Mills 4Q15 Result

Mills Estruturas e Servios
de Engenharia S.A.
Demonstraes Financeiras em 31 de
Dezembro de 2015 e Relatrio dos
Auditores Independentes
Deloitte Touche Tohmatsu Auditores Independentes
Deloitte Touche Tohmatsu

Av. Presidente Wilson, 231 - 22
25 e 26 andares
Rio de Janeiro - RJ - 20030-905
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www.deloitte.com.br
RELATRIO DOS AUDITORES INDEPENDENTES

SOBRE AS DEMONTRAES FINANCEIRAS
Aos
Acionistas, Conselheiros e Diretores da
Mills Estruturas e Servios de Engenharia S.A.
Rio de Janeiro - RJ
Introduo
Examinamos as demonstraes financeiras da Mills Estruturas e Servios de Engenharia S.A.
(Companhia), que compreendem o balano patrimonial em 31 de dezembro de 2015 e as
respectivas demonstraes do resultado, do resultado abrangente, das mutaes do patrimnio
lquido e dos fluxos de caixa, para o exerccio findo naquela data, assim como o resumo das
principais prticas contbeis e demais notas explicativas.
Responsabilidade da Administrao sobre as demonstraes financeiras
A Administrao da Companhia responsvel pela elaborao e adequada apresentao dessas
demonstraes financeiras de acordo com as prticas contbeis adotadas no Brasil e de acordo com
as normas internacionais de relatrio financeiro (IFRS), emitidas pelo International Accounting
Standards Board (IASB), assim como pelos controles internos que ela determinou como
necessrios para permitir a elaborao dessas demonstraes financeiras livres de distoro
relevante, independentemente se causada por fraude ou erro.
Responsabilidade dos auditores independentes
Nossa responsabilidade a de expressar uma opinio sobre essas
base em nossa auditoria, conduzida de acordo com as normas
auditoria. Essas normas requerem o cumprimento de exigncias
auditoria seja planejada e executada com o objetivo de obter
demonstraes financeiras esto livres de distoro relevante.
demonstraes financeiras com

brasileiras e internacionais de
ticas pelos auditores e que a
segurana razovel de que as
Uma auditoria envolve a execuo de procedimentos selecionados para obteno de evidncia a

respeito dos valores e divulgaes apresentados nas demonstraes financeiras. Os procedimentos
selecionados dependem do julgamento do auditor, incluindo a avaliao dos riscos de distoro
relevante nas demonstraes financeiras, independentemente se causada por fraude ou erro. Nessa
avaliao de riscos, o auditor considera os controles internos relevantes para a elaborao e
adequada apresentao das demonstraes financeiras da Companhia para planejar os
procedimentos de auditoria que so apropriados nas circunstncias, mas no para fins de expressar
uma opinio sobre a eficcia desses controles internos da Companhia.
A Deloitte refere-se a uma ou mais entidades da Deloitte Touche Tohmatsu Limited, uma sociedade privada, de responsabilidade limitada, estabelecida
no Reino Unido ("DTTL), sua rede de firmas-membro, e entidades a ela relacionadas. A DTTL e cada uma de suas firmas-membro constituem entidades
legalmente separadas e independentes. A DTTL (tambm chamada Deloitte Global) no presta servios a clientes. Consulte www.deloitte.com/about
para obter uma descrio mais detalhada da DTTL e suas firmas-membro.
2016 Deloitte Touche Tohmatsu. Todos os direitos reservados.
Uma auditoria inclui, tambm, a avaliao da adequao das prticas contbeis utilizadas e a
razoabilidade das estimativas contbeis feitas pela Administrao, bem como a avaliao da
apresentao das demonstraes financeiras tomadas em conjunto.
Acreditamos que a evidncia de auditoria obtida suficiente e apropriada para fundamentar nossa
opinio.
Opinio
Em nossa opinio, as demonstraes financeiras acima referidas apresentam adequadamente, em
todos os aspectos relevantes, a posio patrimonial e financeira da Mills Estruturas e Servios de
Engenharia S.A. em 31 de dezembro de 2015, o desempenho de suas operaes e os seus fluxos de
caixa para o exerccio findo naquela data, de acordo com as prticas contbeis adotadas no Brasil e
com as normas internacionais de relatrio financeiro (IFRS), emitidas pelo International
Accounting Standards Board (IASB).
nfase
Reapresentao dos valores correspondentes referentes ao exerccio findo em 31 de dezembro de
2014
Conforme mencionado na nota explicativa n 2.4, em decorrncia das reclassificaes descritas na
referida nota explicativa, os valores correspondentes referentes demonstrao dos fluxos de caixa
para o exerccio findo em 31 de dezembro de 2014, apresentados para fins de comparao, foram
ajustados e esto sendo reapresentados como previsto no CPC 23 - Polticas Contbeis, Mudanas
de Estimativa e Retificao de Erro e a IAS 8 - Accounting Policies, Changes in Accounting
Estimates and Errors e CPC 26(R1) - Apresentao das Demonstraes Contbeis e a IAS 1 Presentation of Financial Statements. Nossa opinio no contm modificao relacionada a esse
assunto.
Outros assuntos
Demonstrao do valor adicionado
Examinamos, tambm, a demonstrao do valor adicionado (DVA), referente ao exerccio findo em
31 de dezembro de 2015, elaborada sob a responsabilidade da Administrao da Companhia, cuja
apresentao requerida pela legislao societria brasileira para companhias abertas, e como
informao suplementar pelas IFRS, que no requerem a apresentao da DVA. Essa demonstrao
foi submetida aos mesmos procedimentos de auditoria descritos anteriormente e, em nossa opinio,
est adequadamente apresentada, em todos os seus aspectos relevantes, em relao s
demonstraes contbeis tomadas em conjunto.
Rio de Janeiro, 9 de maro de 2016
DELOITTE TOUCHE TOHMATSU

CRC 2SP 011.609/O-8 F RJ
Fernando de Souza Leite

Contador
CRC PR 050.422/O-3
MILLS ESTRUTURAS E SERVIOS DE ENGENHARIA S.A.
CNPJ/MF N. 27.093.558/0001-15
NIRE 33.3.0028974-7
Companhia Aberta
ATA DE REUNIO DO CONSELHO FISCAL
REALIZADA EM 09 DE MARO DE 2016.
PARECER DO CONSELHO FISCAL

O Conselho Fiscal da Mills Estruturas e Servios de Engenharia S.A. ("Companhia"), no exerccio
de suas funes legais e estatutrias, em reunio realizada em 9 de maro de 2016, examinou o
Relatrio da Administrao, as Demonstraes Financeiras e as Notas Explicativas da Companhia
relativos ao exerccio social encerrado em 31 de dezembro de 2015, e com base nos exames
efetuados e no parecer, sem quaisquer ressalvas, dos Auditores Independentes relativo a tais
Demonstraes Financeiras, emitido em 09 de maro de 2016, e, ainda, nas informaes e
esclarecimentos prestados por representantes da Companhia ao longo do exerccio, os membros do
presente rgo decidiram, por unanimidade, opinar favoravelmente acerca dos documentos
referentes ao exerccio de 2015, mencionados anteriormente, sem qualquer ressalva ou restrio,
indicando seu encaminhamento Assembleia Geral Ordinria da Companhia para os devidos fins
de direito.
Rio de Janeiro, 9 de maro de 2016.
Membros do Conselho Fiscal:
Eduardo Botelho Kiralyhegy
Hlio Carlos de Lamare Cox
Marcus Vincius Dias

Severini
DECLARAO DOS DIRETORES SOBRE AS DEMOSTRAES FINANCEIRAS
Em conformidade com o inciso VI do artigo 25 da instruo CVM 480, de 7 de dezembro de 2009,

a Diretoria declara que revisou, discutiu e concordou com as Demonstraes Financeiras da
Companhia referente ao exerccio de 2015.
Rio de Janeiro 9 de maro de 2016.
DECLARAO DOS DIRETORES SOBRE O PARECER DOS AUDITORES INDEPENDENTES
Em conformidade com o inciso VI do artigo 25 da instruo CVM 480, de 7 de dezembro de 2009,

a Diretoria declara que revisou, discutiu e concordou com o relatrio dos Auditores Independentes
sobre as Demonstraes Financeiras da Companhia referente ao exerccio de 2015.
Rio de Janeiro 9 de maro de 2016.
Relatrio de Administrao 2015
Relaes com Investidores
BM&FBOVESPA: MILS3
Mensagem do Presidente
O ano de 2015 foi marcado pelas incertezas no cenrio econmico e poltico, impactando diretamente nossos mercados de
atuao, refletindo negativamente nas nossas taxas de utilizao, precificao e margens. Diante desse cenrio, revisitamos nossa
estrutura organizacional e tomamos aes necessrias para deixar a Companhia mais enxuta, gil e adequada realidade do
mercado.
Ao longo do ano de 2015 vrias medidas foram implementadas com o objetivo de preparar a Companhia para superar os
obstculos que surgiro nos prximos anos, em um quadro recessivo que pode piorar. Realizamos diversos movimentos de
horizontalizao de departamentos da Companhia que possuam sinergia, culminando na fuso de diretorias, visando alm de
melhoria da nossa produtividade e ganhos de melhoria operacional, reduo de despesas. Desta forma unimos a gesto comercial
de Infraestrutura e Edificaes na Diretoria Comercial de Construo; a gesto Operacional e de Engenharia na Diretoria de
Engenharia e Operaes e a gesto da rea Financeira e de Relaes com Investidores na Diretoria Financeira. Estas alteraes
reduziram nveis hierrquicos na Companhia e proporcionam uma maior integrao entre as equipes. Criamos a Diretoria de
Recursos Humanos para amparar as mudanas organizacionais, apoiar de forma consistente as integraes e dar o direcionamento
necessrio ao nosso pessoal.
Nosso foco preservao de caixa, atravs da venda de ativos no considerados estratgicos pela Companhia, reduo de custos,
despesas e investimentos. Nesse ano reduzimos drasticamente os investimentos em equipamentos de locao e bens de uso,
85,8% quando comparado ao ano de 2014, e no visualizamos a necessidade de investir em 2016, dada a alta ociosidade das nossas
unidades de negcio.
Temos ainda outras aes com o objetivo de reduzir custos e despesas. Entre elas temos a reduo do quadro de pessoal do
backoffice, a renegociao dos contratos de aluguel de nossos depsitos e o fechamento de cinco filiais de Construo e trs filiais
da unidade de negcio Rental. Em 2015 encerramos as operaes da filial de Guarulhos. No ms de outubro, mudamos a nossa
sede da Barra da Tijuca para o nosso endereo em Jacarepagu, onde funciona nosso depsito.
Em um ano extremamente desafiador como o ano de 2015 se apresentou, conseguimos tomar as aes necessrias para
enfrentarmos o cenrio ainda adverso previsto para 2016, com sade financeira adequada. Encerramos o ano com saldo de caixa
maior, posio de dvida lquida menor. Desta forma, estamos confiantes que encerramos 2015 mais bem estruturados do que
entramos. E se o ano de 2016 nos impe novos desafios, estamos mais preparados para enfrent-los do ponto de vista interno da
Companhia.
Sergio Kariya, Presidente da Mills
Desempenho financeiro1
A Mills Estruturas e Servios de Engenharia S.A. (Mills) apresentou, no ano de 2015, receita lquida de R$ 576,1 milhes, reduo de
2
27,5% em relao ao valor registrado em 2014. A gerao de caixa, medida pelo EBITDA , alcanou R$ 164,8 milhes, excluindo o
impairment da unidade de negcio Construo em R$ 30,9 milhes. Excluindo os itens extraordinrios, como, indenizaes da
reestruturao em R$ 8,6 milhes, PDD relacionada s investigaes em curso de R$ 12,9 milhes e despesas relacionadas
mudana/fechamento de filial de R$ 0,4 milho, o EBITDA seria igual a R$ 186,7 milhes, 46,7% menor que a registrada em 2014, e
o prejuzo lquido totalizou R$ 97,8 milhes. A margem EBITDA foi de 28,6%, ou 32,4% excluindo os itens no recorrentes, versus
42,3% no ano anterior, enquanto o retorno sobre o capital investido (ROIC) atingiu -2,9% em 2015, contra 6,6% em 2014.
As informaes financeiras e operacionais contidas neste press release, exceto quando de outra forma indicado, foram consolidadas de acordo com as
polticas contbeis adotadas no Brasil, que esto em conformidade com as normas internacionais de contabilidade (International Financial Reporting
Standards - IFRS). Apresentamos nos grficos, para feitos de comparao, os dados histricos excluindo a unidade de negcio Servios Industriais, que foi
vendida em 2013.
2
Ebitda como soma das unidades Construo e Rental
Itens no recorrentes
Em R$ Milhes
2014
2015
EBITDA
326,2
104,1
0,0
57,1
14,6
0,0
Impairment de Construo e do investimento na Rohr

Ajuste de estoques e Easyset
Reestruturao
0,0
9,0
PDD relacionada s investigaes em curso
0,0
12,9
Despesas da unidade de negcio SI vendida em 2013
9,5
3,7
350,2
186,7
EBITDA Ajustados ex efeitos no recorrentes
Durante o ano de 2015, registramos R$ 82,7 milhes de despesas no recorrentes, sendo: (i) R$57,1 milhes relacionados ao
Impairment de Construo e do investimento na Rohr; (ii) custos com a reestruturao (R$ 9,0 milhes); (iii) PDD relacionada s
investigaes em curso (R$ 12,9 milhes); (iv) R$ 3,7 milhes referentes s despesas da unidade de negcio Servios Industriais
vendida em 2013.
Considerando as despesas no recorrentes para fins de determinao do EBITDA ajustado, no fechamento das demonstraes
financeiras de 31 de dezembro de 2015, todos os covenants esto sendo cumpridos.
Impairment
Aplicando as premissas do Pronunciamento Tcnico CPC-01 - Reduo ao Valor Recupervel de Ativos, a Companhia realizou testes
de recuperabilidade (impairment) sobre seus ativos. Aps os referidos testes verificou-se a necessidade de constituio de proviso
para perda no valor recupervel no montante de R$ 26,2 milhes para o investimento feito na Rohr e R$ R$ 30,9 milhes para a
Unidade Geradora de Caixa de Construo. Para os ativos da unidade de negcio Rental e demais ativos da Companhia, no foi
identificada a necessidade de se fazer testes de recuperabilidade.
O valor recupervel desses ativos foi determinado com base em projees econmicas para determinao do valor de mercado da
investida, pela abordagem de renda, atravs de projeo de fluxo de caixa descontado, num prazo de 10 anos para fins de
fundamentao do valor pago, haja vista o longo perodo de maturao dos investimentos em infraestrutura e construo civil. As
principais premissas foram: (i) as receitas foram projetadas com base nos dados histricos, bem como em perspectivas de
crescimento do segmento e da economia brasileira; (ii) resultado operacional negativo em 2015, decorrente da reduo de
atividade do setor; (iii) a execuo de programa contnuo de melhoria de produtividade e de reduo de custos e despesas far com
que sua evoluo seja inferior ao percentual de crescimento da receita, (iv) os respectivos fluxos so descontados por taxa mdia
de desconto, obtida atravs de metodologia usualmente aplicada pelo mercado, levando em considerao o custo mdio
ponderado de capital (WACC); (v) uma poltica de controle estrito na evoluo do capital de giro nos anos da projeo.
Dvida e indicadores de endividamento

A dvida bruta da Mills em 31 de dezembro de 2015 era de R$620,8 milhes. Terminamos o ano com uma posio de dvida lquida
de R$388,8 milhes, contra R$551,7 no final de dezembro de 2014.
A dvida da Companhia formada por 31% de dvida de curto prazo e 69% de dvida de longo prazo, com prazo mdio de 2,8 anos e
custo mdio de CDI+1,21%. Em termos de moeda, a totalidade da dvida em reais.
No 4T15, a alavancagem, medida pela relao dvida lquida/LTM EBITDA foi de 2,1x, excluindo itens no recorrentes do perodo. J
a relao LTM EBITDA/Resultado financeiro foi de 3,0x no mesmo perodo tambm excluindo itens no recorrentes do perodo.
Fluxo de caixa livre

Em 2015, o fluxo de caixa livre, medido pelo fluxo de caixa operacional menos as atividades de investimentos, foi positivo em R$
202,4 milhes. A Mills investiu R$ 28,2 milhes em 2015, dos quais R$ 11,7 milhes em equipamentos para locao, 85,5% inferior
ao valor investido em 2014
Pela caracterstica dos seus equipamentos, a Companhia pode manter baixo nvel de investimento por alguns anos, caso
necessrio, sem reduo da sua capacidade operacional.
Nova Estrutura Organizacional

Durante o ano de 2015, a Mills vem fazendo uma srie de ajustes em sua estrutura organizacional, de forma a reforar o conceito
de uma s empresa e criar sinergias entre os seus negcios, tornando-a mais enxuta e gil, como os tempos atuais demandam. A
gesto comercial de Infraestrutura e Edificaes foi unificada em uma s diretoria. As diretorias Operacional e de Engenharia
3
Fluxo de Caixa operacional antes juros
tambm foram consolidadas. Como resultado, as unidades de negcio Infraestrutura e Edificaes passam a ser reportadas de
forma unificada, agora chamada de Construo. Continuaremos acompanhando as receitas de Infraestrutura e Edificaes em
separado, dadas as diferentes dinmicas de cada mercado. A Rental continua sendo tratada separadamente, pelas caractersticas
nicas de seu negcio. A Diretoria de Relaes com Investidores foi fundida com a Diretoria Financeira e foi criada uma Diretoria de
Recursos Humanos para apoiar de forma consistente esta integrao e cuidar dos colaboradores nestes tempos difceis.
Desempenho por unidade de negcio

Rental
A receita lquida da Rental totalizou R$ 293,2 milhes em 2015, sendo 20,9% inferior ao valor registrado em 2014. O EBITDA atingiu
R$ 132,6 milhes, sendo 32,6% inferior ao do ano de 2014. A margem EBITDA de 2015 foi de 45,2%, versus 53,0% em 2014. Em
2015, o ROIC foi de 5,5%, ante 11,5% em 2014.
Fomos indicados pelo quinto ano consecutivo para o prmio no IAPA Awards, sendo que nesse ano foi como a empresa que mais
contribuiu em segurana em trabalho em altura. J conquistamos dois IAPA Awards: (i) na categoria Empresa de locao do ano,
em 2012; e (ii) na categoria Centro de treinamento IPAF do ano, em 2014.
Construo
A receita lquida da Construo totalizou R$ 283,0 milhes em 2015, com reduo de 33,2% em relao ao ano anterior, sendo que
Infraestrutura contribuiu com 59% e Edificaes contribuiu com 41% da receita lquida no perodo. O EBITDA somou R$ 1,3 milho,
excluindo o valor do impairment dessa unidade de negcio em R$ 30,9 milhes, totalizaria R$ 32,2 milhes. O ROIC foi de -8,6%,
ante 4,4% em 2014.
Gerao de valor ao acionista

O preo de fechamento da ao da Mills (MILS3) na BM&FBovespa, no ano de 2015, foi igual a R$ 2,66, com reduo de 72,1% em
relao ao preo de fechamento do ano de 2014, enquanto o ndice IBOVESPA sofreu queda de 13,2% no mesmo perodo. No final
de 2015, o valor de mercado (market cap) da Mills era igual a R$ 340,6 milhes.
Desde sua abertura do capital, em 15 de abril de 2010, at o final de 2015, a MILS3 obteve desvalorizao de 76,9%, versus queda
de 38,5% do ndice IBOVESPA.
Em funo dos resultados apurados no exerccio de 2015, no houve distribuio de dividendos nem juros sobre capital prprio.
Evoluo do Market Cap da Mills

Em R$ bilhes
5,00
4,50
4,00
3,50
3,00
2,50
2,00
1,50
1,00
0,50
0,00
Performance da ao: Mills versus Ibovespa

350
Base 100 em 15 de abril de 2010
300
250
200
150
100
50
MILS3
IBOV
Recursos Humanos
Reduzimos o nosso nmero de colaboradores ativos de 2.008 no final de 2014 para 1.558 no final de 2015, refletindo mudanas na
estrutura organizacional da Companhia, que envolveu a eliminao de alguns cargos administrativos e gerenciais. A taxa de
rotatividade foi de 6,69% em 2015, versus 3,13% em 2014.
De forma a participar dos resultados e alinhar os seus incentivos com a gerao de valor aos nossos acionistas, at 2014
oferecamos aos nossos colaboradores um programa de participao de resultados, baseado no valor econmico agregado (EVA),
que consiste no lucro lquido ajustado deduzido da remunerao do capital investido pelos acionistas. Anualmente, entre 20% e
30% do EVA eram distribudos aos nossos administradores e colaboradores. Em 2014, distribumos R$ 18,7 milhes, referente ao
resultado de 2013. Devido ao resultado negativo de EVA em 2014, no foi distribudo qualquer valor de participao nos resultados
em 2015.
Em 23 de junho de 2015, o Conselho de Administrao deliberou que a participao dos empregados nos lucros passasse no ano de
2015, a ter como base o EBITDA, onde at 5% do EBITDA da Companhia poderia ser distribudo, se o EBITDA alcanado superasse o
valor do EBITDA orado. O reconhecimento dessa participao, ocorreria no momento em que a meta anual do EBITDA fosse
atingida, sendo desembolsada at abril de 2016. A Companhia no atingiu as metas em 2015, no tendo registrado no exerccio,
proviso para essa despesa.
Adicionalmente at 2014 tnhamos um plano de opo de compra de aes destinado aos administradores e pessoas chave da
Companhia, com o objetivo de incentivar nossos colaboradores a conduzir com xito os negcios da Companhia e estimular a
cultura empreendedora e orientada para resultados, alinhando os interesses dos administradores com os dos acionistas.
Nosso programa de estgio tem como objetivo atrair, desenvolver e reter talentos que queiram crescer e adquirir expertise para
contribuir com o crescimento da empresa nos prximos anos. No final de 2015, 56 estagirios participavam do programa, dos quais
86% so estudantes de engenharia e de cursos tcnicos. Efetivamos 46 estagirios em 2015 e 79 em 2014.
Para assegurar o alinhamento e a uniformidade dos padres ticos e morais que a Mills acredita serem importantes para suas
atividades, o Conselho de Administrao aprovou, em maio de 2015, o novo Cdigo de Conduta da Mills.
Estrutura acionria
No incio de 2015, o capital social votante e total da Mills era constitudo de 128.057.925 ordinrias, sendo que os acionistas
controladores detinham, em conjunto, 35,4% do capital social votante e total. O free float era igual a 61,0%.
O capital social votante e total da Mills, no final de 2015, era constitudo de 128.057.925 aes ordinrias. O free float era igual a
62,3%.
O Conselho de Administrao aprovou, em 10 de novembro de 2014, a instituio de programa de recompra de aes ordinrias de
emisso da prpria Companhia, com objetivo de adquirir at 4.000.000 de aes de sua emisso, no prazo mximo de 365 dias a
partir da data de sua aprovao, para manuteno em tesouraria e posterior cancelamento ou alienao, inclusive no mbito do
programa de opo de compra de aes da Companhia, em caso de exerccio de tais opes.
O Conselho de Administrao aprovou, no segundo trimestre de 2015, a alienao de 6.878 aes, que estavam em tesouraria,
para atender o exerccio de opo de compra de aes da Companhia. Em 31 de dezembro de 2015, a Companhia mantinha
2.278.422 aes em tesouraria.
Aumento de Capital
Em 5 de fevereiro de 2016 o Conselho de Administrao aprovou a realizao de um aumento de capital social da Companhia, com
a possibilidade de homologao parcial por meio da emisso, para subscrio privada de, no mnimo, 40.089.472 e, no mximo,
47.528.517 novas aes ordinrias, ao preo de emisso de R$2,63 por ao, totalizando o valor de, no mnimo, R$105.4 milhes e,
no mximo, R$125 milhes. O preo fixado considerou a mdia das cotaes de fechamento dirias ponderada pelo volume de
negociao nos preges realizados na BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e Futuros entre 27 de novembro de
2015 (inclusive) e 4 de fevereiro de 2016 (inclusive). O direito de preferncia para subscrio dessas novas aes foi assegurado aos
acionistas da Companhia com posio de fechamento do dia 11 de fevereiro de 2016, na proporo da quantidade de aes de que
forem titulares nesse dia.
Conforme mencionado em fato relevante divulgado na mesma data, a captao de recursos tem como objetivo (i) fortalecer a
estrutura de capital da Companhia, reforando o seu caixa para fazer frente a necessidades de capital de mdio e longo prazo para
o desenvolvimento de suas atividades; (ii) fortalecer seus nveis de liquidez, reduzindo as margens de endividamento da
Companhia; e (iii) aproveitar oportunidades de consolidao de mercado que possam surgir no mdio prazo.
Os acionistas controladores da Companhia, Famlia Nacht, celebraram um Acordo de Investimento com Fundo de Investimento em
Participaes Axxon Brazil Private Equity Fund II ("Axxon" e "Acordo de Investimento").
O Acordo de Investimentos prev, dentre outras obrigaes, o compromisso dos Acionistas Controladores de (1) subscreverem e
integralizarem 15.209.125 aes, pelo valor total de R$ 40 milhes e (2) cederem Axxon os direitos de preferncia
correspondentes ao restante de sua participao. A Axxon, por sua vez, comprometeu-se no Acordo de Investimentos a exercer os
Direitos de Preferncia que lhe forem cedidos, incluindo o direito de subscrio de sobras, para subscrever e integralizar aes a
serem emitidas no mbito do Aumento de Capital que representem at 15% do capital da Companhia aps o Aumento de Capital.
O Aporte dos Acionistas Controladores e o Compromisso de Subscrio da Axxon so suficientes para assegurar a subscrio de
aes correspondentes Subscrio Mnima.
Auditor Independente
Conforme Instruo CVM 381/2003, no houve a contratao de nossos auditores externos, Deloitte Touche Tohmatsu Auditores
Independentes (Deloitte), referente ao exerccio social de 2015, para execuo de servios que no os de auditoria das
demonstraes financeiras usualmente prestados por ela.
A contratao de auditores externos requer uma aprovao prvia do nosso Conselho de Administrao e segue as regras de
restries estabelecidas pela legislao e de forma que no coloque em risco a independncia e a objetividade dos nossos
auditores.
Perspectiva de negcios
Continuamos com pouca visibilidade no mercado de infraestrutura. Segundo pesquisa conduzida pela Confederao Nacional da
Indstria (CNI), a atividade da indstria de construo permanece se deteriorando. O indicador de perspectiva de nvel de atividade
para o setor de construo em infraestrutura foi de 31,4 pontos em dezembro de 2015, enquanto que o valor registrado em
dezembro de 2014 foi de 35,5. O Banco Nacional de Desenvolvimento Econmico e Social (BNDES) desembolsou R$ 136 bilhes
para projetos de investimento em 2015, um recuo de 28% quando comparado ao ano anterior, sendo 40% destinado para o setor
de infraestrutura. A queda acompanha a desacelerao da economia a as medidas de ajuste fiscal do Governo federal.
Em junho de 2015 o Governo federal anunciou pacote de novas concesses com previso de investimentos de R$ 198,4 bilhes.
Das concesses anunciadas, a nica viabilizada em 2015 foi a do arrendamento de trs reas no Porto de Santos. Acreditamos que
os leiles dos quatro aeroportos - Salvador, Fortaleza, Porto Alegre e Florianpolis, com investimentos previstos durante a
concesso de R$ 6,9 bilhes, acontecero esse ano.
4
No mercado imobilirio, os lanamentos das companhias listadas registraram queda de 75,7% no 4T15 em relao ao mesmo
perodo do ano passado. Segundo a ABECIP (Associao Brasileira das Entidades de Crdito Imobilirio e Poupana), o volume de
emprstimos concedidos para compra e construo de imveis somou R$ 4,8 bilhes em dezembro, representando queda de
55,2% ante o mesmo perodo de 2014.
No mercado de acesso motorizado, entraram 425 mquinas em 2015, 90% abaixo quando comparado ao ano anterior. Acreditamos
nos drivers de crescimento para esse mercado no mdio e longo prazo e na ampliao de seu uso em funo de ganhos em
segurana e produtividade. A queda a principal causa de acidentes fatais em construo, no Brasil e nos EUA, e a plataforma
area considerada o equipamento mais seguro para executar trabalho em altura, com o menor ndice de acidente entre diversos
meios de acesso altura. Deste modo, a plataforma area dever substituir equipamentos de acesso menos seguros medida que
aumente a preocupao com segurana no Brasil.
Este relatrio pode incluir declaraes que apresentem expectativas da Administrao da Companhia sobre eventos ou resultados futuros. Todas as declaraes quando
baseadas em expectativas futuras e no em fatos histricos envolvem vrios riscos e incertezas. A Mills no pode garantir que tais declaraes venham a ser corretas.
Tais riscos e incertezas incluem fatores relativos economia brasileira, ao mercado de capitais, aos setores de infraestrutura, imobilirio, de leo e gs, entre outros, e a
regras governamentais, que esto sujeitos mudana sem prvio aviso. Para obter informaes adicionais sobre fatores que possam originar resultados diferentes
daqueles estimados pela Companhia, favor consultar os relatrios arquivados na Comisso de Valores Mobilirios - CVM.
Cyrela, Direcional, Even, Gafisa, Helbor e MRV.

BALANO PATRIMONIAL
LEVANTADO EM 31 DE DEZEMBRO DE 2015
(Em milhares de reais)
Nota
2015
2014
6
7
8
9
10
232.011
99.719
18.398
20.687
39.435
197
19.778
5.316
435.541
193.659
156.793
21.793
28.677
172
1.192
17.467
5.580
425.333
ATIVO
CIRCULANTE
Caixa e equivalentes de caixa
Contas a receber
Estoques
Estoques - outros ativos mantidos para venda
Tributos a recuperar
Adiantamento a fornecedores
Instrumentos financeiros derivativos
Outras contas a receber - venda da investida
Outros ativos
33
11
12
NO CIRCULANTE
Contas a receber
Tributos diferidos
Depsitos judiciais
Outras contas a receber - venda da investida
7
9
21
22
11
12.347
47.230
11.023
19.778
90.378
1.398
32.013
24.945
10.422
34.934
103.712
Investimentos
Imobilizado
Intangvel
13
14
15
61.200
1.004.067
46.771
1.112.038
87.392
1.200.148
76.138
1.363.678
1.637.957
1.892.723
TOTAL DO ATIVO
(continua)

BALANO PATRIMONIAL
LEVANTADO EM 31 DE DEZEMBRO DE 2015
Nota
2015
2014
16
17
18
6.844
3.185
186.634
18.196
1.174
2.687
184
218.904
16.510
49.637
105.315
19.425
2.543
1.030
3.973
21.810
971
221.214
17
18
23
22
11.931
419.085
9.194
16.612
456.822
675.726
14.890
575.542
9.100
12.580
612.112
833.326
25
25
25
25
563.319
9.664
389.248
962.231
563.319
8.785
487.049
244
1.059.397
1.637.957
1.892.723
PASSIVO E PATRIMNIO LQUIDO

CIRCULANTE
Fornecedores
Emprstimos e financiamentos
Debntures
Salrios e encargos sociais
Imposto de renda e contribuio social
Programa de recuperao fiscal (REFIS)
Tributos a pagar
Dividendos e juros sobre capital prprio a pagar
Outros passivos
NO CIRCULANTE
Debntures
Programa de recuperao fiscal (REFIS)
Proviso para riscos tributrios, cveis e trabalhistas
21
23
24
26
TOTAL DO PASSIVO
PATRIMNIO LQUIDO
Capital
Reservas de capital
Reservas de lucros
Ajuste de avaliao patrimonial
Total do patrimnio lquido
TOTAL DO PASSIVO E PATRIMNIO LQUIDO
As notas explicativas da administrao so parte integrante das demonstraes financeiras.

DEMONSTRAO DO RESULTADO
PARA O EXERCCIO FINDO EM 31 DE DEZEMBRO 2015
(Em milhares de reais, exceto quando indicado de outra forma)
OPERAES CONTINUADAS
Receita lquida de vendas e servios
Custo dos produtos vendidos e servios prestados
Nota
2015
2014
28
29
576.106
(343.779)
794.166
(362.380)
232.327
431.786
(240.795)
(57.110)
(273.848)
-
(65.578)
157.938
LUCRO BRUTO
Despesas gerais e administrativas
Outras despesas operacionais
29
30
LUCRO (PREJUZO) ANTES DO RESULTADO

FINANCEIRO
Receitas financeiras
Despesas financeiras
31
31
36.911
(100.051)
25.151
(92.753)
LUCRO (PREJUZO) ANTES DOS IMPOSTOS

Imposto de renda e contribuio social corrente e diferido
21
(128.718)
30.917
90.336
(26.068)
(97.801)
(97.801)
64.268
64.268
(0,77)
(0,77)
0,50
0,50
RESULTADO DE OPERAES
CONTINUADAS
LUCRO (PREJUZO) LQUIDO DO EXERCCIO
Lucro (prejuzo) bsico por ao - R$
Lucro (prejuzo) diludo por ao - R$
27(a)
27(b)

DEMONSTRAO DO RESULTADO ABRANGENTE
PARA O EXERCCIO FINDO EM 31 DE DEZEMBRO 2015
Nota
LUCRO (PREJUZO) LQUIDO DO EXERCCIO
2015
(97.801)
2014
64.268
OUTROS COMPONENTES DO RESULTADO ABRANGENTE

ITENS QUE NO SERO RECLASSIFICADOS
POSTERIORMENTE PARA O RESULTADO
Hedge de fluxos de caixa lquido de impostos diferidos
TOTAL DO RESULTADO ABRANGENTE DO EXERCCIO
33
(244)
(98.045)
(4.944)
59.324

DEMONSTRAO DO PATRIMNIO LQUIDO
PARA O EXERCCIO FINDO EM 31 DE DEZEMBRO DE 2014
EM 1 DE JANEIRO DE 2014
Integralizao de capital - emisso de aes
Aquisio/cancelamento de aes em tesouraria
Prmio de opes de aes
Resultado abrangente do exerccio Hedge de fluxo de caixa
Lucro lquido do exerccio
Constituio de reservas estatutrias sobre lucro lquido
Juros sobre capital prprio propostos (R$0,1959 por ao)
EM 31 DE DEZEMBRO DE 2014
Reservas de lucros
Reteno
Legal
Expanso
de lucros
Capital
social
subscrito
Reserva
de capital
553.232
10.231
29.398
61.243
357.221
5.188
1.016.513
10.087
-
(10.985)
9.539
-
3.213
-
2.406
-
33.568
-
(4.944)
-
64.268
(39.187)
(25.081)
10.087
(10.985)
9.539
(4.944)
64.268
(25.081)
563.319
8.785
32.611
63.649
390.789
244
1.059.397
Ajuste de
avaliao
patrimonial
Lucros
acumulados
Total

DEMONSTRAO DO PATRIMNIO LQUIDO
Em milhares de reais
EM 1 DE JANEIRO DE 2015
Aquisio/cancelamento de aes em tesouraria
Premio de opes de aes
Resultado abrangente do exerccio Hedge de fluxo de caixa
Prejuzo lquido do exerccio
Prejuzo lquido do exerccio transferido para reservas de
reteno de lucros
EM 31 DE DEZEMBRO DE 2015
Reservas de lucros
Reteno
Legal
Expanso
de lucros
Capital
social
subscrito
Reserva
de capital
563.319
8.785
32.611
63.649
390.789
244
1.059.397
(8.745)
9.624
-
(244)
-
(97.801)
(8.745)
9.624
(244)
(97.801)
(97.801)
97.801
563.319
9.664
32.611
63.649
292.988
962.231
Ajuste de
avaliao
patrimonial
Prejuzo
acumulados
Total

DEMONSTRAO DO FLUXO DE CAIXA
Nota
2015
2014
(reapresentado)
FLUXOS DE CAIXA DAS ATIVIDADES OPERACIONAIS

LUCRO (PREJUZO) DAS OPERAES CONTINUADAS ANTES
DO IMPOSTO DE RENDA E DA CONTRIBUIO SOCIAL
(128.718)
90.336
169.641
3.554
9.624
(22.551)
168.259
951
9.539
(43.812)
87.954
38.230
57.110
(4.928)
80.614
42.301
15.765
67.838
(8.483)
5.650
22.911
212
1.862
(9.666)
(1.229)
(1.286)
(549)
39.394
(182.163)
(3.317)
29.526
440
1.729
353
239
2.642
(4.169)
Processos judiciais liquidados

Juros pagos
Imposto de renda e contribuio social pagos
Participao nos lucros paga
(1.140)
(79.433)
(6.257)
-
(613)
(69.674)
(38.859)
(18.607)
CAIXA LQUIDO GERADO NAS ATIVIDADES OPERACIONAIS
200.346
120.874
18.575
27.905
(16.473)
(32.634)
2.102
(4.729)
Ajustes:
Depreciao e amortizao
Proviso para riscos tributrios, cveis e trabalhistas
Proviso para despesa com opes de aes
Ganho na baixa de ativos imobilizados
Juros, variao monetria e variao cambial sobre emprstimos,
contingncias e depsitos judiciais
Proviso para devedores duvidosos
Proviso por perdas estimadas por valor no recupervel
Outros
14 e 15
22
20
7
30
Variaes nos ativos e passivos:

Contas a receber
Aquisies de bens do ativo imobilizado de locao
Estoques
Depsitos judiciais
Outros ativos
Fornecedores
Salrios e encargos sociais
Tributos a pagar
Outros passivos
Fluxos de caixa das atividades de investimentos:

Valor recebido na venda da unidade de negcio Servios Industriais SI
Aquisies de bens do ativo imobilizado bens de uso prprio e
intangvel
CAIXA LQUIDO GERADO NAS (CONSUMIDO PELAS)
ATIVIDADES DE INVESTIMENTO
11
(continua)

DEMONSTRAO DO FLUXO DE CAIXA
Nota
2015
2014
FLUXOS DE CAIXA DAS ATIVIDADES DE FINANCIAMENTO

Aportes de capital
Aquisio de aes em tesouraria
Dividendos e JCP pagos
Amortizao de emprstimos
Ingressos de emprstimos e debntures
(8.745)
(21.810)
(133.541)
-
10.087
(10.985)
(46.742)
(300.644)
400.000
(164.096)
51.716
38.352
167.861
CAIXA E EQUIVALENTES DE CAIXA NO INCIO DO

EXERCCIO (Nota 6)
193.659
25.798
CAIXA E EQUIVALENTES DE CAIXA NO FINAL DO

EXERCCIO (Nota 6)
232.011
193.659
CAIXA LQUIDO GERADO NAS (CONSUMIDO PELAS)

ATIVIDADES DE FINANCIAMENTOS
AUMENTO (REDUO) DE CAIXA E EQUIVALENTES DE
CAIXA, LQUIDO
25
25

DEMONSTRAO DO VALOR ADICIONADO
2015
Receitas:
Vendas de mercadorias, produtos e servios
Cancelamentos e descontos
Outras receitas
Proviso para crditos de liquidao duvidosa
Insumos adquiridos de terceiros
Custo dos produtos vendidos, das mercadorias e dos servios
vendidos
Materiais, energia, servios de terceiros e outros
Proviso por perdas estimadas por valor no recupervel
Baixa de ativos
Valor adicionado bruto
Depreciao, amortizao e exausto
Valor adicionado lquido produzido pela entidade
Valor adicionado recebido em transferncia
Valor adicionado total a distribuir
Distribuio do valor adicionado
Pessoal e encargos
Remunerao direta
Benefcios
FGTS
Impostos, taxas e contribuies
Federais
Estaduais
Municipais
Remunerao sobre o capital de terceiros
Juros e variaes cambiais
Aluguis
Remunerao de capitais prprios
Juros sobre capital prprio
Lucros retidos
Valor adicionado distribudo
2014
734.669
(101.785)
3.354
(38.230)
598.008
1.049.374
(171.712)
4.759
(42.301)
840.120
(18.273)
(132.477)
(57.110)
(29.993)
360.155
(169.641)
190.514
(38.124)
(161.855)
(28.936)
611.205
(168.259)
442.946
36.911
227.425
25.151
468.097
143.684
110.420
25.279
7.985
56.729
52.271
2.798
1.660
124.813
99.436
25.377
(97.801)
(97.801)
227.425
146.070
113.784
24.004
8.282
141.454
132.932
7.046
1.476
116.305
92.732
23.573
64.268
25.081
39.187
468.097

NOTAS EXPLICATIVAS DA ADMINISTRAO S
DEMONSTRAES FINANCEIRAS EM 31 DE DEZEMBRO DE 2015
1.
CONTEXTO OPERACIONAL
A Mills Estruturas e Servios de Engenharia S.A. ("Mills" ou "Companhia"), uma sociedade
annima de capital aberto est sediada na Estrada do Guerengu, n 1.381 - Taquara, na cidade
do Rio de Janeiro - Brasil. A Companhia atua basicamente nos mercados de construo civil,
desempenhando as seguintes atividades principais:
(a) Locao e vendas, inclusive importao e exportao, de estruturas tubulares,
escoramentos e equipamentos de acesso em ao e alumnio, para construo civil, bem
como formas de concretagem reutilizveis, com fornecimento dos projetos de engenharia
relacionados, superviso e opo de montagem.
(b) Comrcio, locao e distribuio de plataformas areas de trabalho e manipuladores
telescpicos, bem como suas peas e componentes, e assistncia tcnica e manuteno
destes equipamentos, e
(c) A participao como acionista ou quotista, em outras Companhias ou sociedades.
O estatuto da Companhia tambm prev:
(a) Locao, montagem e desmontagem de andaimes de acesso em reas industriais.
(b) Prestao de servios de pintura industrial, jateamento, isolamento trmico, caldeiraria e
refratrios, bem como os demais servios inerentes a tais atividades.
As operaes da Companhia esto segmentadas de acordo com o novo modelo de organizao
e gesto aprovado pela Administrao, contendo as seguintes unidades de negcio: Construo
e Rental. As descritivas de cada diviso esto mencionadas na nota 31.
As informaes contbeis contidas nessas Demonstraes Financeiras foram aprovadas e
autorizadas para publicao pelo Conselho de Administrao em 8 de Maro de 2016.
2.
RESUMO DAS PRINCIPAIS POLTICAS CONTBEIS

