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Investor Relations ContactLuiz Mauricio de Garcia [email protected]
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4Q09 and 2009 ResultsConference Call
Tenda: Cotia Fase 4 – SP
Alphaville Porto Alegre - RS
Safe-Harbor Statement
We make forward-looking statements that are subject to risks and uncertainties. These statementsare based on the beliefs and assumptions of our management, and on information currently availableto us. Forward-looking statements include statements regarding our intent, belief or currentexpectations or that of our directors or executive officers.
Forward-looking statements also include information concerning our possible or assumed futureresults of operations, as well as statements preceded by, followed by, or that include the words''believes,'' ''may,'' ''will,'' ''continues,'' ''expects,'‘ ''anticipates,'' ''intends,'' ''plans,'' ''estimates'' orsimilar expressions. Forward-looking statements are not guarantees of performance. They involverisks, uncertainties and assumptions because they relate to future events and therefore depend oncircumstances that may or may not occur. Our future results and shareholder values may differmaterially from those expressed in or suggested by these forward-looking statements. Many of thefactors that will determine these results and values are beyond our ability to control or predict.
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Financial and Operational Performance – Wilson Amaral, CEO
Overview of 4Q09 and 2009 Results
Operating and Financial Highlights (R$ million) 4Q09 4Q08 Var. (%) 2009 2008 Var. (%)
Launches 1,000,353 644,969 55% 2,301,224 4,195,698 -63%
Launches, units - '000 4,258 1,469 190% 10,795 30,016 -73%
Contracted sales 1,053,810 588,370 79% 3,248,065 2,577,762 26%
Contracted sales, units - '000 6,413 3,760 71% 22,012 17,114 29%
Net revenues 897,540 561,738 60% 3,022,346 1,740,404 74%
Gross profit 277,418 147,644 88% 878,584 526,003 67%
Adjusted Gross margin (w/o capitalized interest) 34.7% 30.6% 410 bps 32.2% 33.3% -109 bps
Adjusted EBITDA (1)
174,722 82,272 112% 604,476 300,472 101%
Adjusted EBITDA margin (1)
19.5% 14.6% 490 bps 20.0% 17.3% 274 bps
Adjusted EBITDA (2)
167,825 41,264 307% 529,930 259,463 104%
Adjusted EBITDA margin (2)
18.7% 7.3% 1140 bps 17.5% 14.9% 260 bps
Adjusted Net profit (3)
86,074 43,624 97% 312,825 192,792 62%
Adjusted Net margin (3)
9.6% 7.8% 180 bps 10.4% 11.1% -73 bps
Net profit 55,321 12,844 331% 213,540 109,921 94%
EPS (R$/share) 0.3317 0.0988 236% 1.2804 0.8458 51%
Net debt and Investor obligations 1,998,079 1,246,619 60% 1,998,079 1,246,619 60%
Cash and availabilities 1,424,053 605,502 135% 1,424,053 605,502 135%
(Net debt + Obligations) / (Equity + Minorities) 83.8% 59.8% 2400 bps 83.8% 59.8% 1 bps
(1) Adjusted for expenses w ith stock options plans (non-cash)(2) Adjusted for Tenda's goodw ill and net of provisions(3) Adjusted for expenses w ith stock options plans (non-cash), minority shareholders and non recurring expenses
HighlightsStrong Top Line Growth, Operating Margin Improvement and Comfortable Liquidity
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Recent Developments
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Acquisition of remaining 40% of TENDA’s shares approved: Gafisa now operate Tenda as a wholly-owned subsidiary, benefiting from full integration of back offices and enterprise systems.
Approval of R$ 600 million in debentures with Caixa Econômica Federal in December 2009
Strong Sales in Middle and Mid-High Segments: Gafisa and Alphaville brands sold over R$ 670 million during the quarter, logging sales velocities of 23% and 44% respectively.
Diversified Geographies and Products: At the end of 2006 Gafisa-brand had a presence in 10 states and 16 cities with a total of 70 developments. Today well-known brands Gafisa, Alphaville and Tenda are present in 21 states, 100 cities with more than 188 developments, being 310 when accounting all the phases.
Follow-on Share Offering: Today we are announcing that Gafisa intends to proceed with a follow-on equity offering worth an estimated R$ 1 billion.
510 12 15
22 23
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55
91
Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09
Monthly Evolution of Contracted Units'000 units
Efficiency Gains under “Minha Casa, Minha Vida” ProgramTenda contracted 5,114 units in 2009 and has over 25 thousand units under Caixa’s analysis
Caixa’s efficiency has been improving since the beginning of the program, indicating that could reach its goal of 1 million units by the end of 2010.
R$ 24 billion 2010 FGTS budget is already 25% higher than the amount granted in 2009.
Status – December 09 Units
Units Received 713,990
Units Contracted (Approved) 275,528
Units Analyzed - will approve 38,945
Document pending for analysis 63,998
Engineering analysis concluded 138,315
Pending engineering analysis 197,204
Source: CEF 6
Concluded Projects
Gafisa completed 152 developments or phases during 2009, representing R$ 1.4 billion of PSV.
