Gafisa S.A 6-K, filed Dec 18, 2020

Gafisa S.A. (GFASY)

6-K 2020-12-18 For: 2020-09-30

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Added on April 06, 2026

About this 6-K

Gafisa S.A filed this 6-K on December 18, 2020.

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Company data

Capital Composition		3

Individual financial statements

Balance sheet - Assets		4

Balance sheet - Liabilities		5

Statement of income		6

Statement of comprehensive income (loss)		7

Statement of cash flow		8

Statements of changes in equity

01/01/2020 to 09/30/2020		9

01/01/2019 to 09/30/2019		10

Statement of value added		11

Consolidated financial statements

Balance sheet - Assets		12

Balance sheet - Liabilities		13

Statement of income		15

Statement of comprehensive income (loss)		16

Statement of cash flow		17

Statements of changes in equity

01/01/2020 to 09/30/2020		18

01/01/2019 to 09/30/2019		19

Statement of value added		20

Comments on performance		21

Notes to the quartely information		43

Other information deemed relevant by the Company		74

Reports and statements

Independent auditors' report on the review of the quarterly information		77
		80
Management statement of interim financial information

Management statement on the report n review of interim financial information		81

Number of Shares	CURRENT QUARTER
(in thousands)	09/30/2020
Paid-in Capital
Common	290,732
Preferred	0
Total	290,732
Treasury shares
Common	342
Preferred	0
Total	342

CODE	DESCRIPTION	ACTUAL QUARTER 9/30/2020	PRIOR YEAR 12/31/2019
1	Total Assets	2,954,304	2,504,512
1.01	Current Assets	1,652,693	1,334,900
1.01.01	Cash and cash equivalents	43	810
1.01.01.01	Cash and banks	43	810
1.01.02	Short-term investments	619,025	401,243
1.01.02.01	Fair value of short-term investments	619,025	401,243
1.01.03	Accounts receivable	340,903	361,649
1.01.03.01	Trade accounts receivable	340,903	361,649
1.01.03.01.01	Receivables from clients of developments	304,312	347,158
1.01.03.01.02	Receivables from clients of construction and services rendered	36,591	14,491
1.01.04	Inventories	528,437	490,419
1.01.04.01	Properties for sale	528,437	490,419
1.01.07	Prepaid expenses	416	1,227
1.01.07.01	Prepaid expenses and others	416	1,227
1.01.08	Other current assets	162,869	79,552
1.01.08.01	Non current assets held for sale	3,709	3,709
1.01.08.03	Others	159,160	75,843
1.01.08.03.01	Other assets	65,760	52,455
1.01.08.03.03	Receivables from related parties	93,400	23,388
1.02	Non current assets	1,302,611	1,169,612
1.02.01	Non current assets	348,567	469,268
1.02.01.04	Accounts receivable	73,142	98,368
1.02.01.04.01	Receivables from clients of developments	73,142	98,368
1.02.01.05	Inventories	116,194	230,049
1.02.01.05.01	Properties for sale	116,194	230,049
1.02.01.10	Others non current assets	159,231	140,851
1.02.01.10.03	Other assets	118,160	107,435
1.02.01.10.04	Receivables from related parties	41,071	33,416
1.02.02	Investments	942,229	681,645
1.02.02.01	Investments	942,229	681,645
1.02.03	Property and equipment	6,805	12,147
1.02.03.01	Operation property and equipment	6,805	12,147
1.02.04	Intangible assets	5,010	6,552
1.02.04.01	Intangible assets	5,010	6,552


CODE	DESCRIPTION	ACTUAL QUARTER 9/30/2020	PRIOR YEAR 12/31/2019
2	Total Liabilities	2,954,304	2,504,512
2.01	Current liabilities	1,153,854	1,237,207
2.01.01	Social and labor obligations	10,342	11,963
2.01.01.02	Labor obligations	10,342	11,963
2.01.02	Suppliers	65,995	79,106
2.01.03	Tax obligations	62,217	58,556
2.01.03.01	Federal tax obligations	62,217	58,556
2.01.04	Loans and financing	427,681	541,826
2.01.04.01	Loans and financing	300,534	383,647
2.01.04.01.01	Loans and financing in local currency	300,534	383,647
2.01.04.02	Debentures	127,147	158,179
2.01.05	Other obligations	396,987	406,133
2.01.05.01	Payables to related parties	186,301	191,364
2.01.05.02	Others	210,686	214,769
2.01.05.02.04	Obligations for purchase of properties and advances from customers	66,660	89,825
2.01.05.02.06	Other payables	132,183	110,189
2.01.05.02.07	Obligations assumed on the assignment of receivables	11,843	14,755
2.01.06	Provisions	190,632	139,623
2.01.06.01	Tax, labor and civil lawsuits	190,632	139,623
2.01.06.01.01	Tax lawsuits	44	1,995
2.01.06.01.02	Labor lawsuits	25,096	30,699
2.01.06.01.04	Civil lawsuits	165,492	106,929
2.02	Non current liabilities	290,826	373,597
2.02.01	Loans and financing	145,698	146,375
2.02.01.01	Loans and financing	120,118	107,029
2.02.01.01.01	Loans and financing in local currency	120,118	107,029
2.02.01.02	Debentures	25,580	39,346
2.02.02	Other liabilities	55,788	91,250
2.02.02.02	Others	55,788	91,250
2.02.02.02.03	Obligations for purchase of properties and advances from customers	40,692	68,515
2.02.02.02.04	Other liabilities	4,484	6,272
2.02.02.02.06	Obligations assumed on the assignment of receivables	10,612	16,463
2.02.03	Deferred taxes	12,114	12,114
2.02.03.01	Deferred income tax and social contribution	12,114	12,114
2.02.04	Provisions	77,226	123,858
2.02.04.01	Tax, labor and civel lawsuits	77,226	123,858
2.02.04.01.01	Tax lawsuits	1	687
2.02.04.01.02	Tax and labor lawsuits	4,478	3,149
2.02.04.01.04	Civil lawsuits	72,747	120,022
2.03	Equity	1,509,624	893,708
2.03.01	Capital	1,041,248	2,926,280
2.03.02	Capital Reserves	335,162	294,094
2.03.02.05	Treasury shares	(2,634)	(43,517)
2.03.02.07	Constitution of capital reserve	250,599	250,599
2.03.02.09	Reserve for granting stock options	87,197	87,012
2.03.05	Retained earnings/accumulated losses	133,214	(2,326,666)

