Consolidated Sales over Supply (SoS)

Consolidated sales over supply reached 16.1%, compared to 25.2% in 2Q11, reflecting fewer launches to pursue remedial action at Tenda. Excluding the Tenda brand, second-quarter sales over supply was 20.1%, compared to 16.1% in 1Q12 and 28.2% in 2Q11. The consolidated sales speed of launches reached 43.6%.

Table 3. Gafisa Group Sales over Supply (SoS)
Sales Speed       2Q12       1Q12       Q/Q(%)       2Q11       Y/Y(%)       1H12       1H11       Y/Y(%)    
Gafisa (A) 19.6% 13.9% 41% 28.6% -32% 29.2% 38.2% -24%
Alphaville (B)       21.6%       22.2%       -3%       25.9%       -17%       37.3%       43.3%       -14%
Total (A) + (B)       20.1%       16.1%       24%       28.2%       -29%       31.3%       39.2%       -20%
Tenda (C)       1.8%       -11.0%       nm       17.6%       nm       -9.8%       30.2%       nm
Total (A) + (B) + C)       16.1%       10.4%       54%       25.2%       -36%       24.0%       36.7%       -35%

Note: NM not meaningful

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