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Cyrela Brazil Realty S.A. Empreendimentos E Participações

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Cyrela Brazil Realty S.A. Empreendimentos E Participações Cyrela Brazil Realty S.A. Empreendimentos e Participações Individual and Consolidated Financial Statements for the year ended December 31, 2017 (A free translation of the original report in Portuguese as published in Brazil containing Financial Statement prepared in accordance with accounting practices adopted in Brazil and IFRS) KPMG Auditores Independentes, uma sociedade simples brasileira e firma- KPMG Auditores Independentes, a Brazilian entity and a member firm of the membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), uma entidade suíça. International Cooperative (“KPMG International”), a Swiss entity. Independent auditors’ report in the individual and consolidated financial statements To the Shareholders and Management of Cyrela Brazil Realty S.A. Empreendimentos e Participações São Paulo – SP Opinion We have audited the individual and consolidated financial statements of Cyrela Brazil Realty S.A Empreendimentos e Participações (“the Company”), respectively referred to as Individual and Consolidated, which comprise the statement of financial position as at December 31, 2017 the income statements and other comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising significant accounting policies and other explanatory information. Opinion on the individual financial statements In our opinion, the accompanying individual financial statements present fairly, in all material respects, the financial position of the Cyrela Brazil Realty S.A Empreendimentos e Participações (“the Company”) as at December 31, 2017 and of its financial performance and its cash flows for the year then ended in accordance with Accounting Practices Adopted in Brazil. Opinion on the consolidated financial statements In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Cyrela Brazil Realty S.A Empreendimentos e Participações as at December 31, 2017 and of its consolidated financial performance and its cash flows for the year then ended in accordance with Accounting Practices Adopted in Brazil and with International Financial Reporting Standards (IFRS) applicable to the Brazilian Real Estate development entities and approved by the Accounting Pronouncements Committee (CPC), and approved by the (CVM) and the Brazilian Federal Accounting Council (CFC). Basis for opinion We conducted our audit in accordance with Brazilian and International Standards on Auditing. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Individual and Consolidated Financial Statements section of our report. We are independent of the Company and its subsidiaries in accordance with the relevant ethical requirements included in the Accountant Professional Code of Ethics (“Código de Ética Profissional do Contador”) and in the professional standards issued by the Brazilian Federal Accounting Council (“Conselho Federal de Contabilidade”) and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis of Matters - Technical Orientation OCPC04, edited by the Accounting Pronouncements Committee As described in Note 2.1 (ii), the individual and consolidated financial information was prepared in accordance with accounting practices adopted in Brazil. The consolidated financial information were prepared in accordance with the IFRS applicable to the Brazilian Real Estate development entities also considers the Technical Orientation OCPC04, edited by the Accounting Pronouncements Committee (CPC). This Technical Orientation refers to the revenue recognition of this sector and comprises other matters related to the meaning and adoption of the concept of continuous transfer of the risks, benefits and control over real estate unit sales, as further described in Note 2.3.1 (a) and (b). Our conclusion is not modified in view of this matter. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the individual and consolidated financial statements of the current period. These matters were addressed in the context of our audit of the individual and consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Income Recognition – estimated construction costs and construction work percentage of completion (“POC”) Notes 2.2 (ii), 2.3.1 (a) and (b) and 24 of individual and consolidated financial statements. Key audit matters How our audit conducted this issue The Company recognizes its income deriving We evaluated design of controls implemented from sale of real estate units under by the Company in the process of determining construction based on Percentage of completion stage of respective real estate units Completion (POC) of respective traded projects and determination of cost estimates. Through and traded real estate units. Determination of sampling, we conducted the following real estate units’ completion stage and their procedures in budgets used in the process of respective non-incurred costs, which are used recognizing income from construction work in to determine the amount of income to be progress: (i) budget approval by the engineering recognized, requires a high level of judgment department, (ii) we evaluated the nature and by the Company. Due to transactions volume, fairness of main changes in budgeted costs, (iii) judgments involved in estimates of non- we confronted the value of costs incurred with incurred costs, stage of completion of real respective supporting documentation, and (iv) estate units, and possible impact of these evaluated monitoring of incurred and non- matters on recognition of income in the incurred costs, as well as their impacts on Company’s consolidated and individual financial determination of total project costs. In addition, statements, we consider this as the main key we confronted indices used by the Company to audit matter. calculate inflation adjustment of estimated non- incurred budget costs of projects under construction against respective market indices, and analyzed fairness of construction work evolution percentage. We also evaluated adequacy of disclosure made by the Company in financial statements. Based on evidences obtained through above- summarized procedures, we consider as acceptable the recognition of income in the context of individual and consolidated financial statements taken as a whole referring to year ended December 31, 2017. Recoverability of assets (impairment) – real estate inventories, accounts receivable and loans with associates Notes 2.3.5, 2.3.6 (a), 5, 6 and 13 of individual and consolidated financial statements. Key audit matters How our audit conducted this issue The Company has a significant volume of real For inventories, based on sample, we analyzed estate units at several development stages, documentation and assumptions that support amounts receivable due to sale of real estate the Company’s decision regarding these units, and loans with associates, directly assets’ realizable value, including comparison controlled by the Company or through of realization value of completed properties for associated entities. sale, properties under construction and properties for future launches with realization Any change in market conditions may impact value of similar assets. the value of real estate inventories, value of loans with associates, value of accounts For amounts receivable, we evaluated fairness receivable, provision for cancellation of of criteria and assumptions used by the contracts and investments recorded at the Company to calculate these assets’ equity method in financial statements. As a recoverability, compared with history of losses result, we consider this matter as significant for and evaluated sufficiency of recognized our audit. provisions. For loans with associates, through sampling, we carried out confirmation procedures with third parties and analyzed obtained responses, as well as evaluated supporting documents for disbursed amounts. We have also verified the fairness of the Company’s disclosures. Based on evidences obtained through above- summarized procedures, we consider that, regarding recoverability, real estate balances, accounts receivable and loans with associates, as well as related disclosures, are acceptable in the context of individual and consolidated financial statements taken as a whole, referring to year ended December 31, 2017. Other matters Statements of added value The individual and consolidated statements of value added (DVA) for the year ended December 31, 2017, prepared under the responsibility of the Company’s management, and presented herein as supplementary information for IFRS purposes, have been subject to audit procedures jointly performed with the audit of the Company's financial statements. In order to form our opinion, we assessed whether those statements are reconciled with the financial statements and accounting records, as applicable, and whether their format and contents are in accordance with criteria determined in the Technical Pronouncement 09 (CPC 09) - Statement of Value Added issued by the Committee for Accounting Pronouncements
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