SÃO PAULO -- (Business Wire)
Gafisa S.A. (Bovespa: GFSA3; NYSE: GFA), Brazil’s leading
diversified national homebuilder, has reported audited financial results
for the year ended December 31, 2012.
Fourth quarter and full-year audited financial results can be found on
the Company’s website (www.gafisa.com.br/ir)
and with the Brazilian Comissao de Valores Mobiliarios (CVM).
Preliminary unaudited financial results were previously released on
April 1, 2012.
Audited financial results for the full-year contain divergences from
previously released preliminary unaudited figures, including changes to
the full-year 2011 and 2010 net profit and loss figures. Gafisa reported
a full-year 2011 audited net loss of R$945 million, compared with an
earlier preliminary unaudited full-year 2011 loss of R$1.1 billion. The
discrepancy owes to the apportioning of adjustments totaling R$889.5
million between the prior two financial years. Adjustments booked in
2011 totaled R$738.3 million, or 83%, compared with R$151.2 million in
2010, or 17%. As a result, the full-year 2010 profit has been restated
in the audited results and is now R$265 million, compared with R$416
million previously. The 2010 cost adjustments relate primarily to budget
overruns in the construction process. The changes refer to non-cash
items.
Please see the below table for a reconciliation of the 2011 and 2010
results:
|
|
|
| |
| |
| |
| |
| Reconciliation of 2010 and 2011 Financial Data (R$000) |
|
|
|
|
|
|
|
|
|
|
| Consolidated | | | | 12/31/2011 | | 12/31/2010 |
|
|
|
| Net Income |
| Equity |
| Net Income |
| Equity |
| Preliminary Unaudited 2011 Results and Audited 2010 Results | | | | -1,093,163 | | 2,750,294 | | 416,050 | | 3,783,669 |
| | | | | | | | | |
|
|
Adjustments
| | | | | | | | | | |
|
- Relocation of Construction Cost Adjustment 2011 to 2010
| | | |
168.267
| |
-
| |
-168,267
| |
-168,267
|
|
- Supplementary Provision for Bad Debt
| | | |
-17,400
| |
-17,400
| |
-
| |
-
|
|
- Taxes
| | | |
-2,572
| |
14,200
| |
29,024
| |
29,023
|
| | | | | | | | | |
|
| Audited 2011 Results and Restated 2010 Results |
|
|
| -944,868 |
| 2,747,094 |
| 264,565 |
| 3,632,172 |
| | | | | | | | | |
|
|
| |
| |
| |
| |
| |
| |
| |
| CONSOLIDATED INCOME STATEMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| R$ 000 |
|
|
| 4Q11 |
| 3Q11 |
| QoQ |
| 4Q10 |
| YoY |
| 2011 |
| 2010 |
| YoY |
| Net Operating Revenue |
|
|
| 93.316 |
| 1.005.490 |
| -91% |
| 766.693 |
| -88% |
| 2.940.506 |
| 3.403.050 |
| -14% |
|
Operating Costs
|
|
|
|
-531.712
| |
-708.614
| |
-25%
| |
-650.402
| |
-18%
| |
-2.678.338
| |
-2.460.918
| |
9%
|
| Gross profit |
|
|
| -438.396 |
| 296.876 |
| -248% |
| 116.291 |
| -477% |
| 262.168 |
| 942.132 |
| -72% |
| Operating Expenses | | | | | | | | | | | | | | | | | | |
|
Selling Expenses
| | | |
-211.408
| |
-68.298
| |
210%
| |
-82.567
| |
156%
| |
-393.181
| |
-266.660
| |
47%
|
|
General and Administrative Expenses
| | | |
-75.051
| |
-59.711
| |
26%
| |
-64.894
| |
16%
| |
-251.458
| |
-236.754
| |
6%
|
|
Other Operating Revenues / Expenses
| | | |
-107.002
| |
-10.395
| |
929%
| |
-781
| |
13601%
| |
-137.025
| |
-12.173
| |
1026%
|
|
