumbi Bussiness Center Empr.

Imob. Ltda. (d) 6,753 145,475 11,535 10,440 470Multiplan Greenfield II

Empr.Imob.Ltda. (c) 144,181 123,225 18,125 155,259 16,838Multiplan Greenfield IV

Empr.Imob.Ltda. (c) 10,583 244,435 19,272 167,824 25,109Multiplan Greenfield III

Empr.Imob.Ltda. (c) 34 263,578 189 - 207Parkshopping Campo Grande Ltda 18,386 400,286 33,266 73,653 42,479Jundiaí Shopping Center Ltda 14,131 336,821 32,847 68,095 36,418Parkshopping Corporate

Empr.Imob.Ltda. (c) 702 43,472 572 - 161Multiplan Arrecadadora Ltda. 166,953 2,133 167,726 - 932Parkshopping Global.Ltda. 990 19,755 26 - -Parkshopping Canoas.Ltda. 2,567 37,712 9,203 14,138 -Multishopping Shopping Center Ltda 15 - - - -Parkshopping Jacarepagua Ltda. 10 - - - -Multiplan Greenfield XI

Empr.Imob.Ltda. - - - - -

Multiplan Greenfield XIIEmpr.Imob.Ltda. 1 - - - -Multiplan Greenfield XIII

Empr.Imob.Ltda. 1 - - - -Multiplan Greenfield XIV

Empr.Imob.Ltda. 10 - - - -Multiplan Greenfield XV

Empr.Imob.Ltda. 10 - - - -

Balances at December 31, 2014 544,513 1,843,234 338,962 491,039 486,628

(a) In 2007, these companies’ operations were transferred to the Company.

(b) Dormant company since 2003.


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(c) Companies which have buildings under construction.

(d) The result of the subsidiary Morumbi Bussiness Center Empr. Imob. Ltda., is basically the equity income for theparticipation of 50% in the subsidiary MPH Empreendimentos Imobiliários Ltda.

9.4 Joint ventures informationAs prescribed by CPC 19 (R2), joint ventures Manati Empreendimentos and Participações S.A.e Parque Shopping Maceió S.A., in whose shareholders agreements the parties agree to sharecontrol over the activities.

A joint venture is a contractual agreement whereby the Company and other parties undertake aneconomic activity that is subject to joint control. Joint control exists when the strategic financialand operating decisions relating to the joint venture’s activity require the unanimous consent ofthe ventures sharing the control. Join ventures are accounted for under the equity method of

accounting.

The main information on the financial statements of Company’s joint ventures are as follow:

Manati EmpreendimentosParticipações S.A.

Parque Shopping MaceióS.A.

September30, 2015

December31, 2014

September30, 2015

December31, 2014

AssetsCurrentCash and cash equivalents 5,082 3,422 18,251 21,348

Accounts receivable 2,253 3,118 6,484 7,506Recoverable taxes and contributions 513 420 1,258 174Others - - 755 1,261

7,848 6,960 26,748 30,289Non-current:

Securities - - - 5,718Judicial deposits 1,240 1,240 21 22Accounts receivable 3 50 - -Deferred income and social contributiontaxes 1,430 1,308 3,074 3,506Others - - 135 -Investment property 53,764 54,874 257,277 260,606Intangible assets 1,955 1,974 25 34

58,392 59,446 260,532 269,886

Total assets 66,240 66,406 287,280 300,175

Liabilities and shareholders’ equityCurrentAccounts payable 82 224 1,156 1,310Loans and financing - - 7,082 6,682Taxes and contributions payable 418 276 1,594 422Deferred income and costs 61 265 - -Others - - 76 51

561 765 9,908 8,465

Non-current


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45

Manati EmpreendimentosParticipações S.A.

Parque Shopping MaceióS.A.

September30, 2015

December31, 2014

September30, 2015

December31, 2014

Loans and financing - - 78,514 84,438Deferred income and social contribution taxes - - 6,178 3,718Provision for risks 1,240 1,240 - -Deferred income and costs (678) (521) 9,120 11,560

562 719 93,812 99,716Shareholders' equity:Capital 65,636 65,636 182,505 182,506Advances for future capital increase - - (6,600) 10,000Accumulated loss (714) (714) (512) (512)

