Springs Global Participacoes : 3Q17 Financial Statements

(Convenience Translation into English from the Original Previously Issued in Portuguese)

Springs Global Participações S.A.

Individual and Consolidated Financial Statements and Report on Review of Interim Financial Information

Third Quarter - 2017

Deloitte Touche Tohmatsu Auditores Independentes

INDEPENDENT AUDITORS' REPORT ON THE INTERIM FINANCIAL STATEMENTS

ASSETS

Company			Consolidated
Note	09.30.2017	12.31.2016	09.30.2017	12.31.2016
CURRENT:
Cash and cash equivalents	3	62	268	120,102	160,360
Marketable securities	4	-	-	28,347	18,208
Accounts receivable	5	-	-	510,429	493,208
Inventories	6	-	-	546,213	560,235
Advances to suppliers	-	-	39,693	35,630
Recoverable taxes	17.d	146	136	24,704	35,853
Other receivables	990	1,024	49,605	57,000
--------------	--------------	--------------	--------------
Total current assets	1,198	1,428	1,319,093	1,360,494
--------------	--------------	--------------	--------------
NONCURRENT:
Long-term assets:
Marketable securities	4	-	-	60,917	62,057
Receivable - clients	7	-	-	25,027	24,288
Receivable - sale of property	8	-	-	53,719	54,880
Related parties	21	-	-	35,282	37,554
Recoverable taxes	17.d	-	-	14,978	9,271
Deferred income and social contribution taxes	17.c	1,905	1,905	126,466	113,388
Property, plant and equipment held for sale	10.b	-	-	45,643	49,235
Escrow deposits	18	-	4,221	13,892	19,171
Others	-	-	35,970	34,102
--------------	--------------	--------------	--------------
1,905	6,126	411,894	403,946
Investments in subsidiaries	9.a	1,055,798	1,053,576	-	-
Property, plant and equipment	10.a	-	-	725,737	749,266
Intangible assets	11	27,303	27,303	110,778	115,967
--------------	--------------	--------------	--------------
Total noncurrent assets	1,085,006	1,087,005	1,248,409	1,269,179
--------------	--------------	--------------	--------------
Total assets	1,086,204	1,088,433	2,567,502	2,629,673
========	========	========	========

The accompanying notes are an integral part of these interim financial statements.

LIABILITIES AND EQUITY

Company			Consolidated
Note	09.30.2017	12.31.2016	09.30.2017	12.31.2016
LIABILITIES
CURRENT:
Loans and financing	12	21,829	21,940	476,661	383,588
Debentures	13	-	-	909	134,993
Suppliers	14	14	79	125,576	144,040
Taxes	125	114	13,209	13,935
Payroll and related charges	110	44	72,640	54,454
Government concessions	15	-	-	19,243	17,617
Noneconomic leases	16	-	-	6,936	6,304
Other payables	-	-	49,707	61,620
-------------	-------------	-------------	-------------
Total current liabilities	22,078	22,177	764,881	816,551
-------------	-------------	-------------	-------------
NONCURRENT:
Loans and financing	12	-	-	553,536	580,693
Debentures	13	-	-	48,990	-
Noneconomic leases	16	-	-	13,197	15,463
Related parties	21	46,950	36,747	-	-
Government concessions	15	-	-	43,026	48,744
Miscellaneous accruals	18	-	4,317	16,327	21,836
Employee benefit plans	19	-	-	97,398	106,010
Other obligations	2,056	2,056	13,807	12,572
-------------	-------------	-------------	-------------
Total noncurrent liabilities	49,006	43,120	786,281	785,318
-------------	-------------	-------------	-------------
EQUITY:	20
Capital	1,860,265	1,860,265	1,860,265	1,860,265
Capital reserves	79,381	79,381	79,381	79,381
Assets and liabilities valuation adjustment	(36,713)	(36,664)	(36,713)	(36,664)
Cumulative translation adjustment	(277,353)	(271,090)	(277,353)	(271,090)
Earnings reserves	25,170	25,170	25,170	25,170
Accumulated deficit	(635,630)	(633,926)	(635,630)	(633,926)
-------------	-------------	-------------	-------------
Total equity attributable to the owners of the Company	1,015,120	1,023,136	1,015,120	1,023,136
NON-CONTROLLING INTERESTS	-	-	1,220	4,668
-------------	-------------	-------------	-------------
Total equity	1,015,120	1,023,136	1,016,340	1,027,804
-------------	-------------	-------------	-------------
Total liabilities and equity	1,086,204	1,088,433	2,567,502	2,629,673
========	========	========	========

The accompanying notes are an integral part of these interim financial statements.