Unassociated Document
(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES COMMISSION (CVM)
QUARTERLY INFORMATION - ITR
COMMERCIAL, INDUSTRIAL AND OTHER
Voluntary Resubmission
 
Corporate Legislation
June 30, 2007

REGISTRATION WITH CVM SHOULD NOT BE CONSTRUED AS AN EVALUATION OF THE COMPANY.
COMPANY MANAGEMENT IS RESPONSIBLE FOR THE INFORMATION PROVIDED.

01.01 - IDENTIFICATION

          
1 - CVM CODE
01610-1
     
2 - COMPANY NAME
GAFISA S/A 
3 - CNPJ (Federal Tax ID)
01.545.826/0001-07 
4 - NIRE (State Registration Number)
     
 
01.02 - HEAD OFFICE

1 – ADDRESS
Av. das Nações Unidas, 4777 – 9° andar
2 - DISTRICT
A. de Pinheiros

3 - ZIP CODE
05477-000
4 - CITY
Săo Paulo
5 - STATE
SP

6 - AREA CODE
011
7 - TELEPHONE
3025-9000
8 - TELEPHONE
3025-9158
9 - TELEPHONE
3025-9191
10 - TELEX
11 - AREA CODE
011
12 - FAX
3025-9217
13 - FAX
3025-9121
14 - FAX
3025-9217
 

15 - E-MAIL
       
 
01.03 - INVESTOR RELATIONS OFFICER (Company Mailing Address)
 
1- NAME
Alceu Duilio Calciolari

2 - ADDRESS
Av. das Nações Unidas, 4777 – 9° andar
3 - DISTRICT
A. de Pinheiros

4 - ZIP CODE
05477-000
5 - CITY
Săo Paulo
6 - STATE
SP

7 - AREA CODE
011
8 - TELEPHONE
3025-9000
9 - TELEPHONE
3025-9158
10 - TELEPHONE
3025-9121
11 - TELEX
12 - AREA CODE
011
13 - FAX
3025-9121
14 - FAX
3025-9217
15 - FAX
3025-9041
 

16 - E-MAIL
      

01.04 - ITR REFERENCE AND AUDITOR INFORMATION

CURRENT YEAR
CURRENT QUARTER
PREVIOUS QUARTER
1 - BEGINNING
2 - END
3 - QUARTER
4 - BEGINNING
5 - END
6 - QUARTER
7 - BEGINNING
8 - END
1/1/2007
12/31/2007
2
4/1/2007
6/30/2007
1
1/1/2007
3/31/2007
09 - INDEPENDENT ACCOUNTANT
Pricewaterhouse Coopers Auditores Independentes
10 - CVM CODE
00287-9
11 - PARTNER IN CHARGE
Eduardo Rogatto Luque
12 - PARTNER’S CPF (INDIVIDUAL TAXPAYER’S REGISTER)
142.773.658-84
 
Page 1


(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES COMMISSION (CVM)
QUARTERLY INFORMATION - ITR
COMMERCIAL, INDUSTRIAL AND OTHER
Voluntary Resubmission
 
Corporate Legislation
June 30, 2007

01.01 - IDENTIFICATION

1 - CVM CODE
01610-1
2 - COMPANY NAME
GAFISA S/A 
3 - CNPJ (Federal Tax ID)
01.545.826/0001-07 

01.05 - CAPITAL STOCK

Number of Shares
(in thousands)
1 - CURRENT QUARTER
6/30/2007
2 - PREVIOUS QUARTER
3/31/2007
3 - SAME QUARTER,
PREVIOUS YEAR
6/30/2006
Paid-in Capital
1 - Common
132,382
131,769
110,573
2 - Preferred
0
0
0
3 - Total
132,382
131,769
110,573
Treasury share
4 - Common
3,125
3,125
0
5 - Preferred
0
0
8,142
6 - Total
3,125
3,125
8,142

01.06 - COMPANY PROFILE

1 - TYPE OF COMPANY
Commercial, Industrial and Other
2 - STATUS
Operational
3 - NATURE OF OWNERSHIP
National Private
4 - ACTIVITY CODE
1110 – Civil Construction, Constr. Mat. and Decoration
5 - MAIN ACTIVITY
Real Estate Development
6 - CONSOLIDATION TYPE
Full
7 - TYPE OF REPORT OF INDEPENDENT AUDITORS
Unqualified

01.07 - COMPANIES NOT INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS

1 - ITEM
2 - CNPJ (Federal Tax ID)
3 - COMPANY NAME

01.08 - CASH DIVIDENDS APPROVED AND/OR PAID DURING AND AFTER THE QUARTER

1 - ITEM
2 - EVENT
3 - APPROVAL
4 - TYPE
5 - DATE OF PAYMENT
6 - TYPE OF SHARE
7 - AMOUNT PER SHARE

Page 2


(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES COMMISSION (CVM)
QUARTERLY INFORMATION - ITR
COMMERCIAL, INDUSTRIAL AND OTHER
Voluntary Resubmission
 
Corporate Legislation
June 30, 2007

01.01 - IDENTIFICATION

1 - CVM CODE
01610-1
2 - COMPANY NAME
GAFISA S/A 
3 - CNPJ (Federal Tax ID)
01.545.826/0001-07 

01.09 - SUBSCRIBED CAPITAL AND CHANGES IN THE CURRENT YEAR

1 - ITEM
2 - DATE OF CHANGE
3 - CAPITAL STOCK
(IN THOUSANDS OF
REAIS)
     
4 - AMOUNT OF CHANGE
(IN THOUSANDS OF
REAIS)
5 - NATURE OF CHANGE
7 - NUMBER OF SHARES
ISSUED
(THOUSANDS)
8 -SHARE PRICE WHEN
ISSUED
(IN REAIS)

01.10 - INVESTOR RELATIONS OFFICER

1- DATE
08/01/2007
2 - SIGNATURE
 

Page 3


(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES COMMISSION (CVM)
QUARTERLY INFORMATION - ITR
COMMERCIAL, INDUSTRIAL AND OTHER
Voluntary Resubmission
 
Corporate Legislation
June 30, 2007

01.01 - IDENTIFICATION

1 - CVM CODE
01610-1
2 - COMPANY NAME
GAFISA S/A 
3 - CNPJ (Federal Tax ID)
01.545.826/0001-07 
 
02.01 - BALANCE SHEET - ASSETS (in thousands of Brazilian reais)