Depreciation and Amortization
| | | |
-26.454
| |
-21.855
| |
21%
| |
-6.492
| |
307%
| |
-83.428
| |
-33.816
| |
147%
|
| Operating results |
|
|
| -419.915 |
| -160.259 |
| 162% |
| -154.734 |
| 171% |
| -865.092 |
| -549.403 |
| 57% |
| | | | | | | | | | | | | | | | | |
|
|
Financial Income
| | | |
20.784
| |
31.619
| |
-34%
| |
26.810
| |
-22%
| |
92.973
| |
128.085
| |
-27%
|
|
Financial Expenses
| | | |
-62.702
| |
-89.740
| |
-30%
| |
-28.387
| |
121%
| |
-252.876
| |
-210.202
| |
20%
|
| | | | | | | | | | | | | | | | | |
|
| Income Before Taxes on Income |
|
|
| -900.229 |
| 78.496 |
| -1247% |
| -40.020 |
| 2149% |
| -762.827 |
| 310.612 |
| -346% |
| | | | | | | | | | | | | | | | | |
|
|
Deferred Taxes
| | | |
-112.929
| |
-5.858
| |
1828%
| |
56.430
| |
-300%
| |
-69.155
| |
-10.294
| |
572%
|
|
Income Tax and Social Contribution
| | | |
-16.527
| |
-17.958
| |
-8%
| |
-23.525
| |
-30%
| |
-73.207
| |
-11.834
| |
519%
|
| | | | | | | | | | | | | | | | | |
|
| Income After Taxes on Income |
|
|
| -1.029.685 |
| 54.680 |
| -1983% |
| -7.115 |
| 14372% |
| -905.189 |
| 288.484 |
| -414% |
| | | | | | | | | | | | | | | | | |
|
|
Minority Shareholders
| | | |
-14.420
| |
-8.463
| |
70%
| |
-7.008
| |
106%
| |
-39.679
| |
-23.919
| |
66%
|
| | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income |
|
|
| -1.044.105 |
| 46.217 |
| -2359% |
| -14.123 |
| 7293% |
| -944.868 |
| 264.565 |
| -457% |
| | | | | | | | | | | | | | | | | |
|
|
| |
| |
| |
| CONSOLIDATED BALANCE SHEET |
|
|
|
|
|
|
|
|
|
|
| 4Q11 |
| 3Q11 |
| QoQ |
| 4Q10 |
| YoY |
| Current Assets |
|
|
| |
| | | | | | | |
|
Cash and cash equivalents
| | | |
983.660
| |
912.359
| |
8%
| |
1.201.148
| |
-18%
|
|
Receivables from clients
| | | |
3.962.574
| |
4.002.213
| |
-1%
| |
3.704.709
| |
7%
|
|
Properties for sale
| | | |
2.049.084
| |
2.130.661
| |
-4%
| |
1.707.892
| |
20%
|
|
Other accounts receivable
| | | |
60.378
| |
146.461
| |
-59%
| |
103.109
| |
-41%
|
|
Deferred selling expenses
| | | |
84.207
| |
30.493
| |
nm
| |
75.196
| |
nm
|
|
Prepaid expenses
| | | |
73.532
| |
13.599
| |
441%
| |
21.216
| |
247%
|
|
Properties for sale
| | | |
93.188
| |
-
| |
nm
| |
-
| |
nm
|
|
Financial Instruments
|
|
|
|
7.735
|
|
-
|
|
nm
|
|
-
|
|
nm
|
| | | | 7.314.358 | | 7.235.786 | | 1% | | 6.813.270 | | 7% |
| Long-term Assets | | | | | | | | | | | | |
|
Receivables from clients
| | | |
863.874
| |
1.867.969
| |
-54%
| |
1.247.265
| |
-31%
|
|
Properties for sale
| | | |
798.206
| |
416.717
| |
92%
| |
498.180
| |
60%
|
|
Deferred taxes
| | | |
-
| |
353.212
| |
-100%
| |
-
| |
nm
|
|
Other
|
|
|
|
247.909
|
|
215.695
|
|
15%
|
|
191.270
|
|
30%
|
| | | | 1.909.989 | | 2.853.593 | | -33% | | 1.936.715 | | -1% |
|
Investments
|
|
|
| 282.277 |
| 294.429 |
| -4% |
| 290.806 |
| -3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Assets |
|
|
| 9.506.624 |
| 10.383.808 |
| -8% |
| 9.040.791 |
| 5% |
| | | | | | | | | | | |
|
| Current Liabilities | | | | | | | | | | | | |
|
Loans and financing
| | | |
843.283
| |
475.969
| |
77%
| |
797.903
| |
6%
|
|
Debentures
| | | |
292.260
| |
206.336
| |
42%
| |
26.532
| |
1002%
|
|
Debentures - Reclassification default