CODE	DESCRIPTION	ACTUAL QUARTER 07/01/2020 to 09/30/2020	YEAR TO DATE 01/01/2020 to 09/30/2020	SAME QUARTER FROM PREVIOUS YEAR 07/01/2019 to 09/30/2019	YEAR TO DATE FROM PREVIOUS YEAR 01/01/2019 to 09/30/2019
3.01	Gross Sales and/or Services	96,026	215,419	69,329	235,665
3.01.01	Revenue from real estate development	105,150	235,487	75,946	256,393
3.01.03	Taxes on real estate sales and services	(9,124)	(20,068)	(6,617)	(21,728)
3.02	Cost of sales and/or services	(71,322)	(157,819)	(41,009)	(162,614)
3.02.01	Cost of real estate development	(71,322)	(157,819)	(41,009)	(162,614)
3.03	Gross profit	24,704	57,600	28,320	73,051
3.04	Operating expenses/income	(52,607)	(122,562)	(7,206)	(86,612)
3.04.01	Selling expenses	(2,022)	(6,158)	(1,633)	(9,585)
3.04.02	General and administrative expenses	(19,543)	(51,136)	(11,053)	(26,136)
3.04.05	Other operating expenses	(26,394)	(61,608)	(2,607)	(55,877)
3.04.05.01	Depreciation and amortization	(1,610)	(5,373)	(2,848)	(10,625)
3.04.05.02	Other operating expenses	(24,784)	(56,235)	178	(45,252)
3.04.06	Income from equity method investments	(4,648)	(3,660)	8,150	(4,986)
3.05	Income (loss) before financial results and income taxes	(27,903)	(64,962)	21,114	(13,561)
3.06	Financial	(28,590)	(40,538)	(22,782)	(47,185)
3.06.02	Financial expenses, net	(28,590)	(40,538)	(22,782)	(47,185)
3.06.02.01	Financial expenses, net	(28,590)	(40,538)	(22,782)	(47,185)
3.07	Income before income taxes	(56,493)	(105,500)	(1,668)	(60,746)
3.09	Income (loss) from continuing operation	(56,493)	(105,500)	(1,668)	(60,746)
3.11	Income (loss) for the period	(56,493)	(105,500)	(1,668)	(60,746)
3.99	Earnings per Share – (Reais / Share)	-	-	-	-
3.99.01	Basic Earnings per Share	-	-	-	-
3.99.01.01	ON	(0,39011)	(0,72852)	(0,03189)	(1,16151)
3.99.02	Diluted Earnings per Share	-	-	-	-
3.99.02.01	ON	(0,39011)	(0,72852)	(0,03189)	(1,16151)

CODE	DESCRIPTION	ACTUAL QUARTER 0701/2020 to 09/30/2020	YEAR TO DATE 01/01/2020 to 09/30/2020	SAME QUARTER FROM PREVIOUS YEAR 07/01/2019 to 09/30/2019	YEAR TO DATE FROM PREVIOUS YEAR 01/01/2019 to 09/30/2019
4.01	Income (loss) for the period	(56,493)	(105,500)	(1,668)	(60,746)
4.03	Comprehensive income (loss) for the period	(56,493)	(105,500)	(1,668)	(60,746)

CODE	DESCRIPTION	Capital	Capital reserves, stock options and treasury shares	Profit reserves	Retained earnings	Other comprehensive income	Total Equity
5.01	Opening balance	2,926,280	294,094	-	(2,326,666)	-	893,708
5.03	Opening adjusted balance	2,926,280	294,094	-	(2,326,666)	-	893,708
5.04	Capital transactions with shareholders	(1,885,032)	41,068	-	2,565,380	-	721,416
5.04.01	Capital increase	700,001	-	-	-	-	700,001
5.04.03	Stock option plan	-	184	-	-	-	184
5.04.05	Treasury shares sold	-	40,884	-	(19,635)	-	21,231
5.04.08	Capital reduction	(2,585,033)	-	-	2,585,033	-	-
5.05	Total of comprehensive income (loss)	-	-	-	(105,500)	-	(105,500)
5.05.01	Net income (loss) for the period	-	-	-	(105,500)	-	(105,500)
5.07	Closing balance	1,041,248	355,162	-	133,214	-	1,509,624

