Condensed
Consolidated Interim Balance Sheets
|
1 |
Condensed
Consolidated Interim Statements of Income
|
3 |
Statements
of Changes in Shareholders’ Equity
|
4 |
Condensed Consolidated
Interim Statements of Cash Flows
|
5 |
Notes
to the Unaudited Condensed Consolidated
Interim Financial Information
|
6 |
Assets
|
Note
|
March
31,
2009
|
December
31, 2008
|
|||||||||
(Unaudited) | ||||||||||||
Current
assets
|
||||||||||||
Cash, cash equivalents and marketable
securities
|
4
|
500,778 | 605,502 | |||||||||
Receivables from
clients
|
5
|
1,392,606 | 1,254,594 | |||||||||
Properties for sale
|
6
|
1,429,411 | 1,695,130 | |||||||||
Other accounts
receivable
|
7
|
137,787 | 182,775 | |||||||||
Deferred selling
expenses
|
15,247 | 13,304 | ||||||||||
Prepaid expenses
|
25,602 | 25,396 | ||||||||||
3,501,431 | 3,776,701 | |||||||||||
Non-current
assets
|
||||||||||||
Receivables from
clients
|
5
|
1,200,994 | 863,950 | |||||||||
Properties for sale
|
6
|
418,815 | 333,846 | |||||||||
Deferred taxes
|
15
|
215,831 | 190,252 | |||||||||
Other
|
141,246 | 110,606 | ||||||||||
1,976,886 | 1,498,654 | |||||||||||
Goodwill,
net
|
8(b)
|
195,088 | 195,088 | |||||||||
Property and
equipment, net
|
45,130 | 50,348 | ||||||||||
Intangible
assets
|
7,303 | 18,067 | ||||||||||
247,521 | 263,503 | |||||||||||
2,224,407 | 1,762,157 | |||||||||||
Total
assets
|
5,725,838 | 5,538,858 |
Liabilities
and shareholders' equity
|
Note
|
March
31,
2009
|
December
31, 2008
|
|||||||||
(Unaudited) | ||||||||||||
Current
liabilities
|
||||||||||||
Loans and financing, net of
swaps
|
9
|
467,788 | 447,503 | |||||||||
Debentures
|
10
|
60,758 | 61,945 | |||||||||
Obligations for purchase of land and
advances from clients
|
13
|
517,537 | 421,584 | |||||||||
Materials and service
suppliers
|
108,058 | 112,900 | ||||||||||
Taxes and
contributions
|
134,683 | 113,167 | ||||||||||
Salaries, payroll charges and profit
sharing
|
60,226 | 29,693 | ||||||||||
Mandatory dividends
|
14(a)
|
26,106 | 26,104 | |||||||||
Provision for
contingencies
|
12
|
8,385 | 17,567 | |||||||||
Other accounts payable
|
11
|
138,464 | 97,933 | |||||||||
1,522,005 | 1,328,396 | |||||||||||
Non-current
liabilities
|
||||||||||||
Loans and financing, net of
swaps
|
9
|
592,140 | 600,673 | |||||||||
Debentures
|
10
|
442,000 | 442,000 | |||||||||
Obligations for purchase of land and
advances from clients
|
13
|
193,301 | 231,199 | |||||||||
Deferred taxes
|
15
|
266,254 | 239,131 | |||||||||
Provision for
contingencies
|
12
|
43,634 | 35,963 | |||||||||
Deferred gain on sale of
investment
|
8(b)
|
116,794 | 169,394 | |||||||||
Negative goodwill on acquisition of
subsidiaries
|
8(b)
|
17,249 | 18,522 | |||||||||
Other accounts payable
|
11
|
332,661 | 389,759 | |||||||||
2,004,033 | 2,126,641 | |||||||||||
Minority
interest
|
544,458 | 471,402 | ||||||||||
Shareholders'
equity
|
14
|
|||||||||||
Capital stock
|
1,229,517 | 1,229,517 | ||||||||||
Treasury shares
|
(18,050 | ) | (18,050 | ) | ||||||||
Stock options reserve
|
54,019 | 47,829 | ||||||||||
Capital reserves
|
134,296 | 134,296 | ||||||||||
Revenue reserves
|
218,827 | 218,827 | ||||||||||
Retained earnings
|
36,733 | - | ||||||||||
1,655,342 | 1,612,419 | |||||||||||
Total
liabilities and shareholders' equity
|
5,725,838 | 5,538,858 |
Note
|
2009
|
2008
|
||||||||||
(Unaudited) | (Unaudited) | |||||||||||
Gross
operating revenue
|
||||||||||||
Real estate development and
sales
|
3(a)
|
558,512 | 351,987 | |||||||||
Construction services rendered, net of
costs
|
7,299 | 368 | ||||||||||
Taxes on services and
revenues
|
(23,924 | ) | (11,495 | ) | ||||||||
Net
operating revenue
|
541,887 | 340,860 | ||||||||||
Operating
costs
|
||||||||||||
Real estate development
costs
|
(387,248 | ) | (230,723 | ) | ||||||||
Gross
profit
|
154,639 | 110,137 | ||||||||||
Operating
(expenses) income
|
||||||||||||
Selling expenses
|
(46,606 | ) | (21,419 | ) | ||||||||
General and administrative
expenses
|
(55,918 | ) | (36,085 | ) | ||||||||
Depreciation and
amortization
|
(7,982 | ) | (9,441 | ) | ||||||||
Amortization of gain on partial sale of
FIT Residential and other, net
|
52,600 | - | ||||||||||
Other, net
|
(22,723 | ) | (738 | ) | ||||||||
Operating
profit before financial income (expenses)
|
74,010 | 42,454 | ||||||||||
Financial
income (expenses)
|
||||||||||||
Financial expenses
|
(44,736 | ) | (4,583 | ) | ||||||||
Financial income
|
35,527 | 18,594 | ||||||||||
Income
before taxes on income and minority interest
|
64,801 | 56,465 | ||||||||||
Current income tax and social
contribution expense
|
(6,312 | ) | (3,762 | ) | ||||||||
Deferred tax
|
(10,001 | ) | (9,817 | ) | ||||||||
Total tax expenses
|
15
|
(16,313 | ) | (13,579 | ) | |||||||
Income
before minority interest
|
48,488 | 42,886 | ||||||||||
Minority
interest
|
(11,755 | ) | (3,039 | ) | ||||||||
Net
income for the three-month period
|
36,733 | 39,847 | ||||||||||
Shares
outstanding at the end of the period (in thousands)
|
14(a)
|
129,963 | 129,463 | |||||||||
Net income
per thousand shares outstanding at the end of the period -
R$
|
0.2826 | 0.3077 |
Revenue
reserves
|
||||||||||||||||||||||||||||||||||||
Capital
stock
|
Treasury
shares
|
Stock
options
reserve
|
Capital
reserves
|
Legal
reserve
|
Statutory
reserve
|
For
investments
|
Retained
earnings
|
Total
|
||||||||||||||||||||||||||||
At
December 31, 2007
|
1,221,846 | (18,050 | ) | 25,626 | 134,296 | 15,585 | 80,892 | 38,533 | - | 1,498,728 | ||||||||||||||||||||||||||
Capital
increase
|
||||||||||||||||||||||||||||||||||||
Exercise of stock
options
|
7,671 | - | - | - | - | - | - | - | 7,671 | |||||||||||||||||||||||||||
Stock option
plan
|
- | - | 22,203 | - | - | - | - | - | 22,203 | |||||||||||||||||||||||||||
Net income for the
year
|
- | - | - | - | - | - | - | 109,921 | 109,921 | |||||||||||||||||||||||||||
Appropriation of net
income
|
||||||||||||||||||||||||||||||||||||
Legal
reserve
|
- | - | - | - | 5,496 | - | - | (5,496 | ) | - | ||||||||||||||||||||||||||
Minimum mandatory
dividends
|
- | - | - | - | - | - | - | (26,104 | ) | (26,104 | ) | |||||||||||||||||||||||||
Statutory
reserve
|
- | - | - | - | - | 78,321 | - | (78,321 | ) | - | ||||||||||||||||||||||||||
At
December 31, 2008
|
1,229,517 | (18,050 | ) | 47,829 | 134,296 | 21,081 | 159,213 | 38,533 | - | 1,612,419 | ||||||||||||||||||||||||||
Stock option
plan
|
- | - | 6,190 | - | - | - | - | - | 6,190 | |||||||||||||||||||||||||||
Net income for the
period
|
- | - | - | - | - | - | - | 36,733 | 36,733 | |||||||||||||||||||||||||||
At
March 31, 2009 (unaudited)
|
1,229,517 | (18,050 | ) | 54,019 | 134,296 | 21,081 | 159,213 | 38,533 | 36,733 | 1,655,342 |
2009
|
2008
|
|||||||
(Unaudited) | (Unaudited) | |||||||
Cash
flows from operating activities
|
||||||||
Net income
|
36,733 | 39,847 | ||||||
Expenses (income) not affecting cash and
cash equivalents
|
||||||||
Depreciation and
amortization
|
7,982 | 9,441 | ||||||
Disposal of fixed
assets
|
4,660 | - | ||||||
Stock option expenses
|
8,567 | 4,327 | ||||||
Deferred gain on sale of
investment
|
(52,600 | ) | - | |||||
Unrealized interest and charges,
net
|
37,876 | 27,088 | ||||||
Deferred tax
|
10,001 | 9,817 | ||||||
Minority interest
|
11,755 | 3,039 | ||||||
Decrease (increase) in
assets
|
||||||||
Receivables from
clients
|
(475,055 | ) | (167,232 | ) | ||||
Properties for sale
|
180,750 | (217,949 | ) | |||||
Other accounts
receivable
|
11,406 | (40,691 | ) | |||||
Deferred selling
expenses
|
(1,943 | ) | (13,511 | ) | ||||
Prepaid expenses
|
(206 | ) | (2,453 | ) | ||||
Increase (decrease) in
liabilities
|
||||||||
Obligations for purchase of
land
|
1,940 | 119,868 | ||||||
Taxes and contributions
|
21,516 | 8,087 | ||||||
Provision for
contingencies
|
(1,511 | ) | (140 | ) | ||||
Materials and service
suppliers
|
(4,642 | ) | 29,085 | |||||
