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Gafisa S.A. Message Board

  • siemprefue siemprefue Apr 16, 2013 8:03 AM Flag

    1Q13 preannounce out

    looks like they throttled way back to about 10% of 2013 guidance across the board. haven't done full analysis but they seem to be maintaining pricing. inventory down 3.3% with average sales velocity of 5.9%. they do project -R$30mm CF for the quarter.

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    • This doesn't look too good. The high number of cancellations and 50% drop in pre-sales indicates a severe cooling in demand.

      I'm not sure what this statement means. Why would a higher volume of deliveries lead to more sales cancellations??

      "Given the high volume of deliveries in the second half of 2012, Gafisa brand registered a higher volume of
      sales cancellations in this quarter. Throughout the year, we will work to resell these units."

      "First-quarter 2013 consolidated pre-sales totaled R$205 million, a 50% decline compared to 1Q12. Sales from launches represented 35% of the total, while sales from inventory comprised the remaining 65%."

      "Cash generation was slightly negative, mainly impacted by lower launch volume due to seasonality and expenditures linked to landbank acquisition.”

 
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