CONSOLIDATED FINANCIAL STATEMENTS - CASH FLOWS - INDIRECT METHOD - (in thousands of Brazilian Reais)
CODE	DESCRIPTION	YEAR TO DATE 01/01/2020 to 09/30/2020	YEAR TO DATE FROM PREVIOUS YEAR 01/01/2019 to 09/30/2019
6.01	Net cash from operating activities	(218,444)	68,098
6.01.01	Cash generated in the operations	6,005	(47,507)
6.01.01.01	Income (loss) before income and social contribution taxes	(102,681)	(59,404)
6.01.01.02	Income from equity method investments	4,383	(2,089)
6.01.01.03	Stock options expenses	(362)	(2,698)
6.01.01.04	Unrealized interest and finance charges, net	2,130	4,302
6.01.01.06	Depreciation and amortization	5,984	11,739
6.01.01.07	Provision for legal claims	52,708	45,885
6.01.01.08	Provision for profit sharing	6,194	500
6.01.01.09	Warranty provision	1,102	(3,918)
6.01.01.11	Allowance for doubtful accounts	34,197	(17,116)
6.01.01.12	Provision for realization of non-financial assets - properties for sale	(1,044)	(28,221)
6.01.01.13	Provision for penalties due to delay in construction works	3.394	754
6.01.01.15	Payable for sale of shares	0	2,759
6.01.02	Variation in assets and liabilities	(224,449)	115,605
6.01.02.01	Trade accounts receivable	(83,182)	127,949
6.01.02.02	Properties for sale	(27,289)	145,244
6.01.02.03	Other accounts receivable	(88,096)	(35,981)
6.01.02.04	Prepaid expenses	815	509
6.01.02.05	Obligations for purchase of properties and adv. from customers	(32,744)	(56,461)
6.01.02.06	Taxes and contributions	7,794	7,610
6.01.02.07	Suppliers	33,726	(2,189)
6.01.02.08	Salaries and payable charges	(7,721)	(12,366)
6.01.02.09	Transactions with related parties	47,135	26,045
6.01.02.10	Other obligations	(71,268)	(93,534)
6.01.02.11	Income tax and social contribution payable	(3,619)	(1,221)
6.02	Net cash from investing activities	(228,193)	(280,902)
6.02.01	Purchase of property and equipment and intangible assets	(4,618)	(4,361)
6.02.03	Redemption of short-term investments	(287,594)	50,445
6.02.04	Purchase of short-term investments	(511,169)	(326,986)
6.03	Net cash from financing activities	(439,392)	193,319
6.03.01	Capital increase	477,900	132,266
6.03.02	Increase in loans, financing and debentures	310,900	89,672
6.03.03	Payment of loans, financing and debentures	(359,646)	(232,561)
6.03.06	Loan transactions with related parties	(9,013)	(10,117)
6.03.08	Disposal of treasury shares	0	148
6.03.09	Result of the disposal of treasury shares	19,251	6,984
6.03.12	Constitution of reserves	0	206,927
6.04	Foreign Exchange Gains and Losses on Cash and Cash Equivalents	1,515	0
6.05	Net increase (decrease) of cash and cash equivalents	(5,730)	(19,485)
6.05.01	Cash and cash equivalents at the beginning of the period	12,435	32,304
6.05.02	Cash and cash equivalents at the end of the period	6,705	12,819

CONSOLIDATED STATEMENT OF VALUE ADDED (in thousands of Brazilian Reais)
CODE	DESCRIPTION	YEAR TO DATE 01/01/2020 to 09/30/2020	YEAR TO DATE FROM PREVIOUS YEAR 01/01/2019 to 09/30/2019
7.01	Revenues	327,637	307,534
7.01.01	Real estate development, sales and services	361,834	290,418
7.01.04	Allowance for doubtful accounts	(34,197)	17,116
7.02	Inputs acquired from third parties	(293,587)	(229,328)
7.02.01	Cost of Sales and/or Services	(211,240)	(172,414)
7.02.02	Materials, energy, outsourced labor and other	(82,347)	(56,914)
7.03	Gross value added	34,050	78,206
7.04	Retentions	(5,984)	(11,739)
7.04.01	Depreciation and amortization	(5,984)	(11,739)
7.05	Net value added produced by the Company	28,066	66,467
7.06	Value added received on transfer	18,195	14,052
7.06.01	Income from equity method investments	(4,383)	2,089
7.06.02	Financial income	22,587	11,963
7.07	Total value added to be distributed	46,261	80,519
7.08	Value added distribution	46,261	80,519
7.08.01	Personnel and payroll charges	29,807	23,717
7.08.01.01	Direct remuneration	29,807	23,717
7.08.02	Taxes and contributions	33,089	30,022
7.08.02.01	Federal	33,089	30,022
7.08.03	Compensation – Interest	88,865	87,526
7.08.03.01	Interest	88,865	84,295
7.08.03.02	Rent	2,181	3,231
7.08.04	Compensation – Company capital	(105,500)	(60,746)
7.08.04.03	Net income (Retained losses)	(105,500)	(60,746)