1 - CODE
 
2 - DESCRIPTION
 
3 - 6/30/2007
 
4 - 3/31/2007
1
 
Total Assets
 
2,151,621
 
2,104,411
1.01
 
Current Assets
 
1,545,236
 
1,573,919
1.01.01
 
Available funds
 
464,652
 
601,809
1.01.01.01
 
Cash and banks
 
3,024
 
24,797
1.01.01.02
 
Financial Investments
 
461,628
 
577,012
1.01.02
 
Credits
 
318,589
 
292,662
1.01.02.01
 
Trade accounts receivable
 
318,589
 
292,662
1.01.02.01.01
 
Receivables from clients of developments
 
294,491
 
266,399
1.01.02.01.02
 
Receivables from clients of construction and services rendered
 
23,956
 
26,016
1.01.02.01.03
 
Other Receivables
 
142
 
247
1.01.02.02
 
Sundry Credits
 
0
 
-
1.01.03
 
Inventory
 
385,435
 
376,674
1.01.03.01
 
Real estate to commercialize
 
385,435
 
376,674
1.01.04
 
Other
 
376,560
 
302,774
1.01.04.01
 
Expenses with sales to incorporate
 
19,240
 
15,056
1.01.04.02
 
Prepaid expenses
 
12,095
 
6,559
1.01.04.03
 
Court deposits
 
-
 
-
1.01.04.04
 
Dividends receivable
 
-
 
-
1.01.04.05
 
Other receivables
 
345,225
 
281,159
1.02
 
Non Current Assets
 
606,385
 
530,492
1.02.01
 
Long Term Assets
 
270,136
 
215,561
1.02.01.01
 
Sundry Credits
 
166,268
 
127,404
1.02.01.01.01
 
Receivables from clients of developments
 
166,268
 
127,404
1.02.01.02
 
Credits with Related Parties
 
0
 
0
1.02.01.02.01
 
Associated companies
 
0
 
0
1.02.01.02.02
 
Subsidiaries
 
0
 
0
1.02.01.02.03
 
Other Related Parties
 
0
 
0
1.02.01.03
 
Other
 
103,868
 
88,157
1.02.01.03.01
 
Deferred income and social contribution taxes
 
69,032
 
53,689
1.02.01.03.02
 
Other receivables
 
1,857
 
1,489
1.02.01.03.03
 
Court deposits
 
27,979
 
27,979
1.02.01.03.04
 
Dividends Receivable
 
5,000
 
5,000
1.02.02
 
Permanent Assets
 
336,249
 
314,931
1.02.02.01
 
Investments
 
327,693
 
308,179
1.02.02.01.01
 
Interest in direct and indirect associated companies
 
0
 
0
1.02.02.01.02
 
Interest in associated companies - Goodwill
 
0
 
0
1.02.02.01.03
 
Interest in Subsidiaries
 
161,336
 
137,922
1.02.02.01.04
 
Interest in Subsidiaries - goodwill
 
166,357
 
170,257
1.02.02.01.05
 
Other Investments
 
0
 
0
1.02.02.02
 
Property, plant and equipment
 
8,556
 
6,752
1.02.02.03
 
Intangible assets
 
0
 
0
1.02.02.04
 
Deferred charges
 
0
 
0

Page 4


(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES COMMISSION (CVM)
QUARTERLY INFORMATION - ITR
COMMERCIAL, INDUSTRIAL AND OTHER
Voluntary Resubmission
 
Corporate Legislation
June 30, 2007

01.01 - IDENTIFICATION

1 - CVM CODE
01610-1
2 - COMPANY NAME
GAFISA S/A 
3 - CNPJ (Federal Tax ID)
01.545.826/0001-07 

02.02 - BALANCE SHEET - LIABILITIES (in thousands of Brazilian reais)

1 - CODE
2 - DESCRIPTION
 
3 - 6/30/2007
 
4 - 3/31/2007
 
2
 
Total Liabilities
   
2,151,621
   
2,104,411
 
2.01
 
Current Liabilities
   
377,184
   
379,160
 
2.01.01
 
Loans and Financing
   
14,538
   
11,876
 
2.01.02
 
Debentures
   
10,481
   
2,663
 
2.01.03
 
Suppliers
   
44,398
   
34,997
 
2.01.04
 
Taxes, charges and contributions
   
39,034
   
35,637
 
2.01.04.01
 
PIS Contribution
   
12,512
   
11,742
 
2.01.04.02
 
COFINS Contribution
   
23,060
   
20,039
 
2.01.04.03
 
Installed payment of PIS and COFINS
   
2,142
   
2,517
 
2.01.04.04
 
Other taxes and contributions payable
   
1,320
   
1,339
 
2.01.05
 
Dividends Payable
   
2,823
   
10,988
 
2.01.06
 
Provisions
   
3,671
   
4,183
 
2.01.06.01
 
Provision for Contigencies
   
3,671
   
4,183
 
2.01.07
 
Accounts payable to related parties
   
0
   
0
 
2.01.08
 
Other
   
262,239
   
278,816
 
2.01.08.01
 
Real estate development obligations
   
4,260
   
3,740
 
2.01.08.02
 
Obligations for purchase of land
   
82,113
   
105,127
 
2.01.08.03
 
Payroll, profit sharing and related charges
   
16,506
   
17,836
 
2.01.08.04
 
Advances from clients - real state and services
   
24,563
   
28,508
 
2.01.08.05
 
Other liabilities
   
134,797
   
123,605
 
2.02
 
Non Current Liabilities
   
312,066
   
300,929
 
2.02.01
 
Long Term Liabilities
   
312,066
   
300,929
 
2.02.01.01
 
Loans and Financing
   
14,625
   
14,960
 
2.02.01.02
 
Debentures
   
240,000
   
240,000
 
2.02.01.03
 
Provisions
   
0
   
0
 
2.02.01.04
 
Accounts payable to related parties
   
0
   
0
 
2.02.01.05
 
Advance for future capital increase
   
39
   
0
 
2.02.01.06
 
Other
   
57,402
   
45,969
 
2.02.01.06.01
 
Real estate development obligations
   
0
   
0
 
2.02.01.06.02
 
Obligations for purchase of land
   
4,966
   
985
 
2.02.01.06.03
 
Result of sales of real estate to appropriate
   
33
   
136
 
2.02.01.06.04
 
Deferred income and social contribution taxes
   
38,836
   
31,045
 
2.02.01.06.05
 
Other liabilities
   
13,567
   
13,803
 
2.02.02
 
Future taxable income
   
0
   
0
 
2.04
 
Shareholders' equity
   
1,462,371
   
1,424,322
 
2.04.01
 
Paid-in capital stock
   
1,202,440
   
1,196,530
 
2.04.01.01
 
Capital Stock
   
1,220,490
   
1,214,580
 
2.04.01.02
 
Treasury shares
   
(18,050
)
 
