EARNINGS 4Q15
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Forward-looking statements also include information concerning our possible or assumed future results of operations, as well as statements preceded by, followed by, or that include the words ''believes,'' ''may,'' ''will,'' ''continues,'' ''expects,'‘ ''anticipates,'' ''intends,'' ''plans,'' ''estimates'' or similar expressions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur. Our future results and shareholder values may differ materially from those expressed in or suggested by these forward-looking statements. Many of the factors that will determine these results and values are beyond our ability to control or predict.
The Gafisa Segment launched five projects in the 4Q15, representing R$380.3 million. In 2015, 12 projects were launched, totaling R$996.3 million
Net pre-sales totaled R$245.2 million in 4Q15, up 38% y-o-y and stable compared to 3Q15. Net pre-sales in 2015 reached R$914.8 million against R$811.0 million in the previous year
In 4Q15, adjusted gross profit was R$127.4 million, with a 36.1% adjusted gross margin against 37.9% in 3Q15 and 30.7% in the previous year. In 2015, adjusted gross profit totaled R$532.6 million, with a 36.9% adjusted gross margin
Adjusted EBITDA reached R$49.9 million, with a 14.1% EBITDA margin compared to 16.6% from the previous quarter and 16.7% from 4Q14. In 2015, adjusted EBITDA was R$227.4 million with a 15.8% margin
Selling, general and administrative expenses remained stable compared to the previous year, totaling
R$55.3 million in the quarter. In 2015, it had a decrease of 11% y-o-y, totaling R$195.4 million
In 4Q15, Gafisa’s net income was R$13.8 million, compared to R$36.8 million in the previous year. In 2015, the Gafisa segment reported a net income of R$44.1 million.
GAFISA SEGMENT
GAFISA SEGMENT
Operational and Financial Highlights
4Q15 3Q15 Q/Q (%) 4Q14 Y/Y (%) 12M15 12M14 Y/Y (%)
Launches 380,270 288,234 32% - - 996,316 1,023,012 -3%
Net pre-sales 245,196 247,608 -1% 177,294 38% 914,796 811,032 13%
Net pre-sales of Launches 129,227 71,433 81% 57,770 124% 282,069 342,387 -18%
Sales over Supply (SoS) 10.8% 11.0% -20 bps 7.2% 360 bps 31.1% 26.1% 500 bps
Delivered projects (Units) 1,641 - - 1,412 16% 4,986 3,806 31%
Net Revenue 352,424 402,483 -12% 490,947 -28% 1,443,357 1,580,860 -9%
Adjusted Gross Profit1 127,392 152,627 -17% 150,806 -16% 532,621 560,254 -5%
Adjusted Gross Margin1 36.1% 37.9% -180 bps 30.7% 540 bps 36.9% 35.4% 150 bps
Adjusted EBITDA2 49,858 66,846 -25% 81,843 -39% 227,393 296,695 -23%
Adjusted EBITDA Margin2 14.1% 16.6% -250 bps 16.7% -260 bps 15.8% 18.8% -300 bps
Net Income (Loss) 13,818 1,656 734% 36,819 -62% 44,129 66,887 -34%
1) Adjusted by capitalized interests.
2) Adjusted by expenses with stock option plans (non-cash), minority. and does not consider AUSA equity income.