	3Q20	2Q20	Q/Q (%)	3Q19	A/A (%)	9M20	9M19	Y/Y (%)
Launches	263,789	-	-	-	-	263,789	-	-
Gross sales	143,878	41,383	247.7%	39,963	260.0%	185,260	219,127	(15.5%)
Dissolutions	(26,224)	(21,543)	21.7%	(10,210)	156.8%	(47,767)	(83,245)	(42.6%)
Net Sales	117,654	19,840	493.0%	29,753	295.4%	137,494	135,881	1.2%
Speed of Sales (SoS)	10.57%	2.39%	8.2 p.p.	3.00%	7.6 p.p.	12.13%	11.60%	0.5 p.p.
Delivered PSV	140,255	543,720	(74.2%)	-	-	683,975	171,648	298.5%

	Inventories 2Q20	Launches	Dissolutions		Gross Sales	UPCON		Adjustments				Inventories 3Q20	% Q/Q

São Paulo	686,125	45,553	22,749	(132,434)			215,563		4,193		841,749		22.7%
Rio de Janeiro	120,572	-	3,021	(5,134)			-		5,225		123,684		2.6%
Other markets	35,032	-	454	(6,310)			-		1,256		30,433		-13.1%
Total	841,729	-	26,224	(143,878)			215,563			10,675	995,866		18.3%

	Not initiated	Up to 30% built	30% to 70% built	More than 70% built	Finished units	Total 3Q20
	Not initiated	Up to 30% built	30% to 70% built	More than 70% built	Finished units	Total 3Q20
São Paulo	129,376	72,461	229,018	168,826	242,069	841,749
Rio de Janeiro	-	-	-	-	123,684	123,684
Other markets	-	-	-	8,599	21,834	30,433
Total	129,376	72,461	229,018	177,425	387,587	995,866

	Residential	Comercial	Total
SP	723,513	118,236	841,749
RJ	15,641	108,043	123,684
Others	30,433	-	30,433
Total	769,587	226,279	995,866

Project	Delivery date	Launch date	Location	% share	Units 100% (Ex. swap units)	PSV % R$000
Vila Rica	feb/20	2016	Santos/SP	50%	69	65,168
Total 1Q20					69	65,168
Moov Estação Vila Prudente	abr/20	ago/16	São Paulo	100%	150	72,097
Gafisa Like Alto da Boa Vista	mai/20	ago/16	São Paulo	100%	220	158,676
Gafisa Square Ipiranga	mai/20	out/16	São Paulo	100%	224	263,490
Marquês 2900	mai/20	dez/16	São Paulo	50%	112	49,455
Total 2Q20					706	543,719
Moov Freguesia	ago/20	set/16	São Paulo	100%	307	91,893
Uplife Interlagos	ago/20	mai/15	São Paulo	100%	114	48,361
Total 3Q20					421	140,255
Total 2020					1,196	749,142

	PSV¹ (%Cia.)	% Swap Total	% Swap Units	%Swap Finan.	Potential Units (%Cia.)	Potential Units (100%)
	PSV¹ (%Cia.)	% Swap Total	% Swap Units	%Swap Finan.	Potential Units (%Cia.)	Potential Units (100%)
São Paulo	2,901,083	38.7%	32.5%	6.2%	6,111	6,339
Rio de Janeiro	1,282,715	72.2%	72.2%	0.0%	1,641	1,895
Others	593,614	38.1%	38.1%	0.0%	1,089	1,366
Total	4,777,412	48.6%	44.6%	4.0%	8,840	9,599

	Initial Landbank	Land Acquisition	Launches	Dissolutions	UPCON	Adj.	Final Landbank
	Initial Landbank	Land Acquisition	Launches	Dissolutions	UPCON	Adj.	Final Landbank
São Paulo	2,015,053	255,265	45,553	(232,755)	879,345	(61,378)	2,901,083
Rio de Janeiro	1,282,715	-	-	-	-	-	1,282,715
Others	593,614	-	-	-	-	-	593,614
Total	3,891,382	255,265	45,553	(232,755)	879,345	(61,378)	4,777,412

	3Q20	2Q20	Q/Q(%)	3Q19	Y/Y (%)
Receivables from developments - backlog	302,220	318,095	-5%	482,721	-37%
Receivables PoC - ST (on balance sheet)	544,147	445,811	22%	409,212	33%
Receivables PoC - LT (on balance sheet)	86,843	93,529	-7%	119,765	-27%
Total	933,210	857,435	9%	1,011,698	-8%

	Total	2020	2021	2022	2023	2024 – Onwards
Receivables Backlog	302,222	106,367	105,594	76,631	3,690	9,940
Receivables PoC	630,990	260,387	360,332	5,334	1,310	3,627
Total	933,212	366,754	465,926	81,965	5,000	13,567

	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20
Cash ¹	63,068	182,817	394,216	414,330	363,337	570,156	630,660
Change in Cash Available (1)	(74,092)	119,749	211,399	20,114	(50,993)	206,819	60,504
Total Debt	790,172	770,715	750,826	730,678	710,169	673,649	745,499
Change in Total Debt (2)	(99,241)	(19,457)	(19,889)	(20,148)	(20,509)	(36,520)	71,850
Capital Increase (3)	-	132,265	206,927	65,768	-	259,729	218,171
Cash Generation in the Period (1) - (2) - (3)	25,149	6,941	24,361	(25,506)	(30,484)	(16,390)	(229,517)
Final Accumulated Cash Generation ²	25,149	32,090	56,451	30,945	461	(15,929)	(245,446)