As principais polticas contbeis aplicadas na preparao destas demonstraes financeiras
esto definidas a seguir. Essas polticas vm sendo aplicadas de modo consistente em todos os
exerccios apresentados, salvo disposio em contrrio.
2.1. Base de apresentao
a) Declarao de conformidade
As demonstraes financeiras da Companhia foram elaboradas e esto sendo
apresentadas de acordo com as Normas Internacionais de Demonstraes Financeiras
(IFRS) emitidas pelo International Accounting Standards Board - IASB e as prticas
contbeis adotadas no Brasil. As prticas contbeis adotadas no Brasil compreendem
aquelas includas na legislao societria brasileira, as normas da Comisso de
Valores Mobilirios (CVM) e os pronunciamentos, interpretaes e orientaes do
Comit de Pronunciamentos Contbeis (CPC).
A Administrao atesta que todas as informaes relevantes prprias das
Demonstraes Financeiras, e somente elas, esto sendo evidenciadas, e que
correspondem s utilizadas por ela na sua gesto.
b) Base de mensurao
As demonstraes financeiras da Companhia foram preparadas com base no custo
histrico com exceo dos seguintes itens reconhecidos nos balanos patrimoniais:
Os instrumentos financeiros derivativos mensurados pelo valor justo (Nota 4 e
33);
Os instrumentos financeiros mensurados pelo valor justo por meio do resultado
(Nota 4 e 33);
c) Moeda funcional e moeda de apresentao
Essas demonstraes financeiras so apresentadas em Real, que a moeda funcional
da Companhia. Todas as informaes financeiras esto apresentadas em milhares de
Reais, exceto quando indicado de outra forma.
d) Resultado por segmento de negcio
O resultado por segmento de negcio apresentado de modo consistente com o
relatrio interno fornecido para o principal tomador de decises da Companhia. O
principal tomador de decises operacionais, responsvel pela alocao de recursos e
pela avaliao de desempenho dos segmentos operacionais, a Diretoria Executiva,
responsvel pela execuo das decises estratgicas da Companhia, emanadas do
Conselho de Administrao.
e) Demonstraes de valor adicionado

Essa demonstrao tem por finalidade evidenciar a riqueza criada pela Companhia e
sua distribuio durante determinado perodo e apresentada pela Companhia,
conforme requerido pela legislao societria brasileira e como informao
suplementar ao requerido pelas IFRSs.
A DVA foi preparada com base em informaes obtidas dos registros contbeis que
servem de base de preparao das demonstraes financeiras e seguindo as
disposies contidas no CPC 09 - Demonstrao do Valor Adicionado.
Em sua primeira parte apresenta a riqueza criada pela Companhia, representada pelas
receitas (receita bruta das vendas, incluindo os tributos incidentes sobre a mesma, as
outras receitas e os efeitos da proviso para crditos de liquidao duvidosa), pelos
insumos adquiridos de terceiros (custo das vendas e aquisies de materiais, energia
e servios de terceiros, incluindo os tributos includos no momento da aquisio, os
efeitos das perdas e recuperao de valores ativos, e a depreciao e amortizao) e o
valor adicionado recebido de terceiros (dividendos recebidos, receitas financeiras e
outras receitas). A segunda parte da DVA apresenta a distribuio da riqueza entre
pessoal, impostos, taxas e contribuies, remunerao de capitais de terceiros e
remunerao de capitais prprios.
2.2. Principais prticas contbeis
(i)

Caixa e equivalentes de caixa so mantidos com a finalidade de atender a
compromissos de caixa de curto prazo e outros afins. Incluem depsitos bancrios,
investimentos de curto prazo de alta liquidez com vencimento original de trs
meses ou menos, prontamente conversveis em um montante conhecido de caixa e
com risco insignificante de mudana de valor.
(ii)
Instrumentos financeiros
Os ativos e passivos financeiros so reconhecidos quando a Companhia for parte
das disposies contratuais do instrumento.
Os ativos e passivos financeiros so inicialmente mensurados pelo valor justo. Os
custos da transao diretamente atribuveis aquisio ou emisso de ativos e
passivos financeiros (exceto por ativos e passivos financeiros reconhecidos ao
valor justo no resultado) so acrescidos ou deduzidos do valor justo dos ativos ou
passivos financeiros, se aplicvel, aps o reconhecimento inicial. Os custos da
transao diretamente atribuveis aquisio de ativos e passivos financeiros ao
valor justo por meio do resultado so reconhecidos imediatamente no resultado.
(ii.1) Ativos financeiros

Ativos financeiros so classificados nas seguintes categorias especficas: ativos
financeiros a valor justo por meio do resultado, investimentos mantidos at o
vencimento, ativos financeiros disponveis para venda e emprstimos e recebveis.
Quando um instrumento de patrimnio no cotado em um mercado ativo e seu
valor justo no pode ser mensurado com confiana, este mensurado ao custo e
testado para impairment.
A classificao depende da finalidade dos ativos financeiros e determinada na
data do reconhecimento inicial. Todas as aquisies ou alienaes normais de
ativos financeiros so reconhecidas ou baixadas com base na data de negociao.
A receita reconhecida com base nos juros efetivos para os instrumentos no
caracterizados como ativos financeiros ao valor justo por meio do resultado.
Ativos e passivos financeiros so compensados e o valor lquido reportado no
balano patrimonial quando h um direito legalmente aplicvel de compensar os
valores reconhecidos e h a inteno de liquid-los em uma base lquida, ou
realizar o ativo e liquidar o passivo simultaneamente.
(a) Ativos financeiros ao valor justo por meio de resultado
So classificados nessa categoria os ativos mantidos para negociao. Os
ativos financeiros ao valor justo por meio do resultado so demonstrados ao
valor justo, e quaisquer ganhos ou perdas resultantes so reconhecidos no
resultado. Um ativo financeiro classificado como mantido para negociao
se (i) for adquirido principalmente para ser vendido em curto prazo; ou (ii) no
reconhecimento inicial parte de uma carteira de instrumentos financeiros
identificados que a Companhia administra em conjunto e possui um padro
real recente de obteno de lucros a curto prazo; ou (iii) for um derivativo que
no tenha sido designado como um instrumento de hedge efetivo.
(b) Ativos financeiros mantidos at o vencimento
Os investimentos mantidos at o vencimento correspondem a ativos
financeiros no derivativos com pagamentos fixos ou determinveis e data de
vencimento fixa que a Companhia tem a inteno positiva e a capacidade de
manter at o vencimento. Aps o reconhecimento inicial, os investimentos
mantidos at o vencimento so mensurados ao custo amortizado utilizando o
mtodo de juros efetivos, menos eventual perda por reduo ao valor
recupervel.
(c) Ativos financeiros disponveis para venda
Os ativos financeiros disponveis para venda so representados por no
derivativos, que so designados nessa categoria ou que no so classificados
em nenhuma outra categoria. Eles so classificados como ativos no
circulantes, a menos que a administrao pretenda alienar o investimento em
at 12 meses aps a data do balano.
As variaes do valor justo de ttulos classificados como disponveis para

venda so reconhecidas no patrimnio lquido. Os rendimentos desses ttulos
so reconhecidos na demonstrao do resultado como receita financeira.
(d) Emprstimos e recebveis
Incluem-se nessa categoria os recebveis que so ativos financeiros no
derivativos com pagamentos fixos ou determinveis, no cotados em um
mercado ativo. So includos como ativo circulante, exceto aqueles com
prazo de vencimento superior a 12 meses aps a data do balano (estes so
classificados como ativos no circulantes). Os recebveis da Companhia
compreendem, contas a receber de clientes, demais contas a receber,
depsitos judiciais e caixa e equivalentes de caixa, exceto os investimentos de
curto prazo. Os recebveis so contabilizados pelo custo amortizado, usando o
mtodo da taxa de juros efetiva.
(e) Reduo ao valor recupervel de ativos financeiros
Ativos financeiros, exceto aqueles designados pelo valor justo por meio do
resultado, so avaliados por indicadores de reduo ao valor recupervel no
final de cada perodo de relatrio. As perdas por reduo ao valor recupervel
so reconhecidas se, e apenas se, houver evidncia objetiva da reduo ao
valor recupervel do ativo financeiro como resultado de um ou mais eventos
que tenham ocorrido aps seu reconhecimento inicial, com impacto nos
fluxos de caixa futuros estimados desse ativo.
No caso de investimentos patrimoniais classificados como disponveis para
venda, um declnio significativo ou prolongado em seu valor justo abaixo do
seu custo considerado evidncia objetiva de reduo ao valor recupervel.
Para todos os outros ativos financeiros, uma evidncia objetiva pode incluir:
Dificuldade financeira significativa do emissor ou contraparte; ou
Violao de contrato, como uma inadimplncia ou atraso nos pagamentos
de juros ou principal; ou
Probabilidade de o devedor declarar falncia ou reorganizao financeira;
ou
Extino do mercado ativo daquele ativo financeiro em virtude de
problemas financeiros.
Para certas categorias de ativos financeiros, tais como contas a receber, os
ativos que na avaliao individual no apresentam reduo ao valor
recupervel podem, subsequentemente, apresent-la quando so avaliados
coletivamente. Evidncias objetivas de reduo ao valor recupervel para
uma carteira de crditos podem incluir a experincia passada da Companhia
na cobrana de pagamentos e o aumento no nmero de pagamentos em atraso,
alm de mudanas observveis nas condies econmicas nacionais ou locais
relacionadas inadimplncia dos recebveis.
Para os ativos financeiros registrados ao valor de custo amortizado, o valor da

reduo ao valor recupervel registrado corresponde diferena entre o valor
contbil do ativo e o valor presente dos fluxos de caixa futuros estimados,
descontada pela taxa de juros efetiva original do ativo financeiro.
Para ativos financeiros registrados ao custo, o valor da perda por reduo ao
valor recupervel corresponde diferena entre o valor contbil do ativo e o
valor presente dos fluxos de caixa futuros estimados, descontada pela taxa de
retorno atual para um ativo financeiro similar. Essa perda por reduo ao
valor recupervel no ser revertida em perodos subsequentes, aplicvel para
o investimento em sociedade no controlada, Rohr S.A, vide nota 13 (b).
O valor contbil do ativo financeiro reduzido diretamente pela perda por
reduo ao valor recupervel para todos os ativos financeiros, com exceo
das contas a receber, em que o valor contbil reduzido pelo uso de uma
proviso. Recuperaes subsequentes de valores anteriormente baixados so
debitados proviso. Mudanas no valor contbil da proviso so
reconhecidas no resultado.
Quando um ativo financeiro classificado como disponvel para venda
considerado irrecupervel, os ganhos e as perdas acumulados reconhecidos
em outros resultados abrangentes so reclassificados para o resultado.
Para ativos financeiros registrados ao custo amortizado, se em um perodo
subsequente o valor da perda da reduo ao valor recupervel diminuir e a
diminuio puder ser relacionada objetivamente a um evento ocorrido aps a
reduo ao valor recupervel ter sido reconhecida, a perda anteriormente
reconhecida revertida por meio do resultado, desde que o valor contbil do
investimento na data dessa reverso no exceda o eventual custo amortizado
se a reduo ao valor recupervel no tivesse sido reconhecida.
Com respeito a ttulos da dvida disponveis para venda, as perdas por
reduo ao valor recupervel so subsequentemente revertidas por meio do
resultado se um aumento no valor justo do investimento puder ser
objetivamente relacionado a um evento que ocorreu aps o reconhecimento
da perda por reduo ao valor recupervel.
(ii.2) Passivos financeiros
Os passivos financeiros so classificados como Passivos financeiros ao valor
justo por meio do resultado ou Outros passivos financeiros.
(a) Passivos financeiros ao valor justo por meio do resultado
Os passivos financeiros so classificados como ao valor justo por meio do
resultado quando so mantidos para negociao. Os passivos financeiros ao
valor justo por meio do resultado so demonstrados ao valor justo, e os
respectivos ganhos ou perdas so reconhecidos no resultado.
Um passivo financeiro classificado como mantido para negociao se: (i)

foi adquirido principalmente para a recompra no curto prazo; ou (ii) faz parte
de uma carteira de instrumentos financeiros identificados gerenciados em
conjunto pela Companhia e suas controladas e possui um padro real recente
de obteno de lucro de curto prazo; ou (iii) um derivativo no designado
como instrumento de hedge efetivo.
(b) Outros passivos financeiros
Os outros passivos financeiros (incluindo emprstimos e financiamentos e
debntures) so mensurados pelo valor de custo amortizado utilizando o
mtodo de juros efetivos.
O mtodo de juros efetivos utilizado para calcular o custo amortizado de um
passivo financeiro e alocar sua despesa de juros pelo respectivo perodo. A
taxa de juros efetiva a taxa que desconta exatamente os fluxos de caixa
futuros estimados (inclusive honorrios e pontos pagos ou recebidos que
constituem parte integrante da taxa de juros efetiva, custos da transao e
outros prmios ou descontos) ao longo da vida estimada do passivo financeiro
ou, quando apropriado, por um perodo menor, para o reconhecimento inicial
do valor contbil lquido.
(ii.3) Instrumentos financeiros derivativos
(a) Atividades de hedge
Inicialmente, os derivativos so reconhecidos pelo valor justo na data em que
um contrato de derivativos celebrado e so, subsequentemente,
remensurados ao seu valor justo, com as variaes do valor justo lanadas
contra o resultado, exceto quando o derivativo for designado como um
instrumento de "hedge" de fluxo de caixa.
(b) Hedge de valor justo
Mudanas no valor justo dos derivativos designados e qualificados como
hedge de valor justos so registradas no resultado com quaisquer mudanas
no valor justo dos itens objetos de hedge atribuveis ao risco protegido. As
mudanas no valor justo dos instrumentos de hedge e no item objeto de hedge
atribuvel ao risco de hedge so reconhecidas na rubrica da demonstrao do
resultado relacionada ao item objeto de hedge.
A contabilizao do hedge descontinuada prospectivamente quando a
Companhia cancela relao de hedge, o instrumento de hedge vence ou
vendido, rescindido ou executado, ou quando no se qualifica mais como
contabilizao de hedge, o ajuste ao valor justo do item objeto de hedge,
oriundo do risco de hedge registrado no resultado a partir dessa data.
(c) Hedge de fluxo de caixa

A Companhia documenta, no incio da operao, a relao entre os
instrumentos de hedge e os itens protegidos por hedge, assim como os
objetivos da gesto de risco e a estratgia para a realizao das operaes de
hedge. A Companhia tambm documenta sua avaliao, tanto no incio do
hedge como de forma contnua, de que os derivativos usados nas operaes
de hedge so altamente eficazes na compensao de variaes no valor justo
ou nos fluxos de caixa dos itens protegidos por hedge.
A parcela efetiva das variaes no valor justo de derivativos designados e
qualificados como hedge de fluxo de caixa reconhecida no patrimnio. O
ganho ou perda relacionado com a parcela no efetiva imediatamente
reconhecida na demonstrao do resultado do exerccio.
O ganho ou perda relacionado com a parcela efetiva, quando a operao
protegida por hedge prevista resultar no reconhecimento de um ativo no
financeiro (por exemplo ativos imobilizados), previamente diferidos no
patrimnio so transferidos do patrimnio e includos na mensurao inicial do
custo do ativo imobilizado. Os valores diferidos so, finalmente, reconhecidos
no resultado do exerccio pela depreciao dos ativos imobilizados.
O valor justo total de um derivativo de hedge classificado como ativo ou
passivo no circulante, quando o vencimento remanescente do item protegido
por hedge for superior a 12 meses, e como ativo ou passivo circulante, quando o
vencimento remanescente do item protegido por hedge for inferior a 12 meses.
(iii)
Contas a receber de clientes

As contas a receber so reconhecidas pelo regime de competncia quando da
prestao dos servios e/ou venda para os clientes. Todas as contas a receber tm
origem os servios prestados ou as vendas de mercadorias pelas unidades de
negcio da Companhia.
As contas a receber de clientes so reconhecidas pelo valor justo no momento da
venda, ajustado pela reduo ao valor recupervel sobre as contas a receber
(proviso para devedores duvidosos). A proviso para devedores duvidosos
constituda quando h evidncia objetiva de que a Companhia no conseguir
receber o montante total de acordo com os termos originais das contas a receber.
Provises para devedores duvidosos devem ser constitudas:
1. Para quaisquer crditos a receber da Companhia que forem encaminhados para
cobrana jurdica. Para este tipo de crdito a proviso para devedores duvidosos
ser de 100%.
2. As contas a receber vencidas da Companhia, que no possurem garantias reais e
lquidas, so provisionadas de acordo com o seguinte critrio: clientes no
preferenciais, 50% quando vencidas entre 61 e 120 dias e 100% quando vencidas
h mais de 120 dias e; para clientes com menor risco de crdito, 100% mais de
180 dias.
A base para incio da contagem de tempo para constituio da proviso ser o

vencimento prorrogado do ttulo.
A celebrao de confisso de dvida, com garantias reais e lquidas
(preferencialmente fiana bancria ou seguro garantia) no ensejar a
contabilizao de PDD.
A celebrao de confisso de dvida, sem garantias reais e lquidas ensejar a
contabilizao de PDD normalmente de acordo com o critrio acima (somente
para valores vencidos, sem incluir os a vencer). A PDD eventualmente
constituda ser totalmente estornada, com a confirmao do pagamento pontual
da 2 parcela da confisso de dvida. Caso o cliente fique novamente
inadimplente, toda a dvida ser contabilizada em PDD.
No caso de renegociao da confisso de dvida, a PDD se constituir de acordo
com a regra descrita, salvo se a mesma for substituda por outra com garantia
real e lquida (hipoteca ou fiana bancria).
(iv)
Estoques
Os estoques so apresentados pelo menor valor entre o custo e o valor lquido
realizvel. O custo determinado pelo mtodo de custo mdio. O valor realizvel
lquido o preo de venda estimado para o curso normal dos negcios, deduzidos
os custos de execuo e as despesas de venda.
Mensalmente feita a apurao e contabilizao da proviso para estoques de giro
lento. So considerados como passveis de provisionamento todos os itens do
estoque sem movimentao h mais de um ano.
(iv.1) Estoques - Outros ativos mantidos para venda

Os estoques - outros ativos mantidos para venda so representados pelos bens
anteriormente componentes do ativo imobilizado da Companhia, e atualmente
separados dos ativos de locao em funo do objetivo de venda dos mesmos.
Tais ativos so mensurados em conformidade com os preceitos do CPC 16 (R1).
(v)
Imposto de renda e contribuio social correntes e diferidos

As despesas de imposto de renda e contribuio social do perodo compreendem
os impostos corrente e diferido. Os impostos sobre a renda so reconhecidos na
demonstrao do resultado, exceto na proporo em que estiverem relacionados
com itens reconhecidos diretamente no patrimnio lquido ou no resultado
abrangente. Nesse caso, o imposto tambm reconhecido no patrimnio lquido
ou no resultado abrangente.
A despesa de imposto de renda e contribuio social corrente calculada de
acordo com as bases legais tributrias vigentes no Brasil, na data da apresentao
das demonstraes financeiras que so 15%, acrescidas do adicional de 10% sobre
o lucro tributvel excedente de R$240 para o imposto de renda e 9% sobre o lucro
tributvel para a contribuio social sobre o lucro lquido.
Periodicamente a administrao avalia posies tomadas com relao a questes

tributrias que esto sujeitas interpretao e reconhece proviso quando h
expectativa de pagamento de imposto de renda e contribuio social conforme as
bases tributrias.
O imposto de renda e a contribuio social diferidos so calculados sobre as
diferenas temporrias entre as bases de clculo do imposto sobre ativos e
passivos e os valores contbeis das demonstraes financeiras e sobre prejuzos
fiscais e bases negativas. As alquotas desses impostos, definidas atualmente para
determinao desses crditos diferidos, so de 25% para o imposto de renda e de
9% para a contribuio social.
Impostos diferidos ativos so reconhecidos na extenso em que seja provvel que
o lucro futuro tributvel seja suficiente para ser utilizado na compensao das
diferenas temporrias, com base em projees de resultados futuros elaboradas e
fundamentadas em premissas internas e em cenrios econmicos futuros que
podem, portanto, sofrer alteraes.
A recuperao do saldo dos impostos diferidos ativos revisada no final de cada
perodo de relatrio e, quando no for mais provvel que lucros tributveis futuros
sejam suficientes para permitir a recuperao de todo o ativo, ou parte dele, o
saldo do ativo ajustado pelo montante que se espera que seja recuperado.
Os impostos correntes e diferidos so reconhecidos no resultado, exceto quando
correspondem a itens registrados em Outros resultados abrangentes, ou
diretamente no patrimnio lquido, caso em que os impostos correntes e diferidos
tambm so reconhecidos em Outros resultados abrangentes ou diretamente no
patrimnio lquido, respectivamente. Quando os impostos correntes e diferidos
resultam da contabilizao inicial de uma combinao de negcios, o efeito fiscal
considerado na contabilizao da combinao de negcios.
(vi)
Depsitos judiciais
Os depsitos judiciais esto apresentados em valores atualizados monetariamente
e esto apresentados no ativo no circulante (Nota 22).
(vii)
Imobilizado: uso prprio e locao e uso operacional

Do imobilizado de locao e uso operacional provm a maior parte das receitas da
Companhia, quer via aluguel somente, ou aluguel combinado com montagem e
desmontagem.
O imobilizado de uso prprio consiste principalmente nas instalaes para guarda
dos equipamentos, escritrio, benfeitorias, mobilirio e equipamentos necessrios
ao funcionamento destas instalaes.
O imobilizado mensurado pelo seu custo histrico, menos depreciao
acumulada. O custo histrico inclui os gastos diretamente atribuveis aquisio
dos itens e tambm pode incluir transferncias do patrimnio de quaisquer
ganhos/perdas de hedge de fluxo de caixa qualificados como referentes compra
de imobilizado em moeda estrangeira.
Custos subsequentes so incorporados ao valor residual do imobilizado ou

reconhecidos como item especfico, conforme apropriado, somente se os
benefcios econmicos associados a esses itens forem provveis e os valores
mensurados de forma confivel. O saldo residual do item substitudo baixado.
Demais reparos e manutenes so reconhecidos diretamente no resultado quando
incorridos.
A depreciao calculada pelo mtodo linear, s taxas apresentadas na Nota 14,
que levam em considerao a estimativa de vida til-econmica dos bens.
Terrenos no so depreciados.
Ativos mantidos por meio de arrendamento financeiro so depreciados pela vida
til esperada da mesma forma que os ativos prprios ou por um perodo inferior,
se aplicvel, conforme termos do contrato de arrendamento em questo.
Ganhos e perdas em alienaes so determinados pela comparao dos valores de
alienao com o valor contbil e so includos no resultado operacional.
O valor residual e a vida til estimada dos bens so revisados, a cada exerccio e o
efeito de quaisquer mudanas nas estimativas contabilizado prospectivamente.
(viii) Intangveis
Programas de computador (Software)
So avaliados ao custo de aquisio, deduzido da amortizao acumulada e perdas
por reduo do valor recupervel, quando aplicvel.
Custos associados ao desenvolvimento e manuteno desses softwares so
reconhecidos como despesas quando incorridos.
Os softwares possuem vida til definida e so amortizados no prazo de dez anos
(Nota 15). A vida til estimada e o mtodo de amortizao so revisados no fim
de cada exerccio e o efeito de quaisquer mudanas nas estimativas
contabilizado prospectivamente.
(ix)
gio
O gio resultante de uma combinao de negcios demonstrado ao custo na data
da combinao do negcio, lquido da perda acumulada no valor recupervel, se
houver.
O gio alocado a Unidades Geradoras de Caixa (UGCs) para fins de teste de
impairment. A alocao feita para as Unidades Geradoras de Caixa ou para os
grupos de Unidades Geradoras de Caixa que devem se beneficiar da combinao
de negcios da qual o gio se originou, e so identificadas de acordo com o
segmento operacional.
(x)
Reduo ao valor recupervel de ativos

No fim de cada exerccio, a Companhia revisa o valor contbil de seus ativos
tangveis e intangveis para determinar se h alguma indicao de que tais ativos
sofreram alguma perda por reduo ao valor recupervel. Se houver tal indicao,
o montante recupervel do ativo estimado com a finalidade de mensurar o
montante dessa perda, se houver. Quando no for possvel estimar o montante
recupervel de um ativo individualmente, a Companhia calcula o montante
recupervel da unidade geradora de caixa qual pertence o ativo, para esse fim a
Companhia considerada suas divises como unidades geradoras de caixa. Quando
uma base de alocao razovel e consistente pode ser identificada, os ativos
corporativos tambm so alocados s unidades geradoras de caixa individuais ou
ao menor grupo de unidades geradoras de caixa para o qual uma base de alocao
razovel e consistente possa ser identificada.
Ativos intangveis com vida til indefinida ou ainda no disponveis para uso so
submetidos ao teste de reduo ao valor recupervel, pelo menos, uma vez ao ano
e sempre que houver qualquer indicao de que o ativo possa apresentar perda por
reduo ao valor recupervel.
O montante recupervel o maior valor entre o valor justo menos os custos na
venda ou o valor em uso, sendo este ultimo o mtodo usado pela Companhia em
seu teste de gio reconhecvel na unidade geradora de caixa Construo. Na
avaliao do valor em uso, os fluxos de caixa futuros estimados so descontados
ao valor presente pela taxa de desconto, antes dos impostos, que reflita uma
avaliao atual de mercado do valor da moeda no tempo e os riscos especficos do
ativo ao qual a estimativa de fluxos de caixa futuros no foi ajustada. Se o
montante recupervel de um ativo (ou unidade geradora de caixa) calculado for
menor que seu valor contbil, o valor contbil do ativo (ou unidade geradora de
caixa) reduzido ao seu valor recupervel. A perda por reduo ao valor
recupervel reconhecida imediatamente no resultado.
Quando a perda por reduo ao valor recupervel revertida subsequentemente,
ocorre o aumento do valor contbil do ativo (ou unidade geradora de caixa) para a
estimativa revisada de seu valor recupervel, desde que no exceda o valor
contbil que teria sido determinado, caso nenhuma perda por reduo ao valor
recupervel tivesse sido reconhecida para o ativo (ou unidade geradora de caixa)
em exerccios anteriores. A reverso da perda por reduo ao valor recupervel
reconhecida imediatamente no resultado.
(xi)
Contas a pagar aos fornecedores

As contas a pagar aos fornecedores so obrigaes a pagar por bens ou servios
que foram adquiridos de fornecedores no curso normal dos negcios, sendo
classificadas como passivos circulantes se o pagamento for devido no perodo de
at um ano. Caso contrrio, as contas a pagar so apresentadas como passivo no
circulante.
Elas so, inicialmente, reconhecidas pelo valor justo e, subsequentemente,
mensuradas pelo custo amortizado com o uso do mtodo de taxa efetiva de juros.
Na prtica, so normalmente reconhecidas ao valor da fatura correspondente.
(xii)
Provises
As provises so reconhecidas quando a Companhia tem uma obrigao presente,
legal ou no formalizada, como resultado de eventos passados e provvel que
uma sada de recursos seja necessria para liquidar a obrigao e uma estimativa
confivel do valor possa ser feita.
As provises para riscos fiscais, cveis e trabalhistas esto registradas pelo
montante das perdas provveis, observada a natureza de cada proviso (Nota 22).
A Administrao, apoiada na opinio dos seus consultores jurdicos, entende que
as provises constitudas so suficientes para cobrir eventuais perdas com
processos em andamento. As provises so mensuradas pelo valor estimado dos
gastos que devem ser necessrios para liquidar a obrigao, com o uso de uma
taxa antes do imposto que reflita as avaliaes atuais do mercado para o valor do
dinheiro no tempo e para os riscos especficos da obrigao. O aumento da
obrigao em decorrncia da passagem do tempo reconhecido como despesa no
resultado.
(xiii) Participao nos lucros

O reconhecimento dessa participao, quando h, feito ao longo do ano, sendo
desembolsado no exerccio seguinte (nota 20).
(xiv)
Planos de Opo de compra de aes

A Companhia oferece a determinados empregados e executivos planos de opo
de compra de aes. O valor justo das opes concedidas reconhecido como
despesa, durante o perodo no qual o direito adquirido; perodo durante o qual as
condies especficas de aquisio de direitos devem ser atendidas. Na data do
balano, a Companhia revisa suas estimativas da quantidade de opes cujos
direitos devem ser adquiridos com base nas condies.
Esta reconhece o impacto da reviso das estimativas iniciais, se houver, na
demonstrao do resultado, em contrapartida a reserva de capital no patrimnio
lquido.
Os valores recebidos, lquidos de quaisquer custos de transao diretamente
atribuveis, so creditados no capital social, quando as opes so exercidas.
(xv)
Os emprstimos so reconhecidos, inicialmente, pelo valor justo, e so,
subsequentemente, demonstrados pelo valor de custo amortizado. A metodologia
do clculo para cada emprstimo segue as condies particulares de cada contrato,
utilizando o mtodo da taxa efetiva de juros.
As taxas e tributos pagos para contratao do emprstimo so reconhecidas como
custos da transao do emprstimo, e tambm so registrados na rubrica de
despesas financeiras pela taxa efetiva de juros.
A Administrao controla mensalmente os saldos de cada dvida atravs de

controles gerenciais, no qual atualiza os indicadores financeiros (taxas de juros)
conforme acordado em cada contrato.
Emprstimos e financiamentos so classificados no passivo circulante exceto
pelas parcelas que podem incondicionalmente ser liquidadas aps 12 meses da
data de encerramento das demonstraes financeiras.
(xvi)
Arrendamento mercantil
A Companhia efetua arrendamento de certos itens do ativo imobilizado.
Arrendamento de itens do imobilizado onde a Companhia retm de forma
substancial todos os riscos e benefcios da propriedade de tais ativos so
classificados como arrendamento financeiro.
No reconhecimento inicial o ativo arrendado medido pelo menor valor entre o
valor justo do ativo arrendado e o valor presente do pagamento das parcelas do
arrendamento. Aps o reconhecimento inicial, o ativo registrado de acordo com
a poltica contbil aplicvel ao ativo.
O saldo da conta Arrendamento financeiro, apresentado nos passivos circulante e
no circulante, refere-se s parcelas restantes a pagar dos contratos de
arrendamento mercantil.
(xvii) Converso em moeda estrangeira

As transaes em moeda estrangeira so convertidas para reais usando-se as taxas
de cmbio em vigor nas datas das transaes. Os saldos das contas de balano so
convertidos pela taxa cambial da data do balano. Ganhos e perdas cambiais
resultantes da liquidao dessas transaes e da converso de ativos e passivos
monetrios denominados em moeda estrangeira so reconhecidos na
demonstrao do resultado.
Os ganhos e as perdas cambiais resultantes da liquidao dessas transaes e da
converso pelas taxas de cmbio do final do exerccio, referentes a ativos e
passivos monetrios em moedas estrangeiras, so reconhecidos na demonstrao
do resultado, exceto quando diferidos no patrimnio como operaes de hedge de
fluxo de caixa qualificadas.
(xviii) Capital Social
O capital social da Companhia dividido em aes ordinrias e sem valor
nominal.
Os custos incrementais diretamente atribuveis emisso de novas aes ou
opes so demonstrados no patrimnio lquido como uma deduo do valor
captado, lquida de impostos.
(xix)
Recompra de aes (aes em tesouraria)

As aes recompradas so classificadas como aes em tesouraria e so
apresentadas como deduo do patrimnio lquido at que as aes sejam
canceladas ou reemitidas. Quando da venda ou reemisso subsequente, o valor
recebido reconhecido como aumento no patrimnio lquido, e o excedente ou
dficit resultantes so transferidos para ou dos lucros acumulados.
(xx)
Distribuio de dividendos e juros sobre capital prprio

A distribuio de dividendos e juros sobre capital prprio para os acionistas da
Companhia reconhecida como um passivo nas demonstraes financeiras da
Companhia ao final do exerccio, com base no estatuto social da Companhia.
Qualquer valor acima do mnimo obrigatrio somente provisionado na data em
que so aprovados pelos acionistas, em Assembleia Geral.
O benefcio fiscal dos juros sobre o capital prprio reconhecido na
demonstrao de resultado.
(xxi)
Reconhecimento de receita
A receita pela prestao de servios reconhecida tendo como base a medio das
etapas de execuo dos servios realizados at a data-base do balano.
A receita pela venda de mercadorias reconhecida quando os riscos significativos
e os benefcios de propriedade das mercadorias so transferidos para o comprador.
A Companhia adota como poltica de reconhecimento de receita, portanto, a data
em que o produto entregue ao comprador.
A receita de locao reconhecida pr-rata temporis no resultado mensalmente
de forma linear de acordo com os contratos de locao de equipamentos.
A Companhia separa os componentes identificveis de um nico contrato ou de
um grupo de contratos a fim de refletir a substncia de um contrato ou de um
grupo de contratos, reconhecendo a receita de cada um dos elementos de forma
proporcional ao seu fair value. Desta forma a receita da Companhia se divide em
locao, assistncia tcnica, vendas e indenizaes/ recuperaes de despesa.
A receita de juros reconhecida em base proporcional ao tempo, levando em
considerao o principal em aberto e a taxa efetiva ao longo do perodo at o
vencimento, quando se determina que essa receita ser apropriada Companhia.
A receita de dividendos de investimentos reconhecida quando o direito do
acionista de receber tais dividendos estabelecido (desde que seja provvel que os
benefcios econmicos futuros devero fluir para a Companhia e o valor da receita
possa ser mensurado com confiabilidade).
Receitas, despesas e ativos so reconhecidos lquidos dos impostos sobre as
vendas.
(xxii) Resultado por ao

O resultado por ao bsico calculado por meio do resultado do perodo da
Companhia e a mdia ponderada das aes ordinrias em circulao no respectivo
perodo. O resultado por ao diludo calculado por meio da referida mdia das
aes em circulao, ajustada pelos instrumentos potencialmente conversveis em
aes, com efeito diluidor, nos perodos apresentados, nos termos do CPC 41 e
IAS 33.
(xxiii) Combinao de negcios
Nas demonstraes financeiras, as aquisies de negcios so contabilizadas pelo
mtodo de aquisio. A contrapartida transferida em uma combinao de negcios
mensurada pelo valor justo, que calculado pela soma dos valores justos dos
ativos transferidos pela Companhia, dos passivos incorridos pela Companhia na
data de aquisio para os antigos controladores da adquirida. Os custos
relacionados aquisio so geralmente reconhecidos no resultado, quando
incorridos.
Os ativos adquiridos e os passivos assumidos identificveis so reconhecidos pelo
valor justo na data da aquisio, exceto por:
Ativos ou passivos fiscais diferidos e ativos e passivos relacionados a acordos
de benefcios com empregados so reconhecidos e mensurados de acordo com
a IAS 12 - Impostos sobre a Renda e IAS 19 - Benefcios aos Empregados
(equivalentes aos CPC 32 e CPC 33), respectivamente;
Passivos ou instrumentos de patrimnio relacionados a acordos de pagamento
baseado em aes da adquirida ou acordos de pagamento baseado em aes de
Grupo celebrados em substituio aos acordos de pagamento baseado em aes
da adquirida so mensurados de acordo com a IFRS 2 - Pagamento Baseado
em Aes (equivalentes ao CPC 10) na data de aquisio; e
Ativos (ou grupos para alienao) classificados como mantidos para venda
conforme a IFRS 5 - Ativos No Correntes Mantidos para Venda e Operaes
Descontinuadas (equivalente ao CPC 31) so mensurados conforme essa
Norma.
O gio mensurado como sendo o excedente da contraprestao transferida em
relao aos ativos lquidos adquiridos e os passivos assumidos. Se a
contraprestao for menor do que o valor justo dos ativos lquidos adquiridos, a
diferena dever ser reconhecida como ganho na demonstrao do resultado.
Aps o reconhecimento inicial, o gio mensurado pelo custo, deduzido
quaisquer perdas acumuladas do valor recupervel. Para fins de teste do valor
recupervel, o gio adquirido em uma combinao de negcios , a partir da
data de aquisio, alocado a cada unidade geradora de caixa da Companhia,
que se espera seja beneficiada pela sinergia da combinao, independente de
outros ativos ou passivos da adquirida serem atribudos a essa unidade.
2.3. Adoo e novos pronunciamentos, alteraes e interpretaes de pronunciamentos

emitidos pelo IAS e CPC e normas publicadas ainda no vigentes
a) Normas, interpretaes novas e alteraes de normas e interpretaes
existentes que esto vigentes desde 1 de janeiro de 2015:
Em vigor para perodos anuais iniciados em ou aps 1 de julho de 2014:
IAS 19/CPC 33 - Benefcios a Empregados - Alterao para esclarecer os
requisitos relacionados a contribuies dos empregados ou de terceiros que
esto ligados ao servio e como deve ser atribudo ao tempo de servio.
Melhorias anuais dos ciclos 2010 a 2012 e 2011 a 2013 - Pequenas
alteraes nos pronunciamentos existentes.
A Administrao no identificou impactos decorrentes dessas alteraes das
normas existentes.
b) Novas normas, interpretaes e alteraes de normas e interpretaes
existentes que ainda no esto vigentes em 31 de dezembro de 2015:
Em vigor para perodos anuais iniciados em ou aps 1 de janeiro de 2016:
IAS 16 e IAS 38 - Alteraes nesses pronunciamentos para clarificar os
mtodos de depreciao e amortizao aceitos.
IFRS 11 - Alteraes nesses pronunciamentos para clarificar as
combinaes de negcios que representam princpios, divulgados no IFRS
3 e outros, desde que no seja conflitante.
IFRS 27 - Alteraes nesses pronunciamentos para clarificar os
investimentos em subsidiarias, joint ventures e coligadas a ser
opcionalmente contabilizadas utilizando o mtodo de equivalncia
patrimonial nas demonstraes financeiras separadas.
IAS 1 - Alterao na norma para enderear potenciais impedimentos
identificados no exerccio de julgamento na preparao das demonstraes
financeiras. Tal alterao esclarece que o conceito de materialidade deve
ser considerado tanto para fins das informaes a serem divulgadas, sejam
elas requeridas ou no, quanto na ordenao das notas explicativas e no
uso de critrios de agregao.
Melhorias Anuais dos ciclos 2012 - 2014 - Pequenas alteraes nos
pronunciamentos existentes.
Em vigor para perodos iniciados em ou aps 1 de janeiro de 2017:

IAS 7 - Alteraes nesses pronunciamentos para clarificar que as
Companhias devem fornecedor divulgaes que permitam aos usurios das
demonstraes financeiras, avaliar as alteraes em passivos provenientes
de atividades de financiamento, apresentado nos cash flows.
IAS 12 - Alteraes nesses pronunciamentos para clarificar que os
mtodos de classificao das perdas no realizadas em instrumentos de
divida mensurados ao valor de custo e justo, considerado uma diferena
temporria dedutvel.
IFRS 15 - Revenue from Contracts with Customers - define 5 passos
simples para serem aplicado aos contratos firmados com clientes para fins
de reconhecimento de receita e divulgao. Substituir os
pronunciamentos atualmente em vigor sobre o assunto (IAS 18 e IAS 11) e
interpretaes sobre o tema (IFRIC 13, IFRIC 15 e IFRIC 18).
IFRS 9 - Instrumentos Financeiros - Nova norma (com alteraes
posteriormente mesma) que introduz novas exigncias para a
classificao,
mensurao,
impairment,
hedge
accounting
e
desconhecimento de ativos e passivos financeiros.
IFRS 16 - Especificao de reconhecimento, medio e divulgao de
locaes, atravs de um modelo contbil nico arrendatrio.
Em vigor para perodos iniciados em ou aps vigncia indefinida:
IFRS 10 e IAS 28 - Alteraes nesses pronunciamentos para clarificar o
tratamento de venda ou entrada de bens de um investidor sua coligada ou
joint venture.
A Companhia pretende adotar tais normas quando as mesmas entrarem em vigor. A
Companhia est analisando os impactos dessas normas e at a presente data no foi
identificado nenhum impacto relevante sobre as suas demonstraes financeiras.
2.4. Reapresentao da demonstrao do fluxo de caixa para o exerccio findo em 31 de
dezembro de 2014
A Companhia reavaliou a sua divulgao das transaes de compra e venda de itens de
locao do seu ativo imobilizado na demonstrao de fluxos de caixa e concluiu que para
melhor apresentao, estas transaes deveriam ser refletidas como parte dos fluxos de
caixa da atividade operacional ao invs da atividade de investimento, como anteriormente
apresentadas. Desta forma, os valores comparativos referentes ao exerccio findo e 31 de
dezembro de 2014, originalmente apresentados nas demonstraes financeiras aprovadas
em 9 de maro de 2015, esto sendo representados, conforme abaixo:
Contas a receber
Aquisies de bens do ativo imobilizado de
locao
CAIXA LQUIDO GERADO NAS

ATIVIDADES OPERACIONAIS
Valor recebido na venda de ativo
imobilizado e intangvel
Aquisies de bens do ativo imobilizado e
intangvel
Aquisies de bens do ativo imobilizado bens
de uso prprio e intangvel
CAIXA LQUIDO GERADO NAS

(CONSUMIDO PELAS) ATIVIDADES
DE INVESTIMENTO
3.
2014
Saldo
Saldo
original Reclassificaes Reapresentado
(22.200)
61.594
39.394
(182.163)
(182.163)
241.443
61.594
(120.569)
(61.594)
(214.797)
214.797
(125.298)
120.874
-
(32.634)
(32.634)
120.569
(4.729)
JULGAMENTOS, ESTIMATIVAS E PREMISSAS CONTBEIS SIGNIFICATIVAS

A preparao das demonstraes financeiras da Companhia requer que a Administrao faa
julgamentos e estimativas e adote premissas que afetam os valores apresentados de receitas,
despesas, ativos e passivos, bem como as divulgaes de passivos contingentes, na data base
das demonstraes financeiras. Contudo, a incerteza relativa a essas premissas e estimativas
poderia levar a resultados que requeiram um ajuste significativo ao valor contbil do ativo ou
passivo afetado em perodos futuros.
As principais premissas relativas a fontes de incerteza nas estimativas futuras e outras
importantes fontes de incerteza em estimativas na data do balano, envolvendo risco
significativo de causar um ajuste significativo no valor contbil dos ativos e passivos no
prximo exerccio, so discutidas a seguir:
3.1. Perda por reduo ao valor recupervel de ativos no financeiros e investimento
reconhecido ao custo
Uma perda por reduo ao valor recupervel existe quando o valor contbil de um ativo
excede o seu valor recupervel, o qual o maior entre o valor justo menos custos de
venda e o valor em uso. O clculo do valor em uso baseado no modelo de fluxo de
caixa descontado. Os fluxos de caixa derivam do oramento e das expectativas da
Administrao para os prximos anos e no incluem atividades de reorganizao com as
quais a Companhia ainda no tenha se comprometido ou investimentos futuros
significativos que melhoraro a base de ativos da unidade geradora de caixa ou
investimento objetos dos testes. O valor recupervel sensvel taxa de desconto
utilizada no mtodo de fluxo de caixa descontado, bem como aos recebimentos de caixa
futuros esperados e taxa de crescimento utilizada para fins de extrapolao, vide notas
13 e 15.
3.2
Transaes com pagamentos baseados em aes

