Gerdau S.A.

(NYSE:GGB)
  Sep 30, 2008 Jun 30, 2008 Dec 31, 2007 Sep 30, 2007
Assets
Current Assets
Cash & Equivalents 1,180,653 1,279,099 1,137,553 673,064
Restricted Cash — — 6,580 12,962
Marketable Securities 1,717,406 2,200,407 1,757,623 2,071,744
Accounts Receivable 2,710,496 2,833,329 1,781,357 1,874,147
Loans Receivable — — — —
Other Receivable — — — —
Receivables 2,710,496 2,833,329 1,781,357 1,874,147
Raw Materials 1,317,506 1,067,719 722,309 703,387
Work in Progress 1,123,514 991,491 762,634 740,106
Purchased Components — — — —
Finished Goods 1,719,126 1,769,994 1,263,252 1,194,017
Other Inventories 1,162,744 901,494 668,410 602,285
Inventories Adjustments and Allowances — -41,407 — —
Inventories 5,322,890 4,689,291 3,416,605 3,239,795
Prepaid Expenses 53,998 60,881 61,383 59,468
Current Deferred Income Taxes 101,709 250,930 43,734 59,202
Other Current Assets 444,024 133,049 475,234 415,981
Total Current Assets 11,531,176 11,446,986 8,680,069 8,406,363
Land and Improvements 474,146 282,178 503,882 472,806
Building and Improvements 2,247,152 3,023,641 2,222,619 1,965,318
Machinery Furniture and Equipment 8,927,810 9,958,259 8,084,712 7,124,559
Construction in Progress 1,186,911 1,536,613 1,391,811 2,046,327
Other Fixed Assets 632,481 356,702 531,918 480,480
Total Fixed Assets 13,468,500 15,157,393 12,734,942 12,089,490
Gross Fixed Assets 13,468,500 15,157,392 12,734,942 12,089,490
Accumulated Depreciation and Depletion 4,487,659 4,931,651 4,115,228 3,855,096
Net Fixed Assets 8,980,841 10,225,741 8,619,714 8,234,394
Intangibles 758,683 790,975 609,206 608,082
Cost in Excess 4,839,794 4,664,710 3,535,326 3,296,634
Non Current Deferred Income Taxes 138,550 563,866 137,650 201,708
Other Non Current Assets 1,984,937 2,081,206 1,388,665 1,189,548
Total Non Current Assets 16,702,805 18,326,498 14,290,561 13,530,366
Total Assets 28,233,981 29,773,485 22,970,630 21,936,729
Liabilities
Current Liabilities
Accounts Payable 2,138,439 2,159,572 1,455,011 1,405,177
Notes Payable — — — —
Short Term Debt 1,609,808 1,967,838 1,417,993 2,305,638
Accrued Expenses — — — —
Accrued Liabilities — — — —
Deferred Revenues — — — —
Current Deferred Income Tax Liabilities 7,183 197,594 55,758 70,946
Other Current Liabilities 1,375,578 939,673 851,882 944,274
Total Current Liabilities 5,131,008 5,264,677 3,780,644 4,726,035
Non Current Liabilities
Long Term Debt 8,251,027 8,352,111 7,563,796 6,619,956
Capital Lease Obligations — — — —
Deferred Income Tax Liabilities 998,073 1,635,723 853,128 865,331
Other Non Current Liabilities 915,443 1,328,495 964,654 865,704
Minority Interest Liabilities 3,339,294 2,640,211 2,804,949 2,295,921
Preferred Securities of Subsidiary Trust Liabilities — — — —
Preferred Equity Outside Stock Equity — — — —
Total Non Current Liabilities 18,634,845 19,221,217 15,967,171 15,372,947
Total Liabilities 13,503,837 13,956,540 12,186,527 10,646,912
Shareholders' Equity
Preferred Stock Equity — — — —
Common Stock Equity 9,599,136 10,552,267 7,003,459 6,563,782
Common Par — — — —
Additional Paid in Capital 7,438,529 8,881,106 3,567,103 3,566,334
Cumulative Translation Adjustment 132,769 -1,222,436 672,657 515,160
Retained Earnings 2,011,747 2,965,801 2,569,255 2,413,506
Treasury Stock -56,913 -77,294 -44,778 -44,842
Other Equity Adjustments 73,004 5,090 239,222 113,624
Total Capitalization 17,850,163 18,904,378 14,567,255 13,183,738
Cash Flow 3,713,667 3,320,176 2,304,824 2,236,952
Working Capital 6,400,168 6,182,309 4,899,425 3,680,328
Free Cash Flow -2,666,359 -2,592,613 -2,819,875 -3,221,168
Invested Capital 17,850,163 18,904,378 14,567,255 13,183,738
Total Equity 9,599,136 10,552,267 7,003,459 6,563,782
Total Liabilities and Stock Equity 28,233,981 29,773,484 22,970,630 21,936,729