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Cyrela Commercial Properties S.A. Empreendimentos E Participações and Subsidiaries

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Cyrela Commercial Properties S.A. Empreendimentos E Participações and Subsidiaries Cyrela Commercial Properties S.A. Empreendimentos e Participações and Subsidiaries Financial statements on December 31, 2018 (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) KPDS 428841 Cyrela Commercial Properties S.A. Empreendimentos e Participações and Subsidiaries Financial statements on December 31, 2018 Contents Message from Management 3 Independent auditors' report on individual and consolidated financial statements 4 Balance sheets 9 Statements of Income 11 Statements of comprehensive income 12 Statements of changes in shareholders’ equity 13 Statements of cash flows 15 Statements of added-value 16 Notes to the financial statements 17 2 Message from Management The year 2018 marked a recovery, although slow, of the Brazilian economy. The truck drivers' strike stopped the country in May, affecting the performance of the production and of GDP. Furthermore, the World Cup which also contributed to the drop in the flow and sales of shopping malls during 2Q18. The dollar and the stock exchange registered fluctuations driven by internal and external factors, such as the October elections and the trade tension between the United States and China. Despite all these events, CCP was able to maintain its strategy of acquisitions and maturation of assets. CCP traded R$ 350 million in assets during the year 2018. We disposed of our equity interest in Parque Shopping Belém and sold 8% of our interest in Shopping Cidade São Paulo to XP Malls. Moreover, we sold the last warehouse in our portfolio, called Parque Industrial Tamboré. In 3Q18, we still have the purchase of a unit of JK 1455 and the transaction involving Miss Silvia Morizono, consolidating our position in these two corporate buildings. The Company has been seeking to optimize its capital structure, lengthening the indebtedness amortization and renegotiating the interest rate of some debts. In this sense, CCP prepaid R$ 540 million in debts in 2018, in addition to concluding the 9th and 10th issuance of debentures. CCP stood out again as one of the largest dividend payers on the Bovespa stock exchange in 2018. The Company paid R$ 120 million in dividends in November, closing the year with a 12% dividend yield. In addition to the dividends paid in 2017, CCP recorded an accumulated dividend yield of 40% over the last two years, reaffirming its commitment to remunerate shareholders and to capital discipline. In the offices segment, CCP had a year of evolution in the lease of properties, mainly the development Miss Silvia Morizono, which ended the year 2018 with only 13.9% of physical vacancy, which corresponds to one floor and a half vacant. The physical occupancy of CCP's buildings increased 2.8 pp from the third quarter to the fourth quarter of 2018, reaching 90.2%, one of the highest occupancy rates in the segment. In the segment of Shopping Malls, the total sales of CCP malls increased by 9.1% when compared to the fourth quarter of 2017. Same-store sales (SSS) and same-store rents (SSR) recorded amounts above inflation again at the end of 2018, showing the resumption of the industry after the events for the year. Furthermore, the vacancy of CCP shopping malls recorded a decrease in all quarters of 2018, reaching only 5.8% of physical vacancy and 5.0% of financial vacancy. CCP continues investing in the pursuit of innovations and in the management of its ventures, resulting in substantial growth in its portfolio and enabling the generation of positive results for its shareholders and clients. Executive Board. 3 KPMG Auditores Independentes Rua Arquiteto Olavo Redig de Campos, 105, 6º andar - Torre A 04711-904 - São Paulo/SP - Brasil Caixa Postal 79518 - CEP 04707-970 - São Paulo/SP - Brasil Telefone +55 (11) 3940-1500 kpmg.com.br Independent auditors' report in the individual and consolidated financial statements KPMG Auditores Independentes, uma sociedade simples brasileira e firma- KPMG Auditores Independentes, a Brazilian entity and a member firm of membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), uma entidade suíça. International Cooperative (“KPMG International”), a Swiss entity. 4 KPMG Auditores Independentes, uma sociedade simples brasileira e firma- KPMG Auditores Independentes, a Brazilian entity and a member firm of membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), uma entidade suíça. International Cooperative (“KPMG International”), a Swiss entity. 