December

Transcription

December

Banco Nacional de Desenvolvimento
Econômico e Social - BNDES
(Convenience Translation into English from the
Original Previously Issued in Portuguese)
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(Convenience Translation into English from the Original Previously Issued in Portuguese)
BANCO NACIONAL DE DESENVOLVIMENTO ECONÔMICO E SOCIAL - BNDES AND SUBSIDIARIES
BALANCE SHEETS AS AT DECEMBER 31,
(In thousands of Brazilian reais – R$)
BNDES
Note
CURRENT ASSETS
2011
2010
Consolidated
2011
2010
71,630,739
64,145,085
101,847,004
1,178
8,009
5,821
15,897
CASH AND CASH EQUIVALENTS
87,949,656
INTERBANK INVESTMENTS
Foreign exchange portfolio
Repurchase agreements
Interbank deposits
6
6.1
6.2
6.3
5,365,875
19,745
302,703
5,043,427
10,113,958
1,689,615
24,343
8,400,000
5,365,875
19,745
302,703
5,043,427
10,113,958
1,689,615
24,343
8,400,000
SECURITIES
Exclusive investment fund quotas
Government securities
Shares and warrants
Available-for-sale debentures
Held-to-maturity debentures
Allowance for losses - Debentures
Derivatives - exchange and interest rate
Derivatives - variable income
7
7.3
18,746,682
814,345
17,623,750
242,404
48,964
(234)
17,453
-
10,912,556
1,825,135
8,714,855
369,769
1,964
833
-
19,525,389
1,310,694
17,623,750
132,946
246,311
48,964
(234)
17,453
145,505
13,520,620
3,965,698
8,714,855
82,144
370,029
1,964
833
385,097
20,333,116
28
20,371,416
16,677,423
3,693,993
-38,328
19,334,313
25
19,404,776
15,701,790
3,702,986
-70,488
47,684,057
28
47,859,923
44,165,930
3,693,993
(175,894)
38,493,550
25
38,670,859
34,967,873
3,702,986
-177,334
23,206,646
23,406,781
21,908,082
617,005
881,694
-200,135
20,213,924
20,518,811
18,954,611
778,353
785,847
-304,887
24,082,488
24,407,531
22,908,832
617,005
881,694
(325,043)
21,442,578
21,835,401
20,271,201
778,353
785,847
-392,823
3,393,607
81,427
(31)
290,569
49,727
1,067,723
142,136
1,611,218
150,838
3,277,949
141,210
(306)
252,406
160,066
997,577
139,679
1,443,486
143,831
4,599,739
226,132
(30,399)
90,774
(5,214)
369,069
425,131
1,222,809
573,986
1,611,218
116,233
4,077,594
225,272
(1,766)
209,125
(1,798)
491,818
422,025
725,545
471,148
1,443,486
92,739
583,635
9,624
574,011
284,376
10,934
273,442
583,635
9,624
574,011
285,459
10,934
274,525
NONCURRENT ASSETS
532,067,585
456,709,081
522,979,918
461,070,306
LONG-TERM ASSETS
443,226,754
364,929,886
505,650,289
449,446,999
49,972,399
12,052,401
1,258,985
2,959,005
(3,077)
33,705,085
-
28,329,367
6,756,733
1,935,075
2,716,905
-2,670
16,923,324
-
136,840,647
82,294,266
12,097,139
5,803,129
(67,907)
2,124,340
33,705,085
884,595
132,493,071
95,909,599
13,694,731
3,775,348
-3,331
2,022,829
16,923,324
170,571
196,608,639
196,979,248
171,661,271
25,317,977
(370,609)
173,449,247
174,081,600
150,200,231
23,881,369
-632,353
159,697,521
160,412,665
135,094,688
25,317,977
(715,144)
141,743,688
142,650,190
118,768,821
23,881,369
-906,502
188,368,701
189,993,200
180,437,351
1,367,471
8,188,378
-1,624,499
154,113,858
156,438,360
148,434,315
2,051,953
5,952,092
-2,324,502
194,054,242
196,489,583
186,933,734
1,367,471
8,188,378
(2,435,341)
159,895,202
162,633,480
154,629,435
2,051,953
5,952,092
-2,738,278
15.1
8.1
8.2
8.2.4
27
27
INTERBANK ACCOUNTS
Restricted loans
Interbank onlendings
Unrestricted funds
Funds - PIS/PASEP
Allowance for losses
9
LENDING OPERATIONS
Loans
Unrestricted funds
Funds - PIS/PASEP
Funds – Merchant Marine Fund
9
OTHER RECEIVABLES
Credit sale of securities
Allowance for losses - credit sale of securities
Receivables
Allowance for losses – receivables
Tax credits
Recoverable and prepaid taxes
Dividends and interest on capital receivable
Escrow deposits
Receivables – Eletrobrás
Others
10
10
10
10
22.2
22.1
12
14
13
14
OTHER ASSETS
Other assets
Prepaid expenses
SECURITIES
Shares and warrants
Available-for-sale debentures
Held-to-maturity debentures
Allowance for losses – debentures
Investment fund shares
Government securities
Derivatives - variable income
7
15.1
8.1
8.2
8.2.4
7.4
27
INTERBANK ACCOUNTS
Unrestricted funds
Funds - PIS/PASEP
9
LENDING OPERATIONS
Loans
Unrestricted funds
Funds - PIS/PASEP
Funds - Merchant Marine Fund
9
OTHER RECEIVABLES
Tax credits
Credit sale of securities
Allowance for losses - credit sale of securities
Receivables
Allowance for losses – receivables
Receivables - National Treasury
Interest on capital and dividends receivable
Receivables – Eletrobrás
Tax incentives
22.2
10
10
10
10
31
12
13
8,277,015
1,972,759
936,336
(352)
3,608,287
1,611,218
148,767
9,037,414
415,720
919,105
-1,988
1,784,273
5,728,708
191,596
15,057,879
2,759,437
1,050,750
(152,937)
958,930
(12,881)
7,830,901
660,705
1,611,218
351,756
15,315,038
870,426
1,054,650
-8,491
2,512,600
-36,987
3,547,589
1,183,848
5,728,708
462,695
INVESTMENTS
Investments in subsidiaries and associates
Investments in other companies
Other investments
15
15.2
15.2
15.2
88,684,876
88,542,679
100,000
42,197
91,639,873
91,496,545
100,000
43,328
17,173,674
17,031,477
100,000
42,197
11,483,985
11,340,657
100,000
43,328
115,136
98,488
115,136
98,488
40,819
40,834
40,819
40,834
603,698,324
520,854,166
624,826,922
549,019,962
PROPERTY AND EQUIPMENT IN USE
INTANGIBLE ASSETS
TOTAL ASSETS
The accompanying notes are an integral part of these financial statements.