(18,050
)
2.04.02
 
Capital Reserves
   
167,276
   
167,276
 
2.04.03
 
Revaluation reserves
   
0
   
0
 
2.04.03.01
 
Own assets
   
0
   
0
 

Page 5


(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES COMMISSION (CVM)
QUARTERLY INFORMATION - ITR
COMMERCIAL, INDUSTRIAL AND OTHER
Voluntary Resubmission
 
Corporate Legislation
June 30, 2007

01.01 - IDENTIFICATION
 
1 - CVM CODE
01610-1
2 - COMPANY NAME
GAFISA S/A 
3 - CNPJ (Federal Tax ID)
01.545.826/0001-07 

02.02 - BALANCE SHEET - LIABILITIES (in thousands of Brazilian reais)

1 - CODE
 
2 - DESCRIPTION
 
3 - 6/30/2007
 
4 - 3/31/2007
 
2.04.03.02
 
Subsidiaries/Direct and Indirect Associated Companies
   
0
   
0
 
2.04.04
 
Revenue reserves
   
92,655
   
60,516
 
2.04.04.01
 
Legal
   
9,905
   
9,905
 
2.04.04.02
 
Statutory
   
0
   
0
 
2.04.04.03
 
For Contingencies
   
0
   
0
 
2.04.04.04
 
Unrealized profits
   
0
   
0
 
2.04.04.05
 
Retained earnings
   
82,750
   
50,611
 
2.04.04.06
 
Special reserve for undistributed dividends
   
0
   
0
 
2.04.04.07
 
Other revenue reserves
   
0
   
0
 
2.04.05
 
Retained earnings/accumulated losses
   
0
   
0
 
2.04.06
 
Advances for future capital increase
   
0
   
0
 

Page 6


(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES COMMISSION (CVM)
QUARTERLY INFORMATION - ITR
COMMERCIAL, INDUSTRIAL AND OTHER
Voluntary Resubmission
 
Corporate Legislation
June 30, 2007

01.01 - IDENTIFICATION

1 - CVM CODE
01610-1
2 - COMPANY NAME
GAFISA S/A 
3 - CNPJ (Federal Tax ID)
01.545.826/0001-07 

03.01 - STATEMENT OF INCOME (in thousands of Brazilian reais)

 
2 - DESCRIPTION
 
3 - 4/1/2007 to 6/30/2007 
 
4 - 1/1/2007 to 6/30/2007 
 
5 - 4/1/2006 to 6/30/2006 
 
6 - 1/1/2006 to 6/30/2006 
 
3.01
 
Gross Sales and/or Services
   
145,138
   
284,725
   
98,992
   
185,095
 
3.01.01
 
Real estate development and sales
   
136,221
   
273,541
   
80,022
   
152,030
 
3.01.02
 
Construction services rendered
   
8,917
   
11,184
   
18,970
   
33,065
 
3.02
 
Gross Sales Deductions
   
(7,990
)
 
(15,248
)
 
(4,513
)
 
(8,241
)
3.02.01
 
Taxes on services and revenues
   
(6,341
)
 
(11,733
)
 
(4,236
)
 
(7,729
)
3.02.02
 
Brokerage fee on sales
   
(1,649
)
 
(3,315
)
 
(277
)
 
(512
)
3.03
 
Net Sales and/or Services
   
137,148
   
269,477
   
94,479
   
176,854
 
3.04
 
Cost of Sales and/or Services
   
(98,588
)
 
(191,678
)
 
(71,399
)
 
(131,302
)
3.04.01
 
Cost of Real estate development
   
(98,588
)
 
(191,678
)
 
(71,399
)
 
(131,302
)
3.05
 
Gross Profit
   
38,560
   
77,799
   
23,080
   
45,552
 
3.06
 
Operating Expenses/Income
   
(13,410
)
 
(63,865
)
 
(4,211
)
 
(41,651
)
3.06.01
 
Selling Expenses
   
(13,158
)
 
(22,688
)
 
(5,727
)
 
(11,710
)
3.06.02
 
General and Administrative
   
(14,832
)
 
(27,991
)
 
(6,434
)
 
(14,901
)
3.06.02.01
 
Profit sharing
   
(2,158
)
 
(4,132
)
 
0
   
0
 
3.06.02.02
 
Other Administrative Expenses
   
(12,674
)
 
(23,859
)
 
(6,434
)
 
(14,901
)
3.06.03
 
Financial
   
4,375
   
(1,900
)
 
636
   
(2,315
)
3.06.03.01
 
Financial income
   
15,360
   
22,813
   
15,934
   
26,027
 
3.06.03.02
 
Financial Expenses
   
(10,985
)
 
(24,713
)
 
(15,298
)
 
(28,342
)
3.06.04
 
Other operating income
   
2,482
   
2,044
   
(691
)
 
(639
)
3.06.05
 
Other operating expenses
   
(5,196
)
 
(40,245
)
 
(2,861
)
 
(30,910
)
3.06.05.01
 
Depreciation and Amortization
   
(5,196
)
 
(10,071
)
 
(1,022
)
 
(1,734
)
3.06.05.02
 
Extraordinary Expenses
   
0
   
(30,174
)
 
(1,839
)
 
(29,176
)

Page 7


(A free translation of the original in Portuguese)

FEDERAL GOVERNMENT SERVICE
BRAZILIAN SECURITIES COMMISSION (CVM)
QUARTERLY INFORMATION - ITR
COMMERCIAL, INDUSTRIAL AND OTHER
Voluntary Resubmission
 
Corporate Legislation
June 30, 2007

01.01 - IDENTIFICATION

1 - CVM CODE
01610-1
2 - COMPANY NAME
GAFISA S/A 
3 - CNPJ (Federal Tax ID)
01.545.826/0001-07 

03.01 - STATEMENT OF INCOME (in thousands of Brazilian Reais)

1 0 CODE
 
2 0 DESCRIPTION
 
3 0 4/1/2007 to
6/30/2007
 
4 0 1/1/2007 to
6/30/2007
 
5 0 4/1/2006 to
6/30/2006
 
6 0 1/1/2006 to
6/30/2006
 
3.06.06
 
Earnings (losses) on equity of affiliates
   
12,919
   
26,915
   
10,866
   
18,824
 
3.07
 
Total operating income
   
25,150
   
13,934
   
18,869
   
3,901
 
3.08
 
Total non0operating (income) expenses, net
   
0
   
0
   
0
   
0
 
3.08.01
 
Income
   
0
   
0
   
0
   
0
 
3.08.02
 
Expenses
   
0
   
0
   
0
   
0
 
3.09
 
Income before taxes/profit sharing
   
25,150
   
13,934
   
18,869
   
3,901
 
3.10
 
Provision for income and social contribution taxes
   
0
   
0
   
0
   
0
 
3.11
 
Deferred Income Tax
   
7,552
   
6,774
   
413
   
604
 
3.12
 
Statutory Profit Sharing/Contributions
   
(560
)
 