Advances from clients
|
55,036 | (5,169 | ) | |||||
Salaries, payroll charges and profit
sharing
|
30,535 | (2,221 | ) | |||||
Other accounts payable
|
(787 | ) | 5,002 | |||||
Cash
used in operating activities
|
(117,987 | ) | (193,765 | ) | ||||
Cash
flows from investing activities
|
||||||||
Property and equipment
|
(2,790 | ) | (4,359 | ) | ||||
Restricted cash in guarantee to
loans
|
(34,203 | ) | - | |||||
Acquisition of
investments
|
- | (12,061 | ) | |||||
Cash
used in investing activities
|
(36,993 | ) | (16,420 | ) | ||||
Cash
flows from financing activities
|
||||||||
Capital increase
|
- | 125 | ||||||
Proceeds from subscription of redeemable
equity interest in securitization fund
|
69,706 | - | ||||||
Loans and financing
obtained
|
51,631 | 97,159 | ||||||
Repayment of loans and
financing
|
(87,349 | ) | (23,969 | ) | ||||
Contributions from venture
partners
|
- | 300,000 | ||||||
Assignment of credits,
net
|
(17,935 | ) | 46,086 | |||||
Cash
provided by financing activities
|
16,053 | 419,401 | ||||||
Net
(decrease) increase in cash and cash equivalents
|
(138,927 | ) | 209,216 | |||||
Cash and cash
equivalents
|
||||||||
At the beginning of the
period
|
528,574 | 517,420 | ||||||
At the end of the
period
|
389,647 | 726,636 | ||||||
Net
(decrease) increase in cash and cash equivalents
|
(138,927 | ) | 209,216 |
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
1
|
Operations
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
2
|
Presentation
of the quarterly information
|
(a)
|
Basis
of presentation
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
Shareholders'
equity
|
At
March 31, 2008
|
|||
(Unaudited) | ||||
As originally
reported
|
1,572,534 | |||
Adjustment to present value of assets
and liabilities
|
(49,904 | ) | ||
Barter transactions - land in exchange
for units
|
10,380 | |||
Warranty provision
|
(15,661 | ) | ||
Depreciation of sales stands,
facilities, model apartments
and related
furnishings
|
(14,175 | ) | ||
Minority interest
|
28,592 | |||
Other, including deferred
taxes
|
7,345 | |||
As presented
herein
|
1,539,111 |
Net
income for the three-month period ended March 31, 2008
|
2008
|
|||
(Unaudited) | ||||
As originally
reported
|
41,646 | |||
Adjustment to present value of assets
and liabilities
|
7,350 | |||
Stock option plans
|
(4,327 | ) | ||
Warranty provision
|
(1,381 | ) | ||
Depreciation of sales stands,
facilities, model apartments and related
furnishings
|
(3,273 | ) | ||
Minority interest
|
287 | |||
Other, including deferred
taxes
|
(455 | ) | ||
As presented
herein
|
39,847 |
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
(b)
|
Use
of estimates
|
(c)
|
Consolidation
principles
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
3
|
Significant
accounting practices
|
(a)
|
Recognition
of results
|
(i)
|
Real
estate development and sales
|
|
●
|
The incurred
cost (including the costs related to land) corresponding to the units sold
is fully appropriated to the
result.
|
|
●
|
The
percentage of incurred cost (including costs related to land) is measured
in relation to total estimated cost, and this percentage is applied to the
revenues from units sold, determined in accordance with the terms
established in the sales contracts, thus determining the amount of
revenues and selling expenses to be
recognized.
|
|
●
|
Any amount of
revenues recognized that exceeds the amount received from clients is
recorded as current or long-term assets. Any amount received in connection
with the sale of units that exceeds the amount of revenues recognized is
recorded as "Obligations for purchase of land and Advances from
clients".
|
|
●
|
Interest and
inflation-indexation charges on accounts receivable as from the time the
client takes possession of the property, as well as the adjustment to
present value of accounts receivable, are appropriated to the result from
the development and sale of real estate using the accrual basis of
accounting.
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
|
●
|
The financial
charges on accounts payable for the acquisition of land and real estate
credit operations during the construction period are appropriated to the
cost incurred, and recognized in results upon the sale of the units of the
venture to which they are directly
related.
|
(ii)
|
Construction
services and Revenues and costs related to barter
transactions
|
(b)
|
Cash
and cash equivalents
|
(c)
|
Receivables
from clients
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
(d)
|
Certificates
of real estate receivables (CRIs)
|
(e)
|
Receivables
securitization fund ("FIDC")
|
(f)
|
Properties
for sale
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
(g)
|
Deferred
selling expenses
|
(h)
|
Warranty
provision
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
(i)
|
Prepaid
expenses
|
(j)
|
Property
and equipment
|
(k)
|
Intangible
assets
|
(l)
|
Investments
in subsidiaries and jointly-controlled
investees
|
(i)
|
Net
equity value
|
(ii)
|
Goodwill
and negative goodwill on the acquisition of
investments
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
(m)
|
Obligations
for purchase of land and advances from clients (barter
transactions)
|
(n)
|
Selling
expenses
|
(o)
|
Taxes
on income
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
(p)
|
Other
current and long-term liabilities
|
(q)
|
Stock
option plans
|
(r)
|
Profit
sharing program for employees and
officers
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
(s)
|
Present
value adjustment
|
(t)
|
Cross-currency
interest rate swap and derivative
transactions
|
(u)
|
Financial
liabilities recorded at fair value
|
(v)
|
Impairment
of financial assets
|
(x)
|
Earnings
per share
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
March
31,
2009
|
December
31, 2008
|
|||||||
(Unaudited) | ||||||||
Cash and cash
equivalents
|
||||||||
Cash and banks
|
120,169 | 73,538 | ||||||
Cash equivalents
|
||||||||
Bank Certificates of Deposits -
CDBs
|
195,376 | 185,334 | ||||||
Investment funds
|
63,932 | 149,772 | ||||||
Securities purchased under agreement
to resell
|
10,170 | 114,286 | ||||||
Other
|
- | 5,644 | ||||||
Total cash
and cash equivalents
|
389,647 | 528,574 | ||||||
Restricted
cash in guarantee to loans (Note 9)
|
111,131 | 76,928 | ||||||
500,778 | 605,502 |
5
|
Receivables
from clients
|
March
31, 2009
|
December
31, 2008
|
|||||||
(Unaudited) | ||||||||
Current
|
1,392,606 | 1,254,594 | ||||||
Non-current
|
1,200,994 | 863,950 | ||||||
2,593,600 | 2,118,544 |
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
6
|
Properties
for sale
|
March
31,
2009
|
December
31, 2008
|
|||||||
(Unaudited) | ||||||||
Land
|
724,105 | 750,555 | ||||||
Property
under construction
|
973,884 | 1,181,930 | ||||||
Completed
units
|
150,237 | 96,491 | ||||||
1,848,226 | 2,028,976 | |||||||
Current
portion
|
1,429,411 | 1,695,130 | ||||||
Non-current
portion
|
418,815 | 333,846 |
7
|
Other
accounts receivable
|
March
31,
2009
|
December
31, 2008
|
|||||||
(Unaudited) | ||||||||
Current
accounts related to real estate ventures (*)
|
48,448 | 60,513 | ||||||
Advances to
suppliers
|
46,937 | 53,084 | ||||||
Recoverable
taxes
|
15,734 | 18,905 | ||||||
Deferred PIS
and COFINS
|
13,066 | 10,187 | ||||||
Credit
assignment receivables
|
7,822 | 7,990 | ||||||
Client
refinancing to be released
|
5,009 | 4,392 | ||||||
Advances for
future capital increase
|
- | 1,645 | ||||||
Other
|
771 | 26,059 | ||||||
137,787 | 182,775 |
|
(*)
|
The Company
participates in the development of real estate ventures with other
partners, directly or through related parties, through condominiums and/or
consortia. The management structure of these enterprises and the cash
management are centralized in the lead partner of the enterprise, which
manages the construction schedule and
budgets.