3
BALANCE SHEETS AS AT DECEMBER 31,
BNDES
Note
CURRENT LIABILITIES
DEPOSITS
2010
2011
2010
22,315,793
13,394,568
24,594,583
17,083,009
269
FUNDING OPERATIONS
17
INTERBRANCH ACCOUNTS
Third-party funds in transit
7,808,271
7,808,271
477
477
PAYABLES RELATED TO DEBENTURES
Consolidated
2011
269
10,025
10,025
477
477
269
10,025
10,025
20
602,413
1,558,310
854,407
19
19.1
19.1
4,330,806
370,538
95,062
1,994
93,068
2,758,320
1,872,204
1,908
878,471
5,737
1,106,886
5,126,130
362,147
585,571
585,571
3,342,124
1,676,679
872,680
787,689
5,076
836,288
4,328,898
370,538
95,062
1,994
93,068
2,756,412
1,872,204
878,471
5,737
1,106,886
6,693,525
362,147
585,571
585,571
4,909,519
4,116,754
787,689
5,076
836,288
5,333,582
3,126,571
2,125,771
1,000,800
721,861
75,116
84,027
1,262
25,093
7,754
48,067
48,834
11,471
12,591
759,070
411,865
4,041,939
2,423,581
1,850,716
572,865
59,676
1,229
21,634
6,523
30,535
41,771
10,839
119,223
881,923
445,005
6,658,341
3,131,295
2,125,771
1,005,524
1,204,609
125,533
81,164
84,027
1,265
33,484
131,312
70,954
94,036
17,951
12,591
96,338
759,070
814,712
5,856,761
2,429,549
1,850,716
578,833
551,960
110,111
96,265
7,059
28,875
128,862
42,690
58,189
16,308
119,223
483,569
881,923
902,178
799,853
799,853
682,551
682,551
799,853
799,853
682,551
682,551
3,440,122
3,440,122
3,440,122
2,985,471
2,985,471
2,985,471
3,440,122
3,440,122
3,440,122
2,985,471
2,985,471
2,985,471
NON-CURRENT LIABILITIES
520,370,106
441,560,333
539,219,914
466,037,688
DEPOSITS
Special deposits - FAT
18.2
21,046,590
21,046,590
21,573,637
21,573,637
21,046,590
21,046,590
21,573,637
21,573,637
PAYABLES RELATED TO DEBENTURES
20
BORROWINGS AND ONLENDINGS
Domestic borrowings
Foreign borrowings
Syndicated loans
Bonuses
Domestic onlendings
National Treasury
Subsidiaries
Merchant Marine Fund
Other
Foreign onlendings - multilateral institutions
19
19.1
19.1
BORROWINGS AND ONLENDINGS
Domestic borrowings
'Foreign borrowings
Synidcated loans
Bonuses
Domestic onlendings
National Treasury
Subsidiaries
Merchant Marine Fund
Others
Foreign onlendings - multilateral institutions
19.1
19.1
19.1
19.1
OTHER PAYABLES
Financial and development funds
PIS/PASEP Fund
Others
Taxes on income
Other taxes
Linked to foreign exchange transactions
Dividendos e juros sobre o capital próprio a pagar
Labor and civil provisions
Accounts payable – FAPES
Linked to the National Treasury
Provision for employee retirement program
Deferred taxes
Actuarial liabilities – FAMS
Derivatives - enxchange and interest rate
Derivatives - variable-income
Deferred deposit obligations
Others
16
22.1
23
28
31
30
22.2
28
27
27
HYBRID DEBT/EQUITY INSTRUMENTS
National Treasury
32
SUBORDINATED DEBTS
FAT - constitutional
Others subordinated debt
18.1
10,496,977
11,872,515
19.1
327,121,797
4,979,140
8,415,829
562,740
7,853,089
300,895,882
292,241,594
86,931
8,540,817
26,540
12,830,946
263,017,844
5,112,146
6,669,600
6,669,600
239,549,435
233,122,244
109,234
6,288,555
29,402
11,686,663
329,919,715
4,979,140
8,415,829
562,740
7,853,089
303,693,800
295,126,443
8,540,817
26,540
12,830,946
265,493,140
5,112,146
6,669,600
6,669,600
242,024,731
235,706,773
6,288,555
29,403
11,686,663
16
31,773,353
29,556,445
29,556,445
30,534,577
28,976,891
28,976,891
43,002,943
29,556,445
29,556,445
46,843,094
28,976,891
28,976,891
519,001
118,928
115,082
604,264
35,602
164,809
702,158
723,397
436,664
892,087
886,849
9,805,343
673,575
654,509
115,082
761,510
52,453
15,609,074
19.1
19.1
19.1
OTHER PAYABLES
Financial and development funds
PIS/PASEP Fund
Others
Accounts payable – FAPES
Derivatives - enxchange and interest rate
Derivatives - variable-income
Actuarial liabilities – FAMS
Provision for employee termination program
Deferred taxes
HYBRID DEBT/EQUITY INSTRUMENTS
National Treasury
Other hybrid debt and equity instruments
Debt eligible for capitalization
SUBORDINATED DEBTS
FAT - constitutional
Others subordinated debt
Debt eligible for capitalization
541,730
160,597
436,664
706,772
371,145
32
12,975,445
12,975,445
5,999,999
6,975,446
12,551,465
12,551,465
4,932,695
7,618,770
12,975,445
12,975,445
5,999,999
6,975,446
12,551,465
12,551,465
4,997,966
7,553,499
121,778,244
121,778,244
95,843,740
25,934,504
107,703,837
107,703,837
88,795,176
18,908,661
121,778,244
121,778,244
95,853,606
25,924,638
107,703,837
107,703,837
88,764,881
18,938,956
61,012,425
29,557,415
6,783,092
9,260,368
1,296,394
115,236
2,723,829
5,124,909
15,411,550
(1,684,314)
17,095,864
65,899,265
29,557,415
7,045,298
843,997
61,215
1,442,602
4,697,484
29,296,552
61,012,425
29,557,415
6,783,092
9,260,368
1,296,394
115,236
2,723,829
5,124,909
15,411,550
(1,684,314)
17,095,864
65,899,265
29,557,415
7,045,298
843,997
61,215
1,442,602
4,697,484
29,296,552
520,854,166
624,826,922
24
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
603,698,324
4
6,178,973
28
23
27
27
28
30
22.2
18.1
SHAREHOLDERS' EQUITY
Capital
Capital increase
Earnings reserves
Legal reserve
Tax incentives reserve
Future capital increase reserve
Reserve for operating margin
Valuation adjustments to equity
Own assets
Associates’ and subsidiaries’ assets
5,674,677
548,183
311
7,808,271
7,808,271
93,189
29,203,363
93,189
29,203,363
549,019,962
BANCO NACIONAL DE DESENVOLVIMENTO ECONÔMICO E SOCIAL - BNDES E SUAS CONTROLADAS
INCOME STATEMENTS FOR THE SIX-MONTH PERIOD ENDED DECEMBER, 31 2011
AND YEARS ENDED DECEMBER 31,
(In thousands of Brazilian reais - R$)
BNDES
Note
INCOME FROM FINANCIAL INTERMEDIATION
Lending operations and interbank onlendings
. Domestic currency
. Foreign currency
Income from securities
Income from transactions linked to the National Treasury
Income from fund and program management
Income (loss) from sale of fixed-income securities
2nd six-month
period of 2011
Consolidated
Year
2011
2nd six-month
period of 2011
2010
Year
2011
2010
28,451,053
40,733,716
28,028,442
30,226,396
44,079,108
31,238,858
11,340,694
12,647,443
3,115,996
1,144,183
202,737
-
21,777,001
10,845,359
5,646,570
2,120,932
343,854
-
17,958,566
1,155,291
7,049,941
1,364,791
499,853
-
10,920,912
12,672,819
3,918,883
2,510,901
202,881
-
21,106,005
10,923,661
6,965,974
4,739,569
343,899
-
18,366,606
1,232,662
8,373,959
2,761,538
499,813
4,280
(24,564,415)
(33,527,373)
(18,541,303)
(26,627,122)
(36,873,404)
(21,348,134)
(12,606,141)
(12,601,155)
111,957
(690)
522,026
9,588
(23,943,688)
(10,183,073)
(691,072)
(1,324)
1,272,216
19,568
(19,989,806)
(416,348)
(1,148,053)
(4,157)
3,032,062
(15,001)
(14,004,250)
(12,600,081)
111,957
(8,337)
(135,999)
9,588
(26,728,405)
(10,181,999)
(691,072)
(8,971)
717,475
19,568
(22,616,022)
(416,679)
(1,148,053)
(4,157)
2,851,778
(15,001)
GROSS PROFIT FROM FINANCIAL INTERMEDIATION
3,886,638
7,206,343
9,487,139
3,599,274
7,205,704
9,890,724
OTHER OPERATING INCOME (EXPENSES)
Equity in subsidiaries and associates
Net inflation adjustment of assets and liabilities – SELIC
Goodwill amortization
Reversal (recognition) of allowance for investment adjustments
Income from dividends
Income from interest on capital
Income (loss) from sale of variable-income securities
Gain (loss) on derivatives - floating rate
Other income from equity interest
Reversal (recognition) of civil and labor provisions
Tax expenses
Personnel expenses
Administrative expenses
Other operating income
Other operating expenses
244,826
827,187
2,810
159,002
(38,700)
(188,552)
(381,357)
(179,583)
285,563
(241,544)
3,276,822
4,085,319
3,457
-75,490
557,693
10,729
(43,901)
(351,076)
(656,555)
(307,465)
563,560
(509,449)
2,930,683
4,054,643
-38,465
74,882
22,536
(381,331)
(656,436)
(211,412)
489,985
(423,719)
1,230,790
500,180
257,583
4,562
605,122
1,496,044
149,350
(353,748)
(1,131)
(46,948)
(345,306)
(598,263)
(268,055)
108,858
(277,458)
4,857,837
1,213,236
488,058
(126,158)
1,225,978
2,943,216
1,730,659
(23,486)
(1,475)
(65,495)
(653,161)
(1,029,714)
(463,323)
187,097
(567,595)
4,468,210
439,349
107,386
(29,793)
(144,395)
635,639
1,667,902
3,238,442
351,346
(2)
26,436
(592,512)
(976,985)
(306,629)
531,317
(479,291)
4,131,464
10,483,165
12,417,822
