2007 Annual Report

2007 Annual Report
2. Alpargatas
4. Consolidated Numbers
6. Messages from the Management
8. Corporate Governance
13. Brands
26. Growth Strategies
34. Sustainability
36. Economic Responsibility
46. Social Responsibility
54. Environmental Responsibility
56. Corporate Information
Centro Empresarial Camargo Corrêa
Rua Funchal, 160
04551-903
São Paulo – SP
Brazil
www.alpargatas.com.br
2007 Annual Report
2007 Annual Report
2. Alpargatas
4. Consolidated Numbers
6. Messages from the Management
8. Corporate Governance
13. Brands
26. Growth Strategies
34. Sustainability
36. Economic Responsibility
46. Social Responsibility
54. Environmental Responsibility
56. Corporate Information
Centro Empresarial Camargo Corrêa
Rua Funchal, 160
04551-903
São Paulo – SP
Brazil
www.alpargatas.com.br
2007 Annual Report
2007 Annual Report
Alpargatas commemorates a host of achievements in 2007.
Alpargatas celebrated 100 years of existence with robust financial performance and
the unflagging admiration and respect of all its stakeholders. The Company laid the
pillars that will underpin its sustainable development. It acquired companies in
Brazil and Argentina and set up new operations aimed at driving overseas sales.
Invested in research and development, innovation, technology and productivity,
areas that are essential to leverage competitive advantage. And, above all,
Alpargatas developed the talent of its work force, driven by the conviction that
people are a successful corporation’s most important asset.
All of these factors are key and will ensure that Alpargatas consolidates its position
as the leading company in the Brazilian footwear and sportswear market.
Through its acquisition of the Companhia Brasileira de Sandálias S.A., owner of the
Dupé brand, Alpargatas increased its share in the domestic sandal market, further
consolidating its segment leadership.
The acquisition of Alpargatas S.A.I.C. in Argentina also represented a strategic
move, enabling the Company to assume leadership of the Latin American
sportswear market.
The inauguration of Alpargatas’ subsidiary in the United States will increase
Havaianas sales and margins in the North American market.
Its subsidiary in Chile will help drive business expansion in the South American
sportswear market, starting with the Mizuno brand in the running category.
Alpargatas’ drive and capacity to grow both in Brazil and worldwide is enabled by
the integration of its activities in the economic, social and environmental spheres,
resulting in sustainable development through which it creates value for the whole
of society.
Alpargatas
Alpargatas is one of the major footwear, sporting goods and
Alpargatas received numerous awards and acknowledgements for
industrial textiles companies in the country. Its product portfolio
its performance in 2007, including:
includes Havianas, a product revered nationwide and which,
Best Company in the Apparel and Textile Sector, from Exame
together with the Dupé brand, leads the Brazilian sandal market.
magazine’s Maiores e Melhores.
Topper, Rainha, Mizuno and Timberland together account for 10%
Best Company in the Textile, Leather and Apparel Sector from the
of the sports footwear market. Locomotiva is the leading brand in
Valor 1000 ranking published by the newspaper Valor Econômico.
cotton tarpaulins for cargo transportation, with a 96% market share.
Best Company in the Textile, Leather, Footwear and Apparel
Sector, from Balanço Anual magazine, published by the
2
These brands are run by four business units – Sandals, Sporting
newspaper Gazeta Mercantil.
Goods, Industrial Textiles and Retail –, which generated gross sales
Best Company in the Apparel Industry Sector, from the magazine
of R$ 1.6 billion in 2007, from the sale of 184 million pairs of
Financial Officer.
footwear, four million items of sportswear and accessories and
Most Admired Company in Brazil in the Sporting Goods Category,
16 million square meters of industrial fabric. Alpargatas’ exports
from the Carta Capital / TNS InterScience survey in the magazine
reached 80 countries and grew 28% in dollars during the year,
Carta Capital.
resulting in a net income of R$ 199 million with investment grant.
Most Admired Company in the Footwear, Leather and Accessories
Category, from the newspaper Diário do Comércio, Indústria &
Alpargatas is an international branded company. It has 17 footwear
Serviços.
and textile plants in Brazil, Argentina and Uruguay and subsidiaries
Havaianas was elected the Best Intangible Asset in the Brazilian
in the United States and Chile, with a total of 18,255 direct
Brands Category by DOM Strategy Partners and Grupo Padrão.
employees in these countries. It also has a significant shareholding
in Tavex Algodonera, the world leader in the manufacture and
Alpargatas’ Vision is to be a global company of desired brands in
commercialization of denim fabrics.
sporting goods, footwear and industrial textiles. Its Mission is to
develop and commercialize innovative, world class and profitable
Alpargatas’ shares have been traded on the São Paulo Stock
products of high perceived value and quality and to create value for
Exchange since 1913, and it is currently part of a select group of
shareholders, employees, suppliers and customers through socially
Brazilian companies enjoying a differentiated level of corporate
and environmentally responsible operations.
governance. There are approximately five thousand shareholders, with
the controlling interest belonging to Camargo Corrêa S.A., the holding
company of one of the largest private business groups in Brazil.
Exports
• 80 countries
Production
• 8-10 pairs of sandals
per second
• 50 thousand pairs of
sports footwear per day
Brazil
São Paulo – Head Office
Manaus – Synthetic Fabrics
Natal – Sports Footwear
Santa Rita – Sports Footwear
Campina Grande – Havaianas Sandals
Carpina – Dupé Sandals
Pouso Alegre – Coverings and Tarpaulins
São Leopoldo – R&D Center
3
Argentina
Buenos Aires – Head Office
Florencio Varela – Footwear and Textiles
Corrientes – Textiles
Saenz Peña – Textiles
Tucuman – Footwear
Catamarca – Footwear and Textiles
San Luis – Footwear
Santa Rosa – Footwear
Uruguay
Dolores – Footwear
Chile
Santiago – Subsidiary
United States
New York – Subsidiary
Consolidated Numbers
2003 2004 2005 2006
2007
pro forma
(see page 40)
Financial
R$ million
4
Gross sales
Net sales
Gross profit
EBITDA
Net income with investment grant
Gross margin
EBITDA margin
Net margin with investment grant
Cash
Debt
Net cash (debt)
Stockholders’ equity
919.6
767.2
290.0
90.2
82.0
37.8%
11.8%
10.7%
136.6
67.1
69.5
493.4
1,138.2
904.1
375.5
104.8
95.5
41.5%
11.6%
10.6%
183.2
81.9
119.3
554.7
1,369.4
1,090.0
491.3
204.6
165.0
45.1%
18.8%
15.1%
294.4
52.5
241.9
655.3
1,565.4
1,259.8
583.6
293.0
126.6
46.3%
23.3%
10.1%
256.4
59.7
196.7
757.6
1,615.6
1,289.6
572.3
215.4
120.2
44.4%
16.7%
9.3%
120.5
170.5
(50.0)
880.4
2,090.9
123.7
2.6
19.7
142.0
2.9
19.5
160.0
2.9
16.4
174.7
2.9
16.0
184.0
4.0
16.0
222.0
27.2
35%
371.8
4.1x
36.0
39%
641.4
6.1x
54.9
35%
1,285.3
6.3x
50.5
42%
2,292.6
7.8x
47.5
41%
2,611.1
12.1x
9,966
10,950
11,400
12,850
12,623
4,719
913
265.7
40.4%
15.8%
(62.1)
Operations
Sales volumes:
Footwear (million of pairs)
Apparel and accessories (million units)
Industrial fabrics (million of m2)
Capital Market
Dividends (R$ million)
Payout
Market capitalization (R$ million)
Market capitalization as multiple of EBITDA
Social
Number of employees
São Paulo Alpargatas S.A.
Alpargatas S.A.I.C.
Companhia Brasileira de Sandálias S.A.
Gross Sales
EBITDA
R$ million
R$ million
Gross Margin
2,090.9
%
EBITDA Margin
%
1,138.2
919.6
37.8
2003
41.5
2004
45.1
2005
46.3
2006
44.4
2007
265.7
40.4
2007
204.6
90.2
104.8
11.6
2003
2004
16.7
15.8
2007
2007
23.3
18.8
11.8
215.4
pro forma (pg. 40)
1,369.4
293.0
pro forma (pg. 40)
1,565.4 1,615.6
2005
2006
Net Income
Market Capitalization
with Investment Grant
R$ million
R$ million
Net Margin
%
198.1
2,611.1
199.0
2,292.6
165.0
1
1,285.3
95.5
82.0
15.1
10.7
10.6
2003
2004
15.7
15.4
641.4
371.8
2005
2006
2003
2007
2004
2005
2006
2007
Distribution of Added Value
Sales Volume of Footwear
R$ 684.4 million
million pairs
222.0
3%
174.7
7%
184.0
160.0
Employees
Government
Profit Reserves
Shareholders
Capital
Financiers
38%
pro forma (pg. 40)
142.0
123.7
23%
29%
2003
2004
2005
2006
2007
2007
Messages from the Management
o effectively achieve the Alpargatas vision of being a branded
T
Topper will be present in multiple sports categories and will act as
company with a global reach, the Board of Directors has
anchor for other businesses in the sporting goods segment, first in
promoted growth strategies that will enable Alpargatas to
Latin America and later, worldwide.
Organization in the Brazilian market. This objective is based on its
Another growth driver will be the reinforcement of the Retail as a
capacity to generate brands and consumer goods with high market
business in Brazil and Argentina. We intend to expand in the
leadership potential in Brazil, Latin America and on other continents.
operation of exclusive stores as a supplementary sales channel and
consolidate its position as the biggest footwear and sporting goods
as a means of reinforcing the image of our brands. We also plan to
2
We are clear about how to achieve this. First, we must focus on the
exploit opportunities in managing lifestyle brands such as
Company’s two main businesses: Sandals and Sporting Goods. Then
Timberland, which should benefit from higher economic growth and
we need to concentrate on harnessing our internal competencies in
increased consumption in the region.
Retail to make this business even bigger for Alpargatas.
Alpargatas will have to grow and improve to achieve these
Our future vision for Sandals is to ensure that the Havaianas brand
objectives, especially in operational processes and human resources
continues to spread “Brazilianness” worldwide, to be a source of
management. Another challenge will be the development of new
pride for Brazilians and to create value over time. We are working on
competencies in branding, communication, innovation and
three fronts to achieve this objective: consolidating our position in
international trade. These will be our priorities as we internationalize
the Brazilian market through acquisitions and growth in our existing
our operations and adopt an increasingly sustainable growth model.
sales channels; the effective international expansion of the
Company’s export model, leveraging sales and margins in the main
We are convinced that sustainability is key for us to fulfill our
world markets; and line extension, with the gradual introduction of
strategy. This is an issue that is increasingly governing consumer
innovative products, supported by the strength and identity built up
choices, both in Brazil and abroad. For this reason, we are aligning
by Havaianas over 45 years.
our activities with this increased awareness on the part of society
through the construction of an internal culture geared towards
In Sporting Goods, we have already embarked on the challenge of
sustainability. We believe that this is the only way to grow and to
competing with strong global brands. The conclusion of our
create long-term value for our shareholders, employees, customers,
negotiations to acquire Alpargatas Argentina, currently awaiting
consumers and society as a whole.
anti-trust approval, will permit the fusion of the Brazilian and
Argentinean Topper brands, which will make the new brand South
American market leader.
Marcelo Araujo
Chairman of the Board of Directors
pon completing 100 years of existence in 2007, Alpargatas
We optimized our administrative processes with the migration of
consolidated the basis needed to make it the biggest Brazilian
transactional activities to the Camargo Corrêa Shared Services Center and
footwear manufacturer and an international branded company. We
by moving our headquarters to the Centro Empresarial Camargo Corrêa.
U
invested in numerous areas, acquiring companies in Brazil and Argentina,
In January, a new integrated management system was implemented with
opening new subsidiaries, training people, expanding production capacity
the SAP AFS (Apparel Footwear Solution) module. The system’s operational
and pursuing synergies that resulted in gains in scale and higher productivity
complexity affected operations, resulting in a temporary setback in
in our operations, complemented by the implementation of an integrated
commercial performance. We are, however, convinced that this tool is
management system.
essential for our expansion and for our international growth.
São Paulo Alpargatas sold 184 million pairs of footwear during the year,
In the manufacturing area there were two major projects during the year: in
a 5.3% volume increase compared with 2006. Gross sales were
October we concluded the expansion of the Havaianas plant, which now
R$ 1.6 billion. Ebitda (earnings before interest, taxes, depreciation and
has an annual production capacity of 212 million pairs, and we
amortization) was R$ 215.4 million and net income totaled
concentrated production of sporting goods in the Brazilian Northeast
R$ 199 million, with investment grant. Shareholders received dividends
region, mainly in the state of Paraíba, resulting in cost reductions, increased
of R$ 47.5 million. Including the 2007 figures for Alpargatas Argentina
productivity and a more streamlined logistics network.
and the Companhia Brasileira de Sandálias, the consolidated sales for
the group of companies controlled by Alpargatas totaled R$ 2.1 billion
with Ebitda of R$ 265.7 million.
With the ongoing consolidation of the concept of sustainability in the
Alpargatas culture, we implanted water and energy consumption reduction
measures in our plants and increased the reuse of waste materials. In 2008,
Just as important as these numbers were our other achievements during
we will begin work on transforming our plants into “green units”, with a
the year, stemming from a strategic plan designed to drive a new cycle of
pilot project in the Santa Rita footwear plant in Paraíba.
growth both in Brazil and abroad:
Our capacity for innovation was a constant throughout all these initiatives.
acquisition of 100% of Companhia Brasileira de Sandálias S.A., owner of
The same may be said about our numerous product launches during the
the Dupé brand, increasing our market share and complementing our
year, an important element in brand performance. In total, we launched 509
sandal portfolio;
new models of sandals and sports footwear, particularly worthy of note
acquisition of a 60% shareholding in Alpargatas S.A.I.C. – Argentina, a
being the Eco line models.
key move towards our expansion in Sporting Goods in Latin America;
In order to keep up this pace, we invested in identifying and applying
The opening of a subsidiary in the United States, through which we will
innovation platforms and in research and development at our R&D center in
increase our participation in the Havaianas sandals market in North
Rio Grande do Sul.
America, with our own operational and logistics framework;
To commemorate all of these advances and Alpargatas’ 100th anniversary,
the opening of a subsidiary in Chile, as a platform for growing Mizuno in
we organized shows of Brazilian music in São Paulo and in the regions in
South America.
which our plants are located.
All of these achievements have had a positive effect on our business and
We start 2008 optimistically, bolstered by the conviction that we are building
our financial performance and are backed up by a number of others
an innovative Alpargatas that is much admired and respected and more than
measures implemented to strengthen the Company internally.
capable of attracting and retaining the talents we need to effect the
In human resources management, we introduced the Alpargatas
transformations imposed by the modern world. A Company that inspires
Integrated Management System, a program designed to manage and
projects that improve people’s quality of life, through respect for the
leverage the development of our team, strengthening the Organization
environment and adherence to the principles of sustainability in all its activities.
for this phase of growth.
A Company that inspires trust and makes people want to be part of it.
Márcio Utsch
Chief Executive Officer
3
Corporate Governance
The Alpargatas management model incorporates differentiated
Board of Directors
corporate governance standards based on the principles of
The Board of Directors consists of six members, four of whom
transparency, equality, accountability and social responsibility. Its
represent the controlling shareholder. Two are independent and are
shares have been negotiated on Bovespa’s Differentiated Corporate
elected by the minority holders of common and preferred shares. The
Governance Share Index since it was listed at Level 1 in 2003.
Board is responsible for monitoring the execution of established
policy, for defining the Organization’s long-term strategy and for
selecting the executive officers, in addition to deciding on issues of
General Shareholders’ Meeting
to
year term of office and may be re-elected. The Board holds at least
deliberate on specific items, such as the presentation of accounts by
six ordinary meetings per year and extraordinary meetings when
management and the examination, discussion and approval of
necessary. The remuneration of the directors is determined by the
financial statements. The meeting also deliberates on the application
General Shareholders’ Meeting.
Alpargatas holds an annual General Shareholders’ Meeting
4
relevance to the businesses and operations. Members serve a three-
of net income and the distribution of dividends, in addition to electing
the members of the Board of Directors and the Board of Auditors.
Marcelo Pereira Malta de Araujo – Chairman
Extraordinary meetings are held when it is necessary to approve items
Carlos Pires Oliveira Dias
outside the competence of the General Shareholders’ Meeting.
Flavia Buarque de Almeida
José Édison Barros Franco
Oscar de Paula Bernardes Neto
Silvio Tini de Araújo
Board of Auditors
Committees
Consisting of five members, three nominated by the controlling
The Audit and Finance Committees consist of members of the Board of
shareholder and two by the minority shareholders, the Board of
Directors and some executive officers. The Audit Committee is
Auditors is responsible for deliberating on the management report
responsible for implementing and monitoring adherence to appropriate
and the financial statements. The mandate is for one year with the
internal controls and for managing risks with the objective of
possibility of re-election by the annual General Shareholders’
protecting Alpargatas’ assets. The Finance Committee monitors,
Meeting, which also determines members’ remuneration.
evaluates and provides guidance in the management of the Company’s
financial affairs. The Ethics; Quality; Environmental, Health and Safety
Adalgiso Fragoso de Faria
(EHS) and Remuneration Committees are made up exclusively of
Carlos Alberto Nunes
executive officers. The Ethics Committee is responsible for ensuring
Fernando Dias Gomes
integrity, honesty and transparency in the application of internal policy
Jorge Michel Lepeltier
and compliance with legislation. The Environmental, Health and Safety
José Ferraz Ferreira Filho
Committee oversees the application of the Company’s Quality and EHS
policies and identifies development opportunities in these areas. The
Executive Officers
Remuneration Committee is responsible for salary surveys, job
evaluations, benefits and incentive plans for employees.
The executive officers are responsible for running the businesses and
for ensuring that the Company pursues its established objectives
and executes the deliberations of the Board of Directors. There are
Policies
nine executive officers. The three statutory executives are chosen by
Alpargatas has a Code of Business Ethics and Conduct that sets forth
the Board of Directors and exercise a one-year mandate that it
the standards of business and personal behavior expected from
renewable. The executives meet at least once every two weeks to
employees, given that ethics in business behavior and personal
oversee business activities.
relations is a permanent value. The Company also have an Information
Disclosure Policy applicable to all persons having access to relevant
Márcio Luiz Simões Utsch – Chief Executive Officer
information. This establishes rules for the confidentiality of information
Antonio Carlos Boscatto – Auditing
and the periods in which Alpargatas’ shares should not be traded.
Carla Schmitzberger – Sandals
Cícero Lopes de Barros Júnior – Industrial Textiles
Francisco S. M. Cespede – Chief Financial Officer
Independent Auditing
Gumercindo C. de A. Moraes Neto – Sporting Goods
The rules established for hiring external auditors ensure that they are
José Eduardo Carmagnani – Operations
not subject to conflicts of interest, nor loss of objectivity or
Márcia C. L. do Nascimento Costa – Human Resources
independence in their relationship with Alpargatas. In 2007, the
Rogério Bastos Shimizu – Retail
services rendered by Deloitte Touche Tohmatsu were exclusively related
to the auditing of accounts. No complementary or consulting services
were contracted with this company.
5
Corporate Governance Structure
Board of Directors
Board of Auditors
Internal
Auditing
CEO
Sandals
Sporting Goods
Retail
Industrial
Textiles
CFO
Human
Resources
Operations
10
Legal Structure
Camargo Corrêa S.A.
43.3% of total capital
66.9% of common shares
19.2% of preferred shares
São Paulo Alpargatas S.A.
60.0%
100.0%
Alpargatas
S.A.I.C.
Companhia
Brasileira de
Sandálias S.A.
100.0%
100.0%
Alpargatas USA,
Inc.
Alpargatas Chile
Limitada
Spasaprev
Sociedade de
Previdência
Privada
Instituto
Alpargatas
100.0%
Amapoly Ind.
Com. Ltda.
20.5%
Tavex
Algodonera S.A.
Camargo Corrêa
Group
The Camargo Corrêa Group is one of the largest privately owned
The Property Development, Environment and Corporate division
business conglomerates in Brazil, with activities spanning 19 countries.
consists of Camargo Corrêa Desenvolvimento Imobiliário, with a
Camargo Corrêa has 55 thousand direct employees and had gross
strong presence in the residential and commercial real estate
sales of around R$ 12 billion in 2007.
development market, and the environmental services company
CAVO Serviços de Meio Ambiente. The group also has a
Camargo Corrêa’s connection with Alpargatas dates back to 1982
significant capital holding in Itaúsa, which controls one of the
when it acquired a minority shareholding in the Company. In 1997,
major financial conglomerates in the country.
Camargo Corrêa took part in the shareholder agreement which led
to the restructuring of Alpargatas and the beginning of a new
The Camargo Corrêa Group is guided by the following values,
phase. As part of its strategy aimed at growth in the industrial sector,
which stem from its background and its practices:
in December 2002, the group consolidated its controlling position,
which on December 31st 2007 represented 66.9% of Alpargata’s
Respect for people and for the environment
common shares and 43.3% of its total capital.
Relations with shareholders, employees, customers, suppliers,
governments, local communities and the environment
Alpargatas is part of the Camargo Corrêa Footwear, Textiles and
will be
conducted fairly, correctly and respectfuly.
Steel Division, which includes Tavex Algodonera, the largest denim
textile manufacturer in the world, as well as Usiminas, the largest
Responsibility
producer of flat steels in Brazil. Alpargatas controls 20.5% of Tavex.
The group will behave with integrity, complying with all applicable
laws. All group companies will respect diversity in accordance with
The other four Camargo Corrêa group divisions are:
Engineering and Construction, which includes Camargo Corrêa
universal standards of peaceful human co-existence, with no
discrimination based on race, gender, beliefs, religion, job or function.
Comércio e Construções, the original group company responsible
for some of the most important infrastructure works ever
Transparency
undertaken in the country, such as the Tucuruí hydroelectric
Group companies will systematically provide access to clear and
power generation station, the Rio-Niterói bridge and the
extensive information about its activities, achievements, policies and
Guarulhos/Cumbica International airport in São Paulo.
performance.
The Cement division, active in Brazil (Cauê), Argentina (Loma
Negra) and other South American countries.
Concessions, the division consisting of the group’s holdings in the
utility CPFL Energia, in the highway concession operation
Companhia de Concessões Rodoviárias (CCR) and in the recently
created A-Port, a port and airport infrastructure provider.
Focus on results
The group will continually seek to maximize its performance to
ensure its continuity, its investments, return for shareholders and
suitable working conditions for its people.
Quality and innovation
The group will guarantee the quality of its services and products and
invest continually in developing its people and its companies.
11
Sandals
Sand
als
Sporting Goods
Industrial
Textiles
Retail
B9i0 r:
b/ 3$5*$7$6- %5$1'6 +$9( %((1 $ 3$57 2) &21680(56- /,9(6 )25 $ 655 <($564
Havaianas $1' Dupé $5( /29(' %< c5$=,/,$16 $1' )25(,*1(56 $/,.(1
+(/3,1* 3(23/( 5(/$; $1' 0$.,1* 7+(0 )((/ *22' ,1 7+(,5 020(176 2)
/(,685(4
Topper1 Rainha1 Mizuno $1' Timberland $5( 9,%5$17 %5$1'6 ,1 7+(
:25/' 2) 6325761 '5,9,1* 683(5,25 3(5)250$1&( ,1 &203(7,7,216 $1'
*$0(64
Locomotiva $''6 9$/8( ,1 ,1180(5$%/( :25. 3/$&(64
Meggashop 0$.(6 0,//,216 2) 6+233(56 +$33<4
z+,6 &$3$&,7< 72 )8/),// 7+( '(6,5(6 2) ',))(5(17 *52836 2) &21680(56
3@
7+528*+ 21*2,1* 352'8&7 ,1129$7,21 ,6 :+$7 '5,9(6 b /3$5*$7$6- 68&&(66
,1 c5 $=,/ $1' :25/':,'(4
2007 was a promising year for Havaianas, both in results and in the
international market. The number of pairs sold in the period was up
7% on 2006, totaling 173 million. In September, the Company
broke its own monthly sales record topping the 17 million unit mark.
Revenues grew by 17.7% and exports, to 80 different countries, also
grew by 17% accounting for 12% of total sales.
These results were achieved with a bold new policy for positioning
and adding value to the brand on a variety of fronts. The 2007/2008
collection comprised 79 models, 30 of which were exclusively for
3<
export. The men’s range was a great success, especially Havaianas
Wave, which boasts an anatomic design and injected rubber soles.
The women’s Havaianas Slim and Slim Season lines, launched in
new colors with thinner metallic straps, also continued to sell
extremely well. Products with an environmental focus gained
importance in the Havaianas portfolio, with the expansion of the IPÊ
(Institute of Ecological Research) range.
Marketing during the year focused on the overseas market, with
greater participation in events and trade fairs, both in Europe and
the USA, where Havaianas made a big impact at the New York
Fashion Week as well as at the Oscar Ceremony. French distributors
set up exclusive Havaianas stores in the Gallerie Lafayette in Paris
and in Saint Tropez, Marseille and Cannes.
In this overseas offensive, the main thrust in 2007 was the opening
of a subsidiary in the United States, followed by the launch of the
first advertising campaign in the country. The campaign consisted of
advertisements in major fashion and lifestyle magazines, the
exhibition of four enormous graffiti panels by international artists on
buildings in Soho, New York, and the release of three films on the
Internet.
Brand tracking revealed increased brand awareness, preference and
intent to purchase Havaianas among North American customers.
In 2008, the international expansion process will be developed
further with the opening of a European subsidiary located in Spain.
This will be responsible for direct operations in the Spanish market
and also in France, Italy, England and Portugal.
The focus in 2008 will be on extending the Havaianas brand,
launching new products besides socks.
Overseas operations will be further extended as a result of the
acquisition of the Dupé brand, which complements sandals portfolio.
The Dupé product line consists of 74 models and is sold all over
Brazil. The best seller is the gel range which is exported to 32
countries.