(1,120
)
 
0
   
0
 
3.12.01
 
Proft Sharing
   
(560
)
 
(1,120
)
 
0
   
0
 
3.12.02
 
Contributions
   
0
   
0
   
0
   
0
 
3.13
 
Reversal of interest attributed to shareholders’ Equity
   
0
   
0
   
0
   
0
 
3.15
 
Income/Loss for the Period
   
32,142
   
19,588
   
19,282
   
4,505
 
 
 
NUMBER OF SHARES OUTSTANDING   EXCLUDING TREASURY SHARES (in thousands) 
   
129,257
   
129,257
   
102,431
   
102,431
 
 
 
EARNINGS PER SHARE (Reais
   
0.24867
   
0.15154
   
0.18824
   
0.04398
 
 
 
LOSS PER SHARE (Reais
                         

Page 8


 
FEDERAL GOVERNMENT SERVICE
 
BRAZILIAN SECURITIES COMMISSION (CVM)
 
Quarterly Information (ITR)
Corporate Legislation
June 30, 2007
Voluntary Resubmission
Unaudited
   
01610-1 GAFISA S/A
01.545.826/0001-07
   
04.01 – NOTES TO QUARTERLY INFORMATION

(In thousands of Reais)

1.
OPERATIONS

Gafisa S.A. and its subsidiaries (collectively designated the "Company") began commercial activities in 1997, having as business activities: (a) the promotion and management of real estate ventures of any nature, for own account or third parties; (b) purchase, sale and negotiation of real estate in general, including the granting of finance to its clients; (c) civil construction and supply of civil engineering services; (d) development and implementation of marketing strategies related to real estate ventures, for own account and third parties and; (e) participation in other companies, in Brazil or abroad, engaged in the same business activities in which the Company is engaged.

The Company’s real estate development enterprises with third parties are structured through participation in Special Purpose Entities (SPEs) or by forming condominiums and consortiums.

In February 2006 the Company concluded an initial public offer of stock on the New Market of the São Paulo Stock Exchange - BOVESPA, which resulted in a capital increase of R$ 494,394 with the issuance of 26,724,000 common shares.

In January 2007 the acquisition of 60% of AlphaVille Urbanismo S.A. (“AUSA”), resulting from the merger of Catalufa Participações Ltda. was completed. The core business of AUSA is to identify, develop and sell high-quality residential condominiums in the metropolitan regions throughout Brazil.

In March 2007 the Company concluded an initial public offer of stock on the New York Stock Exchange - NYSE, resulting in a capital increase of R$ 487,812 with the issuance of 18,761,992 shares.

Also in March 2007, Gafisa began its operations in the lower income class real estate market, concentrated in FIT Residencial Empreendimentos Imobiliários Ltda. (“FIT Residential”), which is one of its wholly-owned subsidiaries.

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04.01 – NOTES TO QUARTERLY INFORMATION

2.
PRESENTATION OF THE QUARTERLY INFORMATION

The following quarterly information was approved by the Board of Directors in their meeting held on August 1, 2007.

a.
Basis of presentation

The quarterly information was prepared in conformity with accounting practices adopted in Brazil, which incorporate in general the accounting rules set out in the Brazilian corporate law, adopted by every type of company in Brazil, considering the accounting aspects that are specific to the different market, and regulated by the regulating authorities (Central Bank of Brazil, Brazilian Securities Commission - “CVM”, Superintendent of Private Insurance, etc.) which represent an evolution in regard to the corporate law rules. In other words, the practices supported by the corporate law and recognized by the regulating authorities as a progress in the convergence with international accounting rules are considered covered in the context of the accounting practices adopted in Brazil.

The consolidated cash flow statement, presented as supplementary information, is not required by the Brazilian Corporate Law, but was prepared according to the Accounting Rules and Practices # 20 (NPC 20) established by IBRACON.

In the preparation of the quarterly information it is necessary to use estimates to value assets, liabilities and other transactions during the reporting period and the disclosure of contingent assets and liabilities at the date of the quarterly information. The quarterly information includes estimates that are used to determine certain items, including, inter alia, the budgeted costs of the ventures, the provisions required for the non-recovery of assets, provision for credits that are not recognized related to the deferred income tax and the recognition of contingent liabilities, the actual results of which may differ from the estimates.

b.
Consolidation practices

The quarterly information of the parent company and consolidated was prepared in accordance with the consolidation rules established in Law 6.404/76 and Instruction CVM # 247/96 and includes all of the subsidiaries listed in Note 8, with separate disclosure of the participation of the minorities. In regard to the jointly-controlled companies, the consolidation incorporates the assets, liabilities and result accounts, proportionally to the total equity interest held in the corporate capital of the corresponding investee.

The inter-company balances and transactions, as well as the unrealized profits, were eliminated in the consolidation, including investments, current accounts, dividends receivable, revenues and expenses and unrealized results among consolidated companies. Transactions and balances with related parties, shareholders and investees are reported in the corresponding explanatory notes.

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3.
MAIN ACCOUNTING PRACTICES

a.
Recognition of Results

(i) Calculation of the result of the development and sale of real estate – The revenues, as well as the costs and expenses related to development, are taken to the result over the period of construction to the extent of the financial development thereof, as determines Resolution CFC # 963, considering the date on which the works began and not the date of execution of the sale or receipt of the uncompleted units sold.

Accordingly, in the sales of uncompleted units the result is recognized based on the estimated profit margin at the end of the development on the date of each balance sheet, adjusted according to the contractual and performance conditions of the ventures, considering the percentage of the costs incurred in relation to the total costs at the end of each period of the units sold, as detailed below:
 
 
·
The stage of completion of the works is determined based on the financial progress of the enterprise. The rate of the financial progress of the enterprise is calculated based on the percentage of the costs incurred, including expenses with land and construction costs in relation to the total budgeted costs up to the completion of the works, estimated as of the date of each balance sheet. The total budgeted cost estimated up to the completion of the works includes the costs incurred at the date of each balance sheet when it was prepared, plus the budgeted and contracted costs to be incurred as of that instance.
 
 
·
To calculate the revenue to be appropriated in the period, the percentage of the costs incurred should be applied to the total sales value of the units, adjusted in accordance with the contractual conditions.
 
 
·
The revenue is recognized in the period and includes the amount found as per the preceding paragraph, deducted from the total revenues already recognized in the former periods related to the units sold.
 
