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    Apimec 2009 Presentation Apimec 2009 Presentation Presentation Transcript

    • Safe-Harbor Statement We make forward-looking statements that are subject to risks and uncertainties. These Statements are based on the beliefs and assumptions of our management, and on information currently available to us. Forward-looking statements include statements regarding our intent, belief or current expectations or that of our directors or executive officers. Forward-looking statements also include information concerning our possible or assumed future results of operations, as well as statements preceded by, followed by, or that include the words ''believes,'' ''may,'' ''will,'' ''continues,'' ''expects,'‘ ''anticipates,'' ''intends,'' ''plans,'' ''estimates'' or similar expressions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur. Our future results and shareholder values may differ materially from those expressed in or suggested by these forward-looking statements. Many of the factors that will determine these results and values are beyond our ability to control or predict. 2
    • Agenda Wilson Amaral Chief Executive Officer, Gafisa Antonio Carlos Ferreira Rosa Business Development Officer, Gafisa Flavio Fernandes Business Development, Tenda Mario Rocha Neto Construction Officer, Gafisa Marcelo Willer Business Development Officer, Alphaville Duilio Calciolari Chief Financial Officer and Investor Relations Officer, Gafisa 3
    • Wilson Amaral Chief Executive Officer, Gafisa
    • Histórico 1954 2005 2006 2007 2008 2009 • Gafisa • Equity Int’l • IPO • Follow-on •60% control • Gafisa founded (Sam Zell) of Tenda announces invests • Alphaville •NYSE listing intention tp Acquisition incorporate 100% of Tenda • Valuation of AUSA 20%
    • Shareholders’s Structure Other Shareholders * ´ Shareholder´s Structure* 6% 13.7% 86.1% 19% 49% 26% ADRs Institucional Internacional Institucional Local Individual Average daily trading volume: R$120.6 million** Average Daily Turnover in the last 90 days over free float – 2.9% *Source: Itaú Custódia – 12/11 ** Nov 2nd – Nov 25th, 2009
    • Delivering Goals Established Since IPO Gafisa was extremely efficient in the use of proceeds from its previous issuances Before IPO After IPO After Follow On / NYSE Proceeds from equity R$494 mm R$488 mm offerings: 40% a.a. 3,200 90% a.a. 2,578 Contracted sales 18% a.a. 1,627 1,627 (R$ mm) 995 325 450 450 254 1 2003 2004 2005 2005 2006 2007 2007 2008 2009 Ajusted EBITDA Margin 13% (2005) 14% (2006) 20.4% (3T09) Cities: 13 Geographic 35 100 diversification States: 8 16 21 9M09 Product 100% 100% 45% 48% diversification2 Gafisa Gafisa 8% Gafisa Alphaville Tenda Note: 1 Considers the mean of Gafisa’s guidance for 2009
    • Strategy Adopted End of 2008: • Seizing opportunities – Tenda´s Acquisition; • Preserving liquidity of the Company – 2009 Uncertainties. Beginning of 2009: • Conservative strategy launch; • Focus on the sales of inventory. End of 2009: • Recovering of launches; • Accelerate future growth. 3.394 Inventory / Launches – R$ million 4Q09 Launches Estimates 2.929 2.814 2.679 2.301 1.000 747 626 514 160 4Q08 1Q09 2Q09 3Q09 4Q09E 2009E Inventory Launches
    • Significant Growth Sales Number of Clients 3,280 71,000 +7.3X 2,577 1.363 +7.5X 1,626 932 36,000 59 369 29,500 238 300 22,400 995 6,000 7,000 1,329 1,345 1,548 9,500 12,400 5,000 450 995 24,500 28,000 450 9,500 12,400 17,400 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 Gafisa Alphaville Tenda Gafisa Alphaville Tenda Construction Site Number of Employees 370 6,835 290 +7.7X 1,551 +10,8X 259 270 3,667 195 1,234 85 1,879 197 5,025 48 63 724 632 145 2,236 63 85 95 100 1,155 48 632 724 2006 2007 2008 2009 2010 E 2005 2006 2007 2008 2009 Tenda Gafisa Gafisa Alphaville Tenda Source: Gafisa, Alphaville e Tenda
    • Incorporation of Alphaville In October 2006 we entered into a definitive agreement to acquire 100% of Alphaville in 3 steps: 60% immediately(January,2007); 40 % in the next 5 years: - 20% in the beginning of 2010 - 20% in the beginning of 2012 The 20% regarding 2010 is being analyzed at the moment; Gafisa is analyzing possible synergies in back office areas, always aiming to keep the brands separated.