3;
AH
Topper has the qualities that will make Alpargatas a sportswear
In 2007, Topper launched 63 models. The highlights were the
market leader in Latin America. In Brazil, the brand is the leader in
Anatomic performance line of footwear, accessories, bags and
the soccer segment (outdoor and indoor) due to its strong sports
clothing; Scorpion, Maverick and Fusion soccer shoes for the
marketing positioning and the incorporation of differentiated anti-
premium segment; and the special edition HS Seleção Pró ball,
impact technology such as the Dynatech Visible system.
signed by the Topper-sponsored futsal player Neto.
Developed by Alpargatas, this system represents high-end anti-
Based on its leadership in the soccer segment, Topper will move into
impact and stability technological innovation and is incorporated in
other sports in Brazil, such as tennis, volleyball and basketball. This
various types of soccer shoes. The sole dissipates and at the same
strategy will be backed up by the acquisition of Alpargatas
time stabilizes the impact of each step, a feature of overriding
Argentina. In Argentina the brand is leader in the sporting goods
importance in a sport that requires very diverse movements from the
market with a share of over 33%. It is present in the soccer,
athlete. The technology has enabled Topper to expand its share in
volleyball, basketball, rugby, golf and lifestyle segments.
top-end sales outlets specialized in added value products.
With the consolidation of the Brazilian and Argentinean operations,
Topper sponsors the Brazilian Futsal Confederation and the São
it will be possible to replicate the brand’s success throughout Latin
Paulo Football Federation, driving the visibility of the brand among
America, making it market leader in multiple sportswear categories.
millions of supporters, who see it on the players and referees
To do this, Topper has strategically located factories in both
uniforms and the official balls.
countries, with enough installed capacity to guarantee growth and
additional outsourced production capacity available in Asia.
fi y0wi
from thermally insulated intelligent fabric. Other highlights were
Rainha is the first Brazilian sporting goods brand, launched in 1934.
Runcycle T-Shirts, made from a blend of cotton and recycled PET
It was top of mind in the sneakers category for ten years running
fabric, as well as the Wave Universe range, which reinforces the
due to its continued ability to surprise consumers. Rainha was
brand’s strong position in the running segment. The Premium Tech
instrumental in disseminating the idea that sports equal well-being
and New Run T-Shirt ranges, made from 100% polyamide and
and pleasure. The brand is about quality of life, escaping from the
incorporating Ice Touch technology for improved comfort, were
routine and adventure. Rainha seeks to ensure performance and
launched worldwide during the year.
comfort through ongoing investment in research and technology. In
Alpargatas’ contract with Mizuno International was renewed and its
2007, Rainha applied its technological innovations to the majority of
license expanded to permit the Company to commercialize the
its 40 new products. An example is the Energy System, developed
brand in other countries in South America. This will be supervised by
jointly by the Alpargatas R&D Center, the Bio-Energy Laboratory of
the team in the Chilean subsidiary. A total of 57 models were
the University of South Africa and the Instituto Brasileiro de
launched in 2007.
Tecnologia. With its striking design, the footwear is made of lighter
materials and offers greater impact absorption, greater impulse and
higher resistance. The best sellers in the line were the Fusion and
4y/n79.i0r
System Electric models. Another success was the environmentally
Timberland is the world leader in the outdoor footwear segment.
friendly Organic System T-Shirt range, manufactured using organic
Its strategy is aimed at expanding the concept and use of the
cotton and natural dyes. These products attracted considerable press
brand through greater product segmentation with the introduction
attention with spontaneous media coverage in the magazine Veja
of ranges of casual footwear, apparel, accessories, as well as
and the newspaper Folha de S. Paulo.
children’s products.
The 2007 Timberland collection included products with youthful, urban
byGB02
and modern designs in the casual footwear range. This collection
incorporated innovations in the outdoor sports footwear range,
Performance is key for Mizuno, the market leader in running shoes
including a model with an internal fastening system using steel wires
with a growth strategy focused on investments in innovation and
to better adjust to the foot. Other highlights among the 112 products
sports marketing. The lines commercialized in the Brazilian market
launched by the brand in 2007 were the Cadion range of boots and
combine imported models with others made in the country in a
sandals for hiking, trekking and climbing – with carbon rubber soles
marketing strategy that concentrates on Wave technology,
offering better grip – and the Earthkeepers collection of sweatshirts,
recognized as the most advanced available in running shoes.
T-Shirts and baseball caps made from natural recycled fabrics.
The 2007 Mizuno footwear, clothing and accessory collection
To improve brand visibility, Timberland participated in the 9th Adventure
included the Solarun jacket, which comes with an MP3 player that
Sports Fair, the biggest sport, tourism and adventure fair in
runs on solar energy, and the Breath Thermo apparel range, made
Latin America.
A3
Brazil’s buoyant economic situation in 2007 helped drive
The Pouso Alegre factory in Minas Gerais also initiated production
Locomotiva tarpaulin sales volume growth of 20% compared
of Locomotiva canvas made from recycled cotton. The cotton is
with the previous year. The PVC range grew by 12%. Strong
recycled from leftover fabrics and is mixed with PET fibers from
performance in the industrial textiles business produced sales of
recycled plastic bottles to improve resistance. An additional
16 million square meters.
advantage is that the material resulting from this combination
does not require further dying, thus saving water, dyes and
The highlight of the year was the launch of the first Brazilian
chemical products.
program for awning manufacturers. Baptized Fabricante
Autorizado Night&Day, this program enables teams to offer their
Environmental conservation was also evident in the development of
consumers the best solutions for controlling heat and light in
tarpaulins and bags made from recycled materials in partnership
both commercial and residential applications. In addition to
with the Instituto IPÊ. Part of the income from these products goes
conserving the canvas, the system helps save energy, in line with
to the institute, which conducts research, educational and
Alpargatas’ sustainability policy.
sustainable development projects in five regions of the country.
Another initiative was the investment in ecological fabrics such as
Locomotiva Eco, resulting in a range of products for the fashion
and interior design market segments.
A@
The Meggashop and Timberland stores saw sales growth of
Alpargatas ended 2007 with a total of 41 points of sale, comprising
18.4% compared with 2006. The retail business sold 2.1 million
23 Meggashop, 11 Timberland and seven Mizuno outlets. A
pairs of footwear and units of clothing, representing an 11%
temporary Timberland store was opened during the winter season at
increase in volume.
the Market Plaza in Campos do Jordão. More than one million
consumers visited Alpargatas stores during the year.
Taking advantage of this favorable economic environment, a series
of measures were introduced to drive performance, including
These encouraging results will be maintained in 2008 as Alpargatas
intensified consumer communication, training for sales teams, the
grows its Retail business with new Timberland store franchises as
opening of new sales outlets and the expansion of the range of
well as concept stores projected to support brands strategies and
products, especially worthy of mention being the introduction of a
increase visibility among consumers.
women’s collection in Timberland stores.
The Company also has plans to invest in an e-commerce platform
Seven Mizuno corner stores were installed in the chain of
to add further value to the business through more diversified
A!BodyTech gyms in Rio de Janeiro. The first Timberland store was
sales channels.
inaugurated in Brasilia in the capital’s prime retail location, the
ParkShop mall.
A2
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A;
C20:2.yri?y20>y0>B9iGy.
In developed countries average per capita consumption of footwear
is seven pairs per year. In Brazil, it is three. For Alpargatas this
represents a growth opportunity and to take advantage of it, it is
acting on three fronts:
36 Expansion of the Sandals business with the full acquisition of
Companhia Brasileira de Sandálias S.A., owner of the Dupé
brand. This traditional brand of rubber sandals is commercialized
throughout Brazil, but more notably in the North and Northeast
of the country. With a plant in Carpina, Pernambuco, it has 913
employees and an annual production capacity of 45 million pairs.
A
In 2007, the company produced approximately 30 million pairs
of sandals, of which 25% were exported. Revenues totaled R$
81.2 million. The acquisition will enable Alpargatas to expand
and complement its portfolio, maintain two strong brands in the
sandals segment and achieve gains in scale and reductions in
costs in the manufacturing area.
A6 Expansion of the Retail as a business by exhibiting all the product
line in concept stores and by building up e-commerce and
franchise business models. In addition to these moves designed
to drive sales and add value to the Havaianas, Mizuno, Topper
and Timberland brands, Alpargatas is planning to build a new
business to manage lifestyle brands to be distributed through
exclusive sales outlets.
@6 The adoption of a multi-category management philosophy in the
Sporting Goods business, with specific positioning by brand, led
by Topper. The new market oriented model is aimed at
increasing competitiveness, through greater synergies and
increased understanding of different consumer styles and
different sales channels.
Plant of
Companhia Brasileira de Sandálias S.A.,
in Carpina (PE)
R0?790i ?y20i.>GE4i0 :y20
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GB9247
56A6R6C6>t>São Paulo Alpargatas acquired
4iC7E >A.v2r 2079i>5 6A6>t> Camargo Corrêa S.A. and
a 60% share in Alpargatas S.A.I.C. of Argentina. The operation
Alpargatas hold 34.01% and 20.5% shares respectively in Tavex, the
included the purchase of a 34.5% shareholding in the company
biggest global denim manufacturer. Based in Spain, the company has
from North American investment funds and a public offer on the
plants in Europe, Africa and the Americas, with an annual production
Buenos Aires Stock Exchange resulting in the acquisition of 25.5%
capacity of 185 million meters of fabric. In 2007, the company
of Alpargatas S.A.I.C.’s outstanding shares. The shareholding
invested € 27 million in restructuring the Spanish operation and in
acquired from the investment funds is in the custody of The Bank of
increasing production in its Moroccan factory. In South America,
New York, which will retain control until the transaction has been
where the company dominates the market, Tavex downscaled its
approved by the Argentine antitrust authority, the Comisión
production and restructured Santista Têxtil to develop a higher-added
Nacional de Defensa de la Competencia.
value product mix. In North America, where the denim market has
been growing significantly, the company acquired plants in Mexico
This acquisition is an important move towards gaining leadership of
and invested € 48 million to better meet this demand. The net
the Latin American sporting goods market for the Topper brand. In
proceeds from sales in the year totaled € 388 million, up 2% from
Argentina, Topper is already the leading sporting goods brand with
2006, due to the commercialization of higher added value products.
a share in excess of 33% and a consolidated presence in the soccer,
This robust operating performance resulted in a 9.2% increase in
volleyball, basketball, rugby, golf and lifestyle segments. The
Ebitda, which totaled € 35.4 million. This growth is attributable to
company has 11 plants, one located in Uruguay, making it the
increased volumes and to higher prices in Europe and Brazil and
biggest in the footwear market, with traditional brands such as
reduced costs and expenditures in the plants in the Americas. Net
Topper, Rueda, Pampero and Flecha. It commercialized 11 million
income in 2007 were €800 thousand.
pairs of footwear in 2007, generating gross sales of R$ 406.4
million. The operation will benefit both companies with gains in
In 2008, Tavex will be implementing its financial restructuring plan to
scale, reduced costs and operating expenses and higher footwear
generate greater value for shareholders and to regain investment
and textile sales.
grade status focusing on the following growth drivers:
increased share in the fashion category through higher sales in
g0y?7r >5?i? 7:
existing and new markets;
With the strong upswing in the consumption of sandals in the
increased investments in product and service innovation;
United States, Alpargatas stepped up its international expansion
higher customer loyalty and improved margins through the offer of
process by opening a subsidiary in New York. Located in the Soho
full package integrated service; and
district, this office will be responsible for the entire Havaianas
global leadership in the fashion category with a presence in the
operation in the country, ranging from imports, commercialization,
Asian market.
distribution through to marketing.
5Bn:yryi9y7:> t> The opening of Alpargatas’ overseas
Cwy.7
subsidiaries will proceed in 2008 with the start up of operations
Aligned with the Latin American business expansion strategy,
in Europe.
Alpargatas set up a subsidiary in Santiago, Chile. The operations will
be focused on the running category, commercializing Mizuno
products and other Alpargatas brands in the Andean nations.
A1
5B4429?>329>M92D?w>5?9i ?7vy7:
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f7 :7i 91w>i0r>E7C7.2 4/70?>
A key driver of Alpargatas growth strategy, innovation is being
In Alpargatas, product and process innovation originates in its
consolidated internally as part of its culture. The challenge of
Research and Development Center, located in São Leopoldo, in the
applying innovation in all processes was formalized through the
state of Rio Grande do Sul. The unit is staffed by highly specialized
launch of the Innovation Project. The cornerstone of this project is
teams that research, validate and define trends and materials,
the determination of innovation indicators to measure the
prepare technical packages for internal and external manufacturing
performance of new products and their contribution to revenues and
and seek to develop partnerships with domestic and international
profitability.
bodies to ensure that design and technology areas remain state-ofthe-art.
The first phase of the project entailed a diagnosis of the capacity to
@H
create and apply ideas that add value to products and brands. In
The R&D Center acquired a software package whose main
2007, two of the 15 innovation platforms defined as priorities were
advantage is the integration of all stages of the footwear creation
implemented with training for all areas.
process. With this software, a product may be designed in the United
States, developed in Brazil and manufactured in Asia, with full and
simultaneous involvement and accompaniment of all the relevant
departments and areas.
In the R&D Center all materials and finished products undergo more
than 20 test stages. In 2007, the unit focused on the footwear lines
and in 2008 this focus will be extended to the apparel business.
R&D Center,
in São Leopoldo (RS)
Left: plant of
sports footwear in
Santa Rita (PB)
Right: plant of
sandals in
Campina Grande (PB)
M.2ni. >52B91y0v
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The expansion of the Campina Grande and Santa Rita plants in the
2007 saw the introduction of the new integrated management
state of Paraíba, the acquisition of the Companhia Brasileira de
system, a platform considered indispensable for the Company’s
Sandálias S.A. and the overseas operations led Alpargatas to
growth and international expansion. Alpargatas is the first
intensify its sourcing strategy to consolidate its position in the
organization in South America to implement the SAP AFS (Apparel
Brazilian market and to support international expansion. With gains
and Footwear Solution) module, designed specifically for the
in scale, greater capacity to ally quality and competitive costs and
footwear and apparel industry. The advantages of this new
timely delivery, this has provided a cornerstone for the development
technology include its integrated product development system.
of a global distribution network to support international expansion.
While a new model is under development, it is possible to identify
the common needs of all the Company’s business units in a single
As part of this process, Alpargatas has established a sourcing
materials record. This enables the acquisition of higher volumes of
structure for sports footwear in China, staffed by professionals who
raw material, improving negotiation strength and driving gains in
are familiar with the Asian market and capable of identifying
scale.
opportunities and dealing with local suppliers. This team
accompanies the development of new products, materials and
The system will be integrated with Alpartagas’ platforms in other
sources of supply and helps identify new partners, driving further
countries. The offices in New York and Santiago are already using a
gains for the Company especially in view of the growth of
simplified system which meets their needs. The introduction of the
operations in Asia.
Brazilian model is planned in the Argentinean plants to provide
Alpargatas with a unified, single vision of its businesses.
@3
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Alpargatas’ 4th quarter 2007 (4Q07) economic performance was
M92::>5i.7:>
very good, with an increase in sales and profitability compared with
Gross sales reached R$ 514.6 million in 4Q07, a 16.6% increase
the third quarter (3Q07). The fourth quarter 2007 indicators
compared with the 4Q06 and 30.1% higher than 3Q07. Footwear
demonstrate the resumption of the Company’s growth cycle, the
sales volume was 19.2% higher than 4Q06 and 33.4% higher than
result of the success of brand management strategies, the
3Q07.
incorporation of new product innovations, logistics and consumer
communications improvements.
The 20.6 million of pairs of footwear exported in 2007
corresponded to a 17% volume increase compared with the
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The following comments are based on the results presented in
previous year, driving a 28% increase in export revenues in dollars.
Appendix 1 of the Financial Statements. The 2007 figures in the
For the year, exports accounted for 12% of the total volume of
Appendix show the consolidated figures for São Paulo Alpargatas
footwear sales.
and its subsidiaries: Amapoly, Alpargatas USA, Alpargatas Chile and
Companhia Brasileira de Sandálias (only for November and
The robust 4Q07 sales performance ensured full year 2007 gross
December, since the acquisition of this company dates from
sales of R$ 1,615.6 million, 3.2% up on 2006. This growth is
November
8th, 2007). The
sum paid for the acquisition of Alpargatas
significant taking into account the complexities encountered in the
Argentina is shown in the investments account. The numbers in
implementation of the integrated management system, which had a
equity in subsidiaries account show the result of the Company’s
greater impact on sales in the first four months of the year. A
20.5% share in Tavex Algodonera (in 2006, six months of Santista
number of adjustments were necessary, leading to a second stage of
Têxtil and six months of Tavex).
adjustments in the different modules, which was successfully
concluded in February of 2008.
M92::>5i .7:>
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2,090.9
M92::>bi 9vy0
5
pro forma (pg. 40)
1,565.4 1,615.6
1,369.4
1,138.2
919.6
37.8
41.5
2003
2004
45.1
46.3
44.4
2005
2006
2007
40.4
2007
M92::>e923y?iny.y?F
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Gross profit in the 4Q07 was R$ 181.3 million. The 44.3% margin
There was a 1.9 percent reduction in gross margin compared with
represents a 3.7 percentage point recovery compared with the
2006, due mainly to the product mix and higher depreciation as a
3Q07. This result increased gross profitability for the year, with
result of investments in fixed assets for the new industrial
profits at R$ 572.3 million and a margin of 44.4%.
installations.
d4 79i ?y0v>GE470:7:>
Ei sg imsepma
sinmal
eêoamrinmeêoemrer
Operating expenses– R$ million
% of net sales
448.7
34.8%
Cmsepmas
inmal
eêoamrinm eêoemrer
Eisgnts imsepmasinmal
eêoamrinm eêoemrer
(31.2)
(2.5 p.p.)
417.5
32.3%
Sales, general and administrative expenses totaled R$ 142 million
subsidiaries, as well as, brand advertising – without a corresponding
in the 4Q07 and R$ 448.7 million in the year, or 34.8% of net
increase in revenues. To facilitate understanding of the impact of
sales. The increase in operating expenses was due to Alpargatas’
expenditures on international expansion on Company performance
international expansion. The overseas operations demanded a
during the year, in the table above we show Alpargatas’ operating
new level of spending – due to the setting up and operation of the
expenses with and without these expenditures.
G1202/y1>f7:420:yny
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The financial result for the year was R$ 15.6 million, compared
with R$ 24.6 million in 2006, due to the lower yield on financial
investments and a lower average cash balance in 2007.
GBR4EA >
interest, taxes, depreciation and amortization) in the 4Q07 was R$
64.4 million with a 15.7% margin, an increase of 35.3% over
GBR4E A>
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GBR4E A>bi 9vy0
5
3Q07. The Ebitda growth is indicative of a positive trend,
@
293.0
265.7
confirming forecasts of a resumption in profitability for Alpargatas.
The Ebitda for the year was R$ 215.4 million, with a margin of
Iy0i 01yi.>Cwi9v 7:>20>4iE7:>
215.4
204.6
16.7%.
90.2
104.8
23.3
18.8
The reversal of provisions for interest and fines on tributary
contingencies as detailed in Explanatory Note 18 (a) resulted in an
entry of R$ 7 million in earnings in 4Q07 for financial charges on
taxes. For the year, the account presents a positive balance of R$
6.2 million, compared with an expense of R$ 2.5 million in 2006.
11.8
11.6
2003
2004
2005
16.7
2006
2007
pro forma (pg. 40)
Operating performance as measured by Ebitda (earnings before
15.8
2007
G7By?F>y0>5Bn:yryi9y7:
Equity in subsidiaries is relative to Alpargatas’ investment in Tavex
Algodonera. In 2007, it represented an expense of R$ 8.8 million.
Excluding the impact of exchange variations on the investment
(devaluation of the euro against the real), Tavex’s strong
performance during the year resulted in a R$ 1 million profit for
Alpargatas in this account.
c7 ?>R012/7>>
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Non-operating revenues totaled R$ 46.4 million in 2007 due to
fs >/y..y20>
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198.1
199.0
the proceeds from the sale of non-operational properties.
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165.0
c7? >R012/7>Dy?w>
R0C7:?/70?>M9i0?
95.5
82.0
In 2007, the net income with investment grant totaled R$ 199
million with a net margin of 15.4% (R$ 120.2 million and 9.3%
15.1
10.7
10.6
2003
2004
15.7
15.4
2006
2007
margin without investment grant).
2005
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To show the new dimension of Alpargatas’ business, in the pro
In analyzing these numbers it should be noted that, in the current
forma consolidation column of the table below, we present some
format, the acquired companies have business structures that are
performance indicators for São Paulo Alpargatas, together with
different from Alpargatas’ resulting in performance indicators that may
those of Alpargatas S.A.I.C. and the Companhia Brasileira de
not be assumed as new parameters. The synergies that will be derived
Sandálias S.A. for the 12 months of 2007.
from the integrated management of these companies will result in
improved individual and consolidated performance indicators in the
near future.
uH
c- % v v
Gross sales
Gross margin
EBITDA
EBITDA margin
Net debt
Footwear sales (million of pairs)
ea%C h t h"h!
C h th" h!
e0C0T0E0
1,615.6
44.4%
215.4
16.7%
50.0
184.0
406.4
29.0%
58.5
17.3%
12.1
11.0
i
a %
r
h%
! vmh"v %
2,090.9
40.4%
265.7
15.8%
62.1
222.0
Ci 4y?i .>G/4.2F7r
Cash flow – At the end of 2007 Alpargatas’ cash balance was R$
Debt – Alpargatas’ total debt at the end of 2007 was R$ 170.5
120.5 million, a reduction of R$ 135.9 million compared with
million. This represents an increase of R$ 110.8 million compared with
31/12/2006. This difference is explained by the disbursement of R$
December 31st 2006, due to loans contracted during the year from
198.1 million for the acquisition of Alpargatas S.A.I.C. and Companhia
Banco do Nordeste do Brasil and BNDES to finance plant expansions
Brasileira de Sandálias S.A. and R$ 119.4 million in fixed asset
and the new integrated management system. The increase is also due
investments. Other cash disbursements in the year were payments to
to the assumption of Companhia Brasileira de Sandálias S.A. debts of
shareholders (R$ 49.8 million), investment in working capital (R$ 80.2
R$ 26.3 million. 70% of Alpargatas’ debt is long term and 11% is in
million) and the repurchase of 211 thousand shares at a cost of R$
foreign currency. Deducting the cash balance, net financial debt on
35.2 million. The main cash entries for the year were represented by
December 31st, 2007 was R$ 50 million.
Ebitda (R$ 215.4 million), net proceeds of loans (R$ 67.3 million) and
the sale of non-operating properties (R$ 48.4 million).
Investments – The Company undertook investments totaling
R$ 317.5 million in 2007, of which R$ 198.1 was used for the
Working capital – In December, 2007 Alpargatas had R$ 315.6
acquisition of other companies and R$ 119.4 million for industrial
million invested in working capital, 6.1% more than the figure for the
improvement, expansion of sandal production capacity, implementation
end of September of the same year. The increase in working capital in
of the new management system, replacement of machinery and
the last quarter was due to accounts receivable. The balance of this
research and development.
account on December
31st, 2007
increased compared with September
30th, 2007, due to the 30.1% increase in sales in the 4Q07.
u3
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5wi 97:
In 2007, Alpargatas common shares appreciated by 31%. The
A share repurchase program was maintained throughout the year to
volatility of São Paulo Stock Exchange (Bovespa) from August on
invest available cash funds. 210,800 shares were acquired on
was reflected in the price of the preferred shares. They were
Bovespa. After the cancellation of 167,435 preferred shares, the
negotiated at R$ 128.00 at the end of the year, 1% below the price
Company’s capital totaled 18,023,178 shares.
at the end of 2006. Even so there was significant growth in liquidity.
There were 5,095 transactions during the year, a 38% increase over
2006. The financial volume involved for the year was R$ 512 million.
Market capitalization at the end of the year was R$ 2.6 billion.
R0C7:?29>f7.i?y20: >
Alpargatas’ relations with the capital markets are managed by the
Investor Relations area. During the year several meetings were
uA
The results for the year enabled the distribution of R$ 47.5 million in
organized with investment analysts and professionals. The Company
dividends and interest on own capital. This is equivalent to 41% of
also organized four teleconferences for the release of its quarterly
net income adjusted by the legal reserve.
results. There was also a meeting coordinated by Apimec (Capital
Market Analysts and Investment Professionals Association), at which
C20?92..y0v>R
0?797:?
Alpargatas was awarded the association’s seal for having held its
fifth annual meeting. Additionally, the Company provides business,
Camargo Corrêa S.A. controls Alpargatas, holding 66.9% of its
economic and financial performance updates on its website
common shares. It also has 19.2% of the preferred shares and
(http://ri.alpargatas.com.br).
43.3% of the total capital.
B97i -r 2D0>23>5wi97w2.r79:>20>@3=3A=AHH;
Camargo Corrêa S.A.
Treasury Shares
Management Shares
Common Shares
1.H1H.<Hu>
Outstanding Shares
Total Capital
3 . [email protected];
Preferred Shares
. [email protected];u
19.2%
25.3%
5.4%
43.3%
50.0%
0.4%
7.6%
66.9%
75.0%
0.2%
4.0%
2.7%
5wi 97w2.r79>f7/B079i?y 20
bi 9-7?>Ci4y?i .yGi?y20>
f s>/y..y20
fs> /y..y20
Payout
bB .?y4.7>23>GBR
4EA
5
42.0
39.0
41.0
?y/7:
12.1
54.9
u@
50.5
35.0
2,611.1
47.5
2,292.6
35.0
36.0
6.1
27.2
6.3
7.8
1,285.3
4.1
641.4
371.8
2003
2004
2005
2006
2007
2003
2004
2005
2006
2007
Performance of Preferred Shares
Índex 100 = 01/01/2003
Alpargatas Preferred
Bovespa Index
1,474
567
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Alpargatas has risk management policies designed to identify and
Raw materials and suppliers – The Company has a Supplier
continuously monitor events that may interfere with its business.