	Average cost (a.a.)	Total	Until Dec/20	Until Dec/21	Until Dec/22	Until Dec/23	After Dec/23
Housing Financial System - SFH	TR + 7,00% a 14,20%	259,432	187,455	-	-	-	71,977
Real Estate Financial System - SFI	Pre +13,66% / 143% CDI	126,340	519	77,298	7,800	7,800	32,923
Debentures (Projects)	CDI + 3% / CDI + 3,75% / CDI + 5,00% / CDI + 6,00%	172,578	73,669	8,361	465	-	90,083
Bank Credit Notes (Projects)	CDI + 3,50% / Pre + 16,77%	59,696	12,292	23,027	19,660	4,717	-
Subtotal Project Debt (A)		618,046	273,935	108,686	27,925	12,517	194,983
Debentures (Working Capital)	IPCA + 7,8%	70,232	42,279	11,426	10,670	5,857	-
Bank Credit Notes (Working Capital)	CDI + 3,7%/ 4,25%	40,922	62	40,860	-	-	-
Other operations (Working Capital)	Pre + 11,36%	16,299	16,299	-	-	-	-
Subtotal Working Capital Debt (B)		127,453	58,640	52,286	10,670	5,857	-
Total Debt (A)+(B)= (C)		745,499	332,575	160,972	38,595	18,374	194,983
Total maturity per period %		-		44.6%	21.6%	5.2%	2.5%
Project debt maturity as % of total debt (B)/ (E)		-	-	82.4%	67.5%	72.4%	68.1%
Working capital maturity as % of total debt ((A)+(C))/ (E)		44.6%	44.6%	17.6%	32.5%	27.6%	31.9%

	Gafisa	Upcon	Consolidated
Current assets
Cash and Cash Equivalents	5,190	1,515	6,705
Securities	623,955	-	623,955
Receivables from clients	512,367	31,780	544,147
Properties for sales	902,215	414,929	1,317,144
Other account receivable	210,381	9,656	148,435
Prepaid expenses and other	1,045	-	1,045
Land for sale	7,014	-	7,014
Subtotal	2,262,167	457,880	2,648,445

Non current assets
Receivables from clients	83,588	3,255	86,843
Properties for sales	191,985	-	191,985
Other account receivable	223,848	835	224,683
Subtotal	499,421	4,090	503,511
Intangible, property and equipment	19,877	1,420	21,297
Investments	270,123	2,374	272,497

Total Asset	3,051,588	465,764	3,445,750

Current liabilities
Loans and financing	312,371	108,579	349,348
Debentures	127,147	-	127,147
Obligation for purchase of land	128,280	131,056	259,336
Material and service suppliers	128,777	2,277	131,054
Taxes and contributions	77,662	5,317	82,979
Provision for contingencies	193,357	-	193,357
Other liabilities	280,023	17,063	297,086
Subtotal	1,247,617	264,292	1,440,307

Non current liabilities
Loans and financing	128,881	24,459	153,340
Debentures	115,663	-	115,663
Obligation for purchase of land	61,404	26,538	87,942
Deferred taxes	12,114	-	12,114
Provision for contingencies	77,226	9,024	86,250
Other liabilities	20,686	15,558	36,244
Subtotal	415,974	75,579	491,553

Shareholders’ Equity
Shareholders’ equity	1,387,362	122,262	1,509,624
Minority Interest	635	3,631	4,266
Subtotal	1,387,997	125,893	1,513,890
Total Liabilities and Shareholders’ Equity	3,051,588	465,764	3,445,750

