November 5th,
2015
Asset Management:
Accounts Receivable Cancellations
Sales
Inventory Asset Sales
Liabilities Management:
Debt Restructuring
G&A
Ongoing Projects and Cost to be Incurred
Corcovado
Rio de Janeiro/RJ
Asset Management:
Accounts Receivable Cancellations
Sales
Inventory Asset Sales
Liabilities Management:
Debt Restructuring
G&A
Ongoing Projects and Cost to be Incurred
Sublime
Rio de Janeiro/RJ
Scenario and StrategyPrevious and Current
Previous Scenario
Market liquidity (funding);
Stable macroeconomic scenario: interest rates, unemployment, income, and inflation;
Stable demand for Real Estate.
Current Scenario
Demand shock - CEF effect;
Deterioration of the macroeconomic scenario;
Drop in consumer confidence;
Increase in cost of funding.
Previous Strategy
Current Strategy
Focus on the delivery of projects for transfer and short term cash flow generation;
Debt rollover to the short and medium
term.
Broad debt restructuring';
Focus on the acceleration of transfers;
Accelerating the sale of assets;
Completion of ongoing projects.
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