 
·
The taxes due over the difference between the real estate incorporation revenue and the accrued revenue subject to taxation are calculated and reflected in the accounting upon the recognition of such difference in revenue.
 
·
The counter-entry of the revenue recognized in the period is incorporated to the assets. Accordingly, any recognized revenue amount that exceeds the amount received from clients is registered in development clients accounts in current assets or long-term receivables, the classification of which observes the same proportion as the estimated future cash flow in relation to the total "Receivables" related to the enterprise.
 
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·
On the other hand, any amount received that exceeds the recognized revenue amount is registered in the current liabilities as a "Client Advance".
 
In the installment sales of completed units the result is incorporated in the instance the sale is realized irrespective of the term for receipt of the contractual price, and provided that the following conditions are met: (a) the value thereof can be estimated, i.e. the receipt of the sale price is known or the sum that will not be received may be reasonably estimated, and (b) the process of recognition of the sale revenue is substantially concluded, i.e. the Company is released from its obligation to perform a considerable part of its activities that will generate future expenses related to the sale of the completed unit.
 
(ii) Supply of construction services– Revenues from the supply of real estate services consist basically of amounts received related to the management of construction work for third parties, technical management and management of real estate. The revenue is recognized, net of the corresponding costs incurred, to the extent that the services are provided.

a.
Cash and banks and financial investments– Substantially represents bank deposit certificates and investment in investment funds, denominated in Reais, with high market liquidity and maturity not greater than 90 days or in regard to which there are no penalties or other restrictions for the immediate redemption thereof. They are stated at cost, except the investment funds that are registered at market value, plus the income earned up to the date of the balance sheets.

b.
Receivables– They are stated at cost, plus monetary correction. The allowance for doubtful accounts, when necessary, is constituted in an amount that is considered sufficient by management to cover probable losses on the realization of the credits. The outstanding installments are adjusted based on the National Civil Construction Index – INCC during the construction phase, and on the General Market Prices Index - IGP/M after the date of delivery of the keys of the units that are completed. The balance of the receivables is adjusted by annual interest of 12%. The financial revenue based on the balance of the receivables account is registered in the result as "Development Revenue", the interest recognized at June 30, 2007 totals R$ 4,301 (parent company) and R$ 10,187 (consolidated).

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c.
Certificates of real estate receivables (“CRIs”) - The Company financially assigns real estate receivables to securitize the issuance of CRIs. Such assignment (usually without recourse) is registered as a reduction of the receivables account, after the date of delivery of the keys of the corresponding real estate units that comprise the CRIs portfolio representing the gross amount of the credits assigned. The financial discount, which represents the difference between the amount received and the credit at the date of the assignment, is appropriated to the result in the financial expenses account over the term of validity of the contract. The expenses with commissions paid to the issuer of the CRIs are recognized directly in the result when incurred on the accrual basis. The financial guarantees, when participation is acquired (subordinated CRI) and maintained to secure the receivables that were assigned, are recorded in the balance sheet at their market value.

d.
Real estate to commercialize - Includes the costs incurred with the construction and/or acquisition of unsold land and real estate, including capitalized interest, in the construction phase and of the already completed units. The balances outstanding at the end of each period do not exceed their corresponding net realization values. The Company acquires a part of the land through exchange operations in which, in the exchange for the land acquired it undertakes (a) to deliver real estate units of developments being built or (b) a part of the sales revenues originating from the sale of the real estate units of the developments. The effective construction cost of the exchanged units is diluted in the other unsold units. The Company capitalizes interest during the construction phase (limited to the corresponding financial expense amount) in the case of existence of specific financing for the enterprises.

e.
Expenses with sales to appropriate - The balance of the expenses to appropriate includes the expenses related to tangible assets (costs with the sales stand, mock-up apartments and corresponding furniture) of unsold units. This balance is amortized against the selling expenses account based on the cost incurred in relation to the total budgeted cost.

f.
Expenses with warranties - The Company provides limited warranties for five years covering structural flaws in the developments sold. Given that the warranties for the work performed (responsibility and costs) are usually provided by the Company’s subcontractor, the amounts paid by the Company are not significant.

g.
Prepaid expenses - Includes miscellaneous expenses, including the current part of the expenses with the issuance of debentures and the deferral of the expenses with shares pending issuance, which shall be recorded as an expense upon the issuance thereof.

h.
Property and equipment - Stated at purchase cost. Depreciation is calculated on the straight-line basis, based on the estimated useful life of the asset, as follows: (i) vehicles: 5 years; (ii) utensils and installations: 10 years; (iii) computers and software licenses: 5 years. Expenses related to the acquisition and development of computer systems are capitalized.

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01610-1 GAFISA S/A
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04.01 – NOTES TO QUARTERLY INFORMATION
 
i.
Goodwill and discount on the acquisition of investment– The discount is represented by an acquisition realized 2005, which will be appropriated to the result as the assets are realized, except as set out below. The goodwill relates to the acquisition of investments in subsidiaries, which is based on the expectation of future profitability, and is amortized exponentially and progressively over the maximum term of 10 years. Analysis of the recovery of the goodwill will be conducted annually based on the projections of future results.

On January 8, 2007 the Company acquired the totality of the shares of Catalufa Participações Ltda. (“Catalufa”) by exchanging shares that it owned in the amount of R$134,029. The Company’s Management then merged Catalufa based on its book value at the base date of the operation. The main asset of Catalufa on this base date was the investment in the subsidiary Alphaville Urbanismo S.A. (“AUSA”), with a provision for net capital deficiency, recorded on the equity method of accounting and a participation of 57.42% in the corporate capital, which subsequently increased to 60% pursuant to the capital increase described below.

The difference between the book value of the investment after the Company paid up capital in AUSA in the sum of R$ 20,000 and its market value, supported by an appraisal report, was registered as a goodwill of R$170,941 based on expected future profitability. The balance of the goodwill will be amortized in up to 120 months, exponentially and progressively.

j.
Real estate development obligations– Represents the estimated cost to be incurred of the units sold of the real estate enterprises launched up to December 31, 2003. The counter-entry is registered in the "Result of sales of real estate to be appropriated". The changes to the budgeted costs are registered to the extent that they are known and allocated between the cost of the sales and the result of the sales of real estate to be appropriated. The costs incurred with the unsold units are registered in "Real estate to commercialize".

k.
Obligations for purchase of real estate– Comprised of the obligations that are contractually established for the acquisitions of land.

l.
Result of the sale of real estate to be appropriated– Represents the residual net amount of the sales of units of the real estate enterprises launched up to December 31, 2003, less budgeted construction costs (that had as a counter-entry the "Real estate development obligations" account), cost of acquisition of land and financial charges of the construction financing.

m.
Selling expenses– Include advertising, campaigns, commission and other similar expenses.