Quality Management System which sets forth a series of indicators
Using a matrix that links probability with impact, it takes measures
to guarantee the quality of all the raw materials and inputs it
to mitigate such risks.
acquires. This system also enables Alpargatas to verify suppliers’
legal compliance.
d47 9i ?y20i.>
Information
technology
–
Alpargatas’
new
integrated
Market – The risk of decreased sales due to oscillations in the level
management system provides a unified business platform enabling
of employment and income is minimized by the presence in overseas
strict control of operations in all business segments.
markets and by the maintenance of a diversified product and brand
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portfolio. This portfolio was expanded in 2007 with the purchase of
Environment – At all its units Alpargatas has systems and rules
the Dupé brand and Alpargatas Argentina.
that go beyond meeting the requirements of the environmental
legislation in force in the country. The Company also seeks to use
Products – To protect its products from imitations Alpargatas
ecologically correct materials in the manufacture of its products. In
actively identifies occurrences both in Brazil and abroad and
2007, all the plants had their environmental licenses renewed for
provides support for the authorities responsible for policing such
longer periods.
actions.
Assets – Alpargatas has insurance policies to cover potential losses
in its buildings and facilities. Vehicle fleet carries coverage extensive
to third parties.
a7vi .
Credit – In order to protect itself from customer insolvency,
Customs – To reduce the risk of alterations or the elimination of
Alpargatas has a credit concession and collection policy and uses
entry barriers applied in the sports footwear and sandals segments,
software provided by the credit protection agency (Serasa) in its
Alpargatas enhances its profit margins by means of ongoing
analyses. In 2007, the unification of credit and collection operations
productivity increases and cost reductions.
in the Camargo Corrêa Shared Service Center further enhanced the
efficiency of this policy. Credit risk is also minimized by the
Iy0i 01yi.
Interest – Debts contracted in reais are at prefixed interest rates.
pulverized nature of customer base: Alpargatas largest customer
accounts for 5.5% of revenues. Non-payment rates have remained
below 1% per year.
Cash surpluses are invested in exclusive funds run by blue chip
banks, in line with Company investment policy.
u2
Exchange – Export revenues provide a natural hedge for the
Company, which also on occasion may adopt further protective
financial instruments such as dollar investments or dollar swaps.
Additionally, Alpargatas does not have any loans contracted in
foreign currency.
5B:?iy0iny.y?F>
521yi.>f7:4 20:yny.
y?F
For Alpargatas, human development is as fundamental as professional development, both for teams
and for individuals.
A good professional is, above all, a proactive individual who is constantly engaged in transforming
the workplace and the internal climate, focused on continuous improvement. In doing this, the
individual influences teams, workmates and the community in the process of striving for better,
longer lasting results.
u<
This is the reason that Alpargatas continually strives to improve its internal climate and employee
performance, providing an environment in which people feel motivated and engaged.
G/4.2F77:
3 .A22
São Paulo Alpargatas S.A.
Alpargatas S.A.I.C.
Companhia Brasileira de Sandálias S.A.
5%
26%
69%
NB/i0>f7:2 B917:>
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Alpargatas invests in the talent of its 12,623 member workforce,
One of the main pillars of the system is the Competencies Model,
believing it is a competitive differential. A company’s human
which sets forth the behaviors desired so that, employees may
resources are its main asset, and individual and team performance
develop on a continuous basis and contribute decisively to the
has a direct impact on the organization’s results and positioning.
strategies designed to consolidate Alpargatas in the Brazilian and
This body of human resources will now grow by 5,632 people, with
overseas market.
the addition of 4,719 employees from Alpargatas Argentina, as soon
as the acquisition is approved, and 913 from the Companhia
Alpargatas is also attentive to diversity, maintaining an employability
Brasileira de Sandálias S.A.
program for the disabled designed to further opportunities in the
labor market, improve quality of life and promote the social inclusion
Alpargatas’ human resources strategies advanced considerably
of this group. In 2007, the program focused on mapping jobs and
during the year with the implementation of the Alpargatas
accessibility at the Company’s new head office. At the plants,
Integrated Management System. This tool is designed to build and
professional training program for more than 550 disabled people
nurture a high performance culture (covering the assessment of
was continued.
competencies, target setting and individual development plans) and
drive an innovative vision among employees.
5e>A.4i 9vi?i:
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Men
Women
up to 1 year
from 2 to 5 years
from 6 to 15 years
more than 16 years
3%
18%
27%
28%
73%
51%
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bi 0iv 7/70?
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i0 r >S 02D.7rv7
For Alpargatas, training is a fundamental driver of employees’
professional development.
A total of 240 managers were assessed and received training during
5e>A.4i 9vi? i:
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Elementary
High School
College
the year in a process involving senior management. A number of
support methodologies were also introduced in 2007. These
5%
included the ALPA project, a course for executives delivered by
Ibmec, and Momento Ágora, a series of talks on performance
42%
management for 1,700 employees. These initiatives are aimed at
leveraging people’s performance to prepare them to face the
u
challenges of the contemporary world.
53%
Alpargatas’ Trainee program also seeks to align performance with
Company strategy. Run jointly with the other organizations in the
Camargo Corrêa Group, it entails the assessment and development
of competencies, a rotation of activities in diverse Company areas
and the presentation of a project by participants. At the end of the
year, the program was renewed with the selection of a new group of
trainees.
5e>A.4i 9vi? i:
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up to 25 years
from 26 to 45 years
more than 46 years
These activities, together with technical training in Safety and
5%
Quality and the induction programs for new employees admitted
through the expansion of the Havianas factory and the streamlining
41%
of the sporting goods factory, resulted in a total of 172,736 hours of
training during the year.
54%
Innovation and sustainability were two other subjects that featured
high on the human resources agenda. In 2007, the Innovation
Project was implemented and 14 sustainability coordinators were
nominated throughout the Company.
f7/B 079i?y20>i0r> B7073y?:
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All Alpargatas’ employees participate in the Profit Sharing Program,
Alpargatas is intent on providing an internal climate in which all
having pre-established performance targets in accordance with
employees feel motivated and engaged. To measure this climate, it
their function.
carries out an Organizational Climate Survey. In 2007, analysis of
the results of the survey conducted the previous year showed that
Going beyond the benefits established by law, the Company also
there had been an eight percent increase in employee satisfaction.
provides employees with medical assistance, life insurance, a private
Areas employees are particularly pleased with include internal
pension plan, study incentives and special facilities for the purchase
communication channels and knowledge of the Company Mission,
of its products.
Vision and Values. The Environmental, Health and Safety area
showed one of the highest satisfaction rates.
To encourage employees to have a healthy life, Alpargatas organizes
workplace gymnastics at all its plants and provides balanced meals
at its restaurants. It also has special agreements with local
5i37?F
gymnasiums and provides support in sporting activities for
In the safety area, Alpargatas is considered a benchmark in its field
employees at its head office in São Paulo.
of activity, especially in the Northeast of the country. Company
plants frequently receive visits from the Labor Ministry to show
representatives of other companies Alpargatas’ employee training
and awareness initiatives.
Alpargatas ended 2007 with only four work-related incidents, the
same number as 2006. The Accident Frequency Rate was 0.17.
The Accident Seriousness Rate was 85.
u1
521yi.>f7:420:yny.y?F
R0:?y?B?2>A.4i 9vi?i:
The Instituto Alpargatas’ mission is to improve the quality of
The project benefited 42,589 students in 2007 – 2.3% more than
education through sports activities for children aged from 7 to 17
the previous year – in 77 different educational projects. In terms of
years in the communities in which it is present. Alpargatas’
regional distribution, 51% were in Santa Rita, 20% in Campina
commitment to social development is exercised by means of the
Grande, 19% in João Pessoa and 10% in Natal. The beneficiaries
Education Through Sport Project which has been in place in the
included 496 disabled students. The impact of the project is
municipal districts of Santa Rita, João Pessoa, Campina Grande and
measured using a battery of indicators to show socio-educational
Natal since 2002. Activities take place on three fronts:
inclusion, diversity, lesson planning, school performance and non-
At School, conducted in partnership with the public school
aggressiveness.
network, this modality of the project uses qualified sports practice
2H
to drive educational improvement during school hours.
The project performance indicators have been improving steadily year
After School, conducted in partnership with public authorities and
on year. From 2003 to 2007 the socio-educational inclusion index
non-governmental organizations, this part of the project seeks to
improved 79%; human diversity improved 88%; lesson planning
provide children and teenagers with monitored sports, cultural and
28%; and school performance 20%.
artistic activities outside school hours; and
Technical and financial support to improve sports infrastructure in
the institutions participating in the project.
Education Through Sport
Project
In addition to this, the project provides for ongoing development for
The project has resulted in a solid relationship network which was
teachers, supervisors and other staff in the schools involved. In 2007,
fundamental for the development of the Ideal School program run by
some 720 school staff received a total of 12,888 hours of training in
the Instituto Camargo Corrêa. Aimed at children aged from 7 to 16
subjects ranging from educational planning, new teaching
years, the program is designed to drive improvements in public school
methodologies, report writing and physical assessment. This training
management.
directly impacts the school network by keeping staff in touch with
latest developments in the field of education, furthering quality in
A number of the Education Through Sport Project activities have been
teaching.
incorporated into the participating schools’ teaching methodology,
showing that another of the project objectives has been fulfilled: a
The After-School project in João Pessoa, run in partnership with
more proactive and autonomous stance on the part of the teaching
the Child Labor Eradication Program, shows that extracurricular
institutions and more inputs for public policy.
complementary activities help strengthen education overall and
stimulate talent. This is the case with the group Latocando, which
consists of 23 children who play percussion instruments made from
recycled materials.
23
521yi.>f7:420:yny.y?F
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A1-02D.7rv7/70?
The Instituto Alpargatas also runs the Employee Citizen Project,
The Instituto Alpargatas’ contributions to education in the regions
which encourages employees and their families to do volunteer work,
where it is active have merited a number of acknowledgements
complementing the Institute’s educational improvement agenda.
during the last five years. These include an award from the Office of
the President of Brazil and the Ministry of Sport for its contributions to
2A
In 2007, 592 people were active in the project, helping to improve
education and sports in the country and one from the Paraíba State
school infrastructure and giving classes in computing, electricity and
Educational Council for the work it has done for basic education in the
sports such as tae kwon do and soccer outside of school hours. The
state. The Instituto Alpargatas was also the reason that Alpargatas
volunteers also receive support and teaching materials from the
received the title of Best Brazilian Company in Social Responsibility
Instituto Alpargatas enabling them to give literacy classes to adults
from the magazine IstoÉ Dinheiro and was featured in the Good
and teenagers.
Corporate Citizenship Guide published by the magazine Exame.
Since 2006, some 304 people have benefited from digital inclusion
classes alone. The tae kwon do school, originally founded in 2000 for
R0C7:?/70?
30 children of employees at the Santa Rita plant, was expanded by
During the last five years the Instituto Alpargatas has invested more
the Institute and currently provides courses for 300 children and
than R$ 5 million in projects aimed at improving education for
young people from public schools in the community.
children and adolescents in the Brazilian public school network, with
funds raised in partnership with other Camargo Corrêa Group
companies.
Employee Citizen
Project
e92071?:>g0r79?i-70
C"%eiu
2006
2007
% Cr"n %eiu
45
54
8
23
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U# viv h %Ov!
" vi"!
Santa Rita
João Pessoa
Campina Grande
Natal
C$n ht n%thmn!
2115
2116
7.5
8.2
8.2
8.3
7.7
7.9
8.8
8.9
3
Education Through Sport
Project
5B:?iy0iny.y?F>
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A
Alpargatas has also wholeheartedly assumed another dimension of
The Company maintained its policy to ensure adequate disposal of
sustainability: preservation of the environment. This entails ongoing
waste materials, such as rubber, paper, cardboard, wood and plastic,
reduction of the environmental impacts caused by its operations,
generated internally and by imported products. This type of material
rationalization of the use of natural resources and the
was sent to accredited recycling operators that are recognized and
implementation of internal awareness programs.
audited by environmental authorities.
In 2007, more than R$ 5 million was invested in actions such as the
In 2007, Alpargatas initiated a project to channel part of the rubber
complete refurbishment of the waste treatment center at the Santa
leftovers from Havaianas production for use in the manufacture of
Rita plant; the enlargement of the temporary waste deposits at the
rubberized surfaces for sports and leisure areas. The study includes
same unit and at the Campina Grande and João Pessoa units; and
tests and the selection of the company, which should receive the
the recuperation of the floor containment basins at Campina Grande
first batch of material in the beginning of 2008.
to prevent infiltration.
Even with the 6% increase in footwear production in 2007,
Additionally, the Santa Rita and João Pessoa units undertook a
Alpargatas reduced its electrical energy and water consumption per
number of works to make better use of natural illumination and
unit produced compared with the previous year. The energy used to
ventilation, improving the working environment.
produce a pair of shoes was 0.42 kW/hour, 2% less than in 2006.
The same pair of shoes required 0.002 cubic meters of water, a
In Pouso Alegre, a study was undertaken to reuse some of the water
reduction of 16% compared with the previous year.
treated in the waste treatment center and in the dying process as
well as to make use of rainwater. The unit already analyses the
These decreases are due to improvements carried out at the plants,
quality of the water that is obtained from artesian wells and the
such as overhauling all the hydraulic installations and using natural
water that is treated biologically in the waste treatment center.
illumination and ventilation in the production areas.
Furthermore, the plant employs a technology to reduce air pollution,
with the installation of filters on the boiler stack to collect
particulate material.
Residues Center
in Santa Rita (PB)
This adherence to best practices enabled the Company to renew all
M9770>e.i0?:
its environmental operating licenses with the pertinent local
To further the sustainability of its businesses, in 2007 Alpargatas
authorities for longer periods of times, in some cases up to five
initiated a project to transform its Santa Rita and João Pessoa
years.
factories into ecological units. Suppliers have already been selected
for the first phase of this project, which involves the presentation of
With respect to the newly acquired companies, work was begun in
a proposal to provide a diagnosis of the units in terms of energy
the Companhia Brasileira de Sandálias S.A. on defining accident
consumption, liquid waste, atmospheric pollution and the social
reduction targets, the implementation of training and the gathering
impact of the operations.
of data on water and electricity consumption and waste generation.
The plants in Argentina have been visited and a diagnosis carried
In addition to this, the areas involved in innovation and sustainability
out for the drafting of action plans. The objective is to bring the new
are seeking alternatives for the development of products that have a
units in line with the policy adopted in the Brazilian plants whilst
lower mass and that enable adequate disposal at the end-of-life
respecting the people, their traditions and the cultural traits of each
phase of the product life cycle, in addition to permitting the
region and country, not to mention specific legislation. Alpargatas
implementation of more energy efficient manufacturing processes.
also intends to take advantage of the specific expertise available in
the acquired companies when this is pertinent.
Waste treatment station
in Santa Rita (PB)
@
fm0 ei B00 A02i:2i ?i; f 5A5
Iw.i.owi0 f?i?r-r.?;
0: ?ur -ri:;
Eror-nr:
@11 AHH< i.p AHH= i.p
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
G.prp
R.pr2r.pr.?
&Bqpxgpkgpeg Ttcpuncvk
qp kpvq Dpinkuj htqo vjg Otkikpcn Ptgxkqwun“ Huuwgf kp Pqtvwiwgug’
ABpw?0:;9
8r20:?
R.pr 2r.pr.?
ABpw?0
:;9 8r2 0:?
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
50 ?ur f ui: r u00pr:; i.p b i.i 2r- r .?
0 fm0 eiB 00 A02i:2 i?i ; f5A5
15Wg jcxg cwfkvgf vjg ceeqorcp“kpi kpfkxkfwcn&Bqorcp“’
cpf eqpuqnkfcvgf dcncpeg ujggvu qh Sáq Pcwnq@nrcticvcu
S.@. cpf uwdukfkctkgu
cu qh Cgegodgt 31, 2007 cpf 2006,
cpf vjg tgncvgf uvcvgogpvu qh kpeqog, ejcpigu kp
ujctgjqnfgtu% gswkv“&Bqorcp“’, cpf ejcpigu kp hkpcpekcn
rqukvkqphqt vjg “gctu vjgp gpfg f, cnngzrtguugf kp Atc–knkcp
tgckucpf rtgrctgf wpfgt vjg tgurqpukdknkv“
qhvjg Bqorcp“%u
Mcpcigogpv. Owt tgurqpukdknkv“
kuvq gzrtguu cp qrkpkqpqp
vjgug hkpcpekcnuvcvgogpvu.Tjg hkpcpekcnuvcvgogpvuqh vjg
chhknkcvg
@nrcticvcu [email protected] @tigpvkpc, hqt vjg “gct gpfgf
Cgegodgt 31, 2007, ygtg cwfkvgf d“ qvjgt kpfgrgpfgpv
cwfkvqtu cpf qwt qrkpkqp, kpuqhct cu kv tgncvguvq uwej
kpxguvogpvdcncpegqhR!19,635 vjq wucpf, yjkej tgrtgugpvu
1$ qhvqvcncuugvucu qhCgegodgt 31, 2007, kudcugf uqngn“
qp vjg tgrqtv qhvjg qvjgt cwfkvqtu.
A5Owt cwfkvu yg tg eqpfwevgf kp ceeqtf cpeg y kvj cwfkvkpi
uvcpfc tfu kp Atc–kncpf eqor tkugf : &c’ r ncppkpi qh vj g yq tm,
vcmkpi kpvq eqpukfgtcvkqp vjg ukip khkecpeg qh vj g dcncpegu,
xqnwog qh vtcpucevkqpu, cpf vj g ceeqwpvkpi cpf kpvgtpcn
eqpvtqn u“uvgou qh vj g Bqor cp“ cpf kvu uwdukf kctkgu; &d’
ejg emk
pi, qp c vguv dcuku, vjg gxkfg peg cpf tgeqtf u vj cv
uwrrqtv vj g coq wpvu cpf ceeqwpvkpi kphqtoc vkqp f kuenqugf ;
cpf &e’ gxcnwcvkpi vj g ukipkhke
cpv ceeqwpvkpi r tcevkegu cpf
guvkocvgu cf qr vgf d“ Mcpci go gpv, cu y gnn cu vj g
rtg ugpvcvkqp qhvjg hkpcpekcnuvcvgog pvuvcmgp cuc yj qng.
@5Hp qwt qrkpkqp, dcugf qp qwt cwfkvucpf vjg qrkpkqp qh
qvjg t kpfgrgpfg pv cwfkvqtu, vjg hkpcpekcn uvcvgogpvu
tghgttgf vq kp rc tcitc rj 1 rtgugpv hcktn“,kp cnnocvg tkcn
tgurgevu, vjg kpfkxkfwcncpf eqpuqnkfcvgf hkpcpekcnrqukvkqpu
qhSáq Pcwnq @nrct i cvcu S.@. cpf uwdukfkctkgucu qhCgego dgt
31, 2007 cpf 2006, cpf vj g tguwnvu qh vj gkt qr gtcvkqpu, vj g
ej cpigu kp uj ctgj qnfgtu%gswkv“ &Bqor cp“’, cpf vjg ej cpigu
kp vj gkt hkpcpekcnrq ukvkqpu hqt vj g “gctu vj gp gpf gf, kp
eqphqto kv“ ykvj Atc–knkcpceeqwpvkpi r tcevkegu.
35Owt cwf kvu y gtg eqpf wevgf hqt vj g r wtr qug qh hqtokpi cp
qr kpkqp qp vj g dcuke hkpcpekcn uvcvgo gpvu tghgttgf vq kp
rc tci tcr j 1, vcmgp cu c y jq ng. Tj g ceeqor cp“kpi
eqpuqnkfcvgf uwr rngog pvcnkphqto cvkqp ykvj qwv vj g uwdukfkct“
Scpvkuvc TézvknS.@. &@
r rg pf kz H’ cpf vjg uvcvgog pvu qh ecuj
hnqy u &Bqo r cp“, eqpuqnkfc vgf cpf eqpuqnkfcvgf y kvj qwv
Scpvkuvc TézvknS.@. - @rr gpf kz HH’ ctg r tgugpvgf hqt rwtrquguqh
cf f kvkqpcn cpcn“ukucpf ctg pqv c tgswktgf r ctv qh vj g dcuke
hkpcpekcn uvcvgog pvu kp eqphqto kv“ y kvj Atc–knkcp ceeqwpvkpi
rt cevkegu. Swej kphqto cvkqp j cu dggp uwdlgevgf vq vj g cwf kvkpi
rt qegfwtgu f guetkdgf kp r ctci tcr j 2 cpf , kp qwt qrkpkqp,
dcugf qp qwt cwfkvu cpf vj g qr kpkqp qh qvj gt kpfgr gpf gpv
cwf kvqtu, kuhcktn“ uvcvgf , kpcnno cvgtkcntgurgevu, kptgncvkqpvq
vj g dcuke hkpcpekcn uvcvgo gpvu hqt vj g “gctu gpfg f Cgego dgt
31, 2007 cpf 2006, vcmgp cuc y j qng.
t5 Tjg ceeqorcp“kpi hkpcpekcn uvcvgogpvu jcxg dggp
vtcpuncvgf kpvq Dpinkuj hqt vjg eqpxgpkgpeg qh tgcfgtu
qwvukfgAtc–kn.
Sáq Pcwnq,Mctej 7, 2008
rt
$$t $ %nxt $ x i$#%
@wfkvqtguHpfgrgpfgpvgu
t*/1'6 u'))3
Dpicigogpv Pctvpgt
B0i :p 0 ABpw?
0:;9 f ?i ?r-r.
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
?
@urg t kvu ngicn cvvtkdwvgu, qp vjku f cvg vjg Aqctf qh @wfkvqtu hqt Sáq Pcwnq@n
r cti cvcu S.@. tgxkgy gf Mcpci gog pv”u @ppwcn Rgr qtv
cpf EkpcpekcnSvcvgogpvu, y jkej kpenwf g vj g Acncpeg Sj ggv, Svcvgo gpv qh Hpeqo g, Svcvgog pv qh Bj cpi gu kp Ekpcpekcn Pqukvkqp cpf
Nqvgu vq vjg EkpcpekcnSvcvgogpvu hqt vjg rgt kqf gpfgf Cgegod gt 31, 2007. Acugf qp cp gzco kpcvkqp qh vj g cdqxg-o gpvkqpgf
uvcvgogpv cpf qp vj g Svcvgo gpv htqo vj g Hpfgr gpf gpv @wfkvqt - Cgnqkvvg Tqwej g Tqj o cvuw - r wdnkujgf qp Mctej 7, 2008 vj g Aqctf
jg tgd“ tgeqoogp fu vj cv vj g uvcvgogpvu dg uwdo kvvgf hqt cr r tqxcncv vj g @ppwcnSj ctgj qnf gtu”Mggvkpi.
Sáq Pcwnq, Mctej 7, 2008
Cso ê
Eo
et
e oê
C pt
o s
s t eo o
n
a o g
i êt m r t l t t
i
t
t
t
et o et t o e
Bi0i .or f ur r?;
i ; 0 Er or -n r : @11 AHH< i.p
AHH=
3R. ?u0B;i .p ; 0 B:i Gw0w
i. :r i w
; v 8.1 r Eor2 ? n00y Ci 0Br 2r: ;ui :r4
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
n314'2=
i##t$#
BURRDNT @SSDTS
Bcuj cpf dcpmu
Tgo rq tct“ ecuj kpxguvo gpvu
Ttcfg ceeqwpvu tgegkxcdng
Hpxgpvqtkgu
Cghgttgf kpeqo g cpf uqekcn eqpvtkdwvkqp vczgu
Rgeqxgtcdngvczgu
Ovjgt tgegkxcdngu
Ptgrc kf gzrgpugu
Tqvcn ewttgpv cuugvu
NONBURRDNT @SSDTS
Lqpi -vgto cuugvu:
Ptqrg tvkgu jgnf hqt ucng
Rgeqxgtcdngvczgu
Duetqy fg rqukvu
Ovjgt tgegkxcdngu
Cghgttgf kpeqog cpf uqekcn eqpvtkdwvkqp vczgu
Tqvcn nqpi- vgto cuugvu
Pgtoc pgpv cuugvu:
Hpxguvogpvu:
Swdukfkctkgu cpf chhknkcvg
@fxc peg hqt hwvwtg kpxguvog pv
F qqfy knn qp ceswkukvkqp qh uwdukf kct“
Ovjg t
Ptqrg tv“, rncpv cpf gswkro gpv
Hpvcpi kdng cuugvu
Cghgttgf ej cti gu
Tqvcn r gtoc pgpv cuugvu
Tqvcn pqpewttgpv cuugvu
TOT@L @SSDTS
Tjg ceeqorcp“ kpi pqvguctg cp kpvgitcn r ctv qh vjgug hkpcpekcnuvcvgogpvu.
