--- Gafisa Group unit deliveries increased 43% y-o-y to 9,378 in 4Q12 ---
--- 2012 unit deliveries increased 20% y-o-y and exceeded the upper end of full-year guidance ---
--- Consolidated free cash generation was positive at around R$ 310 million in 4Q12 ---
--- Operational consolidated cash flow reached approximately R$ 980 million in 2012, exceeding the upper end of increased full-year guidance of R$ 600 – R$ 800 million ---
--- Launches reached R$ 2.95 billion, in line with the upper end of guidance, while sales totaled R$ 2.63
billion in 2012 ---
--- Consolidated sales velocity reached 20% in 4Q12, or 25% ex-Tenda ---
2012 FCF ~R$450mm vs (R$415mm) for 2011. Huge. We're going to see a massive flow into the sector but especially GFA as foreign funds play more catch up. 8.5x EBITDA is the target or ~$8/shr for the ADR.
Thanks Quickdraw. This is a nice New Year's surprise. Good thing it didn't leak :)
These are dam good numbers. Really good. They beat down debt and added significantly to their cash pile.
The Gafisa Group ended the fourth quarter with around R$ 1.62 billion in preliminary unaudited cash and cash equivalents, asequential improvement from R$ 1.23 billion at the end of 3Q12. Preliminary net debt was R$ 2.63 billion at the end of 4Q12, aR$ 310 million reduction from R$ 2.94 billion at the end of 3Q12. As a consequence, preliminary consolidated cash generation
(cash burn) was positive at approximately R$ 310 million in 4Q12, leading to a 2012 preliminary result of R$ 617 million.Operational consolidated cash flow reached approximately R$ 980 million in 2012, exceeding the upper end of guidance for the full year of R$ 600 – R$ 800 million.