4Q14 Disclosure and Results

1. 1
Earnings Release | Conference Call – 4Q14
March 17th, 2015

2. 2
Agenda
Ricardo Ribeiro
Vice President
Fernando Ramos
CEO and IR Officer
Operational Highlights
Financial Highlights

3. 3
Highlights
 Cash flow generation attained a record amount of R$ 158 million in 2014.
Increase of 53% in services revenue (MCMV Level 1), totaling R$ 1,3 million
in 2014 which accounted for 67% of total revenue recognized during the period.
 In 2014, mortgage transfers in the development segment totaled R$
503 million, representing a growth of 40% in comparison with 2013.
 By the end of 4Q14, the company's leverage ratio (net debt over
equity) represents only 16.3%, one of the lowest among peers
listed on the BM&F Bovespa
 At the end of 4Q14, sales revenue to be recognized
totaled R$ 3.4 billion, accounting for approximately 21
months of revenue
 Partnership with Red Sea.
Share buyback program and dividends in
accordance to the approved policy.

4. 4
Launches
Launches
(PSV - R$ million)
730
456
523
154
72
+14%
-36%
2014
1,654
1,198
2013
2,565
2,041
4Q14
348
194
3Q14
304
232
4Q13
919
189
MCMV Level 1
Development
 PSV launched in 4Q14 totaled R$ 348 million, attaining
R$ 1.7 billion in 2014
 The Company launched two projects under the MCMV
Level 1 in 4Q14, totaling a PSV of R$ 194 million
 72% of the launches were related to MCMV level 1
projects
 74% of the development launches were in the
Southeast Region
Midwest 74%
North
14%
Southeast
12%
12%
Upper-Middle38%
Medium
24%
Low-Income
Commercial
26%
Launches 2014 - Development
(Economic Segmentation – % PSV)
Launches 2014 - Development
(Geographic Segmentation - PSV%)

5. 5
Sales
Contracted Net Sales
(PSV - R$ million)
730
437
610
137
63
+12%
-38%
2014
1,634
1,198
2013
2,652
2,041
4Q14
331
194
3Q14
296
232
4Q13
937
207
MCMV Level 1
Development
Southeast
25%
North 56%
Midwest
19%
Geographic Segmentation of Cancellations – 2014
(% PSV)
Cancellations and Cancellation Resale
(Units)
633617632613 444455525496
77%
70%74%
83%81%
70%
64%
75%
61%
2014
1,920
2,495
4Q143Q142Q141Q14
Resale in the Period
% Resale (until 4Q14)
Resale (until 4Q14)
Cancellations
Contracted Net Sales – Development
(PSV - R$ million)
769
841
227
143
282
+58%
-9%
201420134Q143Q144Q13

6. 6
Inventory
Inventory Track Record
(PSV - R$ million)
Completed
26%
<2012
19%
2012
21%
2013
6%
2014
28%
Inventory by Launch Period
(% PSV)
4%
+16,7%
846
4Q14
629
218
3Q14
813
630
183
4Q13
725
571
154
Under Construction
Finished Units
Southeast 50%
Midwest
11%
North
38%
Inventory by Region
(% PSV)

7. 7
Deliveries
Commercial
21%
RET
7%
Medium
50%
Low-Income
22%
2014 Deliveries - Development
(Geographic and Economic Segmentation -PSV%)
Southeast
34%
Midwest
11%
North 55%
4Q14
LTM
1,751
887
864
3Q14
LTM
1,526
721
805
2Q14
LTM
1,806
1,046
760
1Q14
LTM
1,676
1,001
674
4Q13
LTM
1,237
839
398
3Q13
LTM
1,020
905
115
2Q13
LTM
1,029
713
316
Deliveries – Track Record
(Over the past 12 months: R$ million)
Development
MCMV Level 1
Deliveries
(PSV - R$ million)
2014
1,751
887
864
2013
1,237
839
398
4Q14
737
320
417
3Q14
224
155
69
4Q13
511
153
358
+230%
+42%
Development
MCMV Level 1
 Delivery attaining a PSV of R 1.8 billion and
18,554 units.
 Record deliveries in the MCMV Level 1 (+ 117%
compared to 2013)
 In the development segment deliveries were 6%
above the figure presented in 2013