38 +
5
6
7
18.c
8
18.c
9
9
9
10
10
11
n32730/*'8+*
aTTf
aTTe
aTTf
aTTe
18,227
54,831
320,123
109,397
16,829
7,621
22,654
2,371
552,053
13,984
242,326
263,716
81,852
16,898
9,606
26,932
1,808
657,122
20,137
100,340
336,025
125,859
17,412
10,116
23,410
5,202
638,501
14,115
242,326
266,636
85,868
16,898
11,496
27,130
1,820
666,289
4,875
8,618
4,023
4,298
32,569
54,383
10,024
13,258
4,463
4,825
43,280
75,850
4,875
10,981
4,260
4,819
32,693
57,628
10,024
13,536
4,515
5,120
43,280
76,475
286,243
87,490
101,771
195
200,036
10,574
57,059
743,368
797,751
231,009
195
187,556
3,200
6,201
428,161
504,011
142,636
87,490
101,771
195
223,608
26,965
59,412
642,077
699,705
131,805
196
192,610
4,592
6,244
335,447
411,922
1,349,804
1,161,133
1,338,206
1,078,211
Bi 0i.o r f urr ?;
i; 0 Ero r- nr : @11 AHH< i . p AHH=
3R. ?u0B;i. p; 0 B:iG w0wi.:riw; v 8.1 rEor2? n00y Ci0Br 2r: ;ui:r4
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
n314'2=
im $ t# i r #xi " tx
rt" #0 t! % $ &
BURRDNT LH@
AHLHTHDS
Ttcf g ceeqwpvu rc “cdng
Lqcpu cpf hkpcpekpi
Pc“tqnn cpf tgncvgf ejc ti gu
Rgugtxg hqt eqpvkpig pekgu
Hpvgtguv qp ecr kvcn cpf f kxkfg pf u r c“cdng
Tczgu rc “cdng
Ptqxkukqp hqt kpeqog cpf uqekcn eqpvtkdwvkqp vczgu
Ptqxkukqpu cpf qvjg t rc “cdngu
Tqvcn ewttgpv nkcdknkvkgu
NONBURRDNT LH@AHLHTHD
S
Lqpi- vgto nkcdknkvkgu:
Hpvgteqo rcp “ rc“ cdngu
Lqcpu cpf hkpcpekpi
Ptqxkukqp hqt kpeqog cpf uqekcn eqpvtkdwvkqp vcz gu
Rgugtxg hqt eqpvkpigpekgu
Tczgu y kvj uwurgpf gf rc “og pv cpf qvjg t
Ovjgt rc “cdngu
Tqvcn pqpewttgpv nkcdknkvkg
u
SG@RDGOLCDRS%DQUHTa
Bc r kvcn
Bc r kvcn tgugtxg
Ttgcuwt“ ujc tgu
Ptqhkv tgugtxgu
Tqvcn ujc tgjq nfgtu%gswkv“
TOT@L LH@
AHLHTHDS @NC SG@RDGOLCDRS%DQUHTa
Aqqm xcnwg rgt uj ctg - R!
Tjg ceeqor cp“kpi pqvguctg cp kpvgitcnrctv qh vjgug hkpcpekcnuvcvgogpvu.
38+
n32730/*'8+*
aTTf
aTTe
aTTf
aTTe
93,707
12,722
48,320
4,446
1,158
12,720
748
23,507
197,328
78,616
2,295
42,314
5,865
3,522
11,750
52
35,861
180,275
104,623
52,160
54,209
4,446
1,158
13,337
779
23,771
254,483
80,543
5,583
42,883
5,865
3,522
12,004
153
36,229
186,782
15
12
18.c
16
17
88,573
112,135
31,528
20,405
14,145
4,129
270,915
89,433
54,138
48,698
13,140
13,281
4,612
223,302
118,340
31,528
26,426
22,525
4,473
203,292
54,138
48,698
13,143
13,281
4,613
133,873
19.c
391,804
177,336
&54,500’
366,921
881,561
391,804
92,001
&33,465’
307,216
757,556
391,804
177,336
&54,500’
365,791
880,431
391,804
92,001
&33,465’
307,216
757,556
12
16
13
19.d
1,349,804
1,161,133
50.29
42.71
1,338,206
1,078,211
f? i ?r-r.
?; 0 R.o0- r
I0 : ?ur -r i :; G.p rp Eror - nr: @11 AHH< i.p
AHH=
3R. ?u0B;i .p ; 0 B:i Gw0w
i. :r i w
; v 8.1 r Eor2 ? r i :. w.2; 2r: ;ui:r4
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
n314'2=
38+
aTTf
aTTe
n32730/*'8+*
aTTf
aTTe
FRO SS S@LDS
Scngu qh r tqfwevu
Tcz gu qp ucngu
1,579,244
&320,838’
1,535,026
&301,322’
1,615,625
&326,068’
1,703,280
&332,615’
NDT S@LDS
Bquv qh ucngu
1,258,406
&699,602’
1,233,704
&664,012’
1,289,557
&717,272’
1,370,665
&767,669’
FRO SS PROEHT
558,804
569,692
572,285
602,996
&333,314’
&80,652’
&4,932’
15,937
&28,237’
&431,198’
&300,490’
&71,088’
&4,896’
&22,686’
&27,436’
&426,596’
&362,894’
&80,878’
&4,932’
&8,806’
&28,457’
&485,967’
&315,349’
&77,351’
&4,896’
&27,941’
&27,617’
&453,154’
127,606
36,393
&16,065’
&2,235’
145,699
6,621
152,320
&30,977’
121,343
143,096
41,407
&19,525’
2,484
167,462
2,074
169,536
&42,918’
126,618
86,318
39,615
&17,815’
&1,121’
106,997
46,380
153,377
&33,164’
120,213
149,842
43,007
&23,047’
&941’
168,861
1,242
170,103
&43,485’
126,618
OPDR@THNF HNBOMD &DYPDNSDS’
Sgnnkpi
Fgp gtcn cpf cfok pkuvtc vkxg
Mcpci gogpv hggu
Dswkv“ kp uwdukfkctkgu cpf chhknkcvg
Ovjg t qrgt cvkpi gzr gpugu, pgv
HNBOMD EROM OPDR@THONS ADEORD
EHN@
NBH@L HNBOMD &DYPDNSDS’
Ekpcpekcn kpeqog
Ekpcpekcn gzr gpugu
Dzej cpi g xctkcvkqp, pgv
HNBOMD EROM OPDR@THONS
Nqpqrg tcvkpi kpeqog, pgv
HNBOMD ADEORD HNBOMD @NC SOBH@L BONTRHAUTHONT@YDS
Hpeqog cpf uqekcn eqpvtkdwvkqp vczgu
NDT HNBOMD
D@RNHNFS PDR SG@RD - R!
Tj g ceeqorcp“ kpi pqvguctg cp kpvgitcn rct v qh vjgug hkpcpekcnuvcvgogpvu.
9
20
9
18.d
6.92
7.14
f? i ?r-r. ?; d Cui. 2r; R. f ui :r u00pr:;9G6 Bw?F
3C0-2 i. F4
I 0: 5ur -r i: ; G.prp Eror -n r : @11 AHH< A.p AHH= 3R. ?u0B;i.p; 0 B:iGw0wi.:riw; v 8.4
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
3 8+
n'4/8'0
343,598
n'4/8'0
6+7+6:+
8,527
Bcrkvcn kpetgcug
@eswkukvk
qp qh ujct gu
Bcpegnncvkqp qh vtgcuwt“uj ctgu
Hpeqog vcz kpegpvkxg
Hpxguvogpv i tcpv
Ngv kpeqog
@nn
qecvkqp qh pgv kpeqo g:
Rgeqipkvkqp qh tgugtxgu:
Lgic n tgugtxg
Hpxguvogpv tgugtxg
Scng qh vtgcuwt“ujc tgu
Ptqrq ugf fkxkfgpf u cpf kpvgtguv qp ecrkvcn
A@L@NBDS @S OE CDBDMADR 31, 2006
19.c
19.d
19.d
48,206
-
&432’
12,414
71,492
-
&59,132’
35,047
-
391,804
92,001
@eswkukvk
qp qh ujct gu
Bcpegnncvkqp qh vtgcuwt“uj ctgu
Hpeqog vcz kpegpvkxg
Hpxguvogpv i tcpv
Ngv kpeqog
@nn
qecvkqp qh pgv kpeqo g:
Rgeqipkvkqp qh tgugtxgu:
Lgic n tgugtxg
Hpxguvogpv tgugtxg
Scng qh vtgcuwt“ujc tgu
Hpvgtguv qp ecrkvcn
A@L@NBDS @S OE CDBDMADR 31, 2007
19.d
19.d
-
391,804
A@L@NBDS @S OE CDBDMADR 31, 2005
4
19.d
19.e
4
19.f
19.d
19.e
Tj g ceeqorcp“ kpi pqvguctg cp kpvgitcn rct v qh vjgug hkpcpekcnuvcvgogpvu.
$6+'796=
7.'6+7
&13,994’
63 ,/8 6+7+6:+7
2:+78C
+-'0
1+28
28,476 288,711
"+8'/ 2+*
+'62/2-7
-
$38'0
655,318
-
&48,206’
&34,615’
-
126,618
&59,132’
12,414
71,492
126,618
4,614
&33,465’
6,331
34,807
69,769
&3,250’
272,409
&6,331’
&69,769’
&50,518’
-
1,364
&50,518’
757,556
6,578
78,757
-
&36,167’
12,615
-
-
&12,615’
-
121,343
&36,167’
6,578
78,757
121,343
177,336
2,517
&54,500’
6,067
40,874
67,811
&1,558’
326,047
&6,067’
&67,811’
&47,465’
-
959
&47,465’
881,561
f? i ?r-r.
?; d Cui. 2r; R. I w.i. owi0 e0;w?
w0
.
I0 : 5ur -r i :; G.prp Eror-nr:
@11 AHH< A.p AHH=
3R. ?u0B;i .p ; 0 B:i Gw0w
i. :r i w
; v 8.4
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
n314'2=
3 8+
SOURBDS OE EUNCS
Etqo qrgt cvkqpu:
Ngv kpeqog
Hvgou pqv chhgevkpi y qtmkpi ecr kvcn:
Cgrtg ekcvkqp cpf co qtvk–cvkqp
10 cpf 11
F qqfy knn coqt vk–cvkqp
Ngv dqqm xcnwg qh r tqrg tv“, rncpv cpf gswkro gpv
cpf fghgttgf ejc ti gu y tkvvgp qhh
Ptqxkukqp hqt nquugu qp r tqr gtv“, r ncpv cpf gs wkrog pv
cpf fghgttgf ejc ti gu
Ngv dqqm xcnwg qh r tqrg tv“ y tkvvgp qhh &nqpi -vgto cuugvu’
Dzejc pig xctkcvkqp qp rg toc pgpv kpxguvo gpv
Hpvgtguv cpf oq pgvct“ cpf gzej cpi g xctkcvkqpuqp
nqcpu, nqpi- vgto vcz gu cpf guetqy fg r qukvu
Dswkv“ kp uwdukfkctkgu cpf chhknkcvg
Cghgttgf kpeqog cpf uqekcn eqpvtkdwvkqp vczgu
Rgugtxg hqt eqpvkpi gpekgu cpf rt qxkukqp
hqt kpfwuvtkcn qrvkok–cvkqp equvu
Tqvcn htqo qrgt cvkqpu
Etqo ujc tgjq nfgtu:
Scng qh vtgcuwt“ujct gu
Cgetgcug kp nqpi- vgto cuugvu
Hpetgcug kp nqpi- vgto nkcdknkvkgu
Fqq fy knn qp ces wku
kvk
qp qh uwdukf kct“
Hpeqog vcz kpegpvkxg
Hpxguvogpv it cpv
Hpk
vkcn y qtmkpi ecrkvcn qh uwdukf kct“
Tqvcn uqwtegu
3?0 nr o0. ?w
. Br p4
4
n32730/*'8+*
aTTf
aTTe
aTTf
aTTe
121,343
126,618
120,213
126,618
28,538
1,019
27,047
-
30,120
1,019
37,522
-
358
1,250
571
3,395
2,909
-
672
3,421
-
7,557
-
672
3,421
5,887
&6,469’
&15,937’
874
4,193
22,686
7,292
&6,386’
8,806
750
2,804
27,941
6,850
7,265
139,900
&4,518’
188,661
7,272
169,922
&4,823’
210,287
959
9,910
68,600
6,578
78,757
304,704
1,364
71,454
2,807
12,414
71,492
348,192
959
3,314
68,525
6,578
78,757
1,521
329,576
1,439
70,085
2,497
12,414
71,492
368,214
f?i ?r-r .?; d Cui.2r;
R. Iw.i.ow i 0 e0;w?w
0.
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3R. ?u0B;i. p; 0 B:iG w0wi.:riw; v 8.4
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
3o0. ?w
.B rp4
n314'2=
3 8+
USDS OE EUNCS
Dhhgev qp yq tmkpi ecrkvcn f wg vq pqpeqpuqnkfcvkqp qh kpxguvo gpv
Hpetgcug kp nqpi- vgto cuugvu
Cgetgcug kp nqpi- vgto nkcdknkvkgu
@eswkukvk
qp qh vtgcuwt“uj ctgu
19.d
Ttcpuhgt htqo nqpi- vgto vq ewttgpv nkcdknkvkgu
Hpvgtguv qp ecrkvcncpf f genctgf fkxkfg pf u
19.e
@eswkukvk
qp qh kpxguvogpv
Fqq fy knn qp ceswkukvkqp qh kpxguvog pvu
9
@eswkukvk
qp qh rt qrgt v“, r ncpv cpf gs wkr og pv,
kpvcpikdng cuugvucpf fg hgttgf ejc tig u
Tqvcn wugu
HNBRD@SD &CDBRD@SD’ HNWORJ HNF B@PHT@L
RDPRDSDNTDC Aa
Bwttgpv cuugvu:
@vgpf qh “gct
@vdgikppkpi qh “gct
Bwttgpv nkcdknkvkgu:
@vgpf qh “gct
@vdgikppkpi qh “gct
HNBRD@SD &CDBRD@SD’ HNWORJ HNF B@PHT@L
Tj g ceeqorcp“ kpi pqvguctg cp kpvgitcn rct v qh vjgug hkpcpekcnuvcvgogpvu.
n32730/*'8+*
aTTf
aTTe
aTTf
aTTe
483
36,167
11,463
47,465
127,806
101,771
1,155
70,981
59,132
7,157
50,518
-
355
36,167
11,463
47,465
108,145
101,771
60,180
1,738
70,981
59,132
23,024
50,518
-
101,671
426,826
112,161
301,104
119,699
425,065
116,107
381,680
&122,122’
47,088
&95,489’
&13,466’
552,053
657,122
&105,069’
657,122
579,930
77,192
638,501
666,289
&27,788’
666,289
723,766
&57,477’
197,328
180,275
17,053
&122,122’
180,275
150,171
30,104
47,088
254,483
186,782
67,701
&95,489’
186,782
230,793
&44,011’
&13,466’
c 0?r; 50 5ur Iw.i. owi0f?i ?r-r.
I0 : 5ur -r i :; G.prp Eror-nr:
?;
@11 AHH< A.p AHH=
3A-0B .? ; w. ?u0B;i .p; 0 B:iG w0
wi. :r i w
; v 8.1 B.0r;; 0?ur:Dw;r;?i ?rp 4
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
15d 2r :i? w0.;
Sáq Pcwnq@nrctic vcu S.@.&vjg ç Bqorcp“° ’ kurt koctkn“gpicigf
Eqqvygc t cpf tgurg evkxg eqorqpgpvu.
Bnqvjkpi, vgzvkngiqqfu cpf tgurgevkxg eqorqpgpv u.
Lgcvjg t, tgukpcpf pcvwtcn qt u“pvjgvketwddgt iqqfu.
Srq tvkpi iqqfu.
Bqvvqp rtqe guukpi, urkppkpi, yg cxkpi cpf hcdtke hkpku
jkpi.
kp vjg ocpwhcevwtgcpf ucngqh:
Tjg ug cevkxkv
kgu ctg rg thqtogf d“ igqit crjkec nn“fkuvtkdwvg
f rncpvu.
Tjg Bqorcp“ jc u vcz kpegpvkxguit cpvgf d“ vjg Svcvg iqxgt pogpvu yjgtg vjg rncpvu ctg nqecvgf, yjkej ctg uejgfwngf vq gzrktg
dgvy ggp 2008 cpf 2020. Tjg ug kpegpvkxguctg tgeqipk–gf cu fguetkdgf kp pqvg 4.
Tjg Bqorc p“ cpf kvu uwdukfkctkgu cnuqjc xg Egfgt cn vcz kpegpvkxgu hqt qrgtcvkpi rtqhkvkp vjg Nqtvjgcuv Rgikqp cpf Mcpcwu Etgg
Ttcfg bqpg. Tjg vcz dgpghkvtgncvgf vq vjgug kpegpvkxgukutgeqipk–gf kp ujctgjqnfgtu%gswkv“cu ecrkvcntgugtxg.
@uqh Cgegodg t 31, 2007, vjg Bqorcp“ jcu gswkv“kpvgtguvu kp egtvckpeqorcpkgu, vjg rtkpekrcnqh yjkej ctg:
@ocrqn“ Hpfôuvtkc g Bqoã tekq Lvfc . &fktgev 100$ kpvgtguv’: rtqfwevkqp qh PVB cpf rqn“guvgtncokpcvgu hqt wug kp vjg
oc pwhcevwtg qh vctrcwnkpu,dcemnkijvu, htqpvnkijvu, dcppgtu cpf cypkpiu, cpf rqn“gvj“ngpgncokpcvguwugf kp vjg ocpwhcevwtg
qh eqxgtu hqt cit kdwu
kpguu, jqog cpf ngkuwtg. Hvurncpv kunqecvgf kp vjg ekv“qh Mcpcwu, Svcvg qh @oc–qpcu.
Tcxgz @niqfqpgtc S.@. &kpfkt
gev 20.504$ kpvgtguv, vjtqwi j vjg jqnfkpi eqorcp“ @nrcticvcu Hpvgtpcekqpcn@PS’: Srcpkuj
rwdnken“
-vtcfg f eqorc p“, qrgt cvkpi kp vjg ctgcu qh eqvvqp rtqeguukpi, urkppkpi, ygcxkpi cpf hcdtkehkpkujkpi;ucng,korqtv cpf
gzrq tv qh vjg ug rt qfwevu; cpf enqvjkpi cpf tgncvgf dwukpgu
ugu.Hvjcu cnuqgswkv“kpvgtguvukp qvjgt eqorcpkgu.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
Tjt qwij Iwpg 30, 2006, vjg Bqorc p“ jc f cp kpfktgev kpvgtguv kp Scpvkuvc Tézvkn S.@., vjtqwij vjg jqnfkpi eqorcp“
Pctvkekrce kqpgu Scpvkuvc TgzvknDurcíc , S.L., tgrt gugpvgf d“ 30.66$ qh vjg ecrkvcnqh vjcv eqorcp“, yjkej qrgtcvgu kp vjg ctgcu
qh eqvvqp rt qeguukpi, urkppkpi, yg cxkpi cpf hcdtke hkpku
jkpi; ucng, korqtv cpf gzrqtv qh vjgug rtqfwevu cpf vjgkt tcy ocvgtkcnu;
cpf enqvjkpi cpf tgncvgf dwukpguugu.
@nrctic vcu US@ Hpe. &kpfktgev 100$ kpvgtguv, vjt qwij @nrcticvcu Hpvgtpcekqpcn
@PS’: vjku eqorcp“ kufgtkxgf htqo vjg ogtigt
qh Dzrcu c Enqtkfc Hpe. cpf kugpicigf kp vjg korqtv cpf ucng qh hqqvygct kp vjg U.S. octmgv.
BAS S.@. - Bqorcpjkc Atcukngkt
c fg ScpfÉ nkcu &fktgev 21.89$ kpvgtguvcpf kpfktgev78.11$ kpvgtguvvjtqwij vjg jqnfkpi
eqorc p“ @vnÊ
pvkeq PctvkekrcÁógu S.@.’: vjku eqorc p“ y cu ces wktgf kp Nqxgodgt 2007 cpf kugpicigf kp vjg ocpwhcevwtgcpf
ucngqh twddgt ucpfc nu.
@nrctic vcu Bjkng Lvfc. &fktgev 100$ kpvgtguv’: vjku eqorc p“ ycu guvcdnkujgfkp Nqxgodgt 2007 cpf kugpicigf
cpf ucngqh hqqvyg ct.
kp vjg korqtv
@nrctic vcu [email protected] @tigpvkpc &fktgev 25.50$ kpvgtguv’: vjku eqorcp“ ycu ceswktgf kp Cgegodgt 2007 cpf kugpicigf
oc pwhcevwtg cpf ucng qh hqqvygct cpf vgzvkngrt qfwevu oc kpn“kp vjg @tigpvkpgcpoctmgv.
Cgvckng
f kphqtoc vkqp qp vjg ug kpxguvogpvu kurtqxkfgf kp pqvg 9.
kp vjg
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
A5e:r;r .?i ?w0. d Iw.i .o wi0 f? i? r-r.?
;
Tjg hkpcpekcnuvcvgog pvu jc xg dggp rtgrc tgf cpf ctg rtgugpvgf kp ceeqtfcpeg ykvj Atc–knkcpceeqwpvkpi rtcevkegu,rtqxkukqpuqh
vj g Atc–knkc
p Bqtrqtc vg Lcy, cpf urgekhkeuvcpfct fu qh vjg Atc–knkcpSgewtkvkgu
Bqookuukqp &BVM’.
Tjg r tgrct cvkqp qh hkpcpekcn uvcvgogpvu tgswktgu Mcpcigog pv vq ocmg guvkocvguvjcv chhgev vjg tgrqtvgf coqwpvu qh egtvckp
cuugvu, nkcdknkvkg
u cpf qvjgt vtcpucevkqpu. Tjg hkpcpekcnuvcvgogpvu kpenwfg,vjgtghqtg, guvkocvgutgncvgf vq vjg wugh
wnnkxguqh
rt qrg tv“, rncpv cpf gswkrogpv, tgugtxg hqt eqpvkpigpekgu,rtq xkukqphqt kpeqog vcz, cpf qvjgt rtqxkukqpu.@evwcntguwnvueqwnf
fkhhgt htqo vjqu g guvkocvgu.
G r o?; 0. ?ur o0-2i:i
nw0w?F
@uogpvkqpgf kp pqvg 9, qp Iwn“1, 2006 vjg Bqorc p“ uvctvgf jqnfkpi cp kpfktgevkpvgtguvkp Tcxgz @niqfqpgtc S.@. cu c tguwnv
qh vj g tgrncegog pv qh vjg ujc tgu jg nf d“ vjg Bqorcp“ kp ScpvkuvcTé[email protected] ujctgu qh vjg Srcpkuj eqorcp“.
Hp xkgy qh vjku vtcpucevkqp, dgikppkpi Iwn“1, 2006, vjg hkpcpekcnuvcvgogpvu qh ScpvkuvcTézvknS.@. ctg pq nqpigt eqpuqnkfcvgf
kpvq vjg Bqorc p“, cpf qpn“ vjg pgy kpxguvog pv &Tcxgz’ ku ceeqwpvgf hqt wpfgt vjg gswkv“ogvjqf, kp rtqrqtvkqp vq vjg
Bqo rcp“ %upgy kpvgtguv kp vjc v eqorcp“.
Tjg tghqtg, vjg eqorct cdknkv
“ qh vjg uvcvgogpv qh kpeqog hqt vjg “gct gpfgf Cgegodgt 31, 2006 kpenwfgu:&c’ vjg ucog
eqpuqnkfcvkqp qh vjg uvcvgog pv qh kpeqog qh Scpvkuv
c TézvknS.@. vjtqwij Iwpg 30; cpf &d’ vjg gswkv“ickp qt nquuqp vjg pgy
kpfktgev kpxguvogpv kpTcxgz hqt vjg ugeqpf jcnh qh vjg “gct.
Tjg eqorc tcvkxg coqwpvu tgncvgf vq uckf ceeqwpvkpi kphqtocvkqp &gzenwfkpivjg eqpuqnkfcvkqpqh kphqtocvkqpqp ScpvkuvcTézvkn
S.@., eqpukfgtkpi vjku kphqtoc vkqp qpn“kp vjg ceeqwpvu ç Hpxguvogpvu°cpf ç Dswkv“kp uwdukfkctkgucpf chhknkcvg°’ctg ujqyp kp
@rr gpfkz Hvq vjg hkpcpekcnuvcvgog pvu cu uwrrngogpvcn kphqtocvkqp.
@ff kvk
qpcnn“,kp Nqxgodg t 2007, vjg kpxguvogpv kp BAS S.@. - Bqorcpjkc
kp vj g eqpuqnkfcvgf hkpcpekcn uvcvgogpvu ukpegvjc v fcvg.
Atcukngktcfg ScpfÉnkcu ycu ceswktgf cpf kukpenwfgf
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
@5fw2.w wo
i.?
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
Aoo0B. ?w.2 e:io ?w
or;
i4 8r ;B0?; 0 02r:i?w0.;
Rguwnvuqh qrgt cvkqpuctg tgeqtfg f qp vjg ceetwcndcukuqh ceeqwpvkpi. Scngutgxgpwgucpf vjg eqttgurqpfkpi equvuctg tgeqtfgf
wrqp vjg fg nkxgt
“ qh rt qfwevu.
n4 A;;r?; i .p 0winw0w?wr;
Dctpkpiu, ejc tigu cpf oqpg vct“ xctkcvkqpuqp ewttgpv cpf pqpewttgpvcuugvucpf nkcdknkvkgu
ctg tgeqtfgf qp c fckn“ ç rtq tcvc°
dcuku.
o4 5r-2 0:i :F oi;u w.Cr;?- r.? ;
Svcvgf cv equv, rnwukpeqog gctpgf vjtqwij vjg dcncpeg ujg gv fcvgu, nguu,yjgp crrnkecdng,c rtqxkukqphqt ytkvg-fqyp vq octmgv
xcnwg.
p4 A000Di .or
0: p0Bn? B0 io o0B.?;
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“gctu, kp cp coqwpv eqpukfgtgf uwhhke
kgpvvq eqxgt rtqdcdng nquugu qp vtcfg ceeqwpvutgegkxcdng.
r4 R.Cr .?0: w
r;
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Ekpkujgf rtqfwevu cpf yqtm kp rtqeguu
ctg uvcvgf cv cxgtcig equv qh rt qfwevkqp,cpf cflwuvgf, khpgeguuct“,vq octmgv xcnwg.@ rtqxkukqphqt kpxgpvqt“nquukutgeqipk–gf
kp cp coqwpv eqpukfgtgf uwh
hkekg
pv vq eqxgt rquukdngnquug
u qp tgcnk–cvkqpqt qduqnguegpeg.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
4 e:02r: ?wr; ur0p 0: ;i0r
Rghgt vq rt qrgt vkgu yjke j jc xg pqv dggp wugf kp vjg Bqorcp“%u qrgtcvkqpu, tgrtgugpvgf dcukecnn“d“ ncpf cpf dwknfkpiuqh
fkueqpvkpwgf qrg tcvkpi wpkv
u.
Tjg dqqm xcnwgu qh rt qrgt vkgu,yjkej ctg tgrt gugpvgf d“ tgukfwcn equvuqp vjg fcvg vjg“ ygtg eqpukfgtgf cu rtqrgtvkgu jgnf hqt
ucngd“ Mcpcig og pv, fq pqv gzeggf oc tmgvxcnwgu.
