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Gafisa Files Audited 4Q And FY11 Financial Statements

Stocks in this article: GFA

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).

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