4,830,064
12,063,541
14,358,934
(214,323)
(139,389)
67,496
(807,193)
(499,449)
(52,081)
(1,516,709)
(925,493)
44,438
(582,750)
(315,302)
(43,729)
(1,647,454)
(859,228)
(389,382)
(2,622,985)
(1,384,089)
(279,231)
3,845,248
9,124,442
10,020,058
3,888,283
9,167,477
10,072,629
(76,508)
(76,508)
(106,736)
(119,543)
(119,543)
(159,307)
NET INCOME BEFORE PROFIT SHARING
3,768,740
9,047,934
9,913,322
3,768,740
9,047,934
9,913,322
EARNINGS PER SHARE (R$ / SHARE)
0.600719
1,442
1,580
EXPENSES ON FINANCIAL INTERMEDIATION
Funding operations – financing and onlendings
. Domestic currency
. Foreign currency
Gains (losses) on derivatives - enxchange and interest rate
Expenses on transactions linked to the National Treasury
Reversal (recognition) of the allowance for losses
Income (losses) on foreign Exchange portfólio
26
15
INCOME BEFORE TAXES ON INCOME
Income tax
Social contribution
Deferred income and social contribution taxes – net of realization
INCOME BEFORE PROFIT SHARING
Profit sharing
22
22
22
5
BANCO NACIONAL DE DESENVOLVIMENTO ECONÔMICO E SOCIAL
STATEMENT OF CHANGES IN EQUITY FOR THE
YEAR ENDED DECEMBER 31, 2011
Valuation adjustments
to equity
Earnings reserves
Capital
As of January 1, 2011
Capital
Legal
Tax incentive
Future capital
Reserve for
Own
Associates’ and
Accumulated
increase
reserve
reserve
increase reserve
operating margin
assets
subsidiaries’ assets
Profits
29,557,415
6,783,092
843,997
61,215
1,442,602
4,697,484
Capital increase (Note 24)
-
-
-
-
Reversal of the operating margin reserve (Note 24)
-
-
-
-
-
-
Dividends
-
-
-
-
-
-
Prepayment of interest on capital
-
-
-
-
-
-
-
-
-
-
-
-
Net income
-
-
-
-
-
-
(4,697,484)
93,189
29,203,363
Total
-
65,899,265
-
6,783,092
-
-
-
-
4,697,484
-
-
(4,697,484)
(1,777,503)
(12,107,499)
-
(4,697,484)
(13,885,002)
-
-
9,047,934
9,047,934
-
-
(452,397)
(54,021)
(2,135,380)
(1,281,227)
(5,124,909)
(2,135,380)
-
Allocation of profits (Note 24):
. Legal reserve
. Tax incentives reserve
. Interest on capital
. Future capital increase reserve
. Reserve for operating margin
As of December 31, 2011
Changes in the period
29,557,415
-
6,783,092
6,783,092
452,397
-
54,021
-
1,281,227
-
5,124,909
1,296,394
452,397
115,236
54,021
2,723,829
1,281,227
5,124,909
427,425
6
(1,684,314)
(1,777,503)
17,095,864
(12,107,499)
-
61,012,425
(4,886,840)
SIX-MONTH PERIOD ENDED DECEMBER 31, 2011
to equity
Earnings reserves
Capital
increase
Capital
As of July 1, 2011
29,557,415
Legal
reserve
6,400,000
383,092
Tax incentive
reserve
843,997
Future capital
increase reserve
61,215
Reserve for
operating margin
1,442,602
Own
assets
497,484
-
-
-
-
Reversal of the operating margin reserve (Note 24)
-
-
-
-
-
-
Dividends
-
-
-
-
-
-
-
-
-
-
-
-
Net income for the semester
-
-
-
-
-
-
-
-
(497,484)
Associates’ and
(1,235,577)
22,519,702
Accumulated
Profits
5,279,194
-
-
-
-
497,484
-
-
(497,484)
(448,737)
(5,423,838)
-
-
Total
65,366,032
383,092
(497,484)
(5,872,575)
-
-
3,768,740
3,768,740
-
-
(452,397)
(54,021)
(2,135,380)
(1,281,227)
(5,124,909)
(2,135,380)
-
(5,279,194)
61,012,425
(4,353,607)
. Legal reserve
. Tax incentives reserve
. Interest on capital
. Future capital increase reserve
. Reserve for operating margin
29,557,415
-
6,783,092
383,092
452,397
-
54,021
-
1,281,227
-
5,124,909
1,296,394
452,397
115,236
54,021
2,723,829
1,281,227
5,124,909
4,627,425
7
(1,684,314)
(448,737)
17,095,864
(5,423,838)
YEAR ENDED DECEMBER 31, 2010
Capital reserve
Capital
As of January 1, 2010
Prior-year adjustments
20,260,881
-
Tax incentive
Legal
Tax incentive
Future Capital
Reserve for
Own
reserve
reserve
reserve
increase reserve
operating margin
assets
106,631
-
9,296,534
to equity
Earnings reserves
(106,631)
1,519,676
(1,182,918)
99,708
(58,678)
Associates’ and
Accumulated
Profits
Total
1,701,914
3,814,428
109,463
15,343
-
-
-
-
-
-
-
-
-
4,768,035
-
-
(4,768,035)
(748,307)
(953,607)
(3,814,428)
231,449
-
27,628,044
231,449
7,200,000
Reversal of reserves
-
-
-
-
Supplementary dividendss (Note 24)
-
-
-
-
-
-
-
-
-
-
-
-
Net income
-
-
-
-
-
-
-
-
9,913,322
9,913,322
-
-
507,239
-
20,185
-
1,442,602
-
4,697,484
-
-
(738,365)
(771,600)
(1,967,296)
(507,239)
(20,185)
(1,442,602)
(4,697,484)
(738,365)
(771,600)
(1,967,296)
-
843,997
(675,679)
61,215
(38,493)
1,442,602
(259,312)
4,697,484
883,056
(16,274)
29,188,020
-
(4,768,035)
29,171,746
. Payments to shareholder
Prepayment of interest on capital
Supplementary interest on capital
Prepayment of dividends
Legal reserve
Tax incentives reserve
Reserve for operating margin
29,557,415
9,296,534
(106,631)
8
93,189
(16,274)
29,203,363
29,188,020
-
65,899,265
38,271,221
BANCO NACIONAL DE DESENVOLVIMENTO ECONÔMICO E SOCIAL - BNDES AND ITS SUBSIDIARIES
STATEMENTS OF CASH FLOWS FOR THE SIX-MONTH PERIOD ENDED DECEMBER, 31 2011
AND YEARS ENDED DECEMBER 31,
(In thousands of Brazilian reais - R$)
BNDES
2nd six-month
period of 2011
Year
2nd six-month
period of 2011
CONSOLIDATED
Year
2011
2011
2010
3,768,740
(776,330)
9,047,934
(3,391,255)
9,913,322
(4,250,194)
3,768,740
1,197,372
9,047,934
1,974,764
9,913,322
1,034,773
Recognition (reversal) of allowance for losses
(522,026)
Recognition (reversal) of civil and labor provisions
38,700
Recognition (reversal) of allowance for adjustments to investments
(827,187)
Gain (loss) on investments sold
Adjustment to fair value on exchange of shares
Depreciation
10,432
Realization (recognition) of provision for current and deferred income tax and social contribution, net 286,216
Inflation adjustment of obligations through debentures issued
237,535
(1,272,216)
43,901
75,490
(4,085,319)
19,414
1,358,723
468,752
(3,032,062)
(22,536)
(4,054,643)
14,689
2,397,764
446,594
135,999
46,948
(4,562)
(500,180)
16,301
941,781
561,085
(717,475)
65,495
126,158
(1,213,236)
(357,295)
(4,481)
30,335
2,896,064
1,149,199
(2,851,778)
(26,436)
144,395
(439,349)
(1,056,349)
21,924
29,793
4,286,305
926,268
(5,041,388)
(41,613,295)
7,438,746
(1,472,342)
29,556,756
345,430
7,808,271
295,792
(7,174,491)
(226,255)
(23,163,068)
(60,092,903)
(28,016,610)
139,268
67,388,645
541,282
7,808,271
1,366,730
(11,797,472)
(500,279)
(6,236,275)
(80,675,926)
(2,524,519)
(2,597,226)
121,794,351
845,100
(13,740,763)
(16,639,060)
(10,542,640)
(2,155,592)
(7,466,912)
(49,412,143)
6,378,501
(4,787,298)
36,162,162
345,430
7,808,271
1,132,314
(4,622,981)
(471,168)
(25,067,084)
(63,049,696)
(30,493,278)
(3,783,669)
74,177,889
541,282
7,808,271
1,805,795
(10,834,641)
(1,239,037)
(14,991,291)
(75,245,389)
(19,040,919)
(13,995,580)
123,116,295
845,100
(13,740,763)
(2,841,709)
(9,474,089)
(4,614,237)
Net cash provided by (used in) operating activities
(2,048,978)
(17,506,389)
(573,147)
(2,500,800)
(14,044,386)
(4,043,196)
Cash flows from investing activities
. Additions to property, plant and equipment
. Additions to intangible assets
.Purchase of investments
. Sale of investments
. Dividends received from associates
Net cash provided by (used in) investing activities
(20,977)
(7,330)
(28,307)
(36,914)
(10,053)
4,056,098
4,009,131
(19,105)
(33,767)
(100,128)
965,961
812,961
(20,977)
(7,330)
(82,813)
3,601
217,623
110,104
(36,914)
(10,053)
(720,406)
15,882
553,175
(198,316)
(19,105)
(33,767)
(133,556)
1,565,129
495,108
1,873,809
6,992,767
(2,549,908)
(464,724)
3,978,135
14,529,058
(5,878,686)
(918,818)
7,731,554
11,163,252
(2,548,925)
(679,460)
7,934,867
6,992,767
(2,549,908)
(532,107)
3,910,752
14,529,058
(5,878,686)
(1,820,833)
6,829,539
11,163,252
(2,548,925)
2,025,000
(783,616)
9,855,711
Net decrease in cash
1,900,850
(5,765,704)
8,174,681
1,520,056
(7,413,163)
7,686,324
Changes in financial position
At beginning of six-month period / year
Cash and cash equivalents (1)
4,280,548
4,280,548
11,947,102
11,947,102
3,772,421
3,772,421
5,162,334
5,162,334
14,095,553
14,095,553
6,409,229
6,409,229
At the end of the six-month period/year
Cash and cash equivalents (1)
6,181,398
6,181,398
6,181,398
6,181,398
11,947,102
11,947,102
6,682,390
6,682,390
6,682,390
6,682,390
Net decrease in cash
1,900,850
-
(5,765,704)
0
8,174,681
0
