0001292814-19-000947.txt : 20190329
0001292814-19-000947.hdr.sgml : 20190329
20190328190010
ACCESSION NUMBER:0001292814-19-000947
CONFORMED SUBMISSION TYPE:6-K
PUBLIC DOCUMENT COUNT:11
CONFORMED PERIOD OF REPORT:20190331
FILED AS OF DATE:20190329
DATE AS OF CHANGE:20190328
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME:Gafisa S.A.
CENTRAL INDEX KEY:0001389207
STANDARD INDUSTRIAL CLASSIFICATION:GEN BUILDING CONTRACTORS - RESIDENTIAL BUILDINGS [1520]
IRS NUMBER:000000000
FISCAL YEAR END:1231
FILING VALUES:
FORM TYPE:6-K
SEC ACT:1934 Act
SEC FILE NUMBER:001-33356
FILM NUMBER:19713409
BUSINESS ADDRESS:
STREET 1:AV. NACOES UNIDAS, 8501 - 19 ANDAR
STREET 2:05477-000 - ALTO DE PINHEIROS
CITY:SAO PAULO - SP
STATE:D5
ZIP:00000
BUSINESS PHONE:551130259000
MAIL ADDRESS:
STREET 1:AV. NACOES UNIDAS, 8501 - 19 ANDAR
STREET 2:05477-000 - ALTO DE PINHEIROS
CITY:SAO PAULO - SP
STATE:D5
ZIP:00000
6-K
1
gfapr4q18_6k.htm
FORM 6-K
gfapr4q18_6k.htm - Generated by SEC Publisher for SEC Filing
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of March, 2019
(Commission File No. 001-33356),
Gafisa S.A.
(Translation of Registrant's name into English)
Av. Nações Unidas No. 8501, 19th floor
São Paulo, SP, 05425- 070
Federative Republic of Brazil
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.
Form 20-F ___X___ Form 40-F ______
Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)Yes ______ No ___X___
Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ______ No ___X___
Indicate by check mark whether by furnishing the information contained in this Form,
the Registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes ______ No ___X___
If “Yes” is marked, indicate below the file number assigned
to the registrant in connection with Rule 12g3-2(b): N/A
FOR IMMEDIATE RELEASE- São Paulo, March 28, 2019 – Gafisa S.A. (B3: GFSA3; OTC: GFASY),one of Brazil’sleading homebuilders, today reported its financial results for the fourth quarter ended December31, 2018.
GAFISA ANNOUNCES4Q18 and 2018 RESULTS
During 2018, the Company underwent a restructuring process. The R$250.8 million capital increase was concluded in February, lessening immediate cash pressure. In September, a change in the Company’s management led to the establishment of a new turnaround strategy in the last quarter, which focused on structure and cost adjustment including the shutdown of a branch in Rio de Janeiro; the relocation of our headquarters; and the revision of our processes.
This new turnaround strategy should save approximately R$110 million p.a. by reducing (i) headcount by 50%, accounting for savings of R$45 million/year; (ii) marketing by R$40 million/year; (iii) IT by R$18 million/year; (iv) sales stand expenditure by R$4 million; and saving (v) R$4 million/year with the relocation of our headquarters. Part of these gains already materialized in Nov/18 and Dec/18 but will become more evident in upcoming quarters.
Adjustment needs mapped out during 4Q18, such as impairment of land/inventories, the goodwill impairment test to remeasure the 30% stake in Alphaville and reversal/entry of provision, amongst others, were recorded in 4Q18, adversely affecting results by R$276 million.
Thus, Gafisa starts 2019 well-positioned for the new cycle in the real estate sector, equipped with quality assets and a renowned brand. Our pipeline launches rely on profitable residential projects that are fine-tuned to the market demand and located in the City of São Paulo. In this way, a higher volume of launches are scheduled for the second half of 2019.
Inventory PSV totals R$1.2 billion, with higher market liquidity (73% of total inventory PSV) concentrated in São Paulo residential units.
Dissolutions, which for several years caused an imbalance in various projects, significantly decreased in 2018. The monthly average volume of dissolutions declined from R$34 million in 2017 to R$19 million in 2018. This downward trend should continue in 2019, with the approval of a law that regulates dissolutions. Pursuant to new legislation, developers may retain up to 50% of the amount paid by the consumer in cases where the purchase has been waived, conferring greater legal safety to the sector.
Net debt totaled R$752 million in Dec/18, down 21% from the previous year. Leverage, measured by net debt/shareholders’ equity ratio, jumped to 153% at the end of 2018, mainly impacted by negative results in the period and impairments recorded. Excluding project financing, the net debt/shareholders’ equity ratio was 45%. Funding alternatives are being analyzed to remodel the Company’s ownership structure.
Our expectations for 2019 are positive, the macroeconomic scenario is improving, and the market has begun to show signs of recovery. The growth upturn will occur gradually and sustainably, aiming for a solid performance that will create value for shareholders and stakeholders.
Roberto Luz Portella
CEO, CFO, and Investor Relations Officer
1
MAIN CONSOLIDATED INDICATORS
Table 1 - Operational Performance (R$ 000)
4Q18
3Q18
Q/Q (%)
4Q17
Y/Y (%)
12M18
12M17
Y/Y (%)
Launches
118,936
71,144
67.2%
90,113
32.0%
728,670
553,954
31.5%
Gross Sales
153,406
188,125
-18.5%
216,988
-29.3%
1,040,848
1,131,823
-8.0%
Cancellations
(58,401)
(51,661)
13.0%
(95,407)
-38.8%
(227,677)
(411,658)
-44.7%
Net Pre-Sales
95,005
136,464
-30.4%
121,851
-22.0%
813,172
720,164
12.9%
Speed of Sales (SoS)
7.20%
9.40%
-2.2 p,p,
7.40%
-0.2 p,p,
39.90%
32.00%
7.9 p,p,
Delivered PSV
263,254
346,009
-23.9%
41,171
539.4%
910,255
861,325
5.7%
Inventories
1,225,066
1,318,698
-7.1%
1,581,402
-22.5%
1,225,066
1,581,402
-22.5%
Table 2 – Financial Performance (R$ 000)
4Q18
3Q18
Q/Q (%)
4Q17
Y/Y (%)
12M18
12M176
Y/Y (%)
Net Revenue
192,917
252,306
-24%
342,057
-44%
960,891
786,174
22%
Recurring Adjusted Gross Profit¹
46,942
80,330
-42%
91,620
-49%
290,771
143,535
103%
Recurring Adjusted Gross Margin
24.3%
31.8%
-751 bps
26.8%
-245 bps
30.3%
18.3%
1,200 bps
Recurring Adjusted EBITDA²
29,247
37,776
-23%
44,324
-34%
126,954
(50,828)
-350%
Recurring Adjusted EBITDA Margin
15.2%
15.0%
19 bps
13.0%
220 bps
13.2%
-6.5%
1,968 bps
Recurring Adjusted Net Income
11,559
(19,984)
-158%
(11,459)
1%
(66,186)
(190,065)
-65%
Backlog Revenues
551,270
587,344
-6%
620,821
-11%
551,270
620,821
-11%
Backlog Results ³
196,812
215,778
-9%
215,758
-9%
196,812
215,758
-9%
Backlog Results Margin ³ 5
35.7%
36.7%
-104 bps
34.8%
95 bps
35.7%
34.8%
95 bps
Net Debt
752,253
765,898
-2%
957,436
-21%
752,253
957,436
-21%
Cash and Cash Equivalents 4
137,160
194,445
-29%
147,462
-7%
137,160
147,462
-7%
Equity + Minority Shareholders
493,191
871,955
-43%
715,069
-31%
493,191
715,069
-31%
(Net Debt – Proj. Fin.) / (Equity + Minorit.)