8. 8
Fernando Ramos
CEO and IR Officer
Financial Highlights

9. 9
Results
1. Adjustment excluding interest on financing for construction;
354 404
836213
167
950
627
238
+20%
+27%
+7%
2014
1,908
1,281
2013
1,786
4Q14
571
3Q14
474
120
4Q13
451
Gross Operating Revenue
(R$ million)
Revenues from Services
Revenues from Real Estate Sales
Adjusted¹ Gross Profit and Gross Margin
(R$ million)
112 120
404 427
99
51
+7%
+4%
+20%
2014
471
45
25.7%
2013
454
26.0%
4Q14
132
12
23.9%
3Q14
123
11
26.6%
4Q13
110
11
25.1%
Adjusted Gross Margin¹
Interest capitalized in costs
Gross Profit

10. 10
Cash Flow Generation
Cash Flow Generation (Cash Burn) ¹
(R$ million)
+106.6%
2014
158
2013
76
2012
-183
2011
-176
2010
-283
4Q14
LTM
158
3Q14
LTM
250
2Q14
LTM
205
1Q14
LTM
189
4Q13
LTM
76
3Q13
LTM
26
2Q13
LTM
-88
1Q13
LTM
-138
4Q12
LTM
-183
Cash Flow Generation (Cash Burn)¹ - Track Record
(Over the past 12 months : R$ million)
1. Cash flow generation: net debt variation net of dividends and share buyback programs.
457
836
269
67%
47%
31%
23%
14%
2014
1,281
2013201220112010
117
Revenue from Service
% of Gross Revenue
Revenue from Services
(R$ million)
Financing Pass-through (“Repasses”)
((R$ million- Cash Reception Criterion)
56
608
+40%
-4%
-5%
-10%
2014
503
105
2013
633
360
273
4Q14
159
145
14
3Q144Q13
178
122 138
29
167
"Associativo"
SFH

11. 11
Capital Structure
Capital Structure
(R$ million)
343
Net Debt
23% 22% 16%
Net Debt/Equity
348 283
CRI
11%
Working Capital
1%
SFH
62%
FINAME and Leasing
5%
Debentures21%
2014
665
948
2013
543
890
2012
450
793
Cash
Debt
Gross Debt Breakdown
(% of Debt)
Net Debt
Without SFH
-301
Net Debt
283
Cash and
Cash
Equivalent
665
Debt
948
SFH
584
364
Debt
(R$ million)

12. 2014 Profits Destination
Earnings Per Share | Dividend per Share
(R$)
12
1.48
1.341.46
0.410.370.36
30.8%
25.2%24.9%
201420132012
Payout²Dividends per Share²Earnings per Share
 Share Buyback: in March, the Board of Directors approved the share buyback program limited to the
maximum purchase of 7,034,205 and maximum period of 365 days, whose objective is the subsequent
sale or cancellation.
In compliance with the dividend policy approved by the Board of Directors, the amount to be proposed
for approval at the Ordinary General Meeting (AGO) is R$ 63.2 million. This amount corresponds to
40% of the Company's generation of cash1 in the period.
1 - Cash flow generation: net debt variation net of dividends and share buyback programs.
2 - 2014 Dividends are conditioned to referendum in Assembly
Dividend Proposal Policy (R$ million) 2014
Inicial NetDebt 347.7
Final NetDebt 283.2
Change in NetDebt 64.6
Paid Dividends 93.3
Adjusted Cash Flow 157.9
DividendsProposed -40% ofCash Flow 40%
Dividends (Dividend Policy) 63.2
(-)Interim dividends(paid in 11/2014) 36.3
Dividends to be paid ¹ 26.9
Dividendsto be paid (Statutory) 15.2
ComplementaryDividendsRemaining 11.7

13. 13
Disclosure and Contacts
This presentation contains certain forward-looking statements concerning the business prospects, projections of
operating and financial results and growth potential of the Company, which are based on management’s current
expectations and estimates of the future performance of the Company. Although the Company believes such
forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations
will be achieved. Expectations and estimates that are based on the future prospects of the Company are highly
dependent upon market behavior, Brazil’s political and economic situation, existing and future regulations of the
industry and international markets and, therefore, are subject to changes outside the Company’s and
management’s control. The Company undertakes no obligation to update any information contained herein or to
revise any forward-looking statement as a result of new information, future events or other information.
www.direcional.com.b/ir
ir@direcional.com.br
(55 31) 3214-6200
(55 31) 3214-6450
Fernando José Mancio Ramos
CFO | IR Officer