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
|
Thus, the
lead partner ensures that the investments of the necessary funds are made
and allocated as planned. The sources and use of resources of the venture
are reflected in these balances, observing the respective participation
percentage, which are not subject to indexation or financial charges and
do not have a predetermined maturity date. The average term for the
development and completion of the projects in which the resources are
invested is between 24 and 30 months. Other payables to partners of real
estate ventures are presented
separately.
|
8
|
Investments
in subsidiaries
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
(i)
|
Information
on investees
|
Interest
- %
|
Shareholders'
Equity
|
Net
Income (Loss)
|
|||||||||||
Investees
|
March
31,
2009
|
December
31, 2008
|
March
31,
2009
|
December
31, 2008
|
March
31,
2009
|
March
31,
2008
|
|||||||
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
||||||
Tenda
|
60.00
|
60.00
|
1,077,488
|
1,062,213
|
11,040
|
-
|
|||||||
Fit
Residencial
|
-
|
-
|
-
|
-
|
-
|
(1,526
|
)
|
||||||
SPE
Cotia
|
100.00
|
-
|
83,663
|
-
|
272
|
||||||||
Bairro
Novo
|
-
|
50.00
|
-
|
8,164
|
-
|
(3,544
|
)
|
||||||
Alphaville
|
60.00
|
60.00
|
64,809
|
69,211
|
(4,759
|
)
|
9,452
|
||||||
Cipesa
Holding
|
100.00
|
100.00
|
62,121
|
62,157
|
(98
|
)
|
43
|
||||||
Península
SPE1 S.A.
|
50.00
|
50.00
|
(785
|
)
|
(1,139
|
)
|
354
|
231
|
|||||
Península
SPE2 S.A.
|
50.00
|
50.00
|
631
|
98
|
533
|
95
|
|||||||
Res. das
Palmeiras SPE Ltda.
|
100.00
|
100.00
|
2,299
|
2,545
|
9
|
23
|
|||||||
Gafisa SPE 40
Ltda.
|
50.00
|
50.00
|
5,264
|
5,841
|
(288
|
)
|
873
|
||||||
Gafisa SPE 42
Ltda.
|
50.00
|
50.00
|
8,060
|
6,997
|
1,060
|
(63
|
)
|
||||||
Gafisa SPE 44
Ltda.
|
40.00
|
40.00
|
(436
|
)
|
(377
|
)
|
(58
|
)
|
(62
|
)
|
|||
Gafisa SPE 45
Ltda.
|
99.80
|
99.80
|
(450
|
)
|
1,058
|
(1,506
|
)
|
-
|
|||||
Gafisa SPE 46
Ltda.
|
60.00
|
60.00
|
5,578
|
5,498
|
498
|
1,080
|
|||||||
Gafisa SPE 47
Ltda.
|
80.00
|
80.00
|
8,272
|
6,639
|
(10
|
)
|
(1
|
)
|
|||||
Gafisa SPE 48
Ltda.
|
99.80
|
99.80
|
24,304
|
21,656
|
3,371
|
1,259
|
|||||||
Gafisa SPE 49
Ltda.
|
99.80
|
99.80
|
(58
|
)
|
(58
|
)
|
-
|
(1
|
)
|
||||
Gafisa SPE 53
Ltda.
|
80.00
|
60.00
|
3,234
|
2,769
|
242
|
225
|
|||||||
Gafisa SPE 55
Ltda.
|
99.80
|
99.80
|
23,245
|
20,540
|
2,746
|
(1
|
)
|
||||||
Gafisa SPE 64
Ltda.
|
99.80
|
99.80
|
-
|
-
|
-
|
(22
|
)
|
||||||
Gafisa SPE 65
Ltda.
|
70.00
|
70.00
|
3,021
|
(281
|
)
|
174
|
(22
|
)
|
|||||
Gafisa SPE 67
Ltda.
|
99.80
|
99.80
|
-
|
1
|
-
|
-
|
|||||||
Gafisa SPE 68
Ltda.
|
99.80
|
99.80
|
-
|
-
|
-
|
-
|
|||||||
Gafisa SPE 72
Ltda.
|
60.00
|
60.00
|
879
|
(22
|
)
|
(25
|
)
|
-
|
|||||
Gafisa SPE 73
Ltda.
|
70.00
|
70.00
|
2,913
|
(155
|
)
|
(58
|
)
|
-
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
Interest - % | Shareholders' Equity | Net Income (Loss) | |||||||||||
Investees
|
March
31,
2009
|
December
31, 2008
|
March
31,
2009
|
December
31,
2008
|
March
31,
2009
|
March
31,
2009
|
|||||||
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
||||||||
Gafisa SPE 74
Ltda.
|
99.80
|
99.80
|
(337
|
)
|
(330
|
)
|
(7
|
)
|
-
|
||||
Gafisa SPE 59
Ltda.
|
99.80
|
99.80
|
(3
|
)
|
(2
|
)
|
(1
|
)
|
-
|
||||
Gafisa SPE 76
Ltda.
|
99.80
|
99.80
|
-
|
-
|
-
|
-
|
|||||||
Gafisa SPE 78
Ltda.
|
99.80
|
99.80
|
-
|
-
|
-
|
-
|
|||||||
Gafisa SPE 79
Ltda.
|
99.80
|
99.80
|
(1
|
)
|
(1
|
)
|
(1
|
)
|
-
|
||||
Gafisa SPE 75
Ltda.
|
99.80
|
99.80
|
(32
|
)
|
(27
|
)
|
(6
|
)
|
-
|
||||
Gafisa SPE 80
Ltda.
|
99.80
|
99.80
|
-
|
-
|
-
|
-
|
|||||||
Gafisa SPE-85
Empr. Imob.
|
60.00
|
60.00
|
2,543
|
(756
|
)
|
238
|
-
|
||||||
Gafisa
SPE-86
|
99.80
|
99.80
|
(249
|
)
|
(82
|
)
|
(208
|
)
|
-
|
||||
Gafisa
SPE-81
|
99.80
|
99.80
|
1
|
1
|
-
|
-
|
|||||||
Gafisa
SPE-82
|
99.80
|
99.80
|
1
|
1
|
-
|
-
|
|||||||
Gafisa
SPE-83
|
99.80
|
99.80
|
1
|
1
|
-
|
-
|
|||||||
Gafisa
SPE-87
|
99.80
|
99.80
|
1
|
1
|
-
|
-
|
|||||||
Gafisa
SPE-88
|
99.80
|
99.80
|
1
|
1
|
-
|
-
|
|||||||
Gafisa
SPE-89
|
99.80
|
99.80
|
1
|
1
|
-
|
-
|
|||||||
Gafisa
SPE-90
|
99.80
|
99.80
|
1
|
1
|
-
|
-
|
|||||||
Gafisa
SPE-84
|
99.80
|
99.80
|
1
|
1
|
-
|
-
|
|||||||
Dv Bv SPE
S.A.
