2. 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.
1
3. Recent Events – Gafisa S.A. Enters Into Agreement to Sell
70% Stake in Alphaville to Blackstone and Pátria
▲ Gafisa S.A. signed an agreement to sell a majority stake in Alphaville, valuing AUSA at
R$2.01 billion.
▲ Sale transaction to generate expected gross cash proceeds of R$1.4 billion
▲ Proceeds to strengthen Gafisa’s balance sheet by reducing leverage and
generating long-term shareholder value
▲ Transaction to allow shareholders, through the 30% remaining stake in Alphaville,
to participate in the long-term value creation produced by partnering with two
leading investment firms
▲ Opportunity to unlock significant value generated under Gafisa’s stewardship
since the acquisition in 2006
▲ Cash proceeds will reduce leverage, allowing increased focus on operating
performance
▲ Gafisa also agreed to complete the purchase of the outstanding 20% stake in Alphaville
which it did not already own, finalizing the arbitration process for a total consideration of
R$367 million,
2
4. Second Quarter Highlights
▲ 2Q13 sales of R$554 mm exceeded launches of R$461 mm and increased q-o-q
▲ Sequential improvement in SoS on higher gross sales and fewer dissolutions
▲ 1H13 unit deliveries represented 30% of guidance midpoint
▲ Performance of new Tenda launches sound and in line with the Company’s expectations
▲ During the 1H13, Gafisa Group expanded its landbank in order to support future growth, with
acquisitions of R$1.0 billion in PSV
▲ At the end of June, the Company had R$1.1 billion in cash and cash equivalents
3
5. Gafisa Segment – Status of the Turnaround Strategy
Gafisa’s brand increasingly focused on Strategic Markets
Gross Margin per Market (2011-1S13) Net Revenue per Market
▲ Gafisa’s operations in strategic markets, especially SP, are performing well. However,
on a consolidated basis, margins continue to be impacted by non-core markets
4
20% 18%
8%
20% 17%
13%
60% 65%
79%
2011 2012 1H13
Other markets RJ SP
-70,0%
-50,0%
-30,0%
-10,0%
10,0%
30,0%
50,0%
2011 1Q12 2Q12 3Q12 4Q12 2012 1Q13 2Q13 1H13
SP RJ Other markets
6. Gafisa Segment - Status of the Turnaround Strategy
▲ Delivery of legacy projects is in line with guidance and should conclude by year-end. Currently, 3
projects remain under construction, with delivery scheduled for 2H13. Only 1 project (4 phases) is
scheduled for 2014
Construction Execution per Market (2Q13-4Q15)
5
25% 19% 14% 17%
0%
14%
13%
9% 4%
0%
61%
68%
77% 78%
100%
2011 2012 2013E 2014E 2015E
Other markets RJ SP
28%
18%
8% 9%
0%
15%
17%
16%
5%
0%
57%
66%
76%
86%
100%
2011 2012 2013 2014 2015
Other markets RJ SP
Other markets data 2011 2012 2013 2014 2015
Number of phases/works 30 14 6 4 -
Other markets data 2011 2012 2013 2014 2015
Units 6,300 2,714 720 360 -
Projects/Phases Units
7. 227
546
114
814
101
217
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
Descontinued markets Strategic markets
Launches per Market (1Q12-2Q13) Gross Sales per Market (1Q12-2Q13)
9
47 48
26
65
48
42
71
123
75
127
90
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
Descontinued markets Strategic markets
Resale of Cancelled Units (1H13)Dissolutions per Market (1Q12-2Q13)
27
55 46 56 48 63
340
520
453
544
244
291
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
Descontinued markets Strategic markets
40%
56%
21%
SP RJ NM
Gafisa Segment - Status of the Turnaround Strategy
6
▲ Concentration of Launches
and Sales in strategic
markets
▲ Dissolutions gradually
reducing, and should reach
normalized levels
8. Tenda Segment - Status of the Turnaround Strategy
0
5.000
10.000
15.000
20.000
25.000
30.000
35.000
0
20
40
60
80
100
120
Units under Construction Sites
Continued progress in the conclusion and delivery of Tenda legacy projects
600
650
700
750
800
850
900
950
4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
Legacy Inventory
7
units units R$ million
9. Gross Sales (4Q11-2Q13) Dissolutions (4Q11-2Q13)
14
12
10
11
7
2Q12 3Q12 4Q12 1Q13 2Q13
Tenda – Financial Cycle (2Q2-2Q13)
▲ Dissolutions continue to decline as Tenda concludes the units of legacy projects, developed out of
the new fundamentals, and transfer them to financial institutions
Note: 61% of 1H13 cancelled units were already resold within the quarter
Tenda Segment - Status of the Turnaround Strategy
467
340 329
264
318
232
158
4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
248 249
345
294 288
239
328
4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
NEW LAUNCHES
LEGACY PROJECTS
8
4
▲ Tenda’s financial cycle is sound. The average time has
been halved to 7 months in the 2Q13, from 14 months
in the same period last year
▲ In 2Q13, the financial cycle (average time between
sale, unit transfer and registration) for new launches
was around 4 months
10. Launches resumed under new business fundamentals
Tenda Segment - Status of the Turnaround Strategy
Chart 5. Tenda New Launches Under Fundamentals
Launches 1H13 Novo Horizonte Vila Cantuária Itaim Paulista Life
Launches mar-13 mar-13 may-13
PSV Launches (R$ mil) 67.755 45.941 33.056
# Units Launched 580 440 240
% PSV Units Sold¹ 77,7% 22,1% 26,5%
% Units Transferred² 37,6% 8,0% 0,0%
Project
Osasco - SP Camaçari - BA São Paulo - SP
¹In July 2013, the % of units sold reached 92% (Novo Horizonte), 29% (Vila Cantuária) and 28% (Itaim Paulista Life).