Income (loss) for the period 195 - 8,167 -

65,117 64,922 183,560 191,994

Total liabilities and shareholders’ equity 66,240 66,406 287,280 300,175

September30, 2015

September30, 2014

September30, 2015

September30, 2014

Statement of incomeNet income 4,919 5,457 24,704 19,315Cost of services rendered (4,753) (3,026) (7,971) (3,667)Gross income (loss) 166 2,431 16,733 15,648

Administrative expenses - Head office (128) (64) - -Administrative expense - shopping centers (218) (188) (106) (55)Parking lot - - (793) -Other operating income 10 14 - 44Income before financial income (170) 487 15,834 11,496Financial income 438 360 (3,326) (4,268)Income before income and social contributiontaxes 268 847 12,508 7,228Income and social contribution taxesCurrent (195) - (1,193) -Deferred assets 122 (288) (3,148) 373

Net income (loss) for the period 195 559 8,167 7,601

The financial information referring to the joint ventures was based on the trial balancespresented by these companies on the closing date of the period.

As of September 30, 2015, the Company has no commitments assumed with its jointly-controlled subsidiaries. Additionally, these joint ventures have no contingent liabilities, othercomprehensive income and other disclosures required by CPC 45 - Disclosure of Interests inOther Entities (IFRS 12) beside the ones abovementioned.


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10 Investment property

Multiplan measured internally its investment properties at fair value based on the DiscountedCash Flow (DCF) method. The Company calculated the present value by using a discount ratefollowing the Capital Asset Pricing Model (CAPM) model. Risk and return assumptions wereconsidered based on studies conducted by Mr. Damodaran (New York University professor)relating to the stock market performance of the Company (beta), in addition to market prospects(Central Bank’s Focus Report) and data on the risk premium of the domestic market (countryrisk). Based on these assumptions, the Company used a nominal, unlevered weighted averagediscount rate of 15.49% as of September 30, 2015, resulting from a basic discount rate of14.97% calculated in accordance with the CAPM model, and, based on internal analyses, aspread from 0 to 200 basis points was added to this rate, resulting in an additional weightedaverage spread of 50 basis points in the valuation of each shopping mall, corporate tower andproject.

Cost of own capitalSeptember

2015December

2014

Risk free rate 3.49% 3.49%Market risk premium 6.11% 6.11%Adjusted beta 0.79 0.72Country risk 219 b.p. 230 b.p.Additional spread 50 b.p. 44 b.p.

Cost of capital - US$ 11.01% 10.65%

Inflation assumptionsSeptember

2015December

2014

Inflation (BR) 6.53% 6.53%Inflation (USA) 2.40% 2.40%

Cost of capital - R$ 15.49% 15.11%

The investment properties valuation reflects the market participant concept. Thus, the Companydoes not consider in the discounted cash flows calculation taxes, income and expenses relatingto management and sales services.

The future cash flow of the model was estimated based on the shopping centers’ individual cashflows, expansions and office buildings, including the Net Operating Income (NOI), recurringAssignment of Rights (based only on mix changes, except for future projects), Income fromTransferring Charges, investments in revitalization, and construction in progress. Perpetuity wascalculated considering a real growth rate of 2.0% for shopping centers and of 0.0% for businesstowers.


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The Company classified its investment properties in accordance with their statuses. The tablebelow describes the amount identified for each category of property and presents the amount ofassets in the Company’s share:

Parent company

September2015

December2014

Valuation of investment property

Shopping centers and office towers in operation 12,793,747 13,120,697Projects in progress (advertised) - -Projects in progress (not advertised) 243,948 264,137

Total 13,037,695 13,384,834

Consolidated

September2015 ecember 2014

Valuation of investment propertyShopping centers and office towers in operation 15,392,300 15,683,574Projects in progress (advertised) 132,212 31,763Projects in progress (not advertised) 345,738 283,916

Total 15,870,250 15,999,253

The interests of 37.5% in the Santa Úrsula Shopping and 50% in the Parque Shopping Maceióproject through the joint ventures were not considered in the consolidated valuation.