A Companhia mensura o custo de transaes liquidadas com aes com funcionrios
baseado no valor justo dos instrumentos patrimoniais na data da sua outorga. A
estimativa do valor justo dos pagamentos com base em aes requer a determinao do
modelo de avaliao mais adequado para a concesso de instrumentos patrimoniais, o que
depende dos termos e condies da concesso. Isso requer tambm a determinao dos
dados mais adequados para o modelo de avaliao, incluindo a vida esperada da opo,
volatilidade e rendimento de dividendos e correspondentes premissas. As premissas e
modelos utilizados para estimar o valor justo dos pagamentos baseados em aes so
divulgados na Nota 20.
3.3. Impostos
Existem incertezas com relao interpretao de regulamentos tributrios complexos e
ao valor e poca de resultados tributveis futuros. Diferenas entre os resultados reais e as
premissas adotadas, ou futuras mudanas nessas premissas, poderiam exigir ajustes
futuros na receita e despesa de impostos j registrada. A Companhia constitui provises,
com base em estimativas cabveis, para possveis consequncias de auditorias por parte
das autoridades fiscais. O valor dessas provises baseia-se em vrios fatores, como
experincia de auditorias fiscais anteriores e interpretaes divergentes dos regulamentos
tributrios pela entidade tributvel e pela autoridade fiscal responsvel. Essas diferenas
de interpretao podem surgir numa ampla variedade de assuntos, dependendo das
condies vigentes no respectivo domiclio da Companhia. Imposto diferido ativo
reconhecido para todas as diferenas temporrias na extenso em que seja provvel que
haja lucro tributvel disponvel para permitir a utilizao destas.
Julgamento significativo da Administrao requerido para determinar o valor do
imposto diferido ativo que pode ser reconhecido, com base no prazo provvel e nvel de
lucros tributveis futuros, juntamente com estratgias de planejamento fiscal futuras.
3.4. Valor justo de instrumentos financeiros
Quando o valor justo de ativos e passivos financeiros tais como, stock option, ttulos e
valores mobilirios e instrumentos de hedge, apresentados no balano patrimonial no
puder ser obtido de mercados ativos, determinado utilizando tcnicas de avaliao,
incluindo o mtodo de fluxo de caixa descontado. Os dados para esses mtodos se
baseiam naqueles praticados no mercado, quando possvel, contudo, quando isso no for
vivel, um determinado nvel de julgamento requerido para estabelecer o valor justo. O
julgamento inclui consideraes sobre os dados utilizados como, por exemplo, risco de
liquidez, risco de crdito e volatilidade. Mudanas nas premissas sobre esses fatores
poderiam afetar o valor justo apresentado dos instrumentos financeiros. A nota
explicativa 4 oferece informaes detalhadas sobre as principais premissas utilizadas na
determinao do valor justo de instrumentos financeiros, bem como anlise de
sensibilidade dessas premissas.
3.5. Provises para devedores duvidosos

A Companhia reconhece proviso para devedores duvidosos para todos os seus contas a
receber que atendam aos critrios detalhados na Nota 2.2 (iii). A avaliao da necessidade
de Constituio dessa proviso inclui a anlise de evidncias disponveis quanto a
capacidade de pagamento dos seus clientes, inclusive de forma a permitir a classificao
de alguns como preferenciais e embasar o encaminhamento de outros para cobrana
jurdica. Julgamento significativo da Administrao requerido na classificao de seus
clientes, na definio dos critrios aplicados e na avaliao da sua acurcia.
3.6. Provises para riscos tributrios, cveis e trabalhistas
A Companhia reconhece proviso para causas tributrias, cveis e trabalhistas. A
avaliao da probabilidade de perda inclui a avaliao das evidncias disponveis, a
hierarquia das leis, as jurisprudncias disponveis, as decises mais recentes nos tribunais
e sua relevncia no ordenamento jurdico, bem como a avaliao dos advogados externos.
As provises so revisadas e ajustadas para levar em conta alteraes nas circunstncias,
tais como prazo de prescrio aplicvel, concluses de inspees fiscais ou exposies
adicionais identificadas com base em novos assuntos ou decises de tribunais.
3.7. Vida til dos bens do imobilizado
Conforme descrito na nota explicativa 14, a Companhia revisa a vida til estimada dos
bens do imobilizado anualmente no final de cada perodo de relatrio. Durante o
exerccio a Companhia acessou a vida til dos bens e concluiu que o prazo de 10 anos
adotado em anos anteriores, representa com razoabilidade a vida til mdia dos ativos da
Companhia e deve ser mantido para seus equipamentos no exerccio de 2015.
3.8. Reconhecimento de Receita
As receitas de prestao de servios so reconhecidas no resultado tendo como base a
medio das etapas de execuo dos servios realizados at a data-base de apresentao
das demonstraes financeiras.
4.
GESTO DE RISCO FINANCEIRO

4.1. Fatores de risco financeiro
As atividades da Companhia a expem a diversos riscos financeiros: risco de mercado
(incluindo risco de moeda, risco de taxa de juros, risco de fluxo de caixa e risco de
preo), risco de crdito e risco de liquidez. O programa de gesto de risco se concentra na
imprevisibilidade dos mercados financeiros e busca minimizar potenciais efeitos adversos
no desempenho financeiro da Companhia. A Companhia usa instrumentos financeiros
derivativos para proteger certas exposies a risco e tem como poltica no participar de
quaisquer negociaes de derivativos para fins especulativos.
A gesto de risco realizada pela Diretoria Financeira, segundo as polticas aprovadas
pelo Conselho de Administrao, quando for o caso. A Diretoria Financeira identifica,
avalia e protege a Companhia contra eventuais riscos financeiros em cooperao com as
unidades operacionais da Companhia.
A Diretoria financeira estabelece princpios, para a gesto de risco global, bem como para
reas especficas, como risco cambial, risco de taxa de juros, risco de crdito, uso de
instrumentos financeiros derivativos e no-derivativos e investimento de excedentes de
caixa.
(i)
Anlise de sensibilidade
Abaixo, segue o quadro demonstrativo de anlise de sensibilidade dos instrumentos
financeiros, que descreve os riscos que podem gerar prejuzos materiais para a
Companhia, com cenrio mais provvel (cenrio I) segundo avaliao efetuada pela
administrao, considerando um horizonte de um ano. Adicionalmente, dois outros
cenrios so demonstrados, nos termos determinados pela Comisso de Valores
Mobilirios, por meio da Instruo n 475/2008, a fim de apresentar 25% e 50% de
deteriorao na varivel de risco considerada, respectivamente (cenrios II e III):
Equivalente de caixa
Aplicaes financeiras
Dvida
BNDES
1 Emisso de debntures
1 Srie
2 Srie
Efeito no resultado
Provvel
25%
50%
Indicador
Atual
CDI
Total
231.867
231.867
Indicador
Atual
TJLP
CDI
(15.116)
(92.751)
(1.023)
(4.115)
(1.072)
(5.075)
(1.119)
(6.018)
CDI
IPCA
CDI
Total
(169.629)
(142.277)
(202.527)
(622.300)
(19.156)
(19.016)
(29.925)
(73.235)
Variao
(23.427)
(21.880)
(37.056)
(88.510)
20,86%
(27.635)
(24.806)
(44.093)
(103.671)
41,56%
33.034
33.034
Variao
24.775
24.775
25,00%
16.517
16.517
50,00%
Efeito no resultado
Provvel
25%
50%
A anlise de sensibilidade apresentada acima considera mudanas com relao a

determinado risco, mantendo constantes as demais variveis, associadas a outros
riscos.
Referncias
Taxas
CDI (%) (i)
TJLP (%) (ii)
IPCA(%) (iii)
Provvel I
31/12/15
Cenrio II
25%
Cenrio III
50%
14,25%
7,50%
7,57%
17,81%
9,38%
9,46%
21,38%
11,25%
11,36%
(i)
Como relao ao risco de juros, a Administrao da Companhia considerou

como premissa provvel (cenrio I) para seus instrumentos financeiros uma
taxa de 14,25%, informao extrada do relatrio FOCUS divulgado pelo
Banco Central do Brasil em 26 de Fevereiro de 2016, considerando um
aumento na taxa CDI em linha com aumento esperado da taxa Selic, uma vez
que existe uma relao direta entre as taxas, e um aumento da taxa como
premissa para os outros dois cenrios, de acordo com o cenrio de
deteriorao.
(ii)
Para os passivos financeiros relacionados com emprstimos e financiamentos

- BNDES, a Administrao da Companhia considerou como premissa
provvel (cenrio I) seria a manuteno da taxa da TJLP, uma vez que no
existe evidncia de alterao da taxa no curto prazo, e aumento da taxa como
premissa para os outros dois cenrios.
(iii) Para os passivos financeiros relacionados com as debntures de segunda srie,

a Administrao da Companhia considerou como premissa provvel (cenrio
I) a expectativa do IPCA para 2016 descrita no relatrio FOCUS divulgado
pelo Banco Central do Brasil em 26 de Fevereiro de 2016, uma vez que no
existe evidncia de alterao da taxa no curto prazo, e aumento da taxa como
premissa para os outros dois cenrios.
4.2. Risco de mercado
(i)
Risco cambial
A Companhia tem como poltica reduzir o risco de caixa relacionado com a
variao cambial, de forma conservadora, uma vez que todas as suas receitas so
auferidas em Reais. Para este fim, a Companhia celebra contratos de NDFs com
instituies financeiras com fins de hedge. Em 31 de dezembro de 2015, a
Companhia no apresenta exposio cambial relevante ou instrumento derivativo
em aberto.
(ii)
Risco de taxa de juros e atualizao monetria

O endividamento da Companhia est sujeito a taxas de juros flutuantes,
especialmente Taxa CDI, IPCA e TJLP. Existe o risco da Companhia vir a incorrer
em perdas por conta de flutuaes nas taxas de juros, que aumentem as despesas
financeiras relativas a emprstimos, financiamentos e debntures captados no
mercado.
Como poltica de gesto, a Companhia no utiliza nenhum instrumento para mitigar
sua exposio s flutuaes das taxas de juros por considerar esse um risco de
mercado inerente a todas as Companhias que atuam no Brasil.
A Companhia analisa sua exposio taxa de juros de forma dinmica. So
simulados diversos cenrios levando em considerao refinanciamentos,
financiamentos e hedge. Com base nesses cenrios a Companhia define uma
mudana razovel na taxa de juros. Os cenrios so elaborados somente para
passivos que representam as principais posies com juros. Vide anlise de
sensibilidade de possveis flutuaes nas taxas de juros na nota 4.1 (i).
4.3. Risco de crdito

O risco de crdito o risco de prejuzo financeiro da Companhia caso um cliente ou
contraparte em um instrumento financeiro falhe em cumprir com suas obrigaes
contratuais, que surgem em suas atividades operacionais (principalmente com relao a
contas a receber) e de financiamento, incluindo depsitos em bancos e instituies
financeiras.
(i) Contas a receber
A Companhia fatura periodicamente os valores por locaes e vendas devidos por
seus clientes, por prazos que variam, normalmente, de 30 a 60 dias, cujo prazo
mdio de recebimento em 2015, foi de 63 dias. Desta forma, est sujeita ao risco de
inadimplncia com relao ao contas a receber. Primordialmente, a carteira de
crdito comercial da Companhia est concentrada em clientes nacionais. A
Companhia estabelece uma proviso para reduo ao valor recupervel quando,
entende que h risco de no recebimento dos valores devidos.
A gesto do risco de crdito dos clientes exercida pela gerncia financeira da
Companhia, que avalia a capacidade financeira de pagamento dos clientes. Essa
anlise realizada antes do efetivo acordo comercial entre as partes e para tal, so
analisados individualmente cada cliente, levando-se, principalmente, em
considerao as seguintes informaes: (i) dados cadastrais; (ii) informaes e
indicadores financeiros; (iii) classes de risco (metodologia SERASA); (iv)
controlador majoritrio e; (v) pendncias e protestos no Serasa.
(ii)
Instrumentos financeiros e depsitos em dinheiro

O risco de crdito de saldos com bancos e instituies financeiras administrado
pela tesouraria da Companhia de acordo com a poltica por esta estabelecida. Os
recursos excedentes so investidos apenas em contrapartes aprovadas.
A Companhia tem como prtica utilizar somente instituies financeiras de grande
porte, que estejam entre os 10 bancos com maiores ativos do Brasil. A
Administrao no espera que nenhuma contraparte falhe em cumprir com suas
obrigaes.
4.4. Risco de liquidez

Risco de liquidez o risco em que a Companhia ir encontrar dificuldades em cumprir
com as obrigaes associadas com seus passivos financeiros que so liquidados com
pagamentos vista ou com outro ativo financeiro. A abordagem da Companhia na
administrao de liquidez de garantir, o mximo possvel, que sempre tenha liquidez
suficiente para cumprir com suas obrigaes ao vencerem, sob condies normais e de
estresse, sem causar perdas inaceitveis ou com risco de prejudicar a reputao da
Companhia.
A Diretoria Financeira monitora as previses contnuas das exigncias de liquidez da

Companhia para assegurar que esta tenha caixa suficiente para atender s necessidades
operacionais. As previses mensais levam em considerao os planos de financiamento
da dvida da Companhia, cumprimento de clusulas contratuais e o cumprimento de
metas internas conforme o plano estratgico da Companhia. Alm disso, a Companhia
mantm linhas de crdito com as principais instituies financeiras que atuam no Brasil.
A tabela abaixo analisa os principais passivos financeiros por faixas de vencimento,
correspondentes ao perodo remanescente no balano patrimonial at o vencimento
contratual, quando a Companhia espera realizar o pagamento.
At um
ms
Em 31 de dezembro de 2015
Debntures
Fornecedores
Em 31 de dezembro de 2014
Debntures
Instrumentos financeiros
derivativos
Fornecedores
Mais que
um ms e
menos que
trs meses
Mais que
trs meses Entre um
e menos
e dois
que um ano
anos
Entre
dois e
cinco
anos
Acima de
cinco
anos
Total
355
6.844
700
11.464
-
3.088
226.833
-
3.914
192.054
-
7.150
347.308
-
2.658
-
17.865
777.659
6.844
46.378
-
998
9.227
3.215
150.140
4.100
230.266
11.002
458.685
2.652
64.069
68.345
912.387
(1.166)
16.510
(1.166)
16.510
As taxas de juros (CDI e TJLP) estimadas para os compromissos futuros refletem as taxas
de mercado em cada perodo.
4.5. Qualidade de crdito dos ativos financeiros
(i)
Caixa e equivalente de caixa e ttulos e valores mobilirios
Conta corrente
Banco (1)
Total
Aplicaes
Banco (1)
Total
Total de caixa e equivalente de caixa
31/12/2015
31/12/2014
144
144
182
182
231.867
231.867
232.011
193.477
193.477
193.659
(1) Principais instituies financeiras com ampla atuao no Brasil e entre os 10

bancos com maiores ativos totais do Brasil.
5.
GESTO DE CAPITAL
O objetivo em gerir a estrutura de capital desejvel da Companhia est em proteger o seu
patrimnio, dar continuidade ao negcio, oferecer boas condies para seus colaboradores,
partes interessadas e um retorno satisfatrio para os acionistas. A estratgia geral da
Companhia permanece inalterada desde 2010.
Visando a manuteno ou o ajuste da estrutura de capital, a Companhia poder, por exemplo,
conforme estatuto social, aumentar o seu capital, emitir novas aes, aprovar a emisso de
debntures e aquisio de aes de sua prpria emisso, conforme evento subsequente
especificado na nota 36.
Alm disso, a Companhia utiliza como principal indicador de desempenho para avaliar sua
alavancagem financeira o endividamento lquido total (dvida bancria total menos
disponibilidades totais).
2015
Dvida bancria total
Financiamentos
Debntures (vide nota 18)
Caixa equivalente de caixa
Endividamento lquido
Patrimnio lquido
ndice de endividamento lquido em relao ao
Patrimnio lquido
2014
622.300 747.791
15.116
64.527
607.184 683.264
232.011 193.659
390.289 554.132
962.231 1.059.397
0,41
0,52
A Companhia no est sujeita a nenhum requerimento externo sobre o capital social.

Linhas de crditos disponveis
Linhas de crdito bancrio no assegurada, revisada anualmente e
com pagamento mediante solicitao:
No utilizadas
Linhas de crdito bancrio asseguradas com vrios prazos
de vencimento e que podem ser estendidas de comum acordo:
Utilizadas
6.
2015
2014
109.584
505.639
15.116
64.527
CAIXA E EQUIVALENTES DE CAIXA

2015
Caixa e bancos
Aplicaes financeiras
144
231.867
232.011
2014
182
193.477
193.659
Os saldos registrados como caixa e equivalentes de caixa referem-se substancialmente aos

depsitos e as aplicaes financeiras de curto prazo, de alta liquidez, que so prontamente
conversveis em um montante conhecido de caixa e esto sujeitas a um insignificante risco de
mudana de valor.
Em 31 de dezembro de 2015, as aplicaes financeiras referem-se a operaes compromissadas

e remuneradas a taxa mdia de 100,8% do Certificado de Depsito Interbancrio (CDI)
(Certificado de Depsitos Bancrios remunerados taxa mdia de 101,5% do CDI, em 31 de
dezembro de 2014).
7.
CONTAS A RECEBER
2015
2014
Unidade de negcio
Contas a
receber bruto
Construo
Rental
Servios industriais (*)
Eventos
Totais
132.357
91.967
3.551
227.875
(75.932)
(48.673)
(3.551)
(128.156)
56.425
43.294
99.719
150.520
93.079
3.992
2.022
249.613
(51.117)
(36.313)
(3.992)
(91.422)
99.403
56.766
2.022
158.191
Circulante
No circulante
227.875
-
(128.156)
-
99.719
-
248.215
1.398
(91.422)
-
156.793
1.398
(*)
PDD
Contas a
receber lquido
Contas a
receber bruto
PDD
Contas a
receber lquido
Valor remanescente a receber de clientes das operaes da Unidade de Negcios de

Servios Industriais, que foi descontinuada em 30 de novembro de 2013.
A proviso para devedores duvidosos (PDD) do contas a receber calculada com base no
montante considerado suficiente para cobertura de potenciais perdas na realizao dos crditos
a receber, considerando uma anlise individual dos principais clientes.
As movimentaes na proviso para devedores duvidosos de contas a receber de clientes da
Companhia so as seguintes:
Saldo no incio do exerccio

Constituio de proviso para devedores duvidosos
Reverso de proviso para devedores duvidosos
Baixas
Saldo final do exerccio
2015
2014
91.422
77.450
(39.220)
(1.496)
128.156
53.861
61.744
(19.443)
(4.740)
91.422
Em 31 de dezembro de 2015, contas a receber de clientes no montante de R$128.156 (Em 31

de dezembro de 2014 - R$91.422) estavam provisionadas para perda. O aumento no montante
desta proviso refere-se principalmente ao provisionamento do saldo a receber de clientes que
durante o exerccio de 2015 apresentaram dificuldades em cumprir com suas obrigaes.
Para determinar a recuperao do contas a receber de cliente, a Companhia considera qualquer
mudana na qualidade de crdito do cliente da data em que o crdito foi inicialmente concedido
at o final do perodo de relatrio. A concentrao do risco de crdito limitada porque a base
de clientes pulverizada e no h relao entre os clientes. A Companhia no possui
concentrao de cliente em sua receita e contas a receber, no possuindo nenhum cliente ou
grupo econmico que represente 10% ou mais de seu contas a receber em nenhum de seus
segmentos.
A anlise de vencimentos das contas a receber est demonstrada a seguir:
A vencer
A vencer (ttulos com vencimentos originais prorrogados)
Vencidos de 1 a 60 dias (*)
Vencidos acima de 180 dias (*)
Total
2015
2014
61.741
10.778
28.549
12.913
10.880
103.014
227.875
83.513
18.101
40.840
19.899
15.797
71.463
249.613
(*) A anlise acima foi efetuada considerando as datas de vencimento prorrogadas dos ttulos.
8.
ESTOQUES
Matrias primas
Mercadorias para revenda
Peas de reposio e suprimentos
Adiantamentos para estoques
Proviso para estoque de giro lento (*)
Total
2015
2014
244
5.401
13.921
(1.168)
18.398
2.030
11.660
11.438
88
(3.423)
21.793
(*) Itens do estoque sem movimentao h mais de um ano.

Os estoques de matrias primas e dos adiantamentos para estoques esto vinculados a processos
de industrializao por encomenda, para atendimento de demandas da Companhia e de seus
clientes. O estoque de peas de reposio destina-se, principalmente, aos equipamentos
motorizados de acesso. Todos os estoques so avaliados pelo custo mdio.
9.
ESTOQUES - OUTROS ATIVOS MANTIDOS PARA VENDA

O Conselho de Administrao da Companhia, aprovou em 6 de agosto de 2015, a alienao de
plataformas areas e manipuladores telescpicos da unidade de negcios Rental, at 31 de
dezembro de 2017, cujo valor total represente at 10% (dez por cento) do valor residual
contbil do ativo da referida unidade, conforme verificado no balano da Companhia levantado
em 30 de junho de 2015.
Em 31 de dezembro de 2015, foram disponibilizados para venda, e segregado dos
equipamentos de locao, 242 equipamentos oriundos do ativo imobilizado e transferidos para
estoques - outros ativos mantidos para venda. A partir dessa transferncia a depreciao foi
interrompida, e o valor residual contbil desses itens de R$20.687. No exerccio findo, foram
vendidos 65 equipamentos, e o resultado da operao de venda reconhecido somente na
entrega do bem.
10. TRIBUTOS A RECUPERAR

2015
2014
PIS e COFINS a compensar (*)

IRPJ e CSLL a compensar (**)
ICMS a compensar (***)
Outros
34.181
16.548
663
390
51.782
59.259
412
933
86
60.690
Circulante
No circulante
39.435
12.347
28.677
32.013
(*)
Os crditos de PIS e COFINS referem-se, basicamente, aos montantes recuperveis

sobre aquisies de ativo imobilizado compensados a razo de 1/48 avos ao ms com as
obrigaes tributrias federais de PIS e COFINS no cumulativos e a expectativa que
sejam realizados at 2018.
(**)
Refere-se aos saldos de IRPJ e CSLL pagos antecipadamente durante o exerccio findo
em 31 de dezembro de 2015 que sero atualizados mensalmente com base na SELIC e
compensados com tributos da mesma natureza durante o exerccio de 2016.
(***) Corresponde ao imposto sobre a circulao de mercadorias e servios - ICMS incidentes

sobre as operaes da Companhia, em decorrncia da aquisio de peas e
equipamentos para venda.
11. OUTRAS CONTAS A RECEBER - VENDA DA INVESTIDA

2015
2014
2015
2016
2017
Total
19.778
19.778
39.556
17.467
17.467
17.467
52.401
Circulante
No circulante
19.778
19.778
39.556
17.467
34.934
52.401
A Companhia fechou em 30 de novembro de 2013, a operao de venda de sua unidade de

negcios Servios Industriais ao Fundo de Investimento em Participao (FIP) Leblon Equities
Partners V, gerido pela Leblon Equities Gesto de Recursos Ltda.
O contrato estipula que o valor de aquisio seja pago em 6 (seis) parcelas, todas atualizadas
pela variao do CDI, entre de 31 de maio de 2013 e a data de pagamento, da seguinte forma:
1. A primeira de R$25.000 (R$25.207, considerando a atualizao pelo CDI at a data do
pagamento) foi paga na data da assinatura do contrato;
2. A segunda, de R$17.000 (R$18.093, considerando a atualizao pelo CDI at 31 de maro

de 2014), foi paga em abril de 2014 no montante de R$11.304. O valor da segunda parcela
foi ajustado pelo desempenho parcial do negcio, que significou o lucro lquido do negcio
mais a depreciao dos ativos que integram o negcio; menos investimentos; mais o
aumento ocorrido nas contas a pagar (ou menos a reduo ocorrida nas contas a pagar,
conforme aplicvel); e menos o aumento ocorrido nas contas a receber (ou mais a reduo
ocorrida nas contas a receber, conforme aplicvel), entre 31 de maio de 2013 e a data do
fechamento, ocorrida em 30 de novembro de 2013. Para apurao deste valor, foram
utilizados os mesmos critrios contbeis de rateio de despesas e constituio de proviso de
devedores duvidosos e baixa de equipamentos atualmente utilizados pela Companhia. Para
efeitos do clculo do lucro lquido, foi considerada a alquota de imposto de renda e
contribuio social idntica mdia observada para as atividades da Companhia, nos
ltimos 12 meses, imediatamente anteriores data do fechamento e no foram considerados,
(i) os custos alocados referentes s opes de compra de aes da Companhia e a
participao de resultados, e (ii) receitas e despesas financeiras. O valor acumulado do
desempenho parcial do negcio, entre 01 de junho e 30 de novembro de 2013, data em que a
Companhia concluiu a operao, foi de R$6.789.
3. Quatro parcelas de R$15.000 (R$19.778, considerando as duas ltimas parcelas atualizadas
por 100% do CDI at 31 de dezembro de 2015), com vencimento anual, a contar da data da
assinatura do contrato. A primeira destas parcelas foi recebida na data do vencimento, em 10
de julho de 2014, no valor atualizado de R$16.601 e a segunda destas parcelas foi recebida
na data de vencimento, em 10 de julho de 2015, no valor atualizado de R$18.575.
12. OUTROS ATIVOS

31/12/2015
Contas a receber - Eventos (i)
Emprstimos a empregados e crditos em folha de pagamento (ii)
Dividendos e juros sobre capital prprio a receber - Rohr (iii)
Despesas antecipadas (iv)
Outros
Total
(i)
1.623
1.205
1.546
100
842
5.316
31/12/2014
2.570
1.546
119
1.345
5.580
A Companhia possui contas a receber correspondentes aos bens da Unidade de Negcios

de Eventos, cujas atividades foram descontinuadas. Parte dos bens foi vendida ao longo de
2008 e 2009, atravs de contratos firmados de compra e venda de bens mveis com
reserva de domnio celebrados em 20 de maio de 2008 e 18 de fevereiro de 2009. O valor
da venda ser recebido no perodo mximo de 8 anos, sendo as parcelas reajustadas de
acordo com a variao percentual do ndice de Preos ao Consumidor Amplo - IPCA. Em
31 de dezembro de 2015, o ativo est ajustado a valor presente e a Administrao, com
base nas garantias reais previstas em contrato, considera que o mesmo ser realizado,
dentro do esperado, at o vencimento da ltima parcela;
(ii) Refere-se a emprstimos consignados concedidos a empregados que so descontados em

parcelas na folha de pagamento;
(iii) Refere-se a juros sobre capital prprio a receber, lquido dos impostos, da Rohr conforme
divulgado na nota explicativa 13, com expectativa de recebimento at dezembro de 2016.
(iv) Os saldos so, basicamente, referentes a despesas antecipadas de seguros a apropriar e
IPTU a apropriar.
13. INVESTIMENTOS
a)
Investimento em sociedade no controlada

Em 8 de fevereiro de 2011 a Companhia adquiriu 25% do capital social da Rohr S.A
Estruturas Tubulares (Rohr), por R$90.000. A Rohr uma empresa privada especializada
em engenharia de acesso e no fornecimento de solues para construo civil, que atua,
principalmente, nos setores de construo pesada e manuteno industrial.
Durante o ano de 2011, a Companhia recebeu R$2.608 (lquido de impostos) de juros sobre
capital prprio e dividendos de anos anteriores, tal valor foi registrado reduzindo o valor do
investimento, por se tratar de dividendos oriundos de lucros ou reservas j existentes na data
da compra das aes.
No quarto trimestre de 2011, houve aumento da participao na Rohr de 25% para 27,47%,
resultante da recompra pela Rohr de 9% de suas aes, que atualmente encontram-se em sua
tesouraria e que sero canceladas ou distribudas proporcionalmente aos seus acionistas.
A Companhia avaliou a sua influncia sobre a administrao da Rohr e concluiu que apesar
de deter 27,47% do capital da investida, no possui influncia significativa pelos seguintes
fatos: a Mills no tem poder de participar na elaborao e nas decises sobre polticas
financeiras, operacionais e estratgicas da Rohr, no controlando de forma individual ou
conjunta essas polticas e no possuindo representantes na Administrao da investida.
Adicionalmente, no existe acordo de acionistas que possa conferir Mills o direito de ter
influncia na Administrao da investida ou que possam conferir o direito de aumentar a sua
participao no futuro. Adicionalmente, por no ter aes negociadas no mercado, a
Companhia considera que no possvel estimar confiavelmente o fair value do
investimento, mantendo o mesmo registrado pelo custo de aquisio.
Em dezembro de 2015, a Companhia registrou em receita financeira R$1.818 (R$1.818 em
dezembro de 2014) de juros sobre capital prprio da Rohr, referentes ao ano de 2015.
b) Perda por reduo ao valor recupervel

Durante o exerccio de 2015, a Companhia fez a reviso do valor recupervel do
investimento na Rohr atravs de estudo interno. O valor recupervel desse ativo foi
determinado com base em projees econmicas para determinao do valor recupervel
desse ativo, pela abordagem de renda, atravs de projeo de fluxo de caixa descontado, num
prazo de 10 anos para fins de fundamentao do valor registrado contabilmente, haja visto o
longo perodo de maturao dos investimentos em infraestrutura e construo civil. As
principais premissas foram: (i) as receitas foram projetadas com base nos dados histricos,
bem como em perspectivas de crescimento do segmento e da economia brasileira; (ii)
perspectiva de resultado operacional negativo em 2015, decorrente da reduo de atividade
do setor; (iii) a execuo de programa contnuo de melhoria de produtividade e de reduo
de custos e despesas far com que sua evoluo seja inferior ao percentual de crescimento da
receita, (iv) os respectivos fluxos so descontados por taxa mdia de desconto de 16,67%,
obtida atravs de metodologia usualmente aplicada pelo mercado, levando em considerao
o custo mdio ponderado de capital (WACC); (v) uma poltica de controle estrito na
evoluo do capital de giro, nos anos da projeo. Em funo desse estudo, a Administrao
estima que o valor recupervel do investimento na Rohr de R$61.200, fazendo com que
seja reconhecida, proviso para perda por reduo ao valor recupervel desse ativo no
montante de R$26.192, registrada na rubrica de outras despesas operacionais da
demonstrao de resultado.
14. IMOBILIZADO
Total
Equipamento Equipamento equipamento
de locao e
de locao
de locao e
uso operacional a imobilizar uso operacional
Custo do imobilizado bruto
Saldos em 31 de dezembro de 2013
Aquisio
Baixa/alienao
Ajuste para crdito PIS e COFINS
Reclassificao
Transferncias
Aquisio
Baixa/alienao
Transf p/ estoque
Transferncias
Saldos em 31 de Dezembro de 2015
1.491.854
167.210
(57.298)
(18.154)
(286)
39.942
1.623.268
14.114
(84.798)
(977)
(54.882)
2.777
1.499.502
Depreciao acumulada
Depreciao
Baixa/alienao
Depreciao
Baixa/alienao
Transf p/ estoque
Transferncias
Taxas anuais de depreciao - %
(362.749)
(155.497)
28.411
(489.835)
(154.980)
55.073
34.195
(555.547)
10
Resumo imobilizado lquido

Saldo em 31 de dezembro de 2014
1.133.433
943.955
38.506
5.535
(195)
286
(39.942)
4.190
(6)
(2.753)
1.431
4.190
1.431
1.530.360
172.745
(57.493)
(18.154)
1.627.458
14.114
(84.804)
(977)
(54.882)
24
1.500.933
(362.749)
(155.497)
28.411
(489.835)
(154.980)
55.073
34.195
(555.547)
-
1.137.623
945.386
Benfeitorias
em
propriedade
de terceiros
19.040
8.069
31
27.140
4.675
(649)
131
31.297
Total
Edifcios Computadores
Mveis e Obras em de bens de
e terrenos e perifricos Veculos Instalao utenslios andamento uso prprio
24.274
24.274
10
(73)
24.211
13.886
2.126
(9)
16.003
494
(11)
25
16.511
3.640
180
(426)
3.394
324
(2.256)
(25)
1.437
5.470
1.645
(57)
7.058
1.126
(346)
873
8.711
8.945
1.479
(23)
26
10.427
549
(10)
10.966
(4.169)
(3.342)
(34)
(7.545)
(4.764)
265
(485)
1
(12.528)
10
(1.526)
(670)
(2.196)
(669)
39
(2.826)
4
(6.594)
(2.344)
1
(8.937)
(2.367)
4
(11.300)
20
(2.232)
(448)
274
(2.406)
(338)
1.932
(812)
20
(1.051)
(534)
(5)
(1.590)
(685)
329
(70)
(1)
(2.017)
10
(3.398)
(745)
4
(4.139)
(838)
8
(4.969)
10
19.595
18.769
22.078
21.385
7.066
5.211
5.468
6.694
6.288
5.997
988
625
580
462
1.042
(1.042)
-
1.042
-
Total do
imobilizado
75.835
13.961
(458)
89.338
7.178
(3.345)
(38)
93.133
1.606.195
186.706
(57.951)
(18.154)
1.716.796
21.292
(88.149)
(977)
(54.882)
(14)
1.594.066
(18.970)
(8.083)
279
(39)
(26.813)
(9.661)
2.577
(555)
(34.452)
-
(381.719)
(163.580)
28.690
(39)
(516.648)
(164.641)
57.650
(555)
34.195
(589.999)
-
62.525
58.681
1.200.148
1.004.067
Os equipamentos de locao podem ser resumidos como: andaimes de acesso, frmas,

escoramentos, plataformas areas e manipuladores telescpicos.
Abaixo destacamos as principais aquisies no ano por grupamento:
2015
Escoramentos
Plataformas e manipuladores
Frmas de concretagem reutilizveis
Andaimes suspensos e estruturas de acesso
Mquinas e equipamentos de uso operacional
Instalaes
Benfeitorias em propriedade de terceiros
Outros
Total de aquisies
2014
4.213 24.606
- 104.152
2.095 12.936
5.224 25.596
2.582
1.126
4.675
1.377 19.416
21.292 186.706
A depreciao no exerccio, alocada ao custo de servios prestados e s despesas gerais

administrativas, monta em 31 de dezembro de 2015 a R$151.915 e R$12.726 (31 de dezembro
de 2014 R$152.874 e R$10.706), respectivamente.
Certos itens do imobilizado esto dados em garantia de operaes de emprstimos e
financiamentos (Nota 17).
Reviso da vida til estimada
Para fins dessa reviso, a Companhia, com base na avaliao dos responsveis tcnicos, emitiu
laudo interno de avaliao datado de 31 de dezembro de 2015, aprovado em Reunio de
Diretoria. Para a elaborao do respectivo laudo, os responsveis tcnicos e os avaliadores
independentes, consideraram o planejamento operacional da Companhia para os prximos
exerccios, antecedentes internos, como o nvel de manuteno e utilizao dos itens, elementos
externos de comparao, tais como tecnologias disponveis, recomendaes e manuais de
fabricantes e taxas de vivncia dos bens. No houve modificao na estimativa de vida til
remanescente dos itens do imobilizado do grupo de equipamentos de locao em relao
apurada no laudo de fevereiro de 2011 e que est em linha com as taxas de depreciao
utilizadas pela Companhia. Portanto no houve alterao na taxa de depreciao para o
exerccio de 2015.
A Companhia avaliou que no houve eventos ou mudanas em circunstncias que indiquem
que o valor contbil dos seus ativos da unidade geradora de caixa Rental pode no ser
recupervel. Em relao aos seus ativos da unidade geradora de caixa Construo, a
Companhia entende que houve mudanas nas circunstncias de mercado e efetuou o teste de
recuperabilidade desses ativos em conjuntos como o gio relacionado a essa unidade. Para
maiores detalhes, vide nota explicativa 15.
15. INTANGVEL
Intangvel
Marcas e
em
gio em
Total
Software patentes andamento investimentos intangvel
Custo do intangvel bruto
Aquisio
Transferncia
Aquisio
Transferncia
Perdas estimadas por valor no recupervel
20.943
3.927
20.045
44.915
3.086
1.164
49.165
895
895
2.261
3.156
12.626
8.498
(20.045)
1.079
1.555
(1.150)
1.484
44.294
44.294
(30.918)
13.376
78.758
12.425
91.183
6.902
14
(30.918)
67.181
Amortizao acumulada
Amortizao
Amortizao
Ajuste crdito PIS e COFINS
Taxas anuais de amortizao - %
(5.839)
(4.505)
(10.344)
(4.826)
(365)
(15.535)
10
(295)
(174)
(469)
(174)
(4.232)
(4.232)
-
(643)
20
(4.232)
-
(10.366)
(4.679)
(15.045)
(5.000)
(365)
(20.410)
-
Resumo intangvel lquido

34.571
33.630
426
2.513
1.079
1.484
40.062
9.144
76.138
46.771
Proviso para reduo ao valor recupervel do gio

O gio oriundo da aquisio da Jahu ocorrida em 2008 e da aquisio da GP Sul ocorrida em
2011 e os mesmos esto sendo considerados como aporte do segmento de negcio Construo
representado esta, uma Unidade Geradora de Caixa (UGC), onde todo o gio alocado.
O valor recupervel desse ativo foi determinado com base em projees econmicas para
determinao do seu valor, pela abordagem de renda, atravs de projeo de fluxo de caixa
descontado, num prazo de 10 anos para fins de fundamentao do valor pago, haja vista o longo
perodo de maturao dos investimentos em infraestrutura e construo civil. As principais
premissas foram: (i) as receitas foram projetadas com base nos dados histricos, bem como em
perspectivas de crescimento do segmento e da economia brasileira; (ii) resultado operacional
negativo em 2015, decorrente da reduo de atividade do setor; (iii) a execuo de programa
contnuo de melhoria de produtividade e de reduo de custos e despesas far com que sua
evoluo seja inferior ao percentual de crescimento da receita, (iv) os respectivos fluxos so
descontados por taxa mdia de desconto de 16,67%, obtida atravs de metodologia usualmente
aplicada pelo mercado, levando em considerao o custo mdio ponderado de capital (WACC);
(v) uma poltica de controle estrito na evoluo do capital de giro, nos anos da projeo.
Em funo desse estudo, a Administrao estima que o valor recupervel dos ativos da Unidade
de Negcio Construo, incluindo o gio da aquisio da Jahu em 2008 e da GP Sul, em 2011,
de R$442.523 (R$473.441 em dezembro de 2014), fazendo com que houvesse no exerccio
findo em 31 de dezembro de 2015, a necessidade de constituio de proviso para perda no
valor recupervel desse ativo no montante de R$30.918.
16. FORNECEDORES
2015
Fornecedores nacionais
Fornecedores estrangeiros
6.665
179
6.844
2014
16.240
270
16.510
Em 31 de dezembro de 2015, os saldos das contas de fornecedores referem-se, basicamente, a

prestao de servios, compras a prazo de materiais e equipamentos de imobilizado.
17. EMPRSTIMOS E FINANCIAMENTOS

Os emprstimos foram usados para financiamento da ampliao dos investimentos da
Companhia e para seus usos e despesas gerais, sendo indexados ao CDI, TJLP e Dlar norteamericano.
Os financiamentos de equipamentos de locao foram contratados com encargos da Taxa de
Juros de Longo Prazo (TJLP) acrescida de 0,20% a 0,90% ao ano e amortizaes em bases
mensais at junho de 2021.
Os emprstimos e financiamentos so apresentados a seguir:
31/12/2015 31/12/2014
Emprstimos e financiamentos (*)
Circulante
No circulante
15.116
3.185
11.931
15.116
64.527
49.637
14.890
64.527
As instituies financeiras com as quais a Companhia mantm emprstimos e financiamentos

em 31 de dezembro de 2015 so:
Banco do Brasil
Ita BBA
Em 6 de dezembro de 2013, a Companhia celebrou o contrato de emprstimo com o Banco Ita
BBA S.A, Sucursal Nassau, no valor de US$16,9 milhes (equivalente a R$40,0 milhes). A
liquidao do emprstimo e dos juros foi realizada em uma nica parcela, no vencimento, em
30 de janeiro de 2015. Com o objetivo de anular o risco da variao cambial deste emprstimo,
foi contratado com o Banco Ita BBA S.A, na mesma data do emprstimo, um instrumento
financeiro (swap) no montante de R$40,0 milhes para que todas as obrigaes (principal e
juros) fossem integralmente convertidas para moeda local. Este contrato foi liquidado na
mesma data do vencimento do emprstimo, acima descritos.
Segue abaixo a composio das garantias contratadas em aberto nas datas:

Garantias concedidas:
Alienao fiduciria (*)
Total das garantias reais
2015
2014
27.103
27.103
33.103
33.103
* Refere-se a equipamentos adquiridos atravs de FINAME.

Os vencimentos das parcelas do no circulante em 31 de dezembro de 2015 esto demonstrados
abaixo:
2016
2017
2018 a 2021
3.185
3.138
8.793
15.116
Os emprstimos da Companhia possuem clusulas restritivas cujos requerimentos encontram-se

em linha com os apresentados nas escrituras das debntures e esto detalhados na nota 18.
18. DEBNTURES
Descrio
Srie
1 emisso
Custo de emisso
nica
2 emisso
2 emisso
Custo de emisso
3 emisso
Custo de emisso
Valor
emitido
Incio
Vencimento
Encargos financeiros
270.000
Abr/2011
Abr/2016
112,5% CDI
1 srie
2 srie
160.940
109.060
Ago/2012
Ago/2012
Ago/2017
Ago/2020
100% CDI + 0,88% a.a.

