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Gafisa S.A. Message Board

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  • aco_brasil0192 aco_brasil0192 Jun 7, 2012 10:13 AM Flag

    Secondary Announced

    Will three of you please 5 star the initial post on this thread. (I want this info to be easy to find when the pumpers start to flood the board.)

    1. 432 million shares outstanding. (They will now have 502 million - 16% dilution overall.)

    2. R$947 million cash. This will now drop to R$738.

    (359-150 = $209 still owed)

    3. 3Q report redux. The finished inventory is another potential cash flow benefit if they can sell quickly at a good price:

    As of March 31, 2012, Gafisa had a cash position of R$947 million. On the same date, Gafisa’s debt and obligations to investors totaled
    R$4.3 billion, resulting in net debt and obligations of R$3.3 billion. The net debt and investor obligations to equity and minorities ratio was
    122% compared to 118% in 4Q11, due to R$76 million cash burn in the first quarter. Our operational consolidated cash flow was neutral in
    the 1Q12 and in March, Tenda achieved positive operating cash flow. Excluding project finance, this net debt/equity ratio reached 48.3%.
    Gafisa’s cash position and liquidity are sufficient to execute our development plans. Gafisa’s current debt maturity structure includes 32%
    of the total debt due within one year. We expect positive operating cash flow of between R$500 – R$700 million in 2012. Gafisa has
    additional receivables (from units already delivered) of more than R$500 million available for securitization and R$370 million of finished
    units in inventory. We also highlight our current debt covenants ratios, as shown below in the table 45.
    Currently we have access to a total of R$1.6 billion in construction finance lines contracted with banks and R$0.9 billion in lines in the
    process of approval. Also, Gafisa has R$2.4 billion"

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