On October, 2014 the following shopping malls had their useful life reassessed:

Shopping mallUseful life prior to assessment Useful life after assessment

Santa Ursula 33 years and 8 months 45 years and 10 monthsParkshopping Barigui 38 years and 9 months 51 years and 10 monthsAnália Franco 38 years and 9 months 53 years and 10 monthsRibeirão Shopping 31 years and 9 months 43 years and 10 monthsBHShopping 31 years and 9 months 43 years and 10 monthsBarraShopping 23 years and 9 months 34 years and 10 months

Parkshopping 23 years and 9 months 38 years and 10 monthsBarra Shopping Sul 44 years 55 years and 10 months


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Changes in investment property are as follows:

Parent company

Depreciation weighted average

rate (%)

December

31, 2014 Additions Write-offs

Compound

interest Allocati

Cost

Land 531,698 1,893 (14,834) 1,314

Buildings and improvements 2.72 2,834,198 12,718 - -

(-) Accumulated depreciation (392,162) - 35 -

Net amount 2,442,036 12,718 35 -

Facilities 11.66 411,337 1,778 (51) -

(-) Accumulated depreciation (133,962) - - -

Net amount 277,375 1,778 (51) -

Machinery, equipment, furniture and fixtures 10 42,679 680 - -


Net amount 30,107 680 - -

Others 10 4,853 24 - -


Net amount 1,977 24 - -

Works in progress 55,058 47,357 (1,469) 2,527

Repurchases of points of sale 61,861 5,459 (12) - (6,40

3,400,112 69,909 (16,331) 3,841 (6,40


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Conso

Depreciation weighted

average rate (%) December 31, 2014 Additions Write-off

Compound

interest Allo

(b)

CostLand 1,042,423 118,890 - 6,822

Buildings and improvements 2.23 3,709,564 13,497 - -

(-) Accumulated depreciation (430,977) - 35 -

Net amount 3,278,587 13,497 35 -

Facilities 11.98 639,566 2,271 (146) -


Net amount 456,961 2,271 (146) -

Machinery, equipment, furniture and fixtures 10 54,551 1,272 - -


Net amount 39,038 1,272 - -

Others 10 6,834 90 - -


Net amount 2,522 90 - -

Works in progress 86,091 81,872 - 2,527

Repurchases of points of sale 65,532 5,758 (12) -

4,971,154 223,650 (123) 9,349

(a) Refers basically to land amounts previously classified as Inventory, which were reclassified to Investment property.

(b)

The main additions during the period refer to the exercise of the option to purchase a plot of land located in the city of Rio de Janeiro, and the acquisition of construction potentia


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11 Property, plant and equipment

Parent company

Annualdepreciation

rates (%)December

31, 2014 Additions Depreciation Transfer

September

30, 2015

CostLand - 1,209 88 - 718 2,015

Buildings andimprovements

4 4,922 3 - - 4,925

(-) Accumulateddepreciation

(1,158) - (147) - (1,305)

Net amount 3,764 3 (147) - 3,620

Facilities 10 3,735 135 - - 3,870(-) Accumulateddepreciation

(1,395) - (280) - (1,675)

Net amount 2,340 135 (280) - 2,195

Machinery, equipment,furniture and fixtures

107,046 644 -

- 7,690

(-) Accumulateddepreciation

(4,114) - (551) - (4,665)

Net amount 2,932 644 (551) - 3,025

Vehicles 10 19,464 - - - 19,464(-) Accumulateddepreciation

(4,081) - (2,841) - (6,922)

Net amount 15,383 - (2,841) - 12,542

Others 10 1,471 1,828 - - 3,299(-) Accumulateddepreciation

(572) - (150) - (722)

Net amount 899 1,828 (150) - 2,577Property, plant and

equipment in progress-

244 -

- 244

26,527 2,942 (3,969) 718 26,218


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Consolidated

Annualdepreciation

rates (%)December

31, 2014Addition

s Depreciation TransferSeptember

30, 2015

CostLand - 3,328 88 - 718 4,134

Buildings andimprovements 4 11,296 3 - - 11,299

(-) Accumulateddepreciation (3,802) - (333) - (4,135)

Net amount 7,494 3 (333) - 7,164

Facilities 10 4,995 135 - - 5,130(-) Accumulateddepreciation (2,597) - (282) - (2,879)

Net amount 2,398 135 (282) - 2,251

Machinery, equipment,furniture and fixtures 10 8,733 644 - - 9,377(-) Accumulateddepreciation (5,821) - (554) - (6,375)

Net amount 2,912 644 (554) - 3,002

Vehicles 19,464 - - - 19,464

(-) Accumulateddepreciation (4,080) - (2,841) - (6,921)

Net amount 15,384 - (2,841) - 12,543

Others 10 2,075 1,828 - - 3,903(-) Accumulateddepreciation (1,115) - (151) - (1,266)

Net amount 960 1,828 (151) - 2,637Property, plant andequipment in progress - 244 - - 244

quarterly financial report 3q15

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