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FOR IMMEDIATE RELEASE - São Paulo, March 8, 2018 – Gafisa S.A. (B3: GFSA3; NYSE: GFA), one of Brazil’s leading homebuilders, today reports its financial results for the fourth quarter and fiscal year ended December 31, 2017.

                Net pre-sales, reflecting the factors mentioned above, decreased 11.7% in 2017, to R$720.2 million. In 4Q17, net pre-sales came to R$121.9 million, 65.7% and 65.8% lower than in 3Q17 and 4Q16, respectively. On the other hand, efficient inventory sales and reasonable launches resulted in 0.5 p.p. growth in the 12-month SoS, which ended 2017 at 32.0%. SoS in 4Q17 was 7.4%, reflecting the lower level of launches.

Net revenue in 2017 was down 33.5% to R$608.8 million. Net pre-sales concentrated in more recent projects with slower work evolution impedes a faster recovery of revenues. In 4Q17, net revenue came to R$164.7 million, in line with R$160.3 million in 3Q17, but 37.6% lower than in 4Q16.

Another effect of sales concentrated in more recent projects is evidenced in deferred income, which totaled R$215.8 million in 4Q17 with 34.8% margin, similar to 3Q17 and 13.0% higher than in 4Q16. 

General and administrative expenses totaled R$92.7 million 2017, down 13.0% year-on-year and 20.3% considering the average of the last four years, as a result of the Company’s efforts to increase operations’ efficiency and productivity. In 4Q17, general and administrative expenses totaled R$24.2 million. Selling expenses also decreased 7.8% year-on-year to R$87.6 million. In 4Q17, expenses went down 26.6% to R$24.4 million and increased 6.4% from 3Q17.

Accounting adjustments were recorded in 4Q17 which impacted the period’s results. The first adjustment was due to the goodwill impairment test to remeasure the 30% stake in Alphaville, yearly carried out based on the future profitability estimate or when circumstances indicate impairment loss, which identified the need of recognizing a provision for losses of R$127.4 million which, together with the negative result of R$186.9 million in the equity in this investment, totaled an impact of R$314.million in 2017. The second was pricing adjustments of inventory units, which were being sold below the accounting value due to the unfavorable conditions in the real estate market, in addition to certain land areas totaling R$147.3 million.

Thus, Gafisa’s net loss in 2017 totaled R$849.9 million and R$462.6 million in 4Q17. Excluding the effects mentioned above and Alphaville’s equity income, Gafisa’s net loss in 2017 was R$486.4 million and R$125.3 million in 4Q17.

In regards to liquidity and cash management, the operating cash flow totaled R$321.8 million in 2017, with net cash generation of R$104.2 million, excluding the inflow of funds from Tenda transaction. In 4Q17, the operating cash generation totaled R$31.8 million.

Gafisa ended 2017 with a net debt of R$958.0 million, down 30.9% from 2016. Leverage, measured by the net debt to shareholders’ equity ratio was up to 126.1% in 2017, mainly impacted by impairments and equity results in Alphaville, inventories, and land. Excluding project finance, the net debt to shareholders’ equity ratio was 29.5%.

The end of cycle referring to the strategic planning executed over the past four years, comprising the organizational restructuring, the divestment in Alphaville and the separation from Tenda, combined with capital increase completed in 2018, position Gafisa more comfortably for an eventual recovery of the Brazilian real estate market.

Sandro Gamba

CEO

OPERATIONAL RESULTS

Table 1. Operational Performance (R$ 000)

The single launch in the quarter was Moov Estação Brás (São Paulo/SP), a project with total PSV of R$90.1 million. In 2017, launches totaled R$554.0 million in PSV, divided into five projects, four in São Paulo and one in Curitiba (the third phase of Parque Ecoville). Sales of projects launched in 2017 reached 50.0% until December 2017, validating Gafisa’s decision-making process and commercialization of new products.

Table 2. Launches (R$ 000)

Net Pre-Sales

Reduced launches impacted gross sales in 4Q17, which were 50.5% and 52.4% lower than in 3Q17 and 4Q16, respectively, and totaled R$217.0 million. Dissolutions dropped 4.6% from 4Q16, even so, they were up 13.1% from 3Q17, evidencing that there are still uncertainties in the sector. As a result, net pre-sales reached R$121.9 million, decreasing 65.7% and 65.8% compared to 3Q17 and 4Q16, respectively.

In 2017, gross sales totaled R$1,132 million, 14.2% lower than in 2016, reflecting Gafisa’s strategy of concentrating on inventory sales, with only precise and sensible launches. Dissolutions followed the lower volume of deliveries and fell 19.1% to R$411.7 million in 2017. Thus, net sales were 11.1% lower than in 2016 and totaled R$720.2 million.