IPCA + 5,50 a.a.
nica
200.000
Mai/2014
Mai/2019
108,75% CDI
Total de debntures
Circulante
No circulante
31/12/2015
92.751
(157)
92.594
169.629
142.277
(787)
311.119
202.527
(521)
202.006
605.719
186.634
419.085
31/12/2014
184.412
(629)
183.783
168.121
128.747
(1.093)
295.775
201.984
(685)
201.299
680.857
105.315
575.542
Em 8 de abril de 2011 foi aprovada a primeira emisso, pela Companhia, de um total de 27 mil
debntures simples, no conversveis em aes, nominativas, em srie nica da espcie
quirografria no valor de R$270.000, e valor nominal unitrio de R$10. As debntures tm
vencimento em 18 de abril de 2016 e remunerao de 112,5% do CDI, com pagamentos
semestrais de juros e amortizao em trs parcelas anuais e sucessivas sendo o primeiro
vencimento em 18 de abril de 2014, liquidado nesta data. Os custos de transao associados a
esta emisso no valor de R$2.358 esto sendo reconhecidos como despesas de captao da
Companhia, conforme os prazos contratuais desta emisso.
Em 3 de agosto de 2012 foi aprovada a segunda emisso, pela Companhia, de um total de 27
mil debntures simples, no conversveis em aes, nominativas, em duas sries, da espcie
quirografria no valor de R$270.000, e valor nominal unitrio de R$10. Os custos de transao
associados a esta emisso no valor de R$1.810 esto sendo reconhecidos como despesas de
captao da Companhia, conforme os prazos contratuais desta emisso.
As debntures tero seus vencimentos conforme emisso de cada srie, como segue:
1 serie - 16.094 debntures da primeira srie, totalizando R$160.940, com vencimento em
15 de agosto de 2017, no sujeitas atualizao monetria. O valor nominal das debntures
da primeira srie ser amortizado em duas parcelas anuais a partir do quarto ano da sua
emisso e os juros pagos semestralmente correspondero sobretaxa de 0,88% ao ano
incidente sobre 100% da variao acumulada da taxa DI;
2 serie - 10.906 debntures da segunda srie, totalizando R$109.060, com vencimento em
15 de agosto de 2020, sujeitas atualizao monetria pela variao acumulada do IPCA. O
valor nominal das debntures da segunda srie ser amortizado em trs parcelas anuais a
partir do sexto ano da sua emisso e os juros pagos anualmente correspondero 5,50% ao
ano do valor atualizado monetariamente na forma acima.
Em 30 de maio de 2014 foi aprovada a terceira emisso, pela Companhia, de um total de 20 mil
debntures simples, no conversveis em aes, nominativas, em srie nica da espcie
quirografria no valor de R$200.000, e valor nominal unitrio de R$10. As debntures tm
vencimento em 30 de maio de 2019 e remunerao de 108,75% do CDI, com pagamentos
semestrais de juros e amortizao em trs parcelas anuais e sucessivas sendo o primeiro
vencimento em 30 de maio de 2017. Os custos de transao associados a esta emisso no valor
de R$745 esto sendo reconhecidos como despesas de captao da Companhia, conforme os
prazos contratuais desta emisso.
Em 31 de dezembro de 2015, os saldos das debntures bruto dos custos de transao so de
R$187.251 no passivo circulante e de R$419.933 no passivo no circulante e R$186.634 e
R$419.085 lquidos dos custos de transao respectivamente (em 31 de dezembro de 2014 o
saldo bruto de debntures de R$106.203 no passivo circulante e de R$577.061 no passivo no
circulante e R$105.315 e R$575.542 lquidos dos custos de transao).
Covenants
As escrituras de emisso das debntures preveem a manuteno de ndices de endividamento e
cobertura de juros com parmetros pr-estabelecidos, como segue:
(1)
ndice financeiro decorrente do quociente da diviso da Dvida Lquida (i) pelo EBITDA
(ii) dever ser igual ou inferior a 3; e
(2)
ndice financeiro decorrente do quociente da diviso do EBITDA pela Despesa

Financeira Lquida (iii) que dever ser igual ou superior a 2.
(i)
Dvida Lquida" significa, com base nas Demonstraes Financeiras

Consolidadas da Companhia imediatamente anteriores, (a) o somatrio das
dvidas onerosas da Companhia, em base consolidada, perante pessoas jurdicas,
incluindo emprstimos e financiamento com terceiros e/ou partes relacionadas e
emisso de ttulos de renda fixa, conversveis ou no, no mercado de capital local
e/ou internacional, alm de avais prestados pela Companhia, mas excluindo as
dvidas decorrentes de parcelamentos tributrios; (b) menos o somatrio das
disponibilidades (caixa e aplicaes financeiras) da Companhia, em base
consolidada;
(ii)
EBITDA significa, com base nas 4 (quatro) Demonstraes Financeiras

Consolidadas da Companhia imediatamente anteriores, o lucro ou prejuzo
lquido, antes da contribuio social e do imposto de renda, subtraindo-se as
receitas e adicionando-se as despesas geradas pelos resultados financeiros e no
operacionais, depreciao e amortizao e resultados no recorrentes; e
(iii)
Despesa Financeira Lquida" significa, com base nas 4 (quatro) Demonstraes

Financeiras Consolidadas da Companhia imediatamente anteriores, o saldo da
diferena entre a receita financeira bruta consolidada e a despesa financeira bruta
consolidada.
Considerando as despesas no recorrentes para fins de determinao do EBITDA ajustado, no

fechamento das demonstraes financeiras de 31 de dezembro de 2015, todos os covenants
esto sendo cumpridos.
19. PARTES RELACIONADAS

a) Transaes e saldos
No houve emprstimos entre a Companhia e seus administradores durante o exerccio.
Em 31 de dezembro de 2015, a Companhia no mantinha contratos de prestao de
servios de consultoria com membros do Conselho de Administrao.
Remunerao da Administrao
Os montantes referentes remunerao dos membros da Administrao da Companhia
esto demonstrados a seguir:
Salrios e encargos - Diretoria

Honorrios do Conselho de Administrao
Pagamentos com base em aes
Total
2015
2014
6.092
1.219
3.382
10.693
7.211
1.352
3.570
12.133
20. BENEFCIOS A EMPREGADOS

a) Participao dos empregados nos lucros
A proviso para participao nos lucros dos empregados e executivos constituda de
acordo com a competncia, sendo contabilizada como despesa. A determinao do
montante, que pago no ano seguinte ao registro da proviso, considera o programa de
metas estabelecido junto ao sindicato da categoria, atravs de acordo coletivo de trabalho,
em consonncia com a Lei n 10.101/00 e com o estatuto social da Companhia.
Em 23 de junho de 2015, o Conselho de Administrao deliberou que a participao dos
empregados nos lucros passasse no ano de 2015, a ter como base o EBITDA, onde at 5%
do EBITDA da Companhia poder ser distribudo, se o EBITDA alcanado superar o valor
do EBITDA orado. A mtrica para este clculo est aprovada pela Administrao da
Companhia.
O reconhecimento dessa participao, quando houver, ocorrer no momento em que a meta
anual do EBITDA for atingida, sendo desembolsada at abril de 2016. A Companhia no
atingiu as metas em 2015, no tendo registrado no exerccio, proviso para essa despesa.
b) Plano de opo de compra de aes
A Companhia possui planos de opes de aes, aprovados pela Assembleia Geral, com o
objetivo de integrar os executivos no processo de desenvolvimento da Companhia a mdio
e longo prazo. Esses planos so administrados pela Companhia e a aprovao das outorgas
sancionada pelo Conselho de Administrao.
Planos
Programa 2010
Programa 2011
Programa 2012
Programa 2013
Programa 2014
Data da
outorga
31/05/2010
16/04/2011
30/06/2012
30/04/2013
30/04/2014
Aes em milhares
Data final
Aes
Aes
Aes
de exerccio outorgadas exercidas em aberto
31/05/2016
16/04/2017
31/05/2018
30/04/2019
30/04/2020
1.475
1.184
1.258
768
260
(1.369)
(592)
(401)
(97)
-
106
592
857
671
260
Para precificao do custo das parcelas do plano Especial Top Mills, referente sua
componente de patrimnio, foram determinadas as volatilidades aplicveis, as taxas livres de
risco, e os stock prices com bases em valuations de 6,6 vezes o EBITDA, menos a dvida
lquida e usamos o modelo Black-Scholes para calculo do valor justo.
Em 31 de maro de 2014, a Companhia deliberou em reunio do Conselho de Administrao:
(i) a criao do programa 1/2014 de Outorga de Opes de Compra de Aes; (ii) a definio
dos critrios para fixao do preo de exerccio das opes e as condies de seu pagamento;
(iii) a definio dos prazos e condies de exerccio das opes; e (iv) a autorizao para a
Diretoria efetuar as outorgas de opo de compra de aes aos beneficirios eleitos nos termos
do Programa 2014.
Em 21 de maio de 2015, a Companhia deliberou, em reunio do Conselho de Administrao, a

alienao de aes da Companhia mantidas em tesouraria para atender o exerccio de opo de
compra de aes dos beneficirios no mbito dos programas de Outorga de Opes de Compra
de Aes de 2010, 2011, 2012, 2013 e 2014 (vide nota 25 (a.1)).
Os planos concedidos a partir de 2010 foram classificados como instrumentos de patrimnio e
o valor justo mdio ponderado das opes concedidas foi determinado com base no modelo de
avaliao Black-Scholes, assumindo as seguintes premissas:
Programa
2010
2010
2011
2012
2012
2013
2013
2014
2014
Outorga
Primeira
Segunda
nica
Bsica
Discricionria
Bsica
Discricionria
Bsica
Discricionria
Valor justo
mdio ponderado
por opo R$
Preo mdio
ponderado da
ao na data da
concesso R$
3,86
5,49
6,57
21,75
12,57
24,78
11,92
22,46
11,16
Preo do
exerccio na
data de
concesso R$
Volatilidade
na data de
concesso
11,50
11,50
19,28
5,86
19,22
6,81
26,16
7,98
30,94
31,00%
31,00%
35,79%
37,41%
37,41%
35,34%
35,34%
33,45%
33,45%
11,95
14,10
19,15
27,60
27,60
31,72
31,72
28,12
28,12
Rendimento
de dividendos
na data de
concesso
Taxa de
Prazo
juros anual mximo de
sem risco
exerccio
na data de na data de
concesso concesso
1,52%
1,28%
1,08%
0,81%
0,81%
0,82%
0,82%
0,75%
0,75%
6,60%
6,37%
6,53%
3,92%
3,92%
3,37%
3,37%
12,47%
12,47%
6 anos
6 anos
6 anos
6 anos
6 anos
6 anos
6 anos
6 anos
6 anos
O preo de exerccio das opes outorgadas nos termos do Plano ser fixado pelo Conselho de
Administrao ou pelo Comit (conforme o caso), levando em considerao: (i) no caso de
opes cuja outorga tenha como contraprestao a aquisio de aes de emisso da
Companhia pelo respectivo Beneficirio, o valor do patrimnio lquido das aes em 31 de
dezembro do exerccio fiscal imediatamente anterior data de outorga; ou (ii) nos demais
casos, o valor correspondente mdia da cotao das aes da Companhia da mesma espcie
daquelas em que a opo for referenciada na BM&FBOVESPA S.A. - Bolsa de Valores,
Mercadorias e Futuros, ponderada pelo volume de negociao, durante o exerccio fiscal
imediatamente anterior data de outorga. Independente do critrio a ser adotado para definio
do preo de exerccio, este ser corrigido monetariamente de acordo com o IPCA (ndice de
Preos ao Consumidor Amplo), ou por outro ndice que venha a ser determinado pelo Conselho
de Administrao ou pelo Comit (conforme o caso), e deduzidos do valor dos dividendos e
juros sobre o capital prprio por ao declarados pela Companhia a partir da data da outorga.
A tabela abaixo apresenta os saldos acumulados dos planos nas contas patrimoniais e os efeitos
nos resultados.
2015
2014
Plano 2002
Reserva de capital
Nmero de aes exercidas (milhares)
1.446
3.920
1.446
3.920
Plano Top Mills, Plano Especial CEO e EX-CEO

Reserva de capital
1.148
1.055
1.148
1.055
Plano executivos Mills Rental

Reserva de capital
4.007
391
4.007
391
2015
2014
Plano 2010
Reserva de capital
Nmero de opes a exercer (milhares)
Nmero de aes canceladas (milhares)
5.693
106
1.369
73
5.727
106
1.369
64
Programa 2011 (Plano 2010)

Reserva de capital
7.329
592
592
157
6.750
592
592
75

Reserva de capital
13.011
857
401
336
9.659
859
399
156

Reserva de capital
9.479
671
97
139
5.633
676
92
48

Reserva de capital
2.907
260
52
1.026
234
-
Total registrado como patrimnio (acumulado)
45.020
35.396
Efeito no resultado
(9.624)
(9.539)
21. IMPOSTO DE RENDA E CONTRIBUIO SOCIAL

a) Imposto de renda e contribuio social a pagar
Em 31 de dezembro de 2015, a Companhia no apurou resultado tributvel de imposto de
renda e contribuio social. Os valores antecipados durante o exerccio de 2015 e retidos
na fonte sobre notas fiscais e aplicaes financeiras compem o saldo negativo de IRPJ e
CSLL que ser utilizado durante o exerccio de 2016.
b) Reconciliao entre a despesa e receita de imposto de renda e da contribuio social pela

alquota nominal e efetiva est demonstrada a seguir:
2015
Prejuzo do exerccio antes do imposto de renda e da contribuio
social
Alquota nominal de imposto de renda e da contribuio social
Imposto de renda e contribuio social alquota nominal
Provises indedutveis (*) e diferenas permanentes
Juros sobre capital prprio - Declarado
Outros
Total de imposto de renda e contribuio social correntes e
diferidos
Alquota efetiva
2014
(128.718)
34%
43.764
(13.076)
229
90.336
34%
(30.714)
(5.802)
8.528
1.920
30.917
24%
(26.068)
29%
* As despesas indedutveis esto compostas por despesas de proviso de cancelamento,

brindes, perdo de dvida e multas no compensatrias. Segue abaixo a composio
dessas despesas:
2015
Proviso de cancelamento
Baixas de Estoques
Outros
Total
(9.510)
(1.655)
(1.911)
(13.076)
2014
(2.538)
(1.740)
(1.524)
(5.802)
c) Imposto de renda e contribuio social reconhecidos em outros resultados abrangentes

O imposto diferido reconhecido em outros resultados abrangentes resultante de proviso
de ganhos/perdas de instrumentos de hedge em fluxo de caixa transferidos para os valores
contbeis iniciais dos itens sujeitos a hedge.
d) A movimentao do IR e CS diferidos durante o exerccio, sem levar em considerao a

compensao dos saldos a seguinte:
Descrio
Stock options
Ajuste a valor presente
Hedge sobre imobilizado
Provises de custos e despesas
Proviso Estoque Giro Lento
Proviso para Devedores Duvidosos
Perdas Estimadas por Valor no recupervel
Arrendamento financeiro
Provises para riscos fiscais, cveis e trabalhistas
Proviso para Perda Processo Murilo Pessoa
Derivativos NDF
Proviso para descontos e cancelamentos
Prejuzo Fiscal e Base de Clculo Negativa - 2015
Swap
Proviso para realizao de crdito tributrio
Tributos com exigibilidade suspensa
Depreciao acelerada
gio GP Andaimes Sul Locadora
gio Jahu
Atualizao depsito judicial
Variao cambial
Debntures
31 de
Dezembro
de 2014 Adies
3.243
54
(946)
977
1.164
17.993
4.329
4.278
42
(126)
9.355
(396)
255
(1.506)
(459)
(12.949)
(1.197)
1.643
(809)
24.945
3.284
(2.103)
1.377
13.716
8.906
(3.141)
2.305
6.593
17.290
30
201
(753)
(134)
(276)
47.295
Baixas
31 de
dezembro
de 2015
(435)
(39)
135
1.188
(2.144)
(14.436)
(4.329)
(933)
126
(13.719)
396
10.512
(1.643)
311
(25.010)
6.092
15
(811)
62
397
17.273
8.906
(3.141)
5.650
42
2.229
17.290
30
456
(2.259)
(593)
(2.437)
(1.473)
(498)
47.230
e) Os fundamentos e as expectativas para realizao do imposto de renda e contribuio social

diferidos esto apresentados a seguir:
Natureza
Stock option
Ajuste a valor presente
Hedge sobre imobilizado
Proviso de estoques de giro lento
Perdas estimadas por valor no recupervel
Proviso de custos e despesas
Proviso para Perda Processo Murilo Pessoa
Proviso para devedores duvidosos
Arrendamento financeiro
Fundamentos para realizao
Pelo exerccio das opes

Pela realizao fiscal da perda/ganho
Pela depreciao do bem
Pela baixa ou venda do ativo
Pela realizao da proviso
Pelo pagamento
Pelo recebimento do crdito
Pelo ajuizamento das aes e crditos vencidos
Pela realizao no prazo da depreciao linear
dos bens
Proviso para riscos tributrios, cveis e trabalhistas Pela realizao fiscal da perda ou encerramento
do processo
Proviso para realizao de crdito tributrio
Pela realizao do crdito fiscal
Derivativos NDF
Pela realizao da proviso
Proviso para descontos e cancelamentos
Pela reverso/realizao da proviso
Swap
Pela liquidao do emprstimo
Tributos com exigibilidade suspensa
Pelo pagamento ou reverso da proviso
Depreciao acelerada
Pela depreciao fiscal em 5 anos
gio GP Andaimes Sul Locadora
Pela alienao/impairment do ativo
gio Jahu
Pela alienao/impairment do ativo
Natureza
Fundamentos para realizao
Atualizao depsito judicial

Variao cambial
Prejuzo fiscal e base de clculo negativa
Pelo levantamento do depsito

Pelo pagamento do emprstimo
Pela expectativa de resultados tributveis
futuros
Pela amortizao do custo de captao
Debntures
Abaixo demonstramos a expectativa de realizao do imposto de renda e da contribuio social

diferidos para 31 de dezembro de 2015:
IR e CSLL IR e CSLL
diferidos
diferidos
ativos
passivos
2016
2017
2018
2019
2020
A partir de 2021
Total
2.694
19.251
10.181
5.806
5.693
14.817
58.442
(1.235)
(1.204)
(1.149)
(1.902)
(1.938)
(3.784)
(11.212)
22. PROVISES PARA RISCOS TRIBUTRIOS, CVEIS E TRABALHISTAS E DEPSITOS

JUDICIAIS
A Companhia parte envolvida em aes judiciais de natureza tributria, cvel e trabalhista que
foram propostas no curso normal dos negcios e, est discutindo estas questes tanto na esfera
administrativa como na judicial, as quais, quando aplicvel, so amparadas por depsitos
judiciais.
A Administrao, consubstanciada na opinio de seus consultores jurdicos externos, entende
que os encaminhamentos e providncias legais cabveis j tomados em cada situao so
suficientes para cobrir as eventuais perdas e preservar o patrimnio lquido da Companhia,
sendo reavaliadas periodicamente.
A Companhia no possui ativos contingentes contabilizados.
a) Composio das provises para riscos tributrios, cveis e trabalhistas:
Tributrios (i)
Cveis (ii)
Trabalhistas (iii)
Honorrios de xito (iv)
Honorrios de sucumbncia (v)
Total
2015
2014
4.272
2.419
6.235
2.309
1.377
16.612
4.301
787
3.978
2.660
854
12.580
Movimentao das provises para riscos tributrios, cveis e trabalhistas:
Saldo em 1 de janeiro
Constituies
Atualizaes monetrias
Reverses
Baixa
Saldo em 31 de dezembro
2015
2014
12.580
5.161
1.618
(1.607)
(1.140)
16.612
10.573
3.330
1.670
(2.380)
(613)
12.580
(i)
Refere-se, basicamente, ao mandado de segurana movido pela Companhia ao

questionamento da majorao das alquotas de PIS e COFINS (institudas pelo
regime no cumulativo destas contribuies, com o advento das Leis n 10.637/2002
e Lei n 10.833/2003). A Companhia mantm depsito judicial vinculado a proviso,
referente as diferenas de alquotas.
(ii)
A Companhia possui algumas aes movidas contra ela referentes a processos de

responsabilidade cvel e indenizaes.
(iii) A Companhia vem se defendendo em diversos processos trabalhistas. A maioria das

aes tem por objeto indenizaes por danos decorrentes de doenas ocupacionais,
pedido de horas-extras, periculosidade e equiparao salarial.
(iv) Os honorrios esto geralmente fixados em at 10% sobre o valor da causa,
garantindo aos consultores jurdicos externos, os honorrios na proporo do xito
obtido na demanda. O pagamento est condicionado ao encerramento favorvel dos
processos.
(v)
Corresponde a proviso de honorrios de sucumbncia incidentes sobre processos

judiciais, com risco provvel de desfecho desfavorvel para Companhia.
b) Composio dos depsitos judiciais:
Tributrios (i)
Trabalhistas (ii)
(i)
2015
2014
7.947
3.076
11.023
7.161
3.261
10.422
Em 31 de dezembro de 2015 a composio de depsitos judiciais de natureza

tributria totalizava R$7.947. A conciliao deste montante refere-se basicamente ao
questionamento da majorao de alquotas do PIS e da COFINS totalizando o valor
de R$3.755, como informado na nota de n 22, item a, subitem i, e, tambm, a
depsitos judiciais efetuados a favor de determinados municpios vinculados ao
entendimento de nossos assessores jurdicos no que tange a incidncia do ISS sobre
as receitas provenientes da locao de bens mveis. O saldo registrado sobre esta
rubrica monta em R$2.769. A partir de 2003, com a edio da Lei Complementar n
116 e com o suporte dos assessores jurdicos a Companhia no efetuou depsitos
judiciais desta natureza.
(ii)
Os depsitos judiciais esto vinculados a aes em que a Companhia vem se

defendendo em diversos processos trabalhistas. A maioria das aes tem por objeto
indenizaes por danos decorrentes de doenas ocupacionais, pedido de horas-extras,
periculosidade e equiparao salarial.
A Companhia tem aes de naturezas tributria, cvel e trabalhista, envolvendo riscos
de perda classificados pela administrao como possveis, com base na avaliao de
seus consultores jurdicos, para as quais no h proviso constituda, conforme
composio e estimativa a seguir:
2015
Tributrias (i)
Cveis (ii)
Trabalhista (iii)
Total
40.461
5.198
18.006
63.665
2014
31.559
5.191
15.232
51.982
(i) Tributrias (principais itens):

a) Glosa de despesas supostamente indedutveis por parte da Secretaria da Receita
Federal do Brasil, na antiga Mills Formas, computadas em razo dos contratos
firmados com diversos clientes, segundo os quais a Mills Formas era a
responsvel pela execuo dos servios que, doravante, eram executados pelos
funcionrios da antiga Mills do Brasil;
b) Exigncia da Secretaria de Fazenda do Estado do Rio de Janeiro relativa ao
ICMS e multa supostamente devidos em decorrncia da realizao de
operaes de transferncia de mercadorias, sem o recolhimento do imposto
devido;
c) No reconhecimento por parte do INSS da possibilidade de compensao dos
pagamentos realizados indevidamente a ttulo de contribuio previdenciria,
com base na sistemtica estabelecida pela Lei n 9.711/98;
d) Exigncia por parte da Secretaria da Receita Federal do Brasil de multa
supostamente devida sobre os crditos parcelados da denncia espontnea;
e) Exigncia por parte da Secretaria da Receita Federal do Brasil de supostos
dbitos de Imposto sobre o lucro lquido - ILL, julgado inconstitucional pelo
STF.
(ii) Cveis
A Companhia possui aes indenizatrias movidas contra ela referentes a processos
de indenizaes por dano moral e material.
(iii) Trabalhistas
A Companhia vem se defendendo em diversos processos trabalhistas. A maioria das
aes tem por objeto a cobrana de parcelas rescisrias, indenizao por danos
morais, integrao de prmios remunerao, reintegrao e reajustes salariais,
com os respectivos reflexos.
23. PROGRAMA DE RECUPERAO FISCAL (Refis)

Em novembro de 2009, a Companhia aderiu ao Parcelamento Especial, institudo pela Lei
n 11.941/2009 e pela Medida Provisria n 470/2009, visando equalizar e regularizar os
passivos fiscais por meio desse sistema especial de parcelamento de obrigaes fiscais e
previdencirias.
As condies gerais desse parcelamento podem ser assim resumidas:
(a) O prazo do parcelamento foi de 180 meses.
(b) Reduo de 60% dos valores relativos a multas de ofcio e de mora e 25% de reduo de
juros de mora.
(c) Foram parcelados dbitos de:
(i)
(ii)
(iii)
(iv)
PIS e COFINS (compreendidos entre os perodos de abril de 2002 a maio de 2004).

IRPJ (de dezembro de 2003, janeiro de 2004 e abril de 2004).
CSLL (de novembro de 2003, janeiro de 2004 e abril de 2004).
INSS- Contribuio adicional ao SAT.
Os valores relativos a PIS/COFINS, IRPJ e CSLL haviam sido compensados com crditos
de PIS e COFINS sobre locao (de setembro de 1993 a janeiro de 1999), referente
locao e montagem de bens prprios locados. A origem desses crditos baseava-se em
uma deciso do Supremo Tribunal Federal que no considera locao de bens mveis
como prestao de servio.
Diante da nova orientao jurisprudencial, firmada no Superior Tribunal de Justia
(1 Seo do STJ - julgamento em setembro de 2009 do Recurso Especial n 929.521), que
pacificou o entendimento acerca da incidncia da COFINS sobre as receitas auferidas com
as operaes de locao de bens mveis, a Companhia decidiu parcelar o montante
referente aos dbitos acima referidos.
A consolidao dos dbitos ocorreu em 29 de junho de 2011 conforme Portaria Conjunta
PGFN/RFB n 2/2011.
Como consequncia da adeso a esse parcelamento especial, a Companhia obriga-se ao
pagamento das parcelas sem atraso superior a trs meses, e vem realizando os pagamentos
das parcelas do REFIS, sobre a dvida consolidada em junho de 2011.
(d) Quando da etapa preliminar de consolidao dos dbitos do parcelamento, em 30 de junho

de 2010, a Companhia, decidiu incluir um dbito de INSS tendo em vista a mudana de
perspectiva de xito da demanda de provvel para remoto, segundo parecer dos consultores
jurdicos externos.
Ainda na etapa preliminar de consolidao dos dbitos do parcelamento, foram excludos

dbitos relativo a PIS e COFINS considerados como prescritos pelo consultor jurdico
externo.
(e) Ainda na etapa da consolidao de dbitos em junho de 2011, a Companhia identificou que
cinco dbitos, sendo dois referentes COFINS e trs CSLL, no haviam sido
disponibilizados no stio da Receita Federal do Brasil - RFB para fins de consolidao.
Foi requerido RFB em julho de 2011 que procedesse com a incluso destes dbitos no
programa. Em agosto de 2011 por meio da Intimao n 1360/2011 a RFB informou que o
perodo de consolidao de dbitos findou em 30 de junho de 2011 e que no havia
previso legal para a reabertura para incluso, desta forma, os dbitos estavam com sua
exigibilidade suspensa at regularizao. Os dbitos consolidveis continuaram no passivo
exigvel da Mills sendo atualizados mensalmente at a data da regularizao ocorrida em
agosto de 2015.
Saldo em 31 de
dezembro de 2014
PIS
COFINS
IRPJ
CSLL
INSS
Circulante
No Circulante
1.729
5.298
2.150
142
811
10.130
1.030
9.100
Baixas
(183)
(584)
(227)
(20)
(85)
(1.099)
Adies
238
51
289
Atualizaes
SELIC
174
556
216
20
82
1.048
Saldo em 31 de
dezembro de 2015
1.720
5.508
2.139
193
808
10.368
1.174
9.194
24. TRIBUTOS A PAGAR

2015
PIS e COFINS
INSS
ISS
Outros
2.188
61
46
392
2.687
2014
2.978
86
500
409
3.973
25. PATRIMNIO LQUIDO

a) Capital subscrito
O capital social totalmente subscrito e integralizado da Companhia, em 31 de dezembro de
2015 representado pelo valor de R$563.319 (31 de dezembro de 2014 - R$563.319)
dividido em 128.057 mil (31 de dezembro de 2014 - 128.057 mil) aes ordinrias
nominativas e sem valor nominal. A cada ao ordinria corresponder o direito a um voto
nas deliberaes de acionistas.
Conforme estatuto social, fica facultado ao Conselho de Administrao aumentar o capital
social at o limite de 200.000 mil aes.
(a.1) Aes em tesouraria
Em 10 de novembro de 2014, o Conselho de Administrao aprovou, a instituio de
um programa de recompra de aes ordinrias de emisso da prpria Companhia e
autorizou a Administrao definir a oportunidade e a quantidade de aes a serem
efetivamente adquiridas no mbito do Programa de Recompra.
O objetivo da Companhia com o programa de recompra foi adquirir at 4.000 mil de
aes de sua emisso, no prazo mximo de 365 (trezentos e sessenta e cinco) dias a
contar com da data da aprovao pelo Conselho de Administrao, para manuteno
em tesouraria e posterior cancelamento ou alienao, inclusive no mbito do
programa de opo de compra de aes da Companhia, em caso de exerccio de tais
opes.
Em 21 de maio de 2015, o Conselho de Administrao da Companhia, aprovou a
alienao de 5.434 (cinco mil, quatrocentas e trinta e quatro) aes ordinrias,
nominativas, escriturais e sem valor nominal, de emisso da prpria Companhia,
mantidas em tesouraria para atender o exerccio de opo de compras de aes, no
montante de R$39.
Em 17 de junho de 2015, o Conselho de Administrao da Companhia, aprovou a
alienao de 1.444 (Hum mil, quatrocentas e quarenta e quatro) aes ordinrias,
nominativas, escriturais e sem valor nominal, de emisso da prpria Companhia,
mantidas em tesouraria para atender o exerccio de opo de compras de aes, no
montante de R$9.
At 31 de dezembro de 2015, foram adquiridas 2.285.300 aes no valor total de

R$19.730 (no exerccio findo em 31 de dezembro 2014, haviam sido adquiridas
1.182.900 aes no valor total de R$10.985), registrados na reserva de capital. O
custo mnimo, mdio ponderado e mximo destas aes adquiridas no exerccio,
foram, respectivamente, R$5,32, R$8,65 e R$11,30.
(a.2) Emisso de aes
A emisso de aes da Companhia tem ocorrido conforme aprovao do Conselho de
Administrao em razo do exerccio por beneficirio de opes de compra de aes.
Segue abaixo a composio acionria do capital social nas datas:
Acionistas
Andres Cristian Nacht
Snow Petrel S.L.
HSBC Bank Brasil S.A.
Capital Research Global Investors
Brandes Investment Partners1
Outros Signatrios do Acordo de
Acionistas da Companhia2
Outros
2015
Quantidade
de aes
(em milhares) Porcentagem
2014
Quantidade
de aes
(em milhares) Porcentagem
14.185
17.728
6.323
6.711
11,08%
13,84%
5,00%
5,24%
15.685
17.728
6.323
6.507
-
12,25%
13,84%
5,07%
5,10%
-
13.415
69.695
128.057
10,48%
54,36%
100,00 %
11.827
69.987
128.057
9,24%
54,50%
100,00 %
1 Em 21 de setembro de 2015, passou a deter participao relevante de acordo com

informao recebida oficialmente pela Companhia e divulgada CVM.
2 Signatrios do Acordo de Acionistas da Companhia, excluindo Andres Cristian Nacht e
Snow Petrel S.L. considera a posio referente 31/12/2015, j reportada a CVM, de
acordo com a Instruo CVM n 358/02
b) Reservas de lucros
(b.1) Reserva legal
A reserva legal constituda anualmente como destinao de 5% do lucro lquido do
exerccio e no poder exceder a 20% do capital social. A reserva legal tem por fim
assegurar a integridade do capital social e somente poder ser utilizada para
compensar prejuzo e aumentar o capital.
(b.2) Reserva de expanso
A reserva de expanso tem a finalidade de assegurar recursos para financiar
aplicaes adicionais de capital fixo e circulante e a expanso das atividades sociais.
Conforme Estatuto Social da Companhia o limite mximo da reserva de expanso
de 80% do valor do capital social subscrito da Companhia.
(b.3) Reteno de lucros

Reteno de lucros refere-se a reteno do saldo remanescente de lucros acumulados,
a fim de atender ao projeto de crescimento dos negcios estabelecido em seu plano
de investimentos, conforme oramento de capital proposto pelos administradores da
Companhia, a ser deliberado na Assembleia geral em observncia ao artigo 196 da
Lei das Sociedades por Aes.
c) Reserva de capital
A reserva de capital contm os custos de transao incorridos na captao de recursos para
o capital prprio no montante de R$15.069 lquido dos impostos, referente distribuio
pblica primria de aes, reserva para prmio de opes de aes no montante de
R$45.020, referente aos planos de stock options para os empregados, valor do custo das
aes canceladas no montante de R$557 e o valor da recompra das aes em 2015 no
montante de R$19.777, alienao de aes montante de R$47, totalizando R$9.664 como
reserva de capital em 31 de dezembro de 2015 (em 31 de dezembro 2014 - R$8.785).
26. DIVIDENDOS PROPOSTOS E JUROS SOBRE CAPITAL PRPRIO
De acordo com o Estatuto Social da Companhia garantido aos acionistas um dividendo
mnimo obrigatrio correspondente a 25% do lucro lquido do exerccio, calculado nos termos
da lei das Sociedades por Aes. A Companhia pode efetuar outras distribuies, na medida em
que existirem lucros e reservas disponveis. Todas as distribuies acima mencionadas podero
ser realizadas sob a forma de dividendos ou como juros sobre capital prprio, dedutveis do
imposto de renda.
Em funo dos resultados apurados no exerccio de 2015, no houve distribuio de dividendos
nem juros sobre capital prprio. Em 31 de dezembro de 2014, foram declarados R$25.081 de
juros sobre capital prprio (R$21.810 lquido de impostos) referente a R$0,20 por ao, como
parte da remunerao distribuda no encerramento do exerccio de 2014.
Segundo o art. 9 da Lei n 9.249/1995, a pessoa jurdica poder deduzir, para efeitos da
apurao do lucro real, os juros pagos ou creditados individualmente a titular, scios ou
acionistas, a ttulo de remunerao do capital prprio, calculados sobre as contas do patrimnio
lquido e limitados variao, pro rata dia, da Taxa de Juros de Longo Prazo (TJLP). O valor
creditado pela Companhia a ttulo de juros sobre o capital prprio encontra-se dentro do limite
legal de dedutibilidade.
Lucro lquido do exerccio
Constituio da reserva legal - 5%
Base de clculo dos dividendos
Dividendos mnimos obrigatrios - 25% (lquido dos impostos)
Juros sobre capital prprio propostos para pagamento no exerccio
seguinte
Imposto de renda retido na fonte - 15% (*)
Juros sobre capital prprio lquido propostos para pagamento no
exerccio seguinte
Dividendos mnimos obrigatrios para pagamento
no exerccio seguinte
2014
64.268
(3.213)
61.055
15.264
25.081
(3.271)
21.810
-
Total dividendos lquidos propostos para pagamento

Total dividendos brutos de IR propostos para pagamento
Percentagem dividendos bruto de IR do exerccio sobre o lucro lquido do
exerccio
2014
21.810
25.081
39,03%
(*) Alquota de 15%, descontando o IRRF dos acionistas isentos.
O valor registrado no passivo circulante em 31 de dezembro de 2014 de R$21.810, liquidado

nos dias 05 e 06 de maio de 2015.
27. LUCRO POR AO
a)
Bsico
O lucro bsico por ao calculado mediante a diviso do lucro atribuvel aos acionistas
da sociedade, pela quantidade mdia ponderada de aes ordinrias emitidas durante o
exerccio.
2015
Lucro (prejuzo) atribuvel aos acionistas da sociedade
Quantidade mdia ponderada de aes
ordinrias emitidas (milhares)
Lucro (prejuzo) bsico por ao
2014
(97.801)
64.268
126.686
(0,77)
127.818
0,50
b) Diludo
O lucro (prejuzo) diludo por ao calculado mediante o ajuste da quantidade mdia
ponderada de aes ordinrias em circulao, para presumir a converso de todas as aes
ordinrias potenciais diludas. A sociedade tem uma categoria de aes ordinrias
potenciais diludas: opes de compra de aes. Para as opes de compra de aes, feito
um clculo para determinar a quantidade de aes que poderiam ter sido adquiridas pelo
valor justo (determinado como o preo mdio anual de mercado da ao da sociedade),
com base no valor monetrio dos direitos de subscrio vinculados s opes de compra de
aes em circulao. A quantidade de aes calculadas conforme descrito anteriormente
comparada com a quantidade de aes emitidas, pressupondo-se o exerccio das opes de
compra das aes.
Lucro (prejuzo) lquido usado para determinar
o lucro (prejuzo) diludo por ao
Quantidade mdia ponderada de aes das (milhares)
ordinrias emitidas (milhares)
Ajustes de:
Opes de compra de aes* (milhares)
Quantidade mdia ponderada de aes ordinrias para lucro
diludo por ao (milhares)
Lucro (prejuzo) diludo por ao
2015
2014
(97.801)
64.268
126.686
127.818
406
126.686
(0,77)
128.224
0,50
(*) O efeito zero em 31 de dezembro de 2015, por conta das aes ordinrias potenciais
antidiluidoras.
28. RECEITA LIQUIDA DE LOCAO, VENDAS E SERVIOS

A informao de receita operacional lquida de vendas e servios demonstrada abaixo se refere
somente natureza da receita por tipo de servio:
2015
Locao
Vendas
Assistncia tcnica
Indenizaes e recuperao
Total receita bruta
Impostos sobre vendas e servios
Cancelamentos e descontos
Total receita lquida
2014
608.142
869.782
51.826
69.836
16.502
15.302
58.199
94.454
734.669 1.049.374
(56.778) (83.496)
(101.785) (171.712)
576.106 794.166
29. CUSTO DOS PRODUTOS VENDIDOS E SERVIOS PRESTADOS E DESPESAS

GERAIS E ADMINISTRATIVAS (POR NATUREZA)
Os custos referem-se principalmente s despesas de pessoal e encargos sociais e
previdencirios, aos equipamentos sublocados de terceiros, quando o estoque da Mills
insuficiente para atender demanda, aos fretes de transporte de equipamento entre filias e
eventualmente para os clientes, e s despesas com materiais consumidos nas obras, desde
equipamentos de proteo individual (EPIs) at madeira, tintas e isolantes trmicos.
As despesas gerais e administrativas referem-se a gesto de cada contrato da Companhia,
compreendendo as equipes de projetos e de engenheiros da rea comercial, que correspondem,
substancialmente, a salrios, encargos e benefcios, sendo as demais referentes a despesas com
viagens, representaes e comunicao, bem como as despesas das reas administrativas.
Natureza
Pessoal
Terceiros
Frete
Material construo/
manuteno e reparo
Aluguel de equipamentos
e outros
Viagem
Custo das mercadorias
vendidas
Depreciao e amortizao
Baixa de ativos
Proviso para devedores-PDD
Plano de aes
Provises
Proviso por perdas estimadas por
valor no recupervel
Outros
2015
Despesas
Custos
gerais e
direto obras administrativas
e locao
e outras
(74.203)
(97.628)
(4.914)
(20.500)
(12.093)
(3.315)
Total
(171.831)
(25.414)
(15.408)
2014
Despesas
Custos
gerais e
direto obras administrativas
e locao
e outras
(63.031)
(113.336)
(6.549)
(28.198)
(16.260)
(620)
Total
(176.367)
(34.747)
(16.880)
(42.326)
(5.846)
(48.172)
(44.492)
(7.003)
(51.495)
(5.829)
(2.362)
(19.548)
(6.433)
(25.377)
(8.795)
(5.333)
(3.769)
(18.241)
(10.549)
(23.574)
(14.318)
(34.684)
(151.915)
(12.833)
-
(17.726)
(38.230)
(9.624)
(4.353)
(34.684)
(169.641)
(12.833)
(38.230)
(9.624)
(4.353)
(53.153)
(152.874)
(13.733)
-
(15.385)
(42.301)
(9.539)
(2.485)
(53.153)
(168.259)
(13.733)
(42.301)
(9.539)
(2.485)
(2.620)
(343.779)
(57.110)
(17.592)
(297.905)
(57.110)
(20.212)
(641.684)
(3.186)
(362.380)
(26.191)
(273.848)
(29.377)
(636.228)
30. OUTRAS DESPESAS OPERACIONAIS

A Companhia registrou proviso por perdas estimadas por valor no recupervel, conforme
quadro demonstrativo abaixo:
2015
Unidade de Negcio Construo - gio
Investimento na Rohr
30.918
26.192
57.110
Os valores recuperveis desses ativos foram determinados com base em projees econmicas,
descritas nas notas 13 e 15.
31. RECEITAS E DESPESAS FINANCEIRAS
a)
Receita de dividendos (investimento Rohr)
Receitas de juros
Receitas de aplicao financeira
Descontos obtidos
Variao cambial e monetria ativa
Swap
Outras
2015
2014
1.818
8.556
22.877
248
3.296
116
36.911
1.818
9.187
11.721
107
1.088
1.166
64
25.151
2015
2014
b) Despesas financeiras
Juros de emprstimos
Variao cambial e monetria passiva
Juros de arrendamento financeiro
Juros - Debntures
Comisses e tarifas bancrias
Outras
(2.380)
(2.567)
(87.607)
(2.547)
(4.950)
(100.051)
(8.357)
(7.841)
(463)
(70.346)
(1.087)
(4.659)
(92.753)
32. RESULTADO POR SEGMENTO DE NEGCIO