    • Incorporation of Tenda In November 9th, 2009, Tenda´s Independent Committee and Gafisa´s administrators stipulated shareholders shall receive 0.205 common Gafisa´s shares, for each Tenda´s share; Extraordinary General Shareholders’ Meeting scheduled for 12/23; Structure after incorporation: Shared back office areas; Independent brands focused on their own segments. Tenda will keep its differentiated structure and well succeed sales through its own stores and also its method of construction
    • Scenario Fundamentals supporting recent real state growth continue : Interest rate vs. housing financing Financing term (days) 3.500 30% 95.000 3.000 25% 80.000 2.500 20% 2.000 65.000 15% 1.500 50.000 10% 1.000 5% 35.000 500 0% 20.000 0 Jan-03 Jun-03 May-06 Oct-06 Mar-07 Jan-08 Jun-08 Nov-03 Apr-04 Sep-04 Feb-05 Jul-05 Dec-05 Aug-07 Nov-08 Apr-09 Sep-09 Dec-02 Apr-03 Aug-03 Dec-03 Apr-04 Aug-04 Dec-04 Apr-05 Aug-05 Dec-05 Apr-06 Aug-06 Dec-06 Apr-07 Aug-07 Dec-07 Apr-08 Aug-08 Dec-08 Apr-09 Aug-09 Interest Rate (Selic) Real Estate Credit (R$MM) Consumer Confidence Index Housing Financing vs. GDP (2008) 125 120 115,5 85% 115 110 46% 105 100 Record level 13% 9% 95 pos crisis 2% 3% 90 USA Spain Chile Mexico Brazil Brazil set/05 fev/06 jul/06 mai/07 mar/08 out/07 nov/09 dez/06 ago/08 jan/09 jun/09 2009E Source: Bloomberg, BCB, IBGE, FGV
    • Potencial Demand Growth And Still Low Bid The increase in purchasing power and number of families is expected to support residential real state demand in the coming decades Number of families (mm) Population and 2007 2030 2007 2017E 2030E and monthly income (mm) Families Above R$32 thousand 0 0% 0,3 0% Families 60.3 75.6 95.5 R$16 mil - R$32 thousand 0,3 0% 1,3 1% Population 189.1 211.2 233.6 R$8 mil - R$16 thousand 1,1 2% 4,3 5% Person per house 3.1 2.8 2.4 R$4 mil - R$8 thousand 3,3 5% 11 12% R$2 mil - R$4 thousand 8,4 14% 21,8 23% Número de mudanças de domicílio por pessoa R$1 mil - R$2 thousand 15,5 26% 27,6 29% Brazil Mexico G7 Up to R$1 thousand 31,7 53% 29,1 31% TOTAL 60,3 100% 95,4 100% 1.8x 4.0x 9-10x Housing deficit in Brazil is now R$6.8 million in 2008. Source: IBGE, FGV, Bloomberg, Central Bank
    • Perspectivas Gafisa reaffirm the full-year guidance for sales in 2009: R$ 3.2 billion in contracted sales 4Q09 launches are over R$ 1.2 billion; We continue with an optimistic outlook for the sector.
    • Antônio Carlos Ferreira Rosa Business Development Officer, Gafisa
    • 2008 / 2009 Scenario The financial crisis impacts the speed of property sales: Insecure clients; Concerns about unemployment; Financial health of developing companies; Delivery capacity. Gafisa strategies for 2009: Sales focused on remaining developments; Sales will only start when there is a sufficient sales reservation level that guarantees approximately 40% of sales in the start; Launch only when the hiring of construction financing is guaranteed; Institutional campaign Compra Segura (Safe Acquisition).