GAFISA SEGMENT
G&A reduction and consistent adjusted gross margin
101 217 107 679 354 315 419 0 75 253 288 380 1Q132Q133Q134Q131Q142Q143Q144Q141Q152Q153Q154Q15
Launches (R$ million) Gross Sales by Market (R$ million)
244 291 221 453 235 318 294 213 280 345 383 358 48 63 41 55 33 54 52 49 25 13 12 12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 SP + RJ Other Markets
Adjusted gross margin ended the quarter at 36.1%, confirming the equilibrium and stability of the Gafisa segment, observed since the beginning of 2013, due to the solid performance of its projects
Maintenance of the level of net
sales in the period, despite a more challenging macroeconomic
scenario
Net Revenues (R$ million)
G&A expenses decreased
by 21.9% compared to previous year 42,0% 30,7% 37,9% 36,1% 4Q13 4Q14 3Q15 4Q15 95% 86% 95% 98% 97% 98% 99% 100% 100% 100% 5% 14% 5% 2% 3% 2% 1% 0% 0% 0% 2013 2014 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 SP+RJ Other markets
Adjusted Gross Margin
TENDA SEGMENT
The Tenda segment launched 9 projects in this fourth quarter, totaling R$302.6 million in PSV. In 2015, launches reached R$1.1 billion
Net pre-sales totaled R$237.5 million in 4Q15, an increase of 88% y-o-y, and a 3% decrease compared to 3Q15. In the year, net pre-sales reached R$1.0 billion
In 4Q15, adjusted gross profit was R$61.9 million, with a 29.9% adjusted gross margin against 32.1% in 3Q15 and 28.6% in the previous year. In 2015, adjusted gross profit totaled R$260.2 million with a 30.6% margin compared to R$153.1 million of adjusted gross profit and a 26.9% margin in the previous year
Adjusted EBITDA reached R$1.5 million in 4Q15, with a 0.7% EBITDA margin, compared to a 11.0% margin in the previous quarter and a negative margin of 19.5% in 4Q14. In the year, adjusted EBITDA was R$62.2 million, with a 7.3% margin
Selling, general and administrative expenses showed an increase of 14% y-o-y and a decrease of 6% compared to the previous quarter, reaching R$40.6 million. In 2015, these expenses increased 8.0%, totaling R$150.8 million
Tenda’s net result was a negative R$13.0 million in 4Q15, higher than the net loss of R$28.8 million in 4Q14 although lower than net income of R$11.8 million in 3Q15. In the year, net income was positive R$30.3 million, substantially higher when compared to a loss of R$109.4 million in the same period in 2014.
TENDA SEGMENT
Operational and Financial Highlights
4Q15 3Q15 Q/Q (%) 4Q14 Y/Y (%) 12M15 12M14 Y/Y (%)
Launches 302,635 318,585 -5.0% 241,549 25.3% 1,088,941 613,299 78%
Net pre-sales 237,452 245,195 -3.2% 126,594 87.6% 1,016,131 395,981 157%
Net pre-sales of Launches 192,275 162,543 18% 92,638 108% 507,570 176,823 187%
Sales over Supply (SoS) 20.9% 23.0% -210 bps 13.3% 760 bps 53.0% 32.3% 2,070 bps
Delivered projects (Units) 1,480 1,304 13% 1,624 -9% 5,711 6,264 -9%
Net Revenue 206,822 221,560 -7% 158,329 31% 850,962 570,138 49%
Adjusted Gross Profit1 61,927 71,150 -13% 45,262 37% 260,162 153,088 70%
Adjusted Gross Margin1 29.9% 32.1% -220 bps 28.6% 130 bps 30.6% 26.9% 370 bps
Adjusted EBITDA2 1,464 24,403 -94% (30,856) -105% 62,203 (67,503) -
Adjusted EBITDA Margin2 0.7% 11.0% -1030 bps -19.5% 2,020 bps 7.3% -11.8% -450 bps
Net Income (Loss) (12,991) 11,830 - (28,774) -55% 30,320 (109,436) -
1) Adjusted by capitalized interests.
2) Adjusted by expenses with stock option plans (non-cash), minority, and does not consider the equity income from AUSA.
Adjusted gross margin in line with previous quarters
Operational consolidation
of the New Model projects with better performance and profitability, contributing to maintaining the adjusted gross margin at high levels
Annual growth of adjusted EBITDA and adjusted EBITDA margin, reflecting the operational consolidation of the New Model
TENDA SEGMENT
Evolution in Level of Revenues and Higher Profitability
114 33 104 88 181 99 91 242 238 229 319 303 14 57 60 84 92 116 75 126 233 269 233 245 226 271 224 154 153 183 107 67 67 75 54 32 1Q132Q133Q134Q131Q142Q143Q144Q141Q152Q153Q154Q15
New Projects Legacy
1.4% 13.3% 12,3% 28,5% 14,7% 30,4% 29,8% 28,6% 30,0% 30,1% 32,1% 29.9% 10% 76% 55% 39% 64% 85% 72% 73% 84% 94% 90% 24% 45% 61% 36% 15% 28% 27% 16% 6% 2013 2014 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 New Projects Legacy
Launches (R$ million) Adjusted Gross Margin
Gross Sales (R$ million) Net Revenues by Model (R$ million)
CONSOLIDATED RESULTS
Operational and Financial Highlights
4Q15 3Q15 Q/Q (%) 4Q14 Y/Y (%) 12M15 12M14 Y/Y (%)
Launches 682,905 606,819 13% 241,549 183% 2,085,257 1,636,311 27%
Net pre-sales 482,648 492,803 -2% 303,888 59% 1,930,927 1,207,013 60%
Net pre-sales of Launches 321,502 233,976 37% 150,408 114% 789,639 519,210 37%
Sales over Supply (SoS) 14.1% 14.8% -70 bps 8.9% 520 bps 39.7% 27.9% 1,180 bps
Delivered projects (Units) 3,121 1,304 139% 3,036 3% 10,697 10,070 6%
Net Revenue 559,246 624,043 -10% 649,276 -14% 2,294,319 2,150,998 7%
Adjusted Gross Profit1 189,319 223,777 -15% 196,068 -3% 792,783 713,342 11%
Adjusted Gross Margin1 33.9% 35.9% -200 bps 30.2% 370 bps 34.6% 33.2% 140 bps
Adjusted EBITDA2 78,026 92,417 -16% 71,725 9% 339,639 261,491 30%
Adjusted EBITDA Margin2 14.0% 14.8% -80 bps 11.0% 300 bps 14.8% 12.2% 260 bps
Net Income (Loss) 827 13,486 -94% 8,045 -90% 74,449 (42,549) -
1) Adjusted by capitalized interests.
