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.
|
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)
|
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
|
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
|
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
|
FEDERAL
GOVERNMENT SERVICE
BRAZILIAN
SECURITIES COMMISSION (CVM)
QUARTERLY
INFORMATION - ITR
COMMERCIAL,
INDUSTRIAL AND OTHER
Voluntary
Resubmission
|
Corporate
Legislation
June
30, 2007
|
1
-
CVM CODE
01610-1
|
2
-
COMPANY NAME
GAFISA
S/A
|
3
-
CNPJ (Federal Tax ID)
01.545.826/0001-07
|
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
|
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
|
1
-
ITEM
|
2
-
CNPJ (Federal Tax ID)
|
3
-
COMPANY NAME
|
1
-
ITEM
|
2
-
EVENT
|
3
-
APPROVAL
|
4
-
TYPE
|
5
-
DATE OF PAYMENT
|
6
-
TYPE OF SHARE
|
7
-
AMOUNT PER SHARE
|
FEDERAL
GOVERNMENT SERVICE
BRAZILIAN
SECURITIES COMMISSION (CVM)
QUARTERLY
INFORMATION - ITR
COMMERCIAL,
INDUSTRIAL AND OTHER
Voluntary
Resubmission
|
Corporate
Legislation
June
30, 2007
|
1
-
CVM CODE
01610-1
|
2
-
COMPANY NAME
GAFISA
S/A
|
3
-
CNPJ (Federal Tax ID)
01.545.826/0001-07
|
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)
|
1-
DATE
08/01/2007
|
2
-
SIGNATURE
|
FEDERAL
GOVERNMENT SERVICE
BRAZILIAN
SECURITIES COMMISSION (CVM)
QUARTERLY
INFORMATION - ITR
COMMERCIAL,
INDUSTRIAL AND OTHER
Voluntary
Resubmission
|
Corporate
Legislation
June
30, 2007
|
1
-
CVM CODE
01610-1
|
2
-
COMPANY NAME
GAFISA
S/A
|
3
-
CNPJ (Federal Tax ID)
01.545.826/0001-07
|
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
|
FEDERAL
GOVERNMENT SERVICE
BRAZILIAN
SECURITIES COMMISSION (CVM)
QUARTERLY
INFORMATION - ITR
COMMERCIAL,
INDUSTRIAL AND OTHER
Voluntary
Resubmission
|
Corporate
Legislation
June
30, 2007
|
1
-
CVM CODE
01610-1
|
2
-
COMPANY NAME
GAFISA
S/A
|
3
-
CNPJ (Federal Tax ID)
01.545.826/0001-07
|
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
|
FEDERAL
GOVERNMENT SERVICE
BRAZILIAN
SECURITIES COMMISSION (CVM)
QUARTERLY
INFORMATION - ITR
COMMERCIAL,
INDUSTRIAL AND OTHER
Voluntary
Resubmission
|
Corporate
Legislation
June
30, 2007
|
1
-
CVM CODE
01610-1
|
2
-
COMPANY NAME
GAFISA
S/A
|
3
-
CNPJ (Federal Tax ID)
01.545.826/0001-07
|
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
|
FEDERAL
GOVERNMENT SERVICE
BRAZILIAN
SECURITIES COMMISSION (CVM)
QUARTERLY
INFORMATION - ITR
COMMERCIAL,
INDUSTRIAL AND OTHER
Voluntary
Resubmission
|
Corporate
Legislation
June
30, 2007
|
1
-
CVM CODE
01610-1
|
2
-
COMPANY NAME
GAFISA
S/A
|
3
-
CNPJ (Federal Tax ID)
01.545.826/0001-07
|
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
|
)
|
FEDERAL
GOVERNMENT SERVICE
BRAZILIAN
SECURITIES COMMISSION (CVM)
QUARTERLY
INFORMATION - ITR
COMMERCIAL,
INDUSTRIAL AND OTHER
Voluntary
Resubmission
|
Corporate
Legislation
June
30, 2007
|
1
-
CVM CODE
01610-1
|
2
-
COMPANY NAME
GAFISA
S/A
|
3
-
CNPJ (Federal Tax ID)
01.545.826/0001-07
|
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)
|
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
|
1. |
OPERATIONS
|
FEDERAL
GOVERNMENT SERVICE
|
|
BRAZILIAN
SECURITIES COMMISSION (CVM)
|
|
Quarterly
Information (ITR)
|
Corporate
Legislation
|
COMMERCIAL,
INDUSTRIAL AND OTHER COMPANIES
|
June
30, 2007
|
Voluntary
Resubmission
|
Unaudited
|
01610-1
GAFISA S/A
|
01.545.826/0001-07
|
04.01 –
NOTES TO QUARTERLY
INFORMATION
|
2. |
PRESENTATION
OF THE QUARTERLY
INFORMATION
|
a. |
Basis
of presentation
|
b. |
Consolidation
practices
|
FEDERAL
GOVERNMENT SERVICE
|
|
BRAZILIAN
SECURITIES COMMISSION (CVM)
|
|
Quarterly
Information (ITR)
|
Corporate
Legislation
|
COMMERCIAL,
INDUSTRIAL AND OTHER COMPANIES
|
June
30, 2007
|
Voluntary
Resubmission
|
Unaudited
|
01610-1
GAFISA S/A
|
01.545.826/0001-07
|
04.01
– NOTES TO QUARTERLY
INFORMATION
|
3.
