RESULTS VIDEO CONFERENCE 2Q21
AUGUST 17, 2021
In Portuguese
11:00 a.m. Brasília time http://cast.comunique-se.com.br/Gafisa/2T21
In English
10:00 a.m. New York time
(simultaneous translation of Portuguese) http://cast.comunique-se.com.br/Gafisa/2Q21
Replay
http://ri.gafisa.com.br/
Shares
GFSA3 - B3
GFASY - OTC
Total shares:
309,552,184, of which 341,570 shares are held in treasury.
Market cap (2Q21):
R$1,365 million
US$275 million
*Base date 06/30/2021.
IR Contact:
E-mail:ri@gafisa.com.br
IR Website:http://ri.gafisa.com.br/
Page 2
Earnings Release | 2Q21
GAFISA ANNOUNCES 2Q21 RESULTS
PRE + LAUNCHES | R$ 809 million in 2Q21 more than Half of the year's guidance | |
SALES | R$ 201 million in 2Q21 | +386% vs 2Q20 |
NET REVENUE | R$ 259 million in 2Q21 +52% vs 1Q21 | |
GROSS PROFIT | R$ 76 million in 2Q21 | +96% vs 1Q21 |
GROSS MARGIN | 29,3% 2Q21 vs 22,7% 1Q21 | |
NET INCOME | R$ 26 milhões no 1S21 | +R$ 75mi vs 1H20 |
OPERATING RESULTS
OPERATING PERFORMANCE (R$ 000) | ||||||||
2Q21 | 1Q21 | Q/Q (%) | 2Q20 | Y/Y (%) | 1H21 | 1H20 | Y/Y (%) | |
Launches | 308,105 | - | - | 308,105 | - | |||
Gross Sales | 201,120 | 162,865 | 23.5% | 41,383 | 386.0% | 363,985 | 80,120 | 354.3% |
Distratos | (21,221) | (33,915) | (37.4%) | (21,543) | (1.5%) | (55,137) | (31,678) | 74.1% |
Net Sales | 179,899 | 128,950 | 39.5% | 19,840 | 806.8% | 308,848 | 48,442 | 537.6% |
Sales Speed (SoS) | 13.6% | 11.7% | 193 bps | 2.3% | 1,128 bps | 21.3% | 5.4% | 1,581 bps |
PSV Delivered | 424,974 | - | 543,719 | (21.8%) | 424,974 | 608,887 | (30.2%) | |
FINANCIAL PERFORMANCE (R$ 000) | ||||||||
2Q21 | 1Q21 | Q/Q (%) | 2Q20 | Y/Y (%) | 1H21 | 1H20 | Y/Y (%) | |
Net Revenue | 259,227 | 170,132 | 52.4% | 83,800 | 209% | 429,359 | 155,503 | 176% |
Gross Profit | 76,109 | 38,680 | 96% | 22,714 | 235% | 114,789 | 43,176 | 166% |
Gross Margin | 29.3% | 22.7% | 656 bps | 27.1% | 219 bps | 26.7% | 27.8% | -103 bps |
Adjusted Gross Margin | 31.8% | 27.1% | 469 bps | 35.3% | -351 bps | 29.9% | 36.2% | -628 bps |
Net Income | 13,108 | 12,967 | 1% | (23,545) | - | 26,075 | (49,007) | - |
Adjusted Current Net Sales | 26,404 | 5,765 | 358.0% | (23,564) | - | - | - | - |
Revenues to be Recognized | 306,187 | 300,279 | 2% | 306,484 | 0% | 306,187 | 306,484 | 0% |
Net Debt | 760,306 | 624,122 | 21.8% | 310,312 | 145% | 760,306 | 310,312 | 145% |
Cash and Cash Equivalents | 145,084 | 692,001 | (79.0%) | 363,337 | (60%) | 145,084 | 363,337 | (60%) |
Equity + Minority Shareholders | 1,632,995 | 1,571,324 | 3.9% | 1,177,187 | 39% | 1,632,995 | 1,177,187 | 39% |
(Net Debt)/ (Equity + Minority) | 46.6% | 39.7% | 684 bps | 26.4% | 2,020 bps | 46.6% | 26.4% | 2,020 bps |
(Net Debt)/ (Equity + Minority) Ex | 27.9% | 18.7% | 921 bps | 26.4% | 151 bps | 27.9% | 26.4% | 151 bps |
Gafisa Propriedades | ||||||||
1. | Adjusted to exclude non-recurring events. | Page 3 |
2. | Backlog results, net of PIS/Cofins - 3.65%, excluding the PVA (Present Value Adjustment) method, according to Law No. 11.638. | |
Earnings Release | 2Q21
Launches
