Gafisa S.A.

(NYSE:GFA)
  Sep 30, 2008 Jun 30, 2008 Mar 31, 2008 Dec 31, 2007
Cash Flow Statement
Cash At Beginning Of Period 270,856 — — 149,475
Cash At End Of Period 416,106 — — 288,913
Net Change In Cash And Cash Equivalents 145,249 — — 139,439
Effect Of Exchange Rate Changes — — — —
Net Income Or Loss 73,595 — — 63,799
Cash From Operating Activities
Depreciation Expenses 4,931 — — 8,325
Amortization Expenses — — — —
Amortization Of Intangibles Expenses -341 — — —
Deferred Income Taxes 17,670 — — 10,518
Operating Gains Or Losses 19,388 — — 24,792
Extraordinary Gains Or Losses — — — —
Increase Or Decrease In Receivables -338,207 — — -259,972
Increase Or Decrease In Inventories — — — —
Increase Or Decrease In Prepaid Expenses -4,774 — — —
Increase Or Decrease In Other Current Assets -4,774 — — —
Increase Or Decrease In Payables -292,981 — — -286,894
Increase Or Decrease In Other Current Liabilities -572 — — 33,710
Increase Or Decrease In Other Working Capital 163,231 — — 54,263
Other Non Cash Items — — — 72,900
Net Cash From Continuing Operations 50,603 — — —
Net Cash From Discontinued Operations -307,457 — — -278,559
Net Cash From Operating Activities — — — —
Cash From Investing Activities
Sale Of Property Plant And Equipment — — — —
Sale Of Long Term Investments — — — —
Sale Of Short Term Investments — — — —
Purchase Of Property Plant And Equipment -7,461 — — -19,143
Acquisitions — — — -43,895
Purchase Of Long Term Investments — — — —
Purchase Of Short Term Investments — — — —
Other Investing Changes Net — — — —
Cash From Discontinued Investing Activities — — — —
Net Cash From Investing Activities -7,335 — — -63,038
Cash From Financing Activities
Issuance Of Debt — — — 278,596
Issuance Of Capital Stock -54,069 — — -32,453
Repayment Of Debt — — — —
Repurchase Of Capital Stock -14,205 — — -6,171
Payment Of Cash Dividends 4,446 — — 1,250
Net Other Financing Charges 4,446 — — 1,250
Cash From Discontinued Financing Activities — — — —
Net Cash From Financing Activities 460,041 — — 481,036