EDP – Energias Do Brasil S.A
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EDP – Energias do Brasil S.A. Consolidated financial statement December 31, 2010 and 2009 EDP - ENERGIAS DO BRASIL S.A. BALANCE SHEETS AT (In thousands of Reais) Parent company Consolidated Note 12/31/2010 12/31/2009 1/1/2009 12/31/2010 12/31/2009 1/1/2009 Assets Adjusted Adjusted Adjusted Adjusted Current assets Cash and cash equivalents 6 285,812 233,440 79,443 1,126,449 1,102,022 499,882 Accounts receivable 8 1,121 - - 8,659 5,999 Indemnifiable financial assets 17 - - - 823 823 823 Consumers and concessionaires 7 - - - 888,806 901,781 725,432 Taxes and social contribution 10 85,966 75,036 78,403 540,314 419,305 373,673 Dividends receivable 29 169,312 136,108 150,109 - Inventories 2.2.c - - - 28,112 13,199 10,098 Pledges and restricted deposits 13 222 2,168 2,080 62,898 69,587 76,936 Prepaid expenses 9 190 4 48 5,254 2,615 8,407 Assets available for sale 36 40,801 39,086 37,500 40,801 39,086 37,500 Other assets 15 1,512 1,450 3,165 172,561 159,148 142,411 584,936 487,292 350,748 2,874,677 2,713,565 1,875,162 Noncurrent assets Accounts receivable 8 21,506 23,380 20,378 18,755 21,938 18 Indemnifiable financial assets 17 - - - 397,324 325,262 248,303 Consumers and concessionaires 7 - - - 63,733 64,862 107,981 Taxes and social contribution 10 - - - 35,933 31,078 31,084 Deferred income and social contribution taxes 11 9,784 - - 778,680 748,285 654,103 Related parties 12 116,622 175,871 144,087 - - 22,104 Advances for future capital increases 14 4,075 69,217 42,740 458 - 600 Pledges and restricted deposits 13 8,693 5,122 2,944 239,669 130,797 153,632 Prepaid expenses 9 - - - 937 1,064 2,608 Other assets 15 15,759 51,992 7,227 32,379 49,937 112,275 176,439 325,582 217,376 1,567,868 1,373,223 1,332,708 Investments 16 3,771,044 3,455,750 2,949,106 37,271 30,935 10,391 Property, plant and equipment 18 1,894 2,038 1,993 5,303,587 4,803,780 4,523,469 Intangible assets 19 266,852 284,371 454,845 3,026,712 2,994,969 3,138,800 4,039,790 3,742,159 3,405,944 8,367,570 7,829,684 7,672,659 Total assets 4,801,165 4,555,033 3,974,068 12,810,115 11,916,472 10,880,529 See the accompanying notes to the financial statements. EDP - ENERGIAS DO BRASIL S.A. BALANCE SHEETS AT (In thousands of Reais) Parent company Consolidated Note 12/31/2010 12/31/2009 1/1/2009 12/31/2010 12/31/2009 1/1/2009 Liabilities and shareholders' equity Adjusted Adjusted Adjusted Adjusted Current liabilities Suppliers 20 3,370 10,416 13,093 626,381 508,056 456,679 Taxes and social contribution 10 51,659 31,106 15,612 609,891 454,459 369,229 Dividends 29 100,822 75,391 74,118 191,142 144,618 159,415 Debentures 21 - - - 231,730 210,029 218,842 Loans, financing and debt charges 22 - - 257,700 375,701 572,662 869,785 Post-employment benefits - 3 - - 27,611 27,181 30,871 Estimated employee benefits and social charges 24 4,774 4,171 4,139 50,450 48,828 45,327 Regulatory and sector charges 25 - - - 225,380 156,561 157,672 Use of public property 26 - - - 19,440 17,280 17,105 Provisions 27 1,318 2,208 - 30,275 19,647 13,602 Other accounts payable 15 4,392 - 2,208 137,410 165,967 157,070 166,338 123,292 366,870 2,525,411 2,325,289 2,495,597 Noncurrent liabilities Suppliers 20 - - - 915 - - Taxes and social contribution 10 32,295 34,146 - 137,853 142,163 34,451 Deferred