Gafisa vive seu momento mais crítico

Por Valor Econômico

A Gafisa – uma das mais tradicionais incorporadoras com atuação principalmente na cidade de São Paulo – vive um dos seus momentos mais críticos. Ontem, no mais recente contratempo da companhia, a Comissão de Valores Mobiliários (CVM) abriu processo administrativo para investigar o imbróglio com a Polo Securitizadora. Há insegurança no mercado em relação aos rumos da Gafisa, em cenário de redução do ritmo de obras e atraso no pagamento a fornecedores.

A sequência de informações negativas pode se refletir em mais distratos e menos vendas, e há receio de que, se houver agravamento da situação, a companhia possa ter de recorrer à recuperação judicial. Procurada, a Gafisa disse que não considera essa opção. A situação delicada reflete, no entendimento de fontes ouvidas pelo Valor, a combinação de fatores de curto e longo prazos. Às medidas consideradas polêmicas tomadas pela gestora GWI, que assumiu a companhia em setembro, juntam-se as consequências da redução do tamanho da empresa anunciada há sete anos sem a possibilidade de diminuição imediata dos custos, a alta da alavancagem após a cisão com a Tenda em 2017 e os problemas vividos pelo setor, principalmente entre 2012 e 2016.

“A Gafisa vinha em recuperação, mas não podia se dar ao luxo de cometer muitos erros. A nova gestão errou bastante ao consumir caixa em decorrência de um programa de recompra de ações e ao demitir a antiga diretoria”, afirma uma fonte.

No primeiro semestre do ano passado, a incorporadora teve forte desempenho de lançamentos, vendas e velocidade de comercialização medida pelo indicador VSO (vendas sobre oferta), e reduziu seu prejuízo líquido. Incorporadora reduziu ritmo de obras, tem atrasado pagamento a fornecedores e continua a cortar pessoal.

Em nota, a Gafisa informou que o momento crítico não decorre das decisões da nova gestão, que está comprometida com “resultados de longo prazo” e tem colocado em prática medidas para reduzir custos, como mudança de sede, e novos serviços que irão gerar receita. “Estas e outras medidas a serem anunciadas devem começar a trazer resultados a partir deste ano”, informou a Gafisa. A intenção é readequar a companhia à realidade do mercado.

Ao assumir a Gafisa, a nova gestão demitiu boa parte da diretoria e, nos 40 primeiros dias, cortou o quadro de funcionários pela metade. Em janeiro, o quadro de funcionários passou de 359 para 350. A Gafisa tem cortado despesas com pessoal, e revisado, cancelado e negociado contratos de marketing e tecnologia da informação. “Todas as ações de otimização de custos já implementadas desde o início da nossa gestão apontam uma economia total da ordem de cerca de R$ 110 milhões no ano”, informou a companhia em carta aos acionistas no dia 1º.

No mercado, há quem questione que esse foco em corte de custos tenha significado o desmonte, além da própria diretoria, de equipes familiarizadas com etapas dos processos de incorporação, vendas e relacionamento com instituições financeiras. O volume de lançamentos foi reduzido.

Como o setor tem ciclo longo, fontes avaliam que a descontinuidade pela GWI da estratégia adotada pela gestão anterior ocorreu antes que houvesse tempo hábil para que a melhora operacional se refletisse na reversão dos números do balanço. A Gafisa fechou 2018 com lançamentos de R$ 729 milhões, abaixo do R$ 1 bilhão que estimava para o ano.

Em dezembro, a presidente, Ana Recart, disse ao Valor que dois projetos deixaram de ser apresentados devido a questões de “produto e mercado”, e que não houve nenhum cancelamento de lançamentos pela nova gestão. “A companhia já avaliou todos os lançamentos e, atualmente, tem em seu ‘pipeline’ projetos diferenciados em relação aos quais acreditamos ter boa absorção pelo mercado”, disse a Gafisa em nota. Uma das críticas do mercado à desaceleração dos lançamentos é que, desta forma, o ritmo de vendas é reduzido e fica mais difícil gerar caixa para fazer frente às dívidas.

No fim de setembro, a Gafisa tinha alavancagem medida por dívida líquida sobre patrimônio líquido de 87,8%. Da dívida total de R$ 960,3 milhões do fim do terceiro trimestre, R$ 706,2 milhões venciam até setembro de 2020. “A empresa tem pressão de caixa no curto prazo”, afirma uma fonte.

Assim como quase todo o setor de incorporação, a Gafisa viveu, principalmente a partir de 2012, as chamadas “dores do crescimento”, como estouros de orçamento. Em função disso e de problemas do legado dos empreendimentos antigos da então controlada Tenda, a companhia reduziu o tamanho de suas operações, mas continuou, nos anos seguintes, com despesas de contenciosos e assistência técnica proporcionais a quando tinha porte mais expressivo.

Esse descasamento de receitas e despesas, e os efeitos dos distratos pressionaram os resultados. Em junho de 2013, a venda de 70% de Alphaville para as gestoras de private equity Pátria Investimentos e Blackstone resultou na redução do endividamento da Gafisa. Em 2017, porém, a alavancagem da companhia foi fortemente pressionada em decorrência da cisão com a Tenda, que resultou em concentração de dívidas corporativas na Gafisa.

Em novembro de 2017, foi realizado aumento de capital encabeçado pelo fundo Wishbone Management, operação que trouxe algum fôlego para a companhia e se refletiu na melhora do desempenho operacional. Ao longo do ano passado, a GWI foi adquirindo, no mercado, ações da Gafisa, até que conseguiu eleger o conselho de administração e assumir a gestão da empresa no fim de setembro.

Atualmente, conforme informações do site da Gafisa, a gestora possui 49,94% de participação na incorporadora.

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