Fact Sheet 4T09

Fact Sheet 4T09

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  4Q09 and FY09Fact Sheet Company Profile 4Q09 and 2009 Highlights We are one of Brazil’s leading diversified national homebuilders. In 4Q09, launches were R$ 1.0 billion, an increase of 55.1% compared to 4Q08. Consolidated launches totaled R$ 2,301 Over the last 55 years, we have been recognized as one of million in 2009, a 45.2% decrease compared to the same period last year, when launches totaled R$4,196 million. the foremost professionally-managed homebuilders, having Launches (R$ Million) completed and sold more than 980 developments and Potencial Units Company (%Gafisa) 4Q09 4Q08 2009 2008 constructed over 11 million square meters of housing, which ≤ R$500 k 328 98 613 1,104 we believe is more than any other residential development > R$500 k 249 229 652 809 Gafisa company in Brazil. We believe “Gafisa” is one of the best- Others Total 578 327 1,265 1,913 known brands in the real estate development market, enjoying 38% Units 1,472 715 3,413 4,949 São Paulo > R$100 k; ≤ R$500 k 262 42 395 212 a reputation among potential homebuyers, brokers, lenders, 56% Alphaville Total 286 101 420 313 landowners, and competitors for quality, consistency, and Units 1,451 348 2,096 1,818 professionalism. We serve the lower income housing segments Rio de Janeiro ≤ R$130 k 103 128 288 1,663 7% through our majority ownership stake in Construtora Tenda, Tenda 1) > R$130 k 34 88 329 307 Total 137 216 617 1,970 S.A., a separate publicly-traded company on the Novo Mercado Units 1,335 406 5,286 23,249 of the BM&FBOVESPA. Total 1,000 645 2,301 4.,196 Consolidated Units 4,258 1,469 10,795 30,016 1) Includes Tenda and Fit Residencial in 2008 Pre-sales reached R$ 3,248 million in 2009, a 26.0% increase compared to 2008. In 4Q09, Pre-sales were R$ 1,054 million, Outlook for 2010 representing an increase of 79.1% as compared to the same period last year. Guidance for sales and EBITDA margin for 2010: Pre - Sales (R$ Million) Company Potencial Units 4Q09 4Q08 2009 2008 Launch projects totaling R$ 4 billion to R$ 5 billion (%Gafisa) during 2010, of which 40-45% will be dedicated to the ≤ R$500 k 185 170 610 565 affordable entry-level segment through Tenda. Gafisa > R$500 k 281 130 900 781 Total 467 301 1,510 1,345 Others 2010 EBITDA Margin: between 18,5% - 20,5%. 36% Units 1,210 772 4,190 3,733 São Paulo > R$100 k; ≤ R$500 k 194 47 332 192 47% Alphaville Total 204 116 377 300 Units 968 517 1,951 1,518 Rio de Janeiro ≤ R$130 k 311 144 1,165 750 17% Recent Developments Tenda 1) > R$130 k Total 71 383 28 172 196 1,361 183 932 Units 4,234 2,471 15,871 11,863 Acquisition of remaining 40% of TENDA’s shares Consolidated Total 1,054 588 3,248 2.578 Units 6,413 3,760 22,012 17,114 approved: Gafisa now operate Tenda as a wholly-owned 1) Includes Tenda and Fit Residencial in 2008 subsidiary, benefiting from full integration of back offices 4Q09 Net operating revenues, recognized by the Percentage of Completion (“PoC”)method, rose 60% to R$ 897.5 million from R$ 561.7 and enterprise systems. million in the 4Q08. In 2009, net operating revenues reached R$3,022 million, a 73.7% increase compared to 2008. Approval of R$ 600 million in debentures with Caixa 4Q09 Adjusted EBITDA reached R$ 174.7 million with a 19.5% margin (or R$ 167.8 million with 18.7% Margin net of Tenda Goodwill Econômica Federal: in December 2009. and provisions), a 112% increase compared to Adjusted EBITDA of R$ 82.3 million reached in 4Q08 (or R$ 41.2 million – 7.3% margin - net of Tenda Goodwill and provisions), mainly due to the strong performance of Gafisa. In 2009, adjusted EBITDA reached R$ 604,476 Strong Sales in Middle and Mid-High Segments: million, a 101.2% increase compared to 2008. Gafisa and Alphaville brands sold over R$ 670 million Net Income before minorities, stock option and non recurring expenses was R$ 86.1 million for the quarter, (9.6% adjusted net margin), during the quarter, logging sales velocities of 23% and an increase of 97% compared with R$ 43.6 million in 4Q08. In 2009, Net Income reached R$ 312.8 million compared to R$192.8 million 44% respectively. in 2008, a 62.3%.increase. Diversified Geographies and Products: Today well- The Backlog of Revenues to be recognized under the PoC method reached R$ 3.02 billion, a 5% increase over 4Q08. The Backlog Margin known brands Gafisa, Alphaville and Tenda are to be recognized reached 35.2%. present in 21 states, 100 cities with more than 188 Gafisa’s consolidated