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Gafisa Releases 2Q14 Results

SAO PAULO, BRAZIL -- (Marketwired) -- 08/08/14 -- Gafisa S.A. (BOVESPA: GFSA3) (NYSE: GFA), one of Brazil's leading diversified national homebuilders today reported financial results for the second quarter ended June 30th, 2014.


Net revenue recognized by the "PoC" method was R$397.9 million in the Gafisa segment and R$176.9 million in the Tenda segment. This resulted in consolidated revenue of R$574.8 million in the second quarter, a reduction of 10.3% compared with the 2Q13, and an increase of 32.8% from the 1Q14. In the 1H14, net revenue reached R$1,007.5 million.

Adjusted gross profit for 2Q14 was R$205.3 million, up from R$180.0 million in 2Q13 and R$132.1 million in the previous quarter. Adjusted gross margin rose to 35.7% versus 28.1% in the prior-year period and 30.5% in the 1Q14. Gafisa's contribution was an adjusted gross profit of R$151.5 million, with an adjusted margin of 38.1%, while Tenda's contribution was R$53.8 million, with a margin of 30.4% in 2Q14. In the first half, consolidated adjusted gross profit was R$337.4 million, and adjusted gross margin was 33.5%.

Adjusted EBITDA was R$89.8 million in the 2Q14. The Gafisa segment reported adjusted EBITDA of R$83.4 million, while the Tenda segment's adjusted EBITDA was negative at R$1.9 million. Please note that consolidated adjusted EBITDA includes Alphaville equity income, while the Gafisa segment's adjusted EBITDA is net of this effect. At the end of 1H14, consolidated adjusted EBITDA reached R$116.3 million. Consolidated EBITDA margin reached 15.6% in 2Q14 and 11.5% in 1H14.

The Company reported a consolidated net loss of R$851.0 thousand in the second quarter. Gafisa reported a profit of R$17.1 million, while Tenda reported a loss of R$18.0 million. In the 1H14, the net loss reached R$40.6 million.

Operating cash generation reached R$39.1 million in the 2Q14 and R$146.1 million in the 1H14. In the 2Q14, the Company recorded cash burn of R$1.3 million, while in the first half,
cash generation was R$19.2 million.

Date: August 11th, 2014
Time: 10h00 AM (Brasília) / 9h00 AM (New York)

Telephones (Brazil): +55 (11) 3728-5800
Telephone (USA and other countries): +1 516 300-1066
Access Code: Gafisa


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