24 R.Cr;?-r .?;
Hpxguvog pvu kp uwdukfkctkguctg ceeqwpvgf hqt wpfgt vjg gswkv“ ogvjqf dcugf qp dcncpeg ujggv qh vjg uwdukfkctkgucu qh vjg
ucog fc vg cu vjg Bqorcp“ %uhkpcpekcn uvcvgogpvu. @uqh Cgegodgt 31, 2007, vjg cfx cpeg hqt ceswkukvkqp
qh kpxguvogpvkudgkpi
oc kpvckpgf cv jkuvqtkecn equv.
Tjg Bqorc p“ tgxkgyu vjg ceeqwpvkpi rtc evkegu qh vjg hqtgkip uwdukfkctkgu
cpf chhknkcvg
cpf, ujqwnf vjgtg dg cp“ fkhhgtgpeguykvj
Atc–knkcp ceeqwpvkpi rtc evkegu, cflwuvogpvu ctg ocfg vq vjg ug kpxguvogpvu%
ujctgjqnfgtu% gswkv“cpf kpeqog dghqtg eqorwvkpi
kpeqog cpf gswkv“ kp uwdukfkctkgucpf chhknkcv
g.
Tjg Bqorcp“ tgeqtfu c rt qxkukqphqt c uwdukfkct“%uujct gjqnfgtu%fghkekvcu c tgfwevkqpqh vjg ç Hpxguvogpvu°itqwr. Tjg kpetgcug
kp vj g rtqxkukqp kutgeqtfg f wpfgt vjg ecrvkqp çDswkv“ kp uwdukfkctkgucpf chhknkcvg°
.
Fqqf yknnig pgtcvgf qp vjg ceswkukvkqpuqh uwdukfkc
tkgucpf chhkn
kcvgkudgkpi coqtvk–gf qxgt vgp “gctu.
u4 e:02r: ?F1 20i .? i.p
r6Bw2-r .?
Svcvgf cv ceswkukvkqpqt eqpuvtwevkqp equv rnwuoqpgvct“ cflwuvogpv vjtqwij Cgegodgt 31, 1995, nguufgrtgekcvkqp ecnewncvgf
wpfg t vjg uvtckijv -nkpgogvjqf cv vjg tcvgu fguetkdgf kp pqvg 10 cpf nguuc rtqxkukqphqt nquukp cp coqwpv eqpukfgtgf uwhhkekgpv
vq eqxgt rtqdc dngnquugu, dcugf qp cp cpcn“ukuqh cuugvupqv kp wug.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
w4R.?i.2 w
n0r i;;r ?;
Rgrtg ugpvgf oc kpn“d“ kpfwuvtkcnvtcfgoc tmu cpf rc vgpvu cpf HTu“uvgonkegpugu.
x4E r r: :rp oui :2r;
Rgrtg ugpvgf oc kpn“d“ gzrg pugu qp vjg korngog pvcvkqp qh dwukpguuocpcigogpv
ecnewncvgf wpfgt vjg uvtckijv- nkpgog vjqf cv vjg tcvgu ogpvkqpgf kp pqvg 11.
y4 a0i .; i .p
w
.i.o
u“uvgoucpf uvcvgf cv equv, nguucoqtvk–cvkqp
w
.2
Mqpgvctkn“cflwuvgf ceeqtfkpi vq vjg vgtou qh vjg cit ggogpvu, rnwukpvgtguvceetwgf vjtqwij vjg dcncpeg ujggv fcvgu. Dzejcpig
xctkcvkqp kuhwnn“
tgeqtfg f kp kpeqog.
04R.o0-r
i .p ;0owi0o0.?:wnB?w
0. ?iEr ;
Bc newncvgf dcugf qp dqqm kpeqog, cflwuvgf d“ cffkvkqpu cpf fgfwevkqpu ceeqtfkpi vq rtgxcknkpi vcz ngikuncvkqp.Hpeqog vcz ku
ecnewncvgf cv vjg tcvg qh 15$, rnwuc 10$ uwtvcz qp cppwcn vczcdng kpeqog gzeggfkpi R! 240, cpf uqekcneqpvtkdwvkqpvcz ku
ecnewncvgf cv vjg tcvg qh 9$.
Cghgttgf kpeqog cpf uqekcneqpvtkdwv
kqp vczgu ctg ecnewncv
gf cv vjg tcvgu qh 25$ cpf 9$, tgurgevkxgn“,qp rtkqt “gctu%vcz nquu
ectt“hqtyc tfu. Tjg vcz dgpghkvqp vgorqtc t“ fkhhgtgpegu kuecnewncvgf cv vjg tcvg qh 34$, vcmkpi kpvqeqpukfgtcvkqpvjg jkuvqt“qh
vj g Bqorcp“ %uvczc dngkpeqog cpf vjg gzrg evgf ig pgtcvkqp qh hwvwtgvczcdng kpeqog, dcugf qp rtqhkvcdknkv“
uvwfkgu.
-4 e:0Cw
;w
0.;
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ngic n eqwpugn, kv ku nkmgn“
vjc v hwpfu yknndg tgswktgf vq ugvvngvjg qdnkicvkqp.Ptqxkukqpuctg tgeqipk–gf dcugf qp vjg dguv
guvkoc vgu qh vjg tkumkpxqnxg
f, nguu cp“ tgurgevkxgguetqy fg rqukvu.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
.4 R. ?r :r;? 0. oi2w?i0
Eqt eqtrqt cvg cpf ceeqwpvkpi rwtrqugu, kpvgtguv qp ecrkvcn kuuvcvgf cu cp cnnqecvkqpqh kpeqog fktgevn“kp ujctgjqnfgtu%gswkv“.
Eqt vcz rwtrqugu, kvkueqpukfgtgf cu hkpcpekcn gzrgpugu, tgfwekpi vjg kpeqog cpf uqekcneqpvtkdwvkqp
vcz dcuku.
04c r? w.o0-r
i.p
n00y Ci0Br 2r : ;ui :r
Bc newncvgf dcugf qp vjg pwodgt qh ujctg u qwvuv
cpfkpi cv vjg dcncpeg ujggv fcvgu.
24 C0.;00wp
i ?w
0. o:w?r:wi
Tjg etkvgtkc cfqrv gf ctg ugv hqtvj kp Lcy Nq. 6,404/76 cpf BVM uvcpfctfu, coqpi yjkej ctg:
Bqpuqnkfcvkqp qh cnnuwdukfkctkgu&pqvg 9’.
Dnkokpcvkqp qh kpvgteqorcp“ dcncpegu.
Dnkokpcvkqp qh kpvgteqorcp“ vtcpucevkqpucpf wptgcnk–g
f rt qhkvqp kpvgteqorcp“ vtcpucevkqpu.
Dnkokpcvkqp qh vjg Bqorc p“%ukpxguvog pv dcncpeg rtqrqt vkqpcnn“
vq vjg uwdukfkct“%u
ujctgjqnfgtu%gswkv“.
Rgeqtfkpi qh okpqtkv“ kpvgtguv kp ujc tgjqnfg tu%gswkv“cpf kpeqog qh uwdukfkctkgu.
Tjg hkpcpekcn uvcvgogpvu qh hqtgkip uwdukfkctkgu cpf chhknkcv
g jcxg dggp eqphqtogf vq vjg Atc–knkcpceeqwpvkpi rtcevkegu cpf
uwdugswgpvn“vtcpuncvgf kpvq Atc–knkcptgckudcugf qp vjg hqtgkip ewttgpe“%u
gzejcpig tcvg rtgx cknkpicv vjg dcncpeg ujggv fcvgu.
Rgeqpeknkc
vkqp dgvyg gp kpfkxkfwcncpf eqpuqnkfcvgf pgv kpeqog cpf ujctgjqnfgtu%gswkv“hqt vjg “gct gpfgf Cgegodgt 31, 2007
kucu hqnnqyu
:
Bqo rc p“
Uptgcnk–gf rtq hkvu qp kpxgpvqtkgu qh @nrcti cvcu
Hpvgtpcekqpcn @PS
Bqpuqnkfc vgf
Ee
hnarme
121,343
&1,130’
120,213
TfUvefr ic evx.
eu h
881,561
&1,130’
880,431
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
64 8r o0i;;ww
oi ?w0.;
Bgtvckp tgencuukhke
cvkqpujc xg dggp ocfg vq vjg dcncpeg ujg gv cpf uvcvgogpv qh kpeqog hqt vjg “gct gpfgf Cgegodgt 31 2006
hqt eqorc tcdknkv
“ ykvj vjg dcncpeg ujgg v cpf uvcvgogpv qh kpeqog hqt vjg “gct gpfgf Cgegodgt 31, 2007. Tjg ockp
tgencuukh
kecvkqpuyg tg cu hqnnqyu:
Rgencuukhkecvkqp qh rtqhkvujc tkpi gzrgpugu htqo çO vjgt qrg tcvkpi gzrgpugu° vq ç Bquv qh ucngu°, çSgnnkpigzrgpugu° cpf ç Fgpgtcn
cpf cfokpkuvtcvkxggzrg pugu°, ceeqtfkpi vq vjg kt pcvwtg.
Rgencuukhkecvkqp qh Svcvg vcz kpegpvkxgu htqo çO vjg t qrg tcvkpi kpeqog° vq ç Cgfwevkqpuhtqo itquu tgxgpwg°, cu c tgfwevkqpqh
vczgu qp ucngu.
Rgencuukhkecvkqp qh PHS cpf BOEHNS&vczgu qp tgxgpwg’ etgfkvu qp ceswkukvkqp
qh rtqrgtv“, rncpv cpf gswkrogpv htqo ç Ptqrgtv“,
rncpv cpf gswkrogpv° vq ç Rgeqxgtcdng vczgu°, kp ewttgpv cpf pqpewttgpvcuugvu.
:4fB2 20r-r.?
i 0 w. 0:-i?w0.
Tjg hqnnqykpi ku rt gugpvgf cu cffkvkqpcn kphqtocvkqp, cnvjqwij pqv tgswktgf d“ Atc–knkcpceeqwpvkpi rtcevkegu:&k’eqpuqnkfcvgf
dcncpeg ujg gvu cpf uvcvgogpvu qh kpeqog, gzenwfkpi vjg hkpcpekcnkphqtocvkqpqp ScpvkuvcTézvknS.@., ockpvckpkpi vjg gswkv“kp
vj kuuwdukfkct“ &cu ogpvkqpgf kp pqvg 2’; cpf &kk’kpfkxkfwcncpf eqpuqnkfcvgfuvcvgogpvuqh ecuj hnqyu &Bqorcp“, eqpuqnkfcvgf,
cpf eqpuqnkfcvgf ykvjqwv vjcv uwdukfkct“&@rrgpfkzgu Hcpf HH,tgurgevkxgn“’
.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
35Aoo0B. ?w.2 e:io ?wo
r I0 : 8r o0:pw
.2 d R.Cr;?-r.?
M:i.?
@u og pvkqpgf kp pqvg 1, vjg Bqorc p“ tgegkxgu vcz kpegpvkxgu htqo Svcvg iqxgtpogpvu. UpvknCgegodgt 31, 2005, vjgug vcz
kpegpvkxguyg tg tgeqtfg f kp kpeqog, ukpegvjg“ ygt g pqv fktgevn“tgncvgf vq vjg Bqorcp“%ukpxguvogpvrtqlgevu.
Op @wiwuv 12, 2005, vjg Aqctf qh Cktgevqtu crrtqxg f vjg kpfwuvtkcnqrvkok–cvkqprtqlgev eqpukuvkpiqh vjg gzrcpukqp cpf
oqfg tpk–cvkqp qh kvurncpvu, kpetgcukpi kpuvcnng
f ecrc ekv“,gzrc pfkpi ocpwhcevwtkpi hceknkvkgu,
kpetgcukpi rtqfwevkqp cpf etgcvkpi
lqdu kp vjg Svcvg qh Pctcêdc. Tjwu, vjg Svcvg qh Pctcêdc iqxgt pogpv dgicp vq nkpmvjg itcpv vq kpxguvogpvukp vjcv Svcvg, yjkej
ngf vjg Bqorc p“ vq tgeqtf uckf kpxguvogpv it cpv wpfgt vjg ecrvkqp ç Bcrkvcn tgugtxg°, kp ujctgjqnfgtu%gswkv“,dgikppkpi Icpwct“
1, 2006, ukpegvjg oqu v ukipkh
kecpv kpxguvogpvu dgicp vjc v “gct.
Tjg coqwpv tgncvgf vq 2007, ctkukpi qpn“htqo vjc v Svcvg%ukpxguvogpvitcpv, tgeqtfgf wpfgt vjg ecrvkqp çBcrkvcn tgugtxg°, kp
uj ctgj qnfgtu%gswkv“, kuR! 78,757 &R!71,492 kp 2006’.
Ovjg t nqecvkqpu%kpxguvog pv itc pvu pqv “gv nkpmg
f vq urgekhkertqlgevu ctg tgeqipk–gf cu c tgfwevkqpqh ç Tczgu qp ucngu°,kp vjg
uvcvgo gpv qh kpeqog, yjqug ghhgev hqt vjg “gct gpfgf Cgegodgt 31, 2007 ycu R! 4,390 &R!12,218 kp 2006’.
Tjg Bqorc p“ cpf kvuuwdukfkct“ @ocrqn“ Hpfôuvtkc g Bqoãte kq Lvfc. cnuq jcxg Egfgtcn vcz kpegpvkxguhqt qrgtcvkpi rtqhkvkp vjg
Nqtvjg cuv Rgikqp cpf Mcpcwu Etgg Ttcfg bqpg. Tjg vcz dgpghkvctkukpi htqo kpegpvkxguitcpvgf vq vjg Bqorcp“ kutgeqipk–gf kp
uj ctgj qnfgtu%gswkv“cu çB crkvcn tgugtxg°, kp vjg coqwpv qh R!6 ,578 cu qh Cgegodgt 31, 2007 &R!12,414 kp 2006’, cpf kvu
uwdukf kct“%udgpghkvqh R! 1,745 &R!4,118 kp 2006’ ku tgeqipk–gf wpfgt ç Hpeqog cpf uqekcneqpvtkdwvkqpvczgu°, kp vjg
eqpuqnkfcvgf uvcvgog pv qh kpeqog.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
t 55r-2 0:i:F Ci ;u R.Cr;? -r.? ;
n314'2=
Hpxguvogpv hwpfu
Acpm egtvkhkecvgu qh fg rqukv &BCAu’
&c’
&d’
aTTf
aTTe
37,644
17,187
54,831
158,250
84,076
242,326
&c’ Hpxguvogpv hwpfu kp ugxgtcndcpmuykvj cxgtcig “kgnfqh 99.84$ qh vjg kpvgtdcpmfgrq ukvtcvg &BCH’&100.59$ kp 2006’.
&d’ BCAu kp ugxgtcn dcpmuykvj cxgtcig “kgnf qh 100.71$ qh vjg BCH&100.59$ kp 2006’.
n32730/*'8+*
aTTf
aTTe
37,644
158,250
62,696
84,076
100,340
242,326
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
=55:ip r Aoo0B.? ; 8ror wCin0r
n314'2=
Cqog uvke oc tmgv
Eqtgkip o ctmgv
Scngu hkpcpekpi
@nn
qyc peg hqt f qwdvhwnceeqwpvu
aTTf
aTTe
321,164
23,569
&14,780’
&9,830’
320,123
265,788
19,386
&12,723’
&8,735’
263,716
n32730/*'8+*
aTTf
aTTe
338,782
270,927
24,045
19,386
&16,336’
&14,942’
&10,466’
&8,735’
336,025
266,636
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
<5R. Cr.? 0:wr;
n314'2=
Ekpkujg f rtqf wevu
Wqtm kp rtq eguu
Rcy ocv gtkcnu
Ovjg t
Ptqxkukqp hqt kpxgpvqt“ nquugu
aTTf
aTTe
71,502
10,696
25,900
3,917
&2,618’
109,397
52,456
5,250
28,955
250
&5,059’
81,852
n32730/*'8+*
aTTf
aTTe
80,572
53,423
12,609
6,163
31,317
31,235
4,617
250
&3,256’
&5,203’
125,859
85,868
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
75G;o:0D Er 20;w
?;
Tjg dcncpeg kudcukecnn“tgrtg ugpvgf d“ guetqy fg rqukvu oc fg hqt fghgpug kp ncdqt cpf vcz ncyuwkvucpf fqgu pqv kpxqnxgewttgpv
qdnkic vkqpu. Hp vjg qrkpkqp qh Mcpcigog pv cpf kvungicn eqwpugn,vjg nkmgnkjqqfqh wphcxqtcdngqwveqog ku pqv eqpukfgtgf
rt qdcdngcpf vjgt ghqtg pq tgugtxg hqt eqpvkpigpekgu yc u tgeqipk–gf.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
/5R. Cr;?-r .?;
i 1'430=
2*E +
n31E 8*'E
u/(6'7/0
i- 6D)E +
i0 4'6-'8'7
n310E 28+62')/32'0
8*'E
i#
i0 4'6-'8'7
13(/0/@6/'
#EiE
nm# #EiE C
n314'2./'
i80A28/) 3
m6'7/0+/6' '68/ )/4'?E+7
*+ #'2*@0/'7
#EiE
i04'6-'8'7
#EiE EnE
i0 4'6-'8'7
n./0+
8*'E
193,410 689,910 17,815,047
20,847
500
39,297
&13,747’ &10,237’
77,978
&2,421’ &1,891’
63,300
1,923
1,327
&596’
2,361'8/32 '7 3,
r +)+1(+6 cU6aTTf
Nwodgt qh ujct gu jgnf
Bcrkvcn
Sj ctgjqnfgt u%gswkv“
Ngv kpeqog &nquu’
6,557,122
15,502
78,116
6,427
Oyp gtuj kr kpvgtguv &$’:
Cktgev
Hpfktgev
Tqvcn
100
100
100
100
100
100
100
100
Aqqm xcnwg qh vjg Bqor cp“%
u
kpxguvogpv cu qh:
Cgego dgt 31, 2007
Cgego dgt 31, 2006
78,116
69,945
32,093
32,093
122,807
128,971
45,511
-
@fxc peg hqt hwvwtgkpxguvogpv:
Cgego dgt 31, 2007
-
-
-
-
-
Fqq fy knn htqo uwdukfkctkgu cpf chhknkcvg:
Cgego dgt 31, 2007
-
-
-
-
13,166
8,172
11,607
-
&30,090’
&34,293’
40,863
-
Dswkv“ kp uwdukfkctkgu cpf chhknkcvg:
Hp2007 &(’
Hp2006 &(’
25,583 4,382,590 4,648,060
1,157
26,612
4,648
32,093 122,807
45,511
&30,090’
40,863
21.89
78.11
100
100
100
&3,009’ &10,237’
-
&550’
-
25.50
25.50
$38'0
100
100
19,635
-
1,327
-
286,243
231,009
-
87,490
-
87,490
46,979
41,626
-
101,771
&1,964’
-
-
&494’ 15,937
&22,686’
&(’ Hpenwfgu vjg gswkv“ickpu kp uwdukfkctkgucpf chhknkcvg
tgncvgf vq kpxguvogpv vcz kpegpvkxguhqt vjg “gct gpfgf Cgegodgt 31, 2007, tgeqtfgf fktgevn“kp vjg uwdukfkct“%u
ujct gjqnfgt u%gswkv“kp vjg coqwpv qh R!1,745 &R!4,118 kp 2006’, cu ogp vkqpgf kp pqvg 4.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
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evgf kp vjg Bqo rcp “:
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Hp2006
&14,583’
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123,001
131,805
108,418
128,971
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Hp2006 &((’
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&1,894’
&8,806’
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&((’ Hpenwfgu vjg gswkv“ nquu qp vjg kpfktgev kpxguvogpv kp Tcxgz &R!27,941’ hqt vjg r gtkqf htqo Iwn“1 vq Cgegodgt 31, 2006 cpf qp vjg kpfktgev kpxguvogpv kp Scpvkuvc Tézvkn
S.@.&R!4,458’ hqt vjg hktuv j cnhqh 2006.
c0 ?r; 50 5ur I w
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3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
A;;w2.-r.? 0 ;ui:r; 0 fi. ?w;?
i 5s E?w
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@eeqtfkpi vq vjg Skipkhke
cpv Dxgpv Nqvkegqh Mctej 6, 2006, vjg Bqorcp“ gpvgtgf kpvqcp citggogpv ykvj c Srcpkuj rwdnken“vtcfg f eqorc p“ qrg tcvkpi kp vjg vgzvkngkpfwuvt“, Tcxgz @niqfqpgtc S.@. &çTcxgz° ’, ykvj vjg rwtrqug qh kpvgitcvkpi vjg Srcpkuj
eqorc p“%udwukpguugu ykvj vjqu g qh vjg lqkpvn“
-qypgf uwdukfkct“ScpvkuvcTézvknS.@. @u rctv qh vjg korngogpvcvkqp qh vjku
kpvgit cvkqp, qp Mctej 27, 2006 vjg Bqorc p“ eqpvtkdwv
gf kvuujctgu kp ScpvkuvcTézvknS.@. cpf vjg tgurgevkxgpgicvkxg iqqfyknn
vq vjg ecrkvcn qh vjg jqnfkpi eqorcp“ nqecvgf kp Srckp, PctvkekrcekqpguScpvkuvcTgzvknDurcíc, S.L. &ç PSTD°’.
@ucppqwpegf kp vjg Skipkhkecpv Dxgpv Nqvkeg qp Iwpg 20, 2006, vjg ujctgjqnfgtu% oggvkpiu qh Tcxgz cpf PSTD crrtqxgf vjg
og tig t qh PSTD kpvq Tcxgz, ykvj vjg eqpugswgpv fkuuqnwvkqpqh PSTD cpf uweeguukqpd“ Tcxgz qh cnnkvutkijvu cpf qdnkicvkqpu.
@nv
jqwij vjg crrtqx cnu d“ vjg ujctg jqnfgtu%og gvkpiu qeewttgf qp vjcv fcvg, ceeqtfkpi vq Srcpkuj eqtrqtcvg ncy, uwej ogtigt
y cu qpn“ghhgevgf kp Iwn“2006. @uc tguwnvqh vjg ogt ig t, vjg PSTD%uujctgu ygtg tgrncegf ykvj Tcxgz%uujctgu.
Tjg kpxguvog pv kp Tcxgz jcu dggp kpfktgevn“jgnf d“ vjg Bqo rcp“ vjtqwij vjg jqnfkpi eqorcp“, @nrcticvcu Hpvgtpcekqpcn
@PS,
nqecvgf kp Cgpoc tm, guvcdnku
jgf wrqp vjg chqtgogpvkqpgf ogtigt .
HpIwn“2006, vjg Bqorc p“ uvctvgf ceeqwpvkpi hqt vjg kpxguvogpv kp Tcxgz wpfgt vjg gswkv“ogvjqf, kp rtqrqtvkqp vq kvukpfktgev
kpvgtguv.
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L.P., Lqpi Act @tigpvkpc LLB, Bqnwodkc/GB@ Mcuvgt Rgvktgogpv Ttwuv,OBM OrrqtvwpkvkguEwpf HHL.P. cpf qvjgt rctvkgu, hqt
vj g ceswkukv
kqp d“ vjg Bqorcp“ qh wr vq 24,101,862 xqvkpi eqooqp ujctgu, gswkxcngpv vq 34.4994$ qh @nrcticvcu
@tigpvkpc, hqt US! 2.145 rgt ujc tg, kpenwfkpivjg eqpvtqn rtgokwo qh vjg eqorcp“%uqrgtcvkqpu.
Tjg @itggog pv guvcdnkujgf vyq enqugu, vjg hktuv qpg qp vjg gzgewvkqpfcvg, tgncvgf vq 21,169,893 ujctgu, yjgp
vjg
c0 ?r; 50 5ur I w
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3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
Bqorc p“ fkudwtugf R! 82,364, gswkxcngpv vq US!4 5,409,000. @ffkvkqpcnn“,qp Icpwct“ 8, 2008, vjg tgockpkpi 2,931,969
yg tg rwtejcu gf cv vjg ugeqpf enqug,chvgt eqornkcpeg ykvj eqpvtcevwcnvgtou cpf eqpfkvkqpu,hqt R! 11,384, gswkxcngpvvq
US!6 ,289,000, yjkej yknndg tgeqipk–gf kp 2008.
@utgic tfu vjg rqt vkqp gswkxcngpv vq vjg 34.4994$ gswkv“ kpvgtguv,vjg Bqorcp“ fgnkxgtgf vjg chqtgogpvkqpgf ujctgu vq Tjg
Acpm qh Ngy aqtm, yjkej yknngzgtekug vjg rqnkvkecn cpf geqpqoke tkijvu eqttgurqpfkpi vq uwej ujctgu kp vjg ecrcekv“ qh
ewuvqfkcp, wpvknvjg Bqorc p“ qdvckpu vjg crrtqx cn htqo vjg BNCB &NcvkqpcnBqookuukqp hqt Bqorgvkvkqp Cghgpug qh
@tigpvkpc’.
Eqt tgeqtfkpi vjg hktuv enqug qh US!45 ,409,000, vjg Bqorcp“ kuockpvckpkpi vjg jkuvqtkecnceswkukvkqp
coqwpv qh R! 87,490
&eqttgurqpfkpi vq R! 82,364 cu ceswkukvkqp
equv, rnwuR!5 ,126 cu cffkvkqpcn equvukpewttgffwtkpi vjg ceswkukvkqp
rtqeguu’ cu
cfxc peg hqt hwvwtg kpxguvog pv, wpvknvjg Bqorc p“ qdvckpu vjg hkpcncrrtqxcn qh vjg vtcpucevkqphtqo BNCB, yjgp vjg
kpxguvogpv cpf iqqfyknn qp ceswkukvkqpyknn dg dtqmgp fqyp, cpf vjg Bqorcp“ yknn dgikp tgeqtfkpi vjg gswkv“kp
uwdukfkctkgu cpf chhknkc
vg qp vjku rqtvkqp qh vjg ceswkukvkqp,cpf eqpuqnkfcvkpi vjg hkpcpekcnuvcvgogpvu qh @nrcticvcu
@tigpvkpc.