land bank was R$15.8 billion in of 2009, compared to R$17.8 billion in 2008 reflecting the internal policy of the developments, being 310 when accounting all the Company to keep an average of 2 – 3 years of Land bank. phases. Gafisa’s consolidated cash position exceeded R$1.4 billion at the end of December, an increase of R$135.2% compared to the same period last year, facilitating the Company’s ability to fund and execute its growth strategy. Follow-on Share Offering: The company announced the intention to proceed with a follow-on equity offering On December 30, the Company approved the merger of its subsidiary, CONSTRUTORA TENDA S.A.. worth an estimated R$ 1 billion. Due to a generally favorable domestic scenario, Gafisa intends to proceed with a primary follow-on equity offering worth an estimated R$ 1 billion. Note: Reflects accounting changes according to Law 11.638 and CVM Instruction 561.
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  4Q09 and FY09Fact Sheet Gafisa’s National Footprint Land Reserves Gafisa is consolidating its national presence and currently has more than 188 projects Our land bank reached approximately R$15.8 billion, composed of 383 sites in 21 under construction in 21 states: states, equivalent to 90 thousand units. This ensures our ability to continue to grow launches and sales over the near term. 50.7% of our land bank was acquired through swaps, in those cases we do not pay any cash for the right to use the land in the future. Affordable entry level represents 52% of potential Gafisa units in land bank. Potencial Units PSV - R$ million Company % Swap Total (%Gafisa) (%Gafisa) Gafisa 18.7 7,576 42.1% AlphaVille 24.1 3,962 98.5% Tenda 47.7 4,285 19.4% Urbanismos S.A. Total 90.5 15,823 51% World-class Shareholder and High Standards of Corporate Governance Gafisa is the only Brazilian real estate company listed on the NYSE. Gafisa’s Competitive Strenghts shares are listed on the Novo Mercado segment of the Bovespa (São Paulo Stock Exchange), which brings together companies committed to adopting a higher standard of transparency in corporate governance practices that goes beyond the Large land bank to sustain legal requirements. Gafisa’s shares and ADRs have the highest liquidity in the real National reach future growth Well-developed estate sector. In addition, our management is backed by Equity International, an & strong local and recognized institutional shareholder with a successful track record. partnerships brands Professional management with a Reputation for significant pipeline financial discipline GFSA3 GFA of talent NOVO MERCADO Leading investor in real estate The strongest outside of the U.S. Focus on the residential market in platform to sustain Others¹ leadership in the all income segments rapidly growing Founded by Sam Zell lower income segments 13.66% 86.12% Over the last 55 years Gafisa has created a powerful platform for growth enhanced by one of the largest and most diverse land banks in the sector and teams focused on delivering high quality products within budget and on time to all segments of the Brazilian Predominantly independent Only Brazilian homebuilder Board listed on the NYSE population. Our brand enhances our ability to continue to sell our product rapidly and attract the strongest partners. Furthermore, our capital structure, strong cash position and Novo Mercado listing Full compliance with Sarbanes-Oxley dual-listed equity will continue to support our accelerated growth. US GAAP reconciliation Audit, Compensation, Finance 100% tag-along rights and Governance Committees Leadership and Strong Brand Recognition No poison pill Buyers trust the excellence of Gafisa products and know that the company will deliver ¹ Of the total amount of shares, 0.22% correspond to treasury shares quality developments in a timely manner. Rapid sales confirm the strength of the brand and its solid reputation among potential property buyers, agents, financers, landowners as well as our competitors. Professional Management and Organization The organizational structure, with independent management at Gafisa, Tenda and Contact Information: AlphaVille, is in line with the strategy of expanding the product portfolio and nationwide Luiz Mauricio Garcia presence, which is essential for sustained long-term growth. Investor Relations Manager Phone.: +55 (11) 3025-9297 IR Website: Ratings www.gafisa.com.br/ir Moody´s (Ba2) Moody´s National (A1. br) E-mail:[email protected] S&P National (br A-) Fitch (A-bra)