	3T20	3T19	9M20	9M19
Net Income (Loss) before taxes	(55,589)	(1,041)	(102,681)	(59,404)
Expenses/revenues that do not impact working capital	31,713	1,522	108,686	11,897
Depreciation and amortization	1,936	3,223	5,984	11,739
Impairment	-	(2)	(1,044)	(28,221)
Expenses with stock option plans	(5)	174	(362)	(2,698)
Unrealized interest and fees, net	(4)	1,216	2,130	4,302
Equity income	107	(305)	4,383	(2,089)
Warranty provision	1,998	(2,136)	1,102	(3,918)
Provision for contingencies	21,358	-	52,708	45,885
Profit sharing provision	3,107	-	6,194	500
Provision (reversal) for doubtful accounts	2,833	(5,342)	34,197	(17,116)
Provision for fine due to construction work delay	383	1,935	3,394	754
Quotas assignment		2,759		2,759
Receivables	(62,895)	42,139	(83,182)	127,949
Properties for sale	54,688	14,765	(27,289)	145,244
Other receivables	(22,053)	(11,886)	(88,096)	(35,981)
Prepaid expenses	86	159	815	509
Obligations for purchase of land	(15,104)	(1,590)	(32,744)	(56,461)
Taxes and contribution	(6,027)	4,528	7,794	7,610
Suppliers	(2,960)	(39,327)	33,726	(2,189)
Payroll, charges and bônus provision	(2,834)	(546)	(7,721)	(2,366)
Other accounts payable	(110,900)	62,090	(71,268)	(93,534)
Transactions with related parties	25,623	7,765	47,135	26,045
Paid taxes	(1,604)	(508)	(3,619)	(1,221)
Cash used in operating activities	(167,856)	78,070	(218,444)	68,098
Acquisition of properties and equipment	(4,369)	1,656	(4,618)	(4,361)
Redemption of securities, collaterals, and credits	151,192	2,311	287,594	50,445
Investment in marketable securities and restricted credits	(226,018)	(209,548)	(511,169)	(326,986)
Equity Securities	-	(2,717)	-	-
Cash used in investing activities	(79,195)	(208,298)	(228,193)	(280,902)
Increase of loans and financing	192,447	37,885	310,900	89,672
Amortization of loans and financing	(182,030)	(58,990)	(359,646)	(232,561)
Loan operations	(3,464)	(759)	(9,013)	(10,117)
Sale of treasury shares	-	-	-	148
Proceeds from sale of treasury shares	7,605	(53,389)	19,251	6,984
Capital increase	218,171	-	477,900	132,266
Subscription and payment of common shares	-	206,927	-	206,927
Cash acquired from Upcon	1,515	-	1,515	-
Cash Flow from Financing Activities	234,244	131,674	440,907	193,319
Increase (Decrease) in cash and cash equivalents	(12,807)	1,446	(5,730)	(19,485)
Beginning of the period	19,512	11,373	12,435	32,304
End of the period	6,705	12,819	6,705	12,819

	Company		Consolidated
	09/30/2020	12/31/2019	09/30/2020	12/31/2019

Cash and banks	43	810	6,705	12,435
Total cash and cash equivalents (Note 20.i.d, 20.ii.a and 20.iii)	43	810	6,705	12,435

	Company		Consolidated
Maturity	09/30/2020	12/31/2019	09/30/2020	12/31/2019

Past due:
Up to 90 days (a)	75,846	19,785	77,378	32,306
From 91 to 180 days	44,609	8,294	46,647	11,424
Over 180 days	98,247	90,216	137,154	115,619
	218,702	118,295	261,179	159,349

Falling due:
2020	28,272	286,456	84,669	343,972
2021	155,615	83,082	298,155	97,213
2022	17.804	5,276	28,876	5,368
2023	13,444	3,180	13,627	3,247
2024 onwards	37,321	10,407	37,803	10,557
	252,456	388,401	463,130	460,357

( - ) Present value adjustment	(2,220)	(7,133)	(5,375)	(8,518)
( - ) Allowance for expected credit losses and cancelled contracts	(54,893)	(39,546)	(87,944)	(53,750)

	414,045	460,017	630,990	557,438


	Company	Consolidated

Balance as of December 31, 2019	(39,546)	(53,750)
Additions (Note 22)	(24,445)	(69,893)
Write-offs / Reversals (Note 22)	9,098	35,742
Acquired balance Upcon	-	(43)
Balance as of September 30, 2020	(54,893)	(87,944)

	Company	Consolidated
Balance as of December 31, 2019	(188,248)	(189,720)
Write-offs (a)	2,434	2,557

Balance as of September 30, 2020	(185,814)	(187,163)

	Company			Consolidated
	Cost	Provision for impairment	Net balance	Cost	Provision for impairment	Net balance

Balance as of December 31, 2019	12,486	(8,777)	3,709	15,792	(8,778)	7,014
Additions	-	-	-	-	-	-
Reversal / write-offs	-	-	-	-	-	-
Balance as of September 30, 2020	12,486	(8,777)	3,709	15,792	(8,778)	7,014

										Company				Consolidated
		Interest in capital - %		Total assets	Total liabilities	Equity and advance for future capital increase		Profit (loss) for the period		Investments		Income from equity method investments		Investments		Income from equity method investments
Subsidiaries:		09/30/2020	12/31/2019	09/30/2020	09/30/2020	09/30/2020	12/31/2019	09/30/2020	09/30/2019	09/30/2020	12/31/2019	09/30/2020	09/30/2019	09/30/2020	12/31/2019	09/30/2020	09/30/2019