45.4%
22.7%
2,271 bps
31.4%
1,407 bps
45.4%
31.4%
1,407 bps
¹ Adjusted by capitalized interests and impairmentof inventories and land.
² Adjusted by stock option plan expenses (non-cash), minority shareholders, and impairment of inventories, land, and Alphaville.
³Backlog results net of PIS/COFINS taxes (3.65%) and excluding the impact of PVA (Present Value Adjustment) method according to Law No. 11.638.
4Cash and cash equivalents, and marketable securities.
5Backlogresultscomprisetheprojectsrestrictedbyconditionprecedent.
6Resubmitted by adoption of IRFS 15 and IFRS 9.
2
OPERATIONAL RESULTS
Table 3 - Operational Performance (R$ 000)
4Q18
3Q18
Q/Q (%)
4Q17
Y/Y (%)
12M18
12M17
Y/Y (%)
Launches
118,936
71,144
67,2%
90,113
32,0%
728,670
553,954
31,5%
Gross Sales
153,406
188,125
-18,5%
216,988
-29,3%
1,040,848
1,131,823
-8,0%
Cancellations
(58,401)
(51,661)
13,0%
(95,407)
-38,8%
(227,677)
(411,658)
-44,7%
Net Pre-Sales
95,005
136,464
-30,4%
121,851
-22,0%
813,172
720,164
12,9%
Speed of Sales (SoS)
7,20%
9,40%
-2,2 p,p,
7,40%
-0,2 p,p,
39,90%
32,00%
7,9 p,p,
Delivered PSV
263,254
346,009
-23,9%
41,171
539,4%
910,255
861,325
5,7%
Launches
The Company launched one project in 4Q18, the Scena Tatuapé, with total PSV of R$118.9 million, which, when added to other launches in the year, totaled R$728.7 million in 2018, 31.5% higher than the total volume launched in 2017. In 4Q18, the estimated launch of three other projects with a PSV of approximately R$320 million was postponed to 2019. One of the projects was located in an oversupplied region; the two other projects, located in regions that did not reach an adequate development level, required adjustments.
Table 4 - Launches (R$ 000)
Project
City
Period
PSV
Upside Pinheiros
São Paulo/SP
1Q18
138,715
Upside Paraíso
São Paulo/SP
2Q18
147,949
Belvedere Lorian
Osasco/SP
2Q18
165,130
MOOV Belém
São Paulo/SP
2Q18
86,797
Vision Pinheiros
São Paulo/SP
3Q18
71,144
Scena Tatuapé
São Paulo/SP
4Q18
118,936
TOTAL
728,671
3
Sales
In 4Q18, gross sales totaled R$153.4 million, down 18.5% quarter-over-quarter and 29.3% year-over-year. This quarter was a period marked by transformation. Sales lists and several business conditions were reassessed, with the goal of preserving margin and profitability. For instance, we increased the percentage of clients’ down payments, which had the initial effect of reducing the speed of sales in the quarter—but will ensure healthier sales and fewer dissolutions going forward.
In the last 12 months, gross sales totaled R$1.04 billion in 2018 versus R$1.13 billion in 2017.
Dissolutions came to R$58.4 million in 4Q18, 38.8% lower than in 4Q17, despite a significantly higher volume of projects delivered year-over-year. Dissolutions reached R$227.7 million in 2018, reflecting a consistent downward trend (-44.7% p.a.). The average monthly dissolutions decreased from R$34.3 million in 2017 to R$19 million in 2018.
The net pre-sales totaled R$95 million in 4Q18. In 2018, net pre-sales came to R$813.2 million, 12.9% higher than in 2017.
4
Sales Over Supply (SoS)
Quarterly SoS was 7.2% in 4Q18, in line with the same period in the previous year. In the last 12 months, SoS reached 40%, 8 p.p. higher than in 4Q17, bolstered by inventory sales and launch successes. With 100% sales, Upside Pinheiros, a project launched in 1Q18, was the highlight.
Inventory (Property for Sale)
Inventory at market value was R$1.225 billion in 4Q18, down 7.1% quarter-over-quarter. This decrease can be attributed to sales in the period as well as sales prices in the quarter that were adjusted with the aim of pricing inventory units at actual market value.
Table 5 – Inventory at Market Value 4Q18 x 3Q18 (R$ 000)
Inventories 3Q18
Launches
Dissolutions
Gross Sales
Adjustments¹
Inventories 4Q18
Q/Q(%)
São Paulo
1,091,812
118,936
46,269
(142,234)
(80,770)
1,034,013
-5.3%
Rio de Janeiro
176,596
-
11,567
(7,253)
(37,747)
143,163
-18.9%
Other Markets
50,290
-
564
(3,919)
954
47,890
-4.8%
Total
1,318,698
118,936
58,401
(153,406)
(117,563)
1,225,066
-7.1%
¹Adjustments reflect the updates related to the project scope, launch date, and pricing update in the period.
The positive inventory sales performance decreased inventory turnover from 25 months in 4Q17 to 18 months at the end of 2018.