1,520,056
0
(7,413,163)
0
Cash flows from operating activities
Net income
Items not affecting cash outlay
Changes in assets and liabilities
. Increase in financing, net
. Increase in securities, net
. Decrease / (increase) in other assets, net
. Increase in loans and onlendings, net
. Increase in hybrid capital instrument, net
. Decrease in repurchase agreements, net
. Decrease in other liabilities, net
. Interest on borrowings and onlendings
. Income tax and social contribution paid
Cash flows from financing activities
. Increase in subordinated debt
. Payment of dividends
. Issue of debentures
. Repayment of debt through debentures issued
Net cash provided by financing activities
(1) Includes cash and cash equivalents and quotas of Banco do Brasil exclusive investment fund
9
2010
14,095,553
14,095,553
7,686,324
-0
STATEMENT OF VALUE ADDED FOR THE SEMESTER ENDED DECEMBER, 31 2011
AND THE YEARS ENDED DECEMBER 31,
BNDES
2nd six-month
period of 2011
CONSOLIDATED
Year
2011
2010
2nd six-month
period of 2011
Year
2011
2010
REVENUES
Financial intermediation
Other operating income
Reversal (recognition) of allowance for losses
29,261,452
28,451,053
288,373
522,026
42,583,678
40,733,716
577,746
1,272,216
31,512,024
28,028,442
451,520
3,032,062
29,993,726
30,226,396
-96,671
-135,999
46,689,378
44,079,108
1,892,795
717,475
37,529,776
30,908,241
3,769,757
2,851,778
EXPENSES
Other operating expenses
25,366,685
25,086,441
280,244
35,352,939
34,799,589
553,350
21,974,548
21,573,365
401,183
26,557,946
26,491,123
66,823
37,735,911
37,590,879
145,032
23,893,211
23,517,949
375,262
136,923
15,522
121,401
0
306,485
23,543
207,452
75,490
166,935
25,448
141,487
0
198,194
23,240
179,516
-4,562
472,552
35,223
311,171
126,158
386,474
37,456
204,623
144,395
3,757,844
6,924,254
9,370,541
3,237,586
8,480,915
13,250,091
10,432
10,432
19,414
19,414
14,689
14,689
16,301
16,301
30,335
30,335
21,924
21,924
3,747,412
6,904,840
9,355,852
3,221,285
8,450,580
13,228,167
986,189
827,187
159,002
4,643,012
4,085,319
557,693
4,129,525
4,054,643
74,882
2,601,346
500,180
2,101,166
5,382,430
1,213,236
4,169,194
2,742,890
439,349
2,303,541
INPUTS PURCHASED FROM THIRD PARTIES
Material, electric power and other
Outside services
Loss of assets
GROSS VALUE ADDED
RETENTIONS
Depreciation
NET VALUE ADDED PRODUCED BY ENTITY
VALUE ADDED RECEIVED IN TRANSFER
Dividends and interest on capital
ADDED VALUE TO DISTRIBUTE
4,733,601
100.0%
11,547,852
100.0%
13,485,377
100.0%
5,822,631
100.0%
13,833,010
100.0%
15,971,057
100.0%
VALUE ADDED FOR DISTRIBUTION
Personnel and payroll charges
- Direct compensation
- Benefits
- FGTS
- Others
Taxes, fees and contributions
- Federal
- Municipal
Leases
Profit sharing
Interest on capital and dividends
Retained earnings
4,733,601
327,257
221,701
75,965
24,419
5,172
532,073
528,590
3,483
29,023
76,508
2,135,380
1,633,360
100.0%
6.9%
11,547,852
565,747
403,920
109,205
42,552
10,070
1,806,561
1,796,673
9,888
51,102
76,508
2,135,380
6,912,554
100.0%
4.9%
13,485,377
567,245
395,820
121,505
40,119
9,801
2,873,617
2,864,991
8,626
24,457
106,736
3,477,261
6,436,061
100.0%
4.2%
5,822,631
512,375
344,862
121,277
38,155
8,081
1,376,625
1,373,107
3,518
45,348
119,543
2,135,380
1,633,360
100.0%
8.8%
13,833,010
885,271
628,131
174,918
66,487
15,735
3,700,415
3,687,964
12,451
79,847
119,543
2,135,380
6,912,554
100.0%
6.4%
15,971,057
842,031
585,577
181,948
59,879
14,627
5,019,894
5,008,936
10,958
36,503
159,307
3,477,261
6,436,061
100.0%
5.3%
11.2%
0.6%
1.6%
45.1%
34.6%
15.6%
0.4%
0.7%
18.5%
59.9%
21.3%
0.2%
0.8%
25.8%
47.7%
10
23.6%
0.8%
2.1%
36.7%
28.0%
26.8%
0.6%
0.9%
15.4%
49.9%
31.4%
0.2%
1.0%
21.8%
40.3%
BANCO NACIONAL DE DESENVOLVIMENTO ECONÔMICO E
SOCIAL – BNDES AND SUBSIDIARIES
NOTES TO THE INDIVIDUAL AND CONSOLIDATED
FINANCIAL STATEMENTS
For the years ended December, 31 2011 and 2010
(Amounts in millions of Brazilian reais - R$, except otherwise indicated)
1.
General Information
1.1) History
Banco Nacional de Desenvolvimento Econômico e Social - BNDES (“BNDES” or the
“Bank”) was established on June 20, 1952, under Law Nº 1,628, as a government
agency. Subsequently, according to Law Nº 5,662 and Decree Nº 68,786, both of June
21, 1971, the BNDES was converted into a state-owned company under private law,
subject to general budget and accounting rules and specific regulations established by
the National Monetary Council (CMN).
1.2) Purposes and activities
The BNDES Group is the Federal Government’s main instrument to grant long-term
loans, focused on incentives to domestic private enterprise.
The BNDES’ structure is designed to promote national development and job creation
by prioritizing:
• infrastructure investments;
• investments in base inputs to revive industrial growth;
• exports;
• local technology;
• support to small and medium businesses; and
• continental integration within South America
In addition to operating as a development bank, the BNDES has an important role in
the design of national development policies and pinpointing solutions for structural
issues of the Brazilian economy.
The BNDES also operates through its wholly-owned subsidiaries BNDES Participações
S.A. - BNDESPAR, which invests in local companies by subscribing shares and convertible
debentures, and Agência Especial de Financiamento Industrial - FINAME, which supports
the expansion and modernization of Brazilian industry by financing the purchase of
machinery and equipment and export of capital goods and services, and BNDES Limited, a
company based in London, England, whose business purpose is to act as a holding company
for investments in securities in any country, thus contributing to the internationalization of
Brazilian companies. BNDES Limited is in its preoperating stage.
11
2.
Basis of Preparation and Presentation of Financial Statements
The consolidated financial statements of BNDES include its wholly-owned subsidiaries:
BNDES Participações S.A. – BNDESPAR, Agência Especial de Financiamento Industrial –
FINAME – and BNDES Limited. These financial statements have been prepared in
accordance with Brazilian Corporate Law (Law Nº 6,404, of December 15, 1976), including
the changes introduced by Law Nº11,638, of December 28, 2007 and Law Nº 11,941, of
May 27, 2009, in conformity with the regulations issued by the Central Bank of Brazil
(BACEN), the standards issued by the Brazilian Securities and Exchange Commission
(CVM), where not conflicting with BACEN’s regulations, and are presented in conformity
with the Standard Chart of Accounts for Financial Institutions (COSIF).
The financial statements of BNDESPAR, a wholly-owned subsidiary of BNDES, for the
year ended December 31, 2011 have been prepared in accordance with accounting practices
adopted in Brazil, applicable to financial institutions authorized to operate by the Central
Bank of Brazil, supplemented by the new pronouncements, interpretations and guidelines
issued by the Accounting Pronouncements Committee (CPC) approved through December
31, 2011 by the Brazilian Securities and Exchange Commission (CVM). The effects of
adopting these pronouncements as regards the mark-to-market of financial instruments have
been incorporated to BNDES’s financial statements as prescribed by Central Bank of Brazil
Circulars Nº 3,068/2001 and Nº3,082/2002. The financial statements are complemented by
the adoption of the CPCs by subsidiary BNDESPAR.
In compliance with the process of convergence with International Financial Reporting
Standards (IFRS), the Accounting Pronouncements Committee (CPC) issued several
pronouncements related to the process of international accounting convergence; however,
the majority of such pronouncements have not been approved by the BACEN. Accordingly,
in preparing its financial statements, the Bank adopted the following pronouncements
already approved by the BACEN:
a)
b)
c)
d)
CPC-01 – Impairment of Assets - approved by BACEN Resolution Nº 3,566/08;
CPC 03 - Statement of Cash Flows - approved by BACEN Resolution Nº 3,604/08.