UPCON S.A.	(f)	100%	100%	465,763	342,931	122,832	-	-	-	122,832	-	-	-	-	-	-	-
Novum Directiones SPE Ltda.	-	100%	100%	177,253	98,294	78,959	44,120	(1,404)	-	78,959	44,120	(1,404)	-	-	-	-	-
Gafisa SPE-104 Emp. Imob. Ltda.	-	100%	100%	93,723	25,130	68,594	55,422	12,951	4,670	68,594	55,422	13,172	4,670	-	-	-	-
Gafisa SPE-89 Emp. Imob. Ltda.	-	100%	100%	109,157	58,143	51,014	51,015	(1)	(13)	51,014	51,015	(1)	(13)	-	-	-	-
Gafisa SPE-81 Emp. Imob. Ltda.	-	100%	100%	48,799	824	47,975	47,964	11	1,819	47,975	47,964	11	1,819	-	-	-	-
GDU Loteamentos Ltda.	-	100%	100%	43,206	19	43,187	43,206	(19)	-	43,187	43,206	(19)	-	-	-	-	-
Gafisa SPE- 132 Emp. Imob. Ltda.	-	100%	100%	39,179	8,985	30,193	30,193	-	-	30,193	30,193	-	-	-	-	-	-
Nuove Direzioni SPE Ltda.	-	100%	100%	41,364	11,202	30,162	30,887	(725)	-	30,162	30,887	(725)	-	-	-	-	-
Gafisa SPE-137 Emp. Imob. Ltda.	-	100%	100%	25,608	42	25,567	25,567	-	-	25,567	25,567	-	-	-	-	-	-
Edsp 88 Participações S.A.	-	100%	100%	29,474	12,682	16,792	16,724	68	175	16,792	16,724	68	175	-	-	-	-
Gafisa SPE-111 Emp. Imob. Ltda.	-	100%	100%	18,139	3,293	14,846	14,848	(2)	508	14,846	14,848	(2)	508	-	-	-	-
Manhattan Square Em. Im.Res.02 SPE Ltd.	-	100%	100%	15,960	1,238	14,722	14,722	(1)	(809)	14,722	14,722	(1)	(809)	-	-	-	-
Gafisa SPE 33 Emp. Imob. Ltda.	-	100%	100%	196,161	182,632	13,530	13,227	302	138	13,530	13,227	302	138	-	-	-	-
Maraville Gafisa SPE Emp. Imob. Ltda.	-	100%	100%	14,553	1,050	13,503	13,257	246	1,504	13,503	13,257	246	1,504	-	-	-	-
Gafisa SPE-134 Emp. Imob. Ltda.	-	100%	100%	13,481	1,815	11,667	11,630	36	(129)	11,667	11,630	36	(129)	-	-	-	-
Gafisa SPE-78 Emp. Imob. Ltda.		100%	100%	8,685	2,730	5,955	6,479	(525)	1,215	5,955	6,479	(525)	1,215	-	-	-	-
OCPC01 adjustment - capitalized interest	(a)			-	-	-	-	-	-	20,307	21,923	-	(2)	-	-	-	-
Other (*)				60,671	27,125	33,543	112,957	(2,468)	(5,719)	32,927	71,998	(7,621)	(4,929)	-	-	-	-
Subtotal Subsidiaries				1,401,176	778,135	623,041	532,220	8,469	3,359	642,732	513,182	3,537	4,147	-	-	-	-

Jointly-controlled investees:
Gafisa e Ivo Rizzo SPE-47 Emp. Imob. Ltda.	-	80%	80%	34,093	1,746	32,346	32,347	1	6	25,878	25,877	-	5	25,878	25,877	-	5
Sitio Jatiuca Emp. Imob. SPE Ltda	-	50%	50%	35,210	4,658	30,552	29,636	916	905	15,276	14,818	458	452	15,276	14,818	458	452
Varandas Grand Park Emp. Imob. SPE Ltda.	(b)	50%	50%	34,004	5,238	28,767	28,773	165	1,526	14,383	14,387	(3)	1,309	14,383	14,387	(3)	1,309
Parque Arvores Empr. Imob. Ltda.	(b)	50%	50%	28,876	3,157	25,719	24,616	1,524	2,411	12,860	12,308	552	1,054	12,860	12,308	552	1,054
Atins Emp. Imob. Ltda.	-	50%	50%	25,289	1,333	23,955	20,813	3,142	1,823	11,978	10,406	1,571	911	11,978	10,406	1,571	911
Gafisa SPE-116 Emp. Imob. Ltda.	-	50%	50%	25,133	4,273	20,860	25,111	(912)	2,749	10,430	12,555	(456)	1,375	10,430	12,555	(456)	1,375
FIT 13 SPE Emp. Imob. Ltda.	-	50%	50%	21,501	1,798	19,703	19,779	(76)	103	9,851	9,889	(38)	51	9,851	9,889	(38)	51
Performance Gafisa Gen. Severiano Ltda	-	50%	50%	11,658	28	11,631	11,631	-	166	5,815	5,816	-	83	5,815	5,816	-	83
Other (*)	-			68,628	28,474	40,153	38,751	374	(3,220)	20,386	19,850	(3,527)	(1,832)	32,544	29,122	(3,577)	(1,587)
Subtotal jointly-controlled investees				284,392	50,705	233,686	231,457	5,134	6,469	126,857	125,906	(1,443)	3,408	139,015	135,178	(1,493)	3,653

Associates:
Alphaville Urbanismo S.A.	-	-	-	-	-	-	(1,479,312)	-	(603,985)	-	-	-	-	-	-	-	-
Citta Ville SPE Emp. Imob. Ltda.	-	50%	50%	5,512	1,135	4,377	4,272	105	1,622	2,188	2,136	53	811	2,188	2,136	53	811
Gafisa Tiner Campo Belo I Emp. Imob. Ltda	-	45%	45%	1,142	25	1,117	1,189	(72)	(6)	503	535	(32)	(1)	503	535	(32)	(3)
Other (*)	-			(1)	-	(1)	(1)	1	-	-	-	(1)	-	728	953	-	-
Indirect jointly-controlled investees Gafisa				6,653	1,160	5,493	(1,473,852)	34	(602,369)	2,691	2,671	20	810	3,419	3,624	21	808

Goodwill arising from acquisition of subsidiary (c)	-									130,063	-	-	-	130,063	-	-	-
Goodwill based on inventory surplus (d)	-									39,886	39,886	-	-	-	-	-	-

Total investments										942,229	681,645	2,114	8,365	272,497	138,802	(1,472)	4,461
(*) Includes companies with investment balances below R$ 5,000.