We emphasize that out of R$460.6 million finished units, approximately 60% are residential units, which should contribute to sustaining the current level of inventory turnover and the monetization of these assets over the upcoming months. In addition, we point out that 73.5% of total inventory are residential units located in the state of São Paulo, where we are well-positioned to seize opportunities that result from the economic upturn.
5
Table 6 – Inventory at Market Value – Financial Progress – POC - (R$ 000)
Not Initiated
Up to 30% built
30% to 70% built
More than 70% built
Finished Units
Total 4Q18
São Paulo
181,745
75,514
365,287
127,304
284,164
1,034,013
Rio de Janeiro
-
-
-
-
143,163
143,163
Other Markets
-
-
14,647
-
33,243
47,890
Total
181,745
75,514
379,934
127,304
460,570
1,225,066
Table 7 – Inventory at Market Value – Commercial x Residential Breakdown - (R$ 000)
GFSA Inventory %
Residential
Commercial
Total
São Paulo
900,948
133,065
1,034,013
Rio de Janeiro
41,905
101,258
143,163
Other Markets
47,890
-
47,890
Total
990,743
234,323
1,225,066
Delivered Projects and Transfer
In 4Q18 alone, the Company delivered four projects totaling 549 units, with total PSV reaching R$263.3 million, fives times higher than the R$41.1 million seen in 4Q17. Currently, Gafisa has 14 projects underway, four of which will start works in 2019.
Table 8 – Deliveries
Project
Delivery Date
Launch Date
Location
% Share
Units 100%
PSV % R$000
Mood Lapa
May/18
Aug/15
Rio de Janeiro/RJ
100%
153
87,775
Smart Vila Madalena
Jun/18
Oct/15
São Paulo/SP
100%
230
82,190
Vision Paulista
Jun/18
Apr/15
São Paulo/SP
100%
200
88,151
Barra Viva 2
Jun/18
Sep/15
São Paulo/SP
50%
221
21,462
Barra Viva 1 – Torre Alegria
Jun/18
Aug/16
São Paulo/SP
50%
221
21,414
Vision Capote Valente
Jul/18
Nov/15
São Paulo/SP
100%
151
97,414
Bosque Marajoara
Aug/18
Jun/15
São Paulo/SP
100%
339
164,691
Smart Santa Cecília
Sep/18
Oct/15
São Paulo/SP
100%
290
83,904
Scena Alto da Lapa
Oct/18
Oct/15
São Paulo/SP
100%
42
52,119
Alphamall
Nov/18
Sep/15
Rio de Janeiro/RJ
100%
53
24,272
Hermann Jr
Dec/18
Oct/15
São Paulo/SP
100%
22
111,343
Barra Vista
Dec/18
Dec/16
São Paulo/SP
50%
432
75,520
Total 4Q18
549
263,254
Total 2018
2,354
910,255
6
PSV transferred in 4Q18 was up 10%, reaching R$82.4 million year-over-year, boosted by higher PSV of projects delivered. In 2018, PSV transferred totaled R$321.3 million, down 27.2% from 2017. This reduction is because approximately 71% of PSV delivered in the quarter occurred in December (Hermann Jr and Barra Vista), with transfer foreseen in the first quarter of 2019.
Table 9 – Transfer and Deliveries - (R$ 000)
4Q18
3Q18
Q/Q (%)
4Q17
Y/Y (%)
12M18
12M17
Y/Y (%)
PSV Transferred¹
82,400
93,027
-11.42%
74,824
10.13%
321,262
441,217
-27.19%
Delivered Projects
4
3
33.33%
1
300.00%
12
9
33.33%
Delivery Units
549
780
-29.62%
293
87.37%
2,354
2,182
7.88%
Delivered PSV²
263,254
346,009
-23.92%
41,171
539.42%
910,255
861,325
5.68%
¹PSVtransferred refers to the potential sales value of the units transferred to financial institutions;
²PSV = Potential sales value of delivered units.
Landbank
The Company’s landbank, with an estimated PSV of R$3.75 billion, represents 32 potential projects/phases, totaling 6,620 units. Approximately 70% of land was acquired through swaps and was mostly located in the city of São Paulo.
Table 10 - Landbank (R$ 000)
PSV
(% Gafisa) ¹
% Swap Total ²
% Swap Units
% Swap Financial
Potential Units
(% Gafisa) ³
Potential
Units Total
São Paulo
2,410,522
79.2%
73.6%
5.5%
4,816
5,107
Rio de Janeiro
748,745
60.1%
60.1%
0.0%
755
892
Other Markets
594,327
30.0%
30.0%
0.0%
1,050
1,320
Total
3,753,594
69.8%
66.2%
3.6%
6,620
7,319
¹ The PSV (% Gafisa) reported is net of swap and brokerage rate.
²The swap percentage is measured compared to the historical cost of land acquisition.
³Potential units are net of swaps and refer to the Gafisa’s and/or its partners’ interest in the project.
Table 11 – Changes in the Landbank (4Q18 x 3Q18 - R$ 000)
Initial Landbank
Land Acquisition
Launches
Dissolutions
Adjustments
Final Landbank
São Paulo
2,645,527
-
118,936
-
(116,069)
2,410,522
Rio de Janeiro
1,230,529
-
-
-
(481,784)
748,745
Other Markets
43,074
-
-
-
551,253
594,327
Total
3,919,130
-
118,936
-
(46,600)
3,753,594
*The amounts reported are net swap and brokerage.
7
FINANCIAL RESULTS
Revenue
Net revenues rose to R$960.9 million in 2018, up by 22% from 2017, driven by higher sales volume and work evolution in the period. In 4Q18, nearly 30,5% of net revenue is related to projects launched during 2018, reflecting our launches assertiveness.
Table 12 – Revenue Recognition (R$ 000)
4Q18
4Q17¹
Launches
Pre-Sales
%
Sales
Revenue
%
Revenue
Pre-Sales
%
Sales
Revenue
%
Receita
2018
36,296
38.2%
58,808
30.5%
-
-
-
-
2017
10,673
11.2%
20,911
10.8%
52,872
43.5%
40,021
11.7%
2016
25,612
27.0%
70,009
36.3%
22,514
18.5%
58,834
17.2%
2015
17,262
18.2%
39,249
20.3%
31,236
25.7%
152,215
44.5%
<2014
5,161
5.4%
3,939
2.0%
14,959
12.3%
90,987
26.6%
Total
95,005
100%
192,917
100.0%
121,581
100%
342,057
100.0%
¹ Resubmitted by adoption of IRFS 15 and IFRS 9.