CPC 05 - Related-party Disclosures – approved by BACEN Resolution Nº 3,750/09;
CPC 25 - Allowances for losses, Contingent Liabilities and Contingent Assets –
approved by BACEN Resolution Nº 3,823/09; and
e) CPC 24 – Event after the Reporting Period – approved by BACEN Resolution Nº
3,973/11.
Standards approved through December 31, 2011 that are mandatory for adoption beginning
January 1, 2012:
f)
CPC 10 – Share-based payment – approved by BACEN Resolution Nº 3,989/11;
12
g) CPC 23 – Accounting Policies, Changes in Accounting Estimates and Errors –
approved by BACEN Resolution Nº 4,007/11;
Currently, it is not possible to estimate when the BACEN will approve the other accounting
pronouncements issued by the CPC and whether they will be used on a prospective or
retrospective basis. The financial statements are complemented by the adoption of the CPCs
by subsidiary BNDESPAR.
The BNDES consolidated financial statements were approved by the Board of Directors on
February 7, 2012.
3.
Consolidation criteria
The consolidated financial statements include the BNDES and its wholly-owned
subsidiaries FINAME, BNDESPAR and BNDES Limited. The consolidation of the balance
sheet and statement of income corresponds to the horizontal sum of assets, liabilities,
revenues and expenses, according to their nature, with the following eliminations:
(i) intercompany investments, reserves and retained earnings.
(ii) balances of transactions between the BNDES and its subsidiaries and other
intercompany receivables and/or payables.
(iii) intercompany revenues, expenses and profits of intercompany operations that were not
realized in the period.
(iv) taxes on unrealized profit and stated as deferred taxes in the consolidated balance sheet.
4.
Summary of significant accounting practices
4.1) Results of operations
Operations with fixed rates are stated at redemption amount, and income and expenses
for future periods are recorded as a reduction of related assets and liabilities and
recognized in income as incurred. Operations with floating rates or indexed to foreign
currencies are adjusted through the balance sheet date.
Other income and expenses are recognized on the accrual basis, observing the daily
pro rata basis for those of a financial nature.
4.2) Interbank investments
Stated at cost plus income earned through the balance sheet dates, less valuation
allowance, when applicable.
13
4.3) Securities and derivatives
According to Central Bank of Brazil Circular Letter Nº 3,068/01, of November 8,
2001, and Law Nº 11,638/07, securities in the portfolio are classified into one of the
following three categories, according to Management’s intention, as follows:
a) trading securities;
b) available-for-sale securities; and
c) held-to-maturity securities.
Trading securities and available-for-sale securities are stated at fair value on the
balance sheet date, and held-to-maturity securities are stated at cost plus income
earned through the balance sheet date.
Adjustments to fair value of trading securities are recorded against the related income
or expense account in the statement of income for the period.
Adjustments to fair value of securities classified as available-for-sale are recorded in a
separate caption in shareholders’ equity, net of taxes, and are transferred to the
statement of income upon realization through the definitive sale of the respective
securities.
Investments in investment funds are appreciated on a daily basis and, therefore,
already adjusted to fair value, with counterpart accounts registered in income.
Derivatives consisting of swap and futures market transactions are recorded under the
following criteria:
- Swap transactions: the notional amounts are recognized in memorandum accounts
and the differentials receivable or payable are recorded in assets or liabilities,
respectively, and allocated as prorated income or expense through the balance sheet
date.
- Futures market transactions – amounts in reference are recorded in memorandum
accounts and amounts receivable and/or payable relating to daily adjustments are
recorded in balance sheet accounts against statement of income accounts. These
transactions are settled on a daily basis.
The Central Bank of Brazil set forth, through Circular Letter Nº 3,082/2002, criteria for
measuring and classifying derivatives.
At the balance sheet date, derivatives are stated at fair value, and the appreciation or
depreciation of non-hedge derivatives or non-market risk hedge derivatives is included
in income or expense accounts in the statement of income.
14
4.4) Loans, interbank onlendings, debentures, credit sale of securities, receivables, and
allowance for loan losses
Loans, interbank onlendings, debentures, credit sale of securities and receivables are
classified according to the Management’s risk assessment, taking into consideration the
economic situation, past experience and specific risks related to the operation, debtors
and guarantors, according to the parameters established by Central Bank of Brazil
Resolution Nº 2,682/99, which requires a periodic analysis of the portfolio and its
classification in nine levels, in which AA is minimum risk and H is maximum risk.
Income from transactions (loans and interbank onlendings) past due for more than 60
days, regardless of their risk level, is only recorded as income when actually received.
Transactions classified as level H, if past-due, remain in this classification for six
months, after which they are written off against the recorded allowance and controlled,
for at least five years, in memorandum accounts, with no record in the balance sheet.
Renegotiated operations remain at least at the same risk level in which they were
classified. Renegotiated loans that had already been written off against the allowance
and that were recorded in memorandum accounts are classified as level H, and
possible gains resulting from the renegotiation are only recognized in income when
realized.
The allowance for loan losses, considered sufficient by Management, complies with
the criteria established by the Central Bank of Brazil – through Resolution Nº 2,682.
4.5) Investments
Investments in associated companies, considered those entities over which the Bank
has significant influence, under Law Nº 11,941/09, are stated under the equity method.
Other investments are stated at cost and, when applicable, adjusted to their realizable
value.
For applying the equity method of accounting, the BNDES System uses the associates’
financial statements not adjusted up to 60 (sixty) days, as permitted by the Brazilian
Corporate Law and accounting pronouncements, as using financial statements as of the
same reporting date would be impracticable. This is due to the fact that the associates
are not part of the BNDES System, their accounting function is not integrated and,
ultimately, time is required to perform closing procedures. As a result, information
cannot be provided on a timely basis.
15
The declared dividends and interest on capital for investments accounted for under the
equity method are recorded as a reduction of the related equity interests. Dividends
and interest on capital measured at acquisition cost are recorded directly in the
statement of income.
Goodwill on the acquisition of investments, whose economic basis are not identified,
is fully amortized. Goodwill from expected future earnings are tested for impairment,
as prescribed by Resolution Nº3,566 issued by the Central Bank of Brazil (BACEN)
on May 29, 2008.
The negative goodwill resulting from the acquisition of investments, whose economic
basis is not identified (for other economic reasons) will be written off upon the sale of
the investments.
After applying the equity method of accounting, BNDESPAR assesses the need to
recognize any additional impairment loss on the total net investment in each associate,
including goodwill, if any, by comparing its carrying amount and its recoverable
amount (net sales value less the higher of selling costs or value in use). Investments
are tested for impairment semiannually or when there is any indication that the
investment might be impaired.
To determine the recoverable amount, the net sales value of each associate is
determined based on a) the trading price on the BM&FBovespa, less probable selling
costs, for investments in companies whose shares are listed on stock exchanges; or b)
pricing models based on multiples or discounted cash flows, for investments in
companies whose shares are not listed on stock exchanges. The value in use is
determined by calculating the present value of expected earnings (dividends and
interest on capital), plus the expected residual value for future sale of the associate.
The financial information of associates accounted for the equity method of accounting
is summarized in Note 9.
4.6) Property and equipment
Stated at acquisition cost, less accumulated depreciation calculated under the straightline method based on the estimated useful lives of the assets.
4.7) Deferred charges
Stated at acquisition or formation cost, less accumulated amortization calculated under
the straight-line method.
16
4.8) Monetary adjustment of receivables and payables
Receivables and payables legally or contractually subject to exchange rate variation or
indices are adjusted through the balance sheet dates. The counterpart entries of these
adjustments are recorded in the statement of income for the period.
4.9) Recognition of actuarial assets and liabilities
a) Pension plan
The BNDES and its subsidiaries offer their employees a supplementary pension
plan. The plan is funded by contributions to a trust fund, calculated using periodic
actuarial calculations. The plan is a defined benefit plan.
Actuarial assets, determined by outside actuaries, are not recognized as assets of
the sponsor because it is not possible to offset such amounts against future
contributions, as set forth by the pension fund regulations.
The liability recognized in balance sheet is the present value of the defined
benefit obligation at the balance sheet date, less the fair value of plan assets, as
adjusted by actuarial gains or losses and unrecognized past service costs. The
defined benefit obligation is calculated annually by independent actuaries based
on the Projected Unit Credit Method. The present value of the defined benefit
obligation is determined by discounting estimated future cash outflows, using
interest rates consistent with market yields, which are denominated in the
currency the benefits will be paid and whose maturities are those of the related
pension plan obligation.
Debts contracted between the BNDES and the pension plan are considered in the
determination of an additional liability related to the future contributions that are
not recoverable.
Actuarial gains and losses arising from adjustments based on the experience and
changes in actuarial assumptions that exceed 10% of the amount of the plan’s
assets or 10% of the plan’s liabilities are deducted from or credited to income or
loss over the expected remaining service period of the employees.
b) Health care plan
The BNDES and its subsidiaries offer a postretirement health care benefit to their
employees. The right to these benefits is usually contingent to their remaining in
employment until the retirement age and the completion of the minimum length of
service. The expected costs of these benefits are accumulated during the employee
period, and are calculated using the same accounting method used for defined
benefit pension plans.
