Asset Management:
Accounts Receivable
Sales Cancellations Inventory Asset Sales Landbank
Liabilities Management:
Deleveraging G&A Expenses
Ongoing Projects and Cost to be Incurred
Corcovado
Rio de Janeiro/RJ
Asset Management:
Accounts Receivable
Sales Cancellations Inventory Asset Sales Landbank
Liabilities Management
Deleveraging G&A Expenses
Ongoing Projects and Cost to be Incurred
Sublime
Rio de Janeiro/RJ
Executive SummaryHighlights
4Q15 and 2015 Highlights
Cash generation of R$404 million in 4Q15 and of more than R$1 billion in 2015;
Total extended leverage, including net financial debt and costs to be incurred, fell by R$500 million in 4Q15, and by R$2.5 billion in 2015;
Gross sales of R$551 million in 4Q15, and R$2.5 billion in 2015;
Cash sales totaled R$423 million in 2015, 85% higher than in 2014;
Resale of cancellations in 4Q15 reached 47%, higher performance of resales within the same quarter of
cancellation in 2015;
G&A expenses in 4Q15 fell by 33% on 4Q14; in 2015, G&A expenses fell by 29% on the previous year;
Accounting write-offs totaling R$1.4 billion, with a R$632 million impact on NAV and a R$137 million possible
future cash disbursement.
4
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