Gross Profit & Margin
In 4Q18, gross profit & margin were impacted by provisions totaling R$63.1 million, deriving from impairmentof certain plots of land and inventory units. Excluding the effect of these adjustments, recurring adjusted gross profit recorded in 4Q18 totaled R$46.9 million versus approximately R$91.6 million in 4Q17. In the last 12 months, recurring adjusted gross profit totaled R$290.8 million in 2018, twice higher than the amount recorded in 2017. Recurring adjusted gross margin in 2018 was 30.3%, 12 p.p. higher than in 2017.
Table 13 – Gross Margin (R$ 000)
4Q18
3Q18
Q/Q(%)
4Q17¹
Y/Y (%)
12M18
12M17¹
Y/Y (%)
Net Revenue
192,917
252,306
-24%
342,057
-44%
960,891
786,174
22%
Gross Profit
(29,710)
48,746
-161%
(81,111)
-63%
114,722
(120,312)
-195%
Gross Margin
-15.4%
19.3%
-3,472 bps
-23.7%
831 bps
11.9%
-15.3%
2,724 bps
(-) Financial Costs
(13,506)
(31,584)
-57%
(25,399)
-47%
(112,904)
(116,515)
-3%
Adjusted Gross Profit²
(16,204)
80,330
-120%
(55,712)
-71%
227,626
(3,797)
-6,095%
Adjusted Gross Margin²
-8.4%
31.8%
-4,024 bps
-16.3%
789 bps
23.7%
-0.5%
2,417 bps
(-) Inventory and landbank adjustment
(63,145)
-
-
(147,332)
-57%
(63,145)
(147,332)
-57%
Recurring Adjusted Gross Profit³
46,942
80,330
-42%
91,620
-49%
290,771
143,535
103%
Recurring Adjusted Gross Margin³
24.3%
31.8%
-751 bps
26.8%
-245 bps
30,3%
18.3%
1,200 bps
¹ Resubmitted by adoption of IRFS 15 and IFRS 9.
² Adjusted by capitalized interests.
³ Adjusted byimpairment of land and inventories.
8
Selling, General, and Administrative Expenses (SG&A)
Selling, general, and administrative expenses totaled R$6.6 million, 85% below 3Q18 and 86% below 4Q17. In the last 12 months, selling, general, and administrative expenses totaled R$141 million, down 22% from 2017.
Selling expenses totaled R$11.4 million, down 45% from 3Q18 due to a reduction in i)product marketing and selling expenses, reflecting the gains earned during the 4Q18 turnaround process; and ii) brokerage and sales commission expenses, reflecting lower sales volume in the period. In 2018, the decrease was 4% versus 2017.
General and administrative expenses totaled R$4.7 million, down 121% from 3Q18 mainly due to (i) the net reversal of bonus provisions for the previous year and current year, amounting to R$14.8 million in 2018; (ii) reduced services expenses; and (iii) lower salaries and charges expenses. In the last 12 months, general and administrative expenses decreased from R$92.7 million in 2017 to R$57.1 million in 2018 due to a reversal of provision for bonus mentioned above as well as lower services and IT expenses.
Table 14 – SG&A Expenses (R$ 000)
4Q18
3Q18
Q/Q(%)
4Q17
Y/Y (%)
12M18
12M17
Y/Y (%)
Selling Expenses
(11,389)
(20,653)
-45%
(24,399)
-53%
(84,431)
(87,568)
-4%
G&A Expenses
4,752
(22,300)
-121%
(24,165)
-120%
(57,089)
(92,713)
-38%
Total SG&A Expenses
(6,637)
(42,953)
-85%
(48,564)
-86%
(141,520)
(180,281)
-22%
In contrast to other periods in the year, the total amount of other operating expenses reached R$251.4 million in 4Q18, 67% higher than in 4Q17. A significant amount of this total, 45% or R$112.8 million derived from the goodwill impairment test to remeasure the 30% stake in Alphaville, yearly conducted based on the future profitability estimate or when circumstances indicate impairment losses.
Another relevant impact in the quarter was the expense relating to provision for contingencies. During the revision of contingency proceedings, we identified a provisioning need for four relevant contingencies: (i) execution referring to the loss of suit totaling R$33.7 million; (ii) indemnification in affirmative covenant involving former shareholder of the Company, in the amount of R$26.7 million; (iii) lawsuit referring to construction guarantee totaling R$23.2 million, the injunction of which was granted relief on March 7, 2017 ; and (iv) indemnification due to land dissolution, with judgment rendered on September 9, 2015, totaling R$23.3 million. Furthermore, it is important to note that the impairment of software reached approximately R$5 million.
Table 15 – Other Operating Revenues/Expenses (R$ 000)
4Q18
3Q18
Q/Q(%)
4Q17
Y/Y (%)
12M18
12M17
Y/Y (%)
Litigation Expenses
(127,668)
(17,241)
640%
(46,417)
175%
(172,432)
(107,848)
60%
Impairment of Alphaville
(112,800)
-
-
(101,953)
11%
(112,800)
(101,953)
11%
Impairment of Software
(4,963)
-
-
(710)
599%
(4,963)
(710)
599%
Others
(6,003)
(337)
1,681%
(1,166)
415%
(8,741)
(1,039)
741%
Total
(251,434)
(17,578)
1,330%
(150,246)
67%
(298,936)
(211,550)
41%
9
Adjusted EBITDA
Recurring adjusted EBITDA (excluding litigation expenses and the impairment of inventories, land, software and investment losses in Alphaville) amounted to positive R$127 million in 2018 versus negative R$50,8 million in 2017. In 4Q18, adjusted EBITDA according to the same criteria totaled positive R$29.3 million, 34% below 4Q17.