|
50.00
|
50.00
|
(428
|
)
|
(439
|
)
|
10
|
18
|
|||||
DV SPE
S.A.
|
50.00
|
50.00
|
955
|
932
|
23
|
15
|
|||||||
Gafisa SPE 22
Ltda.
|
100.00
|
100.00
|
5,848
|
5,446
|
402
|
155
|
|||||||
Gafisa SPE 29
Ltda.
|
70.00
|
70.00
|
234
|
257
|
(23
|
)
|
141
|
||||||
Gafisa SPE 32
Ltda.
|
80.00
|
80.00
|
123
|
(760
|
)
|
(97
|
)
|
(337
|
)
|
||||
Gafisa SPE 69
Ltda.
|
99.80
|
99.80
|
(460
|
)
|
(401
|
)
|
(58
|
)
|
-
|
||||
Gafisa SPE 70
Ltda.
|
55.00
|
55.00
|
12,150
|
6,696
|
-
|
-
|
|||||||
Gafisa SPE 71
Ltda.
|
70.00
|
70.00
|
1,367
|
(794
|
)
|
378
|
-
|
||||||
Gafisa SPE 50
Ltda.
|
80.00
|
80.00
|
7,675
|
7,240
|
670
|
646
|
|||||||
Gafisa SPE 51
Ltda.
|
95.00
|
90.00
|
25,893
|
15,669
|
7,646
|
1,385
|
|||||||
Gafisa SPE 61
Ltda.
|
99.80
|
99.80
|
(15
|
)
|
(14
|
)
|
-
|
-
|
|||||
Tiner Empr. e
Part. Ltda.
|
45.00
|
45.00
|
29,476
|
26,736
|
4,097
|
2,376
|
|||||||
O Bosque
Empr. Imob. Ltda.
|
30.00
|
30.00
|
9,172
|
15,854
|
(26
|
)
|
-
|
||||||
Alta
Vistta
|
50.00
|
50.00
|
5,524
|
3,428
|
2,096
|
769
|
|||||||
Dep. José
Lages
|
50.00
|
50.00
|
281
|
34
|
396
|
6
|
|||||||
Sitio
Jatiuca
|
50.00
|
50.00
|
2,821
|
1,259
|
1,563
|
380
|
|||||||
Spazio
Natura
|
50.00
|
50.00
|
1,400
|
1,400
|
-
|
(3
|
)
|
||||||
Parque
Águas
|
50.00
|
50.00
|
(1,113
|
)
|
(1,661
|
)
|
547
|
124
|
|||||
Parque
Arvores
|
50.00
|
50.00
|
(1,669
|
)
|
(1,906
|
)
|
229
|
471
|
|||||
Dubai
Residencial
|
50.00
|
50.00
|
5,172
|
5,374
|
(202
|
)
|
-
|
||||||
Cara de
Cão
|
65.00
|
65.00
|
47,456
|
40,959
|
2,448
|
-
|
|||||||
Costa
Maggiore
|
50.00
|
50.00
|
3,301
|
3,892
|
(591
|
)
|
(435)
|
||||||
Gafisa
SPE-91
|
100.00
|
-
|
1
|
-
|
-
|
-
|
|||||||
Gafisa
SPE-92
|
100.00
|
-
|
1
|
-
|
-
|
-
|
|||||||
Gafisa
SPE-93
|
100.00
|
-
|
1
|
-
|
-
|
-
|
|||||||
Gafisa
SPE-94
|
100.00
|
-
|
1
|
-
|
-
|
-
|
|||||||
Gafisa
SPE-95
|
100.00
|
-
|
1
|
-
|
-
|
-
|
|||||||
Gafisa
SPE-96
|
100.00
|
-
|
1
|
-
|
-
|
-
|
|||||||
Gafisa
SPE-97
|
100.00
|
-
|
1
|
-
|
-
|
-
|
|||||||
Gafisa
SPE-98
|
100.00
|
-
|
1
|
-
|
-
|
-
|
|||||||
Gafisa
SPE-99
|
100.00
|
-
|
1
|
-
|
-
|
-
|
|||||||
Gafisa
SPE-100
|
100.00
|
-
|
1
|
-
|
-
|
-
|
|||||||
Gafisa
SPE-101
|
100.00
|
-
|
1
|
-
|
-
|
-
|
|||||||
Gafisa
SPE-102
|
100.00
|
-
|
1
|
-
|
-
|
-
|
|||||||
Gafisa
SPE-103
|
100.00
|
-
|
1
|
-
|
-
|
-
|
|||||||
Gafisa
SPE-104
|
100.00
|
-
|
1
|
-
|
-
|
-
|
|||||||
Gafisa
SPE-105
|
100.00
|
-
|
1
|
-
|
-
|
-
|
|||||||
Gafisa
FIDC
|
100.00
|
-
|
18,958
|
-
|
-
|
-
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
(b)
|
Goodwill
(negative goodwill) on acquisition of subsidiaries and deferred gain on
partial sale of investments
|
March
31, 2009 (unaudited)
|
December
31, 2008
|
|||||||||||||||
Accumulated
|
||||||||||||||||
Cost
|
amortization
|
Net
|
Net
|
|||||||||||||
Goodwill
|
||||||||||||||||
Alphaville
|
170,941 | (18,085 | ) | 152,856 | 152,856 | |||||||||||
Nova Cipesa
|
40,686 | - | 40,686 | 40,686 | ||||||||||||
Other
|
3,741 | (2,195 | ) | 1,546 | 1,546 | |||||||||||
215,368 | (20,280 | ) | 195,088 | 195,088 | ||||||||||||
Negative
goodwill
|
||||||||||||||||
Redevco
|
(31,235 | ) | 13,986 | (17,249 | ) | (18,522 | ) | |||||||||
Deferred
gain on partial sale
of
FIT Residencial investment
|
||||||||||||||||
Tenda transaction
|
(210,402 | ) | 93,608 | (116,794 | ) | (169,394 | ) |
9
|
Loans
and financing, net of cross-currency interest rate
swaps
|
Type
of operation
|
Annual
interest rates
|
March
31, 2009
|
December
31, 2008
|
||||
(Unaudited
|
)
|
||||||
Working
capital
|
|||||||
Denominated in Yen (i)
|
1.4%
|
158,289
|
166,818
|
||||
Swaps - Yen/CDI (ii)
|
Yen +
1.4%/105% CDI
|
(40,068
|
)
|
(53,790
|
)
|
||
Denominated in
US$ (i)
|
7%
|
147,434
|
146,739
|
||||
Swaps - US$/CDI (ii)
|
US$ +
7%/104% CDI
|
(29,402
|
)
|
(32,962
|
)
|
||
Other
|
0.66% to
3.29% + CDI
|
426,264
|
435,730
|
||||
662,517
|
662,535
|
||||||
National
Housing System - SFH
|
TR + 6.2% to
11.4%
|
380,644
|
372,255
|
||||
Downstream
merger obligations
|
TR + 10% to
12.0%
|
6,781
|
8,810
|
||||
Other
|
TR +
6.2%
|
9,986
|
4,576
|
||||
1,059,928
|
1,048,176
|
||||||
Current
portion
|
467,788
|
447,503
|
|||||
Non-current
portion
|
592,140
|
600,673
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
(i)
|
Loans and
financing classified at fair value through income (Note
16(a)(ii)).
|
(ii)
|
Derivatives
classified as financial assets at fair value through income (Note
16(a)(ii)).
|
Rates:
|
CDI -
Interbank Certificate of Deposit, at December 31, 2008 was 12.2%p.a. (2007
- 11.8% p.a., 2006 - 15% p.a.). TR - Referential Rate, at December 31,
2008 was 1.62% p.a. (2007 - 1.44% p.a., 2006 - 1.99%
p.a.)