As informaes por segmento operacional esto sendo apresentadas de acordo com CPC 22Informaes por segmento (IFRS 8).
Os segmentos reportveis da Companhia so unidades de negcios que oferecem diferentes
produtos e servios, so gerenciados separadamente, pois cada negcio exige diferentes
tecnologias e estratgias de mercado. As principais informaes utilizadas pela Administrao
para avaliao do desempenho de cada segmento so: total do ativo imobilizado, pois este que
gera a receita da Companhia e lucro lquido de cada segmento para avaliao do retorno desses
investimentos. As informaes sobre os passivos por segmento no esto sendo reportadas por
no serem utilizadas pelos administradores na gesto dos segmentos. A Administrao no
utiliza anlises por rea geogrfica para gesto de seus negcios.
Os segmentos da Companhia possuem atividades completamente distintas, conforme descrito

abaixo, logo seus ativos so especficos para cada segmento. Os ativos foram alocados em cada
segmento reportvel de acordo com a natureza de cada item.
Em 28 de setembro de 2015, a Companhia visando a obter ganhos de sinergia e maior
produtividade, consolidou a gesto comercial das unidades de negcio Infraestrutura e
Edificaes. O resultado dessa consolidao foi criao da nova unidade de negcio
Construo. A partir desta data, as informaes por segmento passaram a ser apresentadas
seguindo esta nova estrutura, inclusive em relao s informaes comparativas relativas ao
mesmo perodo de 2014, as quais esto sendo reapresentadas
Unidade de Negcio Construo
A unidade de negcio Construo atua no mercado de grandes obras e no fornecimento de
formas, escoramentos, equipamentos de acesso no mecanizado, plataformas cremalheiras e
andaimes, sendo este fornecimento destinado ao segmento de construes residenciais e
comerciais, dispondo da mais alta tecnologia em sistemas de formas, escoramentos e
equipamentos especiais para execuo de obras da construo civil, alm de possuir o maior
portflio de produtos e servios com solues customizadas, que atendem s necessidades
especficas de cada projeto e geram eficincia e reduo de custo. Com presena em vrios
estados, conta com uma equipe de engenheiros e tcnicos especializados que exercem papel
consultivo e de apoio ao cumprimento dos cronogramas, otimizao de custos e segurana,
fornecendo orientao tcnica e auxiliando no planejamento de obras, no detalhamento de
projetos e na superviso de montagem.
Unidade de Negcio Rental
A unidade de negcio Rental atua no mercado de locao e venda de plataformas areas e
manipuladores telescpicos para trabalhos em altura em todos os segmentos do mercado da
construo, comrcio e indstria. Assegurando produtividade, rentabilidade e segurana e
dispe da mais avanada linha de produtos para elevao de pessoas e cargas e oferece aos seus
clientes treinamento de operao certificado pela IPAF (autoridade mundial de acesso areo).
Sua presena em diversas cidades brasileiras refora no s a agilidade do seu atendimento
comercial como amplia o suporte tcnico com profissionais certificados.
As polticas contbeis dos segmentos operacionais so as mesmas que aquelas descritas no
resumo das polticas contbeis significativas. A Companhia avalia o desempenho por segmento
com base no lucro ou no prejuzo das operaes antes dos tributos sobre o lucro, alm de outros
indicadores operacionais e financeiros.
.
Demonstrao do resultado por segmento de negcio
Receita lquida
(-) Custos
(-) Despesas
(-) Proviso para devedores duvidosos
(-) Depreciao e amortizao
Lucro (Prejuzo) antes do resultado financeiro
Receita financeira
Despesa financeira
Lucro (Prejuzo) antes do IRPJ/CSL
(-) IRPJ/CSL
Lucro (Prejuzo) lquido
Construo
2015
2014
2015
Rental
2014
282.953 423.357
(106.833) (117.836)
(149.156) (142.232)
(25.633) (24.267)
(88.917) (87.349)
(87.586)
51.673
15.519
10.162
(51.772) (50.414)
(123.839)
11.421
29.745
(3.296)
(94.094)
8.125
293.153
(85.029)
(62.781)
(12.763)
(80.724)
51.856
13.780
(47.692)
17.944
(4.310)
13.634
Outros(*)
2015
2014
370.809
(91.670)
(64.443)
(18.025)
(80.910)
115.761
8.750
(41.885)
82.626
(23.843)
58.783
(30.014)
166
(29.848)
7.612
(587)
(22.823)
5.482
(17.341)
(9.487)
(9)
(9.496)
6.239
(454)
(3.711)
1.071
(2.640)
Total
2015
2014
576.106
(191.862)
(241.951)
(38.230)
(169.641)
(65.578)
36.911
(100.051)
(128.718)
30.917
(97.801)
794.166
(209.506)
(216.162)
(42.301)
(168.259)
157.938
25.151
(92.753)
90.336
(26.068)
64.268
(*) Trata-se de operaes remanescentes da antiga Unidade de Negcio Servios Industriais, bem como a proviso para reduo ao valor recupervel do investimento na Rohr.
Ativo por segmento de negcio

Construo
2015
2014
Imobilizado
Custo de aquisio
(-) Depreciao acumulada
Outros ativos
Ativo total
860.592
(353.541)
507.051
299.324
806.375
898.005
(305.287)
592.718
358.786
951.504
Rental
Outros
2015
2014
733.474
(236.458)
497.016
231.880
728.896
818.791
(211.361)
607.430
191.328
798.758
Total
2015
2015
102.686
102.686
142.461
142.461
2015
2014
1.594.066
(589.999)
1.004.067
633.890
1.637.957
1.716.796
(516.648)
1.200.148
692.575
1.892.723
33. INSTRUMENTOS FINANCEIROS

33.1. Categoria de instrumentos financeiros
A classificao dos instrumentos financeiros, por categoria, pode ser resumida conforme
tabela a seguir:
Valor contbil
2015
2014
Emprstimos e recebveis:
Contas a receber de clientes
Depsitos Judiciais
Passivos financeiros mensurados pelo custo amortizado
Debntures
Contas a pagar a fornecedores
Ativos financeiros ao valor justo
Derivativos - NDF
Derivativos - Swap
Instrumentos financeiros patrimoniais
Planos de opes de aes
232.011
193.659
99.719
11.023
158.191
10.422
15.116
605.719
6.844
64.527
680.857
16.510
26
1.166
45.020
35.396
33.2. Valor justo dos instrumentos financeiros

Diversas polticas e divulgaes contbeis da Companhia exigem a determinao do valor
justo, tanto para os ativos e passivos financeiros como para os no financeiros. Os valores
justos tm sido apurados para propsitos de mensurao e/ou divulgao baseados nos
mtodos abaixo. Quando aplicvel, as informaes adicionais sobre as premissas
utilizadas na apurao dos valores justos so divulgadas nas notas especficas quele
ativo ou passivo.
A Companhia aplica CPC 40/IFRS 7 para instrumentos financeiros mensurados no
balano patrimonial pelo valor justo, o que requer divulgao das mensuraes do valor
justo pelo nvel da seguinte hierarquia de mensurao pelo valor justo:
Preos cotados (no ajustados) em mercados ativos para ativos e passivos idnticos
(nvel 1).
Informaes, alm dos preos cotados, includas no nvel 1 que so adotadas pelo
mercado para o ativo ou passivo, seja diretamente (ou seja, como preos) ou
indiretamente (ou seja, derivados dos preos) (nvel 2).
A Companhia no possui instrumentos financeiros mensurados pelo valor justo que sejam
classificados no nvel 3, ou seja, obtidas por meio de tcnicas de avaliao que incluem
variveis para o ativo ou passivo, mas que no tm como base os dados observveis de
mercado.
A tabela abaixo apresenta os ativos e passivos da Companhia mensurados pelo valor justo
em 31 de dezembro de 2015 e de 2014.
Saldos Nvel 2
2015
2014
Ativos
Derivativos usados para hedge
Derivativos usados para emprstimos - Swap
Total do Ativo
(a)
26
1.166
1.192
Valor justo
Equivalentes de caixa so representados por aplicaes financeiras junto a
instituies financeiras de primeira linha e so indexados variao dos
Certificados de Depsitos Interfinanceiros - CDI. Considerando que a taxa de CDI
j reflete a posio do mercado interbancrio, pressupe-se que o valor das
aplicaes esteja prximo de seus valores justos.
(b)
Valor justo do contas a receber e dos fornecedores

O valor justo de contas a receber e outros crditos, estimado como o valor
presente de fluxos de caixa futuros, descontado pela taxa de mercado dos juros
apurados na data de apresentao do balano patrimonial.
O valor justo dos valores a receber de clientes e dos valores a pagar para
fornecedores, considerando como critrio de clculo a metodologia do fluxo de
caixa descontado, so substancialmente similares aos respectivos valores contbeis.
(c)
Valor justo dos emprstimos e financiamentos

O valor justo, que determinado para fins de divulgao, calculado baseando-se
no valor presente do principal e fluxos de caixa futuros, descontados pela taxa de
mercado dos juros apurados na data de apresentao das demonstraes financeiras.
Para arrendamentos financeiros, a taxa de juros apurada por referncia a contratos
de arrendamento semelhantes.
No foi calculado o valor justo dos emprstimos via BNDES, pois essa modalidade
de financiamento no possui clculo de valor justo observvel, em funo do
BNDES praticar taxas diferenciadas por empresas tomadoras de emprstimos.
Emprstimos, financiamentos e debntures
Dvida
Capital de giro
1 Emisso de Debntures
2 Emisso de Debntures:
1 Srie
2 Srie
3 Emisso de Debntures
Indicador
Valor justo
2015
2014
Valor contbil
2015
2014
CDI
CDI
- 43.030
87.898 185.839
92.751
45.860
184.412
CDI
IPCA
CDI
144.426 167.397
121.736 122.726
151.410 208.291
169.629
142.277
202.527
168.121
128.747
201.984
(d)
Valor justo das opes de compra de aes

O valor justo das opes de compra das aes de empregados e os direitos sobre
valorizao de aes so mensurados, utilizando-se o modelo Black-Scholes.
Variaes de mensurao incluem preo das aes na data de mensurao, o preo
de exerccio do instrumento, a volatilidade esperada (baseada na mdia ponderada
volatilidade histrica, ajustada para mudanas esperadas devido informao
disponvel publicamente), a vida mdia ponderada dos instrumentos (baseada na
experincia histrica e no comportamento geral do titular de opo), dividendos
esperados e taxa de juros livres de risco (baseada em ttulos pblicos). Condies
de servio e condies de desempenho fora de mercado inerentes s transaes no
so levadas em conta na apurao do valor justo.
(e)
Derivativos
O valor justo de contratos de cmbio a termo calculado pelo valor presente, por
meio da utilizao de taxas de mercado, que so auferidos nas datas de cada
apurao.
O valor justo de contratos de swaps de taxas de juros baseado nas cotaes de
corretoras. Essas cotaes so testadas quanto razoabilidade atravs do desconto
de fluxos de caixa futuros estimados baseando-se nas condies e vencimento de
cada contrato e utilizando-se taxas de juros de mercado para um instrumento
semelhante apurado na data de mensurao. Os valores justos refletem o risco de
crdito do instrumento e incluem ajustes para considerar o risco de crdito da
entidade e contraparte quando apropriado.
33.3. Instrumentos financeiros derivativos

(a)
Poltica de contratao de derivativos

Com o objetivo de proteger o patrimnio exposio de compromissos assumidos
em moeda estrangeira, a Companhia desenvolveu sua estratgia para mitigar tal
risco de mercado. A estratgia, quando aplicada, realizada para reduzir a
volatilidade do fluxo de caixa desejvel, ou seja, a manuteno do desembolso do
recurso planejado.
A Mills acredita que o gerenciamento de tais riscos primordial para apoiar sua
estratgia de crescimento sem que possveis perdas financeiras reduzam o seu
resultado operacional, visto que, a Companhia no almeja obter ganhos financeiros
atravs do uso de derivativos. A gesto dos riscos em moeda estrangeira feita pela
Gerncia e Diretoria Financeiras, que avaliam as possveis exposies a riscos e
estabelecem diretrizes para medir, monitorar e gerenciar o risco relacionado s
atividades da Companhia.
Com base neste objetivo, a Companhia contrata operaes de derivativos,
normalmente swaps e NDF (Non Deliverable Forwards), com instituies
financeiras de primeira linha (rating de risco de crdito brAAA - escala nacional,
Standard & Poors ou similar), para garantir o valor comercial acordado no
momento do pedido do bem a ser importado.
Da mesma forma, contratos de swaps ou NDFs, devem ser contratados, para

garantir o fluxo de pagamentos (amortizao de principal e juros) de
financiamentos em moeda estrangeira. Conforme o estatuto da Companhia,
qualquer contrato ou assuno de obrigao cujo montante exceda R$10.000 (dez
milhes de reais) deve ser aprovado pelo Conselho de Administrao, salvo se
previsto no Plano de Negcios. Para valores inferiores a R$100 (cem mil reais),
com prazo inferior a 90 dias, no se faz necessrio a contratao de operaes de
hedge. Os demais compromissos devem ser protegidos contra a exposio cambial.
As operaes de swaps e NDFs so realizadas para converter para reais os
compromissos financeiros futuros em moeda estrangeira. No momento da
contratao dessas operaes a Companhia minimiza o risco cambial igualando
tanto o valor do compromisso quanto o perodo de exposio. O custo da
contratao do derivativo est atrelado taxa de juros, normalmente ao percentual
do CDI (certificado de deposito interbancrio). Os swaps e NDFs com vencimento
inferior ou posterior ao vencimento final dos compromissos podem, ao longo do
tempo, serem renegociados de forma que seus vencimentos finais se igualem - ou se
aproximem - do vencimento final do compromisso. Sendo assim, na data de
liquidao, o resultado do swap e do NDF podero compensar parte do impacto da
variao cambial da moeda estrangeira frente ao real, contribuindo para estabilizar
o fluxo de caixa.
Por se tratarem de derivativos, o calculo da posio mensal feito conforme a
metodologia do valor justo, e so avaliados calculando o seu valor presente por
meio da utilizao de taxas de mercado que so impactadas nas datas de cada
apurao. Essa metodologia, amplamente empregada, pode apresentar distores
mensais em relao curva do derivativo contratado, entretanto, a Companhia
acredita que essa metodologia a melhor a ser aplicada, pois mensura o risco
financeiro caso seja necessrio a liquidao antecipada do derivativo.
O monitoramento dos compromissos assumidos e a avaliao mensal do valor justo
dos derivativos permitem acompanhar os resultados financeiros e o impacto no
fluxo de caixa, bem como, garantir que os objetivos inicialmente planejados sejam
atingidos. O clculo do valor justo das posies disponibilizado mensalmente para
o acompanhamento gerencial.
Os instrumentos derivativos so contratados pela Companhia para determinadas
importaes de equipamentos, no intervalo entre a colocao dos pedidos e a
correspondente nacionalizao, contra riscos de flutuao na taxa de cmbio, os
quais no so utilizados para fins especulativos.
(b)
A tabela a seguir mostra detalhes dos contratos futuros de moedas em aberto no fim
do perodo do relatrio:
Contratos em aberto
Hedge de fluxo de caixa
Menos de trs meses
Total
Taxa de cmbio mdia

31/12/2015
31/12/2014
-
2,61
Moeda estrangeira
31/12/2015
31/12/2014
US$ mil
499
499
Valor nacional
31/12/2015
31/12/2014
R$ mil
1.299
1.299
Valor justo
31/12/2015
31/12/2014
R$ mil
26
26
(c)
Swap
A operao, na modalidade de swap cambial, contratada pela Companhia, visava a
proteo contra a exposio do emprstimo de US$16,9 milhes (vide nota 17)
variao cambial. O swap cambial para essa operao consistiu na troca dos
encargos de variao cambial mais juros de 2,31% a.a. por CDI acrescido de 0,29%
a.a. Em janeiro de 2015, a Companhia pagou o valor justo apurado de R$43 nesta
operao (at 31 de dezembro de 2014 - R$1.166 a receber).
(d)
Metodologia de clculo do valor justo dos derivativos

So avaliados pelo valor presente, taxa de mercado, na data-base do fluxo futuro
apurado pela aplicao das taxas contratuais at o vencimento.
(e)
Metodologia de clculo da efetividade dos hedges

As operaes de hedge da Companhia so realizadas com o intuito de buscar
proteo contra as oscilaes da moeda estrangeira de suas importaes de
mquinas e equipamentos. Tais operaes so classificadas como hedge
accounting.
A Companhia comprova a efetividade desses instrumentos com base na
metodologia "Dollar offset", que comumente utilizada por participantes do
mercado de derivativos. Tal metodologia consiste em comparar o valor presente,
lquido de exposies futuras em moeda estrangeira, de compromissos assumidos
pela Companhia, com derivativos contratados para tal proteo cambial.
No exerccio findo em 31 de dezembro de 2015, no houve ineficincia
reconhecida no resultado decorrente das operaes de hedge da Companhia.
(f)
Ganhos e perdas no perodo

Haja vista o fato de que a Companhia comprova a efetividade das operaes de
hedge accounting realizadas, as perdas e os ganhos verificados nessas operaes de
derivativos so reconhecidas em contrapartida dos bens hedgeados (ativo
imobilizado) como parte do custo inicial do bem no mesmo momento da
contabilizao do ativo. No exerccio findo em 31 de dezembro de 2015, o
montante de R$244 (em 31 de dezembro de 2014, R$1.175) foi transferido do
patrimnio lquido e deduzido no custo inicial dos equipamentos. Em 31 de
dezembro de 2015, no havia ganhos ou perdas no realizadas em derivativos
usados com hedge.
A proviso para as perdas no realizadas reconhecida na conta de outros passivos,
no balano patrimonial, em contrapartida da conta de ajuste de avaliao
patrimonial no patrimnio lquido.
(g)
Derivativos embutidos
Todos os contratos com possveis clusulas de instrumentos derivativos ou ttulos e
valores mobilirios a serem realizados so avaliados pela Gerncia Financeira em
conjunto com a equipe jurdica, antes das assinaturas, para que haja orientao a
respeito da realizao eventual dos testes de efetividade, estabelecimento da
poltica contbil a ser adotada e da metodologia para clculo do valor justo.
A Companhia atualmente no detm contratos com derivativos embutidos em
aberto.
(h)
Valor e tipo de margens dadas em garantia

As operaes existentes de derivativos de moeda estrangeira no exigem depsito
de margem de garantia.
34. SEGUROS
A Companhia mantm poltica de monitoramento dos riscos inerentes s suas operaes. Por
conta disso, contrata seguros, cuja natureza e cobertura esto indicados a seguir at 31 de
dezembro de 2015.
Natureza dos seguros

Equipamentos Rental
Patrimonial
Responsabilidade civil
Responsabilidade civil de administradores
Riscos ambientais
Veculos
Importncias
seguradas
(em milhares de reais)
1.168.728
263.913
40.000
80.000
5.000
702
35. TRANSAES NO ENVOLVENDO CAIXA

Em 7 de agosto de 2015, a Companhia celebrou contrato de exportao para venda de
equipamentos da Unidade de Negcio Rental e, por conta desse evento, transferiu R$24.656 ao
longo de 2015 do ativo imobilizado para estoque - outros ativos mantidos para venda.
At 31 de dezembro de 2015, a Companhia efetuou baixas de ttulos vencidos at 5 anos, no
valor total de R$1.496, que no esto refletidos na demonstrao dos fluxos de caixa.
Em 31 de dezembro de 2015, a Companhia registrou perdas estimadas por valor no
recupervel na Unidade de Negcio Construo no montante de R$30.918 e no investimento da
Rohr no montante de R$26.192.
36. EVENTOS SUBSEQUENTES

O Conselho de Administrao da Companhia, em 5 de fevereiro de 2016, aprovou por
unanimidade de votos e sem quaisquer ressalvas ou restries, exceo do membro que se
declarou impedido, o aumento do capital social da Companhia, dentro do limite do capital
autorizado, com possibilidade de homologao parcial, por meio da emisso, para subscrio
privada, de novas aes ordinrias de emisso da Companhia, de acordo com os termos e
condies a seguir indicados:
Valor do Aumento de Capital: no mnimo, R$105.435.311,36 (cento e cinco milhes

quatrocentos e trinta e cinco mil trezentos e onze reais e trinta e seis centavos) e, no
mximo, R$124.999.999,71 (cento e vinte e quatro milhes novecentos e noventa e nove mil
novecentos e noventa e nove reais e setenta e um centavos), mediante a emisso privada de,
no mnimo, 40.089.472 (quarenta milhes oitenta e nove mil, quatrocentas e setenta e duas)
e, no mximo, 47.528.517 (quarenta e sete milhes quinhentas e vinte e oito mil quinhentas
e dezessete) aes ordinrias, nominativas e sem valor nominal.
Preo de Emisso: R$2,63 (dois reais e sessenta e trs centavos) por ao. O preo de
emisso por ao foi fixado sem diluio injustificada para os atuais acionistas da
Companhia, nos termos do artigo 170, pargrafo 1, inciso III, da Lei das Sociedades por
Aes, com base nas cotaes das aes de emisso da Companhia na bolsa de valores,
considerando-se o preo mdio (mdia das cotaes de fechamento dirias ponderada pelo
volume de negociao) das aes da Companhia na BM&FBovespa S.A. - Bolsa de Valores,
Mercadorias e Futuros nos preges realizados entre realizados entre 27 de novembro de
2015 (inclusive) e 4 de fevereiro de 2016 (inclusive), critrio este que, no entendimento do
Conselho de Administrao, melhor se adapta atual realidade da Companhia.
Objetivos do Aumento de Capital: O Aumento de Capital tem como objetivos (a) fortalecer
a estrutura de capital da Companhia, reforando o seu caixa para fazer frente a necessidades
de capital de mdio e longo prazo para o desenvolvimento de suas atividades; (b) fortalecer
os nveis de liquidez da Companhia e reduzir suas margens de endividamento; e (c) permitir
que a Companhia aproveite oportunidades de consolidao de mercado que possam surgir
no mdio prazo.
Houve recebimentos relativos ao aumento de capital ora divulgado na data de 5 de fevereiro

de 2016 dos seguintes acionistas nas datas de 24 e 25 de fevereiro de 2016.
Quantidade de aes Valor das novas aes
(em milhares)
(em R$ Mil)
Acionistas
Acionistas controladores
15.209
As aes descritas acima, at a presente data, no foram subscritas.
39.999
(Convenience Translation into English from the

Original Previously Issued in Portuguese)
Mills Estruturas e Servios

de Engenharia S.A.
Financial Statements for the Year Ended
December 31, 2015 and
Independent Auditor's Report
Deloitte Touche Tohmatsu Auditores Independentes
Deloitte Touche Tohmatsu

Av. Presidente Wilson, 231 22
Rio de Janeiro RJ 20030-905
Brasil
(Convenience Translation into English from the Original Previously

Issued in Portuguese)
Tel: + 55 (21) 3981-0500

Fax:+ 55 (21) 3981-0600
www.deloitte.com.br
INDEPENDENT AUDITORS REPORT

To the Board of Directors and Shareholders of
Rio de Janeiro - RJ
We have audited the accompanying financial statements of Mills Estruturas e Servios de
Engenharia S.A. (Company), which comprise the balance sheet as at December 31, 2015, and the
income statement, statement of comprehensive income, statement of changes in equity and
statement of cash flows for the year then ended, and a summary of significant accounting policies
and other explanatory information.
Managements Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting practices adopted in Brazil and in accordance with International
Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board IASB, and for such internal control as management determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit,
conducted in accordance with Brazilian and International Standards on Auditing. Those standards
require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditors judgment,
including the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor considers internal control
relevant to the Companys preparation and fair presentation of the financial statements in order to
design audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Companys internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position
of Mills Estruturas e Servios de Engenharia S.A. as at December 31, 2015, and its 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), as issued by the
International Accounting Standards Board (IASB).
Emphasis of Matter
Restatement of the corresponding values related to the year ended December 31, 2014
As mentioned in note 2.4, due to the reclassifications described in the mentioned note, the
corresponding values related to the statement of cash flows for the year ended December 31, 2014,
presented for comparative purposes, have been adjusted and restated as required by CPC 23 / IAS 8
Accounting Policies, Changes in Accounting Estimates and Errors and CPC 26 (R1) / IAS 1 Presentation of Financial Statements. Our conclusion is not modified due to this subject.
Other Matters
Statement of Value Added
We have also audited the statement of value added (DVA), for the year ended December 31,
2015, prepared under the responsibility of the Companys management, the presentation of which is
required by the Brazilian Corporate Law for publicly-traded companies, and as supplemental
information for IFRS that does not require a presentation of DVA. This statement was subject to the
same auditing procedures described above and, in our opinion, is fairly presented, in all material
respects, in relation to the financial statements taken as a whole.
The accompanying financial statements have been translated into English for the convenience of
readers outside Brazil.
Rio de Janeiro, March 9, 2016
DELOITTE TOUCHE TOHMATSU

Fernando de Souza Leite

Engagement Partner
MILLS ESTRUTURAS E SERVIOS DE ENGENHARIA S.A

CNPJ/MF No. 27.093.558/0001-15
NIRE No. 33.3.0028974-7
MINUTES OF THE MEETING OF THE AUDIT COMMITTEE
HELD ON MARCH 9th, 2016
A PUBLICLY HELD COMPANY
EXHIBIT I
OPINION OF THE AUDIT COMMITTEE
The Audit Committee of Mills Estruturas e Servios de Engenharia S.A. ("Company"), in
the exercise of its legal and statutory functions, in a meeting held on March 9th, 2016,
examined the Management Report, the Financial Statements and the Explanatory Notes of
the Company for the fiscal year ended on December 31, 2015, and based on the
examinations performed and the opinion, without any restriction, of the Independent
Auditors, on March, 9th, 2016, according to above mencioned Financial Statements, as well
as the information and clarification provided by the representatives of the Company, during
the fiscal year ended on December 31, 2015, decided, unanimously, opine in favor of the
documents mentioned above, without any restrictions, recommending its remittance to the
Annual Shareholders' Meeting for appropriate legal purposes.
Rio de Janeiro, March 9 th, 2016.
Members of the Audit Committee in attendance:
Daniel Oliveira Branco
Silva
Eduardo Botelho
Kiralyhegy
Helio Carlos de Lamare

Cox
BOARD OF EXECUTIVE OFFICERS STATEMENT ON MILLS FINANCIAL

STATEMENTS
Pursuant to section VI of article 25 of CVM Instruction 480, of December 7, 2009, the Board
declares that has reviewed, discussed and agreed with the company's financial statements for the
year of 2015.
Rio de Janeiro March 9, 2016.
BOARD OF EXECUTIVE OFFICERS STATEMENT ABOUT THE OPINION OF THE

INDEPENDENT AUDITOR
Pursuant to section VI of article 25 of CVM Instruction 480, of December 7, 2009, the Board
declares that has reviewed, discussed and agreed with the Independent Auditors ' report on the
company's financial statements for the financial year 2015.
Rio de Janeiro March 9, 2016.
Management Report 2015

Message from the CEO
2015 was full of uncertainties in the economic and political scenario, affecting directly on the markets that we operate, negatively
impacting our utilization rate, pricing and margins. Due to this scenario, we have revisited our organizational structure and made all
actions in order to turn the Company leaner, more agile and structured for this new environment.
During the year of 2015, we implemented several measures for Mills to be prepared to overcome the obstacles that will arise in the
coming years, in a recessive environment that can get worse. We realized several movements for horizontalizing the Company in
many different departments that have synergy, which ended in a consolidation of departments, in addition to this, improving
productivity and obtaining operational gains and cost reduction. Therefore, Heavy Construction and Real Estate commercial
management have been brought together in a single business unit.; Engineering and operational Officers functions were also
consolidated, and the Investor Relations department was integrated with the Finance department. Those changes reduced
Company's hierarchy tiers and allows a greater team integration . In order to support the organizational changes and consistently
sustain the integration, providing the necessary orientation to our employees, we hired a Human Resources executive.
Our focus is cash generation, through the sale of assets not considered strategic for the Company, cost reduction, cutting expenses
and investments. This year we have reduced all CAPEX substantially in equipment rental and corporate goods, by 85.8% when
compared to the previous year, and do not foresee any CAPEX in 2016, given the high idle of our business units.
We did also other actions with the objective of reducing costs and expenses, increasing our profitability as a result. Which include
reduction of our backoffice staff, renegotiation of the lease agreements for our depots, and shutting down five Construction
branches and three Rental branches . In 2015, we closed our Guarulhos branch. In October, we moved our head office from Barra
da Tijuca to our address in Jacarepagu, where our warehouse is located
In an extremely challenging year such as 2015, we took the necessary actions to face this adverse scenario. Therefore, we are
confident that we ended 2015 better structured than we began it. And if 2016 brings us new challenges, we are better prepared to
face them from Company's internal perspective.
Sergio Kariya, Mills CEO
Financial Performance1
Mills Estruturas e Servios de Engenharia S.A. (Mills) presented net revenues of R$ 576.1 million in 2015, a 27.5% reduction year2
over-year (yoy). Cash generation, as measured by EBITDA , reached R$ 164.8 million, excluding the impairment of R$ 30.9 million
recognized in the Construction business unit. Excluding the non-recurring items, such as restructuring costs of R$ 8.6 million, ADD
related to customers involved in ongoing federal investigations in the total amount of R$ 12.9 million, and expenses related to
branch relocation/closing of R$ 0.4 million, EBITDA would be R$ 186.7 million, 46.7% lower than 2014, and net loss totaled R$ 97.8
million. The EBITDA margin was 28.6%, or 32.4% excluding non-recurring costs, against 42.3% in the previous year, while return on
invested capital (ROIC) reached -2.9% in 2015, against 6,6% in 2014.
1
The financial and operational information presented in this release, except when otherwise indicated, is in accordance with accounting policies adopted in
Brazil, which are in accordance with international accounting standards (International Financial Reporting Standards - IFRS).
2
EBITDA as sum of the business units Construction and Rental
Non-recurring items
In R$ Million
2014
2015
EBITDA
326.2
104.1
0.0
57.1
14.6
0.0
Restructuring
0.0
9.0
ADD related to the effects of ongoing investigations
0.0
12.9
Expenses related to the Industrial Services business unit sold in 2013
9.5
3.7
350.2
186.7
Impairment in the Construction business unit and Investment in Rohr

Inventory adjustments and Easyset
EBITDA excluding non recurring items
In the year 2015 we recognized R$ 82.7 million of non-recurring expenses, of which: (i) R$57.1 million related to impairment in the
Construction business unit and investment in Rohr; (ii) restructuring costs of R$ 9.0 million; (iii) ADD related to the investigations in
course of R$ 12.9 million; (iv) expenses amounting to R$ 3.7 million of the Industrial Services business unit sold in 2013.
Considering the non-recurring expenses in the calculation of the adjusted EBITDA, as at December 31, 2015 all covenants have been
complied with.
Impairment
Applying the premises of Technical Pronouncement CPC-01 - Impairment of Assets, the Company performed impairment tests on
its assets. After said tests, it was verified that it was necessary to establish an impairment provision amounting to R$ 26.2 million
for the investment in Rohr and R$ 30.9 million for the Construction Cash Generating Unit. For the assets of the Rental business unit
and other assets of the Company, no need to perform impairment tests were identified.
The recoverable amount of those assets was determined based on economic forecasts for determining the market value of the
investee, upon through a revenue approach, through a 10-year term discounted cash flow forecast, for purposes of substantiating
the amount paid, considering the long maturity period of infrastructure and civil construction investments. The main assumptions
included: (i) revenues were forecast based on historical data and growth prospective for the segment and Brazilian economy; (ii)
negative operating loss for 2015, resulting from the reduced activity of the industry; (iii) performance of a continuous productivity
improvement program and reduction of costs and expenses will cause the evolution thereof to be lower than revenue growth
percentage, (iii) the corresponding cash flows are discounted at the average discount rate, obtained using a methodology typically
applied by the market, taking into account the weighed average cost of capital (WACC); (iv) a strict working capital evolution
control policy, during the forecasted period.
Debt and indebtedness indicators

Mills total debt was R$ 620.8 million as of December 31, 2015. We ended the year with a net debt position of R$ 388.8 million,
against R$ 551.7 million at the end of December 31, 2014.
The Companys debt is 31% short-term and 69% long-term, with an average maturity of 2.8 years and average cost of CDI+1.21%. In
terms of currency, 100% of Mills debt is in Brazilian Reais.
Leverage, as measured by net debt/LTM EBITDA, was 2.1x in 4Q15, excluding non-recurring items of the period. LTM
EBITDA/Financial result was of 3.0x in the same period, also excluding non-recurring items.
Free cash flow
In 2015, free cash flow, as measured by operating cash flow less investments, was R$ 202.4 million positive. Mills invested R$ 28.2
million in 2015, of which R$ 11.7 in rental equipment, 85.5% lower yoy.
Because of the characteristics its equipment, the Company may execute lower investments for a few years, if necessary, without
reducing its operational capacity.
Free cash flow and investments

In R$ million
525.9
348.5
499.3
297.6
199.1
116.2
202.4
28.2
2010
2011
2012
(31.2)
2013
2014
2015
(154.3)
(218.8)
(340.2)
Capex
Free cash flow
New organizational structure

Throughout the year 2015, Mills has carried out a series of adjustments in its organizational structure in order to strengthen the
concept of a more integrated company and create synergies between its businesses, making them leaner and more agile as the
current times demand.
Heavy Construction and Real Estate commercial management have been brought together in a single business unit. Engineering
and operational Officers functions were also consolidated. As a result, the Heavy Construction and Real Estate business units will
now be reported together, under the label Construction. We will continue to monitor Heavy Construction and Real Estate
revenues separately, due to its different market dynamics. The Rental business unit continues to be treated separately due to the
specific characteristics of its business. The Investor Relations department was integrated with the finance department and a Human
Resources Executive was hired to support these changes consistently and to take care of employees in these difficult times.
Performance of the business units

Rental
Net revenue from the Rental business unit amounted to R$ 293.2 in 2015, 20.9% below 2014. EBITDA reached R$ 132.6 million,
with a 32.6% yoy drop. EBITDA margin was 45.2% in 2015, against 53.0% in 2014. ROIC was 5.5% in 2015, versus 11.5% in 2014.
We were nominated for the fifth consecutive year for the IAPA Awards, in the category contribution of safe working height. We
have already won two IAPA Awards: (i) in the Access Rental Company of the Year category in 2012; and (ii) in the IPAF Training
Center of the Year category in 2014.
Construction
Net revenues for Construction business unit totaled R$ 283.0million in 2015, with a 33.2% yoy reduction, of which Heavy
Construction was responsible for 59% of revenues and Real Estate was responsible for 41% of net revenues. EBITDA totaled R$ 1,3
million, excluding the impairment of R$ 30.9 million recognized in the business unit, EBITDA totaled R$ 32.2 million. ROIC was 8.6%, against 4.4% in 2014.
Generating value for our shareholders

The closing price of Mills shares (MILS3) on the BM&FBovespa exchange in 2015 was R$ 2.66, a decrease of 72.1% over the closing
price in 2014, while the IBOVESPA index dropped 13.2% in the same period. By the end of 2015, Mills market value (market cap)
was R$ 340.6 million.
Since our IPO, on April 15, 2010, until the end of 2014, MILS3 obtained devaluation of 76.9%, against a 38.5% depreciation of the
IBOVESPA index.
Due to the net loss recognized in fiscal year 2015, there was no distribution of dividends or interest on equity.
Human Resources
We reduced our active employees from 2,008 at the end of 2014 to 1,558 at the end of 2015, reflecting changes in the Companys
structure, which included the elimination of some administrative and managerial positions. The turnover rate of our employees was
6.69% in 2014, compared to 3.13% in 2014.
In order to take part in the results and align the incentives with value creation for our shareholders, until 2014 we offered our
employees a profit-sharing program, based on economic value added (EVA), which is the adjusted net income less the
remuneration for invested capital by our shareholders. Annually, 20-30% of the EVA was distributed to our administrators and
employees. In 2014 we distributed R$ 18.7 million, relating to the 2013 results. Because of a negative EVA in 2014 there was no
distribution of profits in 2015.
On June 23, 2015, the Board of Directors decided that the employee profit sharing in 2015 was based on the EBITDA, where up to
5% of the Company's EBITDA can be distributed if the EBITDA reached exceeds the estimated EBITDA. The metrics for this
calculation was approved by the Companys management. Such profit sharing, when any, will be recognized when the EBITDA
annual target is reached, and will be disbursed until April 2016. In 2015 the Company did not reach the target and, therefore, for
this period and for the year no provision was recognized for this expense.
Additionally, until 2014 we offered a stock option plan for administrators and key people in the Company, in order to encourage
our employees to successfully conduct the Companys business and stimulate an entrepreneurial and result-driven culture, aligning
the administrators interests with that of the shareholders.
We aim our internship program to attract, develop and retain talents that want to grow and acquire the expertise to contribute to
the Company's growth in the coming years. By the end of 2015, 56 interns participated in the program, of which 86% were
allocated to engineering and technical areas. In 2015, 46 interns were hired as permanent employees and 79 interns were hired as
permanent employees in 2015.
To ensure the alignment and the uniformity of the ethical and moral standards that Mills believes to be important to its activities,
the Board of Directors approved, in May 2015, Mills new Code of Conduct.
Ownership structure
In early 2015, Mills total and voting capital consisted of 128,057,925 common shares, with the controlling shareholders holding
together 35.4% of the voting and total capital. The free float was equal to 61.0%.
Mills total and voting capital by the end of 2015 consisted of 128,057,925 common shares. The free float was 62.3%.
On November 10th, 2014 Mills Board of Directors approved a program to repurchase common shares of Mills issuance, with the
objective of acquiring up to 4,000,000 shares, with a deadline of 365 days as of the date of approval, for treasury and subsequent
cancellation or alienation, including in the context of any exercise of options under its stock option program, in the case of exercise
of options.
The Board of Directors approved in the second quarter of 2015 the sale of 6,878 shares, which were held in treasury, to attend the
exercise of stock options. As of December 31, 2015, Mills held 2,278,422 shares in treasury.
Capital increase
On February 5, 2016 the Board of Directors approved Company's capital increase, including the possibility of a partial ratification by
means of issuance, for private subscription, of at least 40,089,472 and no more than 47,528,517 new common shares, at the
issuance price of R$ 2.63 per share, to a total amount of at least R$ 105.4 million and no more than R$ 125 million. The price was
established taking into consideration the average of daily closing prices weighted by the trading volume on BM&FBOVESPA S.A.
Bolsa de Valores, Mercadorias e Futuros in the trading sessions held between November 27th, 2015 (inclusive) and February 4th,
2016 (inclusive). Preemptive rights to the subscription of the new shares have been secured to Company's shareholders with
closing position on February 11, 2016, proportionally to the amount of shares they held on that day.
As mentioned in the market announcement on the same date, the fundraising aims to to (i) strengthen Company's capital
structure, reinforcing its cash to secure the necessary capital in the medium and long terms to develop its activities; (ii) strengthen
is liquidity levels, reducing Company's indebtedness indicators; and (iii) take advantage of market consolidation opportunities that
may arise in the medium term.
Company's controlling shareholders, the Nacht Family, have entered into an Investment Agreement with Axxon Brazil Private Equity
Fund II ("Axxon" and "Investment Agreement").
The Investment Agreement provides, among other obligations, the undertaking of Controlling Shareholders to (1) subscribe and pay
in 15,209,125 shares, at a total amount of R$ 40 million and (2) assign to Axxon preemptive rights corresponding to their remaining
interest. Axxon, in turn, undertook under the Investment Agreement to exercise the Preemptive Rights assigned to it, including the
right to subscribe shares left over, in order to subscribe and pay in shares to be issued in the scope of the Capital Increase
representing up to 15% of Company's capital after the Capital Increase. Controlling Shareholders' Contribution and Axxon's
Subscription Undertaking are sufficient to ensure the subscription of shares corresponding to the Minimum Subscription.
Independent Auditor
According to CVM Instruction 381/2003, the contracted services with our external auditors, Deloitte Touche Tohmatsu Auditores
Independentes (Deloitte), for the fiscal year 2015, referred to the financial statement audit usually prepared by them.
The hiring of external auditors requires prior approval from our Board of Directors and follows the restriction rules established by
legislation, as long as they do not endanger the independence and objectivity of our auditors.
Business perspective
We continue with low visibility in the infrastructure market. According to research conducted by the National Industry
Confederation (CNI), construction industry activity continues to deteriorate. The perspective indicator for the construction
industrys activity level in infrastructure was 31.4 points in December 2015, while the value registered in December 2014 was 35.5.
The National Development Bank (BNDES) disbursed R$ 136 billion in investment projects in 2015, a reduction of 28% YoY, 40% of
which was allocated to the infrastructure industry. The drop follows the economy slowdown and Government's fiscal adjustment
measures.
In June 2015, the Government announced a program of new concessions with estimated investments of R$ 198.4 billion. From the
announced concessions, the only one brought to fruition in 2015 was the lease of three areas in the Port of Santos. We believe that
the auctions of the four airports - Salvador, Fortaleza, Porto Alegre, and Florianpolis, with estimated investments of R$ 6.9 billion
during the concession period, will take place this year.
In the real estate market, the launches of the listed companies
recorded a fall of 75.7% in 4Q15 YoY. According to ABECIP
(Brazilian Real Estate Credit and Saving Entities Association) the volume of loans granted for real estate purchase and construction
was R$ 4.8 billion in December, representing a reduction of 55.2% compared to the same period in 2014.
In the motorized access equipment market, 425 machines entered in market in 2015, a 90% reduction YoY. We believe in the
growth drivers for this market in the medium and long terms, and in the expansion in the use thereof due to safety and productivity
gains. Falls fro height are the main cause of fatalities in construction sector, not only in Brazil but also in US, so aerial platforms are
recognized as the safest method for working at height, with the lowest accident index among different ways of access to heights.
Therefore, aerial platforms should replace less safe access equipment as safety concerns grow in Brazil.
This report may include declarations about Mills expectations regarding future events or results. All declarations based upon future expectations, rather than historical
facts, are subject to various risks and uncertainties. Mills cannot guarantee that such declarations will prove to be correct. These risks and uncertainties include factors
related to the following: the Brazilian economy, capital markets, infrastructure, real estate and oil & gas sectors, among others, and governmental rules that are subject
to change without previous notice. To obtain further information on factors that may give rise to results different from those forecasted by Mills.
(Convenience Translation into English from the Original Previously Issued in Portuguese)
3
Cyrela, Direcional, Even, Gafisa, Helbor and MRV.