    • Special Reservation 1st Quarter 510 Units sold 165 million in PSV 2nd Quarter 391 units sold 136 million in PSV
    • Gafisa Sales 1,329 1,345 995 1,044 450 68% 68% 32% 32% 33% 33% 2005 2006 2007 2008 9M09 Remaining Launches
    • Launches / Sales 2008: Sales / Launches ratio = 0.7x 9M9: Sales / Launches ratio = 1.5x 2,500 2,500 2,000 1,913 2,000 1,500 1,345 1,500 1,044 1,000 1,000 687 500 500 0 0 Sales Launches Sales Launches
    • Launches – 9M09 PARÁ – R$35.3 million MARANHÃO – R$20.6 million AMAZONAS – R$42.1 million BAHIA – R$40.9 million RONDÔNIA – R$40.3 million RIO DE JANEIRO – R$63.2 million GOIÁS – R$60.5 million R. G. DO SUL – R$15.9 million SÃO PAULO – R$368 million TOTAL: R$687 million
    • 2009 Special Special Reservation Reservation Focus on Remaining Focus on Remaining Speed up in the Focus on Developments Developments volume of launches Launches Jan Mar Jun Sep Dec Launches: 138 thousand Launches: 352 thousand Launches : 197 thousand 10 Launches Sales: 270 thousand Sales: 390 thousand Sales : 384 million expected 10% launches 34% launches 45% launches 90% stock 66% stock 55% stock
    • Launches PAULISTA CORPORATE RESERVA IBIAPABA Launch: OCT Launch: OCT City: São Paulo – SP City: Belém – PA PSV: R$72 million PSV: R$17 million PARQUE MACEIÓ Launch: OCT City: Maceió – AL LONDON VILLE PSV: R$15 million Launch: OCT City: Barueri – SP PSV: R$71 million
    • Launches CITY PARK EXCLUSIVE VISION BROOKLIN Launch: NOV VISTA PATAMARES Launch: NOV City: Salvador – BA Launch: NOV City: São Paulo – SP PSV: R$12 million City: Salvador – BA PSV: R$117 million PSV: R$37 million OFFICE LIFE Launch: NOV City: Curitiba – PR PSV: R$26 million
    • Launches GLOBAL OFFICE Launch: DEC City: Niterói – RJ PSV: R$33 million IT Launch: DEC City: São Paulo – SP PSV: R$177 million
    • Landbank Landbank Gafisa of 7.1 billion in potential PSV - 3Q09 Midwest 2% South 4% North 7% RJ 14% Southeast 64% SP 44% Northeast 23% ES 2% MG 4%
    • Importance of Local Partners Knowledge of Knowledge of Easier access to Access to Mitigate Local local market local culture local agencies business entry operational reducing the opportunities barriers support time for approvals
    • Brand Safe Acquisition Developments Delivered 55 Years Campaign
    • Institutional Campaign
    • Flávio Fernandes Business Development, Tenda
    • Real Estate Industry – Economic Segment Favorable Scenario Family Dynamics Residential Market Economic Segment Housing Deficit Units Expected Region Housing Deficit* Coverage (MCMV)** North 897,544 103,018 11% Northeast 2,354,132 343,197 15% Brazilian Middle-Class Midwest 324,615 69,785 21% Southeast 2,629,497 363,984 14% Growth South 625,521 120,016 19% TOTAL 6,831,309 1,000,000 15% *Source: 2008 Housing Deficit in Brazil - FGV ** Manual MCMV Program - Federal Government. Preliminary distribution subject to MCMV changes due to the contribution of States and Municipalities = Opportunities
    • Real Estate Industry – Economic Segment (Southeast) São Paulo Metropolitan Region (RMSP) in 2009: 19,986 units launched (60% Affordable/Economic Segment) Growth in Units Launched - RMSP Evolução Unidades Lançadas - RMSP Total Affordable Economic 38,990 34,475 58% 60% 50% 19,986 15,117 13,085 10,058 Source: EMBRAESP; 6,402 4,978 2009 data up to November; 1,956 Affordable: Units up to 99 thousand and Economic: units from 100 thousand to 250 thousand. 2007 2008 2009 Rio de Janeiro Metropolitan Region in 2009: 10.427 units launched (90% Affordable/Economic Segment) Units Launched 2008 2009 Affordable 2,390 3,037 Source: VSO – ADEMI-RJ survey; Economic 13,025 6,381 2009 data up to November; Affordable: Units up to 50 square meters Overall Total 18,011 10,427 and Economic: units from 51 to 100 square meters.
