Source: Enfoque


According to our Bylaws, Gafisa is committed to paying to shareholders at least 25% of its annual net income as dividends or interest on shareholder´s equity, as calculated and adjusted under Brazilian corporate law.

This net income may be used to absorb losses or for the payment of statutory profit sharing for debenture holders, employees or and members of our management, which would effectively reduce the amount available to be paid as dividends or interest on shareholder’s equity. Additionally, Brazilian corporate law allows a publicly listed company like ours to suspend the mandatory distribution of dividends in any given year if our board of directors informs our shareholders that such distributions would be inadvisable, in view of our financial condition or cash availability.

Such factors could include our financial condition, prospects, macroeconomic conditions, tariff adjustments, regulatory changes, growth strategies and other factors that our board of directors and shareholders may consider relevant.

History of paid dividends / accrued:

2007  26,980,694.36 0.2084 April 29th, 2008
2008 26,106,142.88 0.2009 December 28th, 2009
2009 50,717,399.76 0.12112 December 15th, 2010
2010 98,811,840.46 0.2291 December 28th, 2011
2013 130,192,095.57 0.3111 February 12th, 2014
2013 32,919,915.46 0.0817 December 11th, 2014
2015 17,681,776,72 0.0481 December 22?nd?, 2016