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Empresa Brasileira De Aeronáutica SA

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Empresa Brasileira De Aeronáutica SA Embraer - Empresa Brasileira de Aeronáutica S.A. Financial Statements for the Years Ended December 31, 2004 and 2003 and Independent Auditors’ Report Deloitte Touche Tohmatsu Auditores Independentes INDEPENDENT AUDITORS’ REPORT To the Shareholders and Management of Embraer - Empresa Brasileira de Aeronáutica S.A. São José dos Campos - SP 1. We have audited the accompanying consolidated balance sheets of Embraer - Empresa Brasileira de Aeronáutica S.A. and subsidiaries as of December 31, 2004 and 2003, and the related statements of income, changes in shareholders’ equity and changes in financial position for the years then ended, all expressed in Brazilian reais and prepared under the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements. 2. We conducted our audits in accordance with generally accepted auditing standards in Brazil and comprised: (a) planning of the work, taking into consideration the significance of the balances, volume of transactions, and the accounting and internal control systems of the Company and its subsidiaries; (b) checking, on a test basis, the evidence and records that support the amounts and accounting information disclosed; and (c) evaluating the significant accounting practices and estimates adopted by Company’s management and its subsidiaries, as well as the presentation of the financial statements taken as a whole. 3. In our opinion, the financial statements referred to in paragraph 1 present fairly, in all material respects, the consolidated financial positions of Embraer - Empresa Brasileira de Aeronáutica S.A. and subsidiaries as of December 31, 2004 and 2003, and the results of their operations, the changes in shareholders’ equity, and the changes in their financial positions for the years then ended, in conformity with Brazilian accounting practices. 4. The accompanying financial statements have been translated into English for the convenience of readers outside Brazil. São Paulo, March 10, 2005 DELOITTE TOUCHE TOHMATSU José Domingos do Prado Auditores Independentes Accountant EMBRAER - EMPRESA BRASILEIRA DE AERONÁUTICA S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003 (Amounts in thousands of Brazilian reais, unless otherwise indicated) 1. OPERATIONS The corporate purpose of Embraer - Empresa Brasileira de Aeronáutica S.A. (“the Company”, “Embraer” or “parent company”) is the development, production and sale of jet and turboprop aircraft for civil and defense aviation, aircraft for agricultural use, structural components, mechanical and hydraulic systems and, technical activities related to the production and maintenance of aerospace material. 2. BASIS OF PRESENTATION OF FINANCIAL STATEMENTS a) Presentation of financial statements The financial statements were prepared in accordance with accounting practices adopted in Brazil and additional regulations of the “Comissão de Valores Mobiliários - CVM”, the Brazilian Securities Commission (the “CVM”), and are an English language adaptation of the financial statements published in Brazil, for the convenience of readers outside Brazil. Certain accounting practices applied by the Company and its subsidiaries that conform to accounting practices adopted in Brazil may not conform to generally accepted accounting principles in countries where these financial statements may be used. b) Operating activities of subsidiaries These consolidated financial statements include the accounts of the Company and the following subsidiaries: Embraer Aircraft Holding Inc. - EAH Wholly-owned subsidiary based in Fort Lauderdale, Florida, United States, responsible for corporate and institutional activities with the following subsidiaries located in the United States: Embraer Services Inc. - ESI: provides support for the defense market program in the United States. Embraer Aircraft Customer Services, Inc. - EACS: selling spare parts, product support and customer training in the United States, Canada, the Caribbean and the United Kingdom. 