    • Minha Casa, Minha Vida (My House, My Life) Highlights Simulation of impact on the market size Average price of the unit Minha Casa, Before Minha Vida R$80,000 Financing of 1 million homes with subsidies of up to R$23 thousand for families with monthly Subsidies 0 16,000 income of up to 10 minimum wages (R$4,650) Mortgage 80,000 64,000 Package totaling R$34 billion (Federal Cost (TR+) 7% 5% Government, FGTS and BNDES) Monthly installment 665 394 Property financing from R$80 thousand to R$130 thousand Monthly income required 2,661 1,969 Interest rates from TR+5% to TR+8% # of minimum wages 6.4 4.2 Market included 13.4 23.4 Financing to construction companies of 100% of (millions of homes) the unit value With no down payment and monthly payments during construction for families with monthly Additional market: increase of income of up to 3 minimum wages approximately 10 million homes Source: Market reports 32
    • Minha Casa, Minha Vida Program - CEF Contracts under Analysis – ‘000 Nov 567 Nov 107 138 322 Oct 447 120 Out 83 116 248 Sep Set 73 93 173 339 108 Aug Ago 64 69 117 249 90 Jul 38 44 63 145 104 66 to 10 minimum wages a 10 salários mínimos Jul Jun 23 25 25 73 33 to salários mínimos a 6 6 minimum wages Jun 72 00 to salários mínimos a 3 3 minimum wages Units Contracted – ‘000 Nov Nov 18 56 103 176 Oct Out 16 45 66 127 49 Sep Set 12 35 38 85 42 Aug Ago 9 28 26 63 22 6 ato 10 minimum wages 6 10 salários mínimos Jul Jul 6 20 15 41 22 3 ato 6 minimum wages 3 6 salários mínimos Jun Jun 5 13 8 26 15 0 ato 3 minimum wages 0 3 salários mínimos Fonte: CEF
    • Units Contracted - Tenda Units Sold Units Concluded Units Contracted 1Q09 3,157 1,305 1,036 2Q09 4,366 2,151 987 3Q09 4,114 1,417 1,436 Total 11,637 4,873 3,459
    • Sales and Launches – Regional Distribution (9M09) Launches: 61 480 million Launches million 978 million Sales Sales: 43 million Launches: 25 million Sales: 142 million Launches: ND Sales: 62 million Launches: 300 million Sales: 674 million Launches: 94 Domestic Presence million 32 Stores Sales: 58 million 64 Cities 15 States
    • Sales Model TENDA’s sales model is more convenient to its clients, offering a wide range of products through strategically-located stores. Conventional Model TENDA Sales Model Sales in individual stands in different Sales in centralized stores locations offering several projects S S S S • A well-trained and dedicated sales team helps our clients find the more appropriate property and financing • Stores located in busy areas • Generally, it uses outsourced real estate agents • The stores offer a greater variety of products and locations • Sales stands exclusive for each project that better meet customer needs
    • Tenda Products Portfolio Type GARDEN DUO LIFE TOWER PREMIUM Buildings (4 or 5 Buildings Buildings Description House Townhouse stories without (with elevator) (with elevator) elevator) Average Unit 51.0 m2 38.0 m2 39.5 m2 46.0 m2 45.0 m2 46.5 m2 66.5 m2 70.0 m2 70.0 m2 Average Price (R$/m²) R$ 64.4 R$ 78.3 R$ 76.8 R$ 91.9 R$ 118.0 Share of Sales 15% 2% 54% 10% 19% (9M09) Affordable Economic 3-6 6-10 minimum wages minimum wages
    • Super 6 6% down payment 6 months to pay the first installment 6 months to delivery Standard 1st to 6th month 7th to 19th month 20th month 1st month 2nd to 4th 6th month Launch Super 6 month Construction Delivery Revenue necessary for acquisition During the Down payment Bank financing construction Super 6 6% - 94% Standard 20% 80%