Table 16 – Adjusted EBITDA (R$ 000)
4Q18
3Q18
Q/Q(%)
4Q17¹
Y/Y (%)
12M18
12M17¹
Y/Y (%)
Net Income (Loss)
(297,017)
(37,225)
698%
(372,998)
-20%
(419,526)
(760,240)
-45%
Discontinued Operation Result
-
-
-
-
-
-
(98,175)
-100%
(+) Inventory and landbank adjustment
63,145
-
-
147,332
-57%
63,145
147,332
-57%
Adjusted Net Income
(233,872)
(37,225)
528%
(225,666)
4%
(356,381)
(711,083)
-50%
(+) Financial Results
22,310
19,179
16%
24,249
-8%
80,521
107,268
-25%
(+) Income Tax / Social Contribution
(24,085)
670
-3,695%
(24,773)
-3%
(21,751)
(23,100)
-6%
(+) Depreciation and Amortization²
5,772
6,393
-10%
6,084
-5%
21,290
32,046
-34%
(+) Capitalized Interest
13,506
31,584
-57%
25,399
-47%
112,904
116,515
-3%
(+) Expenses w Stock Option Plan
15
634
-98%
2,067
-99%
1,927
4,964
-61%
(+) Minority Shareholders
170
(700)
-124%
(161)
-206%
(1,750)
(281)
523%
(+) AUSA Income Effect
-
-
-
62,569
-100%
-
186,856
-100%
(+) AUSA loss on investment realization Effect
112,800
-
-
127,429
-11%
112,800
127,429
-11%
(+) Litigation Expenses
127,668
17,241
640%
46,417
175%
172,432
107,848
60%
(+) Impairment of Software
4,963
-
-
710
599%
4,963
710
599%
Recurring Adjusted EBITDA³
29,247
37,776
-23%
44,324
-34%
126,954
(50,828)
-350%
¹ Resubmitted by adoption of IRFS 15 and IFRS 9.
² Adjusted by goodwill impairment test to remeasure the acquisition of Alphaville.
³ Adjusted by capitalized interests, litigation and stock option plan expenses (non-cash), minority shareholders, and impairmentof inventories, land, software and Alphaville.
Financial Result
In 4Q18, financial results totaled R$4.3 million, down 29% quarter-over-quarter, reflecting lower balance of cash and cash equivalents in the period; and down 28% year-over-year, due to the interest rate drop in the period. Financial expenses reached R$26.7 million in 4Q18, 12% lower than in 4Q17 due to reduced interest rates on funding in view of a lower level of indebtedness. Thus, 4Q18 reported a negative net financial result of R$22.3 million, compared to a negative net financial result of R$24.3 million in 4Q17.
In the last 12 months, the net financial result was negative R$80.5 million versus a net loss of R$107.3 million in 2017.
Taxes
In 4Q18, income tax and social contribution had a positive impact of R$24 million, reflecting a tax credit of R$26 million deriving from the goodwill impairment recorded in the Alphaville investment. For this
reason, the provision for income tax and social contribution (IR/CSLL) had a positive impact of R$21.8 million in 2018.
10
Net Result
As a result of effects mentioned above, 4Q18’s recorded a positive result of R$11.6 million, compared to a net loss of around R$20 million in 3Q18 and in line with R$11.5 million in 4Q17, excluding results from the impairment of inventories, land, and goodwill of the stake in Alphaville. In the last 12 months, recurring adjusted net loss was R$66.2 million versus R$190.1 million in 2017.
Table 17 – Net Result (R$ 000)
4Q18
3Q18
Q/Q(%)
4Q17¹
Y/Y (%)
12M18
12M17¹
Y/Y (%)
Net Revenue
192,917
252,306
-24%
342,057
-44%
960,891
786,174
22%
Gross Profit
(29,710)
48,746
-161%
(81,111)
-63%
114,722
(120,312)
-195%
Gross Margin
-15.4%
19.3%
-3,472 bps
-23.7%
8,312 bps
11.9%
-15.3%
2,724 bps
(-) Financial Costs
(13,506)
(31,584)
-57%
(25,399)
-47%
(112,904)
(116,515)
-3%
(-) Inventory and landbank adjustment
(63,145)
-
-
(147,332)
-57%
(63,145)
(147,332)
-57%
Recurring Adjusted Gross Profit
46,942
80,330
-42%
91,620
-49%
290,771
143,535
103%
Recurring Adjusted Gross Margin
24.3%
31.8%
-751 bps
26.8%
2,453 bps
30.3%
18.3%
1,200 bps
Adjusted Net Income²
(233,872)
(37,225)
528%
(225,666)
4%
(356,381)
(612,908)
-42%
( - ) Equity income from Alphaville
-
-
-
(62,569)
-100%
-
(186,856)
-100%
( - ) Loss of investment in Alphaville
(112,800)
-
-
(127,429)
-11%
(112,800)
(127,429)
-11%
(-) Litigation Expenses
(127,668)
(17,241)
640%
(46,417)
175%
(172,432)
(107,848)
60%
(-) Impairment of Software
(4,963)
-
-
(710)
599%
(4,963)
(710)
599%
Recurring Adjusted Net Result³
11,559
(19,984)
-158%
11,459
1%
(66,186)
(190,065)
-65%
¹ Resubmitted by adoption of IRFS 15 and IFRS 9.
² Adjusted by impairmentof inventories and land.
³ Adjusted by capitalized interests, litigation expenses, impairmentof inventories, land, software and Alphaville.
Backlog of Revenues and Results
The balance of backlog revenues totaled R$196.8 million in 4Q18, with a margin to be recognized of 35.7%, 95 basis points higher than in 4Q17.
Table 18 – Backlog Results (REF) (R$ 000)
4Q18
3Q18
Q/Q(%)
4Q17
Y/Y (%)
Backlog Revenues
551,270
587,344
-6%
620,821
-11%
Backlog Costs (units sold)
(354,458)
(371,566)
-5%
(405,064)
-12%
Backlog Results
196,812
215,778
-9%
215,758
-9%
Backlog Margin
35.7%
36.7%
-104 bps
34.8%
95 bps
Note:Backlogresultsnet ofPIS/COFINStaxes( 3.65%)andexcludingtheimpactofPVA(PresentValueAdjustment)methodaccordingtoLaw No. 11.638.
Backlogresultscomprisetheprojectsrestrictedbyconditionprecedent.
11
BALANCE SHEET
Cash and Cash Equivalents and Marketable Securities
On December 31, 2018, cash and cash equivalents and marketable securities totaled R$137.2 million.
Receivables
At the end of 4Q18, total accounts receivable totaled R$1.2 billion, down 13% versus 3Q18. Of this amount, R$642 million were already recognized in the balance sheet, and R$468 million are expected to be received in 2019.