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n.
Income tax and social contribution on the net profit– The income tax (25%) and the social contribution on the net profit (9%) are calculated based on their nominal rates, which total 34%. The deferred income tax is calculated over the totality of the temporary differences. As allowed by the tax regulations, certain subsidiary and associated companies elected the presumed profit taxation system. In regard to such companies the income tax base is calculated at 8% (social contribution on the net profit at 12%) over the gross revenues, to which apply the regular corresponding tax rates of this tax and contribution.

The deferred tax assets are recognized over tax losses, negative base of the social contribution on net profit and temporary differences, to the extent that the realization thereof is likely to occur. If the realization of a deferred tax asset is not likely to occur, there is no accounting recognition. Tax losses do not have a term of expiry, but offsetting is limited in future periods to 30% of the taxable profit of each period. Companies that elect the presumed profit system cannot offset tax losses incurred in a period with subsequent periods.

o.
Other current and long-term liabilities– These are stated at their known or expected value and are registered in accordance with the accrual system, together with, when applicable, the corresponding charges and monetary and exchange variations. The workers’ compensation liability, particularly related to the vacation charges and payroll, is provisioned over the period of acquisition of the right thereto.

p.
Stock option plans– The Company manages Stock Option Plans. The grant of the stock option plan to workers does not result in an accounting expense.

q.
Profit sharing plan extended to the workers and management staff– The Company distributes profit sharing to its workers and management staff (included in the general and administrative expenses). The Company’s by-laws establish the distribution of profits to management (in an amount that does not exceed their annual compensation or 10% of the Company’s net profits, whichever is less). The bonus system operates with three performance triggers, structured based on the efficiency of the corporate targets, followed by business targets and finally individual targets. The sums to be paid under this plan may differ from the accounting liabilities.

r.
Earnings per share– Calculated considering the number of outstanding shares at the date of the balance sheet, net of the treasury shares.

s.
Reclassifications– On June 30, 2007 the Company changed, with retroactive effects (reclassification) in regard to the June 30, 2006 period, the balance of cancelled units to the real estate development revenue account, and of the expenses with CPMF to the financial expenses account, aiming to better present the quarterly information, as established in Deliberation CVM 506.

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4.
CASH AND BANKS AND FINANCIAL INVESTMENTS

   
Parent Company
 
Consolidated
 
Type of operation
 
06/30/2007
 
03/31/2007
 
06/30/2007
 
03/31/2007
 
                   
Cash and banks
   
3,024
   
24,797
   
21,328
   
34,049
 
                           
Financial investments:
                         
Investment Funds
   
649
   
1,580
   
649
   
1,580
 
Bank Deposit Certificates
   
460,979
   
575,432
   
474,039
   
585,623
 
                           
Total cash and banks and  investments
   
464,652
   
601,809
   
496,016
   
621,252
 

At June 30, 2007 the Bank Deposit Certificates include earned interest from 98.0% up to 100.6% of the Inter-Bank Deposit Certificate (CDI) rate.

In conformity with Instruction CVM 408/04, the Company consolidated the financial statements of the Multimercado Arena and Multimercado Olimpic investment funds, of which it is currently the sole quotaholder. These investment funds centralize the financial investments portfolio, outsourcing the administrative tasks and maximizing the return to the shareholder.

5.
RECEIVABLES, DEVELOPMENT OBLIGATIONS AND RESULT OF SALES OF REAL ESTATE TO APPROPRIATE

a.
Receivables from clients of developments

As of January 1, 2004 the Company prospectively applied Resolution CFC 963, which determines that the receivables be recognized to the extent the revenue is appropriated in accordance with the proportion of the financial cost incurred.

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01610-1 GAFISA S/A
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Parent Company
 
Consolidated
 
   
06/30/2007
 
03/31/2007
 
06/30/2007
 
03/31/2007
 
Total balance of developments:
                         
Current
   
294,491
   
266,399
   
411,256
   
365,848
 
Non-Current
   
166,268
   
127,404
   
316,057
   
236,576
 
                           
     
460,759
   
393,803
   
727,313
   
602,424
 
                           
Developments not reflected in the financial statements
                         
(as determined by Resolution 963):
                         
Current
   
170,479
   
132,384
   
270,288
   
220,894
 
Non-Current
   
600,275
   
509,473
   
793,470
   
720,555
 
                           
     
770,754
   
641,857
   
1,063,758
   
941,449
 
                           
     
1,231,513
   
1,035,660
   
1,791,071
   
1,543,873
 

b.
Real estate development obligations

The balance of the real estate development obligations, considering the enterprises launched and implemented up to December 31, 2003 (prior to the introduction of Resolution CFC 963) and those launched and implemented as of 2004, may be stated as follows:

   
Parent Company
 
Consolidated
 
   
06/30/2007
 
03/31/2007
 
06/30/2007
 
03/31/2007
 
Enterprises developed up to December 31, 2003:
                         
Current
   
4,260
   
3,740
   
5,710
   
5,088
 
                           
     
4,260
   
3,740
   
5,710
   
5,088
 
Enterprises developed as of 2004 (not reflected in the financial statements):
                         
Current
   
364,646
   
275,246
   
527,159
   
473,575
 
Non-current
   
96,643
   
104,393
   
112,253
   
130,341
 
                           
     
461,289
   
379,639
   
639,412
   
603,916
 
                           
     
465,549
   
383,379
   
645,122
   
609,004
 

c.
Result of sales of real estate to appropriate

The balance of the result of the sales of real estate to appropriate, considering the enterprises launched and implemented up to December 31, 2003 (prior to the introduction of Resolution CFC 963) and those launched and implemented as of 2004, may be stated as follows:

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01610-1 GAFISA S/A
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04.01 – NOTES TO QUARTERLY INFORMATION

   
Parent Company
 
Consolidated
 
   
06/30/2007
 
03/31/2007
 
06/30/2007
 
03/31/2007
 
Enterprises developed up to December 31, 2003:
                         
Revenues of sales to appropriate
   
357
   
1,372
   
1,414
   
1,551
 
Cost of units sold to appropriate
   
(325
)
 
(1,235
)
 
(361
)
 
(1,456
)
                           
     
33
   
136
   
1,053
   
95
 
                           
                           
Enterprises developed as of 2004 (not reflected in the financial statements):
                         
Revenues of sales to appropriate
   
788,299
   
661,385
   
1,100,269
   
985,735
 
Cost of units sold to appropriate
   
(474,364
)
 
(397,298
)
 
(681,415
)
 
(613,817
)
     
313,935
   
264,088
   
418,854
   
371,918
 
                           
     
313,967
   
264,224
   
419,907
   
372,013
 
 
d.
Allowance for doubtful accounts and client advances

The constitution of an allowance for doubtful accounts was considered unnecessary, since these credits substantially refer to developments under construction, whereby the concession of the corresponding property deeds occurs only after the liquidation and/or negotiation of the clients’ credits.