    • Launches – 4Q09 Opportunity for sales speed increase in launches Project City State Type Launch Units PSV % sales Vale Verde Cotia Fase 4 - Cotia SP Super 6 Oct-09 272 23 43% Etapa I Lago dos Patos Guarulhos SP Premium Oct-09 140 24 23% Fit Marodin (Jardins) Porto Alegre RS Premium Oct-09 120 25 42% Parque Green Village Goiânia GO Premium Oct-09 176 16 27% Mirante do Lago Fase 2 Belém PA Premium Oct-09 144 23 13% Clube Garden - Mônaco São Paulo SP Super 6 Oct-09 192 20 99% Vivenda do Sol Porto Alegre RS Standard Oct-09 200 14 4% Vale Verde Cotia Fase 4 - Cotia SP Standard Oct-09 224 19 36% Etapa II Residencial Monet Lauro Freitas BA Super 6 Nov-09 80 7 74% Residencial Monet II Lauro Freitas BA Super 6 Nov-09 120 10 27% Portal do Sol Itaquaquecetuba SP Standard Nov-09 300 24 16% Carvalhaes Belford Roxo RJ Super 6 Dec-09 128 12 64% TOTAL 2,096 217
    • Launches 4Q09 – Super 6 VALE VERDE COTIA (PHASE 4) Launch: OCT City: Cotia – SP PSV: R$42 million 43% Sold CLUBE GARDEN - MÔNACO Launch: OCT City: São Paulo – SP PSV: R$20 million 99% Sold
    • Launches 4Q09 – Super 6 CARVALHAES Launch: DEC City: Belford Roxo – RJ PSV: R$12 million 64% Sold
    • 2010 Strategy Acquisition of strategic landbank aimed to increase operations; To increase the share of short cycle projects (Super 6) in the product portfolio; Opportunity to increase the sales speed in launches; To optimize the operational efficiency (Gain of Scale).
    • Mário Rocha Neto Construction Officer, Gafisa
    • Presentation Content Volume of Projects Projects by Region Development of New Technologies Cycle Reduction – Brink and Super 6 Sustainability – Eldorado and Genesis Organization Chart and People Qualification
    • Volume of Projects 370 290 270 195 85 48 63 85 95 100 48 63 2006 2007 2008 2009 2010 E Tenda Gafisa Equivalent to 4,100 thousand/sq.m.
    • Projects by Region REGION GAFISA TENDA TOTAL % SP/ SPI 37 53 90 34% RJ 19 27 46 17% Northeast 18 26 44 17% MG 0 37 37 14% North/ Midwest 13 17 30 11% South 4 13 17 6%
    • Projects by Region REGION GAFISA TENDA TOTAL % SP/ SPI 37 53 90 34% RJ 19 27 46 17% Northeast 18 26 44 17% MG 0 37 37 14% North/ Midwest 13 17 30 11% South 4 13 17 6%
    • Projects by Region REGIONAL GAFISA TENDA TOTAL % SP/ SPI 37 53 90 34% RJ 19 27 46 17% Northeast 18 26 44 17% MG 0 37 37 14% North/ Midwest 13 17 30 11% South 4 13 17 6%
    • Projects by Region REGION GAFISA TENDA TOTAL % SP/ SPI 37 53 90 34% RJ 19 27 46 17% Northeast 18 26 44 17% MG 0 37 37 14% North/ Midwest 13 17 30 11% South 4 13 17 6%
    • Projects by Region REGION GAFISA TENDA TOTAL % SP/ SPI 37 53 90 34% RJ 19 27 46 17% Northeast 18 26 44 17% MG 0 37 37 14% North/ Midwest 13 17 30 11% South 4 13 17 6%
    • Projects by Region REGION GAFISA TENDA TOTAL % SP/ SPI 37 53 90 34% RJ 19 27 46 17% Northeast 18 26 44 17% MG 0 37 37 14% North/ Midwest 13 17 30 11% South 4 13 17 6%
    • Total Projects REGION GAFISA TENDA TOTAL % SP/ SPI 37 53 90 34% RJ 19 27 46 17% Northeast 18 26 44 17% MG 0 37 37 14% North/ Midwest 13 17 30 11% South 4 13 17 6% 91* 173 * It does not include Alphaville Reference: November/09
    • New Technologies Bathroom Pods Elevated External Drywall Pavement Precast Facade Prefabricated Doors