The projects launched prior to 2017 accounted for 61.4% of net sales in 2017, according to the strategy already mentioned. Among the sale of these remaining projects, 80.6% were projects launched by the end of 2015, improving our inventory profile. Dissolutions, in turn, were higher in projects launched until 2014, where work has progressed further, with consequent impact on revenue recognition and margin composition.                                                                                                                  

Sales over Supply (SoS)

The reduced number of launches impacted quarterly SoS which was 7.3% in 4Q17, and SoS accumulated in twelve months, which reached 32.0%, 5.6 p.p. lower than in 3Q17. On the other hand, the 0.5 p.p. SoS growth in the last 12 months between 4Q17 and 4Q16 reflects the efficient inventory sale and Gafisa’s assertive launches in 2017.

Inventory (Property for Sale)

                The inventory at market value reached R$1,531.6 million at the end of 4Q17, 3.1% lower than in 3Q17. Compared to 2016, inventory decreased 13.0%, more significantly representing the strategy of focusing on the sale of inventories with reduced number of launches.

Table 3. Inventory at Market Value 4Q17 x 3Q17 (R$ thousand)

¹ Adjustments reflect the updates related to the project scope, launch date and pricing update in the period.

Gafisa continues to maintain a commercial balance between launches and finished units. The inventory of finished units fell from R$507.2 million (32.1% of total inventory) in 3Q17 to R$473.5 million in 4Q17 (30.9% of total). Compared to 2016, this decrease was sharper and reached 20.1%.

The inventory of projects outside the strategic markets, of R$61.3 million, represents 4.0% of the total inventory, of which 59.3% are finished units.

Of the total inventory completed, 60.8% are commercial projects. This proportion is due to lower sales speed in this segment, where liquidity is still relatively lower.

Table 4 – Inventory at Market Value - Work Status – POC - (R$ 000)

Delivered Projects and Transfer

The Company delivered 293 units in 4Q17, all in project Barra Viva, with PSV of R$41.2 million. In 2017, deliveries totaled 2,182 units and R$861.3 million. Currently, Gafisa manages the construction of 20 projects, all of which are on schedule according to the Company’s business plan.

Table 5 – Delivered Projects

Over the past few years, the Company has been taking steps to improve the performance of its receivables/transfer process, in an attempt to achieve higher rates of return on capital employed. Currently, the Company’s strategy is to transfer 90% of eligible units in a 90-day period after the delivery of the project. In accordance with this policy, transfers in 4Q17 totaled R$74.8 million, 45.2% lower than in 4Q16 and 40.4% lower than in 3Q17, due to a reduced number of deliveries in the period. In the last 12 months, transfers totaled R$441.2 million in 2017 and for the same reason were 40.4% lower than the same period in in 2016.

Table 6 – Transfer

1) PSV refers to the potential sales value of the units transferred to financial institutions;

2) PSV = Potential sales value of delivered units.

Landbank

The Company’s landbank, with a PSV of R$4.3 billion, represents 36 potential projects/phases or nearly 8 thousand units. About 60% of the total land was acquired through swaps, being the largest portion located in Rio de Janeiro. In 4Q17, the Company acquired two new areas of land in São Paulo, as swap, with potential PSV of R$136.6 million.

Table 7 - Landbank (R$ 000)

1) The swap percentage is measured compared to the historical cost of land acquisition.

2) Potential units are net of swaps and refer to the Gafisa’s and/or its partners’ stake in the project.

Table 8 - Changes in the Landbank (4Q17 x 3Q17 - R$ 000)

FINANCIAL RESULTS

Revenue

Net revenues in 2017 totaled R$608.8 million, down 33.5% from 2016. In 4Q17 net revenues totaled R$164.7 million, up 2.7% from 3Q17 and down 37.6% from 4Q16. Revenue recognition is affected by the mix of net sales in the period, with sales concentrated in the most recent launches, with small percentage of completed work and, consequently, lower revenue recognition. Dissolutions are still materially impacting the Company’s revenues.

Table 9 – Revenue Recognition (R$ 000)

Gross Profit & Margin

Adjusted gross profit and margin in the 4Q17 were impacted by provisions totaling R$147.5 million due to pricing adjustments to certain land areas and inventory units, which were sold below the accounting value. Thus, Gafisa recognized a gross loss of R$170.7 million in the quarter, accumulating a gross loss of R$209.9 million in 2017. Excluding these adjustments, the recurring adjusted gross profit would reach R$2.0 million in 4Q17 and would end the year at R$53.9 million. The recurring adjusted gross margin would be 1.2% in 4Q17 and 8.9% in 2017.

Details of Gafisa's gross margin breakdown in 4Q17 are presented below.

Table 10 – Gross Margin (R$ 000)

      1) Adjusted by capitalized interests.

