Energias do Brasil SA and subsidiaries - EDP no Brasil | Investidores

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EDP – ENERGIAS DO BRASIL S.A. NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 (Amounts expressed in thousands of Reais, unless otherwise indicated) thousand and forty-one (113,690,041) common shares assigned to the Company and twenty-eight million, three hundred thirty-nine thousand, two hundred eighty-three (28,339,283) class A preference shares assigned to Eletrobrás. The value of the net assets taken over by the Company, in the amount of R$ 127,827, was fully recognized in the Special Reserve of Goodwill in the Takeover, recorded in the Shareholders' Equity of EDP - Energias do Brasil, as provided for in art. 6 of CVM Instruction 319/99, without alteration of the sum of subscribed and paid in capital of the subsidiary Lajeado. Due to the aforesaid corporate restructuring and with the consummation of the legal steps of the takeover, the subsidiaries EDP Lajeado and Tocantins were lawfully dissolved and the subsidiary Lajeado assumed active and passive responsibility relating to the subsidiaries EDP Lajeado and the Tocantins, becoming the legal successor for all intents and purposes. The balances of assets and liabilities and the corresponding net assets taken over by the subsidiary Lajeado, originating from the equities of the subsidiary EDP Lajeado and of the subsidiary Tocantins, are presented below: Assets Current 94,058 Noncurrent Long-term assets 22,154 Investments 426,124 Property, plant and equipment 44 Intangiible assets 460,924 2 - Presentation of the financial statements These financial statements were approved at a Senior Management Meeting on February 23, 2010 and are presented with amounts expressed in thousands of Reais, except when otherwise indicated, and prepared in conformity with accounting practices adopted in Brazil, based on the provisions of Corporation Law, of the Pronouncements, Guidelines and Interpretations issued by the Committee of Accounting Pronouncements, on the rules established by the Securities Commission - CVM and specific legislation enacted by the Brazilian Electricity Regulatory Agency - ANEEL. The main accounting practices adopted in the preparation of these financial statements correspond to the rules and guidelines that are in force for financial statements as of and for the year ended December 31, 2009, which will be different from those to be used in the preparation of financial statements as of and for the year ending December 31, 2010, as described in Note 3.1 below. The Company and its subsidiaries adopt the chart of accounts contained in the Accounting Manual of the Public Electric Energy Service, created by Resolution nº 444, of October 26, 2001, determinations of Order SFF/ANEEL nº 4,722 of December 18, 2009 and subsequent updates. As a result of the exchange of the previous subsidiary Enersul with assets of Grupo Rede, the statements of income and of cash flows and the notes, contained in the financial statements as of December 31, 2009 and 2008, include the balances and transactions by the full consolidation method of the previous subsidiary Enersul, up to August 31, 2008, of the new subsidiaries Tocantins Energia and Lajeado Energia as from September 1, 2008 and, for the subsidiary Investco, up to August 31, 2008 by the proportional consolidation method and, as from September 1, 2008, by the full consolidation method. 2.1 – Reclassifications and prior-period adjustments Before Merger Balance on Merger Merger effects After Merger Parent company Tocantins EDP Lajeado Elimination 887,092 42,981 6,594 78,888 3 78,891 The following reclassifications, for purposes of comparability, were made in the amounts previously presented in the financial statements as of December 31, 2008: 57,024 38 1,312 341,769 168 569,107 911,044 (164,285) (375,963) (540,248) Effects CVM nº 319 (note 1.2) 127,827 - Parent company 194,063 157,887 682,496 215 654,068 1,336,779 Total 1,003,304 128,466 969,380 (540,248) 127,827 1,688,729 Liabilities and Shareholders' equity Current 78,031 Noncurrent 37,307 683 48,895 50,165 1,525 128,879 Shareholders' equity 887,966 78,888 917,690 (540,248) 127,827 1,472,123 Total 1,003,304 128,466 969,380 (540,248) 127,827 1,688,729 87,727
EDP – ENERGIAS DO BRASIL S.A. NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 (Amounts expressed in thousands of Reais, unless otherwise indicated) • The subsidiary Escelsa reclassified from the Memorandum account of variation of installment "A" costs to Other accounts payable in Current liabilities and non-current liabilities the sum of R$8,164 and R$32,859 respectively, referring to Other regulatory liabilities. The sum of R$2,261 was also reclassified in non-current liabilities from Other accounts payable to the account of regulatory and sector charges; • The subsidiary Bandeirante reclassified in non-current liabilities, in Other accounts payable to the account of Regulatory and sector charges the sum of R$586 relating to research and development; • The subsidiary Enerpeixe reclassified the balance of financial investments, realized as guarantee of the loan agreements with BNDES, of the O&M contract and of the short-term energy (CCEE) from the account of Cash and cash equivalents to Collaterals and restricted deposits, in the sum of R$ 51,631; • PIS/COFINS credit - as of this year the Company and its subsidiaries started to classify the deductible credits from the bases of PIS and of COFINS, determined under the terms of Laws nºs 10,637/02 and 10,833/03, as deduction of Operating expenses, previously recorded in the group of Deductions from Revenue and for comparative purposes, they performed prior-year reclassifications the effects of which are demonstrated below: Operating revenues • Projects under development - according to the guidelines of CPC04 the balances of 2008 relating to projects under development were reclassified from Property, plant and equipment to intangible assets, as demonstrated below: 3 - Summary of significant accounting policies Enertrade EDP Lajeado Energest Bandeirante Escelsa Enersul Consolidated Taxes and contributions on revenue 64,256 8,585 2,163 116,663 73,235 28,762 293,664 Electricity cost Electricity purchased for resale (63,009) (876) (1,870) (90,429) (60,481) (24,588) (241,253) Electricity netw ork use change (1,247) (1,417) (293) (25,926) (12,751) (4,169) (45,803) Rent expenses Other operating costs - (6,292) - (308) (3) (5) (6,608) Total - - - - - - - Noncurrent 3.1 - Rules and interpretations of rules that are not yet in force Reclassification PIS/Cofins - Year ended December 31, 2008 Reclassification projects under development - Year ended December 31, 2008 CESA Energest Investco Pantanal Santa Fé Consolidated Property, plant and equipment (776) (14,481) (12,450) (518) (1,725) (29,950) Intangible 776 14,481 12,450 518 1,725 29,950 Total - - - - - - In the convergence process of accounting practices adopted in Brazil to International Financial Reporting Standards ("IFRS"), several pronouncements were issued during the year 2009 with mandatory application for fiscal years started on or after January 1, 2010. In addition to those, other rules and interpretations were also published that alter accounting practices adopted in Brazil, within the convergence process with International Standards. The Standards below are only those that could (or should) impact the Company's financial statements in a more relevant manner. Under the terms of the new Standards, the amounts of the year 2009, presented herein, should be restated for comparative purposes, upon the publication of the financial statements of the year 2010. The Company did not adopt the Standards in advance in the year ended December 31, 2009. 39
Page 1 and 2: EDP - Energias do Brasil S.A. and s
Page 3 and 4: 3 2009 MANAGEMENT REPORT income amo
Page 5 and 6: REGULATORY ENVIRONMENT TARIFF REVIE
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Page 9 and 10: EXPANSION OF CAPACITY DISTRIBUTION
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