    • New Technologies Metal Moulds Precast Beams PEX System Precast Staircase Raft Slabs Metal Staircase
    • Quality Monitoring Adherence Status (November) Status de Aderência (Novembro) Universe: 48 projects Universo: 48 obras 6,25% 12,50% Satisfactory Satisfatórias Fairly satisfactory Regulares Unsatisfactory Insatisfatórias 81,25% NUMBER OF CONNECTIONS MADE 700 670 687 568 558 600 500 464 421 452 440 448 459 390 406 385 377 400 354 320 349 324 300 274 301 269 267 199 197 200 100 43 25 34 27 16 17 7 8 10 8 2 2 0 dez/08 jan/09 fev/09mar/09abr/09mai/09jun/09 jul/09 ago/09 set/09 out/09nov/09 ( time ) Falha Failure Sucesso Success
    • Cycle Reduction BRINK CAMPO LIMPO - SP Super 6 VALE VERDE COTIA
    • Sustainability – Eldorado and Gênesis ELDORADO LEED® C&S PLATINUM Certification; Elevators; Water reuse; Air Conditioning and Lighting System; GÊNESIS FSC and ISO14001 Certification; No trees cut down; 800,000 sq.m. Permanent Preservation Area;
    • Organization Chart Managing Director of Operations Mário Rocha Control and Planning of Operations Department Marcelo Souza Physical and Financial Planning SP Regional Dept Department of Tenda’s Technical Gafisa’s Technical Fernando Thirty Parties Dept Supplies Department Department RJ Regional Dept Carlos Luis Ciniello Eduardo Calderon Luis Magini José Marmo MG Regional Dept Ronny North/Midwest Reg Dept - Gerson Northeast Reg Dept Sergio South Reg Department - Sidney Hiring / Supply Process/ Technology Price Execution
    • People Qualification INTERNSHIP PROGRAM 2009 – In July 13 people were hired; 2009 – hiring estimate of 103 people. TRAINEE PROGRAM CURRENT STAFF 2009 – 8 trainees; POSITION # OFFICERS 12 2010 – 11 trainees under training. MANAGERS 52 ENGINEERS+ARCHITECTS 340 PEOPLE ACTIONS INTERNS 558 “Comece Bem” (Start Well) program; TRIADE Training (Time management); INDG Training.
    • Marcelo Willer Business Development Officer, Alphaville
    • Project Design An average Alphaville project LEASURE RESIDENCIAL AREA AREA RESIDENCIAL AREA COMMERCIAL ALPHAVILLE CLUB COMMERCIAL RESIDENCIAL Highly sustainable Business Model AREA AREA AREA BUILDING AREA No Land Acquisition – Negotiations thru land swap No investment in infrastructure prior to launching No bank financing for customers AlphaVille Graciosa (Curitiba, Paraná) No bank financing for specific projects – leverage on holding
    • Complex Project Approval Long and complicated process is an entry barrier to the segment DUE DILIGENCE / PARTNERS/ LAND PROJECT MARKETING ACQUISITION CONSTRUCTION OCUPATION STRATEGIC ANALIZYS APPROVAL & SALES 3 years 2 years STRATEGIC ANALIZYS Analizys of legal and ambiental aspects, location, market and feasebility studies PARTNERSHIP/LAN Contract with land owner D ACQUISITION PROJECT Development of regions planning to be submitted to local authorities for analysis, APPROVAL registration and approval. This process takes in average three years and deals with federal and local authorities. MKT & SALES In average, 80% of units sold at launch CONSTRUCTION AlphaVille manages construction process and generally contracts third parties to operate the work flow. Average developments takes 2 years from beginning to delivery OCUPATION In this last phase, clients are allowed to develop house projects and begin ´ construction of units with AlphaVille´s support and specific regulations of the new condominium 62