The balances of the client advances, which exceed the revenues recognized in the period, amount in the consolidated to R$ 50,181 at June 30, 2007 (March 31, 2007 - R$ 62,833) and are classified in "Client advances (development and services)".

e.
Sale of receivables by securitization

The Company adopted a program of securitization of receivables with third parties, through which it sold client receivables. The company that acquired the client receivables portfolio transferred the same to a fiduciary agent. The fiduciary agent then sells investment certificates ("CRIs"), which represent an undivided participation in the client receivables held by the fiduciary agent to an investor.

The Company uses this program to finance its cash needs more efficiently. The programs contain certain conditions and requirements, including a criterion related to the quality of the receivables in the client portfolio. If the conditions or requirements established in the programs are not met, the resources originating from the program could be restricted or suspended, or their cost could increase.

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Assignments of receivables by securitization are registered as a sale, after certain conditions are met, and in such situation the corresponding receivables are excluded from the financial statements. In the case of existence of recourse against the Company, the receivable assigned is maintained registered in the balance sheet. The Company maintains participation in the receivables portfolio (junior CRIs) based on levels determined by the fiduciary agent that acquired the client portfolio. In this case, the junior CRIs are included in the financial statements in the "Clients – Non-Current receivables" account.

The Company entered into an agreement with Brazilian Securities Companhia de Securitização ("BSCS") on September 13, 2006, in which the Company transferred a securitized receivables portfolio to BSCS totaling R$ 61,800 (nominal value). BSCS issued CRIs with a term of redemption of up to 100 months. The Company agreed to assign and transfer the client receivables to BSCS in the amount of R$ 61,400 (present value) in exchange for cash, at the date of transfer, discounted to present value. The CRIs were issued in two different classes: senior CRIs and junior CRIs. Under such agreement the Company undertook to acquire all of the junior CRIs, representing approximately 19% of the amount issued, totaling R$ 11,826 (present value). The senior CRIs are indexed to the IGP-M and accrue interest at 12% per annum. The Junior CRIs were issued to secure a minimum return to the senior CRIs and can only be redeemed after the senior CRIs are totally redeemed.

The Company measures the market value of its participation in the assigned receivables portfolio (junior CRIs) throughout the total term of maturity of the securitization program. Additionally, the Company estimates and registers a provision for losses over the percentage of its participation maintained in portfolio, when necessary. In this regard the book value of this participation is equal to its corresponding market value.

6.
REAL ESTATE TO COMMERCIALIZE

   
Parent Company
 
Consolidated
 
   
06/30/2007
 
03/31/2007
 
06/30/2007
 
03/31/2007
 
                   
Land
   
170,386
   
177,133
   
187,257
   
214,235
 
Real estate under construction
   
188,942
   
187,372
   
351,753
   
295,704
 
Completed units
   
26,107
   
12,169
   
55,003
   
49,520
 
                           
     
385,435
   
376,674
   
594,013
   
559,459
 

The Company has undertaken commitments to build units, exchanged for the acquisition of land, which are stated in the balance sheet as follows: (i) budgeted construction cost of exchanged units diluted in the other units sold (registered in real estate development obligation); (ii) effective cost of construction of exchanged units diluted in the other unsold units, registered in real estate under construction.

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7.
OTHER RECEIVABLES CURRENT

   
Parent Company
 
Consolidated
 
   
06/30/2007
 
03/31/2007
 
06/30/2007
 
03/31/2007
 
                   
Miscellaneous current accounts (a)
   
243,479
   
210,033
   
45,217
   
40,265
 
Values with brokers
   
10,425
   
8,470
   
15,214
   
14,780
 
Assignment of receivable credit
   
9,154
   
9,055
   
9,154
   
9,055
 
Financing of clients to release
   
10,448
   
10,448
   
10,635
   
10,635
 
Deferred PIS and COFINS
   
15,414
   
17,097
   
19,052
   
20,555
 
Advances for future capital increase
   
39,853
   
5,986
   
3,215
   
3,215
 
Other
   
16,452
   
20,070
   
16,930
   
19,351
 
                           
     
345,225
   
281,159
   
119,417
   
117,856
 

(a)
The Company participates in the development of real estate ventures jointly with other partners, directly or through related parties, based on the constitution of condominiums and/or consortiums. The management structure of these ventures and the cash management are centralized in the leading company of the enterprise, which manages the works and the budgets. Thus, the leader of the enterprise assures that the allocations of the resources needed are made and applied as planned. The sources and allocations of resources of the venture are reflected in these balances, observing the participation percentage, which are not subject to adjustment or financial charges and do not have a predetermined maturity. The average term of development and completion of the enterprises in which the resources are allocated is three years. Other payables to partners of real estate ventures are presented separately.

Page 12

 
FEDERAL GOVERNMENT SERVICE
 
BRAZILIAN SECURITIES COMMISSION (CVM)
 
Quarterly Information (ITR)
Corporate Legislation
COMMERCIAL, INDUSTRIAL AND OTHER COMPANIES
June 30, 2007
Voluntary Resubmission
Unaudited

01.545.826/0001-07

04.01 – NOTES TO QUARTERLY INFORMATION

8. INVESTMENTS IN SUBSIDIARIES

   
 
 
 
 
Information of the subsidiaries
 
 
 
 
 
Participation
 
Net Equity
 
Net profit (loss)
in the period 
 
 
 
Investees
 
Jun/07
 
Mar/07
 
Jun/07
 
Mar/07
 
Jun/07
 
Mar/07
 
                               
00008
   
PENÍNSULA SPE1 SA
   
50.00
%
 
50.00
 
(541
)
 
(703
)
 
422
   
260
 
00010
   
PENÍNSULA SPE2 SA
   
50.00
%
 
50.00
%
 
(3,256
)
 
(3,288
)
 
(34
)
 
(66
)
00018
   
RES.DAS PALMEIRAS SPE Ltda - 18
   
90.00
%
 
90.00
%
 
1,546
   
1,556
   
102
   
113
 
00036
   
GAFISA SPE 36 LTDA.
   
99.80
%
 
99.80
%
 
2,053
   
738
   
2,107
   
792
 
00038
   
GAFISA SPE 38 LTDA.
   
99.80
%
 
99.80
%
 
3,584
   
1,877
   
3,145
   
1,438
 
00040
   
GAFISA SPE 40 LTDA.
   
