DIRECIONAL ENGENHARI

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Direcional Engenharia S A : Dados Econômico-Financeiros

06/01/2021 | 06:17pm

Quarterly Information (ITR)

Direcional Engenharia S.A.

March 31, 2021

with Independent Auditor's Review Report

Direcional Engenharia S.A.

Interim financial information

March 31, 2021

Contents

Independent auditor's review report on interim financial information

....................................................1

Interim financial information

Statements of financial position............................................................................................................

4

Statements of profit or loss ..................................................................................................................

6

Statements of comprehensive income .................................................................................................

7

Statements of changes in equity ..........................................................................................................

8

Statements of cash flows .....................................................................................................................

9

Statements of value added ................................................................................................................

11

Notes to interim financial information .................................................................................................

12

Edifício Phelps Offices Towers

Rua Antônio de Albuquerque, 156

11º andar - Savassi

30112-010 - Belo Horizonte - MG - Brasil

A free translation from Portuguese into English of Independent auditor's review report on interim financial information prepared in Brazilian currency in accordance with NBC TG 21 and IAS 34 - Interim Financial Reporting and the accounting practicesTel:adopted+55 31 3232in-2100Brazil

Fax: +55 31 3232-2106

Independent auditor's review report on interim financial information

ey.com.br

To the Shareholders, Board of Directors and Officers of

Direcional Engenharia S.A.

Belo Horizonte, Minas Gerais (MG)

Introduction

We have reviewed the individual and consolidated interim financial information contained in the Quarterly Information Form (ITR) of Direcional Engenharia S.A. for the quarter ended March 31, 2021, which comprises the statement of financial position as at March 31, 2021, and the statements of profit or loss, of comprehensive income, of changes in equity and of cash flows for the three-month period then ended, and notes to the financial statements, including a summary of significant accounting policies.

Management is responsible for the preparation of the individual interim financial information in accordance with NBC TG 21 - Interim Financial Statements and of consolidated interim financial information in accordance with NBC TG 21 and international standard IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), applicable to Brazilian real estate development entities registered with the Brazilian Securities and Exchange Commission (CVM), as well as for the fair presentation of this information in conformity with the standards issued by the CVM applicable to the preparation of Quarterly Information (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of review

We conducted our review in accordance with Brazilian and International Standards on Review Engagements (NBC TR 2410 and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with auditing standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

1

Uma empresa-membro da Ernst & Young Global Limited

Conclusion on the individual and consolidated interim financial information prepared in accordance with the accounting practices adopted in Brazil and with the International Financial Reporting Standards (IFRS) applicable to Brazilian real estate development entities registered with the CVM

Based on our review, nothing has come to our attention that causes us to believe that the individual and consolidated interim financial information included in the quarterly information referred to above is not fairly prepared, in all material aspects, in accordance with NBC TG 21 and IAS 34 applicable to Brazilian real estate development entities registered with the Brazilian SEC (CVM), and presented consistently with the rules issued by the CVM.

Emphasis of matters

Revenue recognition in purchase and sale agreements for real estate units under construction

As described in Note 2, the individual and consolidated interim financial information was prepared in accordance with NBC TG 21 and IAS 34, applicable to Brazilian real estate development entities registered with the CVM. Accordingly, determination of the accounting policy adopted by the entity for revenue recognition in purchase and sale agreements for real estate units under construction, as regards transfer of control, follows the understanding of Company management as to application of NBC TG 47, in line with the understanding expressed by CVM in CVM/SNC/SEP Circular Memorandum No. 02/2018. Our conclusion is not qualified in respect of this matter.

2

Other matters

Statements of value added

The quarterly information referred to above include the individual and consolidated Statements of Value Added (SVA) for the three-month period ended March 31, 2021, prepared under the responsibility of Company management and presented as supplementary information for IAS 34 purposes applicable to Brazilian real estate development entities registered with the CVM. These statements were subject to review procedures conducted jointly with the review of the quarterly information for the purpose of concluding whether they are reconciled with the interim financial information and accounting records, as applicable, and whether their form and content are in accordance with the criteria defined in NBC TG 09 - Statement of Value Added. Based on our review, nothing has come to our attention that causes us to believe that these statements of value added were not prepared, in all material respects, pursuant to the criteria set forth in this Accounting Pronouncement and consistently with the overall individual and consolidated interim financial information.

Belo Horizonte, May 10, 2021.

ERNST & YOUNG

Auditores Independentes S.S.

CRC-2SP015199/O-6

Rogério Xavier Magalhães

Accountant CRC-1MG080613/O-1

3

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