    • Strategy And Growth Boa Vista Belém São Luís Manaus Fortaleza Teresina Natal Mossoró João Pessoa Recife Caruaru Cuiabá Salvador Feira de Santana Camaçari Goiânia Brasília Belo Horizonte Juiz de Fora Vitória Vitória Campo Grande Campo Grande Barra da Tijuca Barra da Tijuca Rio das Ostras Rio das Ostras Maricá Londrina Curitiba Barueri S. J. dos Campos Maringá Campinas Ribeirão Preto Launched Foz do Iguaçu Florianópolis Sorocaba Jundiaí Gramado Contracted areas Carapicuiba Cotia Gravataí Piracicaba Cajamar Porto Alegre Campinas Porto Alegre Votorantim Caxias do Sul Itatiba Novo Hamburgo
    • Growth – Sales And Launches 46% CAGR in sales from 2006 to 2008 Number of projects and VGV Sales growth (R$ mm) 18 400 FY 2009 R$ 312 mm 15 FY 2009 70 % R$ 312 mm 300 300 12 11 70 % 238 9 R$ 237 mm R$ 237 mm 200 173 6 140 6 R$ 111 mm 5 R$ 133 mm 3 100 3 0 0 2006 2007 2008 9M09 2006 2007 2008 9M09
    • 2008 Sales Velocity And Latest Launches Launched VGV - R$ M M 29 118 53 Sold VGV - R$ M M 16 106 51 VSO - sales velocity 56% 90% 95% Launched units 205 429 216 Average price - R$ x1.000 142 274 245
    • 4Q09 Launches RIO COSTA DO SOL F1 Empreendimentos Lançados 4Q09 Porto Alegre Piracicaba Rio Costa do Sol F3 Gravataí II Terras Alpha Foz do Iguaçu RIO COSTA DO SOL F3 – launched Dec-09 VGV Lçdo até 3T09 R$ 133 MM VGV Lçdo 4T09 R$ 278 MM VGV Lçdo YTD R$ 411 MM
    • Potential Diversification Diversification strengthening the long-term growth. Non considered potencial growth in constructed products Terras Alpha LS 3% RSC 5% 2% Terras Alpha Launches 66% 9% Launches 48% Rem. 29% Rem. 38% 2009 - New Products- 2014
    • Land bank Landbank of R$ 3.3 billion at the end of 3Q09 January 1st 2009 3,032 Land Bank position in Sep-09 3,336 Terreno Brasília – 23 million m2 LAND BANK BY REGION SP 31% NM 61% RJ 8%
    • Duilio Calciolari Chief Financial Officer and Investor Relations Officer, Gafisa
    • Indicadores Financeiros Crescentes Net Revenue (R$ MM) Gross Profit (R$ MM) 59% 45% 57% 78% 601 42% 2,125 42% 526 1,740 378 336 1,204 1,193 198 648 139 457 2005 2006 2007 2008 9M08 9M09 2005 2006 2007 2008 9M08 9M09 Ajusted EBITDA1 (R$ MM) Ajusted Net Income2 (R$ MM) 63% 20% 67% 97% 42% 430 158 25% 300 110 92 97 218 180 44 71 89 31 2005 2006 2007 2008 9M08 9M09 2005 2006 2007 2008 9M08 9M09 Note: 1 Adjusted for non-cash stock option expenses. 2 Before minority shareholders and stock option expenses
    • SG&A Better recognition of revenue in Gafisa improved SG&A ratios; Potencial diluition of Tenda´s SG&A ratios – Direct impact on the EBITDA margin. 9M09 Gafisa Tenda Total 9M08 Gafisa Tenda Total Selling expenses(R$000) 74,446 78,897 153,344 Selling expenses(R$000) 75,781 11,724 87,504 G&A expenses (R$000) 103,436 69,396 172,832 G&A expenses (R$000) 81,499 23,491 104,990 SG&A (R$000) 177,882 148,293 326,175 SG&A (R$000) 157,279 35,215 192,494 Selling expenses/ Sales 6.1% 8.1% 7.0% Selling expenses/ Sales 6.2% 3.6% 5.6% G&A expenses/ Sales 8.5% 7.1% 7.9% G&A expenses/ Sales 6.6% 7.1% 6.7% SG&A / Sales 14.6% 15.2% 14.9% SG&A / Sales 12.8% 10.7% 12.3% Selling expenses/ Net Selling expenses/ Net 5.3% 10.9% 7.2% 6.8% 16.4% 7.3% Revenues Revenues G&A expenses / Net G&A expenses / Net 7.4% 9.6% 8.1% 7.3% 32.9% 8.8% Revenues Revenues SG&A / Net Revenues 12.7% 20.4% 15.4% SG&A / Net Revenues 14.0% 49.2% 16.1%
