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(Graphic: Business Wire)

Inventory (Properties for Sale)

Consolidated inventory at market value was reduced by R$222 million to R$3.3 billion from R$3.5 billion in the previous quarter. The market value of Gafisa inventory, which represents 56% of total inventory, was stable at R$1.9 billion at the end of 2Q12. The market value of Alphaville inventory was R$572.9 million at the end of 2Q12, a 10% decrease compared to the end of 1Q12. Tenda inventory was valued at R$838.3 million at the end of 2Q12, compared to R$915.0 million at the end of 1Q12. Despite ongoing dissolutions expected in 2012, the Gafisa Group is experiencing positive demand for these units targeted at the low income segment. Of the 4,957 units returned to inventory, 62% have already been resold to qualified customers within the 1H12.

Table 4. Inventory at Market Value 2Q12 x 1Q12

Inventory BP1 (1Q12)
      Launches       Dissolutions      

Contracted Sales

Price Adjustments + Other

Inventory EP2 (2Q12)
      % Q/Q3      

Sales Speed (VSO)4
Gafisa (A) 1,957,850 465,900       -456,383 -91,423 1,875,945       -4.2% 19.6%
Alphaville (B)       636,258       80,619               -158,184 14,205       572,898       -10.0%       21.6%
Total (A) + (B)       2,594,108       546,519               -614,566 -77,218       2,448,842       -5.6%       20.1%
Tenda (C)       915,036       0       329,127       -344,855 -61,047       838,261       -8.4%       1.8%
Total (A) + (B) + C)       3,509,143       546,519       329,127       -959,421 -138,265       3,287,103       -6.3%       16.1%

Note: 1) BoP beginning of the period – 1Q12. 2) EP end of the period – 2Q12. 3) % Change 2Q12 versus 1Q12. 4) 2Q12 sales velocity.

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