Should be noted that based on accounting provisions, the Company did not account for the respective deferred income tax assets of R$ 251.8 million related to tax loss carryforwards and R$106.3 million related to timing differences.
The revenue reversal totaled R$1.2 billion, as shown in the table above. However, we expect to rebook: (1) 60% of the revenue reversal with resale of returned units; and (2) 34% will be recognized in accordance with PoC of the related projects (79% launched< 2008). Only 6% of the total is unrecoverable.
ACCOUNTS RECEIVABLE VS COSTS TO BE INCURRED
The level of accounts receivable is significantly greater than our costs still to be incurred and supports our expected increase in operating cash flow going forward. We highlight our accounts receivable of R$9.5 billion versus costs still to be incurred including sold and unsold units of R$3.7 billion.
|Costs still to be incurred including sold and unsold||3,716|
|(R$ mn)||Gafisa||Tenda||Alphaville||Gafisa Group||Gafisa Group ex- Tenda|
|Back log of Results||2.530||1.316||670||4.516||3.200|
|Costs to be incurred (units sold)||(1.664)||(978)||(315)||(2.957)||(1.979)|
|Results to be Recognized||866||338||355||1.559||1.221|