    • Crescent EBITDA Margin 2006 – IPO and geographic expansion into new markets; 2007 – Follow-on and initiatives in low income segment; 2008 – Consolidation of initiatives in low-income - Acquisition of 60% of Tenda; 2009 – Incorporation and changes in Tenda’s management; 2010E – Synergies of Tenda’s total merger, better dilution of SG&A. EBITDA Magin - % 20.2% 20% 18% 17.3% 16% 15.0% 14.0% 14% 12.9% 12% 10% 2005 2006 2007 2008 9M09
    • Strong Pre-Sales Positively Impact Backlog of Revenues to be Recognized R$1.1 billion of results to be recognized (42.8% growth compared to 3Q08) (R$000) 3Q09 3Q08 2Q09 3Q09 x 3Q08 3Q09 x 2Q09 Gafisa Revenues to be recognized 1.661 1.738 1.905 -4.4% -12.8% Costs to be recognized (1.051) (1.100) (1.199) -4.5% -12.4% Results to be recognized (REF) 609 637 706 -4.4% -13.6% REF margin 36.7% 36.7% 37.0% 24 bps -34 bps Tenda 1) Revenues to be recognized 1.245 234 1.187 432.6% 4.8% Costs to be recognized (839) (160) (768) 425.3% 9.2% Results to be recognized (REF) 406 74 419 448.5% -3.1% REF margin 32.6% 31.7% 35.3% 94 bps -267 bps Consolidated Revenues to be recognized 2.905 1.971 3.092 47.4% -6.0% Costs to be recognized (1.890) (1.260) (1.968) 50.0% -4.0% Results to be recognized (REF) 1.015 711 1.125 42.8% -9.7% REF margin 35.0% 36.1% 36.4% -113 bps -142 bps Note: Revenues to be recognized are net from PIS/Cofins (3.65%). Backlog of Revenues not adjusted to present value. 1) Considers Tenda and Fit Residencial in 2008
    • Continuous Increase in Our Mortgage Sales (Gafisa) 82% of mortgage financed directly with banks 16% 34% 30% 64% 74% 82% 32% 54% 20% 12% 34% 11% 16% 14% 7% 2005 2006 2007 9M08 9M09 Gafisa financing longer than 36 months Gafisa direct financing up to delivery of keys Mortgage loans
    • “Minha Casa, Minha Vida” Program - CEF Submitted Units– ‘000 567 Nov 107 138 322 447 120 Oct 83 116 248 Sep 73 93 173 339 108 Agu 64 69 117 249 90 Jul 38 44 63 145 104 6 a 10 minimun wage Jun 23 25 25 73 3 a 6 minimun wage 72 0 a 3 minimun wage Contracted Units – ‘000 Nov 18 56 103 176 Out 16 45 66 127 49 Set 12 35 38 85 42 Ago 9 28 26 63 22 6 a 10 salários mínimos Jul 6 20 15 41 22 3 a 6 salários mínimos Jun 5 13 8 26 15 0 a 3 salários mínimos Source: CEF
    • Contracted Units - Tenda Sold Units Concluded Units Contracted Units 1Q09 3,157 1,305 1,036 2Q09 4,366 2,151 987 3Q09 4,114 1,417 1,436 Total 11,637 4,873 3,459
    • Solid Cash Position Allows Gafisa To Execute The Growth Strategy And Access Credit 3Q09 R$ million 2Q09 3Q09 Pro forma* Total Debt 2,243 2,532 2,532 Total Cashl 1,056 1,100 1,700 Obligation to Investors 300 300 300 Net Debt & Obligation to Investors 1,486 1,732 1,732 (Net Debt & Obligation to Investors) / (Equity+ Minorities) 65.6% 74.1% 74.1% Cash-burn rate 111 246 246 * Considera a nova debênture de R$ 600 milhões no caixa do 3T09.
    • 3Q09 Financial Highlights And Recent Events Gafisa settled in December 10th the R$600 million debenture with Caixa. R$1.1 billion in cash+ R$ 600 million of the new debenture. R$3.5 billion in construction financing lines made available by Brazil’s largest banks: R$2.1 bilhões em contratos assinados + nova debênture de R$ 600 milhões R$1.1 billion contracts in progress Ratings: Moody’s: international (Ba2) and local (A1.br) Fitch: (A-bra) Standard & Poor’s: local (br A-)