7 Embraer - Empresa Brasileira de Aeronáutica S.A. Embraer Marketing Corporation - EMC: responsible for sales representation, marketing and promotion, for both commercial and corporate aviation. Embraer Aircraft Maintenance Services Inc. - EAMS: has the activity of aircraft maintenance services and components. Aerochain® LLC: responsible for electronic commerce activity. Embraer Engeneering Service Inc.: provides engineering services for Company’s programs. Embraer Investments Ltd.: has the purpose of the financial structuring of sales made by the Company. Trumpeter Inc. This wholly-owned subsidiary, located in Wilmington, Delaware, United States, has a 25% interest in Expressprop LLC, which provides support for the sale of used EMB 120 Brasília aircraft. Indústria Aeronáutica Neiva Ltda. - NEIVA This wholly-owned subsidiary, located in Botucatu, São Paulo, Brazil, is engaged in the production and sale of agricultural aircraft, as well as the production and assembly of parts for aircraft manufactured by the Company. ELEB - Embraer Liebherr Equipamentos do Brasil S.A. Embraer holds 60% of the voting capital and Liebherr International AG 40% of this Company, based at São José dos Campos, São Paulo, Brazil. Its business is to produce and sell precision hydraulic and mechanical equipment for the aviation industry. Embraer Aviation Europe SAS - EAE Wholly-owned subsidiary, located in Le Bourget, France, with the following subsidiaries: Embraer Aviation International SAS - EAI: located at Le Bourget, France, provides after-sales services in Europe, Africa and the Middle East. Embraer Europe SARL - EES: located in Villepinte, north of Paris, France, provides sales representation for the Company in Europe, Africa and the Middle East. 8 Embraer - Empresa Brasileira de Aeronáutica S.A. Embraer Australia PTY Ltd. - EAL This wholly-owned subsidiary, located in Melbourne, Australia, provides after-sales support services to customers in Australasia, Asia and the region. Embraer Credit Ltd. - ECL This wholly-owned subsidiary, located in Wilmington, Delaware, United States, supports sales operations. Embraer Representation LLC - ERL Located in Fort Lauderdale, Florida, United States, provides institutional representation for the Company. Embraer Spain Holding Co. SL - ESH Located in Spain, its purpose is to coordinate investments in foreign subsidiaries, including those focused on activities that support the sale of aircraft and management of assets derived from these operations. The activities of ESH are operationalized by its subsidiaries: ECC Investment Switzerland AG: located in Switzerland, it has a 100% interest in the capital of the subsidiaries ECC Insurance & Financial Co. Ltd. - ECC Insurance and Embraer Finance Ltd. - EFL. ECC Insurance & Financial Co. Ltd. - ECC Insurance: located in the Cayman Islands, B.W.I., is a captive insurance company, that provides financial guarantees to customers and/or financing agents involved in the structuring of aircraft sales. Embraer Finance Ltd. - EFL: located in the Cayman Islands, B.W.I., provides support for some of the Company’s purchase and sale operations, such as supporting clients in obtaining third-party finance. As from December 24, 2004, it became a wholly-owned subsidiary of ECC Investment Switzerland AG (previously a wholly- -owned subsidiary of the Company). ECC Leasing Co. Ltd.: located in Ireland, its objective is the lease and sale of used aircraft. On December 22, 2004, the subsidiary AIRHOLDINGS SGPS, S.A. was created, in which ESH has a 99.9% interest. On December 23, 2004, AIRHOLDING SGPS, S.A. acquired from Empresa Portuguesa de Defesa - EMPORDEF 65% of the voting capital of OGMA - Indústria Aeronáutica de Portugal S.A., a Portuguese aeronautical maintenance and production company. As of December 31, 2004, this acquisition was in the process of evaluation by the European authorities. 9 Embraer - Empresa Brasileira de Aeronáutica S.A. All the shares acquired and the amounts paid for them will be deposited in a special escrow deposit account opened at the depositary bank until final approval of the operation by the European antitrust authorities. On March 9, 2005, the European antitrust authorities approved the acquisition. Harbin Embraer Aircraft Industry Company Ltd. - HEAI Based in Harbin, capital of Heilongjiang province, People’s Republic of China, its purpose is to manufacture aircraft of the ERJ 135/140/145 family, in order to meet commercial air transportation market demand in China, for the range of 30 to 50 seats. Embraer controls the business, with a 51% holding. Canal Investments LLC Wholly-owned subsidiary, based in Wilmington, Delaware, United States, is responsible for electronic commerce assets. ECC do Brasil Cia. de Seguros A subsidiary in which the Company has an interest of 99.99%, based at São José dos Campos, São Paulo, Brazil, incorporated on June 3, 2004 and approved by the Private Insurance Agency (SUSEP) on October 13, 2004. Its purpose is to operate solely with export credit insurance in the State of São Paulo. The financial statements of subsidiaries based abroad are prepared according to accounting practices compatible with those used by the parent company, and are translated into Brazilian reais at the exchange rates in effect on the balance sheet date. Intercompany balances, transactions and unrealized profits, net of income tax effects, are eliminated in consolidation Investments in affiliates in which the Company does not
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