²In July, the % of units trasferred was 62% (Novo Horizonte), 17% (Vila Cantuária) and 0% (Itaim Paulista Life).
9
Information regarding Tenda’s launches on 1H13
11. 86%
55%
81%
14%
45%
19%
Gafisa Tenda Alphaville
Under construction Concluded units
Inventory distribution by Construction Status, Launch Year and
Market
Inventories
BP1 1Q13
Launches Dissolutions Pre-sales
Price Adjustments +
Others5
Inventories EP2
2Q13
% Q/Q3 SoS4
Gafisa (A) 1,921,120 215,910 137,674 (354,585) 87,690 2,007,810 5% 9.8%
Alphaville (B) 808,927 212,077 59,350 (226,237) 32,248 886,365 10% 15.8%
Tenda (C) 772,992 33,056 157,848 (327,689) 43,492 679,699 -12% 20.0%%
Total (A)+(B)+C) 3,503,039 461,043 354,872 (908,511) 163,430 3,573,874 2% 13.4%
Note: * 1) BP beginning of period – 1Q13. 2) EP end of period – 2Q13. 3) % variation 2Q13 vs. 1Q13 4) Sales speed on 2Q13. 5) Cancelled projects in the period
Inventories at Market Value at 2Q13 x 1Q13 (R$ 000)
Inventory at market value per
construction status
84%
16%
SP and RJ Other Markets
88%
12%
Legacy Projects New Projects
Gafisa segment- Inventory at
market value per market
Tenda segment - Inventory at
market value by vintage
10
12. Classification of Alphaville as held for sale, with the retention of
associate non-controlling interest
Given the impending sale of a 70% stake in Alphaville and associated transfer of operations
to the buyers, these assets have been classified as held for sale
1H13 Official Numbers Versus Non-Audited Reconciliation
R$000
Official
1H13
Adjustments Pro-Forma 1H13
Income Statement
Amounts
posted
06.30.13
Impact of adopting
CPC 18(R2), 19
(R2) and CPC 36
(R3)
Impact of
adopting
CPC 31
Excluding the
impact of the
effects mentioned
Net Operating Revenue 1.148.414 89.792 394.772 1.632.978
Operating Costs (926.471) (82.549) (201.967) (1.210.988)
Gross profit 221.943 7.243 192.804 421.990
OPEX (250.762) (14.815) (90.065) (355.642)
Equity Income 3.631 (6.880) 3.249 0
Net Interest Income (82.827) 8.345 (14.629) (89.111)
Income Tax and Social Contribution (13.429) (1.016) (7.344) (21.789)
Minority Shareholders (25.307) 243 (0) (25.064)
Results Descontinued Operations 80.765 0 (80.765) 0
Net Loss from Continued
Operations
(69.617) 0 0 (69.617)
EBITDA Margin 13,2% 12,3%
Balance sheet Official
1H13
Adjustments Pro-Forma 1H13
Current Assets 6.745.681 769.575 (631.039) 6.884.207
Long-term Assets 1.042.373 (12.963) 452.409 1.481.819
Intangible and Property and
Equipment
149.850 28.563 143.517 321.930
Investments 554.840 (589.953) 35.113 0
Total Assets 8.492.744 195.222 0 8.687.966
Current Liabilities 2.873.442 (103.748) (293.425) 2.683.765
Shareholders' Equity 2.618.458 (2.763) 0 2.615.695
Shareholders' Equity 2.449.326 0 0 2.449.326
Non controlling interests 169.132 (2.763) 0 166.369
Liabilities and Shareholders' Equity 8.492.744 195.222 0 8.687.966
ND/E 96% 102%
11
On June 30, 2013 Gafisa’s financial statements
reflect the effects of the70% stake sale of AUSA
which its assets and liabilities were classified as "non-
current assets and liabilities held for sale" in
accordance with CPC 31
▲ Between July 2013 and the date of completion of
the sale of AUSA, given the purchase of the
remaining 20% stake of the AUSA on July 3, 2013,
we will report on a consolidated 100% of the result of
AUSA as "Income from discontinued operations",
without highlighting this minority investment. In the
holding Company will report the result of 100% AUSA
in the line of equity income. The assets and liabilities
continue to be reported as "assets and liabilities held
for sale".