@uqh Cgegodg t 31, 2007, vjg wpkvoc tmgvxcnwgqh vjg ujctgu ceswktgf ycu US! 1.45, gswkxcngpvvq R! 2.56.
@ffkvkqpcnn“,kp Oevqdgt 2007, vjg Bqorc p“ hkng
f ykvj vjg BNV &@tigpvkpc Sgewtkvkgu
Bqookuukqp’ c tgswguvhqt tgikuvtcvkqp
qh c rwdnkeqhhgtkpi qh 17,815,047 xqvkpi ujc tgu &çO hhgtkpi° ’, tgrtgugpvkpi wr vq 25.5005$ qh vjg ecrkvcn qh @nrcticvcu
@tigpvkpc, hqt @R!5.80 rgt ujctg. Op Cgegodgt 21, 2007, vjg Bqorcp“ ceswktgf vjg ujctgu qh vjg Ohhgtkpi hqt cp
ciitg ic vg coqwpv qh R! 59,296, gswkxcngpvvq US!3 2,884,000. Tjku vtcpucevkqpigpgtcvgf iqqfyknn qh R!4 1,626, yjkej yknn
dg coqtv k–gf qxgt vgp “gctu, uvctvkpi Icpwct“ 2008.
@uqh Cgegodgt 31, 2007, vjg vqvcntgeqtfgf coqwpv tgncvgf vq vjku kpxguvogpvrnwuiqqfyknn kuR!61 ,261 &eqttgurqpfkpi vq
R! 59,296 cu ceswkukvkqpequv, rnwuR! 1,965 cu cffkvkqpcnequvukpewttgf fwtkpi vjg ceswkukvkqp
rtqeguu’, qh yjkej R!19 ,635
tghgtu vq vjg kpxguvog pv cpf R!41 ,626 vq vjg iqqfyknn.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
A5CBf f5A5v C0- 2i.uw i B:i;w0rw:i pr fi.p l 0w
i;
Op Sgrvgodg t 20, 2007, vjg Bqorcp“ gpvgtgf kpvq c uvqemrwtejcug citggogpv ykvj cnn ujctgjqnfgtu qh BAS S.@. Bqorc pjkc Atcukng
ktc fg ScpfÉnkcu&çBAS°’, qypgt qh vjg Cwrã dtcpf, coqpi qvjgtu.
Hp Nqxgodg t 2007, @nrctic vcu ceswktgf hqt R! 49,500 100$ qh vjg ujctgu qh BAS, c eqtrqtcvkqp vjcv jcf 21.89$ qh kvu
ecrkvcn jg nf d“ kpfkxkfwcnucpf 78.11$ d“ vjg jqnfkpi eqo rcp“ @vnÊpvkeq
PctvkekrcÁóguS.@.
@uc tguwnvqh vjg ceswkukvkkqp,vjg Bqorc p“ uvctvgf vq fktgevn“cpf kpfktgevn“jqnf 100$ qh BAS ujctgu.
Ew0
B?w
0. 0 ?ur w
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@v vjg Dzvtcqtfkpct“ Sjct gjqnfgt u%Mggvkpi qh Tcxgz @niqfqpgtc S.@. qp Iwpg 21, 2007, vjg ujctgjqnfgtu crrtqxgf c ecrkvcn
kpetgcug kp Tcxgz ykvj c ecrkvcn eqpvtkdwvkqphtqo vjg okpqtkv“ujctgjqnfgtu qh ScpvkuvcTézvknS.@.@uc tguwnv,Tcxgz qypu 92$
qh Scpvkuvc Té[email protected] vjg Bqorc p“%ukpvgtguv kpTcxgz y cu fknwvgfhtqo 22.164$ vq 20.504$.
fi0r 0 2:02r :?F nF ;Bn;wpwi:F
Op Mctej 8, 2007, vjg uwdukfkct“ @nrcticv cu HoqdknkÉt
kc Lvfc. uqnf c rtqrgtv“ vq vjktf rctvkgu hqt R! 46,075. Tjku vtcpucevkqp
ig pgtcvgf c ickp dghqtg kpeqog cpf uqekcn eqpvtkdwvkqpvczgu qh R!3 9,759, tgeqipk–gf cu ç Nqpqrgtcvkpi kpeqog°, kp vjg
eqpuqnkfcvgf uvcvgog pv qh kpeqog.
G;?in0w;u-r.? 0 ;Bn;wpwi:wr;
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korqt v cpf ucng qh hqqvygc t.
kp vjg
A5HpCgegodgt 2006, vjg eqorcp“ @nrcticvcu US@ Hpe.,ykvj j gcf qhhk
eg kp Cgncy ctg, Upkvgf Svcvgu qh@ogtkec, yc u guvcdnkuj gf
cpf ogtigf vjg uwdukfkct“Dzrcuc Enñtkfc Hpe.,dgeqokpi kvuuweeguuqt. Tjg o gtig t dgecog ghhgevkxgqp Icpwct“ 1, 2007.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
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rwdnkekv“ kpewttgf hqt vjgkt uvctv-wr kp eqppgevkqp ykvj vjg Bqorcp“%udwukpguukpvgtpcvkqpcnk–cvkqp
rncp.
fBn;r6 Br.? r Cr.? v oi2w?i0 w.o:r i;r w. 5i CrE A020p0.r :i f5A5
Op Egdtwct“ 1, 2008, vjg Aqctf qh Cktgevqtu qh Tcxgz @niqfqpgtc S.@. &ç Tcxgz° ’ crrtqxgf c ecrkvcn kpetgcugd“ crrtq zkocvgn“
€40,000,000. Tjg hkpcnvgtou cpf eqpfkvkqpuqh vjg ecrkvcn kpetgcug,kpenwfkpivjg rtkeg hqt kuuwcpegqh pgy ujctgu, yknndg
guvcdnkujgf d“ vjg Dzgewvkxg Bqookvvgg eqorqu gf qh ogodgtu qh Tcxgz%uAqctf qh Cktgevqtu,cu rgtokvvgf d“ vjg Srcpkuj
ngi kuncvkqp.
Tjg Bqorcp“, vjt qwij kvu uwdukfkct“ @nrctic vcu Hpvgtpcekqpcn@PS,yknnuwduetkdgc rqtvkqp qh Tcxgz%uecrkvcnkpetgcug.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
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3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
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9,446
1,354
2,671
107,713
192,736
17,759
3,475
&66,847’
&122,908’
&10,148’
&2,009’
2,671
40,866
69,828
7,611
1,466
-
13,468
10,865
24,646
&8,155’
404,817
&204,781’
13,468
10,865
24,646
&8,155’
200,036
37,875
29,701
7,310
&9,772’
389,468
&201,912’
37,875
29,701
7,310
&9,772’
187,556
10
10
21,061
10,622
31,683
&17,861’
&3,248’
&21,109’
3,200
7,374
10,574
21,061
21,061
&17,861’
&17,861’
3,200
3,200
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
n32730/*'8+*
PROPDRTa, PL@NT @NC DQUHPMDNT
Lcpf
Awknfkpiu cpf eqpuvtwevkqpu
Mcejkpgt“ cpf gswkro gpv
Ewtpkvwtgcpf hkzvwtgu
Vgj kengu
Ptqr gtv“,rncpv cpf gswkr og pv
kp rt qitg uu:
Hpvgit cvkqp u“uvgo HTrncvhqto rtq lgev
Hpfwuvtkcn qrvkok–cvkqp
Ovj gt rtq rgtv“, r ncpv cpf
gswkr o gpv kp rt qit guu
Ovj gt
Ptqxkukqp hqt nquu
HNT@NFHALD @SSDTS
Ttcfgo ctmu, tkij vu cpf rc vgpvu
HTu“uvgou
i 229'0
*+46+)/'8/32
6'8+ 1.2
n378
aTTf
i ))9190'8+*
*+46+)/'8/32
+8
n378
aTTe
i))9190 '8+*
*+46+)/'8/32
+8
4
10
10
20
4,869
147,971
238,830
21,398
3,547
&75,118’
&146,160’
&11,464’
&2,170’
4,869
72,853
92,670
9,934
1,377
3,147
114,594
203,965
18,130
3,617
&72,253’
&131,505’
&10,305’
&2,115’
3,147
42,341
72,460
7,825
1,502
-
13,468
10,865
-
13,468
10,865
37,875
29,701
-
37,875
29,701
-
25,744
211
&8,383’
458,520
&234,912’
25,744
211
&8,383’
223,608
7,759
&10,000’
408,788
&216,178’
7,759
&10,000’
192,610
10
10
36,231
12,349
48,580
&17,870’
&3,745’
&21,615’
18,361
8,604
26,965
21,089
7,725
28,814
&17,861’
&6,361’
&24,222’
3,228
1,364
4,592
Hp2007, vjg Bqorc p“ kpxguvgf crrt qzkocvgn“
: &c’ R!37 ,700 kp vjg kpfwuvtkcngzrcpukqp, oqfgtpk–cvkqp cpf qrvkok–cvkqprtqlgev,
crrt qxgf d“ vjg Aqctf qh Cktgevqtu qp @wiwuv12, 2005; &d’ R! 14,400 kp vjg ceswkukvkqp
qh vjg dtcpf çGcyckcpcu° kp ugxgtcn
eqwpvtkgu; cpf &e’ R! 40,900 kp oqfg tpk–cvkqp cpf qvjg t r tqlgevu. Tjgug kpxguvogpvu ygtg tgeqipk–gf wpfgt vjg ecrvkqp
ç Ptqr gtv“, rncpv cpf gswkrogpv kp rtqit guu° cpf yknndg cnnqecvgf vq vjg tgurgevkxgrtqrgtv“, rncpv cpf gswkrogpv ceeqwpvucpf
fg rt gekcvgf yjg p vjg“ uvctv vq dg wugf.
Hp2007, rct v qh vjg kpvgitcvgf eqtr qtcvg o cpci go gpv u“uvgo uvctvgf vq qr gtcvg. Tj g equv vq ces wktg vjg u“uvgo%u nke
gpug qh R! 5,510
y cu vtcpuhgttgf htqo çPtqrgtv“, r ncpvcpf gswkro gpv kp r tqi tguu° vq çHpvcpikdngcuugvu° cpf kudgkpi co qtvk–gf qxgt vgp “gctu.
Cgrtg ekcvkqp cpf coqt vk–cvkqphqt vjg “gct gpfgf Cgegodgt 31, 2007 ygtg R! 24,255.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
115Er r::rp Cui:2r ;
n32730/*'8+*
Dzr gpugu qp:
Horngogpvc vkqp qh oc pci go gpv u“uvgo u
Lgcugj qnf kor tqxgogp vu
Hpfwuvtkcn qrvkok–cvkqp cpf gzrc pukqp - r tgqr gtcvkpi
Ovjg t
x/7836/ )'0
)378
49,804
10,289
5,486
1,953
67,532
aTTf
i))9190 '8+*
'1368/>'8/32
&3,916’
&2,313’
&636’
&1,255’
&8,120’
aTTe
+8
+8
45,888
7,976
4,850
698
59,412
1,752
3,746
746
6,244
Hp2007, vjg Bqorc p“ kpxguvgf crrt qzkocvgn“R! 26,300. Hp2007, rctv qh vjg kpvgitcvgf eqtrqtcvg ocpcigogpv u“uvgo uvctvgf
vq qrg tcvg, cpf c rqtvkqp qh vjg korngogpvcvkqp equvu, qh crrtqzkocvgn“ R!4 8,000, ycu vtcpuhgttgf htqo ç Ptqrgtv“, rncpv cpf
gswkrog pv kp rt qit guu° vq ç Cghgttgf ejc tigu ° cpf kudgkpi coqtvk–gf qxgt vgp “gctu.
Tjg coqt vk–cvkqp hqt vjg “gct gpfg f Cgegodgt 31, 2007 y cu R! 5,865.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
1A5a0i. ; A.p Iw.i .ow. 2
Wqtmkpi ecrkvcn - US@
@BB &(’ /Ptgrc “ogpv
Aw“gt hkpcpekpi
Dzko &gzrq tv hkpcpekpi’
END &ANA’ &c’
EHN@
MD
ANCDS &d’
Wqtmkpi ecrkvcn
Wqtmkpi ecrkvcn
Lgcug
n966+2)=
US!
US!
R!
R!
R!
R!
R!
US!
R!
R!
Bwttgpv nkcdknkvkgu
Nqpewttgpv nkcdknkvkgu
n314'2=
2*+< '2* ':+6'-+
'229'0 /28+6+78 6'8+
aTTf
aTTe
Lkdqt r nwu 1$ r nwu gzej cpi g xctkcvkqp
Hpvgtguvqh 6.45$ rnwugzejcpig xctkcvkqp
Hpvgtguv qh 110$ qh BCH
TILP &(( ’ ) 3.3$
Hpvgtguv qh 9.09$
109,404
51,200
TILP ) kpvgtguv qh 3.97$
3,478
5,233
Bwttgpe“ dcumgv ykvj kpvgtguv qh 2.3$
cpf TILP r nwu kpvgtguv qh 3.77$
11,975
Hpvgtguv qh 7.23$ r nwu gzej cpi g xctkcvkqp
Hpvgtguv qh 9.41$
Lkdqt r nwu 1$ r nwu
0.5$ urtgcf cpf eqoo kuukqp
124,857
56,433
12,722
2,295
112,135
54,138
n32730/*'8+*
aTTf
aTTe
19,411
3,288
13,108
107
1,619
109,404
51,200
4,832
5,233
14,219
5,983
1,727
-
90
170,500
52,160
118,340
59,721
5,583
54,138
&(’ @BB: cfxcpe g qp gzrqtv eqpvtcev.
&((’ TILP: nqpi- vgto kpvgtgu
v tcvg.
&c’ Op Egdtwct“ 23, 2006, vjg Bqorcp“ ukipgf ykvj Acpeq fq Nqtfguvg fq Atcukn- ANA c hkpcpekpicitggogpv, kp vjg nkokvqh R!112,000, kpvgpfgf vq uwrrqtv rtq itcou hqt
kpxguvogpvu kp vjg Nqtvjgcuv tgikqp. Tjg hkpcpekp
i yknndg tgrckf qxgt vgp “gctu dgikppkpi 2008, ykvj oqpvjn“ rc“ ogpvu. Tjg tgngcugqh vjg hwpfu kufgrgpfgpv qp vjg
kpxguvogpv fkudwtugogpv uejgfwng.Tjg hktuv rqt vkqpqh R!50,671 ycu tgngcugf kp Sgrvgodgt 2006, vjg ugeqpf rqtvkqp qh R!33,568 ycu tgngcugf kp Egdtwct“2007, cpf vjg
vjktf rqt vkqp qh R!24,327 ycu tgngcugf kp Cgegodgt 2007. Tjg hkpcpekpi kueqnncvgtcnk–
gf d“ c dcpm iwctcpvgg ngvvgtqdvckpgf d“ vjg Bqorcp“.
&d’ Hp Oevqdgt 2007, vjg Bqorcp“ ukipgf ykvj ANCDS &NcvkqpcnAcpmhqt Deqpqoke cpf SqekcnCgxgnqrogpv’ c hkpcpekpi citggogpv qh R!22,700 vq uwrrqtv vjg korngogpvcvkqp
qh vjg kpvgitcvgf eqtrqtcvg ocpcigogpv u“uvgo. Oh vjku coqwpv, R!11,960 ycu tgngcugf kp Cgegodgt 2007.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
Hp Nqxgodg t 2007, ykvj vjg ceswkukv
kqp qh BAS S.@. - Bqorcpjkc Atcukngktcfg ScpfÉnkcu, vjg nqcpu qh vjku eqorcp“ cu qh
Cgegodg t 31, 2007, kp vjg coqwpv qh R! 26,231, yg tg eqpuqnkfcvgf kpvqvjg Bqorcp“%unqcpucpf hkpcpekpi dcncpeg.
Mcvwtkvkguqh nqpi-vgto nqcpu cpf hkpcpekpi ctg cu hqnnqyu
:
n314'2=
&+'6
2008
2009
2010
2011
2012
2013
2014
2015
2016
aTTf
17,663
16,883
16,323
16,323
15,924
13,929
13,929
1,161
112,135
Tjg qvjg t nqcpu ctg eqnncvgtcnk–
gf d“ uwtgvkgucpf tgcn rtqrg tvkgu qh vjg Bqorcp“.
aTTe
7,361
7,686
6,894
6,334
6,334
6,334
6,334
6,334
527
54,138
n32730/*'8+*
aTTe
7,361
20,741
7,686
19,030
6,894
16,893
6,334
16,733
6,334
15,924
6,334
13,929
6,334
13,929
6,334
1,161
527
118,340
54,138
aTTf
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
1@5e:0Cw;w0.
; A. p d ?ur: eiFi n0r;
n314'2=
Rq“cnvkgu rc “cdng
Ptqxkukqp hqt htgki jv r c“cdng
@fxgtvkukpi cpf rt qoq vkqp ugtxkegu r c“cdng
Ptqxkukqp hqt kpfwuvtkcn qrvko k–cvkqp equvu
Ovjg t r c“cdngu &eqo okuukqpu, qwvukfg ugtxkegu, wvknkv
kgu cpf qvjg t’
aTTf
aTTe
2,661
7,577
4,872
8,397
23,507
4,603
6,301
6,643
7,448
10,866
35,861
n32730/*'8+*
aTTf
aTTe
2,661
4,603
6,301
6,594
6,643
4,872
7,448
9,937
10,941
23,771
36,229
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
1w5.
Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
135e:0 w?fui:w.2 e:02:i Tjg Bqorc p“ qhhgtu kvu gornq“ggu c rtqhkvujc tkpi rtqit co nkpmgfvq vjg cejkgxgogpv qh qrgtcvkpi iqcnu cpf urgekhke qdlgevkxgu
cppwcnn“guvcdnkujgf cpf crrt qxgf hqt gcej rncpv/wpkv.Hp2007, c rtqhkvujctkpi coqwpv qh R!1 8,740 &R!18,060 kp 2006’ ycu
tgeqtfg f wpfgt vjg ecrvkqp çPc “tqnncpf tgncvgf ejc tigu °, kp ewttgpvnkcdknkvkgu.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
1t5 8r 0i?r pvei:?F 5:i.;i o?w0
.;
i4 c0.oB: :r.? 0winw0w?wr;
Cr mtUn
@nrctic vcu US@ Hpe.
@oc rq n“Hpf ôuvtkc g Bqo ãtekq Lvfc .
BAS S.@. - Bqor cpj kc Atcukngktc fg Scpf Énkcu
Ekdtcukn@itêeqnc g Bqo gtekcn Lvf c.
2116
1,489
63,661
&8,670’
32,093
88,573
2115
57,340
32,093
89,433
Tjg dcncpeg ku tgrt gugpvgf d“ cp kpvgteqorc p“ ceeqwpv jg nf d“ vjg Bqorcp“ cpf kvuuwdukfkctkgufwg vq vjg egpvtcnk–gf
oc pci gogpv qh vjg kt ecuj, cpf kupqv uwdlgevvq hkpcpekcn ejct igu.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
n4 Bi0i.o r; i .p ?:i.;io?w0.; v C0- 2i.F
i1 '430= 2*F786/' +
n31B6)/3 8*'E
aTTf
aTTe
Bwttgpv nkcdknkvkgu &kpenwfgf kp’:
Ttcfg ceeqwpvu rc “cdng
Ptqxkukqpu cpf qvj gt rc “cdngu
1,414
-
Ttcpucevkqpu hqt vjg “gct:
Scngu
Pwtejcugu
28,042
Rgpvu, eqooq p ctgc o ckpvgpcpeg hggu
cpf qvjgt gzr gpugu
Dzrgpugu qp ujc tgf ugtxkegu&k
’
Dzrgpugu qp eqtrq tcvg r tqlgevu
Pwtejcugu qh rtq rgtv“, r ncpv cpf gswkro gpv&kk’
-
i0 4'6-'8'7
%#i 2)E
aTTf
aTTe
n'1'6-3 n366C'
v6 394
aTTf
aTTe
-
5,097
-
-
2,447
371
24,154
5,147
-
-
-
-
-
-
-
2,099
8,740
15,667
2,182
358
1,984
10,131
5,732
&k’ Hpenwfg gzr gpuguqp ujctgf eqtrqtcv g ugtxkegu, uwej cu vgngrjqp“, kpuwtcpeg, cfokpkuvtcvkxgcpf kphqtocvkqpvgejpqnqi“ ugtxkegu.
&kk’ Hp @rtkn2006, c ugtxkegqtfgt ycu ukipgf dgvyggp vjg Bqorcp“ cpf BqpuvtwÁógu g Bqoãtekq Bcoctiq Bqttéc [email protected] vjg gzrcpukqp qh vyq rncpvu kp vjg Svcvg qh Pctcêdc.
Tj g ugtxkeg coqwpv qh R!34,000, kpen
wfkpi fktgev cpf kpfktgev equvu, ycu hqtocnk–gf kp Sgrvgodgt 2006 d“ ukipkpi qh c PkgegogcnBqpvtcev.Tjg vqvcncoqwpv qh fktgev equvu
rckf vq vjg eqpvtcevkpi r ctv“ kp 2006 cpf 2007 ycu R!7,914.
Pwtejc ug cpf ucngvtcpucevkqpuyg tg ecttkgf qwvwpfgt wuwcnoctmgv rtkegu cpf eqpfkvkqpu.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
1=58r ;r:Cr I0: C0. ?w.2r.o wr;
@uqh Cgegodg t 31, 2007, vjg Bqorcp“ cpf kvuuwdukfkctkguctg rctvkgu vq vcz, ekxkncpf ncdqt ncyuwkvuctkukpi htqo cuuguuogpvu
d“ vcz cwvjqtkvkgu cpf htqo enckou hkngf d“ vjktf rct vkgucpf hqtogt gornq“ggu qt htqo ngicn rtqeggfkpiu cpf swguvkqpkpiu.
Rgugtxgu yg tg tgeqipk–gf hqt vjg ug eqpvkpigpekgu yjg p, kp vjg qrkpkqp qh Mcpcigogpv cpf kvungicn eqwpugn,vjg tkumqh nquu
y cu eqpukfgtgf rt qdcdng. Tjg ug tgugtxgu ctg cu hqnnqyu
:
n314'2=
Lcdqt ncy uwkvu &c’
Tcz ncy uwk
vu &d’
Duetqy fg rqukvu
Bkxknncyu wkv
u
Nqpewttgpv nkcdknkvkgu
Bwttgpv nkcdknkvkgu
aTTf
aTTe
15,776
12,566
&8,532’
5,041
24,851
20,405
4,446
15,274
8,082
&7,508’
3,157
19,005
13,140
5,865
n32730/*'8+*
aTTf
aTTe
21,794
15,274
12,583
8,267
&8,546’
&7,690’
5,041
3,157
30,872
19,008
26,426
13,143
4,446
5,865
&c’ Rghgtvq ncyuwkvuhkngfcickpuv vj g Bqorcp“ cpf kvu uwdukfk
ctkgud“ hqtogt gornq“gguenckokpi rtkpekrcnn“hqt vgtokpcvkqp rc“, ucnct“rt gokwou, qxgtvkog cpf qvjgt coqwpvu
fwg hqt lqkpv nkcdknkv
“. Tjg ceetwgf coqwpvu tghgtvq vjg dguvguvkocvgu hqt gcej ncyuwkvecnewncvgfcu cevwcnnquu.
&d’ Bqpukuv dcukecnn“qh vcz fghkekgpe“pqvkegutgncvgf vq Svcvg qh Sáq PcwnqHBMS&SvcvgV@T’ cpf swguvkqp
kpi qh BOEHNS&fgfwevkqphtqo HBMS dcug’, S@T&Oeewrcvkq
pcn @eekfgpv
Hpuw
tcpeg’ cpf HNBR@&Bqpvtkdwvk
qp vq vjg NcvkqpcnHpuvkvw
vg qh RwtcnSgvvngogpv cpf @itctkcp Rghqto’.
Tjg kpetgcug tgeqtfg f kp 2007, Bqorcp“, tghgtu dcukecnn“vq vjg ceetwcnqh c vcz fghkekgpe“pqvkegtgncvgf vq BOEHNS kp vjg
coqwpv qh R! 3,429.
Tjg kpetgcug tgeqtfgf kp 2007 kp vjg rtqxkukqp hqt nquugu qp ncdqt ncyuwkvu,eqpuqnkfcvgf,kuockpn“fwg vq vjg ncyuwkvutgeqtfgf
d“ vjg uwdukfkct“ BAS [email protected] Bqorcpjkc Atcukng
ktc fg ScpfÉnkcu, kp vjg coqwpv qh R!6,0 00.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
Cui. 2r; w. :r;r:Cr
0: o0.?w.2 r .o wr; v C0- 2i.F
Acncpegu cu qh Cgego dgt 31, 2006
Hpetgcug
Pc“ogpvu
Acncpegu cu qh Cgego dgt 31, 2007
$'<
8,082
4,484
12,566
n/:/0
3,157
1,884
5,041
'(36
15,274
4,435
&3,933’
15,776
t7)6 3;
*+437/87
&7,508’
&1,024’
&8,532’
$38'0
19,005
9,779
&3,933’
24,851
e0;;w
n0r 00;;r; 3C0- 2i.F4
Lcyu wkv
u hqt yjkej vjg tkum qh nquuy cu cuuguugf cu rquukdngd“ Mcpcigogpv cpf kvungicn eqwpugnygtg pqv tgeqtfgf cu tgugtxg
hqt eqpvkpigpekgu kp vjg hkpcpekcnuvcvgogpvu cu qh Cgegodg t 31, 2007 cpf ctg tgrtgugpvgf d“ vcz ncyuwkvu,kp vjg coqwpv qh
R! 8,662 &R! 8,754 kp 2006’, cpf ekxknncyuwkvu,kp vjg coqwpv qh R! 4,035 &R! 3,087 kp 2006’.