|
March
31, 2009
|
March
31, 2008
|
|||||||
(Unaudited) | (Unaudited) | |||||||
Gross
financial charges
|
68,972 | 30,007 | ||||||
Capitalized
financial charges
|
(24,236 | ) | (25,424 | ) | ||||
Net financial
charges
|
44,736 | 4,583 | ||||||
Financial
charges included in Properties for sale
|
||||||||
Opening
balance
|
84,741 | 20,698 | ||||||
Capitalized
financial charges
|
24,236 | 25,424 | ||||||
Charges
appropriated to income
|
(17,723 | ) | (7,903 | ) | ||||
Closing
balance
|
91,254 | 38,219 |
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
10
|
Debentures
|
Program/issuances
|
Amount
|
Annual
remuneration
|
Maturity
|
March
31, 2009
|
December
31, 2008
|
||||||
(Unaudited
|
)
|
||||||||||
Second
program/first issuance
|
240,000
|
CDI +
1.30%
|
September
2011
|
239,552
|
248,679
|
||||||
Third
program/first issuance
|
250,000
|
107.20%
CDI
|
June
2018
|
263,206
|
255,266
|
||||||
502,758
|
503,945
|
||||||||||
Current
portion
|
60,758
|
61,945
|
|||||||||
Non-current
portion
|
442,000
|
442,000
|
March
31,
2009
|
December
31, 2008
|
|||||||
(Unaudited) | ||||||||
Second
program - first issuance
|
||||||||
Total debt, less SFH debt, less cash,
cash equivalents, and financial
investments
cannot exceed 75% of shareholders' equity
|
41 | % | 35 | % | ||||
Total receivables from clients from
development and services, plus
inventory of finished units, required to
be over 2.0 times total debt
|
3.6
times
|
3.3
times
|
||||||
Total debt, less cash, cash equivalents
and financial investments,
required to be under R$ 1,0
billion
|
R$ 1,061.9
million
|
R$ 946.6
million
|
||||||
Third
program - first issuance
|
||||||||
Total debt, less SFH debt, less cash,
cash equivalents, and financial
investments
cannot exceed 75% of shareholders' equity
|
41 | % | 35 | % | ||||
Total accounts receivable plus
inventory of finished units required to
be over 2.2 times total
debt
|
5.4
times
|
5.5
times
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
11
|
Other
accounts payable
|
March
31, 2009
|
December
31, 2008
|
|||||||
(Unaudited) | ||||||||
Obligation to
venture partners (i)
|
300,000 | 300,000 | ||||||
Credit
assignments
|
49,610 | 67,552 | ||||||
Acquisition
of investments
|
29,867 | 30,875 | ||||||
Dividends to
ventures' partners
|
25,719 | 16,398 | ||||||
Advances for
future capital increase
|
2,988 | - | ||||||
Other
accounts payable
|
62,941 | 72,867 | ||||||
471,125 | 487,692 | |||||||
Current
portion
|
138,464 | 97,933 | ||||||
Non-current
portion
|
332,661 | 389,759 |
(i)
|
In January
2008, the Company formed an unincorporated venture (SCP), the main
objective of which is to hold interests in other real estate development
companies. The SCP received contributions of R$ 313,084 through March 31,
2009 (represented by 13,084,000 Class
A
|
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
12
|
Commitments
and provision for contingencies
|
March
31, 2009
|
||||
(Unaudited) | ||||
Balance at
the beginning of the period
|
53,530 | |||
Additions
|
2,376 | |||
Reversals and
settlements
|
(1,691 | ) | ||
Court mandated escrow
deposits
|
(2,196 | ) | ||
Balance at
the end of the period
|
52,019 |
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
(a)
|
Tax,
labor and civil lawsuits
|
March
31, 2009
|
December
31, 2008
|
|||||||
(Unaudited) | ||||||||
Civil
lawsuits
|
22,920 | 27,779 | ||||||
Tax
lawsuits
|
26,606 | 19,609 | ||||||
Labor
claims
|
7,207 | 9,976 | ||||||
Court-mandated
escrow deposits
|
(4,714 | ) | (3,834 | ) | ||||
52,019 | 53,530 | |||||||
Current
|
8,385 | 17,567 | ||||||
Non-current
|
43,634 | 35,963 |
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
(b)
|
Commitment
to complete developments
|
13
|
Obligations
for purchase of land and advances from
clients
|
March
31, 2009
|
December
31, 2008
|
|||||||
(Unaudited) | ||||||||
Obligations
for purchase of land
|
397,319 | 392,762 | ||||||
Advances from
clients
|
||||||||
Barter transactions
|
173,397 | 169,658 | ||||||
Development and
services
|
140,122 | 90,363 | ||||||
710,838 | 652,783 | |||||||
Current
|
517,537 | 421,584 | ||||||
Non-current
|
193,301 | 231,199 |
14
|
Shareholders'
equity
|
(a)
|
Capital
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
(b)
|
Stock
option plans
|
(i)
|
Gafisa
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
March 31,
2009
|
December 31,
2008
|
|||||||||||||||
(Unaudited) | ||||||||||||||||
Number of
options
|
Weighted average exercise
price
|
Number of
options
|
Weighted average exercise
price
|
|||||||||||||
Options outstanding at the
beginning of the period
|
5,930,275 | 26.14 | 5,174,341 | 22.93 | ||||||||||||
Options
granted
|
- | 2,145,793 | 31.81 | |||||||||||||
Options
exercised
|
- | (441,123 | ) | 16.72 | ||||||||||||
Options
expired
|
- | (3,675 | ) | 20.55 | ||||||||||||
Options
cancelled
|
- | (945,061 | ) | 20.55 | ||||||||||||
Options outstanding at the end of
the period
|
5,930,275 | 26.14 | 5,930,275 | 26.14 | ||||||||||||
Options exercisable at the end of
the period
|
4,376,165 | 28.00 | 4,376,165 | 28.00 |
Reais
|
||||||||
March
31, 2009
|
December
31, 2008
|
|||||||
(Unaudited ) | ||||||||
Exercise
price per share at the end of the period
|
7.86-39.95 | 7.86-39.95 | ||||||
Weighted
average of exercise price at the option grant date
|
21.70 | 21.70 | ||||||
Weighted
average market price per share at the grant date
|
27.27 | 27.27 | ||||||
Market price
per share at the end of the period
|
11.65 | 10.49 |
(ii)
|
Tenda
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
(iii)
|
Alphaville
|
March
31, 2009
|
December
31, 2008
|
|||||||||||||||
(Unaudited) | ||||||||||||||||
Number
of options
|
Weighted
average
exercise
price - Reais
|
Number
of options
|
Weighted
average
exercise
price - Reais
|
|||||||||||||
Options
outstanding at the beginning of the period
|
2,138 | 6,843.52 | 1,474 | 6,522.92 | ||||||||||||
Options granted
|
- | - | 720 | 7,474.93 | ||||||||||||
Options cancelled
|
- | - | (56 | ) | 6,522.92 | |||||||||||
Options
outstanding at the end of the period
|
2,138 | 6,843.52 | 2,138 | 6,843.52 |
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
15
|
Deferred
taxes
|
March
31, 2009
|
December
31, 2008
|
|||||||
(Unaudited) | ||||||||
Assets
|
||||||||
Net operating loss
carryforwards
|
86,224 | 76,640 | ||||||
Temporary differences
|
||||||||
Tax versus prior book
basis
|
72,401 | 52,321 | ||||||
CPC accounting
standards
|
38,169 | 39,680 | ||||||
Tax credits from downstream
mergers
|
19,037 | 21,611 | ||||||
215,831 | 190,252 | |||||||
Liabilities
|
||||||||
Differences between income taxed on
cash and recorded
on accrual basis
|
210,882 | 202,743 | ||||||
Negative goodwill
|
38,317 | 18,266 | ||||||
Temporary differences - CPC accounting
standards
|
17,055 | 18,122 | ||||||
266,254 | 239,131 |
2009
|
5,289 | |||
2010
|
33,192 | |||
2011
|
35,714 | |||
2012
|
2,129 | |||
Thereafter
|
9,900 | |||
Total
|
86,224 |
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
March
31, 2009
|
March
31, 2008
|
|||||||
(Unaudited) | (Unaudited) | |||||||
Income before
taxes on income and minority interest
|
64,801 | 56,465 | ||||||
Income tax
calculated at the standard rate - 34%
|
(22,032 | ) | (19,198 | ) | ||||
Net effect of
subsidiaries taxed on presumed profit regime
|
10,166 | 8,736 | ||||||
Stock option
plan
|
(2,913 | ) | (3,372 | ) | ||||
Negative
goodwill amortization
|
(1,734 | ) | - | |||||
Prior period
income tax and social contribution tax losses
|
171 | 510 | ||||||
Other
non-deductible items, net
|
29 | (255 | ) | |||||
Income tax
and social contribution expense
|
(16,313 | ) | (13,579 | ) |
16
|
Financial
instruments
|
(a)
|
Risk
considerations
|
(i)
|
Credit
risk
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
(ii)
|
Currency
risk
|
Net
unrealized gains (losses)
|
|||||||||||||||
Reais
|
Percentage
|
from
derivative instruments
|
|||||||||||||
Rate
swap contracts –
(US
Dollar and Yen for CDI)
|
Nominal
value
|
Original
index
|
Swap
|
March
31, 2009
|
December
31, 2008
|
||||||||||
(Unaudited) | |||||||||||||||
Banco ABN
Amro Real S.A.
