Form 6-K Gafisa S.A. For: Sep 30

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PREVIEW OF OPERATIONAL RESULTS 2Q15

Consolidated launches totaled R$482.0 million,
with gross sales reaching R$701.5 million in 2Q15.

Net sales were R$532.1 million in the quarter.

FOR IMMEDIATE RELEASE - São Paulo, July 14, 2015 – Gafisa S.A. (Bovespa: GFSA3; NYSE: GFA), one of Brazil’s leading diversified homebuilders, today announced preliminary and  unaudited operational results for the second quarter ended June 30, 2015.

Consolidated Launches

Second-quarter launches totaled R$482.0 million, a 16.5% increase compared to 2Q14 and a 53.7% increase compared to the first quarter of 2015. Launch volumes in the 6M15 reached R$795.5 million.

During 2Q15, 8 projects/phases were launched in the states of São Paulo, Rio de Janeiro, Rio Grande do Sul, Bahia and Pernambuco. The Gafisa segment accounted for 52.4% of the quarter’s launches, while the Tenda segment for the remaining 47.6%.

Table 1. Gafisa Group Launches (R$ thousand)

Consolidated Pre-Sales

Net consolidated pre-sales totaled R$532.1 million during 2Q15, an increase of 22.9% y-o-y and an increase of 25.7% compared to 1Q15. Sales from launches represented 32.8% of total sales, while sales from inventory comprised the remaining 67.2%.

The Company reached R$955.5 million in net pre-sales in the first half of the year, an increase of 42.1% y-o-y. In the first six months of 2015, sales from launches accounted for 24.5% of total sales.

Table 2. Gafisa Group Pre-Sales (R$ thousand)

Consolidates Sales over Supply (SoS)

Consolidated sales over supply reached 15.9% in 2Q15, up from 12.6% in 2Q14 and 12.8% in 1Q15. The consolidated speed of sales for 2Q15 launches reached 21.3%.

Table 3. Gafisa Group Sales over Supply (SoS)

Delivered Projects

During the second quarter, the Company delivered 10 projects/phases accounting for 2,738 units and totaling R$954.5 million (1,498 units from the Gafisa segment and 1,240 units from the Tenda segment). The delivery date is based on the date of the “Delivery Meeting” that takes place with customers, rather than physical completion, which occurs prior to the Delivery Meeting.

Over the last six months, 25 projects/phases accounting for 6,272 units were delivered, representing a total of R$1.7 billion.

Inventory (Properties for Sale)

In the second quarter of 2015, the market value of consolidated inventory decreased by R$60.7 million to R$2.8 billion. Of total second quarter sales, 67.2% came from inventory, comprising R$175.2 million from Gafisa and R$182.5 million from Tenda.

The market value of Gafisa inventory, which represents 73.8% of total inventory, was R$2.1 billion at the end of 2Q15, which is comparable to 1Q15. Tenda’s inventory was valued at R$738.4 million at the end of 2Q15, compared to R$803.5 million at the end of 1Q15.

Table 4. Inventory at Market Value 2Q15 x 1Q15 (R$)

GAFISA SEGMENT

Focus on residential projects in the Middle, Medium-High and High income segments, with unit sales price exceeding R$250,000.

Gafisa Launches

Second quarter launches totaled R$ 252.6 million consisted of two projects/ phases in the city of São Paulo. The sales speed of these launches reached 24.4%. Gafisa segment launch volumes in the 6M15 reached R$327.8 million, representing 41.2% of consolidated launches.

Gafisa Pre-Sales

Second Quarter gross pre-sales in the Gafisa segment totaled R$357.8 million. 2Q15 dissolutions were R$115.6 million and net pre-sales totaled R$242.2 million, an increase of 34.7% compared to 1Q15 and consistent with the previous year. In the 6M15, the volume of dissolutions was R$240.5 million and net pre-sales ended the period at R$422.0 million. The Gafisa segment’s sales over supply (SoS) of 10.5% in the 2Q15 represented an increase on both q-o-q and
y-o-y comparisons.

The Company continues to concentrate its efforts on the sale of existing units. As a result, 32.1% of net sales during the period related to projects launched before 4Q12, allowing for a reduction in the average age of Gafisa segment inventory.

Out of the 486 Gafisa segment units cancelled and returned to inventory during the quarter, 52.1% were resold in the same period.

Gafisa Delivered Projects

The strong volume of deliveries in the second quarter was an overall highlight for the Company. Gafisa delivered 5 projects/phases in 2Q15, representing 1,498 units and R$777.3 million in PSV. During 6M15, 14 projects/phases were delivered, representing 3,345 units and R$1.3 billion in PSV.

     TENDA SEGMENT

Focus on residential projects in the economic segment, targeted within the range II of the Minha Casa Minha Vida (MCMV) program.

Tenda Launches

Second-quarter launches totaled R$229.4 million, which included 6 projects/phases in the states of São Paulo, Rio de Janeiro, Rio Grande do Sul, Bahia and Pernambuco. The Tenda segment accounted for 47.6% of 2Q15 consolidated launches.

Tenda Pre-Sales

During 2Q15, gross sales reached R$343.7 million, and dissolutions were R$53.8 million, totaling R$289.9 million of net pre-sales. This represented an increase of 19.1% compared to the 1Q15, and an increase of 59.6% y-o-y. In the 6M15, the volume of dissolutions was R$110.1 million with net pre-sales totaling R$533.5 million.

Sales from units launched during 2Q15 represented 14.2% of total sales. In addition, sales velocity (sales over supply) was 28.2% during 2Q15.

Table 5. SoS Gross Sales (Ex-Dissolutions)

Table 6. SoS Net Sales

Tenda remains focused on the completion and delivery of legacy projects, and is dissolving contracts with ineligible clients, in order to sell the units to qualified customers. Dissolutions decreased by 4.6% compared to 1Q15 and significantly decreased by 54.3% compared to 2Q14.

As expected, the change in the sales process, which was undertaken in August 2014, resulted in a lower volume of dissolutions in the Tenda segment. The majority of current cancellations, namely 71%, relate to legacy projects.

Of the 740 Tenda units cancelled in 6M15, 49.6% were resold to qualified customers during the same period. Taking into consideration the dissolution of units that were part of Tenda’s New Model in the first half of the year, 78.2% were also resold during the last six months.

Table 7. Cancelled PSV Tenda Segment (R$ thousand and % over Gross Sales per Model)

Tenda Delivered Projects

In 2Q15, Tenda delivered 5 projects/phases and 1,240 units, accounting for R$177.2 million in PSV. Of this amount, 980 units totaling R$137.2 million in PSV related to Tenda’s New Model. In the 6M15, 11 projects/phases were delivered, representing 2,927 units and R$393.5 million in PSV, with the New Model representing 1,719 units and R$239.5 million in PSV.

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