Hp Cgegodg t 2005, c eqorcp“ jqnfkpi vjg tkijv u hqt c egtvckp urqtvu dtcpf hkngf c ncyuwkvhqt eqorgpucvkqp qh nquuguqp
uwrrqu gf dtgcejg u qh vjg nkeg
pug cit ggog pv, yjkej y cu vgtokpcvgf kp rtkqt “gctu. Hp vjg qrkpkqp qh vjg Bqorcp“%u ngicn
eqwpugn,vjg nkmg
nkjqqf qh wphcxqtcdng qwveqog yc u eqpukfgtgf rquukdng;vjg coqwpv kpxqnxgf jcf pqv “gv dggp ecnewncvgfcpf
pq tgugtxg jc f dggp tgeqipk–gf vq eqxgt vjku eqpvkpigpe“. HpEgdtwct“2007, c fgekukqpycu tgpfgtgf kp hcxqt qh vjg Bqorcp“,
vgtokpcvkpi vjg ncyu wkv.Tjku fge kukqp kuuwdlgevvq cp crrgcn vj cv yknndg lwfigf d“ vjg Sáq PcwnqBqwtv qh Iwuvkeg.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
1<55iE r; h w?ufB;2 r.pr p ei F-r. ? A.p d?ur :;
BOEHNS&vcz qp tgxgpwg’
PHS&vcz qp tgxgpwg’
Duetqy fg rqukvu
Ovjg t
Tqvcn Bqorc p“
Sqekcn eqpvtkdwvk
qp vcz - RDEHS &Tcz Cgdv Rghkpcpekpi Ptqi tco ’
Tqvcn eqpuqnkfcvgf
Cr mtUn Unc
ar nxr ihcU ec
2116
2115
33,796
31,603
1,606
1,518
&24,059’
&22,432’
2,802
2,592
14,145
13,281
8,380
22,525
13,281
Op Mctej 8, 1999, vjg Bqorc p“ qdvckpgf cp kplwpevkqp qp vjg qtfkpct“ ncyuwkvejcnngpikpi vjg eqpuvkvwvkqpcnkv“
qh Lcy Nq.
9,718/98 cpf Bqpuvkvwv
kqpcn @ogpfogpv Nq. 20, yjkej eqpukuvgf dcukecnn“kp vjg kpetgcug kp BOEHNS tcvg cpf kpetgcug kp
BOEHNS cpf PHSvcz dcug. Tjku kplwpevkqpcnnqyu vjg rc “ogpv qh BOEHNScpf PHScu rtqxkfgf hqt kp ngikuncvkqprtgxcknkpi wpvkn
Ic pwct“ 1999.
Agikppkpi qp vjcv fc vg, vjg coqwpvu qh vjg ug vczgu hqt vjg rgtkqfu wpfgt nkvkicvkqpygtg ceetwgf cpf oqpgvctkn“cflwuvgf dcugf
qp SDLHB&Bgpvtcn Acpm qxgtpkijv tcvg’, tgeqtfgf wpfgt vjg ecrvkqp ç Ekpcpekcngzrgpugu°, kp vjg uvcvgogpv qh kpeqog. Etqo
Sgr vgodgt 2002 vq Ic pwct“ 2004, vjg Bqorcp“ ocfg cp guetqy fgrqukv kp vjg coqwpv wpfgt nkvkicvkqp.
Op Mctej 2, 2006, vjg gzvtcqtfkpct“ crrgc n tgncvgf vq vjku ocvvgt ycu ceegrvgf d“ vjg Egfgtcn Swrtgog Bqwtv, cpf vjg
rc “og pv qh vjg fg dv qt cp guetqy fgrqukv yc u tgswktgf. Op Mctej 30, 2006, vjg Bqorcp“ qrvgf vq rc“ R!43 ,041, yjkej fkf
pqv chhgev vjg eqpvkpwkv
“ qh vjg nkvkicv
kqp.
@uqh Cgegodg t 31, 2007, vjg BOEHNS ceetwgf dcncpeg tghgtu vq ejcnngpig qh vjg kpetgcugkp vjg vcz dcug.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
Cui. 2r; w. ?i Er ; Dw?u;B;2r.pr p 2iF- r. ?
aTTe
BOEHNS&vcz qp tgxgpwg’
PHS&vcz qp tgxgpwg’
Duetqy fg rqukvu
Ovjg t
Tqvcn Bqorc p“
Sqekcn eqpvtkdwvk
qp vcz - RDEHS
Tqvcn eqpuqnkfcvgf
31,603
1,518
&22,432’
2,592
13,281
13,281
Hp2007, vjg Bqorc p“ fg ekfgf vq rc“ vjg BSLL &uqekcneqpvtkdwvkqpvcz’ fgdv kp kpuvcnnogpvu.
%4*'8+7
2,193
88
&1,627’
210
864
864
aTTf
33,796
1,606
&24,059’
2,802
14,145
8,380
22,525
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
175
R.o 0-r A.p f0 owi0 C0.?: wnB
?w
0. 5iE r;
i4 Er r ::rp i ;;r?; i.p
0winw0
w
?w
r; 3C0-2 i.F4
Bwttgpv cuugvu - vgorq tct“ f khhgtgpegu:
@nnqyc peg hqt fq wdvhwn ceeqwpvu
Ptqxkukqp hqt kpxgpvqt“ nquu
Rgugtxg hqt eqpvkpig pekgu
Ptqxkukqp hqt kpf wuvtkcn qr vko k–cvkqp equvu
Ovjg t vgorq tct“ fkhhgtgpegu
Lqpi -vgto cuugvu:
Tcz nquu ectt“hqty ctf u &( ’
Tgorq tct“ fkhhgtgpegu:
Ptqxkukqp hqt vczgu y kvj uwurgpf gf r c“o gpv
Ptqxkukqp hqt kpfwuvtkcn qr vko k–cvkqp equvu
Rgugtxg hqt eqpvkpig pekgu
Ptqxkukqp hqt nquu qp r tqrg tv“, r ncpv cpf gswkrog pv
Ovjg t vgorq tct“ fkhhgtgpegu
Lqpi -vgto nkcdknkvkgu:
Ptqxkukqp hqt kpeqog cpf uqekcn eqpvtkdwvkqpvczgu &(’
Duetqy fgrq ukvu
Ptqxkukqp hqt kpeqog vcz qp tq“cnvkgu
2116
2115
3,342
890
1,512
1,657
9,428
16,829
2,970
1,720
1,994
4,104
6,110
16,898
15,242
26,083
6,263
6,566
1,350
1,717
1,431
17,327
32,569
6,987
4,462
1,603
2,328
1,817
17,197
43,280
34,920
&6,277’
2,885
31,528
52,289
&6,277’
2,686
48,698
&(’ Tj g Bqorcp“ kuejcnngpikpi kp eqwtv vjg tkijv vq qhhu
gv etgfkvufgtkxgf htqo vcz nquuectt“hqtyct fu cickpuv vjg vqvcnkpeqog cpf uqekcneqpvtkdwvkqp
vcz coqwpvu rc“cdng gcej
“gct ykvjqwv eqpukfgtkpi vjg ngicn nkokvqh 30$. @u c tguwnv,vjg Bqo rcp“ jcu tgeqtfgf kp nqpi-vgto nkcdknkvkgu
vjg rqtvkqp kp gzeguuqh vjg ngicn nkokvqh 30$ vjcv kvjcu
qhhu
gv, rnwuhkpcpekcn ejct igu, dcugf qp vjg SDLHBtcvg.
Hpxkgy qh vjku ncyu wkv,vjg fghgttgf vcz etgfkv yc u tgeqipk–gf qp vcz nquuectt“hqtyctfu, cu khvjg ngicn nkokvqh 30$ hqt qhhugv
jc f dggp eqpukfgtgf.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
Hhvj g hkpcn eqwtvfg ekukqp kuhcxqtcdng vq vjg Bqorc p“, vjg fg hgttgf cuugvyknndg ocvejgf ykvj vjg tgncvgf nkcdknkv“,
cpf ceetwgf
ejc tig u yknndg tgxgtugf cpf etgfkvgf vq kpeqog hqt vjg “gct cv vjcv vkog.
Hp2007, vjg Bqorc p“ tgxgtugf rct v qh ceetwgf ejc tigu gzrktgf, kp vjg coqwpv qh R! 6,528.
n4 f? i ?r -r.?
0 w.o0-r
@uqh Cgegodg t 31, 2007 cpf 2006, vjg kpeqog cpf uqekcneqpvtkdwvkqpvcz gzrgpug, tgeqtfgf kp vjg uvcvgogpv qh kpeqog, ku
tgrt gugpvgf d“:
n314'2=
Hpeqog dghqtg kpeqog cpf uqekcn eqpvtkdwvkqp vcz gu
Svcvwvqt“ tcvg
Hpeqog cpf uqekcn eqpvtkdwvkqp vczgu cv uvcvwvqt“ tcvg
Dhhgev qh kpeqo g cpf uqekcn eqpvtkdwvkqp vczgu qp rg tocp gpv fkhhgtgpegu:
Dswkv“ kp uwdukfkctkgu cpf chhknkcvg
Hpvgtguv qp ecrkvcndgpghkv
Ovjg t r gtoc pgpv &cffk vkqpu’ fg f wevkqpu, pgv
Dhhgev qh wptgeqtfgf vcz etgf kv qp vcz nquu qh hqtgkip uwdukfkct“
Tcz ghhgev- fggo gf kpeqo g qh uwdukfkct“
Rgxgtucn qh fg hgttgf vcz nkcdknkvkgu
Egfgt cn vcz kpegpvkxg qh uwdukfkct“
Ovjg t ghhgevu
Hpeqog cpf uqekcn eqpvtkdwvkqp vcz gzrg pug
aTTf
152,320
34$
&51,789’
aTTe
169,536
34$
&57,642’
n32730/*'8+*
aTTf
aTTe
153,377
170,103
34$
34$
&52,148’
&57,835’
5,419
16,138
&1,298’
553
&30,977’
&7,713’
16,327
3,211
2,167
732
&42,918’
&2,994’
16,138
&1,334’
&7,229’
12,105
1,745
553
&33,164’
&9,500’
16,327
290
2,167
4,118
948
&43,485’
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
1/5fui :r u00pr:;9 G6Bw?F
i4 Ci2 w
?i 0
Pckf-wr ecrkvcn cu qh Cgegodg t 31, 2007 cpf 2006 ku R!39 1,804, tgrtgugpvgf d“ 18,023,178 ujctgu ykvjqwv rct xcnwg,qh
yj kej 9,090,604 ctg eqooqp ujctg u cpf 8,932,574 ctg rtg hgttgf ujctgu.
n4 5:ri ;B:F ;ui :r ;
@v vj g Aqctf qh Cktgevqtu%Mggvkpi jg nf qp @wiwuv 10, 2007, c rtqitco hqt vjg dw“dcemqh vjg Bqorcp“%u ujctgu ycu
crrt qxgf, guvcdnku
jkpi vjg ceswkukvkqpqh wr vq 437,228 rtghgttgf ujctgu cpf 301,072 eqooqp ujctgu. Hp 2007, 196,400
rt ghgttgf ujct gu yg tg ceswktgf hqt vjg cxgtcig rtkeg qh R!1 37.87, cpf 14,400 eqooqp ujctgu hqt vjg cxgtcig rtkeg qh
R! 160.00. Tjg ceswkukvkqp coqwpvu tghnge
v oc tmgv rtkegu, uwrrqtvgf d“ gzkuvkpitgugtxgu.
@vvjg Dzvtcqtfkpct“ Sjc tgjqnfg tu%Mggvkpi qp Iwpg 15, 2007, vjg ujctgjqnfgtu crrtqxgf
uj ctgu jg nf kp vtgcuwt“,kp vjg coqwpv qh R!1 2,615.
vjg ecpegnncvkqpqh 167,435 rtghgttgf
@uqh Cgegodg t 31, 2007, vjg Bqorcp“ jcu 495,045 rt ghgttgf ujctgu, hqt vjg cxgtcig rtkeg qh R!1 10.09.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
o4 E w
Cwp
r.p ; i .p w.?r:r;? 0. oi2 w?i0
Dxgt“ “gct vjg ujc tgjqnfgt u ctg gpvkvng
f vq tgegkxg ocpfcvqt“ okpkowo fkxkfgpfu qh 25$ qh pgv kpeqog, ecnewncvgfkp
ceeqtf cpeg ykvj Atc–knkcpeqtrqtc vg ncy cpf vjg d“ncyu. Hp2007 cpf 2006, vjg ecnewncvkqp
ycu rgthqtogf cu hqnnqyu:
Ngv kpeqog hqt vjg “gct
Rgeqip kvkqp qh ngic n tgugtxg - 5$
@oqwpv cxckncdng hqt fkuvtkdwvkqp
Mcpfc vqt“ o kpkowo f kxkfgpf u - 25$
Mcpci gogpv%ur tqrq ucn:
Ckxkfgpfu
Hpvgtguv qp ecrkvcn
HRRE &ykvjjqn fkpi kpeqog vcz’ qp kpvgtguv qp ecr kvcn
Ckxkf gpfu cpf kpvgtguv qp ecrkvcn, pgv
2116
121,343
&6,067’
115,276
28,819
2115
126,618
&6,331’
120,287
30,072
47,465
&6,123’
41,342
2,498
48,020
&5,662’
44,856
Cgvcknuqp vjg rc “ogpv qh fkxkfgpfu cpf kpvgtguvqp ecrkvcnrtq rqugf d“ Mcpcigogpv ctg cu hqnnqyu:
" - 4+6 7.'6+ 1-63772
Hpvgtguv qp ecrkvcncpf f kxkf gpfu :
Hpvgtko
Cgenctgf
n31132
aTTf
6+,+66 +*
n31132
aTTe
6 +,+66+*
2.5530
2.5530
2.8090
2.8090
2.5460
0.1340
2.6800
2.8000
0.1480
2.9480
p4 R.Cr;?-r .? :r;r:Cr
@uqh Cgegodg t 31, 2007, vjku tgugtxg y cu tgeqipk–gf hqt wugkp hwvwtgkpxguvogpvukp vjg coqwpv qh R!6 7,811, yjkej yknndg
uwdokvvgf hqt crrt qxcn kp vjg @ppwcn Sjctg jqnfgtu%Mggvkpi vq dg jgnf kp@rtkn2008.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
AH5d? ur: d2r: i ?w.2 GE2r. ;r;1c r?
n314'2=
Rgugtxg hqt eqpvkpigpekgu
@oqt vk–cvkqp qh f ghgttgf ej ctig u
Fqq fy knn coq tvk–cvkqp
Ovjg t
aTTf
aTTe
&9,969’
&7,086’
&1,019’
&10,163’
&28,237’
&10,608’
&7,825’
&9,003’
&27,436’
n32730/*'8+*
aTTf
aTTe
&9,969’
&10,608’
&7,086’
&7,847’
&1,019’
&10,383’
&9,162’
&28,457’
&27,617’
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
A15Iw.i.o w
i0 R. ;?:B-r.? ;
i4 Mr.r:i 0 o0.;wpr:i?w0.;
Tjg Bqorc p“ cpf kvu uwdukfkctkgu eqpfwev vtcpucevkqpukpxqnxkpihkpcpekcnkpuvtwogpvu,cnnqh yjkej tgeqtfgf kp dcncpeg ujggv
ceeqwpvu, yjke j ctg kpvgpfg f vq o ggv vjgkt pggfu cpf tgfweg gzrquwtg vq octmgv tkumu.Tjgug tkumuctg ocpcigf d“ ogcpu qh
uvtcvgikgu rtg guvcdnkujgf d“ vjg Bqorcp“%uoc pcigog pv.
n4 I iw: Ci 0Br;
@u qh Cgegodg t 31, 2007 cpf 2006, vjg hckt xcnwguqh ecuj cpf ecuj gswkxcngpvu,vgorqtct“ ecuj kpxguvogpvucpf vtcfg
ceeqwpvu tgegkxcdng crrt qzkocvg vjgkt ectt“kpi coqwpvu fwg vq vjgkt ujqtv-vgto pcvwtg. Ekpcpekpi uwduvcpvkcnn“
crrtq zkocvgu hckt
xcnwg, kpenwfkpi pqpewttgpv hkpcpekpi.
Hpvjg Bqorc p“, kpvgteqorc p“ dcncpegu tghgt vq vjg ocpc igogpv qh c ukpingecuj &ecuj cpf ecuj gswkxcngpvu’d“ vjg Bqorcp“,
cpf vjg tg ctg pq hkpcpekcn ejc tig u qp vjg ug vtcpucevkqpu.
o4 C:r pw
? i .p r Eoui.2r
:i?r :w
;y;
Scngu ctg uwduvcpvkcnn“vq tgvckngt
u cpf j“rg toct mgvu.B tgfkv tkumkutgfwegf fwg vq vjg nctig ewuvqogt rqtvhqnkqcpf vjg eqpvtqn
rt qegfwtgu vjcv oqpkvqt uwej tkum
. Dzejcpig tcvg tkum ctkugu htqo hnwevwcvkqpu
kp gzejcpig tcvgu qp nqcpu cpf ceeqwpvu
tgegkxcdngkp hqtgkip ewttgpe“.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
AA5f? 0oy d 2?w0. e0i.
@vvjg Dzvtcqtfkpct“ Sjc tgjqnfg tu%Mggvkpi jg nf qp @rtkn26, 2002, vjg ujctgjqnfgtu crrtqxgf vjg Sáq Pcwnq@nrcticvcu S.@.
Svqem Orvkqp Ptqitc o yjg tgd“ go rnq“ggu ctg it cpvgf rt ghgttgf uvqemqrvkqpu,uq cu vq tgvckpvjgo qt rtqxkfg cp kpegpvkxghqt
vj go vq eqpvtkdwv
g vq vjg kpvgtguvu cpf qdlgevkxgu qh vjg Bqorcp“ cpf kvuujctgjqnfgtu. Tjg rtqitco ku ocpcigf d“ vjg
Bqo rcp“ %uGwocp Rguqwtegu fgrc tvogpv. @u qh Cgegodgt 31, 2006, vjg hqnnqykpi uvqem qrvkqpu jcxg dggp itcpvgf:
0'2
2002
2003
2004
2005
2006
2007
t, ,+)8/:+ 4+6/3*
Iwn“1, 2002 vq Iwpg
Iwn“1, 2003 vq Iwpg
Iwn“1, 2004 vq Iwpg
Iwn“1, 2005 vq Iwpg
Iwn“1, 2006 vq Iwpg
Iwn“1, 2007 vq Iwpg
30,
30,
30,
30,
30,
30,
2012
2013
2014
2015
2011
2012
91 (+6 3, 348/327
v 6'28+*
t<+6)/7+*
35,980
27,080
63,060
26,928
90,630
19,732
91,010
10,832
36,059
24,500
-
x /7836/)'0
+<+6)/7+ 46/)+
4+6 348/32
"- 152
10.46
15.25
21.30
32.30
94.69
143.89
&(’ Tj g uvqemqr vkqpgzgtekugrtkeg kugswkxcn
gpv vq vjg vtcfkpi xqnwogygki jvgf cxgtcig qh vjg enqukpirt keguqh rtghgttgf ujctgu, kp vjg 60 vtcfkpi uguukqpurtkqt vq vjg crrtqxcn
fcvg qh gcej cppwcnrncp, uwdugswgpvn
“ cflwuvgf dcugf qp vjg HFP-M &igpgtcnoc tmgvrtkeg kpfgz’ qh EwpfcÁáq FgvônkqVcticu - EFV, gzegrv hqt vjg 2006 cpf 2007 rncpu, kp
yj kej vj g HPB@ &gzvgpfgf eqpuwogt rt kegkpfgz’ dgicp dgkpi wugf.
@uogpvkqpgf kp pqvg 19, cu qh Cgegodgt 31, 2007 vjg Bqo rcp“ jcu 495,045 vtgcuwt“ujctgu uwrrqtvkpi vjg rtqitco%u swcpvkv“nkokv.
gr ;?w.2 o:w
?r: w0
.
Eqt vjg 2002 vq 2005 rncpu, vjg xguvkpi rgtkqf hqt gcej qrvkqp gzgtekugqh gcej rncp kuvyq “gctu, ykvj tgngcuguqh 20$ kp vjg
vj ktf, hqwtvj cpf hkhv
j “gctu chvgt crrtqx cn, cpf 40$ kp vjg ukzvj “gct cpf vjgtgchvgt. Eqt vjg 2006 cpf 2007 rncpu, cu crrtqxgf
cv vjg Dzvtcqtfkpct“ Sjc tgjqnfg tu%Mggvkpi jg nf qp Oevqdgt 23, 2006, vjg xguvkpi rgtkqf hqt qrvkqp gzgtekugdgecog vjtgg “gctu,
ykvj tgngcug qh 30$ kp vjg vjktf cpf hqwtv
j “gctu, cpf 40$ kp vjg hkhvj“gct cpf vjgtgchvgt.
Tjg gzgtekug qh qrvkqpugpvkvngudgpghkekc
tkguvq vjg ucog tkijvu itcpvgf vq vjg Bqorcp“%uqvjgt ujctgjqnfgtu.
Urqp tgngcug qh vjg ujc tgu, fwg vq gpvkvngogpv vq vjg qrvkqp, vjg mpqyp ghhgevu qp vjg vtcpucevkqpyknndg tgeqtfgf kp
uj ctgj qnfgtu%gswkv“.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
A@5
G-200 Frr Br .r w?;
Tjg Bqorcp“ urqpuqtu vyq rgpukqp rncpu cpf itcpvu, vjtq wij kvu qy p tgvktgo gpv r ncp, nkhgcppwkv
“ cpf j gcnvj ectg dgpghkvu hqt c
itqwr qh hqtogt gornq“ggu cpf vjgkt urqwugu.Tjg cevwctkcnnkcdknkv“ tgncvgf vq vj gug r ncpu cu qh Cgego dgt 31, 2007 ku R!3,549
&R!3,917 kp 2006’, yjkej kutgeqtfgf wpfgt vjg ecrvkqp çOvjgt r c“cdngu°, kp nqpi -vgto nkcdknkvk
gu. Tj g r gpukqp r ncpu ctg cu hqnnqyu:
i4 er .;w0. 20i . v feAfAe8Gg
Tjku r ncp y cu korngogpvgf kp Mc“ 1991 cu c fg hkpgf dgpghkvrncp hwnn“
hwpfgf d“ vjg urqpuqt%ueqpvtkdwvkqpu.
Hp@wiwuv2000,
vj g ç Swrgt Ptgx° rncp yc u etgcvgf cu c fghkpgf eqpvtkdwv
kqp rncp, vq yjkej gornq“ggu gswkxcngpvvq 99$ qh tgswktgf tgugtxgu
jc xg cntgcf“ okit cvgf.
@evwctkcncoqwpvu tgeqipk–gf ctg:
Ptgugpv xcnwgqh cevwctkcn qdnkicvkqp
Eckt xcnwg qh rncp cuugvu
Uptgeqipk–gf cevwctkcn i ckp
Tqvcn nkcdknkv“ tgeqipk–gf cu qh Cgego dgt 31, 2007
2116
26,954
&36,284’
10,349
1,019
n4 er .;w0. 20i . v NfBC
Tjku r ncp ku hqt c enqugf itqwr qh hqtogt gornq“ggu cpf ku hwpfgf d“ c ownvkgornq“gtrgpukqp hwpf. Tjku rncp eqxgtu qpn“
rc tvkekrcpvu yjq ctg tgegkxkpi tgvktgogpv cpf uwtxkxqtujkr dgpghkvu.
@evwctkcnecnewncvkqp hqt vjg GSAB rncp:
Ptgugpv xcnwgqh cevwctkcn qdnkicvkqp
Eckt xcnwg qh rncp cuugvu
Uptgeqipk–gf cevwctkcn i ckp
Tqvcn pgv cuugv &(’
O654
&3,045’
771
&1,620’
&(’ Tj kucuugv yc u pqv tgeqipk–gf kpvjg Bqor cp“%uhkpcpekcnuvcvgogp vucu qhCgegodg t 31, 2007 fwg vq vjg ncemqhgxkfgpeg qhtgkodwtugogpv qt fgfwevkqpu qhhwvwtgeqpvtkdwv
kqpu.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
o4 er .;w0. 20i.
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
0: 0:-r: r- 200Fr r;
Tjg Bqorc p“ urqpuqtu c rgpukqp rncp vq rtqxkfg c nkh
g cppwkv“vq hqtogt gornq“ggu, yjkej, wrqp vjgkt fgcvj, kugzvgpfgf vq
vj gkt urqwugu.
Tjg tg ctg rt gugpvn“ ukz rncp rct vkekrcpvu: hkxg hqtogt gornq“ggu tgegkxkpi tgvktgogpv dgpghkvucpf qpg rgpukqpgt tgegkxkpi c
uwtxkxqtujkr dgpghkv
.
@evwctkcncoqwpvu tgeqipk–gf ctg:
Ptgugpv xcnwg qh cevwctkcn qdnkicvkqp
Uptgeqipk–gf cevwctkcn i ckp
Tqvcn nkcdknkv“ tgeqipk–gf cu qh Cgego dgt 31, 2007
p4 Nri 0?u oi :r 20i.
O1,311
&427’
884
0: :r ?w:rr;
Tjg Bqorc p“ oc kpvckpu c jgc nvj ectg rncp hqt c itqwr qh hqtogt gornq“ggu cpf vjgkt urqwugu, ceeqtfkpi vq vjg twngu
guvcdnkujgf d“ kv.