STATEMENT OF FINANCIAL POSITION
AT DECEMBER 31, 2015
(In thousands of Brazilian reais R$)
Notes
2015
2014
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Trade receivables
Inventories
Inventories other assets held for sale
Taxes recoverable
Advances to suppliers
Derivative financial instruments
Other receivables sale of investee
Other assets
6
7
8
9
10
33
11
12
232,011
99,719
18,398
20,687
39,435
197
19,778
5,316
435,541
193,659
156,793
21,793
28,677
172
1,192
17,467
5,580
425,333
NONCURRENT ASSETS
Trade receivables
Taxes recoverable
Deferred taxes
Judicial deposits
Other receivables sale of investee
7
9
21
22
11
12,347
47,230
11,023
19,778
90,378
1,398
32,013
24,945
10,422
34,934
103,712
Investments
Property, plant and equipment
Intangible assets
13
14
15
61,200
1,004,067
46,771
1,112,038
87,392
1,200,148
76,138
1,363,678
1,637,957
1,892,723
TOTAL ASSETS
(continues)
STATEMENT OF FINANCIAL POSITION
Notes
2015
2014
LIABILITIES AND EQUITY

CURRENT LIABILITIES
Trade payables
Borrowings
Debentures
Payroll and related taxes
Income tax and social contribution
Tax debt refinancing program (REFIS)
Taxes payable
Dividends and interest on capital payable
Other liabilities
NONCURRENT LIABILITIES
Borrowings
Debentures
Tax debt refinancing program (REFIS)
Provision for tax, civil and labor risks
16
17
18
6,844
3,185
186,634
18,196
1,174
2,687
184
218,904
16,510
49,637
105,315
19,425
2,543
1,030
3,973
21,810
971
221,214
17
18
23
22
11,931
419,085
9,194
16,612
456,822
675,726
14,890
575,542
9,100
12,580
612,112
833,326
25
25
25
25
563,319
9,664
389,248
962,231
563,319
8,785
487,049
244
1,059,397
1,637,957
1,892,723
21
23
24
26
TOTAL LIABILITIES
EQUITY
Issued capital
Capital reserves
Earnings reserves
Valuation adjustments to equity
Total equity
TOTAL LIABILITIES AND EQUITY
The accompanying notes are an integral part of these financial statements.
STATEMENT OF PROFIT OR LOSS
FOR THE YEAR ENDED DECEMBER 31, 2015
(In thousands of Brazilian reais - R$, unless otherwise stated)
Notes
CONTINUING OPERATIONS
Net revenue from rental, sales and services
Cost of sales and services
28
29
GROSS PROFIT
General and administrative expenses
Other operating expenses
29
30
PROFIT (LOSS) BEFORE FINANCE INCOME

(COSTS)
Finance income
Finance costs
PROFIT (LOSS) BEFORE TAXES

Current and Deferred Income tax and social
contribution
PROFIT (LOSS) FROM CONTINUING
OPERATIONS
PROFIT (LOSS) FOR THE YEAR
Basic earnings (loss) per share - R$
Diluted earnings (loss) per share - R$
31
31
2015
2014
576,106
(343,779)
794,166
(362,380)
232,327
431,786
(240,795)
(57,110)
(273,848)
-
(65,578)
157,938
36,911
(100,051)
25,151
(92,753)
(128,718)
90,336
30,917
(26,068)
21
27(a)
27(b)
(97,801)
(97,801)
(0.77)
(0.77)
64,268
64,268
0.50
0.50
STATEMENT OF COMPREHENSIVE INCOME
Notes
PROFIT (LOSS) FOR THE YEAR
2015
(97,801)
2014
64,268
OTHER COMPREHENSIVE INCOME

ITEMS THAT WILL NOT BE RECLASSIFIED
SUBSEQUENTLY TO PROFIT OR LOSS
Cash flow hedge net of deferred taxes
33
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
(244)
(98,045)
(4,944)
59,324
STATEMENT OF CHANGES IN EQUITY
AT JANUARY 1, 2014
Capital contribution - share issue
Purchase/cancelation of treasury shares
Stock option premium
Comprehensive income for the year - cash flow hedge
Profit for the year
Recognition of bylaws reserves on profit for the year
Interest on capital proposed (R$ 0.1959 per share)
Earnings reserves
Earnings
Legal Expansion retention
Valuation
adjustments Retained
to equity
earnings
Subscribed
capital
Capital
reserve
553,232
10,231
29,398
61,243
357,221
5,188
1,016,513
10,087
-
(10,985)
9,539
-
3,213
-
2,406
-
33,568
-
(4,944)
-
64,268
(39,187)
(25,081)
10,087
(10,985)
9,539
(4,944)
64,268
(25,081)
563,319
8,785
32,611
63,649
390,789
244
1,059,397
Total
STATEMENT OF CHANGES IN EQUITY
(In thousands of Brazilian reais - R$)
AT JANUARY 1, 2015
Purchase/cancelation of treasury shares
Stock option premium
Comprehensive income for the year - cash flow hedge
Loss for the year
Loss for the year transferred to earnings retention reserve
Earnings reserves
Earnings
Legal Expansion retention
Valuation
adjustments
to equity
Subscribed
Capital
Capital
reserve
563,319
8,785
32,611
63,649
390,789
244
1,059,397
(8,745)
9,624
-
(97,801)
(244)
-
(97,801)
97,801
(8,745)
9,624
(244)
(97,801)
-
563,319
9,664
32,611
63,649
292,988
962,231
Accumulated
losses
Total
STATEMENT OF CASH FLOWS
Notes
2015
CASH FLOWS FROM OPERATING ACTIVITIES
2014
(restated)
PROFIT (LOSS) FROM CONTINUING OPERATIONS

BEFORE INCOME TAX AND
SOCIAL CONTRIBUTION
(128,718)
90,336
169,641
3,554
9,624
(22,551)
168,259
951
9,539
(43,812)
87,954
38,230
57,110
(4,928)
80,614
42,301
15,765
67,838
(8,483)
5,650
22,911
212
1,862
(9,666)
(1,229)
(1,286)
(549)
39,394
(182,163)
(3,317)
29,526
440
1,729
353
239
2,642
(4,169)
Lawsuits settled
Interest paid
Income tax and social contribution paid
Profit sharing paid
(1,140)
(79,433)
(6,257)
-
(613)
(69,674)
(38,859)
(18,607)
NET CASH GENERATED BY OPERATING

ACTIVITIES
200,346
Adjustments:
Depreciation and amortization
Accrued expenses on stock options
Gain on sale of property, plant and equipment
Interest, indexation and exchange differences on borrowings,
contingencies and judicial deposits
Allowance for doubtful debts
Provision for impairment
Others
14 and
15
22
20
7
30
Changes in assets and liabilities:

Trade receivables
Purchases of PP&E and rental equipment
Inventories
Taxes recoverable
Judicial deposits
Other assets
Trade payables
Payroll and related taxes
Taxes payable
Other liabilities
Cash flows from investing activities:

Proceeds from sale of the Industrial Services business unit
Purchases of PP&E and assets for own use and intangible assets
NET CASH GENERATED BY (USED IN)
INVESTING ACTIVITIES
11
120,874
18,575
(16,473)
27,905
(32,634)
2,102
(4,729)
(continues)
STATEMENT OF CASH FLOWS
Notes
2015
2014
CASH FLOWS FROM FINANCING ACTIVITIES

Capital contributions
Purchase of treasury shares
Dividends and interest on capital paid
Repayment of borrowings
Borrowings raised and debentures
NET CASH GENERATED BY (USED IN)
FINANCING ACTIVITIES
25
25
(8,745)
(21,810)
(133,541)
-
10,087
(10,985)
(46,742)
(300,644)
400,000
(164,096)
51,716
38,352
167,861
CASH AND CASH EQUIVALENTS AT THE BEGINNING

OF THE YEAR (Note 6)
193,659
25,798
CASH AND CASH EQUIVALENTS AT THE END

OF THE YEAR (Note 6)
232,011
193,659
NET INCREASE (DECREASE) IN CASH AND CASH

EQUIVALENTS

STATEMENT OF VALUE ADDED
2015
Revenues:
Sales of products and services
Cancelations and discounts
Other revenues
Inputs purchased from third parties
Cost of sales and
services
Materials, energy, outside services and others
Write-off of assets
Gross value added
Depreciation, amortization and depletion
Wealth created by the Company
Wealth received in transfer
Finance income
Wealth for distribution
Distribution of wealth
Personnel and payroll taxes
Salaries and wages
Benefits
Severance Pay Fund (FGTS)
Taxes and contributions
Federal
State
Municipal
Lenders and lessors
Interest and exchange differences
Leases
Shareholders
Interest on capital
Retained earnings
Wealth distributed
2014
734,669
(101,785)
3,354
(38,230)
598,008
1,049,374
(171,712)
4,759
(42,301)
840,120
(18,273)
(132,477)
(57,110)
(29,993)
360,155
(169,641)
190,514
(38,124)
(161,855)
(28,936)
611,205
(168,259)
442,946
36,911
227,425
25,151
468,097
143,684
110,420
25,279
7,985
56,729
52,271
2,798
1,660
124,813
99,436
25,377
(97,801)
(97,801)
227,425
146,070
113,784
24,004
8,282
141,454
132,932
7,046
1,476
116,305
92,732
23,573
64,268
25,081
39,187
468,097
NOTES TO THE
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2015
1.
OPERATIONS
Mills Estruturas e Servios de Engenharia S.A. ("Mills" or "Company") is a publicly-traded
corporation with registered offices at Estrada do Guerengu, n 1.381 Taquara, City of Rio de
Janeiro, Brazil. The Company operates basically in the construction, engaging in the following
principal activities:
(a) Rental and sale, including import and export, of steel and aluminum tubular structures, and
steel and aluminum props and access equipment for construction works, as well as reusable
concrete formworks, along with the supply of related engineering projects, supervisory and
optional assembly services.
(b) Sale, rental and distribution of scissor lifts and telescopic handlers, as well as parts and
components, and technical assistance and maintenance services for such equipment.
(c) Holding of ownership interests in other companies, as partner or shareholder.
The Companys bylaws also provides:
(a) Rental, assembly, and disassembling of access tubular scaffolding in industrial areas.
(b) Performance of industrial painting, sandblasting, heat insulation, boilermaker and
refractory services, as well as other services inherent in such activities.
The Companys operations are segmented according to the new organization and management
model approved by Management, divided into the following business units: Construction and
Rental. Each business unit is described in Note 31.
The accounting information contained in these financial statements was approved by the
Companys Board of Directors and authorized for issue on March 8, 2016.
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies applied in the preparation of these financial statements are
set out below. These policies have been consistently applied in all the years presented, unless
otherwise stated.
2.1. Basis of presentation

a) Statement of compliance
The Companys financial statements have been prepared and are being presented in
accordance with International Financial Reporting Standards (IFRSs) issued by the
International Accounting Standards Board (IASB) and accounting practices adopted
in Brazil. The accounting practices adopted in Brazil comprise those included in the
Brazilian Corporate Law, the standards of the Brazilian Securities Commission
(CVM), and the pronouncements, guidance and interpretations of the Accounting
Pronouncements Committee (CPC).
Management states that all information material to the financial statements is being
evidenced and corresponds to the information used by it in its management.
b) Basis of measurement
The Companys financial statements have been prepared on the historical cost basis,
except for the following items recognized in the statement of financial position:
derivative financial instruments measured at fair value (Notes 4 and 33);
financial instruments measured at fair value through profit or loss (Notes 4 and
33);
c) Functional and presentation currency
These financial statements are presented in Brazilian reais (R$), which is the
Companys functional currency. All financial information is presented in thousands
of reais, unless otherwise stated.
d) Segment information
Segment information is presented consistently with the internal report provided to the
Companys chief operating decision maker. The chief operating decision maker,
responsible for resource allocation and assessment of segment performance, is the
Board of Executive Officers, responsible for implementing the Companys strategic
decisions made by the Board of Directors.
e) Statements of value added
The purpose of this statement is to evidence the wealth created by the Company and
its distribution during a certain period and is presented by the Company as required
by the Brazilian corporate law, and as supplemental information to the information
required by the IFRSs.
The statement of value added has been prepared based on information obtained from
the accounting records used as a basis for the preparation of the financial statements
and following the requirements of CPC 09 - Demonstrao do Valor Adicionado
(Statement of Value Added).
The first part of this statement presents the wealth created by the Company,
represented by revenues (gross sales revenue, including taxes levied on sales, other
revenues and the effects of the allowance for doubtful debts), inputs purchased from
third parties (cost of sales and purchases of materials, energy and outside services,
including taxes levied on purchases, the effects of impairment and recovery of assets,
and depreciation and amortization) and the wealth received from third parties
(dividends received, finance income and other income). The second part of the
statement of value added presents the distribution of wealth among personnel, taxes
and contributions, lenders and lessors, and shareholders.
2.2. Significant accounting practices
(i)

Cash and cash equivalents are held to meet short-term cash commitments and
other purposes. Cash and cash equivalents include bank deposits and highly liquid
short-term investments with original maturity of three months or less, readily
convertible into a known amount of cash and subject to an insignificant risk of
change in value.
(ii)
Financial instruments
Financial assets and financial liabilities are recognized when the Company
becomes a party to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value.
Transaction costs that are directly attributable to the acquisition or issue of
financial assets and financial liabilities (other than financial assets and financial
liabilities at fair value through profit or loss) are added to or deducted from the
fair value of the financial assets or financial liabilities, as appropriate, on initial
recognition. Transaction costs directly attributable to the acquisition of financial
assets or financial liabilities at fair value through profit or loss are recognized
immediately in profit or loss.
(ii.1) Financial assets

Financial assets are classified into the following specified categories: financial
assets at fair value through profit or loss', held-to-maturity' investments,
available-for-sale' financial assets and loans and receivables'. Equity investments
that do not have a quoted market price in an active market and whose fair value
cannot be reliably measured are measured at cost and tested for impairment.
The classification depends on the purpose of the financial assets and is determined
at the time of initial recognition. All regular way purchases or sales of financial
assets are recognized and derecognized on a trade date basis. Income is
recognized on an effective interest basis for instruments other than those financial
assets classified as at fair value through profit or loss.
Financial assets and liabilities are set off and the net amount presented in the
statement of financial position when there is a legally enforceable right to set off
the recognized amounts or the intention either to settle them on a net basis or to
realize the asset and settle the liability simultaneously.
(a) Financial assets at fair value through profit or loss
This category includes financial assets held for trading. Financial assets at fair
value through profit or loss are carried at fair value, with any gains or losses
recognized in profit or loss. A financial asset is classified as held for trading
if: (i) it has been acquired principally for the purpose of selling it in the near
term; or (ii) on initial recognition it is part of a portfolio of identified financial
instruments that the Company manages together and has a recent actual
pattern of short-term profit-taking; or (iii) it is a derivative that is not
designated and effective as a hedging instrument.
(b) Held-to-maturity investments
Held-to-maturity investments are non-derivative financial assets with fixed or
determinable payments and fixed maturity dates that the Company has the
positive intent and ability to hold to maturity. Subsequent to initial
recognition, held-to-maturity investments are measured at amortized cost
using the effective interest method less any impairment.
(c) Available-for-sale financial assets
Available-for-sale financial assets are non-derivatives that are either
designated in this category or not classified into any other category. They are
classified as noncurrent assets, unless management intends to dispose of the
investment within 12 months from the end of the reporting period. Changes in
the fair value of securities classified as available-for-sale are recognized in
equity. The yield on these securities is recognized in the statement of profit or
loss as finance income.
(d) Loans and receivables
This category includes non-derivative financial assets with fixed or
determinable payment that are not quoted in an active market. They are
classified as current assets, except those with maturities greater than 12
months from the end of the reporting period, which are classified as
noncurrent assets. The Company's receivables comprise trade and other
receivables, judicial deposits and cash and cash equivalents, except short-term
investments. Loans and receivables are measured at amortized cost using the
effective interest method.
(e) Impairment of financial assets

Financial assets, other than those at fair value through profit or loss, are
assessed for indicators of impairment at the end of each reporting period.
Financial assets are considered to be impaired when there is objective
evidence that, as a result of one or more events that occurred after the initial
recognition of the financial asset, the estimated future cash flows of the
investment have been affected.
For equity investments classified as available-for-sale, a significant or
prolonged decline in the fair value of the security below its cost is considered
to be objective evidence of impairment.
For all other financial assets, objective evidence of impairment could include:
significant financial difficulty of the issuer or counterparty; or
breach of contract, such as a default or delinquency in interest or principal
payments; or
it becoming probable that the borrower will enter bankruptcy or financial
reorganization; or
the disappearance of an active market for that financial asset because of
financial difficulties.
For certain categories of financial assets, such as trade receivables, assets are
assessed for impairment on a collective basis even if they were assessed not
to be impaired individually. Objective evidence of impairment for a portfolio
of receivables could include the Company's past experience of collecting
payments, an increase in the number of delayed payments in the portfolio, as
well as observable changes in national or local economic conditions that
correlate with default on receivables.
For financial assets carried at amortized cost, the amount of the impairment
loss recognized is the difference between the asset's carrying amount and the
present value of estimated future cash flows, discounted at the financial
asset's original effective interest rate.
For financial assets that are carried at cost, the amount of the impairment loss
is measured as the difference between the asset's carrying amount and the
present value of the estimated future cash flows discounted at the current
market rate of return for a similar financial asset. Such impairment loss will
not be reversed in subsequent periods, applicable to the investment in noncontrolled company, Rohr S.A, see note 13 (b).
The carrying amount of the financial asset is reduced by the impairment loss
directly for all financial assets with the exception of trade receivables, where
the carrying amount is reduced through the use of an allowance account.
Subsequent recoveries of amounts previously written off are credited against
the allowance account. Changes in the carrying amount of the allowance
account are recognized in profit or loss.
When a financial asset classified as available-for-sale is considered to be

impaired, cumulative gains or losses previously recognized in other
comprehensive income are reclassified to profit or loss in the period.
For financial assets measured at amortized cost, if, in a subsequent period, the
amount of the impairment loss decreases and the decrease can be related
objectively to an event occurring after the impairment was recognized, the
previously recognized impairment loss is reversed through profit or loss to the
extent that the carrying amount of the investment at the date the impairment is
reversed does not exceed what the amortized cost would have been had the
impairment not been recognized.
In respect of available-for-sale debt securities, impairment losses are
subsequently reversed through profit or loss if an increase in the fair value of
the investment can be objectively related to an event occurring after the
recognition of the impairment loss.
(ii.2) Financial liabilities
Financial liabilities are classified as either Financial liabilities at fair value
through profit or loss or Other financial liabilities.
(a) Financial liabilities at fair value through profit or loss
Financial liabilities are classified as at fair value through profit or loss when
the financial liability is held for trading. Financial liabilities at fair value
through profit or loss are stated at fair value, with any gains or losses
recognized in profit or loss.
A financial liability is classified as held for trading if: (i) it has been incurred
principally for the purpose of repurchasing it in the near term; or (ii) on initial
recognition it is part of a portfolio of identified financial instruments that the
Company manages together and has a recent actual pattern of short-term
profit-taking; or (iii) it is a derivative that is not designated and effective as a
hedging instrument.
(b) Other financial liabilities
Other financial liabilities (including borrowings and debentures) are
measured at amortized cost using the effective interest method.
The effective interest method is a method of calculating the amortized cost of
a financial liability and allocating interest expense over the relevant period.
The effective interest rate is the rate that exactly discounts estimated future
cash payments (including all fees and points paid or received that form an
integral part of the effective interest rate, transaction costs and other
premiums or discounts) through the expected life of the financial liability or,
where appropriate, a shorter period, to the net carrying amount on initial
recognition.
(ii.3) Derivative financial instruments

(a) Hedging activities
Derivatives are initially recognized at fair value at the date the derivative
contracts are entered into and are subsequently remeasured to their fair value,
with any changes in the fair value recognized in profit or loss, except when
the derivative is designated as a cash flow hedge.
(b) Fair value hedges
Changes in the fair value of derivatives that are designated and qualify as fair
value hedges are recognized in profit or loss immediately, together with any
changes in the fair value of the hedged item that are attributable to the hedged
risk. The change in the fair value of the hedging instrument and the change in
the hedged item attributable to the hedged risk are recognized in profit or loss
in the line item relating to the hedged item.
Hedge accounting is discontinued when the Company revokes the hedging
relationship, when the hedging instrument expires or is sold, terminated, or
exercised, or when it no longer qualifies for hedge accounting. The fair value
adjustment to the carrying amount of the hedged item arising from the hedged
risk is amortized to profit or loss from that date.
(c) Cash flow hedges
At its inception of the hedge relationship, the Company documents the
relationship between the hedging instrument and the hedged item, along with
its risk management objectives and its strategy for undertaking hedge
transactions. Furthermore, at the inception of the hedge and on an ongoing
basis, the Company documents whether the hedging instrument is highly
effective in offsetting changes in fair values or cash flows of the hedged item
attributable to the hedged risk.
The effective portion of changes in the fair value of derivatives that are
designated and qualify as cash flow hedges is recognized in equity. The gain or
loss relating to the ineffective portion is recognized immediately in profit or loss.
However, when the hedged forecast transaction results in the recognition of a
nonfinancial asset (for example, property, plant and equipment), the gains and
losses previously accumulated in equity are transferred from equity and included
in the initial measurement of the cost of the property, plant and equipment item.
The deferred amounts are ultimately recognized in profit or loss through
depreciation of the property, plant and equipment items.
The total fair value of a hedge derivative is classified as noncurrent asset or

liability when the remaining maturity of the hedged item exceeds 12 months, and
as current asset or liability when the remaining maturity of the hedged item is
less than 12 months.
(iii)
Trade receivables
Trade receivables are recognized on an accrual basis when services are rendered
or goods are sold to customers. All trade receivables arise from services
rendered or goods sold by the Companys business units.
Trade receivables are carried at fair value at the time of sale, adjusted by a
provision for impairment (allowance for doubtful debts). The allowance for
doubtful debts is recognized when there is objective evidence that the Company
will not receive the total amount according to the original terms of the
receivables.
An allowance for doubtful debts should be recognized for:
1. Any Company receivables sent for court collection. The allowance for this type
of receivables is 100%.
2. Past-due Company receivables that are not collateralized should be accrued
according to the following criterion: Non-preferred customers, 50% when past
due from 61 to 120 days and 100% when past due for over 120 days and; for
customers with lower credit risk, 100% over 180 days.
The past-due period start date for allowance purposes is the extended due date of
each receivable.
If an acknowledgment of debt agreement is entered into providing for collaterals
(preferably a bank guarantee or a performance bond) no allowance for doubtful
debts is recognized.
An uncollateralized acknowledgment of debt agreement will result in setting up
an allowance for doubtful debts, usually pursuant to the criterion above (only for
past-due amounts, not including current amounts). The allowance for doubtful
debts is fully reversed after confirmation of timely payment of the second
installment of the acknowledgment of debt agreement. If the customer is in
default again, the entire debt is recognized in the allowance for doubtful debts.
If the event of debt restructuring, the allowance for doubtful debts is recognized
pursuant to the rule above, unless the acknowledgment of debt is replaced by a
collateral (mortgage or bank guarantee).
(iv)
Inventories
Inventories are stated at the lower of cost and net realizable value. Costs of
inventories are determined under the average cost method. Net realizable value
represents the estimated selling price for inventories less all estimated costs of
completion and costs necessary to make the sale.
The provision for slow-moving inventories is calculated and recognized monthly.
A provision should be recognized for all inventory items without movement for
more than one year.
Inventories Other assets held for sale

Inventories other assets held for sale refer to assets previously included in the
Companys property, plant and equipment and currently separated from rental
assets due to the purpose of their sale. Such assets are measured in conformity
with the requirements of CPC 16 (R1).
(v)
Current and deferred income tax and social contribution

Income tax and social contribution expense represents the sum of the tax currently
payable and deferred tax. Current and deferred tax are recognized in profit or loss,
except when they relate to items that are recognized in other comprehensive
income or directly in equity, in which case, the current and deferred tax are also
recognized in other comprehensive income or directly in equity respectively.
The current income tax and social contribution expense is calculated based on tax
rates prevailing in Brazil at the end of the reporting period, which are 15% for
income tax, plus a 10% surtax on taxable profit exceeding R$240, and 9% on
taxable profit for social contribution. Management periodically reviews positions
taken in respect of tax matters that are subject to interpretation and recognizes a
provision when the payment of income tax and social contribution according to
the tax bases is expected.
Deferred tax is recognized on temporary differences between the carrying
amounts of assets and liabilities in the financial statements and the corresponding
tax bases used in the computation of taxable profit. The tax rates currently defined
are 25% for income tax and 9% for social contribution.
Deferred tax assets are recognized to the extent that it is probable that future
taxable profits will be available against which those deductible temporary
differences can be utilized, based on projections of future results prepared on the
basis of internal assumptions and future economic scenarios that are, therefore,
subject to changes.
The carrying amount of deferred tax assets is reviewed at the end of each
reporting period and reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow all or part of the asset to be
recovered.
Current and deferred tax are recognized in profit or loss, except when they relate
to items that are recognized in Other comprehensive income or directly in
equity, in which case, the current and deferred tax are also recognized in Other
comprehensive income or directly in equity, respectively. Where current and
deferred tax arises from the initial accounting for a business combination, the tax
effect is included in the accounting for the business combination.
(vi)
Judicial deposits
Judicial deposits are presented in noncurrent assets, at amounts adjusted for
inflation (Note 22).
(vii)
Property, plant and equipment: own use and operational rental and use
Most of the Company's revenues derive from property, plant and equipment for
operational rental and use, either through rental only, or rental combined with
assembly and disassembly.
Property, plant and equipment for own use comprise mainly facilities to store
equipment, office, improvements, furniture and equipment necessary for the
operation of these facilities.
Property, plant and equipment are measured at historical cost, less accumulated
depreciation. Historical cost includes costs directly attributable to the acquisition
of items and may also include transfers from equity of any gains/losses on cash
flow hedges qualifying as relating to the purchase of property, plant and
equipment in foreign currency.
Subsequent costs are added to the residual value of property, plant and equipment
or recognized as a specific item, as appropriate, only if the future economic
benefits associated to these items are probable and the amounts can be reliably
measured. The residual value of the replaced item is derecognized. Other repairs
and maintenance are recognized immediately in profit or loss as incurred.
Depreciation is calculated using the straight-line method, at the rates shown in
Note 14, which take into consideration the estimated economic useful lives of
assets. Land is not depreciated.
Assets held under finance leases are depreciated over their expected useful lives
on the same basis as owned assets or, where shorter, the term of the relevant lease.
Any gain or loss arising on the disposal of an item of property, plant and
equipment is determined as the difference between the sales proceeds and the
carrying amount of the asset and is recognized in profit or loss.
The residual values and estimated useful lives of assets are reviewed at the end of
each reporting period, with the effect of any changes in estimate accounted for on
a prospective basis.
(viii) Intangible assets
Software licenses
Carried at cost less accumulated amortization and accumulated impairment losses,
where applicable.
Costs associated to the development and maintenance of such software licenses
are expensed as incurred.
Software licenses have finite useful lives and are amortized over ten years (Note
15). The estimated useful life and amortization method are reviewed at the end of
each reporting period, with the effect of any changes in estimate being accounted
for on a prospective basis.
(ix)
Goodwill
Goodwill arising on an acquisition of a business is carried at cost as established at
the date of acquisition of the business less accumulated impairment losses, if any.
For the purposes of impairment testing, goodwill is allocated to cash-generating
units (CGUs). Goodwill is allocated to each of the Company's cash-generating
units (or groups of cash-generating units) that is expected to benefit from the
synergies of the combination and is identified according to the operating segment.
(x)
Impairment of assets
At the end of each reporting period, the Company reviews the carrying amount of
its tangible and intangible assets to determine whether there is any indication that
those assets have suffered an impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated in order to determine the extent of the
impairment loss (if any). Where it is not possible to estimate the recoverable
amount of an individual asset, the Company estimates the recoverable amount of
the cash-generating unit to which the asset belongs, for this purpose the Company
considers its divisions as cash-generating units. When a reasonable and consistent
basis of allocation can be identified, corporate assets are also allocated to
individual cash-generating units, or otherwise they are allocated to the smallest
group of cash-generating units for which a reasonable and consistent allocation
basis can be identified.
Intangible assets with indefinite useful lives and intangible assets not yet available
for use are tested for impairment at least annually, and whenever there is an
indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs of disposal and value in
use, and the latter is the method used by the Company in testing the impairment of
the goodwill recognized in the cash-generating unit Construction. In assessing
value in use, the estimated future cash flows are discounted to their present value
using a pretax discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset for which the estimates of future
cash flows have not been adjusted. If the recoverable amount of an asset (or cashgenerating unit) is estimated to be less than its carrying amount, the carrying
amount of the asset (or cash-generating unit) is reduced to its recoverable amount.
An impairment loss is recognized immediately in profit or loss.
When an impairment loss subsequently reverses, the carrying amount of the asset
(or cash-generating unit) is increased to the revised estimate of its recoverable
amount, but so that the increased carrying amount does not exceed the carrying
amount that would have been determined had no impairment loss been recognized
for the asset (or cash-generating unit) in prior years. A reversal of an impairment
loss is recognized immediately in profit or loss.
(x)
Trade payables
Trade payables are obligations to pay for goods or services acquired in the normal
course of business and are classified as current liabilities if the payment is due
within one year. Otherwise, they are classified as noncurrent liabilities.
Trade payables are recognized initially at fair value and subsequently measured at
amortized cost using the effective interest method. In practice, they are usually
recognized at the amount of the corresponding invoice.
(xii)
Provisions
Provisions are recognized when the Company has a present obligation (legal or
constructive) as a result of a past event, it is probable that the Company will be
required to settle the obligation, and a reliable estimate can be made of the amount
of the obligation.
The provisions for tax, civil and labor claims are recognized at the amount of
probable losses, according to the nature of each provision (Note 22). Based on the
opinion of its legal counsel, management believes that the recognized provisions
are sufficient to cover any losses on ongoing lawsuits. Provisions are measured at
the present value of the expenditures expected to be required to settle the
obligation using a pre-tax rate that reflects current market assessments of the time
value of money and the risks specific to the obligation. The increase in the
provision due to passage of time is recognized as expense.
(xiii) Profit sharing

The profit sharing is recognized over the year and paid in the following year (note
20).
(xiv)
Stock option plan

The Company offers stock option plans to certain employees and executives. The
fair value of the options granted is recognized as an expense during the period
over which the right is vested, that is, period during which specific vesting
conditions should be met. At the end of the reporting period, the Company
reviews its estimates of the number of options whose rights must be vested based
on the conditions.
This recognizes the impact of the revision of the initial estimates, if any, in the
statement of profit or loss, as a balancing item to the capital reserve in equity.
The amounts received, net of any directly attributable transaction costs, are
credited to capital when options are exercised.
(xv)
Borrowings
Borrowings are initially recognized at fair value and subsequently carried at
amortized cost. The calculation methodology for each borrowing follows the
specific conditions of each contract, using the effective interest method.
Fees and taxes paid for contracting borrowings are recognized as transaction costs
of the borrowings and are also recognized as finance costs at the effective interest
rate.
Management controls monthly the balances of each debt through managerial
controls in which it updates the financial indicators (interest rates) as agreed in
each agreement.
Borrowings are classified as current liabilities, except for installments that can be
unconditionally settled 12 months after the end of the reporting period.
(xvi)
Leases
The Company leases certain property, plant and equipment items. Leases of
property, plant and equipment items where the Company retains substantially all
the risks and rewards incidental to ownership of such assets are classified as
finance leases.
On initial recognition the leased asset is measured at the lower of the fair value of
the leased asset and the present value of the minimum lease payments. Subsequent
to initial recognition, the asset is recognized pursuant to the accounting policy
applicable to the asset.
The Lease finance balance recognized in current and noncurrent liabilities refers
to the remaining installments payable of the lease finance agreements.
(xvii) Translation into foreign currency
Transactions in foreign currency are translated into Brazilian reais using the
exchange rates prevailing at the dates of the transactions. The balances of assets
and liabilities are translated at the exchange rates prevailing at the end of the
reporting period. Exchange gains and losses arising from the settlement of these
transactions and from the translation of monetary assets and liabilities
denominated in foreign currency are recognized in the statement of profit or loss.
Exchange gains and losses arising from the settlement of these transactions and
from the translation at year-end exchange rates of monetary assets and liabilities
denominated in foreign currency are recognized in the statement of profit or loss,
except when deferred in equity as qualifying cash flow hedges.
(xviii) Share capital
The Company's capital comprises common shares without par value.
Incremental costs directly attributable to the issue of new shares or options are
shown in equity as a deduction from the proceeds, net of tax.
(xix)
Share buyback (treasury shares)

Repurchased shares are classified as treasury shares and are presented as a
deduction from equity until the shares are canceled or reissued. When treasury
shares are subsequently sold or reissued, the value received is recognized as an
increase in equity, and the resulting surplus or deficit is transferred to/from
retained earnings.
(xx)
Payment of dividends and interest on capital

The payment of dividends and interest on capital to shareholders is recognized as
a liability in the financial statements at the end of the reporting period based on
the Companys bylaws. Any amount above the minimum mandatory dividend is
provided for at the date it is approved by the shareholders at the General Meeting.
The tax benefit of interest on capital is recognized in the statement of profit or
loss.
(xxi)
Revenue recognition
Revenue from a contract to provide services is recognized by reference to the
stage of completion of the contract at the end of the reporting period.
Revenue from the sale of goods is recognized when the Company has transferred
to the buyer the significant risks and rewards of ownership of the goods. The
Companys policy for recognition of revenue is the date at which goods are
delivered to the buyer.
The rental income is prorated and recognized on a straight-line basis over the term
of the equipment rental agreements.
The Company separates the identifiable components of a single contract or a
group of contracts to reflect the substance of the contract or group of contracts,
recognizing the revenue of each of the elements proportionally to its fair value.
Therefore, the Company's revenue is divided into rental, technical assistance,
sales and indemnities/expense recoveries.
Interest income is accrued on a time basis, by reference to the principal
outstanding and at the effective interest rate through maturity, when it is
determined whether such income will accrue to the Company.
Dividend income from investments is recognized when the shareholders right to
receive payment has been established (provided that it is probable that the
economic benefits will flow to the Company and the amount of income can be
measured reliably).
Income, expenses and assets are recognized net of taxes on sales.
(xxii) Earnings per share
Basic earnings per share are calculated based on the Company's profit for the
period and the weighted average of common shares outstanding in the respective
period. Diluted earnings per share are calculated based on the mentioned average
of outstanding shares, adjusted by instruments potentially convertible into shares,
with a diluting effect, in the periods presented, in accordance with CPC 41 and
IAS 33.
(xxiii) Business combination
In the financial statements, acquisitions of businesses are accounted for using the
acquisition method. The consideration transferred in a business combination is
measured at fair value, which is calculated as the sum of the acquisition-date fair
values of the assets transferred by the Company and the liabilities incurred by the
Company to the former owners of the acquiree. Acquisition-related costs are
generally recognized in profit or loss as incurred.
At the acquisition date, the identifiable assets acquired and the liabilities assumed
are recognized at their fair value, except that:
deferred tax assets or liabilities, and assets or liabilities related to employee
benefit arrangements are recognized and measured in accordance with IAS 12
Income Taxes and IAS 19 Employee Benefits (equivalent to CPC 32 and CPC
33), respectively;
liabilities or equity instruments related to share-based payment arrangements of

the acquiree or share-based payment arrangements of the Company entered
into to replace share-based payment arrangements of the acquiree are measured
in accordance with IFRS 2 Share-based Payment (equivalent to CPC 10) at the
acquisition date; and
assets (or disposal groups) that are classified as held for sale in accordance
with IFRS 5 Noncurrent Assets Held for Sale and Discontinued Operations
(equivalent to CPC 31) are measured in accordance with that Standard.
goodwill is measured as the excess of the consideration transferred over the net
of the acquisition-date amounts of the identifiable assets acquired and the
liabilities assumed. If the consideration is lower than the fair value of the net
assets acquired, the excess is recognized immediately in profit or loss as a
bargain purchase gain. Subsequent to initial recognition, goodwill is carried at
cost less accumulated impairment losses. For the purposes of impairment
testing, goodwill arising on an acquisition of a business is, from the acquisition
date, allocated to each of the Company's cash-generating units that is expected
to benefit from the synergies of the combination, irrespective of other assets or
liabilities of the acquiree being attributable to this unit.
2.3. Adoption of new pronouncements, amendments to and interpretations of pronouncements
issued by the IASB and CPC and standards in issue but not yet effective
a) New standards and interpretations and amendments to existing standards and
interpretations that are effective since January 1, 2015:
Effective for annual periods beginning on or after July 1, 2014:
IAS 19/CPC 33 Employee Benefits The amendments clarify how an
entity should account for contributions made by employees or third parties
based on whether those contributions are dependent on the number of
years of service provided by the employee.
Annual Improvements to IFRSs 2010-2012 and 2011-2013 Cycles Minor
amendments to existing pronouncements.
Management has not identified any impact of these amendments to existing
standards.
b) New standards, interpretations of and amendments to existing standards that
are not yet effective at December 31, 2015:
Effective for annual periods beginning on or after January 1, 2016:
IAS 16 and IAS 38 Amendments to these standards to clarify the
acceptable methods of depreciation and amortization.
IFRS 11 Amendments to this standard to clarify the business

combinations that represent principles, disclosed in IFRS 3 and others,
provided they are not conflicting.
IFRS 27 Amendments to this standard to clarify the investments in
subsidiaries, joint ventures and associates to be optionally accounted for
using the equity method in separate financial statements.
IAS 1 Amendments to standard to address potential hindrances identified
in exercising judgment in the preparation of financial statements. These
amendments clarify that the concept of materiality should be considered
both for reporting purposes, either the information is required or not, and
in the presentation of the notes to financial statements and in the use of
aggregation criteria.
Annual Improvements to IFRSs 2010-2012 Cycle Minor amendments to
existing standards.