17
Actuarial gains and losses arising from adjustments based on the experience and
changes in actuarial assumptions, that exceed 10% of the amount of the plan’s
assets or 10% of the plan’s liabilities, are deducted from or credited to income or
loss over the expected remaining service period of the employees. These
obligations are annually valued by qualified independent actuaries.
c)
Severance benefits
The BNDES and its subsidiaries recognize severance benefits when it can be
evidenced that the entities are committed to the dismissal of current employees
according to an detailed formal plan, which cannot be suspended or canceled, or
the grant of severance benefits as a result of an offer made to encourage voluntary
dismissal.
d) Profit sharing
The BNDES and its subsidiaries recognize a profit sharing liability and expense
(stated in line item ‘Employee profit sharing’ in the income statement). The
BNDES recognizes an accrual for profit sharing when it is contractually obliged
or when there is a past practice that created a constructive obligation.
4.10) Income and social contribution taxes
The provision for income tax is recorded based on book income, adjusted for additions
and deductions set forth by tax legislation at the rate of 15%, plus a 10% surtax on
taxable income exceeding R$20 thousand in the month (R$240 thousand for the year).
Social contribution for the BNDES and FINAME was recognized at a rate of 15% and
9% for BNDESPAR.
Deferred income and social contribution taxes on temporary additions are recorded in
line item ‘Tax credits’.
4.11) Accounting estimates
The preparation of financial statements in accordance with Brazilian accounting
practices and regulations of the Central Bank of Brazil and the Brazilian Securities
and Exchange Commission requires Management to use judgment in determining and
recording accounting estimates. Assets and liabilities subject to these estimates and
assumptions include the allowance for loan losses, provision for contingencies,
accrued taxes, and realization of tax credits. Real results could differ from those
estimates.
18
4.12) Civil and Labor Provisions
The recognition, measurement, and disclosure of contingent assets and contingent
liabilities are made according to the criteria defined set forth by Resolution CMN Nº
3,823/09 and CVM Resolution Nº 594/09, which approve CPC 25, issued by the
Accounting Pronouncements Committee (CPC).
Basically, CPC Nº 25 addresses the following issues:
•
•
•
Contingent assets: are not recognized in financial statements unless the realization
of income is virtually certain, then the related asset is not a contingent asset and its
recognition is required.
Contingent liabilities: are not recognized in financial statements and instead a brief
description is disclosed for each type of contingent liability and, where practicable:
(i) an estimate of its financial effect, (ii) an indication of the uncertainties relating
to the amount or timing of any outflow; and (iii) the possibility of any
reimbursement. Contingent liabilities for which the possibility of any outflow in
settlement is remote are not disclosed.
Provision: it is a present obligation recognized as a liability, provided that a reliable
estimate can be made and it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation.
In light of the nature of the lawsuits, their similarity with previous lawsuits, their
complexity, applicable jurisprudence, and procedural statuses, the lawsuits are
classified into three risk categories: maximum, medium, and minimum, taking into
account the possibility of the incurring a loss, based on the opinion of the Bank’s inhouse and external legal counsel.
Based on the expected loss, the policy adopted to classify lawsuits were as follows:
Minimum risk: all lawsuits in lower courts and all appealed favorable lower court
and first appellate court decisions, depending on the appealed issue, are classified in
this category.
Medium risk: lawsuits with an unfavorable lower court or first appellate court
decision for which there is the possibility of reversing the outcome in light of the issue
appealed are classified in this category.
Maximum risk: lawsuits with an unfavorable lower court or first appellate court
decision, and other lawsuits whose outcome, in light of the issue appealed, will be
hardly reversed are classified in this category.
19
In order to align the Bank’s policy with the standards described above, the following
adjustments were made:
Legal criteria
Possibility of loss
Accounting impact
Minimum risk
Medium risk
Maximum risk
remote
possible
probable
N/A
disclose
Accrued 100%
Contingent assets are not recognized in the bank’s financial statements and are
disclosed only when management is certain of their realization or a favorable final and
unappealable court decision is issued or the possibility of an inflow of economic
benefits is high.
4.13) Capital
Dividends
The distribution of dividends to a single shareholder is recognized as a liability in the
financial statements at the end of the reporting period, based on the mandatory
minimum amount set forth in BNDES’ bylaws, which corresponds to 25% of the
adjusted net income after recognition of the legal reserve and tax incentive reserve.
Any amount above the minimum mandatory dividend is only accrued on the date it is
approved by the Board of Directors.
5.
Cash and cash equivalents
R$ thousand
2011
BNDES
Interbank investments (note 6)
Securities
Exclusive funds’ units (note 7.3)
20
As of December 31
2010
2011
2010
Consolidated
1,178
8,009
5,821
15,897
5,365,875
10,113,958
5,365,875
10,113,958
814,345
1,825,135
1,310,694
3,965,698
6,181,398
11,947,102
6,682,390
14,095,553
6. Interbank investments
6.1) Investments in foreign exchange portfolio
As of December 31, 2011, the balance of these current transactions amounted to
R$19.7 (R$1,689.6 as of December 31, 2010).
6.2) Resale agreements
The BNDES carried out purchases of securities under resale agreements (over-thecounter market); these securities are current and backed by federal government
securities, amounting to R$302.7 as of December 31, 2011 (R$24.3 as of December
31, 2010).
6.3) Interbank deposits
Since 2008 the BNDES has conducted short-term transactions registered with CETIP.
As of December 31, 2011, the balance of investments in interbank deposits was
R$5,043.4 (R$8,400 as of December 31, 2010).
7. Securities
7.1) By nature and maturity
R$ thousand
BNDES
Without
maturity
Own portfolio
Trading securities:
Public sector:
Exclusive investment fund shares
National Treasury bills – LFT
National Treasury notes – LTN
National Treasury notes – NTN-B
Available-for-sale securities:
Public sector:
Debentures
National Treasury bills - LFT
National Treasury notes – NTN-F
Stocks
Private sector:
Debentures
Stocks,
814,345
814,345
Up to
3 months
4,748,194
5,004,718
112,651
9,865,563
3 to 12
months
1 to 3
years
-
3 to 5
years
-
5 to 15
years
Over
15 years
Total
-
-
814,345
- 4,748,194
- 5,004,718
112,651
- 10,679,908
11,916,263
213,946
- 1,929,724
53,119
96,401
286,212
-
32,069
343,588
- 1,004,228
- 1,349,329
886,980
-
2,700,967
4,768,524
-
589,603
- 1,004,228
- 1,929,724
8,238,892 12,438,708
- 5,941,716
- 11,916,263
136,138
12,052,401
28,458
359,967
196,582
596,559 2,011,301 1,279,016 2,893,727
326,779
7,796,270
911,786
136,138
8,238,892 34,868,166
21
R$ thousand
BNDES
Without
maturity
Held-to-maturity securities:
Public sector:
Debentures
National Treasury notes – F Series – NTN-F
Private sector:
Debentures
Up to
3 months
3 to 12
months
1 to 3
years
3 to 5
years
5 to 15
years
Over
15 years
Total
-
5,299,971
16,019
14,151
-
131,280
-
550,098
-
1,573,265
5,184,271
- 2,270,662
1,973,890 1,988,041
- 10,484,242
-
2,064
5,302,035
30,881
61,051
24,988
679,374
156,268 1,229,472
6,757,536
737,307
1,973,890 15,480,252
-
-
55,448
55,448
-
-
-
7,365,529
7,365,529
7,420,977
7,420,977
Derivatives
-
17,453
-
-
-
-
-
17,453
Linked to guarantees:
Held-to-maturity securities (public sector):
Treasury bills – A Series
-
5,402
16,205
27,008
-
-
-
48,615
Linked to assignment (public):
Held-to-maturity securities