Table 19 – Total Receivables (R$ 000)
4Q18
3Q18
Q/Q(%)
4Q17
Y/Y (%)
Receivables from developments (off balance sheet)
572,154
609,594
-6%
644,340
-11%
Receivables from PoC- ST (on balance sheet)
467,992
569,166
-18%
374,886
25%
Receivables from PoC- LT (on balance sheet)
174,018
214,405
-19%
199,317
-13%
Total
1,214,164
1,393,165
-13%
1,218,543
-0,4%
Notes: ST – Short term | LT- Long term | PoC – Percentage of Completion Method.
Receivables from developments: accounts receivable not yet recognized according to PoC and BRGAAP.
Receivables from PoC: accounts receivable already recognized according to PoC and BRGAAP.
Table 20 – Receivables Schedule (R$ 000)
Total
2019
2020
2021
2022
2023 – and after
Receivables from PoC
642,010
467,992
108,726
59,753
1,413
4,126
Cash Generation
Cash generation totaled R$13.7 million in 4Q18 due to greater control of expenses in the quarters, a result of the Company’s turnaround process.
Table 21 – Cash Generation (R$ 000)
1Q18
2Q18
3Q18
4Q18
Availabilities 1
204,938
212,897
194,445
137,160
Change in Availabilities (1)
57,476
7,959
(18,452)
(57,285)
Total Debt + Investor Obligations
983,468
964,770
960,344
889,413
Change in Total Debt + Investor Obligations (2)
(121,430)
(18,698)
(4,426)
(70,931)
Capital Increase (3)
250,766
-
-
-
Cash Generation in the period (1) - (2) - (3)
(71,860)
26,657
(14,026)
13,646
Final Accumulated Cash Generation
(71,860)
(45,203)
(59,229)
(45,583)
¹ Cash and cash equivalents. and marketable securities.
12
Liquidity
In 4Q18, net debt reached R$752.3 million, down 21.0% year-over-year.
Table 22 – Debt and Investor Obligations (R$ 000)
4Q18
3Q18
Y/Y(%)
4Q17
Y/Y (%)
Debentures – Working Capital (A)
265,666
281,325
-6%
207,713
28%
Project Financing SFH – (B)
528,140
567,696
-7%
733,103
-28%
Working Capital (C)
95,607
111,323
-14%
164,082
-42%
Total Debt (A)+(B)+(C)= (D)
889,413
960,344
-7%
1,104,898
-20%
Cash and Availabilities ¹ (E)
137,160
194,446
-29%
147,462
-7%
Net Debt (D)-(E) = (F)
752,253
765,898
-2%
957,436
-21%
Equity + Minority Shareholders (G)
493,191
871,955
-43%
715,069
-31%
(Net Debt) / (Equity) (F)/(G) = (H)
152.5%
87.8%
6,469 bps
133.9%
1,863 bps
(Net Debt – Proj, Fin,) /Equity ((F)-(B))/(G) = (I)
45.4%
22.7%
2,271 bps
31.4%
1,407 bps
¹ Cash and cash equivalents and marketable securities.
The Company ended 4Q18 with R$348.4 million in total short-term debt, 39% of total debt versus 51.5% at the end of 4Q17. We point out that during 2018, the Company amortized approximately R$639.4 million of debts contracted. On December 31, 2018, the consolidated debt average cost was 11.44% p.a., or 178.2% of CDI accumulated in 2018.
Table 23 – Debt Maturity (R$ 000)
Average Cost (a.a.)
Total
Until Dec/19
Until Dec/20
Until Dec/21
Until Dec/22
Debentures – Working Capital (A)
CDI + 3% / CDI + 3.75% / CDI + 5.25% / IPCA + 8.37%
265,666
62,783
157,700
43,391
1,792
Project Financing SFH (B)
TR + 8.30% a 14.19% / 12.87% / 143% CDI
528,140
250,935
201,035
76,170
-
Working Capital (C)
135% CDI / CDI + 2.5% / CDI + 3% / CDI + 3.70% / CDI + 4.25%
95,607
34,678
15,583
45,346
-
Total (A)+(B)+(C) = (D)
889,413
348,396
374,318
164,907
1,792
Obligations with investors (E)
-
-
-
-
-
Total Debt (D)+(E) = (F)
889,413
348,396
374,318
164,907
1,792
% of Total Maturity per period
39%
42%
19%
0.2%
Project debt maturing as % of total debt (C)/ (F)
72%
54%
46%
-
Corporate debt maturing as % of total debt ((A)+(C) + (E))/ (F)
28%
46%
54%
100%
Ratio Corporate Debt / Mortgage
40.6% / 59.4%
13
SUBSEQUENT EVENTS
New Headquarters Address
On January 8, 2019, a lease agreement was signed for the Company’s new headquarters in São Luiz Condominium, at Av. Pres. Juscelino Kubitschek, 1830. With our headquarters moving to a location better-suited to us, there will be a reduction in leasing, condominium, and IPTU (municipal real estate tax) expenses by approximately R$4 million p.a.
Change in Relevant Shareholding
GWI’s reduced stake
On February 14, 2019, the GWI Group reduced its stake in the Company to 7.70% of common shares issued by the Company (3,338,600 shares). On February 20, 2019, GWI Group then held 2,199,300 shares, accounting for 4.89% of the Company’s capital stock, no longer holding relevant shareholding in Gafisa.
Planner’s increased interest
On February 14, 2019, Planner, by means of investment funds managed by it, reached an equity interest of eight million (8,000,000) common shares issued by Gafisa, corresponding to 18.45% of total common shares issued by the Company. In a notice sent to the Company, Planner stated its intention to change Gafisa’s administrative structure, undertaking to keep the market informed on this issue.
Change in the Board of Directors
On February 17, 2019, the following Messrs. were elected to hold two remaining positions in the Company’s Board of Directors, with terms lasting until the next General Meeting of the Company:
Augusto Marques da Cruz Filho:Augusto holds a PhD in Economic Theory from the Institute of Economic Research (IPE) of the University of São Paulo, graduated in Economic Sciences from the Economic and Administration University of the University of São Paulo (FEA-USP), and attended Abroad Developmente in Insead – Institut Européen d’Aministration des Affaires. For 11 years he has occupied various roles at Grupo Pão de açúcar: Executive Officer, Administrative and Financial Officer, and Chief Officer until leaving the position in 2005. Between 2005 and 2010 he was a member of the Board of Directors and Audit Committee of B2W. Since April 2016, he has been President of the Board of Directors of BR Distribuidora. He is also a member of the Board of Directors of JSL S.A. and General Shopping.