Selling, General and Administrative Expenses (SG&A)

In our efforts towards greater efficiency, in 2017, we adopted a new and more balanced operational structure design. This redesign showed positive results, allowing costs and expenses reductions and placing us in a competitive position, with greater efficiency and speed, for a potential new development cycle of the Brazilian real estate market.

In 4Q17, the selling, general and administrative expenses (SG&A) totaled R$48.6 million, 9.5% up from 3Q17 and 26.2% down from 4Q16. In the year to date, the SG&A totaled R$180.3 million, 10.5% down from the same period in 2016.

General and administrative expenses totaled R$24.2 million, down 25.7% from 4Q16. The 12.7% increase compared to 3Q17 reflects IT licenses’ renewals and results sharing provision. The annual reduction reached 13.0%.

Selling expenses totaled R$24.4 million, a 6.4% increase from the 3Q17. In comparison to 4Q16, selling expenses went down 26.6%, mainly due to a reduced volume of launches. In 2017, the decrease was 7.8%, effect of lower sales volume in the period.

Table 11 – SG&A Expenses (R$ 000)

The Other Operating Revenues/Expenses totaled R$150.3 million impacted by Alphaville's impairment and higher expenses with lawsuits, due to arbitrage processes.

The table below contains more details on the breakdown of this expense.

Table 12 – Other Operating Revenues/Expenses (R$ 000)

Adjusted EBITDA

The recurring EBITDA (excluding the pricing adjustments to inventories and land) was negative R$249.0 million in 2017, compared with negative R$83.5 million in 2016. In 4Q17, adjusted EBITDA according to the same criterion was negative R$92.4 million.    

It is worth noting that Gafisa's adjusted EBITDA does not consider the impacts of the income from discontinued operations (Tenda) and of Alphaville’s equity income.  

Table 13 – Adjusted EBITDA (R$ 000)

1) Sale of Tenda shares;

2) Adjusted by expense with stock option plan (non-cash) and minority shareholders. EBITDA does not consider Alphaville's equity income.

Financial Results

In the 4Q17, financial results totaled R$6.0 million, 8.3% lower than in 3Q17 and 39.1% lower than in 4Q16, reflecting the lower cash balance in the period and the interest rate drop incurring on this balance. Financial expenses reached R$30.3 million, compared to the R$27.7 million in 3Q17 and R$25.5 million in 4Q16, mainly, reflecting the financial expenses related to the issue of debentures in the period.

Therefore, the net financial result was negative R$24.2 million in the 4Q17, compared to the negative net financial results of R$21.1 million in the 3Q17 and R$15.6 million in the 4Q16. The accumulated net financial result was R$107.3 million negative in 2017.

Taxes

In the 4Q17, the income tax and social contribution line was positive at R$24.8 million, reflecting the tax credit of R$25.0 million deriving from the impairment of goodwill recorded in Alphaville. For this same reason, provision for income tax and social contribution was R$23.1 million positive in 2017.

Net Income

As a result of the effects previously discussed, the net income in the 4Q17, excluding the results of the Alphaville’s equity income and the adjustments to the inventory and land pricing and goodwill of interest in Alphaville, was negative R$125.3 million, compared to a net loss of R$100.6 million in 3Q17 and R$134.1 million in 4Q16. In the year to date, the recurring adjusted net loss was R$486.4 million.

Table 14 – Net Income (R$ 000)

1) Adjusted by capitalized interests;

2) Adjusted by note 1, by expense with stock option plan (non-cash) and minority shareholders. EBITDA does not consider Alphaville's equity income;

3) Sale of Tenda shares;

4) Adjusted by item 3.

Backlog of Revenues and Results

The backlog of results to be recognized under the PoC method totaled R$215.8 million at the end of 4Q17, with margin to be recognized of 34.8%, same level of the previous quarter. The backlog performance reflects the good execution of the launches in 2017, signaling a positive outlook for revenue volume and gross profit in the next periods.

Table 15 – Backlog Results (REF) (R$ 000)

1) Backlog results net of PIS/COFINS taxes (3.65%) and excluding the impact of PVA (Present Value Adjustment) method according to Law 11.638.

2) Backlog results comprise the projects restricted by condition precedent.

BALANCE SHEET

Cash and Cash Equivalents and Marketable Securities

On December 31, 2017, cash and cash equivalents and marketable securities totaled R$147.5 million, down 5.8% from September 30, 2017.

Receivables

At the end of 4Q17, total accounts receivable totaled R$1.3 billion, a 6.5% decrease compared to R$1.4 billion in 3Q17. Currently, the Company has approximately R$351.8 million in accounts receivable from finished units.

Table 16 – Total Receivables (R$ 000)

Notes: ST – Short term | LT- Long term | PoC – Percentage of Completion Method.