Gafisa: 17 projects/phases, R$ 694 million
Alphaville: 5 projects/phases, R$ 204 million
Tenda: 130 projects/phases, R$ 496 million
Gafisa: Colina de São Francisco, SP
Tenda: Valle Verde Cotia, SP
Alphaville 7
Gafisa: Felicità, SP
Diversified, High-Quality Land Bank Provides Strong Platform for Growth
383 different projects or phases in 21 states
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50.7% acquired by swap agreements.
Affordable entry-level segment represents 52% of potential units in land bank.
/ ‘000 units
PSV - R$ million(%Gafisa)
%SwapTotal
%SwapUnits
%SwapFinancial
Potential units(%Gafisa)
Gafisa ≤ R$500K 4,149 47.2% 39.0% 8.3% 4,490
> R$500K 3,427 38.0% 36.0% 2.1% 14,235
Total 7,576 42.1% 37.3% 4.8% 18,725
Alphaville ≤ R$100K; 404 94.2% 0.0% 94.2% 5,340
> R$100K; ≤ R$500K 3,458 99.7% 0.0% 99.7% 18,705
> R$130K 100 0.0% 0.0% 0.0% 50
Total 3,962 98.5% 0.0% 98.5% 24,094
Tenda ≤ R$130K 3,822 24.3% 24.3% 0.0% 44,876
> R$130K 463 5.7% 5.7% 0.0% 2,826
Total 4,285 19.4% 19.4% 0.0% 47,703
Consolidated 15,823 50.7% 23.6% 27.1% 90,522
4Q09 Launches by unit price 4Q09 Pre-sales by unit price
Strong Launches and Sales Performance
Other38%
Rio de Janeiro
7%
São Paulo56%
Other36%
Rio de Janeiro
17%
São Paulo47%
(%Gafisa) - R$ k 4Q09 2009
Gafisa ≤ R$500 k 328,283 612,866
> R$500 k 249,301 651,654Total 577,584 1,264,520Units 1,472 3,413
Alphaville ≤ R$100K; 24,030 24,030
> R$100K; ≤ R$500K 262,000 395,482
> R$500K --- ---
Total 286,030 419,512
Units 1,451 2,096
Tenda 1) ≤ R$130 k 102,507 288,013
> R$130 k 34,232 329,179
Total 136,739 617,191
Units 1,335 5,286
Consolidated Total 1,000,353 2,301,224
Units 4,258 10,7951) Includes Tenda and Fit Residencial in 2008
(%Gafisa) - R$ k 4Q09 2009
Gafisa ≤ R$500 k 185,480 610,494
> R$500 k 281,099 899,581Total 466,579 1,510,075Units 1,210 4,190
Alphaville ≤ R$100K; 7,710 25,697
> R$100K; ≤ R$500K 194,169 331,915
> R$500K 2,456 19,272
Total 204,336 376,885
Units 969 1,952
Tenda 1) ≤ R$130 k 311,403 1,165,171
> R$130 k 71,491 195,934
Total 382,895 1,361,105
Units 4,234 15,871
Consolidated Total 1,053,810 3,248,065
Units 6,413 22,0121) Includes Tenda and Fit Residencial in 2008
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R$ millionInventories beginning
of period Launches Sales
*Inventory Release
+ Other
Inventories end
of periodSales velocity
Gafisa 1,358.1 577.6 466.6 101.3 1,570.4 22.9%
AlphaVille 180.9 286.0 204.3 0.9 263.5 43.7%
Tenda 1,275.9 136.7 382.9 (233.1) 796.6 32.5%
Total 2,814.9 1,000.4 1,053.8 (130.9) 2,630.5 28.6%
-233
1.777 1.581 1.542 1.358 1.570
215199 203
181264
1.402
1.149934 1.276 797
4Q08 1Q09 2Q09 3Q09 4Q09
Gafisa Alphaville Tenda
3.394
2,9292,679 2,815 2,631
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Inventories and Sales Velocity - 4Q09The Highest Sales Velocity of 2009 Contributes to Substantial Inventory Reduction
4Q09 Inventory
Inventory reduction (R$ million)
* Tenda’s units reintroduced/blocked
Financial Performance – Duilio Calciolari, CFO and IR Officer
Overview of 4Q09 and 2009 Results
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Strong Pre-Sales Positively Impact Backlog of Revenues to be Recognized
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Note: Revenues to be recognized are net from PIS/Cofins (3.65%). Backlog of Revenues not adjusted to present value.