National Treasury notes – B Series – NTN-B
-
-
1,555
-
-
-
205,466
207,021
Linked to repurchase agreements:
Public sector:
TOTAL
12,866,746 15,787,012 2,145,560 1,462,292 4,123,199 14,553,806
17,783,777 68,722,392
Allowance for losses – Debentures – Private sector
Allowance for losses – Debentures – Public sector
Total allowance for losses – Debentures
(155)
(3,156)
(3,311)
TOTAL
68,719,081
Current
Non-current
Total
18,746,682
49,972,399
68,719,081
R$ thousand
BNDES
Without
maturity
Own portfolio:
Trading securities:
Public sector:
National Treasury notes / NTN-B
Public sector:
Debentures
Stocks,
Private sector:
Debentures
Stocks,
Up to
3 months
1,825,135
- 4,992,576
104,299
1,825,135 5,096,875
3 to 12
months
1 to 3
years
-
135,102
- 1,090,852 1,847,843
10
22,884
106,501
6,672,597
3 to 5
years
-
5 to 15
years
-
321,751
363,029
899,563
467 1,269,173
853,809 1,243,673
-
234,667 512,813
375,570
84,136
6,756,733 1,197,363 2,240,496 1,688,840 4,151,008
22
Over
15 years
-
Total
-
1,825,135
4,992,576
104,299
6,922,010
- 1,092,367
-
819,882
899,563
2,938,695
2,384,901
2,203,983
6,672,597
- 1,484,962
361,912
84,136
361,912 1,092,367 17,488,719
R$ thousand
BNDES
Without
maturity
Public sector:
Debentures
Private sector:
Debentures
Up to
3 months
3 to 12
months
1 to 3
years
3 to 5
years
5 to 15
years
Over
15 years
Total
-
277,308
253,289
-
32,039
-
-
1,964
279,272
253,289
153,231
185,270
Linked to guarantees (public sector):
National Treasury bills – LFT – A Series
-
4,823
14,470
38,584
4,823
-
-
62,700
Derivatives
-
833
-
-
-
-
-
833
TOTAL
899,017 1,021,507
- 6,438,471
- 5,082,394
-
1,952,563
6,691,760
5,359,702
766,306
611,111
899,017 6,715,012 6,438,471 14,770,331
8,581,868 6,579,166 2,508,255 1,912,694 5,054,848 7,076,924 7,530,838 39,244,593
(767)
(1,903)
(2,670)
Total
39,241,923
Current
Long Term
Total
10,912,556
28,329,367
39,241,923
R$ thousand
Own portfolio:
Trading securities:
Public sector:
National Treasury bills – LTN
Public sector:
Debentures
Stocks
National Treasury bills – LTN
National Treasury notes / NTN-F
Private sector:
Debentures
Stocks
Public sector:
Debentures
Private sector:
Debentures
Without
maturity
Up to
3 months
1,310,694
1,310,694
4,748,194
5,004,718
112,651
9,865,563
Consolidated
1 to 3
3 to 5
years
years
3 to 12
months
-
-
5 to 15
years
Over
15 years
Total
-
-
-
1,310,694
4,748,194
5,004,718
112,651
11,176,257
170,043
343,589
- 1,004,228
- 1,349,329
886,980
-
2,700,967
4,768,524
8,238,892
-
727,578
38,165,422
1,004,228
1,929,724
12,438,708
5,941,716
38,165,422
-
213,946
- 1,929,724
53,119
96,401
286,212
2,124,340
44,261,790
84,551,552
273
32,092 2,709,915 3,650,260 3,537,826
596,832 2,014,935 3,766,938 6,347,406 11,007,317
1,685,506 11,615,872
2,124,340
- 44,261,790
9,924,398 118,209,378
-
5,299,971
16,019
14,151
-
139,913
-
818,332
-
1,931,831
5,184,271
1,973,890
-
2,906,095
1,988,041
10,484,242
-
2,064
5,302,035
30,881
61,051
24,988 1,401,718
164,901 2,220,050
1,486,347
8,602,449
1,973,890
2,945,998
18,324,376
23
R$ thousand
Without
maturity
Available-for-sale securities
Public sector
Up to
3 months
Consolidated
1 to 3
3 to 5
years
years
3 to 12
months
5 to 15
years
Over
15 years
Total
-
-
55,448
55,448
-
-
-
7,365,529
7,365,529
7,420,977
7,420,977
National Treasury bills – LFT – A Series – LFT-A
-
5,402
16,205
27,008
-
-
-
48,615
Linked to assignment (public)
-
-
1,555
-
-
-
205,466
207,021
145,505
17,453
-
609,227
129,328
146,040
-
1,047,553
Derivatives
86,007,751 15,787,285 2,149,194 4,568,074 8,696,784 19,755,806 19,469,283 156,434,177
(63,777)
(4,364)
(68,141)
Total
156,366,036
Current
Non-current
Total
19,525,389
136,840,647
156,366,036
R$ thousand
Consolidated
Sem
Vencimento
Own portfolio:
Trading securities:
Public sector:
Treasury bills – LFT
Public sector:
Shares and subscription warrants
Debentures
Private sector:
Debentures
Stocks
Public sector:
Debentures
Private sector:
Debentures
Derivatives
Até
3 meses
3,965,698
- 4,992,576
104,299
3,965,698 5,096,875
3 a 12
meses
1a3
anos
-
54,902,741
135,102
- 1,090,852 1,847,843
10
22,884
106,501
-
3a5
anos
-
5 a 15
anos
Acima de
15 anos
-
-
-
3,965,698
4,992,576
104,299
9,062,573
459,724
363,029
899,563
467 1,269,173
853,809 1,243,673
-
1,092,367
-
54,902,741
957,855
899,563
2,938,695
2,384,901
2,203,983
260
234,667 1,826,906 3,549,379 2,786,052
41,089,002
2,022,829
98,014,572 1,197,623 2,240,496 3,140,906 7,324,817 2,786,052
-
277,308
253,289
-
-
1,964
279,272
253,289
385,097
833
-
24
Total
32,039
-
4,709,641 13,106,905
- 41,089,002
2,022,829
5,802,008 120,506,474
946,571 1,491,483
- 5,082,394
6,438,471
-
2,470,093
6,691,760
5,359,702
153,231
540,913
611,111
185,270 1,487,484 7,184,988
6,438,471
1,307,219
15,828,774
-
556,501
170,571
-
-
R$ thousand
Consolidated
Sem
Vencimento
National Treasury bills – LFT – A Series
Até
3 meses
3 a 12
meses
1a3
anos
3a5
anos
5 a 15
anos
Acima de
15 anos
Total
4,823
14,469
38,585
4,823
62,700
102,365,367 6,579,426 2,508,254 3,535,332 8,817,124 9,971,040 12,240,479 146,017,022
(1,086)
(2,245)
(3,331)
Total
146,013,691
Current
Non-current
Total
13,520,620
132,493,071
146,013,691
7.2) Cost and fair values and breakdown by issuer
R$ thousand
BNDES
Own portfolio
Trading securities:
Public sector:
Public sector:
Debentures
Stocks
Private sector:
Debentures
Stocks
Held-to-maturity securities (1) :
Public sector:
Debentures
Private sector:
Debentures
2011
Cost
Fair value
64,068,655
61,028,326
Consolidated
2010
Cost
Fair value
39,027,351
39,181,060
2011
Cost
Fair value
126,518,221
147,710,011
2010
Cost
Fair value
145,785,017
145,397,821
814,298
4,747,909
96,988
5,022,098
10,681,293
814,345
4,748,194
112,651
5,004,718
10,679,908
1,825,135
4,992,996
90,609
6,908,740
1,825,135
4,992,576
104,299
6,922,010
1,310,630
4,747,909
96,988
5,022,098
11,177,625
1,310,694
4,748,194
112,651
5,004,718
11,176,257
-
-
9,049,296
9,062,573
580,728
15,806,879
1,004,092
1,921,297
11,765,957
5,940,440
589,603
11,916,263
1,004,228
1,929,724
12,438,708
5,941,716
682,676
6,845,044
899,563
2,946,967
2,249,942
2,132,991
819,882
6,672,597
899,563
2,938,695
2,384,901
2,203,983
718,701
44,727,918
1,004,092
1,921,297
11,765,957
5,940,440
727,578
38,165,422
1,004,228
1,929,724
12,438,708
5,941,716
820,649
55,075,188
899,563
2,946,967
2,249,942
2,132,991
957,855
54,902,741
899,563
2,938,695
2,384,901
2,203,983
781,693
106,024
37,907,110
911,786
1,506,961
136,138
84,136
34,868,166 17,348,280
1,484,962
84,136
17,488,719
11,747,510
2,124,340
17,065,965
97,016,220
11,615,872
2,124,340
44,261,790
118,209,378
13,669,816
2,022,829
41,089,002
120,906,947
13,106,905
2,022,829
41,089,002
120,506,474
2,270,662
1,988,041
10,484,242
2,270,662
1,988,041
10,484,242
1,952,563
6,691,760
5,359,702
1,952,563
6,691,760
5,359,702
2,906,095
1,988,041
10,484,242
2,906,095
1,988,041
10,484,242
2,470,093
6,691,760
5,359,702
2,470,093
6,691,760
5,359,702
737,307
15,480,252
737,307
15,480,252
766,306
14,770,331
766,306
14,770,331
2,945,998
18,324,376
2,945,998
18,324,376
1,307,219
15,828,774
1,307,219
15,828,774
(155)
(3,156)
(3,311)
(155)
(3,156)
(3,311)
(767)
(1,903)
(2,670)
(767)
(1903)
(2,670)
(63,777)
(4,364)
(68,141)
(63,777)
(4,364)
(68,141)
(1,086)
(2,245)
(3,331)
(1,086)
(2,245)
(3,331)
7,420,977
7,420,977
-
-
7,420,977
7,420,977
-
-
17,091
17,453
833
833
17,091
1,047,553
833
556,501
-
3,965,691
4,992,996
90,609
3,965,698
4,992,576
104,299
Held-to-maturity securities (Public sector)
Derivatives (Note 27)
25
R$ thousand
BNDES
Cost
Linked to guarantees:
Held-to-maturity securities (public sector):
Treasury bills – A Series
2011
Fair value
48,615
Linked to assignment (public):
Total
Consolidated
Cost
48,615
2010
Fair value
62,700
2011
Cost
62,700
2010
Fair value
48,615
Cost
48,615
Fair value
62,700
62,700
207,021
207,021
-
-
207,021
207,021
-
-
71,759,048
68,719,081
39,088,214
39,241,923
134,143,784
156,366,036
145,845,219
146,013,691
(1) Held-to-maturity securities are accounted for at cost, plus accrued earnings. With respect to fair values reported:
- The debentures correspond to a financial support rather than a short-term investment, as described in Note 8.2. For this reason, its fair value is equal to its adjusted
cost.