income and social contribution taxes 11.1 1,122 - - 289,003 261,020 248,444 Debentures 21 - - - 637,593 453,155 655,786 Loans, financing and debt charges 22 - - - 2,140,882 1,957,440 1,406,818 Post-employment benefits - - - - 189,228 130,788 140,636 Related parties 12 189 7,024 510 - - - Regulatory and sector charges 25 - - - 12,913 14,939 2,847 Use of public property 26 - - - 215,764 205,564 207,677 Provisions 27 26,912 24,469 64,396 153,566 141,099 267,260 Provision for unsecured liability 16 19,784 8,452 54,172 12,847 0 51,383 Reserve for reversal and amortization 2.2.r - - - 17,248 17,248 17,248 Other accounts payable 15 47 62 26 21,772 45,935 25,003 80,349 74,153 119,104 3,829,584 3,369,351 3,057,553 Shareholders' equity 28 Capital stock 3,182,716 3,182,716 3,182,716 3,182,716 3,182,716 3,182,716 Capital reserves 95,598 96,656 35,348 95,598 96,656 35,348 Profit reserves 1,386,620 1,243,047 842,632 1,386,620 1,243,047 842,632 Other comprehensive income (103,842) (50,095) (21,472) (103,842) (50,095) (21,472) Treasury shares (6,614) (6,614) (372,450) (6,614) (6,614) (372,450) Accumulated losses - (108,122) (178,679) - (102,807) (174,674) 4,554,478 4,357,588 3,488,095 4,554,478 4,362,903 3,492,100 Non-controlling shareholders' 1,900,643 1,858,929 1,835,280 Total shareholders' equity and non-controlling shareholders' 4,554,478 4,357,588 3,488,095 6,455,121 6,221,832 5,327,380 Total liabilities and shareholders' equity 4,801,165 4,555,033 3,974,068 12,810,115 11,916,472 10,880,529 - 0 - (0) (0) 0 See the accompanying notes to the financial statements. EDP - ENERGIAS DO BRASIL S.A. STATEMENTS OF INCOME YEARS ENDED DECEMBER 31 (Amounts expressed in thousands of Reais, unless otherwise indicated) Parent company Consolidated Note 2010 2009 2010 2009 Adjusted Adjusted Net operating income 30 - - 5,034,316 4,621,702 Electricity services cost Electricity cost Electricity purchased for resale - - (2,096,794) (1,866,655) Electric power network use charges - - (601,426) (473,654) 31 - - (2,698,220) (2,340,309) Operation Costs Personnel - - (151,934) (146,521) Material and third-party services - - (203,066) (166,619) Depreciation and amortization - - (276,203) (257,197) Other operating costs - - (30,093) (28,123) 31 - - (661,296) (598,460) - - (3,359,516) (2,938,769) Cost of service rendered to third-parties 31 - - (6,050) (2,918) Gross operating income - - 1,668,750 1,680,015 Operating expenses Sales expenses (2,132) - (80,252) (41,986) General and administrative expenses (65,960) (65,372) (262,048) (321,647) Depreciation and amortization (17,993) (19,920) (81,775) (76,909) Other operating expenses 609 (22,220) (52,657) (77,307) 31 (85,476) (107,512) (476,732) (517,849) Income before financial income, equity interest and taxes (85,476) (107,512) 1,192,018 1,162,166 Income from equity interest 16 673,282 708,248 (1,837) (407) Financial revenues 26,428 94,324 337,972 296,558 Financial expenses (26,760) (48,048) (514,985) (378,570) Financial result 32 (332) 46,276 (177,013) (82,012) Other revenue 6,903 52,345 12,474 55,449 Other expenses (13,173) (2,092) (39,937) (28,128) Other results (6,270) 50,253 (27,463) 27,321 Income before income and social contribution taxes 33 581,204 697,265 985,705 1,107,068 Income and social contribution taxes - current (3,115) (2,881) (229,254) (196,799) Deferred income