1) Includes Fit Residencial and Bairro Novo in 2008
(R$000) 4Q09 4Q08 3Q09 4Q09 x 4Q08 4Q09 x 3Q09
Gafisa Revenues to be recognized 1,662 1,870 1,661 -11.1% 0.1%
Costs to be recognized (1,044) (1,220) (1,051) -14.4% -0.7%
Results to be recognized (REF) 618 650 609 -4.9% 1.4%
REF margin 37.2% 34.8% 36.7% 2423 bps 48 bps
Tenda 1) Revenues to be recognized 1,363 1,018 1,245 33.9% 9.5%
Costs to be recognized (915) (653) (839) 40.2% 9.1%
Results to be recognized (REF) 448 365 406 22.8% 10.3%
REF margin 32.9% 35.8% 32.6% -298 bps 24 bps
Consolidated Revenues to be recognized 3,025 2,888 2,905 4.8% 4.1%
Costs to be recognized (1,959) (1,873) (1,890) 4.6% 3.7%
Results to be recognized (REF) 1,066 1,015 1,015 5.0% 5.0%
REF margin 35.2% 35.1% 35.0% 10 bps 28 bps
Company 4Q09 4Q08 2009 2008
Consolidated Selling expenses 73,277 66,897 226,621 154,401
G&A expenses 60,298 75,787 233,129 180,838
SG&A 133,575 142,684 459,750 335,239
Selling expenses / Sales 7.0% 11.4% 7.0% 6.0%
G&A expenses / Sales 5.7% 12.9% 7.2% 7.0%
SG&A / Sales 12.7% 24.3% 14.2% 13.0%
Selling expenses / Net revenues 8.2% 11.9% 7.5% 8.9%
G&A expenses / Net revenues 6.7% 13.5% 7.7% 10.4%
SG&A / Net revenues 14.9% 25.4% 15.2% 19.3%
SG&AImprovement over 2008 – Better SG&A Ratios Over Top Line Expected After Tenda’s Integration into Gafisa
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Integrating Tenda into Gafisa should start yield the benefits in the coming quarters mainly due to better
dilution of costs due to higher volumes of launches and sales.
Synergies to be achieved through shared back office functions, the leveraging of office infrastructure, and
the accelerated implementation of systems such as SAP across Tenda’s operations, all resulting in better
SG&A/Top Lines ratios in the coming quarters.
R$ million 4Q09 3Q09
Total Debt 3,122 2,532
Total Cash 1,424 1,100
Obligation to Investors 300 300
Net Debt & Obligation to Investors 1,998 1,732
(Net Debt & Obligation to Investors) / (Equity + Minorities) 83.8% 74.1%
(Net Debt & Obl.) / (Eq. + Min.) – Exc. Project Finance (SFH + FGTS Debenture)
13.3% 27.3%
Cash-burn rate 348(1) 246
Net Debt/Equity (Excluding Project Finance): 13.3%
74% Long-Term Debt
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Strong Cash Position: R$1.4 billion
Short Term26%
Long Term74%
Debt Maturity
(1) R$ 266 Net Debt change + R$ 82 million of treasury shares sold in the 4Q09.
Company (R$000) TotalUntil
December/2010
Until
December/2011
Until
December/2012
Until
December/2013
After
December/2013
Debentures - FGTS (project finance) 602,648 2,648 0 0 300,000 300,000
Debentures - Working Capital 704,473 108,473 346,000 125,000 125,000 0
Project financing (SFH) 406,643 225,453 152,894 23,536 4,760 0
Working capital 686,082 397,418 221,626 36,078 30,960 0
Total debt - Gafisa 2,399,846 733,992 720,520 184,614 460,720 300,000
Debentures - FGTS (project finance) 611,256 11,256 0 150,000 300,000 150,000
Project finance (SFH) 60,376 44,533 15,843 0 0 0
Working capital 50,654 10,908 23,220 12,240 4,286 0
Total debt - Tenda 1)
722,286 66,697 39,063 162,240 304,286 150,000
Total consolidated debt 3,122,132 800,689 759,583 346,854 765,006 450,000
% Total 26% 24% 11% 25% 14%
Follow-on Share Offering – Full Primary
Today we are announcing that Gafisa intends to proceed with a follow-on primary
equity offering worth an estimated R$ 1 billion;
A follow-on offering will afford us the opportunity to comfortably fund our business
objectives over the next few years while enhancing our current capital structure;
Intended Use of Proceeds:
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Use of Proceeds %
Land Acquisition 35
Working Capital 25
Launches 20
M&A 20
TOTAL 100
2010 Outlook
Gafisa expects to launch projects totaling R$ 4 billion to R$ 5 billion during 2010, of
which 40-45% will be dedicated to the affordable entry-level segment through Tenda.
We expect full year 2010 EBITDA margin to reach between 18.5%- 20.5%.
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Volume Diário (R$ MM) Preço (GFSA3)
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Gafisa’s average daily trading volume: R$105.4 million (Nov 1st, 2009 – Jan 29th, 2010)
Average Daily Turnover in the last 90 days over free float: 3.2%
ADTV1 (R$ MM) Price GFSA3 (R$/share)
(1)ADTV = Average Daily Trade Volume
Gafisa: The Most Liquid Brazilian Real Estate Company and the Only One Listed on NYSE