@evwctkcncoqwpvu tgeqipk–gf ctg:
Ptgugpv xcnwgqh cevwctkcn qdnkicvkqp
Uptgeqipk–gf cevwctkcn i ckp
Tqvcn nkcdknkv“ tgeqipk–gf cu qh Cgego dgt 31, 2007
O2,726
&1,080’
1,646
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
A35R.;B:i. or C0Cr :i2r
34.iBpw ?rp4
Tjg Bqorc p“ cpf kvu uwdukfkctkgu jc xg kpuwtcpeg eqxgtcig kp coqwpvu eqpukfgtgf uwh
hkekgpvvq eqxgt rqvgpvkcntkumuqp vjgkt
cuugvu. Tjg kpuwt
cpeg eqxgtcig cu qh Cgegodgt 31, 2007 ku hqt vjg hqnnqykpi: qrgtcvkqpcn tkumu- R! 819,163, ekxknnkcdknkv“
R! 6,500, qrvkqpcn ekxknnkcdknkv
“ - dqfkn“ kplwt“ - R!1 ,000, uwpft“ tkumu&tqddgt“’ - R!78 6, fqoguvke vtcpurqtvcvkqp nkokvgfvq
R! 2,000 rg t ujkrog pv, cpf kpvgtpcvkqpcn vtcpurqt vcvkqp qh US!5 oknnkqpkp dqvj korqtvu cpf gzrqtvu.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
3A- 0B. ?; w
. ?u0B;i.p;
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
At5 A-r .p-r.
? 50 B:iGw0wi. C0:20:i?r
aiD1 G ro?wCr Si .Bi:F
AHH7
Op Cgegodg t 28, 2007, Lcy Nq. 11,638 y cu gpcevgf, cnvgtkpi, tgxqmkpi cpf cffkpi pgy rtqxkukqpuvq vjg Atc–knkcpBqtrqtcvg
Lcy, gurgekcnn“ykvj tgurg ev vq ejcrvg t YV, Ekuecnagct cpf EkpcpekcnSvcvgogpvu.Tjku Lcy kughhgevkxghqt hkuecn“gctu dgikppkpi
qp qt chvgt Ic pwct“ 1, 2008 cpf yc u fgukipgf rt koctkn“vq wrfcvg vjg Atc–knkcpBqtrqtcvg Lcy, uq cu vq gpcdng vjg
eqpxgtig peg qh Atc–knkcpceeqwpvkpi rt cevkegu ykvj kpvgtpcvkqpcnceeqwpvkpi uvcpfctfu &HERS’cpf cnnqy vjg Atc–knkcpSgewtkvkgu
Bqo okuukqp &BVM’ vq kuuwg pgy ceeqwpvkpi uvcpfc tfu cpf rtqegfwtgu, kp eqphqtokv“ ykvj uwej kpvgtpcvkqpcnceeqwpvkpi
uvcpf ctfu.
Tjg ejc pig u kp Atc–knkc
p Bqtrqtcv g Lcy ctg crrnkecdng vq cnn eqorcpkgu kpeqtrqtcvgf cu eqtrqtcvkqpu, kpenwfkpi rwdnke
eqorc pkgu, cpf kpvtqfwegu c pgy tgswktgogpv hqt nctig eqorcpkgu vq rtgrctg cpf tgrqtv hkpcpekcnuvcvgogpvu kp ceeqtfcpeg
ykvj r tqxkukqpuqh vjg Atc–knkc
p Bqtrqtc vg Lcy . Ewtvjg toqtg, rt kxcvg eqorcpkgu oc“ ejqqug vq rtgrctg uwej hkpcpekcnuvcvgogpvu
kp ceeqtfcpe g ykvj uvcpfc tfu kuuwgf d“ vjg BVM.
Bgtvckp qh vjgu g ejcpig u ujcnn dg crrnkgf cu qh vjg dgikppkpi qh vjg Bqorcp“%u hkuecn“gct yjkng qvjgtu ctg uwdlgevvq
tgiwncvkqpd“ tgiwncvqt“ cigpe kgu.
Tjg o ckp ejc pig u vjc v oc “ chhgev vjg Bqorcp“ cpf kvu uwdukfkctkgu
ecp dg uwooctk–gf cu hqnnqyu:
Rgswktgogpv hqt vjg rtgugpvcvkqpqh c uvcvgogpv qh xcnwgcff gf , cr rnkecdng vq r wdnke eqorc pkgu, vjc v r tgugpvu vjg cf fkvkqpcn
xcnwgetgcvgf d“ vjg Bqorcp“, cu ygnncu vjg eqorq ukvkq
p qh vj g uqwtegu qh uwej xcnwg cpf vjg coq wpv qh wpfkuvtkdwvgf xcnwg.
Pquukdknkv“
qh ockpvckpkpi ugrc tcvg ceeqwpvkpi tgeqtfu hqt rwtrqugu qh eqorn“kpi ykvj vcz ngikuncvkqpcpf tghngevkpipgeguuct“
cflwuvogpvu kp qtfg t vq rtg rc tg vjg hkpcpekcn uvcvgogpvu kp eqphqtokv“ykvj Atc–knkcpBqtrqtcvg Lcy.
Btgcvkqp qh c pgy ceeqwpvitqwr, kpvcpikdng cuugvu,yjkej kpenwfguiqqfyknn, hqt rwtrqugu qh dcncpeg ujggv rtgugpvcvkqp.Tjku
ceeqwpv yknngpeqorc uu tkijvu kp kpvcpikdng cuugvu oc kpvckpgfqt wugf kp vjg qrgtcvkqp qh vjg Bqorcp“%u dwukpguu,kpenwfkpi
vj g ceswktgf iqqfyknn.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
Mqf khke
cvkqpqh vjg fg hkpkvkqpqh vjqug cuugvu vq dg tgeqtfgf wpfgt vjg ecrvkqp fghgttgf ejctigu kp vjg dcncpeg ujggv, vq dg
rt gqrg tcvkpi gzrg pugu cpf tguvtwevwtkpi equvu vjcv yknnghhgevkxgn“
dgpghkv gctpkpiu kp hwvwtg“gctu cpf vjcv fq pqv ukorn“
tgrt gugpv hwvwtg equv tgfwevkqpuqt kpetgcugu kp hwv
wtg qrgt cvkqpcnghhkekgpekgu.
Rgswktgog pv qh rg tkqfkecpcn“ukuqh vjg tgeqxgtcdknkv
“ qh coqwpvu tgeqtfgf kp rtqrgtv“, rncpv cpf gswkrogpv, kpvcpikdngcuugvu
cpf fg hgttgf ejc tigu vq gpuwtg vjc v: &c’ korcktog pv nquugu ctg tgeqtfgf cu c tguwnvqh fgekukqpuvq fkueqpvkpwgcevkxkvkgu
tgncvgf vq uwej cuugvu qt yjgp vjgt g kugxkfgpeg vjcv hwvwtg qrgtcvkpi tguwnvuyknnpqv dg uwh
hkekgpvvq gpuwtgvjgkt tgcnk–cvkqp;
cpf &d’ vjg etkvgtkc wugf vq fg vgtokpg vjg guvkocvgf tgockpkpi wugh
wn nkh
g qh uwej cuugvu hqt rwtrqugu qh tgeqtfkpi
fg rt gekcvkqp, coqtv k–cvkqp cpf fgrngvkqpgzrgpug ctg tgxkgygf cpf cflwuvgf.
Rgswktgog pv vjc v kpxguvog pvu kp hkpcpekcnkpuvtwogpvu, kpenwfkpifgtkxcvkxgu,dg ceeqwpvgf hqt: &c’ cv hckt xcnwgqt gswkxcngpv
xcnwg hqt vtcfkpi ugewtkv
kgu qt ugewtkvkgu cxckncdng hqt ucng; qt &d’ cv vjg nqygt qh jkuvqtkecnequv, cflwuvgf hqt eqpvtcevwcn
kpvgtguv cpf qvjg t eqpvtcevwcn rtqxkukqpu,cpf tgcnk–
c dngxcnwghqt qvjgt kpxguvogpvu.
Btgcvkqp qh c pgy ceeqwpv itqwr, xcnwcvkqp cflwuvogpvu vq ujctgjqnfgtu% gswkv“,kp qtfgt vq tgeqtf egtvckp hckt xcnwg
cflwuvogpvu, oc kpn“hqt hkpcpekcnkpuvtwogpvu; hqtgkip gzejcpig tcvg xctkcvkqpuqp hqtgkip kpxguvogpvuceeqwpvgf hqt wpfgt vjg
gswkv“ og vjqf qh ceeqwpvkpi &vjtqwij Cgegodgt 31, 2007, vjku cflwuvogpv ycu tgeqtfgf kp rtqhkv cpf nquuceeqwpv’; cpf
egtvckp hckt xcnwgcflwuvogpvu tgncvgf vq cuugvu cpf nkcdknkv
kgucu c tguwnvqh c ogtigt dgvyggp wptgncvgfrctvkgu vjcv tguwnvukp
vj g vtcpuhgt qh eqpvtqn.
Rgswktgog pv vjc v egtvckp nqpi-vgto cuugvu cpf nkcdknkvkgu
dg tgeqtfgf cv rtgugpv xcnwg,cpf, khocvgtkcn,hqt egtvckpqvjgt ujqtvvgto cuugvu cpf nkcdknkvkg
u.
Dnkokpcvkqp qh vjg rquukdknkv
“ qh tgeqtfkpi iqxgtpog pv kpxguvogpv itcpvu &kpenwfkpivcz kpegpvkxgu’fktgevn“cu ecrkvcn tgugtxgu
kp ujc tgjqnfg tu%gswkv“.Swej kvgou ctg pqy tgswktgf vq dg tgeqtfgf cu rctv qh gctpkpiu kp vjg uvcvgogpv qh kpeqog.
Fqx gtpog pv itc pvu oc“ dg tgswktgf vq dg cnnqecvgf, chvgt dgkpi tgeqtfgf kp gctpkpiu, vq vjg vcz kpegpvkxgtgugtxg.
Rgswktgogpvvjcv hqt vtcpucevkqpukpxqnxkpi vjg ogtigt qt urkp-qhhdgvy ggp wptgncvgf rctvkgu vjcv tguwnvkp vjg ghhgevkxg
vtcpuhgt
qh eqpvtqn,vjg tgncvgf cuugvucpf nkcdknkvkgu
qh vjg gpvkv“dgkpi o gti gf qt urwp-qhhujq wnf dg ceeqwpvgf hqt cv hcktoctmgv xcnwg.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
@uvjg ug ejc pigu jc xg qpn“dggp kpvtqfwegf tgegpvn“,cpf uqog qh vjgo ctg uvknn
uwdlgevvq tgiwncvkqpd“ tgiwncvqt“cigpekgu,
Mcpcig ogpv qh vjg Bqorcp“ cpf kvuuwdukfkctkgujcu pqv “gv dggp cdng vq cuuguucnnvjg ghhgevuvjcv uwej ejcpigu okijv jcxg
qp kvuhkpcpekcn uvcvgog pvu cpf tguwnvuqh qrg tcvkqpu hqt vjg hqnnqykpi “gctu, gzegrv hqt vjg hqnnqykpi oquv ukipkh
kecpv curgevu
tgncvgf vq pgy ogvjqfqnqikg u vq tgeqtf: gzejc pig xctkcvkqpuqp hqtgkip kpxguvogpvu,yjqug nquukp 2007 ycu R!7 ,748; cpf &d’
iqx gtpog pv kpxguvog pv it cpvu, tgncvgf vq vjg vcz kpegpvkxgogpvkqpgf kp pqvg 4, yjqug coqwpv tgeqtfgf cu ecrkvcn tgugtxg kp
2007 yc u R! 78,757.
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
A22r. pwER
C0. ;00w
pi? rp f B220r- r. ?i0 R. 0:- i ?w0
.1 hw?u0B? 5ur fBn;wpwi:
F f i .? w
;?i 5s E?w0f5A5
35u:0B2u SB.r @H1 AHH= 6 R. ?u0B;i .p; 0 B:iGw0w
i. :riw; v 8.4
mi i n t #xtt$#
@SSDTS
BURRDNT @SSDTS
Bcuj cpf ecuj gswkxcngpvu
Ttcfg ceeqwpvutgegkxcdng
Hpxgpvqtkgu
Ovjg t tgegkxcdngu
Tqvcn ewttgpv cuugvu
NONBURRDNT @SSDTS
Lqpi -vgto cuugvu:
Ptqr gtvkgu jg nf hqt ucng
Rgeqxgtcdng vczgu
Cghgttgf kpeqog cpf uqekcn eqpvtkdwvkqp vczgu
Duetqy fgrq ukvu
Ovjg t tgegkxcdngu
Tqvcn nqpi- vgto cuugvu
Pgto cpgpv cuugvu:
Hpxguvogpvu
Ptqr gtv“,rncpv cpf gswkr og pv
Hpvcpikdngcuugvu
Cghgttgf ejct igu
Tqvcn rgto cpgpv cuugvu
Tqvcn pqpewttgpv cuugvu
TOT@L @SSDTS
3?0 nr o0. ?w.Brp4
UaOcUO
Tf
ThOcTOTf
UaOcUOTe
120,477
336,025
125,859
56,140
638,501
306,080
273,982
142,133
58,234
780,429
256,441
266,636
85,868
57,344
666,289
4,875
10,981
32,693
4,260
4,819
57,628
7,439
6,774
43,151
3,702
5,017
66,083
10,024
13,536
43,280
4,515
5,120
76,475
332,092
223,608
26,965
59,412
642,077
699,705
124,747
192,894
8,987
57,603
384,231
450,314
132,001
192,610
4,592
6,244
335,447
411,922
1,338,206
1,230,743
1,078,211
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
3o0. ?w.Brp4
UaOcUO
Tf
ThOcTOTf
UaOcUOTe
BURRDNT LH@
AHLHTHDS
Ttcfg ceeqwpvur c“cdng
Lqcpu cpf hkpcpekpi
Pc“tqnn cpf tgncvgf ejc ti gu
Ptqxkukqpu cpf qvjg t rc “cdngu
Rgugtxg hqt eqpvkpigpekgu
Hpvgtguv qp ecrkvcncpf f kxkf gpf u r c“cdng
Tcz gu rc“ cdng
Tqvcn ewttgpv nkcdknkvkgu
i m $ t# i r #xi "tx
rt" #0 t!% $&
104,623
52,160
54,209
23,771
4,446
1,158
14,116
254,483
83,785
23,848
54,812
17,968
4,749
11,237
4,240
200,639
80,543
5,583
42,883
36,229
5,865
3,522
12,157
186,782
NONBURRDNT LH@AHLHTHDS
Lqpi -vgto nkcdknkvkgu:
Lqcpu cpf hkpcpekpi
Ptqxkukqp hqt kpeqog cpf uqekcn eqpvtkdwvkqp vczgu
Tczgu ykvj uwurgpfg f r c“o gpv cpf qvj gt
Rgugtxg hqt eqpvkpig pekgu
Ovjg t rc“ cdngu
Tqvcn pqpewttgpv nkcdknkvkgu
118,340
31,528
22,525
26,426
4,473
203,292
79,511
48,831
13,950
15,674
4,450
162,416
54,138
48,698
13,281
13,143
4,613
133,873
SG@RDGOLCDRS%DQUHTa
880,431
867,688
757,556
1,338,206
1,230,743
1,078,211
TOT@L LH@AHLHTHDS @NC SG@RDGOLCDRS%DQUHTa
3?0 nr o0. ?w.Brp4
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
3o0. ?w.Brp4
aTTf
u3968. i))9190 '8+*
59'68+6 /2 Ua 1328.7
514,627
1,615,625
&104,974’
&326,068’
aTTe
u3968. i))91 90'8+*
59'68+6 /2 Ua 1328.7
441,431
1,565,434
&87,386’
&305,634’
NDT S@LDS
Bquv qh ucngu
409,653
&228,325’
1,289,557
&717,272’
354,045
&190,221’
1,259,800
&676,188’
FRO SS PROEHT
181,328
572,285
163,824
583,612
&116,773’
&23,954’
&1,272’
6,748
&6,284’
&2,564’
&1,019’
&12,639’
&157,757’
&362,894’
&80,878’
&4,932’
33,389
&17,815’
&7,086’
&1,019’
&20,352’
&461,587’
&85,123’
&20,941’
&1,262’
10,386
&4,614’
&1,583’
&7,035’
&110,172’
&304,610’
&69,819’
&4,896’
42,036
&17,415’
&7,847’
&21,560’
&384,111’
HNBOMD EROM OPDR@THONS ADEORD DYBG@NFD V@RH@
THON, EHN@NBH@L
BG@RFDS ON T@YDS @NC DQUHTa HNSUASHCH@RHDS
@NC @EEHLH@TD
Dzejc pig xctkcvkqp, pgv
Ekpcpekcn ej cti gu qp vczgu
Dswkv“kp uwdukfkctkgu cpf chhknkcvg
23,571
399
7,036
&1,552’
110,698
&1,121’
6,226
&8,806’
53,652
&592’
&62’
&22,387’
199,501
2,502
&2,506’
&32,399’
HNBOMD EROM OPDR@THONS
Nqpqrg tcvkpi kpeqog &gzr gpugu’, pgv
29,454
6,039
106,997
46,380
30,611
&35’
167,098
2,075
HNBOMD ADEORD HNBOMD @NC SOBH@L BONTRHAUTHON T@YDS
Hpeqog cpf uqekcn eqpvtkdwvkqp vczgu
35,493
&10,391’
153,377
&33,164’
30,576
&10,567’
169,173
&42,555’
NDT HNBOMD
25,102
120,213
20,009
126,618
#$i $t t $# u
FRO SS S@LDS
Tcz gu qp ucngu
n
t
OPDR@THNF HNBOMD &DYPDNSDS’
Sgnnkpi
Fgp gtcn cpf cfok pkuvtc vkxg
Mcpci gogpv hggu
Ekpcpekcn kpeqog
Ekpcpekcn gzr gpugu
@oqt vk–cvkqp qh f ghgttgf ejc tig u
Fqq fy knn coq tvk–cvkqp
Ovjg t qrgt cvkpi gzr gpugu, pgv
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
A22rpwERR
aTTf
#8'8+1+287 , n'7. u03;7
B@SG ELOWS EROM OPDR@THNF @BTHVHTHDS
Ngv kpeqog
@fl wuvogpvu vq tgeqpekng pgv kpeqog vq pgv ecuj
rt qxkfgf d“ qrgt cvkpi cevkxkvkgu:
Cgrtg ekcvkqp cpf coqt vk–cvkqp
Fq qfy knncoq tvk–cvkqp
Ptqeggfu htqo ucng/y tkvg-qhh qh r tqrg tv“, r ncpvcpf gs wkrog pv
Ptqeggfu htqo ucng qh nqpi -vgto cuugvu
Ptqxkukqp hqt nquugu qp r tqr gtv“, r ncpv cpf gs wkrog pv
cpf f ghgttgf ej cti gu
Dswkv“kp uwdukfkctkgu cpf chhknkcvg
Hpvgtguv cpf o qpgvct“ cpf gzej cpi g xctkcvkqpu qp
nqcpu, nqpi -vgto vczgu cpf guetqy fg rq ukvu
Rgugtxg hqt eqpvkpig pekgu cpf rt qxkukqp
hqt kpfwuvtkcn qrvkok–cvkqp equvu
Cghgttgf kpeqog cpf uqekcn eqpvtkdwvkqp vczgu
@nnqyc peg hqt &tgxgtucn qh’ f qwdvhwnceeqwpvu
Dzejc pig xctkcvkqp qp kpxguvo gpvu
Ckxkf gpfu cpf kpvgtguv qp ecrkvcn tgegkxgf
Bcuj r tqxkfgf d“ qrg tcvkpi cevkxkvkgu
Cgetgcug &kpetgcug’ kp cuugvu:
Ttcfg ceeqwpvu tgegkxcdng
Hpxgpvqtkgu
Ptgrc kf gzrgpugu
Rgeqxgtcdng vczgu
Ovjg t tgegkxcdngu
Hpetgcug &fgetgcug’ kp nkcdknkvkgu:
Ttcfg ceeqwpvu rc “cdng
Tczgu rc “cdng
Pc“tqnn cpf tgncvgf ejc tig u
Ptqxkukqp hqt kpeqog cpf uqekcn eqpvtkdwvkqpvczgu
Hpvgteqorc p“ rc “cdngu
Ovjg t rc“ cdngu
NDT B@SG PROVHCDC Aa OPDR@THNF @BTHVHTHDS
3?0 nr o0. ?w.Brp4
aTTe
n314'2= n32730/*'8+*
121,343
120,213
28,538
1,019
358
&9,140’
30,120
1,019
571
&47,660’
&15,937’
n32730/*'8+*
;/8.398
n314'2= n32730/*'8+*
#'28/78'
126,618
126,618
126,618
27,047
1,250
&1,929’
37,522
3,395
&1,929’
28,022
1,283
&1,929’
8,806
672
22,686
672
27,941
672
32,399
&2,679’
2,200
4,638
8,005
4,638
5,846
943
709
131,000
5,853
1,444
1,731
124,297
&3,804’
4,829
&3,097’
1,028
179,938
&5,184’
4,387
&3,067’
4,240
1,028
203,628
&3,804’
4,829
&3,097’
1,028
190,659
&57,116’
&27,545’
&563’
6,625
19,277
&59,322’
&54,053’
&32,577’
&3,382’
6,358
11,830
&71,824’
&73,828’
&12,940’
832
&3,684’
2,024
&87,596’
&76,037’
&17,031’
1,597
&2,870’
&2,328’
&96,669’
&73,536’
&13,009’
852
&5,471’
1,460
&89,704’
15,091
906
6,006
797
860
&14,557’
9,103
80,781
20,014
&1,157’
7,987
&258’
&13,216’
13,370
65,843
14,720
&42,390’
4,962
&5,953’
20,752
7,127
&782’
91,560
11,888
&42,134’
3,675
&7,656’
7,871
&26,356’
80,603
14,563
&42,465’
5,026
&5,958’
7,008
&21,826’
79,129
c0 ?r; 50 5ur I w
.i.owi0 f?i?r-r.?;
I0 : 5ur - r i :; G. pr p Eror -n r: @11 AHH< A. p AHH=
3A- 0B. ?; w
. ?u0B;i.p;
Lndependent Duditors&Seport
Eoard of Duditors&Ttatement
Ealance Theets
Ttatements of Lncome
Ttatements of Fhanges in ThareholdersÉ Hquity
(Fompany)
Ttatements of Fhanges in Iinancial Rosition
Ootes to the Iinan cial Ttatements
1. Ppe rations
2. Rresentation of Iinanc ial Ttatements
4. Tignificant Dccounting Rractices
5. Dccounting Rractice Io r Secording
of Lnvestment Jr ant
6. Uemporary Fash Lnvestments
:. Urade Dccounts Seceivable
A. Lnventories
B. Hscrow Geposits
C. Lnvestments
10. Rroperty and Hquipment and Lntangible Dssets
11. Geferred Fharges
12. Noans and I inancing
14. Rrovisions and Pther Rayables
15. Rrofit Tharing Rrogram
16. Selated-Rarty Uransactions
1:. Seserve for Fontingencies
1A. Uaxes with Tuspended Rayment and Pthers
1B. Lncome and Tocial Fontribution Uaxes
1C. Thareholders&Hquity
20. Pt her Pper ating Hxpenses, Oet
21. Iinanci al Lnstruments
22. Ttocj Pptio n Rlan
24. Hmployee Eenefits
25. Lnsurance Foverage (Wnaudited)
26. Dmendment to Erazilian Forporate Naw,
Hffective Manuary 200B
Fonsolidated Tupplemental Lnformation
0 B:iG w0wi.:riw; v 8.1 B. 0r;; 0?ur:Dw;
r ;?i?rp4
3o0. ?w
.B rp4
aTTf
#8'8+1+287 3, n'7. u03;7
B@SG ELOWS EROM HNVDSTHNF @BTHVHTHDS
@eswkukvk
qp qh kpxguvogpvu
@eswkukvk
qp qh rt qrgt v“, r ncpv cpf gs wkr og pv,
kpvcpikdng cuugvucpf fg hgttgf ejc tig u
Ptqeggfu htqo ucng qh rg to cpgpv cuugvu
Dhhgev qp ecuj fwg vq pqpeqpuqnkf cvkqp qh kpxguvog pv
NDT B@SG USDC HN HNVDSTHNF @BTHVHTHDS
aTTe
n314'2= n32730/*'8+*
n32730/*'8+*
;/8.398
n314'2= n32730/*'8+*
#'28/78'
&229,577’
&198,123’
-
-
-
&101,671’
2,320
-
&119,699’
48,397
-
&112,161’
3,500
-
&116,107’
14,630
&7,948’
&113,139’
14,630
-
&328,928’
&269,425’
&108,661’
&109,425’
&98,509’
B@SG ELOWS EROM EHN@NBHNF @BTHVHTHDS
Ngy nqcpu cpf hkpcpekpi, pgv qh co qtvk–cvkqp
Hpeqog vcz kpegpvkxg
Hpxguvogpv i tcpv
@eswkukvk
qp qh vtgcuwt“uj ctgu, pgv qh ucngu
Ckxkf gpfu cpf kpvgtguv qp ecrkvcn rc kf
64,597
6,578
78,757
&35,208’
&49,829’
67,321
6,578
78,757
&35,208’
&49,829’
2,683
12,414
71,492
&57,767’
&49,776’
10,367
12,414
71,492
&57,685’
&50,836’
5,068
12,414
71,492
&57,767’
&49,776’
NDT B@SG PROVHCDC Aa &USDC HN’EHN@NBHNF @BTHVHT
HDS
64,895
67,619
&20,954’
&14,248’
&18,569’
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Francisco Silvério Morales Cespede
Diário Oficial do Estado de São Paulo
[email protected]
Valor Econômico
José Sálvio Ferreira Moraes
http://ri.alpargatas.com.br
[email protected]
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Banco Itaú S.A.
Rua Funchal, 160
Rua Boa Vista, 176 – 1° subsolo
04551-903
São Paulo – SP
São Paulo – SP
tel. (5511) 3247-3139
Brazil
www.itaucustodia.com.br
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Deloitte Touche Tohmatsu
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Edimar Facco
Rui La Laina Porto
Adroitt Bernard
Partner
José Sálvio Ferreira Moraes
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Carlos Parente
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Cássia Navarro
Mario Castelo
Fernando Senna
Bovespa – Bolsa de Valores de São Paulo
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Common shares: ALPA 3
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Preferred shares: ALPA 4
Editora Contadino
Global RI
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Raymond Maddock
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