|
100,000 |
Yen +
1.4
|
105% of
CDI
|
40,048 | 53,790 | ||||||||||
Banco
Votorantim S.A.
|
100,000 |
US Dollar +
7
|
104% of
CDI
|
29,402 | 32,962 | ||||||||||
200,000 | 69,450 | 86,752 |
(iii)
|
Interest
rate risk
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
(b)
|
Valuation
of financial instruments
|
(i)
|
Cash
and cash equivalents
|
(ii)
|
Loans
and financing and debentures
|
(c)
|
Sensitivity
analysis
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
.
|
Scenario I: Likely -
Management considered the market yield curves at March 31, 2009 for the
maturity dates of derivative
transactions:
|
|
.
|
Scenario
II: Appreciation/Devaluation by 25%
of risk variables used in
pricing.
|
|
.
|
Scenario
III: Appreciation/Devaluation by 50%
of risk variables used in
pricing.
|
Scenario (*) | ||||||||||||||||||||||
I |
II
|
III
|
||||||||||||||||||||
Transaction
|
Risk
|
Expected
|
Devaluation
|
Appreciation
|
Devaluation
|
Appreciation
|
||||||||||||||||
Swap (asset
position - US$)
|
Appreciation/Devaluation
of US Dollar
|
147,434 | 110,575 | 184,292 | 73,717 | 221,151 | ||||||||||||||||
Debt
denominated in US$
|
Appreciation/Devaluation
of US Dollar
|
147,116 | 110,337 | 183,894 | 73,558 | 220,673 | ||||||||||||||||
Net effect of
US$ devaluation
|
318 | 238 | 398 | 159 | 478 | |||||||||||||||||
"Swap" (asset
position - Yen)
|
Devaluation
of Yen
|
158,289 | 118,717 | 197,861 | 79,144 | 237,433 | ||||||||||||||||
Debt
denominated in Yen
|
Appreciation
of Yen
|
157,222 | 117,917 | 196,528 | 78,611 | 235,834 | ||||||||||||||||
Efeito
líquido da desvalorização do iene
|
1,067 | 800 | 1,333 | 533 | 1,599 |
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
Scenario (*) | ||||||||||||||||||||||
I |
II
|
III
|
||||||||||||||||||||
Transaction
|
Risk
|
Expected
|
Decrease
|
Increase
|
Decrease
|
Increase
|
||||||||||||||||
"Swap"
Votorantim swap - liability position
|
||||||||||||||||||||||
Balance of CDI on the maturity date
|
||||||||||||||||||||||
(June 9, 2009)
|
Change in
CDI
|
120,430 | 119,862 | 120,988 | 119,282 | 121,534 | ||||||||||||||||
"Swap" ABN
Amro - liability position
|
||||||||||||||||||||||
Balance of CDI on the maturity date
|
||||||||||||||||||||||
(October 29, 2009)
|
Change in
CDI
|
125,495 | 123,715 | 127,258 | 121,919 | 129,005 |
(*)
|
Scenarios I,
II e III - Likely, Possible and Remote,
respectively.
|
17
|
Related
parties
|
(a)
|
Transactions
with related parties
|
March
31,
|
December
|
|||||||
Current
account
|
2009
|
31, 2008 | ||||||
(Unaudited) | ||||||||
Condominiums
and consortia
|
||||||||
Alpha 4
|
(904 | ) | (466 | ) | ||||
Consórcio Ezetec &
Gafisa
|
11,759 | 9,341 | ||||||
Consórcio Ezetec Gafisa
|
(10,340 | ) | (9,300 | ) | ||||
Cond. Constr. Empr.
Pinheiros
|
2,516 | 2,132 | ||||||
Condomínio Parque da
Tijuca
|
119 | 235 | ||||||
Condomínio em Const. Barra
Fir.
|
(46 | ) | (46 | ) | ||||
Civilcorp
|
711 | 791 | ||||||
Condomínio do Ed. Barra
Premiu
|
105 | 105 | ||||||
Consórcio Gafisa Rizzo
|
44 | (273 | ) | |||||
Evolução Chacara das
Flores
|
7 | 7 | ||||||
Condomínio Passo da Patria
II
|
569 | 569 | ||||||
Cond. Constr. Palazzo
Farnese
|
(17 | ) | (17 | ) | ||||
Alpha 3
|
(322 | ) | (214 | ) |
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
March
31,
|
December
|
||||||
Current
account
|
2009
|
31, 2008 | |||||
(Unaudited) |
Condomínio Iguatemi
|
3 | 3 | ||||||
Consórcio Quintas Nova
Cidade
|
36 | 36 | ||||||
Consórcio Ponta Negra
|
3,838 | 3,838 | ||||||
Consórcio SISPAR &
Gafisa
|
2,639 | 1,995 | ||||||
Cd. Advanced Ofs. Gafisa -
Metro
|
(589 | ) | (417 | ) | ||||
Condomínio Acqua
|
(2,875 | ) | (2,629 | ) | ||||
Cond. Constr. Living
|
1,082 | 1,478 | ||||||
Consórcio Bem Viver
|
(4 | ) | 5 | |||||
Cond. Urbaniz. Lot Quintas
Rio
|
(1,044 | ) | (486 | ) | ||||
Cond. Constr. Homem de
Melo
|
83 | 83 | ||||||
Consórcio OAS Gafisa -
Garden
|
(2,518 | ) | (1,759 | ) | ||||
Cond. em Constr.
Lacedemonia
|
57 | 57 | ||||||
Evolução New Place
|
(667 | ) | (665 | ) | ||||
Consórcio Gafisa Algo
|
712 | 711 | ||||||
Columbia Outeiro dos
Nobres
|
(153 | ) | (153 | ) | ||||
Evolução - Reserva do
Bosque
|
6 | 5 | ||||||
Evolução - Reserva do
Parque
|
115 | 122 | ||||||
Consórcio Gafisa &
Bricks
|
(21 | ) | (26 | ) | ||||
Cond. Constr. Fernando
Torres
|
136 | 135 | ||||||
Cond. de Const. Sunrise
Reside
|
(41 | ) | 18 | |||||
Evolução Ventos do
Leste
|
123 | 159 | ||||||
Consórcio Quatro
Estações
|
(1,339 | ) | (1,340 | ) | ||||
Cond. em Const. Sampaio
Viana
|
951 | 951 | ||||||
Cond. Constr. Monte
Alegre
|
1,456 | 1,456 | ||||||
Cond. Constr. Afonso de
Freitas
|
1,674 | 1,674 | ||||||
Consórcio New Point
|
1,462 | 1,472 | ||||||
Evolução - Campo Grande
|
617 | 618 | ||||||
Condomínio do Ed. Oontal
Beach
|
(56 | ) | 43 | |||||
Consórcio OAS Gafisa -
Garden
|
357 | 430 | ||||||
Cond. Constr. Infra
Panamby
|
(446 | ) | (483 | ) | ||||
Condomínio Strelitzia
|
(873 | ) | (851 | ) | ||||
Cond. Constr. Anthuriun
|
4,152 | 4,319 | ||||||
Condomínio Hibiscus
|
2,651 | 2,715 | ||||||
Cond. em Constr
Splendor
|
(1,848 | ) | (1,848 | ) | ||||
Condomínio Palazzo
|
1,012 | 793 | ||||||
Cond. Constr. Doble
View
|
(2,390 | ) | (1,719 | ) | ||||
Panamby - Torre K1
|
816 | 887 | ||||||
Condomínio Cypris
|
(1,531 | ) | (1,436 | ) | ||||
Cond em Constr Doppio
Spazio
|
(3,136 | ) | (2,407 | ) | ||||
Consórcio
|
3,735 | 2,493 | ||||||
Consórcio Planc e
Gafisa
|
810 | 270 | ||||||
Consórcio Gafisa & Rizzo
(susp.)
|
1,363 | 1,239 | ||||||
Consórcio Gafisa OAS -
Abaeté
|
(695 | ) | 3,638 | |||||
Cond. do Clube Quintas do
Rio
|
1 | 1 | ||||||
Cons. OAS-Gafisa Horto
Panamby
|
8,098 | 9,349 | ||||||
Consórcio OAS e Gafisa - Horto
Panamby
|
(94 | ) | (27 | ) | ||||
Consórcio Ponta Negra - Ed.