and social contribution taxes 9,784 - (19,810) (51,953) 33 6,669 (2,881) (249,064) (248,752) Net income before non-controlling shareholders' and beneficiaries 587,873 694,384 736,641 858,316 Non-controlling shareholders' - - (136,926) (146,850) Founders’ shares - - (17,157) (15,772) Net income for the year 587,873 694,384 582,558 695,694 Basic and diluted net income per thousand shares - R$ 3,708.39 4,380.28 3,674.87 4,388.54 Number of shares 158,805 158,805 158,805 158,805 See the accompanying notes to the financial statements. EDP - ENERGIAS DO BRASIL S.A. STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY YEARS ENDED DECEMBER 31, 2010 AND 2009 (In thousands of Reais) Capital Capital Profit Treasuary Equity evaluation Retained Total Provision for Non-controlling Total capital increase reserves reserves shares adjustment earnings Parent company shareholders Consolidated advances (Note 2.3) Balance at January 1, 2009 before adoption of new practices 3,182,716 35,348 693,299 (372,450) - - 3,538,913 4,005 1,835,280 5,378,198 Adjustment - adoption of new accounting practices - - - - (21,472) (178,679) (200,151) - - (200,151) Additional dividends proposed - - 149,333 - - - 149,333 - - 149,333 Balances at January 1, 2009 (Adjusted ) 3,182,716 35,348 842,632 (372,450) (21,472) (178,679) 3,488,095 4,005 1,835,280 5,327,380 Sale of treasury shares - - 61,308 - 365,836 - - 427,144 - - 427,144 Additional dividends proposed on April 8, 2009 - - (149,333) - - - (149,333) - - (149,333) Net income for the year - - - - - 694,384 694,384 1,310 146,850 842,544 Destination of net income - - - - - - - - - - Legal reserve - - 31,192 - - (31,192) - - - - Profit retention reserve - - 296,318 - - (296,318) - - - - Additional dividends proposed - - 222,238 - - (296,317) (74,079) - (123,201) (197,280) - - - - - - - - - - Other comprehensive income - - Actuarial gains and losses - Post-employment benefits - - - - - 2,357 - 2,357 - - 2,357 Assets available for sale - - - - - 1,585 - 1,585 - - 1,585 Cash flow hedge - - - - (48,126) - (48,126) - - (48,126) Deferred income and social contribution taxes - - - - - 15,561 - 15,561 - - 15,561 - - - - - - - - - - - Balances at December 31, 2009 (Adjusted ) - 3,182,716 96,656 1,243,047 (6,614) (50,095) (108,122) 4,357,588 5,315 1,858,929 6,221,832 - - - - - - - - - - Reversal of dividends - (1,058) - - - - (1,058) - - (1,058) Additional dividends proposed on April 9, 2010 - - (222,238) - - - (222,238) - - (222,238) Net income for the year - - - - - 587,873 587,873 (5,315) 136,926 719,484 Destination of net income - - - - - - - - - Legal reserve - - 23,987 - - (23,987) - - - - Profit retention reserve - - 341,824 - - (341,824) - - - - Intermediary dividends JSCP (interest on own capital) - - - - - (106,000) (106,000) - - (106,000) Dividends - - - - - (7,940) (7,940) - (95,212) (103,152) - - - - - - - - - Other comprehensive income - Actuarial gains and losses - Post-employment benefits - - - - (84,320) - (84,320) - - (84,320) Assets available for sale - - - - 1,716 - 1,716 - - 1,716 Cash flow hedge - - - - 1,985 - 1,985 - - 1,985 Deferred income and social contribution taxes - - - - 26,872 - 26,872 - - 26,872 Balances at December 31, 2010 3,182,716 95,598 1,386,620 (6,614) (103,842) - 4,554,478 - 1,900,643 6,455,121 See the accompanying notes to the financial statements.