50.00
%
 
50.00
%
 
348
   
(236
)
 
861
   
276
 
00041
   
GAFISA SPE 41 LTDA.
   
99.80
%
 
99.80
%
 
14,093
   
9,790
   
7,238
   
2,935
 
00042
   
GAFISA SPE 42 LTDA.
   
50.00
%
 
50.00
%
 
(632
)
 
(560
)
 
(339
)
 
(267
)
00043
   
GAFISA SPE 43 LTDA.
   
99.80
%
 
99.80
%
 
(2
)
 
(2
)
 
(1
)
 
(0
)
00044
   
GAFISA SPE 44 LTDA.
   
99.80
%
 
99.80
%
 
(1
)
 
(1
)
 
(0
)
 
(0
)
00045
   
GAFISA SPE 45 LTDA
   
99.80
%
 
99.98
%
 
(164
)
 
280
   
(571
)
 
(126
)
00046
   
GAFISA SPE 46 LTDA
   
60.00
%
 
60.00
%
 
(1,056
)
 
(1,238
)
 
(91
)
 
(271
)
00047
   
GAFISA SPE 47 LTDA
   
99.80
%
 
99.80
%
 
(5
)
 
(6
)
 
(5
)
 
(4
)
00048
   
GAFISA SPE 48 LTDA
   
99.80
%
 
99.80
%
 
(181
)
 
(2
)
 
(181
)
 
(1
)
00049
   
GAFISA SPE 49 LTDA.
   
100.00
%
       
(1
)
       
(2
)
     
00052
   
GAFISA SPE 52 LTDA.
   
99.80
%
       
(0
)
       
(1
)
     
00053
   
GAFISA SPE 53 LTDA.
   
60.00
%
       
(251
)
       
(251
)
     
00055
   
GAFISA SPE 55 LTDA.
   
99.80
%
 
99.80
%
 
0
   
1
   
(0
)
 
(0
)
00070
   
GAFISA SPE 70 LTDA.
   
50.00
%
       
1,009
         
(791
)
     
00087
   
DV SPE S/A - 87
   
50.00
%
 
50.00
%
 
(69
)
 
(223
)
 
165
   
11
 
00089
   
DV SPE S/A - 89
   
50.00
%
 
50.00
%
 
967
   
952
   
3
   
(12
)
00091
   
VILLAGIO PANAMBY TRUST – 91
   
50.00
%
 
50.00
%
 
3,781
   
3,893
   
(142
)
 
(30
)
00122
   
GAFISA SPE 22 LTDA.
   
49.00
%
 
49.00
%
 
(1,292
)
 
(1,277
)
 
(212
)
 
(197
)
00125
   
GAFISA SPE 25 LTDA.
   
66.67
%
 
66.67
%
 
14,023
   
13,702
   
471
   
151
 
00126
   
GAFISA SPE 26 LTDA.
   
50.00
%
 
50.00
%
 
28,639
   
29,306
   
4
   
671
 
00127
   
GAFISA SPE 27 LTDA.
   
50.00
%
 
50.00
%
 
12,792
   
12,416
   
(1,215
)
 
(1,591
)
00128
   
GAFISA SPE 28 LTDA.
   
99.80
%
 
99.80
%
 
(927
)
 
(867
)
 
(127
)
 
(67
)
00129
   
GAFISA SPE 29 LTDA.
   
70.00
%
 
70.00
%
 
4,178
   
4,820
   
(1,265
)
 
(623
)
00130
   
GAFISA SPE 30 .LTDA.
   
99.80
%
 
99.80
%
 
14,487
   
11,086
   
6,590
   
3,190
 
00131
   
GAFISA SPE 31 LTDA.
   
99.80
%
 
99.80
%
 
22,614
   
21,926
   
869
   
180
 
00132
   
GAFISA SPE 32 LTDA.
   
99.80
%
 
99.80
%
 
1
   
1
   
(0
)
 
(0
)
00133
   
GAFISA SPE 33 LTDA.
   
100.00
%
 
100.00
%
 
10,373
   
10,823
   
814
   
1,263
 
00134
   
GAFISA SPE 34 LTDA.
   
99.80
%
 
99.80
%
 
(3,469
)
 
(3
)
 
(3,467
)
 
(1
)
00135
   
GAFISA SPE 35 LTDA.
   
99.80
%
 
99.80
%
 
1,799
   
822
   
1,846
   
870
 
00137
   
GAFISA SPE 37 LTDA
   
99.80
%
 
99.80
%
 
8,047
   
6,903
   
2,179
   
1,035
 
00139
   
GAFISA SPE 39 LTDA.
   
99.80
%
 
99.80
%
 
4,048
   
2,326
   
2,787
   
1,065
 
00250
   
GAFISA SPE 50 LTDA.
   
99.80
%
       
(1
)
       
(1
)
     
00251
   
GAFISA SPE 251LTDA.
   
80.00
%
 
99.80
%
 
(389
)
 
(20
)
 
(389
)
 
(20
)
00760
   
GAFISA SPE 760
   
45.00
%
 
45.00
%
 
8,333
   
6,361
   
2,684
   
712
 
00763
   
GAFISA SPE 763
   
30.00
%
 
30.00
%
 
4,973
   
3,435
   
(44
)
 
(81
)
177700
   
ALTA VISTTA
   
50.00
%
 
50.00
%
 
(527
)
 
(854
)
 
(445
)
 
(355
)
177800
   
DEP.JOSÉ LAJES
   
50.00
%
 
50.00
%
 
(279
)
 
(14
)
 
(288
)
 
(26
)
177900
   
SÍTIO JATIÚCA
 
 
50.00
%
 
50.00
%
 
(546
)
 
(331
)
 
(1,078
)
 
(168
)
178000
   
SPAZIO NATURA
   
50.00
%
 
50.00
%
 
1,439
   
(126
)
 
(17
)
 
(9
)
   
AUSA 
   
60.00
%
 
60.00
%
 
8,711
   
(23,996
)
 
8,498
   
4,197
 
77996
   
DIODON PARTICIPAÇÕES
   
100.00
%
 
100.00
%
 
32,171
   
31,982
   
291
   
62
 

Page 13


FEDERAL GOVERNMENT SERVICE
 
BRAZILIAN SECURITIES COMMISSION (CVM)
 
Quarterly Information (ITR)
Corporate Legislation
COMMERCIAL, INDUSTRIAL AND OTHER COMPANIES
June 30, 2007
Voluntary Resubmission
Unaudited

01.545.826/0001-07

04.01 – NOTES TO QUARTERLY INFORMATION

       
Participation
 
Investments in subsidiaries
 
Equity in results
 
   
Investees
 
Jun/07
 
Mar/07
 
Jun/07
 
Mar/07