Marseille
|
(1,033 | ) | (1,033 | ) | ||||
Consórcio Ponta Negra - Ed.
Nice
|
(4,763 | ) | (4,687 | ) | ||||
Manhattan Square
|
11,011 | 600 | ||||||
Cons. Eztec Gafisa Pedro
Luis
|
(6,542 | ) | (3,589 | ) | ||||
Consórcio Planc Boa
Esperança
|
673 | 603 | ||||||
Consórcio OAS e Gafisa -
Tribeca
|
(6,372 | ) | (144 | ) | ||||
Consórcio OAS e Gafisa -
Soho
|
(6,471 | ) | (167 | ) | ||||
Consórcio Gafisa &
GM
|
(80 | ) | (40 | ) | ||||
Consórcio Ventos do
Leste
|
(2 | ) | (1 | ) | ||||
Bairro Novo Cotia
|
7,975 | (6,137 | ) | |||||
Bairro Novo Camaçari
|
(240 | ) | (2,585 | ) |
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
March
31,
|
December
|
||||||
Current
account
|
2009
|
31, 2008 | |||||
(Unaudited) | |||||||
Bairro Novo Fortaleza
|
- | 2 | ||||||
Bairro Novo Nova Iguaçu
|
- | (330 | ) | |||||
Bairro Novo Cia.
Aeroporto
|
- | (55 | ) | |||||
Consórcio B Novo Ap.
Gioania
|
- | (210 | ) | |||||
Consórcio B Novo
Campinas
|
- | (261 | ) | |||||
16,022 | 9,577 | |||||||
Other
SPEs
|
||||||||
Gafisa SPE 10 S.A.
|
(2,725 | ) | 2,051 | |||||
Gafisa Vendas I. Imob.
Ltda.
|
2,384 | 2,384 | ||||||
Projeto Alga
|
(25,000 | ) | (25,000 | ) | ||||
Outros
|
(73 | ) | - | |||||
(25,414 | ) | (20,565 | ) | |||||
SPEs
|
||||||||
FIT Resid. Empreend. Imob.
Ltda.
|
(3,372 | ) | 12,058 | |||||
Ville du Soleil
|
1,968 | 1,968 | ||||||
Cipesa Empreendimentos
Imobil.
|
(398 | ) | (398 | ) | ||||
The house
|
80 | 80 | ||||||
Gafisa SPE 46 Empreend.
Imob.
|
8,685 | 8,172 | ||||||
Gafisa SPE 40 Emp. Imob.
Ltda.
|
1,276 | 1,288 | ||||||
Blue II Plan. Prom. e Venda
Lt.
|
911 | 911 | ||||||
SAÍ AMARELA S.A.
|
(1,558 | ) | (1,138 | ) | ||||
GAFISA SPE-49 Empre. Imob.
Ltda.
|
(2 | ) | (2 | ) | ||||
London Green
|
9 | - | ||||||
Gafisa SPE-35 Ltda.
|
(129 | ) | (129 | ) | ||||
Gafisa SPE 38 Empr. Imob.
Ltda.
|
109 | 109 | ||||||
LT Incorporadora SPE
Ltda.
|
(527 | ) | (527 | ) | ||||
Res. das Palmeiras Inc. SPE
Lt.
|
1,246 | 1,246 | ||||||
Gafisa SPE 41 Empr. Imob.
Ltda.
|
1,534 | 1,534 | ||||||
Dolce VitaBella Vita SPE
S.A.
|
32 | 32 | ||||||
Saira Verde Empreend. Imobil.
Lt.
|
634 | 214 | ||||||
Gafisa SPE 22 Ltda.
|
630 | 630 | ||||||
CSF Prímula
|
1,384 | - | ||||||
Gafisa SPE 39 Empr. Imobil.
Ltda.
|
(304 | ) | (304 | ) | ||||
DV SPE S.A.
|
(571 | ) | (571 | ) | ||||
Gafisa SPE 48 Empreend.
Imobili.
|
153 | 159 | ||||||
Gafisa SPE-53 Empre. Imob.
Ltda.
|
(73 | ) | (94 | ) | ||||
Jardim II Planej. Prom. Vda.
Ltda.
|
(2,990 | ) | (2,990 | ) | ||||
Gafisa SPE 37 Empreend.
Imobil.
|
(398 | ) | (398 | ) | ||||
Gafisa SPE-51 Empre. Imob.
Ltda.
|
811 | 810 | ||||||
Gafisa SPE 36 Empr. Imob.
Ltda.
|
(1,205 | ) | (1,205 | ) | ||||
Gafisa SPE 47 Empreend.
Imobili.
|
137 | 146 | ||||||
Sunplace SPE Ltda.
|
415 | 415 | ||||||
Sunshine SPE Ltda.
|
1,135 | 1,135 | ||||||
Gafisa SPE 30 Ltda.
|
(1,217 | ) | (1,217 | ) | ||||
Gafisa SPE-50 Empr. Imob.
Ltda.
|
(238 | ) | (221 | ) | ||||
Tiner Campo Belo I Empr.
Imobil.
|
5,147 | 6,971 | ||||||
Gafisa SPE-33 Ltda.
|
2,321 | 2,321 | ||||||
Jardim I Planej. Prom. Vda.
Ltda.
|
6,662 | 6,662 | ||||||
Verdes Praças Inc. Imob. SPE
Lt.
|
(38 | ) | (38 | ) | ||||
Gafisa SPE 42 Empr. Imob.
Ltda.
|
40 | 64 | ||||||
Península I SPE S.A.
|
(1,267 | ) | (1,267 | ) | ||||
Península 2 SPE S.A.
|
1,215 | 865 |
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
March
31,
|
December
|
||||||
Current
account
|
2009
|
31, 2008 | |||||
(Unaudited) | |||||||
Blue I SPE Ltda.
|
74 | 74 | ||||||
Blue II Plan. Prom. e Venda
Lt.
|
(6 | ) | - | |||||
Blue II Plan. Prom. e Venda
Lt.
|
(3 | ) | - | |||||
Gafisa SPE-55 Empr. Imob.
Ltda.
|
(2 | ) | (2 | ) | ||||
Gafisa SPE 32
|
(2,226 | ) | (2,304 | ) | ||||
Cyrela Gafisa SPE Ltda.
|
2,834 | 2,834 | ||||||
Unigafisa Part SCP
|
1,040 | 1,040 | ||||||
Villagio Panamby Trust
S.A.
|
749 | 749 | ||||||
Diodon Participações
Ltda.
|
13,641 | 13,669 | ||||||
Diodon Participações
Ltda.
|
131 | - | ||||||
Gafisa SPE 44 Empreend.
Imobili.
|
145 | 175 | ||||||
Gafisa S.A.
|
1,218 | 1,218 | ||||||
Spazio Natura Emp. Imob.
Ltd.
|
3 | - | ||||||
Dep. José Lages Emp. Imob.
S.
|
979 | - | ||||||
O Bosque E. Imob. Ltda.
|
240 | - | ||||||
Gafisa SPE 65 Empreend. Imob.
Ltd.
|
201 | 321 | ||||||
Cara de Cão
|
(2,967 | ) | - | |||||
Laguna
|
(81 | ) | - | |||||
Gafisa SPE-72
|
1 | 1 | ||||||
Gafisa SPE-52 E. Imob.
Ltda.
|
42 | 42 | ||||||
Gafisa SPE-32 Ltda.
|
2,220 | 2,220 | ||||||
Terreno
Ribeirão/Curupira
|
1,360 | 1,360 | ||||||
Edif. Nice
|
(95 | ) | (95 | ) | ||||
Gafisa SPE-71
|
124 | 124 | ||||||
Zildete
|
198 | - | ||||||
Clube Baiano de Tênis
|
149 | - | ||||||
Gafisa SPE-73
|
1 | 1 | ||||||
Gafisa SPE 69
Empreendimertos
|
(72 | ) | (72 | ) | ||||
Gafisa SPE 43 Empr. Imob.
Ltda.
|
5 | - | ||||||
Gafisa SPE-74 Emp. Imob.
Ltda.
|
1 | 1 | ||||||
Gafisa SPE 59 Empreend. Imob.
