Gafisa S.A.

(NYSE:GFA)

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Quarterly Data
Annual Data
Note: All numbers in thousands

	Sep 30, 2008	Jun 30, 2008	Mar 31, 2008	Dec 31, 2007
Assets
Current Assets
Cash & Equivalents	19,206	22,896	27,207	44,698
Restricted Cash	—	—	—	—
Marketable Securities	396,900	752,113	385,564	244,216
Accounts Receivable	541,518	917,154	76,113	351,976
Loans Receivable	—	—	—	—
Other Receivable	—	—	347,221	—
Receivables	541,518	917,154	423,334	351,976
Raw Materials	—	—	—	—
Work in Progress	—	—	—	—
Purchased Components	—	—	—	—
Finished Goods	—	—	—	—
Other Inventories	—	—	—	—
Inventories Adjustments and Allowances	—	—	—	—
Inventories	—	—	—	—
Prepaid Expenses	9,420	12,912	6,297	4,956
Current Deferred Income Taxes	—	—	—	—
Other Current Assets	784,428	1,220,701	605,486	455,980
Total Current Assets	1,751,472	2,925,776	1,447,889	1,101,826
Land and Improvements	—	—	—	—
Building and Improvements	—	—	—	—
Machinery Furniture and Equipment	—	—	—	—
Construction in Progress	—	—	—	—
Other Fixed Assets	16,960	32,891	16,552	10,959
Total Fixed Assets	16,960	32,891	16,552	10,959
Gross Fixed Assets	16,960	32,891	16,552	10,959
Accumulated Depreciation and Depletion	—	—	—	—
Net Fixed Assets	16,960	32,891	16,552	10,959
Intangibles	—	—	—	4,434
Cost in Excess	—	—	—	116,476
Non Current Deferred Income Taxes	29,000	61,670	39,963	34,438
Other Non Current Assets	628,047	1,075,291	559,359	388,864
Total Non Current Assets	674,007	1,169,852	615,874	555,171
Total Assets	2,425,479	4,095,628	2,063,762	1,656,997
Liabilities
Current Liabilities
Accounts Payable	56,687	122,452	—	48,696
Notes Payable	—	—	—	—
Short Term Debt	284,463	136,784	48,727	38,591
Accrued Expenses	—	—	—	—
Accrued Liabilities	—	—	—	—
Deferred Revenues	—	—	—	—
Current Deferred Income Tax Liabilities	—	—	—	—
Other Current Liabilities	243,003	580,979	360,451	236,979
Total Current Liabilities	584,153	840,215	409,178	324,266
Non Current Liabilities
Long Term Debt	674,459	947,371	574,652	348,551
Capital Lease Obligations	—	—	—	—
Deferred Income Tax Liabilities	47,710	82,386	44,544	35,531
Other Non Current Liabilities	201,622	549,976	124,791	79,300
Minority Interest Liabilities	28,489	44,397	12,051	9,672
Preferred Securities of Subsidiary Trust Liabilities	—	—	—	—
Preferred Equity Outside Stock Equity	—	—	—	—
Total Non Current Liabilities	1,536,433	2,464,345	1,165,216	797,320
Total Liabilities	952,280	1,624,130	756,038	473,054
Shareholders' Equity
Preferred Stock Equity	—	—	—	—
Common Stock Equity	889,046	1,631,283	898,546	859,677
Common Par	—	—	698,234	—
Additional Paid in Capital	735,412	1,389,247	—	780,131
Cumulative Translation Adjustment	—	—	—	—
Retained Earnings	163,137	260,086	95,582	—
Treasury Stock	-9,503	-18,050	-10,314	-10,137
Other Equity Adjustments	—	—	115,044	89,682
Total Capitalization	1,563,505	2,578,654	1,473,198	1,208,228
Cash Flow	122,442	118,878	100,605	72,124
Working Capital	1,167,319	2,085,561	1,038,711	777,560
Free Cash Flow	-329,123	—	—	-347,768
Invested Capital	1,563,505	2,578,654	1,473,198	1,208,228
Total Equity	889,046	1,631,283	898,546	859,677
Total Liabilities and Stock Equity	2,425,479	4,095,628	2,063,762	1,656,997

	Dec 31, 2007	Dec 31, 2006	Dec 31, 2005
Assets
Current Assets
Cash & Equivalents	44,698	21,159	11,151
Restricted Cash	—	—	—
Marketable Securities	244,216	103,350	46,155
Accounts Receivable	351,976	294,690	152,383
Loans Receivable	—	—	—
Other Receivable	—	—	—
Receivables	351,976	294,690	152,383
Raw Materials	—	—	—
Work in Progress	—	—	—
Purchased Components	—	—	—
Finished Goods	—	—	—
Other Inventories	—	—	—
Inventories Adjustments and Allowances	—	—	—
Inventories	—	—	—
Prepaid Expenses	4,956	2,547	1,190
Current Deferred Income Taxes	—	—	—
Other Current Assets	455,980	214,262	133,019
Total Current Assets	1,101,826	636,008	343,898
Land and Improvements	—	—	—
Building and Improvements	—	—	—
Machinery Furniture and Equipment	—	—	—
Construction in Progress	—	—	—
Other Fixed Assets	10,959	5,001	2,744
Total Fixed Assets	10,959	5,001	2,744
Gross Fixed Assets	10,959	5,001	2,744
Accumulated Depreciation and Depletion	—	—	—
Net Fixed Assets	10,959	5,001	2,744
Intangibles	4,434	—	—
Cost in Excess	116,476	—	—
Non Current Deferred Income Taxes	34,438	24,856	15,024
Other Non Current Assets	388,864	33,130	42,631
Total Non Current Assets	555,171	62,987	60,399
Total Assets	1,656,997	698,995	404,297
Liabilities
Current Liabilities
Accounts Payable	48,696	12,482	11,932
Notes Payable	—	—	—
Short Term Debt	38,591	13,259	23,285
Accrued Expenses	—	—	—
Accrued Liabilities	—	—	—
Deferred Revenues	—	—	—
Current Deferred Income Tax Liabilities	—	—	—
Other Current Liabilities	236,979	133,659	95,558
Total Current Liabilities	324,266	159,400	130,775
Non Current Liabilities
Long Term Debt	348,551	124,949	112,362
Capital Lease Obligations	—	—	—
Deferred Income Tax Liabilities	35,531	15,091	5,514
Other Non Current Liabilities	79,300	18,725	40,006
Minority Interest Liabilities	9,672	—	—
Preferred Securities of Subsidiary Trust Liabilities	—	—	—
Preferred Equity Outside Stock Equity	—	—	—
Total Non Current Liabilities	797,320	318,165	288,657
Total Liabilities	473,054	158,765	157,882
Shareholders' Equity
Preferred Stock Equity	—	—	63,128
Common Stock Equity	859,677	380,830	52,512
Common Par	—	—	—
Additional Paid in Capital	780,131	355,069	43,973
Cumulative Translation Adjustment	—	—	—
Retained Earnings	—	—	—
Treasury Stock	-10,137	-21,999	-20,127
Other Equity Adjustments	89,682	47,760	28,666
Total Capitalization	1,208,228	505,779	228,002
Cash Flow	72,124	16,359	13,071
Working Capital	777,560	476,608	213,123
Free Cash Flow	-347,768	-147,273	-50,728
Invested Capital	1,208,228	505,779	228,002
Total Equity	859,677	380,830	115,640
Total Liabilities and Stock Equity	1,656,997	698,995	404,297