	Significant investee:		Other investees:
	Alphaville Urbanismo S.A.		Subsidiaries		Jointly-controlled investees		Associates
	09/30/2020	12/31/2019	09/30/2020	12/31/2019	09/30/2020	12/31/2019	09/30/2020	12/31/2019

Cash and cash equivalents	-	-	5,900	4,611	20,266	37,267	1,605	2,087
Current assets	-	-	979,389	636,457	251,345	265,219	6,472	6,702
Non-current assets	-	-	421,787	409,773	33,047	30,084	181	84
Current liabilities	-	-	605,272	550,908	31,902	42,975	1,090	1,159
Non-current liabilities	-	-	173,433	6,307	18,804	20,871	70	167

	09/30/2020	09/30/2019	09/30/2020	09/30/2019	09/30/2020	09/30/2019	09/30/2020	09/30/2019
Net revenue	-	27,107	32,913	54,505	27,497	53,271	(65)	228
Operating costs	-	-	(17,393)	(34,056)	(14,823)	(38,467)	-	(26)
Depreciation and amortization	-	-	(3)	(1,114)	(5)	(21)	-	-
Finance income (expenses)	-	-	(3,194)	(793)	253	(2,374)	8	282
Income tax and social contribution	-	-	(495)	(1,204)	(850)	(1,472)	(12)	(87)
Profit or loss from continued operations	-	(603,985)	8,469	3,359	5,134	6,469	33	(602,362)

Acquisition cost	252,895
Acquired net assets	122,832
Goodwill to be allocated	130,063

			Company		Consolidated
Type	Maturity	Annual interest rate	09/30/2020	12/31/2019	09/30/2020	12/31/2019

National Housing System - SFH /SFI (i) (ii)	May 2019 to July 2025	7.00% to 14.20% + TR 13.66% and 143% of CDI	365,146	421,382	385,772	456,247
Certificate of Bank Credit (CCB) (ii)	March 2021 to April 2022	Fixed 16.77%/12.68%/6.00% 2.5%/ 3.70%/ 4.25%+CDI	50,561	55,022	53,739	55,022
Other transactions			4,945	14,272	63,177	21,884

Total loans and financing (Note 20.i.d, 20.ii.a and 20.iii)			420,652	490,676	502,688	533,153

Total current			300,534	383,647	349,348	426,124
Non-current			120,118	107,029	153,340	107,029

	09/30/2020	12/31/2019


Loans and financing
Total accounts receivable⁽¹⁾ plus inventories required to be below zero or 2.0 times over venture debt⁽²⁾	6.54 times	4.52 times
Total accounts receivable⁽¹⁾ plus inventories of completed units required to be below zero or 2.0 times over net debt less venture debt⁽²⁾	(4.59) times	(9.04) times
Total debt, less venture debt, less cash and cash equivalents and short-term investments⁽³⁾, cannot exceed 75% of equity plus non-controlling interests	-17.14%	-15.81%
Total receivables⁽¹⁾ plus unrecognized income plus total inventories of completed units required to be 1.5 time over the net debt plus payable for purchase of properties plus unrecognized cost	5.40 times	3.79 times

				Company		Consolidated
Program/placements	Principal - R$	Annual interest	Final maturity	09/30/2020	12/31/2019	09/30/2020	12/31/2019

Tenth placement (i)	22,453	IPCA + 7.8%	December 2023	34,522	38,038	34,522	38,038
Eleventh placement – 1st Series A (ii)	-	-	-	-	52,008	-	52,008
Twelfth placement (iii)	39,843	CDI + 3.75 %	December 2020	39,800	57,139	39,800	57,139
Thirteenth placement (iv)	17,777	CDI + 3.00%	June 2022	16,671	33,792	16,671	33,792
Fourteenth placement (v)	22,835	CDI + 5.00%	October 2020	26,024	16,548	26,024	16,548
Fifteenth placement (a)	33,750	IGPM - 0.50%	July 2021	35,710	-	35,710	-
RB Capital (b)	90,083	CDI + 6.00%	September 2024	-	-	90,083	-
Total debentures (Note 20.i.d, 20.ii.a, 20.iii and 30.ii)				152,727	197,525	242,810	197,525

Current portion				127,147	158,179	127,147	158,179
Non-current portion				25,580	39,346	115,663	39,346

	Face value placement	Interest payable	Total amortization
(i)	4,771	1,366	6,137
(ii)	52,026	2,928	54,954
(iii)	17,639	2,451	20,090
(iv)	17,590	1,292	18,882
(v)	12,511	1,198	13,709
	104,537	9,235	113,772

	09/30/2020	12/31/2019


Tenth placement
Total accounts receivable⁽¹⁾ plus inventories required to be below zero or 2.0 times over net debt less venture debt⁽²⁾	(9.44) times	(14.62) times
Total debt, less venture debt⁽²⁾, less cash and cash equivalents and short-term investments⁽³⁾, cannot exceed 75% of equity plus non-controlling interests	-17.14%	-15.81%