Gafisa S.a. · BMFBOVESPA:GFSA3
Gafisa — Q4 2020 Earnings Presentation
20 slides from Gafisa's earnings presentation, Apr 22, 2021
Slide 1: Total deliveries in 2020 was above the estimate
Total deliveries in 2020 was above the estimate of 10 ventures, reaching 12 delivered projects, with 2,115 units and a total TSV of R$1.1 billion. Such large delivery volume in a year marked by the pandemic, and little longer than 18 months after the new Management took over the Company.
Slide 2: Net revenue reached R$579.9 million for the 4Q20
Net revenue reached R$579.9 million for the 4Q20, an increase of over 290.0% as compared to the 3Q20, a result of the increase in sales, acquisitions made over the period, and construction progress. In relation to the same period of the previous year, the growth was nearly 400.0%. Considering yearly
Slide 3: Net income, human resources and corporate governance
Name Birth date Position Election date NAME POSITION DATE OF LAST INVESTITURE TERM OF OFFICE 1 Adjusted for capitalized interest The net income was recorded in the amount of R$29.0 million for the 4Q20, while a net loss was recorded in the amount of R$56.5 million for the 3Q20, and profit of R$47.0
Slide 4: Launches
1 Adjusted to exclude non recurring events 2 Backlog results net of PIS/COFINS taxes (3.65%), excluding the impact of the PVA (Present Value Adjustment) method according to Law No. 11.638. 3 Backlog results comprise the projects restricted by a condition precedent. Launches In 4Q20, we marked the re
Slide 5: Sales
Sales Gross sales in 4Q20 reached R$ 292.9 million, an increase of 103.6% from the previous quarter, and 301.5% year on year. This increase reflects not only the resumption of Gafisa's launches with differentiated projects, but also the ongoing strengthening of our sales force. An important indicati
Slide 6: Net sales reached R$ 271.9 million
Net sales reached R$ 271.9 million in 4Q20 and R$ 438.0 year to date.
Slide 7: Sales Over Supply (SoS)
Sales Over Supply (SoS) Sales Over Supply (SoS) reached 20.5% in 4Q20, an increase of 9.9 pp from 3Q20 and 14,2 pp y-o-y. The increase stems from the sales volume, which more than doubled in 4Q20 compared to 3Q20. In addition, the increase in supply resulting from launches R$ 355.6 million was parti
Slide 8: Inventory (Property for Sale)
Inventory (Property for Sale) Inventory at market value, consolidated with the projects acquired from Upcon in 4Q20, reached R$ 1.0 billion. It’s importante to highlight that Gafisa Propriedades have acquired a commercial properties’ portfolio of Gafisa though a transaction of about R$ 120 million.
Slide 9: PSV transferred and projects delivered
¹ Number of units corresponding to a 100% share in projects, net of swaps; PSV transferred in 4Q20 reached R$ 71.4 million, a slight decrease of 2.9% from 3Q20, and 215.3% from the same period of last year. The number of projects delivered jumped from two to five quarter on quarter. No projects were
Slide 10: Gross Profit & Margin
¹ Contracted sales exclude UPCON sales, as it does not have revenue recognized in the quarter. Gross Profit & Margin Gafisa's adjusted gross profit in the fourth quarter reached R$ 168.0 million, compared to R$ 36.6 million in 3Q20 and R$ 44.2 million in 4Q19. The adjusted gross margin in the quarte
Slide 11: Selling, General and Administrative Expenses (SG&A)
¹ Adjusted for capitalized interest. Selling, General and Administrative Expenses (SG&A) Due to the significant increase in sales and resumption of launches in 2020, in 4Q20 selling, general and administrative expenses reached R$ 48.7 million, up by 107.5% from the previous quarter and by 91.4% y-o-
Slide 12: Financial Result
¹ Adjusted by capitalized interests, with stock option plan (non-cash) and minority shareholders. Financial Result The net financial result came to a negative R$ 34.2 million in 4Q20 compared to the negative R$ 28.0 million reported in the previous quarter - an increase of 21.9%. Year on year, finan
Slide 13: Revenue Backlog and Results
1 Adjusted by capitalized interests. 2 Adjusted by capitalized interests, with a stock option plan (non-cash) and minority shareholders. 3 Adjusted by non recurring some items Revenue Backlog and Results At the end of 4Q20, the balance of revenue backlog according to the PoC method totaled R$ 109.4
Slide 14: Cash and cash equivalents and marketable securities
¹ Cash and cash equivalents and marketable securities. ² Reflects year-to-date.
Slide 15: Indebtedness
¹ Cash and cash equivalents and marketable securities. The Company ended 2020 with R$ 394.6 million indebtedness due this year, or 52.5% of total debt. It is important to highlight that approximately 93.4% of the Company's debt is linked to projects, whose maturities are related to the delivery of p
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Slide 17: Income statement
4020 3020 Q(%) 4019 AA (S4 20202019 AVA (96) Ne Rene s7esi0uss52 9024 —sie73se52% seaous 4ooass 208% Operational Costs {4s6277) [s24220) 275.4% (79.946) 409.5% (702824) (282664) 148.6% GrossResilt sins zeci2 sess sezs0 2154 astzet iar7e sae Gross Margin sec% ies sens Size tienes mos ea sons Operatio
Slide 18: Balance sheet
4020 3020 ofa) 4ais_ AVA (6) Current assets Cash and Cash Equivalents 729,038 5705 768% 12435 «188.5% securities 595,082 623.955 52% «01885 «7.5% Receivable from clients 437,083 544,147_—«117% 445303 ——9.43% Properties for sales A2a3 841 1317144 5.9% 786860 58.196 Other account receivable 481939 145
Slide 19: Cash flow statement
4Q20 220-2019 Net Income (Loss) before taxes 33,288 (62,393) (43,378) Expenses/revenues that do not impact working capital (39,658) 101,120 69,028 113017 Depreciation and amortization 2,294 2482 8,278 143a1 Impairment (68,238) (62,282) 213) Expenses with stock options plans 15 (347) (2,366) Unrealiz
Slide 20: Signature
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: April 22, 2021 Gafisa S.A. By: /s/ Ian Andrade Name: Ian Andrade Title: Chief Financial Officer