▲ After the completion of the sale of 70% stake in
AUSA we will no longer consolidate the assets,
liabilities and results of the company. Our minority
interest of 30% will be demonstrated throughout the
account line "Investments" and the results will be
captured through equity income. At the same
time, classifications of "Assets and Liabilities held for
sale" and "Income from discontinued operations" will
no longer exist.
13. 57% 54% 49%
30%
0%
43% 46% 51%
70%
100%
Until Jun/14 Until Jun/15 Until Jun/16 Until Jun/17 After Jun/17
Corporate Debt Project Finance
3,620
1,062
128
996
736
697
Total
Investors Obligations
Working Capital
SFH / Project Finance
Debentures Working Capital
Debentures FGTS
3,620
2,519
1,604
1,101
915
Total debt Cash Net debt Net
Proceeds
(sale
transaction
+ purchase
20% stake)
Post
transaction
Net Debt
Indebtedness (R$ mm) and TaxesLeverage 2Q13 vs Pro-forma Post Transaction
Note: preliminary unaudited results
1 Net of liabilities related to R$250 mn in securitization
2 Pro-forma Post Transaction 2Q13.
Debt Maturity as % of Total Debt
Net Debt/ Equity 0.96x
8.2% - 10.2% (TR)
0.7% - 1.9% (CDI)
8.3% - 12.0% (TR)
0.2% - 1.0% (CDI)
9.54%
Gafisa Group - Post-Transaction, Flexible Balance Sheet
0.54x
1.3% - 2.2% (CDI)
1,179 1,252 920 341 237
R$
R$
Gafisa’s net debt/equity ratio is expected to drop from 96% reported in 2Q13 to
approximately 54%, based on pro forma unaudited information for the period
12
14. 2T13 1T13 2T12
Project financing (SFH) 736 785 579
Debentures - FGTS (Project Finance) 1.062 1.190 1.213
Debentures - Working Capital 698 585 568
Working Capital 996 908 987
Investor Obligations 128 134 243
Total Consolidated Debt + Obligations 3.620 3.602 3.590
Consolidated Cash and Cash Availabilities 1.101 1.146 834
Net Debt + Investor Obligations 2.519 2.456 2.756
Equity + Minority Shareholders 2.618 2.644 2.745
(Net debt + Obligations) / (Equity + Non-controlling) 96% 93% 100%
Debt Profile
Project Finance Debt 1.798 1.975 1.792
Corporate Debt and Investor Obligations 1.822 1.627 1.798
Total Consolidated Debt + Obligations 3.620 3.602 3.590
Project Finance (% stake of total debt) 50% 55% 50%
Corporate Debt (% stake of total debt) 50% 45% 50%
Net Debt to Equity stable at 96%
(R$ million)
13
Note: Consolidated Pro-Forma unaudited financial information are presented for 1Q13 and 2Q12 only for
informative and comparability purposes with 2Q13 data. The calculation of this amount considered Alphaville
consolidation effects and the adoption of new accounting rules over the consolidation of joint arrangements
control.
▲ Comfortable cash position of
R$1.1 billion
▲ Consolidated cash burn of
R$28 million in 2Q13
▲ Net Debt / Equity was 96%
▲ Project finance represented
50% of total debt
▲ 43% of short-term debt
comprises project finance
(1) excluding R$35 millions of expenses
related to the share buyback program.
15. Outlook
Launches Guidance –
2013E
Guidance
(2013E)
Actual numbers
2Q13A
Consolidated Launches R$2.7 – R$3.3 bi 769mn
Breadown by Brand
Launches Gafisa R$1.15 – R$1.35 bi 299mn
Launches Alphaville R$1.3 – R$1.5 bi 323mn
Launches Tenda R$250 – R$450 mn 147mn
Guidance
(2013E)
Actual number
2Q13A
Consolidated Stable 95% 96%
Guidance
(2013)
Actual numbers
2Q13A
Consolidated (#
units)
13,500 – 17,500 4,673
Delivery by Brand
# Gafisa Delivery 3,500 – 5,000 1,728
# Alphaville Delivery 3,500 – 5,000 419
# Tenda Delivery 6,500 – 7,000 2,526
Guidance
(2013E)
Actual number
2Q13A
Consolidated 12% - 14% 13%
Launch Guidance – 2013 Estimates
Guidance Leverage (2013E)
Guidance EBITDA Margin (2013E)
Delivery Estimates 2013E
14
▲ Considering Alphaville’s sale to
Blackstone and Pátria, 2013 operational
goals established in the beginning of
2013 remain unchanged
▲ The Company will provide guidance to
reflect changes in accounting criteria in
a timely manner