Ltda.
|
1 | 1 | ||||||
Gafisa SPE-67 Emp.
Ltda.
|
- | 1 | ||||||
Gafisa SPE 68
Empreendimertos
|
1 | 1 | ||||||
Gafisa SPE-76 Emp. Imob.
Ltda.
|
53 | 24 | ||||||
Gafisa SPE-77 Emp. Imob.
Ltda.
|
3,289 | 3,289 | ||||||
Gafisa SPE-78 Emp. Imob.
Ltda.
|
1 | 1 | ||||||
Gafisa SPE-79 Emp. Imob.
Ltda.
|
1 | 1 | ||||||
Gafisa SPE 70
Empreendimertos
|
(746 | ) | (746 | ) | ||||
Gafisa SPE 61 Empreendimento
I
|
(13 | ) | (12 | ) | ||||
Soc. em Cta. de Particip.
Gafisa
|
(878 | ) | (878 | ) | ||||
Gafisa SPE-85 Emp. Imob.
Ltda.
|
(841 | ) | (96 | ) | ||||
Gafisa SPE-86 Emp. Imob.
Ltda.
|
- | 1 | ||||||
Gafisa SPE-84 Emp. Imob.
Ltda.
|
381 | 381 | ||||||
Gafisa SPE-77 Emp.
|
1,535 | 1,463 | ||||||
Mário Covas SPE
Empreendimento
|
(816 | ) | (208 | ) | ||||
Imbui I SPE Empreendimento
Imob.
|
- | 1 | ||||||
Acedio SPE Empreend. Imob.
Ltda.
|
- | 2 | ||||||
Maria Inês SPE Empreend.
Imob.
|
(2 | ) | (2 | ) | ||||
Gafisa SPE 64 Empreendimento
I
|
1 | (50 | ) | |||||
Fit Jd. Botânico SPE
Emp.
|
(39 | ) | - | |||||
44,079 | 61,821 | |||||||
Other
|
||||||||
Camargo Corrêa Des. Imob.
S.A.
|
917 | 916 | ||||||
Gênesis Desenvol. Imob.
S.A.
|
(216 | ) | (216 | ) | ||||
Empr. Icorp. Boulevard SPE
Lt.
|
56 | 56 |
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
March
31,
|
December
|
||||||
Current
account
|
2009
|
31, 2008 | |||||
(Unaudited) | |||||||
Cond. Const. Barra First
Class
|
31 | 31 | ||||||
Klabin Segall S.A.
|
532 | 532 | ||||||
Edge Incorp. e Part.
Ltda.
|
146 | 146 | ||||||
Multiplan Plan. Particip. e
Ad.
|
100 | 100 | ||||||
Administ. Shopping Nova
América
|
90 | 90 | ||||||
Ypuã Empreendimentos
Imob.
|
4 | 4 | ||||||
Cond. Constr. Jd. Des.
Tuiliere
|
(124 | ) | (124 | ) | ||||
Rossi AEM Incorporação
Ltda.
|
3 | 3 | ||||||
Patrimônio Constr. e Empr.
Ltda.
|
307 | 307 | ||||||
Camargo Corrêa Des. Imob.
S.A.
|
39 | 39 | ||||||
Cond Park Village
|
(107 | ) | (107 | ) | ||||
Boulevard0 Jardins Empr.
Incorp.
|
(89 | ) | (89 | |||||
Rezende Imóveis e
Construções
|
809 | 809 | ||||||
São José Constr. e Com.
Ltda.
|
543 | 543 | ||||||
Condomínio Civil
Eldorado
|
276 | 276 | ||||||
Tati Construtora Incorp.
Ltda.
|
286 | 286 | ||||||
Columbia Engenharia
Ltda.
|
431 | 431 | ||||||
Civilcorp Incorporações
Ltda.
|
4 | 4 | ||||||
Waldomiro Zarzur Eng. Const.
Lt.
|
1,801 | 1,801 | ||||||
Rossi Residencial S.A.
|
431 | 431 | ||||||
RDV 11 SPE Ltda.
|
(781 | ) | (781 | ) | ||||
Jorges Imóveis e
Administrações
|
1 | 1 | ||||||
Camargo Corrêa Des. Imob.
S.A.
|
(672 | ) | (673 | ) | ||||
Camargo Corrêa Des. Imob.
S.A.
|
(323 | ) | (323 | ) | ||||
Patrimônio Const. Empreend.
Ltda.
|
155 | 155 | ||||||
Alta Vistta Maceió
(Controle)
|
3,255 | 2,318 | ||||||
Forest Ville (OAS)
|
807 | 807 | ||||||
Garden Ville (OAS)
|
276 | 276 | ||||||
JTR - Jatiuca Trade
Residence
|
3,804 | 880 | ||||||
Acquarelle (Controle)
|
1 | 1 | ||||||
Riv Ponta Negra - Ed.
Nice
|
545 | 353 | ||||||
Palm Ville (OAS)
|
185 | 185 | ||||||
Art. Ville (OAS)
|
180 | 180 | ||||||
Carlyle RB2 AS
|
29 | - | ||||||
Partifib P. I. Fiorata
Lt.
|
29 | - | ||||||
Outros
|
- | 32 | ||||||
13,761 | 9,680 | |||||||
48,448 | 60,513 |
18
|
Other
operating expenses
|
19
|
Insurance
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
20
|
Segment
information
|
March
31, 2009
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Gafisa S.A. (*) |
Tenda
|
Alphaville
|
Total
|
|||||||||||||
Net operating
revenue
|
304,767 | 206,712 | 30,408 | 541,887 | ||||||||||||
Operating
costs
|
(227,462 | ) | (138,512 | ) | (21,274 | ) | (387,248 | ) | ||||||||
Gross
profit
|
77,305 | 68,200 | 9,134 | 154,639 | ||||||||||||
Gross margin
- %
|
25.4 | 33.0 | 30.0 | 28.5 | ||||||||||||
Net income
(loss) for the period
|
32,964 | 6,624 | (2,855 | ) | 36,733 | |||||||||||
Receivables
from clients (current and long-term)
|
1,746,153 | 686,564 | 160,883 | 2,593,600 | ||||||||||||
Properties
for sale
|
1,201,419 | 512,155 | 134,652 | 1,848,226 | ||||||||||||
Other
assets
|
857,985 | 366,832 | 59,195 | 1,284,012 | ||||||||||||
Total
assets
|
3,805,557 | 1,565,551 | 354,730 | 5,725,838 |
(*)
|
Includes all
subsidiaries, except Tenda and
Alphaville.
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
March
31, 2008
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Gafisa S.A. (*) |
Alphaville
|
FIT
Residencial
|
Bairro
Novo
|
Total
|
||||||||||||||||
Net operating
revenue
|
270,650 | 54,675 | 15,535 | - | 340,860 | |||||||||||||||
Operating
costs
|
(182,014 | ) | (37,087 | ) | (11,622 | ) | - | (230,723 | ) | |||||||||||
Gross
profit
|
88,636 | 17,588 | 3,913 | - | 110,137 | |||||||||||||||
Gross margin
- %
|
32.7 | 32.2 | 25.2 | - | 32.3 | |||||||||||||||
Net income
(loss) for the year
|
39,275 | 7,490 | (3,771 | ) | (3,147 | ) | 39,847 | |||||||||||||
Receivables
from clients
(current and
long-term)
|
995,498 | 127,918 | 15,549 | 161 | 1,139,126 | |||||||||||||||
Properties
for sale
|
1,050,747 | 102,002 | 85,002 | 2,478 | 1,240,229 | |||||||||||||||
Other
assets
|
1,208,068 | 42,134 | 22,259 | 12,800 | 1,285,261 | |||||||||||||||
Total
assets
|
3,254,313 | 272,054 | 122,810 | 15,439 | 3,664,616 |
(*)
|
Includes all
subsidiaries, except Alphaville, FIT Residencial and Bairro
Novo
|
Gafisa S.A.
Notes
to the Unaudited Condensed Consolidated Interim Financial
Information
As
of March 31, 2009 and for the three-month periods ended March 31, 2009 and
2008
In
thousands of Brazilian reais, unless otherwise
stated
|
20
|
Subsequent
events
|
Gafisa
S.A.
|
|||
By:
|
/s/ Alceu Duilio Calciolari | ||
Name: |
Alceu Duilio
Calciolari
|
||
Title: | Chief Financial Officer |