5 KPMG Auditores Independentes, uma sociedade simples brasileira e firma- KPMG Auditores Independentes, a Brazilian entity and a member firm of membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), uma entidade suíça. International Cooperative (“KPMG International”), a Swiss entity. 6 KPMG Auditores Independentes, uma sociedade simples brasileira e firma- KPMG Auditores Independentes, a Brazilian entity and a member firm of membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), uma entidade suíça. International Cooperative (“KPMG International”), a Swiss entity. 7 KPMG Auditores Independentes, uma sociedade simples brasileira e firma- KPMG Auditores Independentes, a Brazilian entity and a member firm of membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), uma entidade suíça. International Cooperative (“KPMG International”), a Swiss entity. 8 Cyrela Commercial Properties S.A. Empreendimentos e Participações and Subsidiaries Balance sheets as of December 31, 2018 and 2017 (In thousands of reais – R$) Parent company Consolidated Assets Note 12/31/2018 12/31/2017 12/31/2018 12/31/2017 Current assets Cash and cash equivalents 4 138,626 56,993 215,896 170,324 Securities 5 123,301 148,621 166,687 170,908 Accounts receivable 6 419 - 80,794 100,653 Inventories 7 - - 944 4,428 Taxes recoverable 8 6,783 4,822 6,783 4,822 Advances to suppliers - - 1,988 2,045 Dividends receivable 5,353 6,025 251 100 Other accounts receivable 25,256 166 34,895 8,341 Total current assets 299,738 - 216,627 - 508,238 - 461,621 Non-current assets Accounts receivable 6 - - 3,226 4,568 Inventories 7 - - 42,200 41,858 Advances for future capital increase 16.a 46 32 46 38,928 Taxes recoverable 8 29,825 22,812 36,959 34,120 Judicial deposits 15 - - 191 121 Other accounts receivable 2,862 307 43,308 32,543 Investments 9 2,085,434 2,161,889 159,673 174,622 Investment properties 10 - - 2,789,883 2,849,786 Property, plant and equipment 11 143 62 702 782 Intangible assets 11 78 2 3,999 479 Total non-current assets 2,118,388 - 2,185,104 - 3,080,187 - 3,177,807 Total assets 2,418,126 - 2,401,731 - 3,588,425 - 3,639,428 See the accompanying notes to the financial statements. 9 Cyrela Commercial Properties S.A. Empreendimentos e Participações and Subsidiaries Balance sheets as of December 31, 2018 and 2017 (In thousands of reais – R$) Parent company Consolidated Liabilities Note 12/31/2018 12/31/2017 12/31/2018 12/31/2017 Current liabilities Loans and financing 12.1 12,687 42,304 46,725 70,132 Debentures 12.2 261,059 158,466 261,060 158,466 Promissory notes 12.3 - 39,092 - 39,092 Suppliers - 2,008 515 10,021 12,385 Taxes and contributions payable 13 338 352 13,457 11,496 Deferred taxes and contributions 14 - - 560 351 Advances from clients - - - 74 - Unrecorded res sperata income 18 - - - 4,148 7,369 Dividends payable - 17 12 17 12 Other accounts payable - 40,139 6,221 30,106 31,976 Total current liabilities 316,248 - 246,962 - 366,168 - 331,279 Non-current liabilities Loans and financing 12.1 263,263 497,248 633,496 895,824 Debentures 12.2 792,500 376,513 792,500 376,513 Promissory notes 12.3 - 120,000 - 120,000 Deferred taxes and contributions 14 - - 3,525 6,264 Unrecorded res sperata income 18 - - - 16,590 29,477 Provisions for labor, tax and civil risks 17 692 - 1,628 1,608 Total non-current liabilities 1,056,455 - 993,761 - 1,447,739 - 1,429,686 SHAREHOLDERS' EQUITY Capital 19.a 799,763 799,763 799,763 799,763 Treasury shares - - (3,326) - (3,326) Legal reserve - 46,227 46,227 46,227 46,227 Profit retention 19.b 199,433 318,344 199,433 318,344 1,045,423 - 1,161,008 - 1,045,423 - 1,161,008 Non-controlling interest - - 729,095 717,455 Total shareholders' equity 1,045,423 - 1,161,008 - 1,774,518 - 1,878,463 Total liabilities and shareholders’ equity 2,418,126 - 2,401,731 - 3,588,425 - 3,639,428 See the accompanying notes to the financial statements. 10 Cyrela Commercial Properties S.A. Empreendimentos e Participações and Subsidiaries Statements of Income For the years ended december 31, 2018 and 2017 (In thousands of reais – R$) Parent company Consolidated Note 12/31/2018 12/31/2017 12/31/2018 12/31/2017 Net income 23 1,798 4,728 489,767 446,272 Costs 24 - (10) (204,935) (186,797) Gross income 1,798 4,718 284,832 259,475 Operating income (expenses) Commercial 24 (1,708) (1,353) (17,298) (17,046) General and administrative expenses 24 (15,949) (23,248) (28,970) (35,407)
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