|
MAIN
ACCOUNTING PRACTICES
|
a. |
Recognition
of Results
|
·
|
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.
|
FEDERAL
GOVERNMENT SERVICE
|
|
BRAZILIAN
SECURITIES COMMISSION (CVM)
|
|
Quarterly
Information (ITR)
|
Corporate
Legislation
|
COMMERCIAL,
INDUSTRIAL AND OTHER COMPANIES
|
June
30, 2007
|
Voluntary
Resubmission
|
Unaudited
|
01610-1
GAFISA S/A
|
01.545.826/0001-07
|
04.01
– NOTES TO QUARTERLY
INFORMATION
|
·
|
On
the other hand, any amount received that exceeds the recognized
revenue
amount is registered in the current liabilities as a "Client Advance".
|
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).
|
FEDERAL
GOVERNMENT SERVICE
|
|
BRAZILIAN
SECURITIES COMMISSION (CVM)
|
|
Quarterly
Information (ITR)
|
Corporate
Legislation
|
COMMERCIAL,
INDUSTRIAL AND OTHER COMPANIES
|
June
30, 2007
|
Voluntary
Resubmission
|
Unaudited
|
01610-1
GAFISA S/A
|
01.545.826/0001-07
|
04.01 –
NOTES TO QUARTERLY
INFORMATION
|
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.
|
FEDERAL
GOVERNMENT SERVICE
|
|
BRAZILIAN
SECURITIES COMMISSION (CVM)
|
|
Quarterly
Information (ITR)
|
Corporate
Legislation
|
COMMERCIAL,
INDUSTRIAL AND OTHER COMPANIES
|
June
30, 2007
|
Voluntary
Resubmission
|
Unaudited
|
01610-1
GAFISA S/A
|
01.545.826/0001-07
|
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.
|
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.
|
FEDERAL
GOVERNMENT SERVICE
|
|
BRAZILIAN
SECURITIES COMMISSION (CVM)
|
|
Quarterly
Information (ITR)
|
Corporate
Legislation
|
COMMERCIAL,
INDUSTRIAL AND OTHER COMPANIES
|
June
30, 2007
|
Voluntary
Resubmission
|
Unaudited
|
01610-1
GAFISA S/A
|
01.545.826/0001-07
|
04.01
– NOTES TO QUARTERLY
INFORMATION
|
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.
|
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.
|
FEDERAL
GOVERNMENT SERVICE
|
|
BRAZILIAN
SECURITIES COMMISSION (CVM)
|
|
Quarterly
Information (ITR)
|
Corporate
Legislation
|
COMMERCIAL,
INDUSTRIAL AND OTHER COMPANIES
|
June
30, 2007
|
Voluntary
Resubmission
|
Unaudited
|
01610-1
GAFISA S/A
|
01.545.826/0001-07
|
04.01
– NOTES TO QUARTERLY
INFORMATION
|
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
|
5. |
RECEIVABLES,
DEVELOPMENT OBLIGATIONS AND RESULT OF SALES OF REAL ESTATE TO
APPROPRIATE
|
a. |
Receivables
from clients of developments
|
FEDERAL
GOVERNMENT SERVICE
|
|
BRAZILIAN
SECURITIES COMMISSION (CVM)
|
|
Quarterly
Information (ITR)
|
Corporate
Legislation
|
COMMERCIAL,
INDUSTRIAL AND OTHER COMPANIES
|
June
30, 2007
|
Voluntary
Resubmission
|
Unaudited
|
01610-1
GAFISA S/A
|
01.545.826/0001-07
|
04.01
– NOTES TO QUARTERLY
INFORMATION
|
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
|
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
|
FEDERAL
GOVERNMENT SERVICE
|
|
BRAZILIAN
SECURITIES COMMISSION (CVM)
|
|
Quarterly
Information (ITR)
|
Corporate
Legislation
|
COMMERCIAL,
INDUSTRIAL AND OTHER COMPANIES
|
June
30, 2007
|
Voluntary
Resubmission
|
Unaudited
|
01610-1
GAFISA S/A
|
01.545.826/0001-07
|
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
|
e. |
Sale
of receivables by
securitization
|
FEDERAL
GOVERNMENT SERVICE
|
|
BRAZILIAN
SECURITIES COMMISSION (CVM)
|
|
Quarterly
Information (ITR)
|
Corporate
Legislation
|
COMMERCIAL,
INDUSTRIAL AND OTHER COMPANIES
|
June
30, 2007
|
Voluntary
Resubmission
|
Unaudited
|
01610-1
GAFISA S/A
|
01.545.826/0001-07
|
04.01
– NOTES TO QUARTERLY
INFORMATION
|
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
|
FEDERAL
GOVERNMENT SERVICE
|
|
BRAZILIAN
SECURITIES COMMISSION (CVM)
|
|
Quarterly
Information (ITR)
|
Corporate
Legislation
|
COMMERCIAL,
INDUSTRIAL AND OTHER COMPANIES
|
June
30, 2007
|
Voluntary
Resubmission
|
Unaudited
|
01610-1
GAFISA S/A
|
01.545.826/0001-07
|
04.01 –
NOTES TO QUARTERLY
INFORMATION
|
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.
|
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
|
|
|
|
|
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
|
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
|
Participation
|
Investments in subsidiaries
|
Equity in results
|
||||||||||||||||||||
Investees
|
Jun/07
|
|
Mar/07
|
|
Jun/07
|
|
Mar/07
|
|