Oscar Segall: Oscar is a strong figure in the Brazilian real estate market. He co-founded Klabin Segall and headed BTG Pactual’s real estate department. He led the launch of over 130 projects, delivered more than 25,000 units, and won several real estate awards. In addition to his vast experience in the domestic market, Oscar has experience buying and selling land in the US market and developing real estate projects.
On this same date, Messrs. Mu Hak You and Thiago Hi Joon You tendered their resignation as members of the Board of Directors, which continues being composed of five (5) sitting members.
14
On March 15, 2019, the following Messrs. were elected to hold two remaining positions in the Company’s Board of Directors, with a term of office until the next Shareholders’ Meeting of the Company:
Thomas Reichenheim: he holds a degree in Business Administration from Getúlio Vargas Foundation (1972) and in Law from FMU (Faculdades Metropolitanas Unidas) - 1972. Mr. Reichenheim is a former officer of several companies, notably, Banco Auxiliar, Banco Auxiliar de Investimento, Auxiliar Seguradora, La Fonte Fechaduras, and LFTel S.A. He is the general partner of Carisma Comercial Ltda., T.R Portfolios Ltda. and advisor in IPOs and financial institutions.
Roberto Portella: he is a partner of the law firm Demarest Almeida, Advisory Sector, member of the Legal Committee of the American Chamber for Brazil (AMCHAN-SP), member of Petro S.A.’s Fiscal Council.
The Board of Directors is now composed of 7 sitting members.
Annual Shareholders’ Meeting
In view of the nomination of new members of the Board of Directors, and the new composition of the Audit Committee, with a 2/3 change of its members to better assess the financial statements, the Company altered the date of the Annual Shareholders’ Meeting from April 24, 2019, to April 30, 2019.
Extraordinary Shareholders’ Meeting
On March 15, 2019, the Company received a letter from Planner Corretora de Valores S.A. and Planner Redwood Asset Management Administração de Recursos Ltda. (both jointly referred to as “Planner”), in the capacity of investment fund managers, which jointly hold 18.55% of Gafisa’s capital stock, requesting the Company’s Board of Directors to call for an Extraordinary Shareholders’ Meeting (“ESM”). Referred Planner’s call for an ESM follows its intention of altering Gafisa’s administrative structure.
The Extraordinary Shareholders’ Meeting is scheduled for April 15, 2019, at 9:00 a.m. at the Company’s headquarters.
15
São Paulo, March 28, 2019.
Alphaville Urbanismo SA released its results for the fourth quarter of 2018.
Financial Results
In 4Q18, net revenue came in at negative R$32 million and net loss totaled R$222 million.
4Q18
4Q17
12M18
12M17
4Q18 vs. 4Q17
2018 vs. 2017
Net revenue
-32
-45
69
108
-29%
-36%
Net Income
-222
-350
-755
-764
-37%
-1%
It is worth mentioning that Gafisa discontinued the recognition of its share in future losses after reducing the accounting balance of its 30% stake in Alphaville's share capital to zero.
For further information, please contact our Investor Relations team atri@alphaville.com.bror +55 11 3038-7131.
16
Consolidated Income Statement
4Q18
3Q18
Q/Q (%)
4Q17¹
Y/Y (%)
12M18
12M17¹
Y/Y (%)
Net Revenue
192,917
252,306
-24%
342,057
44%
960,891
786,174
22%
Operating Costs
(222,627)
(203,560)
9%
(423,168)
-47%
(846,169)
(906,486)
-7%
Gross Profit
(29,710)
48,746
-161%
(81,111)
-63%
114,722
(120,312)
-195%
Gross Margin
-15.4%
19.3%
-3,472 bps
-6.5%
-892 bps
11.9%
-15.3%
2,724 bps
Operating Expenses
(268,912)
(66,822)
302%
(292,572)
-8%
(477,228)
(654,216)
-27%
Selling Expenses
(11,389)
(20,653)
-45%
(24,399)
-53%
(84,431)
(87,568)
-4%
General and Administrative Expenses
4,752
(22,300)
-121%
(24,165)
-120%
(57,089)
(92,713)
-38%
Other Operating Revenue/Expenses
(251,434)
(17,578)
1,330%
(150,246)
67%
(298,935)
(211,550)
41%
Depreciation and Amortization
(5,772)
(6,393)
-10%
(31,560)
-82%
(21,290)
(57,522)
-63%
Equity Income
(5,069)
102
-5,070%
(62,202)
-92%
(15,483)
(204,863)
-92%
Operational Result
(298,622)
(18,076)
1,552%
(373,683)
-20%
(362,506)
(774,528)
-53%
Financial Income
4,342
6,130
-29%
6,053
-28%
19,553
29,733
-34%
Financial Expenses
(26,652)
(25,309)
5%
(30,302)
-12%
(100,074)
(137,001)
-27%
Net Income Before Taxes on Income
(320,932)
(37,255)
761%
(397,932)
-19%
(443,027)
(881,796)
-50%
Deferred Taxes
25,100
-
-
25,932
-3%
25,100
25,932
-3%
Income Tax and Social Contribution
(1,015)
(670)
51%
(1,159)
-12%
(3,349)
(2,832)
18%
Net Income After Taxes on Income
(296,847)
(37,925)
683%
(373,159)
-20%
(421,276)
(858,696)
-51%
Continued Op. Net Income
(296,847)
(37,925)
683%
(373,159)
-20%
(421,276)
(858,696)
-51%
Discontinued Op. Net Income
-
-
-
-
-
-
98,175
-100%
Minority Shareholders
170
(700)
-124%
(161)
-206%
(1,750)
(281)
523%
Net Income
(297,017)
(37,225)
698%
(372,998)
-20%
(419,526)
(760,240)
-45%
¹ Resubmitted by adoption of IRFS 15 and IFRS 9.