In the second quarter, with sanitary rules getting progressively more relaxed, the Company bolstered its presence in the market with launches and pre-launches that totaled R$809.8 million. This amount corresponds to more than half of the year's guidance. Out of this total, R$562.9 million refer to the Company's participation in projects. Gafisa ratifies its commitment with the market to launch R$1.5 billion in 2021. Pre-launches rely on active sales kiosks and commercial initiatives.
The Invert project was launched in 2Q21, a new concept with residential towers in which green areas, leisure and well-being were privileged , with a PSV of R$308.1 million, and located at Rua Otávio Tarquíneo de Sousa, one of the most expensive neighborhoods in the city of São Paulo, Campo Belo; Pre-launch projects include Flow, with estimated PSV of R$146.2 million, located at rua Nestor Pestana, Consolação district. We also have the Marajoara Club House project, with estimated PSV of R$147.8 million, located at rua José Homero Roxo, Jardim Marajoara district, and the Ibirapuera Park House, with estimated PSV of R$213.6 million, well located at Moema Pássaros, only 400m away from Ibirapuera park.
Combined, these three projects total a gross PSV of R$809.8 million.
In the last 12 months, Gafisa launched R$1.2 billion, contracted more than R$698 million in net sales and reached 36.9% SoS in 2Q21. These figures are the highest since 1Q19 and reinforce the management's commitment to a sustainable growth of sales and income.
LAUNCHES AND PRE-LAUNCHES (R$ 000) | ||||
Pre Launch | Invert Campo | Flow Nestor | Marajoara | Ibirapuera Park |
Belo | Pestana | Club House | house | |
Launch | Pre Launch | Pre Launch | Pre Launch | |
PSV | 308,105 | 140,216 | 147,823 | 213,669 |
% Gafisa | 100.0% | 100.0% | 100.0% | 0.0% |
Swaped PSV | 21,903 | 11,300 | - | - |
PSV Launched w/o swap | 286,202 | 128,916 | 147,823 | - |
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Earnings Release | 2Q21
Sales
Gross sales totaled R$201 million and R$364 million in 2Q21 and 1H21, respectively, or an increase of 386% and 354% compared to the same periods of 2020. We also reached 13.1% SoS, +10 p.p. in the y-o-y comparison, as a result of the initiatives to boost sales since the Company's repositioning. In line with operational improvement, dissolutions in 2Q21 totaled R$21.2 million, lower than figures recorded in 1Q21 and 2Q20, while net sales came to R$179.9 million in 2Q21.
EVOLUTION OF GROSS SALES, DISSOLUTIONS AND SOS BY QUARTER (R$ MILLION)
Net pre-sales totaled R$180 million and R$309 million in 2Q21 and 1H21, respectively, or a growth of 806% and 538% compared to the same periods of 2020. Out of units sold, nearly 80% of units are under stage of construction or conclusion.
LAUNCHES PERFORMANCE AND LTM NET SALES (R$ MILLION)
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1. LTM - Last Twelve Months
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Disclaimer
Gafisa SA published this content on 17 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 August 2021 07:42:02 UTC.