Receivables from developments: accounts receivable not yet recognized according to PoC and BRGAAP

Receivables from PoC: accounts receivable already recognized according to PoC and BRGAAP.

Table 17 – Receivables Schedule (R$ 000)

Cash Generation

The operating cash generation totaled R$32.0 million in the 4Q17, lower than the R$93.0 million generated in 3Q17, mainly due to the lower number of delivered projects and consequent reduction in transfers and higher construction cost due to the start of construction works in certain projects. In the year to date, excluding the inflow of funds deriving from Tenda operation, the operating cash flows totaled R$321.8 million, with a net cash generation of R$103.5 million.

Table 18 – Cash Generation (R$ 000)

    1) Cash and cash equivalentes and marketable securities.

Liquidity

At the end of the 4Q17, the Company’s Net Debt/Shareholders’ Equity ratio was 126.1%, reflecting the quarterly adjustments and accumulated losses over the last periods, higher than the debt reduction. Excluding project finance, the Net Debt/Shareholders’ Equity ratio was 29.5%.

It is worth mentioning that, in December 2017, Gafisa paid to Caixa Economica Federal the last installment of the 7^th Issuance of Debentures, totaling R$157.5 million, including principal and interest. The funds partially derived from the anticipated refund referring to Tenda’s capital reduction.

In the 4Q17, the gross debt reached R$1.1 billion, down 9.4% q-o-q and and withnexpressive reduction of 32.5% y-o-y. The net debt amounted to R$958 million, 9.9% lower than in 3Q7.

On February 28, 2018, Gafisa’s Board of Directors ratified the capital increase approved at the Extraordinary Shareholders’ Meeting held in December 2017. This capital increase totaling R$250.8 million, contributed to adjust the Company’s capital structure and strengthen its operational positioning to this new cycle of the Brazilian real estate market. 

Table 19 – Debt and Investor Obligations (R$ 000)

1) Cash and cash equivalents and marketable securities.

The Company ended 4Q17 with R$569.3 million in total debt maturing in the short term, or 51.5% of the total debt, compared to 48.7% at the end of 3Q17. We point out that Gafisa renegotiated the maturity of debts expiring in 2018 and 2019 in the approximate amount of R$456.3 million for 2020 and 2021, which was condition precedent to the capital increase mentioned above. The new debt profile can be viewed in the 1Q18 earnings results release. On December 31, 2017, the consolidated average cost of debt was 11.65% p.a..

Table 20 – Debt Maturity

SUBSEQUENT EVENT

Capital Increase

On December 20, 2017, the Extraordinary Shareholders’ Meeting approved the Company’s capital increase, by means of the issue, for private subscription of, at least, 13,333,334 shares (R$200,000,010.00) and, at most, twenty million (20,000,000) new non-par, book-entry, registered, common shares, considering (i) the term to exercise the preemptive right, (ii) the two periods to subscribe to unsubscribed shares and (iii) the cancellations of preemptive rights; the Board of Directors, in a meeting held on February 28, 2018, ratified the partial capital increase, so that the Company’s capital stock will total R$2,521,318,365.26, divided into 44,757,914 non-par, book-entry, registered, common shares, and total subscription, including the amount allocated to the capital reserve reached R$250,766,280.00.

São Paulo, March 07, 2018.

Alphaville Urbanismo SA releases its results for the fiscal year of 2017.

In 2017, net revenues were R$ 108 million and the net income was R$-764 million.

For further information, please contact our Investor Relations team at ri@alphaville.com.br or +55 11 3038-7131.

Impairment

In 2017, the Company’s impairment test of the goodwill on the acquisition and reassessment of investment in Alphaville resulted in the recognition of an impairment provision of R$127.4 million.

The Company assessed the recovery of goodwill adopting the concept of “value in use”, using a discounted cash flows model, which involves the use of cash flows assumptions, judgments and estimates. These assumptions are based on the business plan approved by Management and on market comparable data. The main assumptions adopted were: a) revenues – projected between 2018 and 2022 considering sales growth, work progress and customer base; b) operating costs and expenses projected in line with historical performance and historical growth of revenues; c) discount rate – 14.70% (nominal), d) growth rate used to extrapolate cash flow projections – 6.8% and e) perpetuity – 4.1% p.a. growth corresponding to the estimate of long-term inflation projected by the Brazilian Central Bank.

It is also worth mentioning that due to the negative shareholders’ equity of Alphaville at the end of 2017, the Company reduced to zero the accounting balance of its 30% stake in Alphaville, which accordingly, implies the end of future consolidation of losses into Gafisa due to Alphaville’s results by means of equity income. From now on, only Alphaville’s positive results in the future may favorably impact Gafisa’s results, except for any potential impairment of this investment.

Consolidated Financial Statements

Consolidated Balance Sheet

Cash Flow