| | | |
1.595.961
| | | | | |
-
| | |
|
Obligations for purchase of land and advances from clients
| | | |
610.555
| |
469.642
| |
30%
| |
420.199
| |
45%
|
|
Materials and service suppliers
| | | |
135.720
| |
185.185
| |
-27%
| |
190.461
| |
-29%
|
|
Taxes and contributions
| | | |
250.578
| |
291.649
| |
-14%
| |
230.888
| |
9%
|
|
Other
|
|
|
|
1.087.582
|
|
180.055
|
|
504%
|
|
338.949
|
|
221%
|
| | | | 4.815.939 | | 2.162.513 | | 123% | | 2.004.932 | | 140% |
|
Long-term Liabilities
| | | | | | | | | | | | |
|
Loans and financings
| | | |
721.067
| |
975.751
| |
-26%
| |
612.275
| |
18%
|
|
Debentures
| | | |
-
| |
1.740.673
| |
-100%
| |
1.853.399
| |
-100%
|
|
Obligations for purchase of land
| | | |
177.135
| |
194.654
| |
-9%
| |
177.860
| |
0%
|
|
Deferred taxes
| | | |
83.002
| |
401.071
| |
-79%
| |
13.847
| |
499%
|
|
Provision for contingencies
| | | |
134.914
| |
123.950
| |
9%
| |
124.537
| |
8%
|
|
Obligation for investors
| | | |
253.390
| |
312.000
| |
-19%
| |
380.000
| |
-33%
|
|
Other
|
|
|
|
574.083
|
|
560.609
|
|
2%
|
|
241.768
|
|
137%
|
| | | | 1.943.591 | | 4.308.708 | | -55% | | 3.403.686 | | -43% |
|
Shareholders' Equity
| | | | | | | | | | | | |
|
Capital
| | | |
2.734.157
| |
2.734.155
| |
0%
| |
2.729.198
| |
0%
|
|
Treasury shares
| | | |
(1.731)
| |
(1.731)
| |
0%
| |
(1.731)
| |
0%
|
|
Capital reserves
| | | |
18.066
| |
267.159
| |
-93%
| |
295.879
| |
-94%
|
|
Revenue reserves
| | | |
-
| |
741.212
| |
-100%
| |
547.403
| |
-100%
|
|
Retained earnings/accumulated losses
| | | |
(102.019)
| |
85.036
| |
-220%
| |
-
| |
nm
|
|
Non controlling interests
|
|
|
|
98.621
|
|
86.756
|
|
14%
|
|
61.423
|
|
61%
|
|
|
|
|
| 2.747.094 |
| 3.912.587 |
| -30% |
| 3.632.172 |
| -24% |
| Liabilities and Shareholders' Equity | | | | 9.506.624 | | 10.383.808 | | -8% | | 9.040.790 | | 5% |
| | | | | | | | | | | |
|
About Gafisa
Gafisa is a leading diversified national homebuilder serving all
demographic segments of the Brazilian market. Established over 57 years
ago, we have completed and sold more than 1,000 developments and built
more than 12 million square meters of housing only under Gafisa’s brand,
more than any other residential development company in Brazil.
Recognized as one of the foremost professionally managed homebuilders,
"Gafisa" is also one of the most respected and best-known brands in the
real estate market, recognized among potential homebuyers, brokers,
lenders, landowners, competitors, and investors for its quality,
consistency, and professionalism. Our pre-eminent brands include Tenda,
serving the affordable/entry level housing segment, and Gafisa and
AlphaVille, which offer a variety of residential options to the mid to
higher-income segments. Gafisa S.A. is traded on the Novo Mercado of the
BM&FBOVESPA (BOVESPA:GFSA3) and on the New York Stock Exchange
(NYSE:GFA).
Contacts:
Investor Relations
Luciana Doria Wilson, +55 11 3025-9297 /
9242 / 9305
Fax: +55 11 3025-9348
ri@gafisa.com.br
or
Media
Relations
Débora Mari, +55 11 3147-7412
Fax: +55 11
3147-7900
debora.mari@maquina.inf.br
Source: Gafisa S.A.
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