IAS 7 Amendments to this standard to clarify that the Companies should
provide disclosures that permit users of financial statements to assess the
changes in liabilities arising from financing activities, presented in the
cash flows.
IAS 12 Amendments to this standard to clarify that the methods to
classify unrealized losses on debt instruments measured at cost and fair
value is considered as a deductible temporary difference.
IFRS 15 Revenue from Contracts with Customers establish five simple
steps to be applied to contracts with customers for revenue recognition and
disclosure. It will replace the standards (IAS 18 and IAS 11) and
interpretations (IFRIC 13, IFRIC 15 and IFRIC 18) currently effective on
the matter.
IFRS 9 Financial Instruments New standard (with amendments
subsequent to it) that introduces new requirements for the classification,
measurement, impairment, hedge accounting and derecognition of
financial assets and liabilities.
IFRS 16 Specification of recognition, measurement and disclosure of

leases, through a single accounting model of lessee.
Effective for annual periods beginning on or after an undefined date:
IFRS 10 and IAS 28 Amendments to these standards to clarify the treatment
of sale or entry of assets of an investor to its associate or joint venture.
The Company intends to adopt these standards when they become effective. The
Company is analyzing the impacts of these standards and so far no material impact on its
financial statements has been identified.
2.4. Restatement of the statement of cash flows for the year ended December 31, 2014
The Company reviewed the disclosure of the transactions of purchase and sale of rental
equipment from its fixed assets in the cash flow statement and concluded that for better
presentation, these transactions should be reflected as part of the operational activity,
instead of investment activity, as previously reported. Thus, the comparative figures
related to the year ended as at December 31, 2014, originally presented in the financial
statements approved in March 9, 2015, are being restated as follows:
2014
Original
Restated
balance Reclassifications
balance
Trade receivables
(22,200)
61,594
39,394
Purchases of rental equipment
(182,163)
(182,163)
NET CASH GENERATED BY
OPERATING ACTIVITIES
241,443
(120,569)
120,874
Proceeds from sale of PP&E and intangible

assets
61,594
(61,594)
Purchases of PP&E and intangible assets

Purchases of property, plant and equipment for
own use and intangible assets
(214,797)
-
214,797
(32,634)
(32,634)
NET CASH GENERATED BY (USED IN) (125,298)

INVESTING ACTIVITIES
120,569
(4,729)
3.
CRITICAL ACCOUNTING JUDGMENTS AND KEY ESTIMATES AND
ASSUMPTIONS
In the preparation of the Company's financial statements, management is required to make
judgments, estimates and assumptions about the carrying amounts of revenues, expenses, assets
and liabilities, as well as the disclosure of contingent liabilities at the end of the reporting
period. However, the uncertainty related to these assumptions and estimates might lead to
results that require a significant adjustment to the carrying amount of the affected asset or
liability in future periods.
The following are the key assumptions concerning the future, and other key sources of
estimation uncertainty at the end of the reporting period, hat may have a significant risk of
causing a material adjustment to the carrying amount of assets and liabilities within the next
fiscal year.
3.1. Impairment of nonfinancial assets and investments carried at cost
An asset is impaired when its carrying amount exceeds its recoverable amount, which is
the higher of an asset's fair value less costs to sell and its value in use. The value in use
calculation is based on the discounted cash flow model. Cash flows derive from the
budget and Managements expectations for the next five years and do not include
reorganization activities to which the Company has not yet committed or significant
future investments that will improve the asset base of the cash-generating unit or
investment subject to testing. The recoverable amount is sensitive to the discount rate
used in the discounted cash flow method, as well as to the expected future cash receipts
and to the growth rate used for extrapolation purposes, see notes 13 and 15.
3.2
Share-based payment transactions

Equity-settled share-based payments to employees are measured at the fair value of the
equity instruments at the grant date. The fair value of share-based payments requires the
determination of the most appropriate valuation model for the granting of equity
instruments, which depends on the terms and conditions of the grant. This also requires
the determination of the most appropriate valuation model, including the expected life of
the option, volatility and dividend yield and related assumptions. The assumptions and
models used to estimate the fair value of share-based payments are disclosed in Note 20.
3.3. Taxes
There are uncertainties regarding the interpretation of complex tax regulations, as well as
the amount and timing of future taxable profits. Differences between actual results and
the assumptions adopted, or future changes in these assumptions, may require future
adjustments in tax income and expenses already recorded. The Company recognizes
provisions based on applicable estimates, for potential consequences of audits by tax
authorities. The amount of these provisions is based on several factors, such as
experience of prior tax audits and interpretations diverging from the tax regulations by
the taxable entity and by the responsible tax authority. These diverging interpretations
may arise in a wide variety of matters, depending on the prevailing conditions prevailing
at the Companys domicile. Deferred tax assets are recognized for all temporary
differences to the extent that it is probable that sufficient taxable profits will be available
to allow their utilization.
Significant judgment by management is required to determine the amount of deferred tax
assets that can be recognized, based on the probable term and level of future taxable
profits, together with strategies for future tax planning.
3.4. Fair value of financial instruments
When the fair value of financial assets and liabilities, such as stock options, securities and
hedging instruments presented in the statement of financial position, cannot be obtained
from active markets, it is determined by using valuation techniques, including the
discounted cash flow method. Inputs for these methods are based on market inputs, when
possible; however, when this is not feasible, a certain level of judgment is required to
establish the fair value. Judgment includes considerations on the inputs used, such as
liquidity risk, credit risk and volatility. Changes in assumptions on these factors could
affect the reported fair value of the financial instruments. Note 4 provides detailed
information on the main assumptions used in the determination of the fair value of
financial instruments, as well as a sensitivity analysis of these assumptions.
3.5. Allowance for doubtful debts
The Company recognized an allowance for doubtful debts for all its receivables that meet
the detailed criteria in Note 2.2 (iii). The need to recognize such allowance involves an
analysis of the available evidence as regards the Company's ability to pay customers,
including in a manner so as to classify some of them as preferred customers and base
other cases that will be sent to legal collection. Significant judgment by Management is
required in classifying its customers, in defining the criteria applied, and in assessing its
accuracy.
3.6. Provision for tax, civil and labor claims
The Company recognizes a provision for tax, civil and labor risks. The assessment of the
likelihood of loss includes examining available evidence, the hierarchy of laws, former
court decisions, the most recent court decisions and their relevance in the legal system,
and the assessment of the outside legal counsel. The provision is reviewed and adjusted to
take into account any changes in circumstances, such as the applicable prescriptive
periods, conclusions of tax audits or additional exposures identified based on new matters
or court decisions.
3.7. Useful lives of property, plant and equipment
As described in note 14, the Company reviews the estimated useful lives of its property,
plant and equipment annually at the end of each reporting period. During the year the
Company assessed the useful lives of its assets and concluded that the ten-year period
adopted in prior years reasonably represents the average useful life of the Company's
assets and should be maintained for its equipment in 2015.
3.8. Revenue recognition
Service revenue is recognized in profit or loss based on the stage of completion of the
services at the end of the reporting period.
4.
FINANCIAL RISK MANAGEMENT

4.1. Financial risk factors
The Companys activities expose it to various financial risks: market risk (including
currency risk, interest rate risk, cash flow interest rate risk and price risk), credit risk and
liquidity risk. The risk management program concentrates on the unpredictability of
financial markets and seeks to minimize the potential adverse effects on the Companys
financial performance. The Company uses derivative financial instruments to protect
certain risk exposures and does not enter into any derivative transactions for speculative
purposes.
Risk management is carried out by the Chief Financial Officer, in accordance with
policies approved by the Board of Directors, where applicable. The Chief Financial
Officer identifies, assesses and protects the Company against potential financial risks in
cooperation with the Companys operating units. The Chief Financial Officer establishes
principles for global risk management, as well as for specific areas, such as foreign
exchange risk, interest rate risk, credit risk, the use of derivative and non-derivative
financial instruments, and the investment of cash surpluses.
(i)
Sensitivity analysis
The following table shows a sensitivity analysis of the financial instruments,
including derivatives, describing the risks that could generate material losses to the
Company, with the most probable scenario (scenario I) according to management's
assessment, considering a one-year time horizon. In addition, two other scenarios
are provided, as established by the Brazilian Securities and Exchange Commission
(CVM), by mens of Instruction 475/2008, in order to present a 25% and 50% stress
of the risk variable considered, respectively (scenarios II and III):
Cash equivalents
Short-term investments
Debt
BNDES
1st issue of debentures
2nd issue of debentures
1st series
2nd series
3rd issue of debentures
Indicator
Current
CDI
Total
231,867
231,867
Effect on profit (loss)

Probable
25%
50%
33,034
33,034
Change
24,775
24,775
25.00%
16,517
16,517
50.00%
Effect on profit (loss)

Probable
25%
50%
Indicator
Current
TJLP
CDI
(15,116)
(92,751)
(1,023)
(4,115)
(1,072)
(5,075)
(1,119)
(6,018)
CDI
IPCA
CDI
Total
(169,629)
(142,277)
(202,527)
(622,300)
(19,156)
(19,016)
(29,925)
(73,235)
Change
(23,427)
(21,880)
(37,056)
(88,510)
20.86%
(27,635)
(24,806)
(44,093)
(103,671)
41.56%
The sensitivity analysis presented above takes into account changes in a certain
risk, keeping steady the other variables, associated with other risks.
Scenarios
Rates
CDI (%) (i)
TJLP (%) (ii)
IPCA(%) (iii)
Probable I
12/31/15
Scenario II
25%
14.25%
7.50%
7.57%
17.81%
9.38%
9.46%
Scenario III
50%
21.38%
11.25%
11.36%
(i)
As regards the interest rate risk, the Companys management used as

probable assumption (scenario I) for its financial instruments a rate of
14.25%, information extracted from the FOCUS report released by the
Brazilian Central Bank on February 26, 2016 , 15.25%, considering an
increase in the CDI rate in line with the expected increase in the SELIC rate
as there is a direct relation between the rates, and an increase in rate as the
assumption for the other two scenarios, according to the stress scenario.
(ii)
For financial liabilities relating to borrowings - BNDES, the Companys

management used as probable assumption (scenario I) the maintenance of the
TJLP rate since there is no evidence of change in rate in the near term, and an
increase in rate as the assumption for the other two scenarios.
(iii) For financial liabilities relating to the 2nd series debentures, the Companys
management used as probable assumption (scenario I) the IPCA rate
estimated for 2016 according to the FOCUS report released by the Central
Bank of Brazil on February 26, 2016 since there is no evidence of change in
rate in the near term, and an increase in rate as the assumption for the other
two scenarios.
4.2. Market risk
(i)
Foreign exchange risk

The Company adopts the policy of reducing the cash risk relating to foreign
exchange variation on a conservative basis since all its revenues are earned in
Brazilian reais. Therefore, the Company enters into NDF contracts with financial
institutions for hedging purposes. As at December 31, 2015, the Company does not
have any significant currency exposure or outstanding derivative instrument.
(ii)
Interest rate risk and adjustment for inflation

The Companys debt is denominated in Brazilian reais and subject to floating
interest rates, especially the CDI, IPCA and TJLP rates. There is the risk of the
Company incurring losses due to fluctuations in interest rates, which would
increase finance costs related to borrowings and debentures raised in the market.
As a management policy, the Company does not use any instrument to mitigate its
exposure to interest rate fluctuations because it considers this a market risk inherent
to all companies operating in Brazil.
The Company analyzes its exposure to interest rates in a dynamic way. Various
scenarios are simulated, taking into consideration refinancing, financing and
hedging. Based on these scenarios, the Company determines a reasonable change in
the interest rate. The scenarios are prepared only for liabilities that represent the
main interest positions. See the sensitivity analysis of possible fluctuations in
interest rates in Note 4.1. (i).
4.3. Credit risk

Credit risk is the risk of financial loss for the Company should a customer or counterparty
in a financial instrument fail to fulfill its contractual obligations arising in its operating
(mainly relating to trade receivables) and financing activities, including deposits with
banks and financial institutions.
(i) Trade receivables
The Company periodically bills amounts for rentals and services due by its
customers, for past due periods normally ranging from 30 to 60 days, the average
collection period in 2015 was 63 days. Therefore, the Company is subject to the
risk of default on trade receivables. The Companys commercial credit portfolio is
mainly concentrated in domestic customers. The Company establishes a provision
for impairment when it understands there is the risk of amounts due not being
received.
The customer credit risk is managed by the Companys financial management, who
evaluates the customers financial ability to pay. This analysis is performed before
the commercial agreement is entered into by the parties, and each customer is
analyzed individually taking into consideration mainly the following information:
(i) personal data record; (ii) financial information and indicators; (iii) risk ratings
(methodology of credit bureau SERASA); (iv) controlling shareholder; and (v)
pending issues and protests at Serasa.
(ii)
Financial instruments and cash deposits

The credit risk for balances with banks and financial institutions is managed by the
Companys treasury in accordance with the policy established by that department.
Surplus funds are invested only with approved counterparties.
The Company adopts the practice of using only large financial institutions that are
among the 10 banks with the largest assets in Brazil. Management does not expect
any counterparty to fail to fulfill its obligations.
4.4. Liquidity risk

Liquidity risk is the risk of the Company facing difficulties in fulfilling its obligations
associated with its financial liabilities that are settled with cash payments or with another
financial asset. The Companys approach to manage liquidity is to ensure, to the
maximum extent possible, that it always has sufficient liquidity to fulfill its obligations as
they fall due, under normal and stress conditions, without causing unacceptable losses or
risk of damaging the Companys reputation.
The financial department monitors rolling forecasts of the Companys liquidity
requirements to ensure that it has sufficient cash to meet operating needs. Monthly
forecasts take into account the Companys debt financing plans, the fulfillment of
contractual clauses, and the achievement of internal targets according to the Companys
strategic plan. In addition, the Company maintains credit facilities with the major
financial institutions operating in Brazil.
The table below analyzes the main financial liabilities by maturity bracket, corresponding
to the remaining period in the statement of financial position through the contractual
maturity date, when the Company expects to make the payment.
Up to
one
month
At December 31, 2015
Borrowings
Debentures
Trade payables
At December 31, 2014
Borrowings
Debentures
Derivative financial instruments
Trade payables
More than
one month
and less
than three
months
More than
three
months and Between Between
less than
one and
two and Over five
one year two years five years
years
Total
355
6.844
700
11,464
-
3,088
226,833
-
3,914
192,054
-
7,150
347,308
-
2,658
-
17,865
777,659
6,844
46.378
(1.166)
16.510
998
9,227
-
3,215
150,140
-
4,100
230,266
-
11,002
458,685
-
2,652
64,069
-
68,345
912,387
(1,166)
16,510
The interest rates (CDI and TJLP) estimated for future commitments reflect the market
rates in each period.
4.5. . Credit quality of financial assets
(i)
Cash and cash equivalents and marketable securities
Bank account
Bank (1)
Total
Bank (1)
Total
Total cash and cash equivalents
12/31/2015
12/31/2014
144
144
182
182
231,867
231,867
232,011
193,477
193,477
193,659
(1) Major financial institutions widely operating in Brazil, among the 10 banks
with the largest total assets in Brazil.
5.
CAPITAL MANAGEMENT
The purpose of managing the Companys desirable capital structure is to protect its equity,
allow for business continuity, offer good conditions for its employees and stakeholders and a
satisfactory return for shareholders. The Company's general strategy has remained unchanged
since 2010.
In order to maintain or adjust the capital structure, the Company may, for example, in
accordance with its bylaws, increase its capital, issue new shares, and approve the issue of
debentures and the buyback of its shares, according to the event after the reporting period
specified in note 36.
In addition, the Company uses as the main performance indicator to assess its gearing ratio the
total net debt ratio (total bank debt less total cash and cash equivalents).
2015
2014
Total bank debt
622,300
747,791
Borrowings
Debentures (see note 18)
15,116
607,184
64,527
683,264
232,011
193,659
Net debt
390,289
554,132
Equity
962,231 1,059,397
Net debt to
Equity
0.41
0.52
The Company is not subject to any external capital requirement.

Credit lines available
2015
2014
109,584
505,639
15,116
64,527
Unsecured bank credit lines, reviewed annually and

with payment upon request:
Not used
Secured bank credit lines with varying
maturity dates that can be extended by common agreement:
Used
6.
CASH AND CASH EQUIVALENTS

2015
Cash and banks
144
231,867
232,011
2014
182
193,477
193,659
Cash and cash equivalents refer substantially to deposits and highly liquid short-term
investments, which are readily convertible into a known amount of cash and subject to an
insignificant risk of change in value.
As at December 31, 2015, short-term investments refer to repurchase agreements bearing
average interest of 100.8% of the interbank deposit certificate (CDI) (bank deposit certificate
bearing average interest of 101.5% of the CDI as at December 31, 2014).
7.
TRADE RECEIVABLES
2015
Business unit
Gross
receivables
Allowance
2014
Net
receivables
Gross
receivables
Allowance
Net
receivables
Construction
Rental
Industrial Services (*)
Events
Total
132,357
91,967
3,551
227,875
(75,932)
(48,673)
(3,551)
(128,156)
56,425
43,294
99,719
150,520
93,079
3,992
2,022
249,613
(51,117)
(36,313)
(3,992)
(91,422)
99,403
56,766
2,022
158,191
Current
Noncurent
227,875
-
(128,156)
-
99,719
-
248,215
1,398
(91,422)
-
156,793
1,398
(*)
Remaining amount receivable from customers of the Industrial Services business unit,
which was discontinued on November 30, 2013.
The allowance for doubtful debts is calculated based on the amount considered sufficient to
cover potential losses on the realization of receivables, considering an individual analysis of the
major customers.
Movement in the allowance for doubtful debts:
2015
2014
Balance at the beginning of the year
Recognition of allowance for doubtful debts
Reversal of allowance for doubtful debts
Write-offs
Balance at the end of the year
91,422
77,450
(39,220)
(1,496)
128,156
53,861
61,744
(19,443)
(4,740)
91,422
Included in the allowance for doubtful debts are impaired trade receivables amounting to
R$128,156 as at December 31, 2015 (R$91,422 as at December 31, 2014). The increase in this
allowance is basically due to specific customers that had difficulties to fulfill their obligations
in 2015.
In determining the recoverability of a trade receivable, the Company considers any change in
the credit quality of the trade receivable from the date credit was initially granted up to the end
of the reporting period. The concentration of credit risk is limited due to the fact that the
customer base is large and unrelated. The Company does not have any customer concentration
in its revenue or trade receivables as no single customer or corporate group accounts for 10% or
more of its trade receivables in any of its segments.
Age of trade receivables:
Not yet due
Current (bills with original due dates extended)
1-60 days past due (*)
Over 180 days past due (*)
Total
2015
2014
61,741
10,778
28,549
12,913
10,880
103,014
227,875
83,513
18,101
40,840
19,899
15,797
71,463
249,613
(*) The analysis above was performed considering the extended due dates of the bills.
8.
INVENTORIES
2015
Raw materials
Goods for resale
Spare parts and supplies
Advances for inventories
Provision for slow-moving inventories (*)
Total
244
5,401
13,921
(1,168)
18,398
2014
2,030
11,660
11,438
88
(3,423)
21,793
(*) Inventory items without movement for more than one year.
9.
INVENTORIES OTHER ASSETS HELD FOR SALE<0}

On August 6, 2015 the Board of Directors approved the sale of scissor lifts and telescopic
handlers of the Rental business unit, until December 31, 2017, the total amount of which
represents up to ten (10%) percent of the residual book value of such units asset, as verified in
the Companys statement of financial position as at June 30, 2015.
As at December 31, 2015, 242 equipment were put up for sale and separated from the rental
equipment, such equipment were transferred from property, plant and equipment to inventories
other assets held for sale . As from such transfer the depreciation was ceased and the residual
book value of these items is R$ 20,687. In the year ended, 65 equipment were sold and the gain
or loss on such sale transaction is only recognized upon the delivery of the asset.
Inventories of raw materials and advances for inventories refer to toll manufacturing processes to
meet the demands of the Company and its customers. Inventories of spare parts refer mainly to
access equipment. All inventories are stated at average cost.
10. TAXES RECOVERABLE

2015
2014
PIS and COFINS (taxes on revenue) (*)

IRPJ (Corporate Income tax) and CSLL (Social Contribution on Profit)
(**)
ICMS (State VAT) (***)
Others
34,181
16,548
59,259
412
663
390
51,782
933
86
60,690
Current
Noncurrent
39,435
12,347
28,677
32,013
(*)
PIS and COFINS credits refer basically to amounts recoverable on purchases of

property, plant and equipment offset at the rate of 1/48 per month against noncumulative PIS and COFINS federal tax obligations which are expected to be realized
by 2018.
(**)
Refers to IRPJ and CSLL balances prepaid during the year ended December 31, 2015,
which will be adjusted for inflation monthly based on the SELIC rate and offset against
taxes of the same nature during 2016.
(***) Refers to ICMS (State VAT) levied on the Companys operations, arising from
purchase of parts and equipment for sale.
11. OTHER RECEIVABLES SALE OF INVESTEE
2015
2014
2015
2016
2017
Total
19,778
19,778
39,556
17,467
17,467
17,467
52,401
Current
Noncurrent
19,778
19,778
39,556
17,467
34,934
52,401
On November 30, 2013, the Company completed the sale of its Industrial Services business
unit to Fundo de Investimento em Participao (FIP) Leblon Equities Partners V, managed by
Leblon Equities Gesto de Recursos Ltda.
The agreement stipulates the payment for the acquisition in six (6) installments, all adjusted
using the CDI from May 31, 2013 to the payment date, as follows:
1. The first installment of R$25,000 (R$25,207, including the CDI-based adjustment through
the payment date) was paid on the agreement signing date;
2. The second installment of R$17,000 (R$18,093, considering the CDI-based adjustment
through March 31, 2014) was paid in April 2014, in the amount of R$11,304. The second
installment was adjusted for inflation based on the partial performance of the business,
which entailed the business profit plus the depreciation of the assets acquired, less
investments, plus the increase in trade payables (or less the decrease in trade payables, as
applicable), and less the increase in trade receivables (or plus the decrease in trade
receivables, as applicable), from May 31, 2013 to the closing date, i.e., November 30, 2013.
To arrive at this amount, the same accounting criteria of apportionment of expenses and
recognition of allowance for doubtful debts and derecognition of equipment currently used
by the Company were adopted. For purposes of calculation of profit for the year, income tax
and social contribution rates identical to the average tax rate applied to the Companys
activities in the last twelve months immediately prior to the closing date were considered,
and the following were disregarded: (i) allocated costs relating to the Companys stock
options and profit sharing, and (ii) finance income and costs. The accumulated amount
relating to the partial performance of the business from June 1 to November 30, 2013, date
on which the Company completed the operation, was R$6,789.
3. Four installments of R$15,000 (R$19,778, considering the last two installments adjusted for
inflation based on 100% of the CDI through December 31, 2015), with annual maturity
counted from the agreement signing date. The first of these installments was received on the
maturity date, July 10, 2014, in the amount adjusted for inflation of R$16,601, and the
second of these installments was received on the maturity date, July 10, 2015, in the amount
adjusted for inflation of R$18,575.
12. OTHER ASSETS
12/31/2015
Trade receivables Events (i)
Loans to employees and credits on payroll (ii)
Dividends and interest on capital receivable Rohr (iii)
Prepaid expenses (iv)
Others
Total
(i)
1,623
1,205
1,546
100
842
5,316
12/31/2014
2,570
1,546
119
1,345
5,580
The Company has receivables relating to assets of the Events Business Unit, whose
activities were discontinued. Part of these assets was sold in 2008 and 2009 under
conditional sale agreements entered into on May 20, 2008 and February 18, 2009. The
sales proceed will be received over a period not exceeding eight years, and the installments
are adjusted for inflation based on the percentage fluctuation of the Extended Consumer
Price Index (IPCA). As at December 31, 2015, the asset is adjusted to present value and
Management, based on the collaterals set out in the agreement, believes that the amount
will be realized as expected by the due date of the last installment.
(ii) Refer to payroll loans granted to employees that will be deducted in installments on the
payroll.
(iii) Refers to Roh interest on capital receivable, net of taxes, as disclosed in note 13, expected
to be received by December 2016.
(iv) The balances refer basically to prepaid expenses related to insurance and IPTU (municipal
real estate tax).
13. INVESTMENTS
a) Non-controlling interest
On February 8, 2011, the Company acquired 25% of the capital of Rohr S.A. Estruturas
Tubulares (Rohr) for R$ 90,000. Rohr is a privately-held company specialized in access
engineering and civil construction solutions, which operates mainly in the heavy
construction and industrial maintenance sectors.
In 2011, the Company received R$2,608 (net of taxes) relating to interest on capital and
dividends of prior years, which was recognized reducing the investment amount since it
referred to dividends derived from profits or reserves already existing at the share
acquisition date.
In the fourth quarter of 2011, there was an increase in the stake in Rohr from 25% to
27.47%, resulting from a buyback by Rohr of 9% of its shares, which are currently in its
treasury and will be cancelled or proportionally distributed to its shareholders.
The Company assessed its influence over the management of Rohr and concluded that
even though it holds 27.47% of the investees capital, it does not have significant influence
over it due to the following facts: Mills does not have power to participate in the
preparation of and in the decisions on Rohrs financial, operational and strategic policies,
does not control such policies either individually or jointly, and does not have
representatives in the investees management. Furthermore, there is no shareholders
agreement that may confer Mills the right to have influence over the investees
management or that may confer it the right to increase its ownership interest in the future.
Moreover, as the Company does not have shares traded on the market, it considers that it is
not possible to reliably estimate the fair value of the investment and maintained the
investment stated at cost.
In December 2015 the Company recognized finance income of R$1,818 (R$1,818 in
December 2014) relating to Rohr interest on capital for 2015.
b) Impairment loss
In 2015 the Company reviewed the recoverable amount of the investment in Rohr S.A.
based on an internal report. The recoverable amount of this asset was determined based on
economic projections to determine the recoverable amount of this asset, under the income
approach, through the discounted cash flow projection, over a ten-year term for purposes
of evidencing the amount stated in the accounting records considering the long period of
maturation of the investments in infrastructure and civil construction. The main
assumptions were: (i) revenues were projected based on historical data, as well as on the
segment and the Brazilian economy growth prospects; (ii) perspective of negative
operating result in 2015, due to the slowdown of the industry activity, (iii) the execution of
an ongoing program for productivity improvement and cost and expense reduction will
make its evolution to be lower than the revenue growth percentage, (iv) the respective
flows are discounted at an average discount rate of 16.67%, obtained from a methodology
usually applied by the market, taking into consideration the weighted average cost of
capital (WACC); (v) a strict control policy in the working capital evolution, in the
projection years. Based on this study, Management estimates that the recoverable amount
of the investment in Rohr is R$61,200, requiring the recognition of a provision for
impairment of this asset of R$26,192, in line item Other operating expenses in the
statement of profit or loss.
14. PROPERTY, PLANT AND EQUIPMENT

Equipment for
rental and
operational use
Cost of PP&E, gross
Balance at December 31,
2013
Purchases
Write-offs/disposals
Adjustment for PIS and
COFINS credits
Reclassification
Transfers
2014
Purchases
COFINS credits
Transfer to inventories
Transfers
2015
Accumulated depreciation
2013
Depreciation
COFINS credits
2014
Depreciation
COFINS credits
Transfer to inventories
Transfers
2015
Annual depreciation rates %
Property, plant and
equipment, net
Rental
equipment
in progress
Total
rental
equipment and
operational use
Leasehold
improvements
Buildings Computers and

and land
peripherals
Facilities
1,491,854
167,210
(57,298)
38,506
5,535
(195)
1,530,360
172,745
(57,493)
19,040
8,069
-
(18,154)
(286)
39,942
286
(39,942)
(18,154)
-
31
1,623,268
14,114
(84,798)
4,190
(6)
1,627,458
14,114
(84,804)
27,140
4,675
(649)
(977)
(54,882)
2,777
(2,753)
(977)
(54,882)
24
131
1,499,502
1,431
1,500,933
31,297
24,211
16,511
1,437
8,711
10,966
(362,749)
(155,497)
28,411
(362,749)
(155,497)
28,411
(4,169)
(3,342)
-
(1,526)
(670)
-
(6,594)
(2,344)
1
(2,232)
(448)
274
(1,051)
(534)
-
(3,398)
(745)
4
(34)
(5)
(489,835)
(154,980)
55,073
(489,835)
(154,980)
55,073
(7,545)
(4,764)
265
(2,406)
(338)
1,932
34,195
-
34,195
-
(485)
1
(555,547)
(555,547)
(12,528)
10
10
24,274
-
Vehicles
24,274
10
(73)
-
(2,196)
(669)
39
(2,826)
4
13,886
2,126
(9)
3,640
180
(426)
(57)
16,003
494
(11)
3,394
324
(2,256)
7,058
1,126
(346)
25
(25)
(8,937)
(2,367)
4
-
5,470
1,645
-
Furniture
and
fixtures
Total
PP&E
1,606,195
186,706
(57,951)
(18,154)
-
1,042
-
89,338
7,178
(3,345)
1,716,796
21,292
(88,149)
(38)
(977)
(54,882)
(14)
93,133
1,594,066
(18,970)
(8,083)
279
(381,719)
(163,580)
28,690
(39)
(1,590)
(685)
329
(4,139)
(838)
8
(26,813)
(9,661)
2,577
(516,648)
(164,641)
57,650
(70)
(1)
(555)
-
(555)
34,195
-
(34,452)
(589,999)
26
10,427
549
(10)
-
580
462
-
Total
assets
in use
75,835
13,961
(458)
873
8,945
1,479
(23)
Construction
in progress
(1,042)
-
(11,300)
(812)
(2,017)
(4,969)
20
20
10
10
(39)

2014
2015
1,133,433
4,190
1,137,623
19,595
22,078
7,066
988
5,468
6,288
1,042
62,525
1,200,148
943,955
1,431
945,386
18,769
21,385
5,211
625
6,694
5,997
58,681
1,004,067
Rental equipment can be summarized as follows: access scaffolding, formworks, props, scissor
lifts and telescopic handlers.
We present below the main purchases during the year by group of assets:
2015
Props
Lifts and handlers
Reusable concrete formworks
Suspended scaffolding and access structures
Machinery and equipment for operating use
facilities
Leasehold improvements
Others
Total purchases
2014
4,213 24,606
- 104,152
2,095 12,936
5,224 25,596
2,582
1,126
4,675
1,377 19,416
21,292 186,706
The depreciation for the year, allocated to costs of services and general and administrative
expenses, amounts to R$151,915 and R$12,726 as at December 31, 2015 (R$152,874 and
R$10,706 as at December 31, 2014), respectively.
Certain items of property, plant and equipment are pledged as collateral for borrowings (Note
17).
Review of estimated useful life
For purposes of this review, based on a valuation by technical experts the Company issued a
valuation report dated December 31, 2015, approved at a meeting of the Board of Executive
Officers. In order to prepare the report, the technical experts and independent appraisers
considered the Company's operational planning for the coming fiscal years, past experience,
such as the level of maintenance and use of the items, external elements for benchmarking,
such as available technologies, manufacturers' recommendations and technical manuals, and
the service lives of the assets. There was no change in the remaining estimated useful life of
property, plant and equipment of the rental equipment group in relation to that stated in the
February 2011 report and that is in line with the depreciation rates used by the Company.
Therefore, there was no change in the depreciation rate for 2015.
The Company concluded that there were no events or changes in circumstances indicating that
the carrying amount of the assets of its cash-generating unit Rental will not be recoverable. As
regards the assets of its cash-generating unit Construction, the Company believes that there
were changes in market circumstances and conducted an impairment testing of these assets
together with the goodwill related to this unit. For further details, see note 15.
15. INTANGIBLE ASSETS

Intangible
Trademarks
assets
Goodwill on
Total
Software and patents in progress investments intangible assets
Cost of intangible assets, gross
Balance at December 31, 2013
Purchases
Transfers
20,943
3,927
20,045
895
-
12,626
8,498
(20,045)
44,294
-
78,758
12,425
-

Purchases
Transfers
44,915
3,086
1,164
49,165
895
2,261
3,156
1,079
1,555
(1,150)
1,484
44,294
(30,918)
13,376
91,183
6,902
14
(30,918)
67,181
(5,839)
(295)
(4,232)
(10,366)
Amortization
(4,505)
(10,344)
(174)
(469)
(4,232)
(4,679)
(15,045)
(4,826)
(174)
(5,000)
(365)
(15,535)
10
(643)
20
(4,232)
-
(365)
(20,410)
-
34,571
33,630
426
2,513
1,079
1,484
40,062
9,144
76,138
46,771
Accumulated amortization
Amortization
Adjustment for PIS and COFINS
credits
Annual amortization rates - %
Intangible assets, net
Provision for impairment of goodwill

Goodwill arose on the acquisition of Jahu in 2008 and the acquisition of GP Sul in 2011, which
are being considered as contribution of the Real Estate business unit, which represents a CashGenerating Unit (CGU) to which the goodwill is allocated.
The recoverable amount of this asset was determined based on economic projections to
determine its value, under the income approach, through the discounted cash flow projection,
over a ten-year term for purposes of evidencing the amount paid considering the long period of
maturation of the investments in infrastructure and civil construction. The main assumptions
were: (i) revenues were projected based on historical data, as well as on the segment and the
Brazilian economy growth prospects; (ii) perspective of negative operating result in 2015, due
to the slowdown of the industry activity, (iii) the execution of an ongoing program for
productivity improvement and cost and expense reduction will make its evolution to be lower
than the revenue growth percentage, (iv) the respective flows are discounted at an average
discount rate of 16.67%, obtained from a methodology usually applied by the market, taking
into consideration the weighted average cost of capital (WACC); (v) a strict control policy in
the working capital evolution, in the projection years.
Based on this study, Management estimates that the recoverable amount of the assets of the
Construction Business Unit, including the goodwill on acquisiton of Jahu in 2008 and of GP
Sul, in 2011, is R$ 442,523 (R$ 473,441 in December 2014), thus, a provision for impairment
of this asset in the amount of R$ 30,918 was required for the year ended December 31, 2015.
16. TRADE PAYABLES
Domestic suppliers
Foreign suppliers
2015
2014
6,665
179
6,844
16,240
270
16,510
As at December 31, 2015, trade payables refer basically to services provided and installment
purchases of materials and PP&E.
17. BORROWINGS AND FINANCING

Borrowings were used for financing the expansion of the Company's investments and for its
general expenses and uses, being indexed to the CDI, TJLP and US dollars.
Rental equipment financing were contracted with charges based on the Long-Term Interest
Rate (TJLP) plus interest of 0.2% to 0.90% per year, with monthly amortization through June
2021.
Borrowings are as follows:
12/31/2015 12/31/2014
Borrowings (*)
15,116
64,527
Current
Noncurrent
3,185
11,931
15,116
49,637
14,890
64,527
The financial institutions with which the Company has borrowings as at December 31, 2015 are
as follows:
Banco do Brasil
Ita BBA
On December 6, 2013 the Company entered into a borrowing agreement with Banco Ita BBA
S.A., Nassau Branch, in the amount of US$16.9 million (equivalent to R$40.0 million).
Principal and interest were settled in a bullet payment on January 30, 2015. In order to
eliminate the foreign exchange risk on this borrowing, on the same date of the borrowing the
Company entered into a swap transaction with Banco Ita BBA S.A. in the amount of R$40.0
million in order to convert the obligations (principal and interest) into local currency and on the
same maturity dates. This agreement was settled on the same date of maturity of the borrowing,
as described above.
The table below shows the contracted guarantees outstanding at the dates:
Guarantees provided:
Collateral sale (*)
Total guarantees
2015
2014
27,103
27,103
33,103
33,103
* Refer to equipment purchased under the Federal Equipment Financing Program (FINAME).
The maturities of the noncurrent portions as at December 31, 2015 are as follows:
2016
2017
2018 to 2021
3,185
3,138
8,793
15,116
The Companys borrowings contain covenants, the requirements of which are in line with those
presented in the debenture indenture and are detailed in note 18.
18. DEBENTURES
Description
Series
1st issue
Issue cost
Single
2nd issue
2nd issue
Issue cost
3rd issue
Issue cost
1st
series
2nd
series
Single
Total debentures
Current
Noncurrent
Issued
amount
Beginning
Maturity
Financial charges
12/31/2015
12/31/2014
270.000
Apr/2011
Apr/2016
112.5% of CDI
92,751
(157)
92,594
184,412
(629)
183,783
160.940
Aug/2012
Aug/2017
100% CDI + 0.88% p.a.
169,629
168,121
109.060
Aug/2012
Aug/2020
IPCA + 5.50 p.a.
May/2019
108.75% of CDI
142,277
(787)
311,119
202,527
(521)
202,006
605,719
186,634
419,085
128,747
(1,093)
295,775
201,984
(685)
201,299
680,857
105,315
575,542
200.000
May/2014
1st issue of debentures

The first issue of Company debentures, of a total of 27,000 simple, nonconvertible, registered,
unsecured debentures, in a single series, was approved on April 8, 2011, totaling R$270,000
and unit face value of R$10.00. These debentures mature on April 18, 2016 and pay interest
equivalent to 112.5% of the CDI, payable semiannually, and are amortized in three annual,
consecutive installments, commencing on April 18, 2014, settled at that date. The transaction
costs associated with this issue, in the amount of R$2.358, are being recognized as borrowing
costs, in accordance with the contractual terms of the issue.
2nd issue of debentures

The second issue of Company debentures, of a total of 27,000 simple, nonconvertible,
registered, unsecured debentures, in two series, was approved on August 3, 2012, totaling
R$270,000 and unit face value of R$10.00. The transaction costs associated with this issue, in
the amount of R$1,810, are being recognized as borrowing costs, in accordance with the
contractual terms of the issue.
The debentures have their maturities according to the issue of each series, as follows:
1st series - 16,094 first series debentures, totaling R$160,940, with maturity on August 15,
2017, not subject to adjustment for inflation. The face value of the first series debentures
will be amortized in two annual installments as from the fourth year of their issue and
interest paid semiannually will correspond to a surcharge of 0.88% p.a. levied on 100% of
the accumulated variation of the DI rate;
2nd series - 10,906 second series debentures series, totaling R$109,060, with maturity on
August 15, 2020, subject to adjustment for inflation based on the accumulated variation of
the IPCA index. The face value of the second series debentures will be amortized in three
annual installments as from the sixth year of their issue and interest paid semiannually will
correspond to 5.50% p.a. of the amount adjusted for inflation as indicated above.
3rd issue of debentures
The third issue of Company debentures, of a total of 20,000 simple, nonconvertible, registered,
unsecured debentures, in a single series, was approved on May 30, 2014, totaling R$200,000
and unit face value of R$10.00. These debentures mature on May 30, 2019 and pay interest
equivalent to 108.75% of the CDI, payable semiannually, and amortized in three annual,
consecutive installments, commencing on May 30, 2017. The transaction costs associated with
this issue, in the amount of R$745, are being recognized as borrowing costs, in accordance with
the contractual terms of the issue.
As at December 31, 2015, the balances of debentures including transaction costs are R$187,251
in current liabilities and R$419,933 in noncurrent liabilities and R$186,634 and R$419,085 less
transaction costs respectively (as at December 31, 2014, the gross balance of debentures is
R$106,203 in current liabilities and R$577,061 in noncurrent liabilities, and R$105,315 and
R$575,542 less transaction costs.
Covenants
The debenture indentures require the compliance with debt and interest coverage ratios under
preset parameters, as follows:
(1)
Net debt-to-EBITDA ratio equal to or lower than three (3); and
(2)
EBITDA-to-net financial expenses equal to or higher than two (2).
(i)
Net Debt means, based on the Companys immediately preceding Consolidated

Financial Statements, (a) the sum of the Company's onerous debts, on a
consolidated basis, to companies, including borrowings with third parties and/or
related parties and issue of fixed-income securities, convertible or not, in the local
and/or international capital market, as well as guarantees provided by the
Company, but excluding debts arising from tax installment payments; (b) less the
sum of the Companys cash and cash equivalents (cash and short-term
investments), on a consolidated basis;
(ii)
EBITDA means, based on the Companys four immediately preceding

Consolidated Financial Statements, profit or loss before income tax and social
contribution, less income and plus expenses generated by finance income and
costs and nonooperating income and expenses, depreciation and amortization, and
nonrecurring income and expenses; and
(iii)
Net Finance Cost means, based on the Companys four immediately preceding
Consolidated Financial Statements, the balance of the difference between the
consolidated gross finance income and the consolidated gross finance cost
Considering the nonrecurring expenses in the calculation of the adjusted EBITDA, as at

December 31, 2015 all covenants have been complied with.
19. RELATED PARTIES

a) Transactions and balances
There were no loans between the Company and its officers during the year.
As at December 31, 2015, the Company had no service agreements with members of the
Board of Directors.
Management compensation
The amounts relating to compensation paid to members of the Companys management are
as follows:
Salaries and payroll charges - officers

Fees of the Board of Directors
Share-based payments
Total
2015
2014
6,092
1,219
3,382
10,693
7,211
1,352
3,570
12,133
20. EMPLOYEE BENEFITS

a) Employee profit sharing
The provision for profit sharing of employees and executive officers is recognized on an
accrual basis and is accounted for as an expense. The determination of the amount, which
is paid in the year subsequent to the recognition of the provision, considers the targets
program established together with the labor union through a collective labor agreement, in
accordance with Law 10,101/00 and the Companys bylaws.
On June 23, 2015, the Board of Directors decided that the employee profit sharing in 2015
will be based on the EBITDA, where up to 5% of the Company's EBITDA can be
distributed if the EBITDA reached exceeds the estimated EBITDA. The metrics for this
calculation is approved by the Companys management.
Such profit sharing, when any, will be recognized when the EBITDA annual target is
reached, and will be disbursed until April 2016. The Company has not reached the targets
in 2015 and, therefore, no provision for this expense was recognized.
b) Stock option plan
The Company has stock option plans approved by the General Meeting aimed at
integrating its executives in the Company development process in the medium and long
terms. These plans are managed by the Company and the grants are approved by the Board
of Directors.
Plans
2010 Program
2011 Program
2012 Program
2013 Program
2014 Program
Final
Grant date exercise date
05/31/2010
04/16/2011
06/30/2012
04/30/2013
04/30/2014
05/31/2016
04/16/2017
05/31/2018
04/30/2019
04/30/2020
Shares in thousands
Shares
Shares Outstanding
granted
exercised
shares
1,475
1,184
1,258
768
260
(1,369)
(592)
(401)
(97)
-
106
592
857
671
260
In order to price the cost of the Top Mills Special Plan relating to its equity component, the
applicable volatilities were determined at the risk-free rates and stock prices based on
valuations of 6.6 times the EBITDA, less net debt, and the Company used the Black-Sholes
model to calculate the fair value.
On March 31, 2014, the Company approved at the Board of Directors meeting: (i) the creation
of the 1/2014 Stock Option program; (ii) the definition of the criteria to set the exercise price of
options and their payment terms; (iii) the definition of the terms and conditions of exercise of
options; and (iv) the authorization for the Executive Officers to grant the stock options to the
beneficiaries eligible under the 2014 Program.
At the Board of Directors' meeting held on May 21, 2015, the Company decided to sell the
Companys shares held in treasury in order to exercise the option to purchase the beneficiary's
shares under the 2010, 2011, 2012, 2013 and 2014 Stock Option Programs (see note 25 (a.1)).
The plans granted as from 2010 were classified as equity instruments and the weighted average
fair value of the options granted was determined based on the Black-Scholes valuation model,
considering the following assumptions:
Program
2010
2010
2011
2012
2012
2013
2013
2014
2014
Grant
Weighted
Weighted
average fair
average price of
value by option - the share at the
R$
grant date - R$
First
Second
Single
Basic
Discretionary
Basic
Discricionria
Basic
Discretionary
3.86
5.49
6.57
21.75
12.57
24.78
11.92
22.46
11.16
11.95
14.10
19.15
27.60
27.60
31.72
31.72
28.12
28.12
Exercise price
at the grant
Volatility at
date R$
the grant date
11.50
11.50
19.28
5.86
19.22
6.81
26.16
7.98
30.94
31.00%
31.00%
35.79%
37.41%
37.41%
35.34%
35.34%
33.45%
33.45%
Dividend
yield at the
grant date
1.52%
1.28%
1.08%
0.81%
0.81%
0.82%
0.82%
0.75%
0.75%
Annual
Maximum
risk-free
exercise
interest rate period at
at the grant the grant
date
date
6.60%
6.37%
6.53%
3.92%
3.92%
3.37%
3.37%
12.47%
12.47%
6 years
6 years
6 years
6 years
6 years
6 years
6 years
6 years
6 years
The exercise price of the options granted under the Plan will be set by the Board of Directors or
by the Committee (as appropriate), taking into consideration: (i) in the case of options whose
grant has as consideration the acquisition of Company issued shares by the respective
Beneficiary, the equity value of the shares at December 31 of the fiscal year immediately prior
to the grant date; or (ii) in the other cases, the value equivalent to the average quotation of the
Company shares of the same type as those in which the option is referenced on the
BM&FBOVESPA S.A. - Stock, Commodities and Futures Exchange, weighted by the trading
volume during the fiscal year immediately prior to the grant date. Irrespective of the criterion to
be adopted to define the exercise price, this will be adjusted for inflation based on the IPCA
(Extended Consumer Price Index) or any other index determined by the Board of Directors or
by the Committee (as appropriate), less the amount of dividends and interest on capital per
share proposed by the Company as from the grant date.
The table below presents the accumulated balances of the plans in the statement of financial
position and the effects on the statement of profit or loss.
2015
2014
2002 Plan
Capital reserve
Number of shares exercised (thousands)
1,446
3,920
1,446
3,920
Top Mills, Special CEO and EX-CEO Plans

Capital reserve
1,148
1,055
1,148
1,055
Mills Rental Executives Plan

Capital reserve
4,007
391
4,007
391
2015
2014
2010 Plan
Capital reserve
Number of exercisable options (thousands)
Number of shares canceled (thousands)
5,693
106
1,369
73
5,727
106
1,369
64
2011 Program (2010 Plan)

Capital reserve
7,329
592
592
157
6,750
592
592
75

Capital reserve
13,011
857
401
336
9,659
859
399
156

Capital reserve
9,479
671
97
139
5,633
676
92
48

Capital reserve
2,323
260
52
1,026
234
-
Total recognized as equity (accumulated)
45,020
35,396
(9,624)
(9,539)
Effect on the statement of profit or loss

21. INCOME TAX AND SOCIAL CONTRIBUTION
a) Income tax and social contribution payable
As at December 31, 2015, the Company has not determined taxable income from income tax
and social contribution. The amounts prepaid in 2015 and withheld at source on invoices and
financial investments make up the negative balance of IRPJ and CSLl that will be used during
2016.
b) The reconciliation between the income tax and social contribution expense and income at
the statutory and effective rates is as follows:
2015
Loss for the year before income tax and social contribution
Statutory income tax and social contribution rate
Income tax and social contribution at statutory rate
Nondeductible provisions (*) and permanent differences
Interest on capital - proposed
Others
Total current and deferred income tax and social contribution
Effective rate
2014
(128,718)
34%
43,764
(13,076)
229
30,917
90,336
34%
(30,714)
(5,802)
8,528
1,920
(26,068)
24%
29%
* Non-deductible expenses comprise expenses on provision for cancelations, gifts, debt

waivers, and non-compensatory fines. These expenses are comprised as follows:
2015
Provision for cancelations
Write-off of inventories
Others
Total
(9,510)
(1,655)
(1,911)
(13,076)
2014
(2,538)
(1,740)
(1,524)
(5,802)
c) Income tax and social contribution recognized in other comprehensive income