17
Consolidated Balance Sheet
4Q18
3Q18
Q/Q (%)
4Q17¹
Y/Y (%)
Current Assets
Cash and Cash equivalents
32,304
7,931
307%
28,527
13%
Securities
104,856
186,515
-44%
118,935
-12%
Receivables from clients
467,993
569,166
-18%
374,886
25%
Properties for sale
890,460
858,726
4%
990,286
-10%
Other accounts receivable
106,943
104,116
3%
110,626
-3%
Prepaid expenses and other
2,668
3,184
-16%
5,535
-52%
Land for sale
78,148
34,212
128%
102,352
-24%
Non-current asset for sale
-
-
-
-
-
SubTotal
1,683,371
1,763,850
-5%
1,731,147
-3%
Long-term Assets
Receivables from clients
174,017
214,405
-19%
199,317
-13%
Properties for sale
198,941
263,937
-25%
339,797
-41%
Other
123,603
116,874
6%
86,351
43%
Subtotal
496,561
595,216
-17%
625,465
-21%
Intangible, Property and Equipment
31,843
43,047
-26%
40,622
-22%
Investments
314,505
465,438
-32%
479,126
-34%
Total Assets
2,526,280
2,867,551
-12%
2,876,360
-12%
Current Liabilities
Loans and financing
285,612
170,171
68%
481,073
-41%
Debentures
62,783
31,196
101%
88,177
-29%
Obligations for purchase of land advances
from customers
113,355
145,468
-22%
156,457
-28%
Material and service suppliers
119,847
106,363
13%
98,662
21%
Taxes and contributions
57,276
56,822
1%
46,430
23%
Other
400,142
297,503
35%
385,444
4%
Subtotal
1,039,015
807,523
29%
1,256,243
-17%
Long-term liabilities
Loans and financings
338,135
508,848
-34%
416,112
-19%
Debentures
202,883
250,129
-19%
119,536
70%
Obligations for Purchase of Land and
advances from customers
196,076
207,765
-6%
152,377
29%
Deferred taxes
49,372
74,473
-34%
74,473
-34%
Provision for Contingencies
155,608
98,557
58%
82,063
90%
Other
52,000
48,301
8%
60,487
-14%
Subtotal
994,074
1,188,073
-16%
905,048
10%
Shareholders’ Equity
Shareholders’ Equity
491,317
870,252
-44%
711,222
-31%
Minority Interest
1,874
1,703
10%
3,847
-51%
Subtotal
493,191
871,955
-43%
715,069
-31%
Total liabilities and Shareholders’ Equity
2,526,280
2,867,551
-12%
2,878,360
-12%
¹ Resubmitted by adoption of IRFS 15 and IFRS 9.
18
Consolidated Cash Flow
4Q18
4Q17¹
12M18
12M17¹
Net Income (Loss) before taxes
(320,931)
(397,932)
(443,027)
(881,796)
Expenses/revenues that does not impact working capital
203,511
193,567
227,218
481,285
Depreciation and amortization
5,772
6,084
21,290
32,046
Impairment
(35,220)
147,332
(74,689)
136,191
Expense with stock option plan
15
2,066
1,927
4,964
Unrealized interest and fees, net
927
(807)
11,156
46,168
Equity Income
5,069
62,202
15,483
204,863
Provision for guarantee
(474)
3,941
(4,130)
(3,498)
Provision for contingencies
127,668
46,417
172,432
107,848
Profit Sharing provision
(18,545)
3,981
(14,750)
13,375
Provision (reversal) for doubtful accounts
(22,790)
(205,050)
(41,827)
(187,283)
Gain / Loss of financial instruments
-
(28)
(763)
(818)
Impairment losses
112,800
101,953
112,800
101,953
Goodwill write-off AUSA
-
25,476
-
25,476
Stock sale update
28,289
-
28,289
-
Clients
21,332
79,562
(95,740)
260,090
Properties held for sale
132,643
82,661
339,575
346,210
Other accounts receivable
(6,516)
(45)
(15,880)
(9,317)
Prepaid expenses and deferred sales expenses
516
(9)
2,867
(2,987)
Obligations on land purchase and advances from clients
(43,802)
40,037
597
13,137
Taxes and contributions
454
(3,982)
10,846
(5,412)
Suppliers
24,202
8,163
32,732
18,683
Payroll, charges, and provision for bonuses
(9,539)
(5,379)
(6,459)
(14,266)
Other liabilities
59,599
15,052
(3,434)
(20,341)
Related party operations
(2,055)
(4,642)
(14,497)
(27,548)
Taxes paid
(1,014)
(1,159)
(3,348)
(2,832)
Cash provided by/used in operating activities /discontinued operation
-
-
-
51,959
Net cash from operating activities
58,390
5,924
31,450
206,865
Investment Activities
-
-
-
-
Acquisition of properties and equipment
5,432
(2,093)
(12,511)
(20,463)
Capital contribution to parent company
(641)
(3,892)
(4,629)
(2,598)
Redemption of securities, collaterals, and credits
222,333
332,660
1,104,875
1,183,878
Investment in marketable securities and restricted credits
(140,674)
(322,223)
(1,090,796)
(1,079,167)
Cash provided by/used in investment activities / discontinued operation
-
-
-
48,663
Transaction costs from discontinued operation
-
-
-
(9,545)
Receivable of preemptive right exercise ref, Tenda
-
-
-
219,510
Net cash from investment activities
-
105,170
-
105,170
Cash provided by/used in investment activities / discontinued operation
86,450
109,622
(3,061)
445,448
Funding Activities
-
-
-
-
Related party contributions
-
-
-
(1,237)
Addition of loans and financing
34,927
197,565
412,768
453,370
Amortization of loans and financing
(106,785)
(311,130)
(639,409)
(1,032,206)
Assignment of credit receivables, net
-
-
-
21,513
Related Parties Operations
(446)
(581)
(1,289)
5,044
Sale of treasury shares
-
501
715
818
Cash provided by/used in financing activities/ discontinued operation
-
-
-
24,089
Proceeds from sale of treasury shares
(48,163)
-
(48,163)
-
Capital Increase
-
-
167
-
Subscription and payment of common shares
-
-
250,599
-
Net cash from financing activities
(120,467)
(113,645)
(24,612)
(528,609)
Net cash variation for sales operations
-
-
-
(124,711)
Increase (decrease) in cash and cash equivalents
24,373
1,901
3,777
(1,007)
Beginning of the period
7,931
26,626
28,527
29,534
End of the period
32,304
28,527
32,304
28,527
Increase (decrease) in cash and cash equivalents
24,373
1,901
3,777
(1,007)
¹ Resubmitted by adoption of IRFS 15 and IFRS 9.
19
This release contains forward-looking statements about business prospects, estimates for operating and financial results, and Gafisa’s growth prospects. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy, and the industry, among other factors; therefore, they are subject to change without prior notice.
20
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: March 28, 2019
Gafisa S.A.
By:
/s/ Ana Maria Loureiro Recart
Name: Ana Maria Loureiro Recart
Title: Chief Executive Officer
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end
2万+
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