2) Adjusted by expenses with stock option plans (non-cash), minority, and does not consider AUSA equity income.
DEBT AND LEVERAGE
Net Debt/Equity Ratio of 46.6%
13% 9% 34%
77% 87% 91% 66%
23%
Up to Dec/16 Up to Dec/17 Up to Dec/18 After Dec/18 Corporate Debt Project Finance
2.156 654 5 131 1.162 204 Total Obligations with Investors Working Capital Project Finance/SFH Debentures WC Debentures FGTS Debt Breakdown (R$ mm) Leverage 4Q15
Debt Maturity Timeline Net Debt/Equity
In 4Q15, R$570.7 million in gross debt was amortized
Net effect was amortization of R$463.2 million
One of the smallest leverage levels in the sector, aligned to the Company’s guidelines (55-65%) Average Cost – 14.05% (99.4% CDI) 0.47x Cash generation of R$128,4M in 4Q15 94,0% 96,2% 120,2% 36,1% 44,9% 44,9% 44,3% 47,1% 50,0% 50,4% 50,5% 46.6% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 Leverage Level 2.485 2.519 2.858 1.159 1.404 1.408 1.385 1.440 1.535 1.563 1.572 1.443 1.444 1.101 782 2.024 1.563 1.280 1.463 1.157 1.116 877 922 712 Availabilities Net Debt TR + 9.08% - 9.8247% CDI + 1.90% - 1.95% / IPCA + 7.96% - 8.22% TR + 8.30% - 11.00% / 117.0% CDI / 12.87% CDI + 0.59% CDI + 2.20% / 117.9% CDI
Processo de Spin Off
Ao longo do quarto trimestre, demos continuidade aos estudos para uma potencial separação das unidades de negócio Gafisa e Tenda.
Durante o ano de 2014 foram implementadas uma série de ações, de modo a permitir uma operação independente: divisão efetiva de diversos departamentos, como Central de Serviços, Gente e Gestão, Jurídico, entre outras; alteração do registro da categoria de emissor de Tenda junto à (CVM), passando à Categoria A; atuação junto aos bancos e seguradoras para abertura de limite de crédito independente para Tenda; e mapeamento de contratos e avaliação de potencial impacto em virtude do spin-off.
Adicionalmente, a Companhia segue dando prosseguimento aos estudos finais relacionados às alternativas de separação das duas empresas.
Dentre as iniciativas e estudos sendo conduzidos, podemos destacar:
• Avaliação das estruturas societárias possíveis;
• Evolução dos processos de abertura de crédito em Tenda;
• Avaliação sobre a futura estrutura de governança corporativa de Tenda;
• Avaliação junto a BM&F/Bovespa dos procedimentos necessários para a negociação de Tenda, e avaliação de potencial listagem de ADR Nível 1;
• Definição de um modelo de estrutura de capital adequada ao ciclo de negócios de cada uma das empresas.
Conforme informado quando do anuncio dos estudos iniciais, nossa expectativa é de que a potencial separação, caso aprovada, venha a ser implementada ainda no ano de 2015. A Companhia manterá seus acionistas e o mercado em geral informados quanto à evolução e os desenvolvimentos dessa potencial separação.