The deferred tax recognized in other comprehensive income arises from the provision for
gains/losses on cash flow hedge instruments transferred to the opening carrying amounts of the
hedged items.
d) Movement in the deferred income tax and social contribution during the year, not
considering the offset of balances:
Description
Stock options
Discount to present value
Property, plant and equipment hedge
Provision for costs and expenses
Provision for slow-moving inventories
Finance leases
Provision for loss on lawsuit Murilo Pessoa
NDF derivatives
Provision for discounts and cancelations
Tax losses in 2015
Swap transactions
Provision for realization of tax credit
December
December
31,
31,
2014
Additions Write-offs
2015
3,243
54
(946)
977
1,164
17,993
4,329
4,278
42
(126)
9,355
(396)
-
3,284
(2,103)
1,377
13,716
8,906
(3,141)
2,305
6,593
17,290
30
(435)
(39)
135
1,188
(2,144)
(14,436)
(4,329)
(933)
126
(13,719)
396
-
6,092
15
(811)
62
397
17,273
8,906
(3,141)
5,650
42
2,229
17,290
30
Description
Taxes with required payment suspended
Accelerated depreciation
GP Andaimes Sul Locadora goodwill
Jahu goodwill
Adjustment for inflation of judicial deposits
Exchange differences
Debentures
December
December
31,
31,
2014
Additions Write-offs
2015
255
(1,506)
(459)
(12,949)
(1,197)
1,643
(809)
24,945
201
(753)
(134)
(276)
___ 47,295
10,512
(1,643)
311
(25,010)
456
(2,259)
(593)
(2,437)
(1,473)
(498)
47,230
e) The bases and expectations for realization of the deferred income tax and social
contribution are presented below:
Nature
Bases for realization
Stock option
Discount to present value
Property, plant and equipment hedge
Provision for slow-moving inventories
Provision for costs and expenses
Provision for loss on lawsuit Murilo Pessoa
Finance leases
Exercise of options
Tax realization of the loss/gain
Depreciation of the asset
Write-off or sale of the asset
Realization of the provision
Payment
Receipt of the amount
Filing of lawsuits and past-due receivables
Realization of the asset over the straight-line
depreciation period
Tax realization of the loss or closing of the
lawsuit
Realization of tax credit

Provision for loss on tax credit
NDF derivatives
Provision for discounts and cancelations
Swap transactions
Taxes with required payment suspended
Accelerated depreciation
GP Andaimes Sul Locadora goodwill
Jahu goodwill
Adjustment for inflation of judicial deposits
Exchange differences
Tax losses
Debentures
Reversal/realization of the provision

Settlement of the borrowing
Payment or reversal of the provision
Tax depreciation over 5 years
Disposal/impairment of the asset
Disposal/impairment of the asset
Withdrawal of the deposit
Repayment of the borrowing
Expectation of future taxable profits
Amortization of the borrowing cost
As at December 31, 2015, deferred income tax and social contribution are expected to be
realized as follows:
Deferred
Deferred
IR and CSLL IR and CSLL
assets
liabilities
2016
2017
2018
2019
2020
Beginning 2021
Total
2,694
19,251
10,181
5,806
5,693
14,817
58,442
(1,235)
(1,204)
(1,149)
(1,902)
(1,938)
(3,784)
(11,212)
22. PROVISION FOR TAX, CIVIL AND LABOR RISKS AND JUDICIAL DEPOSITS
The Company is a party to tax, civil and labor lawsuits that have arisen in the normal course of
business and is discussing the related matters both at the administrative and legal levels. These
lawsuits are backed by judicial deposits, when applicable.
Based on the opinion of its outside legal counsel, management understands that the appropriate
legal measures already taken in each situation are sufficient to cover potential losses and
preserve the Companys equity, being reassessed periodically.
The Company does not have any contingent assets recognized.
a) Breakdown of the provision for tax, civil and labor risks:
Tax (i)
Civil (ii)
Labor (iii)
Success fees (iv)
Legal fees and costs (v)
Total
2015
2014
4,272
2,419
6,235
2,309
1,377
16,612
4,301
787
3,978
2,660
854
12,580
2015
2014
12,580
5,161
1,618
(1,607)
(1,140)
16,612
10,573
3,330
1,670
(2,380)
(613)
12,580
Movement in the provision for tax, civil and labor risks:
Balance at January 1
Provision
Adjustment for inflation
Reversals
Write-offs
Balance at December 31
(i)
Refers basically to a writ of mandamus filed by the Company when challenging the
increase in the PIS and COFINS rates (established by the non-cumulative regime of
these contributions, with the enactment of Laws 10,637/2002 and 10,833/2003). The
Company maintains a judicial deposit for this provision, related to the differences in
rates.
(ii)
The Company has lawsuits filed against it relating to civil liability and compensation
claims.
(iii) The Company is a defendant in various labor lawsuits. Most of the lawsuits involve
claims for compensation due to occupational diseases, overtime, hazardous duty
premium and salary equalization.
(iv) Contingent fees are generally set at up to 10% of the amount of the claim, payable to
outside legal counsel according to the success achieved in each claim. Payment is
contingent upon a favorable outcome of the lawsuits.
(v)
Refers to the provision for legal fees and costs incurred in lawsuits, with probable
risk of unfavorable outcome to the Company.
b) Breakdown of judicial deposits:
Tax (i)
Labor (ii)
2015
2014
7,947
3,076
11,023
7,161
3,261
10,422
(i)
As at December 31, 2015, judicial deposits for tax lawsuits totaled R$7,947. The
reconciliation of this amount refers basically to the challenge of the increase in the
PIS and COFINS rates, in the total amount of R$3,755, as informed in note 22, item
a, subitem i, and, also, judicial deposits made on behalf of certain municipalities
due to the understanding of our legal counsel as regards the levy of the ISS (service
tax) on asset rental income. The balance recognized in this line items is R$ 2,769.
Since 2003, with the enactment of the Supplementary Law 116 and based on the
opinion of its legal counsel, the Company has not made judicial deposits of this
nature.
(ii)
The judicial deposits are linked to various labor lawsuits in which the Company is
the defendant. Most of the lawsuits involve claims for compensation due to
occupational diseases, overtime, hazardous duty premium and salary equalization.
The Company is a party to tax, civil and labor lawsuits involving risks of loss
classified by management as possible based on the assessment of its legal counsel,
for which no provision was recognized as estimated below:
Tax (i)
2015
2014
40,461
31,559
Civil (ii)
Labor (ii)
Total
5,198
18,006
63,665
5,191
15,232
51,982
(i) Tax (main items):

a) Disallowance of allegedly nondeductible expenses by the Brazilian Federal
Revenue, involving former Mills Formas, due to agreements entered into with
various customers, under which Mills Formas was responsible for carrying out
the services that were previously carried out by the employees of the former
Mills do Brasil;
b) Requirement of the Finance Department of the State of Rio de Janeiro relating
to ICMS and fine allegedly due arising from transfers of goods without the
payment of the related tax.
c) Non-recognition by the INSS (National Institute of Social Security) of the
possibility of offsetting payments improperly made as social security
contribution, based on the method established by Law 9.711/98;
d) Requirement by the Brazilian Federal Revenue of fine allegedly due on
installment payment of credits derived from voluntary reporting;
e) Requirement by the Brazilian Federal Revenue of alleged debts of Tax on
Profit (ILL), judged unconstitutional by the STF (Federal Supreme Court).
(ii) Civil
Lawsuits filed against the Company relating to compensation for pain and suffering
and property damages.
(iii) Labor
The Company is a defendant in various labor lawsuits. Most of the lawsuits involve
collection of termination amounts, compensation for pain and suffering, inclusion
of premium in the compensation, reinstatement and salary adjustments, and related
effects.
23.
TAX DEBT REFINANCING PROGRAM (REFIS)

In November 2009 the Company enrolled in the Special Installment Payment Plan established
by Law 11,941/2009 and Provisional Act 470/2009, with the purpose of equalizing and
regularizing the tax liabilities under this special plan for installment payment of tax and social
security obligations.
The general conditions of this installment payment can be summarized as follow:
(a) The installment payment period was 180 months.
(b) 60% reduction of voluntary and late payment fines, and 25% reduction of late payment
interest.
(c) Debts included in the installment payment plan were:
(i)
(ii)
(iii)
(iv)
PIS and COFINS (for the period from April 2002 to May 2004).
IRPJ (for December 2003, January 2004 and April 2004).
CSLL (for November 2003, January 2004 and April 2004).
INSS Additional Occupational Accident Insurance (SAT) contribution.
The amounts relating to PIS/COFINS, IRPJ and CSLL had been offset against PIS and
COFINS credits on rental (from September 1993 to January 1999), referring to rental and
assembly of Company-owned leased assets. The origin of these credits was based on a decision
by the Federal Supreme Court that does not consider the rental of chattel as provision of
services.
In light of the new case law set by the Superior Court of Justice (STJ) (1st Panel of the STJ trial in September 2009 of Special Appeal No. 929.521), which set the understanding of the
levy of COFINS on asset rental income, the Company decided to pay in installments the
amount relating to the aforementioned debts.
The debts were consolidated on June 29, 2011, in accordance with Joint Administrative Rule
PGFN/RFB 2/2011.
As a result of the enrollment in this special installment payment plan, the Company undertook
to pay the installments without late payment exceeding three months, and has paid the REFIS
installments of the debt consolidated in June 2011.
(d) At the peliminary stage of consolidation of debts for installment payment, on June 30,
2010, the Company decided to include an INSS debt considering the change of the
likelihood of a favorable outcome from probable to remote, according to the opinion of its
outside legal counsel.
Also at the preliminary stage of consolidation of debts for installment payment, PIS and
COFINS debts considered expired by the outside legal counsel were excluded.
(e) Still in the stage of consolidation of debts in June 2011, the Company identified that five
debts, two relating to COFINS and three to CSLL, had not been made available at the
Brazilian Federal Revenue (RFB) website for consolidation purposes.
A request was made to RFB in July 2011 to include these debts in the program. In August
2011 through Legal Notice No. 1360/2011, the RFB informed that the debts consolidation
period had ended on June 30, 2011 and that it would not be reopened, so the debts had
their requirement suspended until their clearance. The debts subject to consolidation
remained in Mill's liabilities and were adjusted for inflation through the clearance date,
which occured in August 2015.
Balance at December
31, 2014
Write-offs
PIS
1,729
(183)
COFINS
5,298
(584)
IRPJ
2,150
(227)
142
(20)
811
(85)
10,130
(1,099)
CSLL
INSS (Social
Security
Contribution)
Current
Noncurrent
Inflation
Adjustment
SELIC
Balance at
December 31,
2015
174
1,720
238
-
556
5,508
216
2,139
51
20
193
82
808
1,048
10,368
Additions
-
289
1,030
9,100
1,174
9,194
24. TAXES PAYABLE
PIS and COFINS (taxes on revenue)

INSS (Social Security Contribution)
ISS (Service Tax)
Others
2015
2014
2,188
61
46
392
2,687
2,978
86
500
409
3,973
25. EQUITY
a) Subscribed capital
The Companys fully subscribed and paid-in capital as at December 31, 2015 is R$563,319
(R$563,319 as at December 31, 2014), comprising 128,057,000 (128,057,000 thousand as
at December 31, 2014) registered common shares without par value Each common share
entitles to one vote in the shareholders resolutions.
Under the bylaws, the Board of Directors can increase the capital up to a ceiling of
200,000,000 shares.
(a.1) Treasury shares
On November 10, 2014, the Board of Directors approved the introduction of a
buyback program for the Company-issued shares and authorized management to
define the opportunity and the number of shares to be acquired under the Buyback
Program.
The Companys objective with the buyback program was to acquire up to 4,000
thousand shares of its issue, within 365 days from the date of approval by the Board
of Directors, to be held in treasury and subsequently canceled or sold, including
under the Companys share buyback program, in the event of exercise of such
options.
On May 21, 2015, the Companys Board of Directors approved the sale of 5,434
book-entry registered common shares without par value, issued by the Company,
held in treasury in order to exercise the option to purchase shares, in the amount of
R$39.
On June 17, 2015, the Companys Board of Directors approved the sale of 1,444
book-entry registered common shares without par value, issued by the Company,
held in treasury in order to exercise the option to purchase shares, in the amount of
R$9.
Until December 31, 2015, 2,285,300 shares had been acquired in the total amount of
R$19,730 (in the year ended December 31, 2014, 2014, 1,182,900 shares had been
acquired in the total amount of R$10,985) , recorded in the capital reserve. The
minimum cost, weighted average and maximum of these shares acquired in the year
were, respectively, R$5.32, R$8.65 and R$11.30.
(a.2) Share issue
The Company's share issue has been made as approved by the Companys Board of
Directors due to the exercise of stock options by beneficiaries.
The table below shows the shareholding structure at the reporting dates:
Shareholders
Andres Cristian Nacht
Snow Petrel S.L.
HSBC Bank Brasil S.A.
Capital Research Global Investors
Brandes Investment Partners1
Other signatories of the Company
Shareholders Agreement
Others
2015
2014
Number
Number
of shares
of shares
(in thousands) Percentage (in thousands) Percentage
14,185
17,728
6,323
6,711
11.08%
13.84%
5.00%
5.24%
15,685
17,728
6,323
6,507
-
12.25%
13.84%
5.07%
5.10%
-
13,415
69,695
128,057
10.48%
54.36%
100.00 %
11,827
69,987
128,057
9.24%
54.50%
100.00 %
On April 21, 2015, it became the holder of a material ownership interest according to
information officially received by the Company and disclosed to CVM.
Signatories of the Companys Shareholders Agreement, excluding Andres Cristian Nacht e

Snow Petrel S.L., considers the position related to 12/31/2015, already reported to CVM,
pursuant to CVM Instruction No. 358/02
b) Earnings reserves
(b.1) Legal reserve

The legal reserve is set up annually by allocating 5% of the profit for the year until it
reaches a ceiling of 20% of the capital. The purpose of the legal reserve is to ensure
the integrity of the capital and it can be used only to offset losses and increase
capital.
(b.2) Expansion reserve
The purpose of the expansion reserve is to provide funds to finance additional
investments in fixed and working capital and expand corporate activities. Under the
Companys bylaws, the ceiling of the expansion reserve is 80% of the Companys
subscribed capital.
(b.3) Earnings retention reserve
This reserve refers to the retention of the remaining balance of retained earnings in
order to fund the business growth project set out in the Companys investment plan,
according to the capital budget proposed by management, to be submitted for
approval at the General Meeting, pursuant to Article 196 of the Brazilian Corporation
Law.
c) Capital reserve
The capital reserve includes the transaction costs incurred in capital funding amounting to
R$15,069, net of taxes, relating to the primary public offering of shares, the stock option
premium reserve amounting to R$45,020, related to the stock option plans for employees,
the cost of the canceled shares amounting to R$557, the amount of the buyback of shares
in 2015 of R$19,777, and the amount of the sale of shares of R$47, totaling a capital
reserve of R$9,664 as at December 31, 2015 (R$8,785 as at December 31, 2014).
26. DIVIDENDS AND INTEREST ON CAPITAL PROPOSED
Under the Companys bylaws, shareholders are entitled to minimum mandatory dividends
corresponding to 25% of the profit for the year, calculated in accordance with the Brazilian
Corporation Law. The Company can make other distributions, as long as profits and reserves
are available. All distributions referred to above can be made in the form of dividends or
interest on capital, deductible from income tax.
In view of the results for 2015, no dividends or interest on capital were paid. As at December
31, 2014, R$ 25,081 in interest on capital was declared (R$21,810 net of taxes) corresponding
to R$0.20 per share, as part of the compensation paid at the end of 2014.
According to Art. of Law 9,249/1995, a corporate entity may deduct, for actual profit
calculation purposes, interest paid or credited individually to owners, partners or shareholders,
as remuneration of own capital, calculated on equity accounts and limited to the variation, on a
daily pro rata basis, of the Long-Term Interest Rate (TJLP). The amount credited by the
Company as interest on capital is within the legal deductibility limit.
Profit (loss) for the year

Legal reserve - 5%
Dividend calculation basis
Minimum mandatory dividends - 25% (net of taxes)
Interest on capital proposed for payment in the
following year
Withholding income tax - 15% (*)
Net interest on capital proposed for payment in the
following year
Minimum mandatory dividends for payment
in the following year
Total net dividends proposed for payment
Total dividends including income tax proposed for payment
Percentage of dividends including income tax on profit for the year
2014
64,268
(3,213)
61,055
15,264
25,081
(3,271)
21,810
21,810
25,081
39.03%
(*) Tax rate of 15%, less withholding income tax of exempt shareholders.
The amount recognized in current liabilities as at December 31, 2014 is R$21,810, settled on
May 5 and 6, 2015.
27. EARNINGS PER SHARE

a)
Basic
Basic earnings per share are calculated by dividing the profit attributable to owners of the
Company by the weighted average number of common shares issued during the year.
Profit (loss) attributable to owners of the Company

Weighted average number of common
shares issued (thousands)
Basic earnings (loss) per share
2015
2014
(97,801)
64,268
126,686
127,818
(0.77)
0.50
b) Diluted
Diluted earnings (loss) per share are calculated by adjusting the weighted average number
of common shares outstanding to assume conversion of all dilutive potential common
shares. The Company has one category of dilutive potential common shares: stock
options. For stock options, a calculation is made to determine the number of shares that
would be acquired at fair value (determined as the average annual market price of the
Companys share), based on the monetary value of the subscription rights linked to the
outstanding stock options. The number of shares calculated as described above is
compared with the number of shares issued, assuming the exercise of the stock options.
Profit (loss) used to determine

diluted earnings (loss) per share
Weighted average number of common
shares issued (thousands)
Adjustments for:
Stock options* (thousands)
Weighted average number of common shares for
diluted earnings per share (thousands)
2015
2014
(97,801)
64,268
126,686
127,818
406
126,686
128,224
(0.77)
0.50
Diluted earnings (loss) per share
(*) The zero effect as at December 31, 2015 is due to the potential anti-dilution common shares.
28. NET REVENUE FROM RENTAL, SALES AND SERVICES

The information on net revenue from sales and services below refers only to the nature of the
revenue per type of service:
2015
Rentals
Sales
Technical assistance
Indemnities and recoveries
Total gross revenue
Taxes on sales and services
Cancelations and discounts
Total net revenue
2014
608,142 869,782
51,826
69,836
16,502
15,302
58,199
94,454
734,669 1,049,374
(56,778) (83,496)
(101,785) (171,712)
576,106 794,166
29. COST OF SALES AND SERVICES AND GENERAL AND ADMINISTRATIVE

EXPENSES (BY NATURE)
Costs refer mainly to personnel expenses, payroll taxes and social security contributions,
equipment sublet from third parties when the Companys inventory is insufficient to meet the
demand, freight for equipment transportation between branches and occasionally to customers,
and expenses on materials consumed in the projects, from personal protective equipment (PPE)
to wood, paint and thermal insulation.
General and administrative expenses refer to the management of each Company contract,
encompassing project teams and sales function engineers, which correspond basically to
salaries, payroll taxes and benefits, and other expenses on travels, representations and
communications, as well as expenses of the administrative function.
Nature
Personnel
Third parties
Freight
Construction/maintenance
and repair materials
Equipment rental
and others
Travel
Cost of
sales
Depreciation and amortization
Write-off of assets
Stock option plan
Provisions
Others
2015
Direct
General
project
and
and
administrative
rental
expenses and
costs
others
Total
(74,203)
(97,628) (171,831)
(4,914)
(20,500) (25,414)
(12,093)
(3,315) (15,408)
2014
General
and
Direct
administrative
project and
expenses and
rental costs
others
Total
(63,031)
(113,336) (176,367)
(6,549)
(28,198)
(34,747)
(16,260)
(620)
(16,880)
(42,326)
(5,846)
(48,172)
(44,492)
(7,003)
(51,495)
(5,829)
(2,362)
(19,548)
(6,433)
(25,377)
(8,795)
(5,333)
(3,769)
(18,241)
(10,549)
(23,574)
(14,318)
(34,684)
(151,915)
(12,833)
(2,620)
- (34,684)
(17,726) (169,641)
- (12,833)
(38,230) (38,230)
(9,624)
(9,624)
(4,353)
(4,353)
(57,110) (57,110)
(17,592) (20,212)
(53,153)
(152,874)
(13,733)
(3,186)
(15,385)
(42,301)
(9,539)
(2,485)
(26,191)
(53,153)
(168,259)
(13,733)
(42,301)
(9,539)
(2,485)
(29,377)
(343,779)
(297,905) (641,684)
(362,380)
(273,848)
(636,228)
30. OTHER OPERATING EXPENSURES

The Company recognized a provision for impairment, as shown the table below:
2015
Construction Business Unit goodwill
Investment in Rohr
30,918
26,192
57,110
The recoverable amounts of these assets were determined based on economic projections
described in notes 13 and 15.
31. FINANCE INCOME AND COSTS
a)
Finance income
Dividend income (investment Rohr)

Interest income
Investment income
Discounts obtained
Foreign exchange and inflation gains
Swap transactions
Others
2015
2014
1,818
8,556
22,877
248
3,296
116
36,911
1,818
9,187
11,721
107
1,088
1,166
64
25,151
b) Finance costs
2015
Interest on borrowings
Foreign exchange and inflation losses
Interest on finance leases
Interest on debentures
Commissions and bank fees
Others
(2,380)
(2,567)
(87,607)
(2,547)
(4,950)
(100,051)
2014
(8,357)
(7,841)
(463)
(70,346)
(1,087)
(4,659)
(92,753)
32. SEGMENT INFORMATION

Information by operating segment is being presented in accordance with CPC 22 Operating
Segments (IFRS 8).
The Companys reportable segments are business units that offer different products and
services and are managed separately since each business requires different technologies and
market strategies. The main information used by management to assess the performance of
each segment is as follows: total property, plant and equipment since these are the assets that
generate the Companys revenue and the profit of each segment to evaluate the return on these
investments. The information on liabilities by segment is not being reported since it is not used
by the Companys chief decision makers to manage the segments. Management does not use
analyses by geographic area to manage its businesses.
The Companys segments have completely different activities, as described below, and
therefore their assets are specific for each segment. The assets were allocated to each reportable
segment according to the nature of each item.
On September 28, 2015, aimed at obtaining synergy gains and greater productivity, the
Company consolidated the commercial management of the business units Heavy Construction
and Real Estate. The result of such consolidation was the creation of a new business unit
Construction. From that date, segment information is presented according to this new structure,
including as regards the comparative information relating to the same period of 2014, which is
being restated.
Construction Business Unit
The Construction business unit operates in the heavy construction market and provides
formworks, props, nonmechanized access equipment, mast climbing platforms and scaffolds
for the residential and office building construction sector, using cutting edge technology in
formworks, props and special equipment systems to perform construction works, and it has the
largest product and service portfolio with customized solutions that meet the specific needs of
each project and generate efficiency and cut costs. With presence in several states, this
business unit draws on a team of engineers and specialized technicians who play advisory and
support role to meet deadlines and optimize costs and safety, providing technical assistance and
helping planning works, detailing projects, and overseeing the assembly.
Rental Business Unit

The Rental business unit operates in the scissor lifts and telescopic handlers lease and sale
market, for height works in all sectors of the construction, trade, and manufacturing markets.
The BU ensures productivity, profitability and safety, has the most advanced product line for
lifting people and cargo, and offers its customers operation training certified by the IPAF
(world areal access authority). Its presence in several Brazilian cities not only reinforces only
the agility of its commercial service but it also broadens the technical assistance with certified
professionals.
The accounting policies of the operating segments are the same as those described in the
summary of significant accounting policies. The Company assesses the performance by
segment based on pretax profit or loss as well as on other operating and financial indicators.
.
Statement of profit or loss by business segment

Construction
2015
2014
Net revenue
(-) Costs
(-) Expenses
(-) Allowance for doubtful
debts
(-) Depreciation and
amortization
Profit (Loss) before finance
income (costs)
Finance income
Finance costs
Profit (loss) before IRPJ/SCL
(-) IRPJ/CSL
Profit (loss) for the year
Rental
2015
Others(*)
2015
2014
2014
Total
2015
2014
282,953
(106,833)
(149,156)
423,357
(117,836)
(142,232)
293,153
(85,029)
(62,781)
370,809
(91,670)
(64,443)
(30,014)
(9,487)
576,106
(191,862)
(241,951)
794,166
(209,506)
(216,162)
(25,633)
(24,267)
(12,763)
(18,025)
166
(9)
(38,230)
(42,301)
(88,917)
(87,349)
(80,724)
(80,910)
(169,641)
-
(168,259)
-
(87,586)
15,519
(51,772)
(123,839)
29,745
(94,094)
51,673
10,162
(50,414)
11,421
(3,296)
8,125
51,856
13,780
(47,692)
17,944
(4,310)
13,634
115,761
8,750
(41,885)
82,626
(23,843)
58,783
(65,578)
36,911
(100,051)
(128,718)
30,917
(97,801)
157,938
25,151
(92,753)
90,336
(26,068)
64,268
(29,848)
7,612
(587)
(22,823)
5,482
(17,341)
(9,496)
6,239
(454)
(3,711)
1,071
(2,640)
(*) Refers to the remaining operations of the former Industrial Services Business Unit and the provison for impairment of the investment in Rohr.
Assets by business segment

Construction
2015
2014
Property, plant and equipment
Acquisition cost
(-) Accumulated depreciation
Other assets
Total assets
860,592
(353,541)
507,051
299,324
806.375
898,005
(305,287)
592,718
358,786
951,504
Rental
Others
2015
2014
733,474
(236,458)
497,016
231,880
728,896
818,791
(211,361)
607,430
191,328
798,758
Total
2015
2015
102,686
102,686
142,461
142,461
2015
2014
1,594,066
(589,999)
1,004,067
633,890
1,637,957
1,716,796
(516,648)
1,200,148
692,575
1,892,723
33. FINANCIAL INSTRUMENTS

33.1. Category of financial instruments
The classification of financial instruments, by category, can be summarized as follows:
Carrying amount
2015
2014
Loans and receivables:
Trade receivables
Judicial deposits
Financial liabilities measured at amortized cost
Borrowings
Debentures
Trade payables
Financial assets at fair value
Derivatives - NDF
Derivatives - Swap
Equity instruments
Stock option plans
232,011
193,659
99,719
11,023
158,191
10,422
15,116
605,719
6,844
64,527
680,857
16,510
26
1,166
45,020
35,396
33.2. Fair value of financial instruments

Several Company accounting policies and disclosures require the determination of the
fair value both for financial assets and liabilities and for nonfinancial assets and
liabilities. Fair value for measurement and/or disclosure purposes is determined based on
the methods below. When applicable, additional information on the assumptions used to
calculate the fair values is disclosed in specific notes applicable to such asset or liability.
The Company applies CPC 40/IFRS 7 for financial instruments measured in the
statement of financial position at fair value, which requires disclosure of fair value
measurements at the level of the following fair value measurement hierarchy:
Quoted (unadjusted) prices in active markets for identical assets and liabilities (Level
1).
Inputs other than quoted prices included within Level 1 that are observable for the
asset or liability either directly (e.g. as prices) or indirectly (e.g. derived from prices)
(Level 2).
The Company does not have financial instruments measured at fair value that are
classified as Level 3, i.e., obtained based on valuation techniques that include variables
for the asset or liability, but which are not based on observable market inputs.
The table below presents the Companys assets and liabilities measured at fair value as at
December 31, 2015 and 2014.
Level 2 balances
2015
2014
Assets
Derivatives used for hedging
Derivatives used for borrowings - Swap
Total Assets
(a)
26
1,166
1,192
Fair value
Cash and cash equivalents refer to short-term investments with first-tier financial
institutions and are indexed to the variation of the Interbank Deposit Certificates
(CDI). Considering that the CDI rate already reflects the interbank market position,
it is assumed that the carrying amounts of the investments approximate their fair
values.
(b)
Fair value of trade receivables and payables

The fair value of trade and other receivables is estimated as the present value of
future cash flows, discounted at the market interest rate determined at the end of the
reporting period.
The fair values of trade receivables and trade payables, considering for calculating
the discounted cash flow method, are substantially similar to their carrying
amounts.
(c)
Fair value of borrowings

The fair value, which is determined for disclosure purposes, is calculated based on
the present value of the principal and future cash flows, discounted at the market
interest rate determined at the end of the reporting period. For finance leases, the
interest rate is determined by reference to similar lease agreements.
The fair value of borrowings from BNDES was not calculated since this type of
borrowing does not have observable fair value calculation since BNDES adopts
different rates for borrowers.
Borrowings and debentures
Debt
Working capital
1st Issue of Debentures
2nd Issue of Debentures
1st Series
2nd Series
3rd Issue of Debentures
(d)
Indicator
Fair value
2015
2014
Carrying amount
2015
2014
CDI
CDI
- 43,030
87,898 185,839
92,751
45,860
184,412
CDI
IPCA
CDI
144,426 167,397
121,736 122,726
151,410 208,291
169,629
142,277
202,527
168,121
128,747
201,984
Fair value of stock options

The fair values of employee stock options and rights to share appreciation are
measured using the Black-Scholes model. Changes in measurement include share
prices at measurement date, the strike price of the related instrument, the expected
volatility (based on the historical weighted average volatility adjusted for expected
changes based on publicly available information), the average weighted life of the
instruments (based on historical experience and the overall behavior of option
holders), expected dividends and risk-free interest rate (based on government
bonds). Nonmarket service conditions and performance conditions inherent to the
transactions are not taken into account in determining the fair value.
(e)
Derivatives
The fair value of currency forward contracts is calculated at present value, using
market rates that are accrued at each measurement date.
The fair value of interest rate swap contracts is based on quotations obtained from
brokers. These quotations are tested as to their reasonableness by discounting the
estimated future cash flows based on the terms and maturity of each contract and
using market interest rates for a similar instrument calculated at the measurement
date. The fair values reflect the credit risk of the instrument and include
adjustments to consider the credit risk of the entity and counterparty, where
appropriate.
33.3. Derivative financial instruments

(a)
Derivative policy
In order to protect its equity against the exposure to commitments assumed
denominated in foreign currency, the Company developed a strategy to mitigate
such market risk. The strategy, when applied, is carried out to reduce the volatility
of the cash flow to the desirable level, i.e., to maintain the planned disbursements.
Mills believes that the management of such risks is key to supporting its growth
strategy without potential financial losses that can reduce its operating profits since
the Company does not aim at obtaining financial gains through the use of
derivatives. Foreign currency risks are managed by the Finance Manager and the
CFO, who evaluate possible exposures to risks and set guidelines to measure,
monitor and manage the risk related to the Companys activities.

Based on this objective, the Company enters into derivative transactions, usually
NDFs (Nondeliverable Forwards) with first-tier financial institutions (with credit
ratings brAAA - national scale, Standard & Poors or similar), in order to guarantee
the trading value agreed when ordering the goods to be imported. Similarly, swap
or NDF contracts are entered into to guarantee the flow of payments (amortization
of principal and interest) for foreign currency borrowings. Pursuant to the
Companys bylaws, any contract or obligation assumed which exceed R$10,000
(ten million reais) must be approved by the Board of Directors, unless provided for
otherwise in the Business Plan. For amounts below R$100 (one hundred thousand
reais) for periods of less than 90 days, it is not necessary to enter into hedge
transactions. Other commitments should be hedged against foreign exchange
exposure.
Swap and NDF transactions are carried out to convert into reais future financial
commitments in foreign currency. When these transactions are entered into, the
Company mitigates the foreign exchange risk by matching the commitment amount
and the exposure period. The derivative cost is pegged to the interest rate, usually a
percentage of the CDI rate. The swap and NDF transactions with maturities shorter
or longer than the final maturity of the commitments can, over time, be renegotiated
so that their final maturities match or approximate the final maturity of the
commitment. Therefore, at the settlement date, the gain or loss on the swap or NDF
can offset part of the impact of the foreign currency fluctuation in relation to the
real, contributing to stabilize the cash flow.
As these transactions involve derivatives, the calculation of the monthly position is
made using the fair value methodology and they are valued by calculating their
present value using market rates that are impacted at the dates of each calculation.
This methodology, widely used, can present monthly distortions in relation to the
contracted derivative curve; however, the Company believes that this is the best
methodology to be applied since it measures the financial risk should an early
settlement of the derivative be required.
The monitoring the commitments assumed and the monthly fair value measurement
of the derivatives permits to follow up on the financial results and the impact on the
cash flow, as well as to ensure that the planned objectives are achieved. The
calculation of the fair value of positions is made available on a monthly basis for
management monitoring purposes.
The derivative transactions entered into by the Company for certain equipment
imports are intended to hedge against the risk of exchange rate fluctuations during
the period between the time an order is placed and the time the equipment is
delivered in Brazil and are not used for speculative purposes.
(b)
The table below presents details of the currency futures contracts outstanding at the
end of the reporting period:
Outstanding agreements
Cash flow hedges
Less than three months
Total
Average exchange rate

12/31/2015
12/31/2014
-
2.61
Foreign currency
12/31/2015
12/31/2014
US$ thousand
499
499
Notional value
12/31/2015
12/31/2014
R$ thousand
1,299
1,299
Fair value
12/31/2015
12/31/2014
R$ thousand
26
26
(c)
Swap transactions
The currency swap transaction entered into by the Company is intended to hedge
against the exposure of the borrowing of US$16.9 million (see note 17) to exchange
rate fluctuations. The swap for this transaction consisted in the swap of the
exchange rate fluctuation plus interest of 2.31% p.a. for CDI plus 0.29% p.a. In
January 2015, the Company paid the fair value on this transaction of R$43 (until
December 31, 2014 - R$1,166 receivable).
(d)
Derivative fair value calculation methodology

Derivatives are measured at present value at the market rate, at the base date of the
future flow calculated using the contractual rates through maturity.
(e)
Hedge effectiveness calculation methodology

The Companys hedge transactions are entered into to hedge against foreign
currency fluctuations on its machinery and equipment imports. These transactions
are classified as hedge accounting.
The Company evidences the effectiveness of these instruments using the Dollar
offset methodology, which is commonly used by derivatives market participants.
This methodology consists of comparing the present value, net of future exposures
in foreign currency, of commitments assumed by the Company with the derivatives
contracted for such foreign exchange hedge.
In the year ended December 31, 2015, there was no ineffectiveness recognized in
profit for the year as a result of the Companys transactions.
(f)
Gains and losses for the period

Since the Company evidences the effectiveness of the hedge accounting
transactions, the losses and gains on these derivative transactions are recognized as
a balancing item to the hedged items (property, plant and equipment) as part of the
initial cost of the asset at the same time the asset is accounted for.In the year ended
December 31, 2015, the amount of R$244 (as at December 31, 2014, R$ 1,175) was
transferred from equity and deducted from the initial cost of the equipment. As at
December 31, 2015, there were no unrealized gains or losses on derivatives used as
hedge.
The provision for unrealized losses is recognized in other liabilities in the statement
of financial position, as a balancing item to valuation adjustments to equity, in
equity.
(g)
Embedded derivatives
All contracts with potential derivative instrument clauses or securities are assessed
by the Companys Finance Manager together with the legal team before their
execution, for guidance regarding any effectiveness testing, the definition of the
accounting policy to be adopted, and the fair value calculation methodology.
Currently the Company is not a party to any contracts with embedded derivatives.
(h)
Value and type of margin calls

The current foreign currency derivative transactions do not require the deposit of
any margin calls.
34. INSURANCE
It is the Companys policy to constantly monitor the risks inherent in its operations.
Accordingly, the Company takes out insurance, whose nature and coverage as at December 31,
2015 are indicated below.
Type of insurance
Rental equipment
Property
Civil liability
Civil liability of officers
Environmental risks
Vehicles
Insured amounts
(In thousands of
Brazilian reais R$)
1,168,728
263,913
40,000
80,000
5,000
702
35. NON-CASH TRANSACTIONS

On August 7, 2015, the Company entered into an export contract for sale of equipment of the
Rental Business Unit and, accordingly, transferred R$ 24,656 from property, plant and
equipment to inventories other assets held for sale-.
Until December 31, 2015 the Company wrote off bills up to 5 years past due, totaling R$1,496,
which are not reflected in the statement of cash flows.
As at December 31, 2015, the Company recorded estimated impairment losses at the
Construction Business Unit in the amount of R$ 30,918, and in the investment in Rohr in the
amount of R$ 26,192.
36. EVENTS AFTER THE REPORTING PERIOD
The Companys Board of Directors held on February 5, 2016 approved by unanimous vote,
without any exceptions or restrictions, except for the member who restrained from voting, the
Company's capital increase within the limit of the authorized capital, with possibility of partial
ratification, through the issue, for private subscription, of Companys new common shares,
under the terms and conditions set out below.
Amount of the Capital Increase: minimum amount of R$105,435,311.36 and maximum

amount of R$124,999,999.71, through a private issue of a minimum number of 40,089.472
and a maximum number of 47,528,517 registered common shares without par value.
Issue Price: R$2.63 per share. The issue price per share was set without unjustified dilution
for the Companys current shareholders, in accordance with Article 170, paragraph 1, item
III, of the Corporation Law, based on quotations of the Companys shares on the stock
exchange, considering the average price (average of the daily closing quotations weighed by
the trading volume) of the Companys shares on the BM&FBovespa S.A. Bolsa de
Valores, Mercadorias e Futuros on trading sessions held between November 27, 2015
(including) and February 4, 2016 (including), criterion that, in the Board of Directors'
opinion, best adapts to the Company's current reality.
Objectives of the Capital Increase: The objectives of the Capital Increase are: (a)
strengthening the Companys capital structure, reinforcing its cash to meet the medium- and
long-term cash requirements for the development of its activities; (b) strengthening the
Companys liquidity levels and reducing its indebtedness margins; and (c) allowing the
Company to take advantage of the market consolidation opportunities that may arise in the
medium term.
The capital increase disclosed on February 5, 2016 was received from the shareholders on
February 24 and 25, 2016.
Number of
shares
(in thousands)
Shareholders
Controlling shareholders
15,209
Value of
new shares
(in R$ thousand)
39,999
The shares described above have not been subscribed up to this date.

Mills 4Q15 Result

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Mills 4Q15 Result

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Mills Estruturas e Servios

Deloitte Touche Tohmatsu

RELATRIO DOS AUDITORES INDEPENDENTES

demonstraes financeiras com

Uma auditoria envolve a execuo de procedimentos selecionados para obteno de evidncia a

2016 Deloitte Touche Tohmatsu. Todos os direitos reservados.

DELOITTE TOUCHE TOHMATSU

Fernando de Souza Leite

MILLS ESTRUTURAS E SERVIOS DE ENGENHARIA S.A.

PARECER DO CONSELHO FISCAL

Eduardo Botelho Kiralyhegy

Hlio Carlos de Lamare Cox

Marcus Vincius Dias

DECLARAO DOS DIRETORES SOBRE AS DEMOSTRAES FINANCEIRAS

Em conformidade com o inciso VI do artigo 25 da instruo CVM 480, de 7 de dezembro de 2009,

DECLARAO DOS DIRETORES SOBRE O PARECER DOS AUDITORES INDEPENDENTES

Em conformidade com o inciso VI do artigo 25 da instruo CVM 480, de 7 de dezembro de 2009,

Relatrio de Administrao 2015

Relaes com Investidores

Ebitda como soma das unidades Construo e Rental

Impairment de Construo e do investimento na Rohr

PDD relacionada s investigaes em curso

Despesas da unidade de negcio SI vendida em 2013

EBITDA Ajustados ex efeitos no recorrentes

Dvida e indicadores de endividamento

Fluxo de caixa livre

Nova Estrutura Organizacional

Fluxo de Caixa operacional antes juros

Desempenho por unidade de negcio

Gerao de valor ao acionista

Evoluo do Market Cap da Mills

Performance da ao: Mills versus Ibovespa

Base 100 em 15 de abril de 2010

Cyrela, Direcional, Even, Gafisa, Helbor e MRV.

MILLS ESTRUTURAS E SERVIOS DE ENGENHARIA S.A.

MILLS ESTRUTURAS E SERVIOS DE ENGENHARIA S.A.

PASSIVO E PATRIMNIO LQUIDO

As notas explicativas da administrao so parte integrante das demonstraes financeiras.

MILLS ESTRUTURAS E SERVIOS DE ENGENHARIA S.A.

LUCRO (PREJUZO) ANTES DO RESULTADO

LUCRO (PREJUZO) ANTES DOS IMPOSTOS

As notas explicativas da administrao so parte integrante das demonstraes financeiras.

MILLS ESTRUTURAS E SERVIOS DE ENGENHARIA S.A.

OUTROS COMPONENTES DO RESULTADO ABRANGENTE

As notas explicativas da administrao so parte integrante das demonstraes financeiras.

MILLS ESTRUTURAS E SERVIOS DE ENGENHARIA S.A.

As notas explicativas da administrao so parte integrante das demonstraes financeiras.

MILLS ESTRUTURAS E SERVIOS DE ENGENHARIA S.A.

As notas explicativas da administrao so parte integrante das demonstraes financeiras.

MILLS ESTRUTURAS E SERVIOS DE ENGENHARIA S.A.

FLUXOS DE CAIXA DAS ATIVIDADES OPERACIONAIS

Processos judiciais liquidados

CAIXA LQUIDO GERADO NAS ATIVIDADES OPERACIONAIS

Variaes nos ativos e passivos:

Fluxos de caixa das atividades de investimentos:

MILLS ESTRUTURAS E SERVIOS DE ENGENHARIA S.A.

FLUXOS DE CAIXA DAS ATIVIDADES DE FINANCIAMENTO

CAIXA E EQUIVALENTES DE CAIXA NO INCIO DO

CAIXA E EQUIVALENTES DE CAIXA NO FINAL DO

CAIXA LQUIDO GERADO NAS (CONSUMIDO PELAS)

As notas explicativas da administrao so parte integrante das demonstraes financeiras.

MILLS ESTRUTURAS E SERVIOS DE ENGENHARIA S.A.

As notas explicativas da administrao so parte integrante das demonstraes financeiras.

MILLS ESTRUTURAS E SERVIOS DE ENGENHARIA S.A.