- To determine the fair value of National Treasury notes, the prices disclosed by the National Association of Financial Market Institutions (ANDIMA) were used.
R$ thousand
BNDES
Summary per issuer (net of allowance):
Cost
Public sector
Private sector
Total
2011
Fair value
70,117,088
1,641,960
71,759,048
66,916,552
1,802,529
68,719,081
Consolidated
Cost
2010
Fair value
36,730,745
2,357,469
39,088,214
2011
36,906,453
2,335,470
39,241,923
2010
Cost
Fair value
Cost
Fair value
100,306,657
33,837,127
134,143,784
94,434,260
61,931,776
156,366,036
87,756,606
58,088,613
145,845,219
87,932,321
58,081,370
146,013,691
7.3) Exclusive Investment Funds
As of December 31, 2011, the BNDES holds investments in exclusive funds managed
by Banco do Brasil and Caixa Econômica Federal, which are classified as trading
securities according to the Central Bank of Brazil Circular Letter Nº 3,068, of
November 8, 2001.
The Funds’ portfolio consists basically of government securities issued by the
National Treasury and under the custody of the SELIC (Special Settlement and
Custody System).
The breakdown of the Funds’ portfolio is as follows:
R$ thousand
As of December 31
BNDES
2011
Consolidated
BNDES
2010
Consolidated
BB Extramercado Fund (*)
ASSETS
Treasury bills - LFT
National Treasury bills - LTN
Securities
National Treasury notes – NTN – F
National Treasury notes – NTN - B
Other
LIABILITIES
Amounts payable
Sub total
BB GAIA FI RF Fund
26
2
6
2,012
6,017
638,314
2,439
710,746
2,439
806,858
1,709,040
84,349
1,770
514
2
727,390
508,299
1,770
514
3
1,223,777
413,098
-
1,647,610
-
1
1,221,969
2
3,362,669
(65)
(65)
(103)
(103)
(84)
(84)
(221)
(221)
727,325
1,223,674
1,221,885
3,362,448
R$ thousand
As of December 31
2011
Consolidated
BNDES
ASSETS
Securities
Other
LIABILITIES
Amounts payable
Sub total
2010
Consolidated
BNDES
4
4
4
4
4,320
4,320
13,879
13,879
35,614
1
39,939
35,614
1
39,939
64,071
77,954
64,071
77,954
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
39,934
39,934
77,949
77,949
-
-
2
2
47,089
47,089
47,089
47,089
525,307
525,309
525,307
525,309
(3)
(3)
(3)
(3)
(8)
(8)
(8)
(8)
FI Caixa Progresso Curto Prazo Fund
ASSETS
National Treasury notes - NTN
LIABILITIES
Amounts payable
Sub total
47,086
47,086
525,301
525,301
TOTAL
814,345
1,310,694
1,825,135
3,965,698
(*)
It includes BB Urano 2 Fund (FINAME) , BB Extramercado Exclusivo 23 FI RF Fund (BNDESPAR) and BB Milênio 28
FI Fixed-Income Fund (BNDES) with similar investment policies.
Breakdown of the securities included in the Funds’ assets per maturity:
R$ thousand
Number
Without
maturity
Up to
3 months
BNDES
3 to 12
1 to 3
3 to 5
5 to 15
months
years
years
years
Total
Fair
value
Cost
BB Extramercado Fund
Securities
129,837
2,565
-
638,314
2,439
-
-
-
-
638,314
2,439
638,314
2,439
16,800
1,704
237
-
640,753
-
83,345
514
83,859
1,004
1,770
2,774
-
84,349
1,770
514
727,386
84,345
1,732
509
727,339
862
-
4,320
-
-
-
-
4,320
4,320
7,093
-
4,320
-
24,650
24,650
5,021
5,021
5,943
5,943
35,614
39,934
35,614
39,934
BB GAIA FI RF Fund
Securities
27
R$ thousand
Without
maturity
Number
BNDES
3 to 12
1 to 3
3 to 5
5 to 15
months
years
years
years
Up to
3 months
Total
Fair
value
Cost
21,782
Total
-
47,089
47,089
-
-
-
-
47,089
47,089
47,089
47,089
-
692,162
-
108,509
7,795
5,943
814,409
814,362
R$ thousand
Number
Without
maturity
BNDES
3 to 12
1 to 3
3 to 5
months
years
years
Up to
3 months
5 to 15
years
Total
Fair value
Cost
Securities
179,710
-
806,858
-
-
-
-
806,858
806,858
91,844
-
806,858
-
15,743
15,743
370,368
370,368
26,987
26,987
413,098
1,219,956
413,099
1,219,957
3,091
-
13,879
-
-
-
-
13,879
13,879
14,245
-
13,879
607
607
4,093
4,093
48,128
48,128
11,243
11,243
64,071
77,950
64,069
77,948
262,402
-
-
-
525,307
525,307
-
-
525,307
525,307
525,307
525,307
-
820,737
607
545,143
418,496
38,230
1,823,213
1,823,212
BB GAIA FI RF Fund
Securities
Total
28
R$ thousand
Without
maturity
Number
Consolidated
3 to 12
1 to 3
3 to 5
5 to 15
months
years
years
years
Up to 3
months
Total
Fair value
Cost
Securities
195,992
2,565
-
710,746
2,439
-
-
-
-
710,746
2,439
710,746
2,439
101,233
1,704
237
-
713,185
-
272,327
514
272,841
117,393
1,770
119,163
118,579
118,579
508,299
1,770
514
1,223,768
508,283
1,732
509
1,223,709
862
-
4,320
-
-
-
-
4,320
4,320
7,093
-
4,320
-
24,650
24,650
5,021
5,021
5,943
5,943
35,614
39,934
35,610
39,930
21,782
-
47,089
47,089
-
-
-
-
47,089
47,089
47,089
47,089
-
764,594
-
297,491
124,184
124,522
1,310,791
1,310,728
BB GAIA FI RF Fund
Securities
Total
R$ thousand
Number
Without
maturity
Consolidated
3 to 12
1 to 3
3 to 5
months
years
years
Up to
3 months
5 to 15
years
Total
Fair value
Cost
Securities
380,706
-
1,709,040
-
-
-
-
1,709,040
1,709,040
366,312
-
1,565
1,710,605
62,677
62,677
319,203
319,203
1,186,713
1,186,713
77,452
77,452
1,647,610
3,356,650
1,647,605
3,356,645
3,091
-
13,879
-
-
-
-
13,879
13,879
14,245
-
13,879
607
607
4,093
4,093
48,128
48,128
11,243
11,243
64,071
77,950
64,069
77,948
262,402
-
-
-
525,307
525,307
-
-
525,307
525,307
525,307
525,307
-
1,724,484
63,284
848,603
1,234,841
88,695
3,959,907
3,959,900
BB GAIA FI RF Fund
Securities
Total
Under BACEN Circular Letter Nº 3,068, trading securities are classified in current assets
regardless of their maturities.
29
7.3) Mutual investment funds and interests
These investments are managed by private financial institutions. Shares of these funds
are assessed based on the quota’s value disclosed by the fund manager on the balance
sheet date.
R$ thousand
Fund
- PROT – Fund
- Brasil Energia – Fund
- Corporativo Brasil - Credit Rights Fund
- InfraBrasil – Fund
- AG Angra Infra-Estrutura – Fund
- Cia. Paulista Trens Metropolitanos Fund
- Logística Brasil – Fund
- Governança e Gestão Fund – FIPGG
- Caixa Modal Oleo e Gás Fund
- FIP Terra Viva - Fund
- Brascan de Petróleo e Gás Fund
- Brasil Mezanino Infra-estr Fund
- CRIATEC Fund
- Caixa Ambiental Fund
- BR Educacional Fund
- CRP VI Venture Mutual Fund
- RB Cinema I Fund
- Brasil Agronegócio Fund
- Vale Florestar Fund
- Brasil Sustentabilidade Fund
- Empreendedor Brasil Fund
Fund Manager
Mellon Serviços Financeiros Distribuidora de
Títulos Mobiliários S.A.
Banco Bradesco S.A
Credit Suisse Brasil
Banco ABN Amro Real S.A.
Banco Bradesco S.A
Banco Bradesco S.A
Banco Bradesco S.A.
Governança & Gestão Investimentos
Caixa Econômica Federal
DGF Gestão de Fundos Ltda
Banco Brascan S.A.
Darby Stratus Administração de Investimentos
Ltda
BNY Mellon Serviços Financeiros
Distribuidora de Títulos e Valores Mobiliários
S.A
Caixa Econômica Federal
BEM - Distribuidora de Títulos e Valores
Mobiliários Ltda.
CRP Companhia de Participações S.A
Rio Bravo Investimentos S.A.
Banco Bradesco S.A
Citibank Distribuidora de Titulos e Valores
Mobiliários S.A
Mobiliários Ltda.
Mobiliários Ltda.
- Other
Total
12/31/2011
12/31/2010
555,565
668,473
306,672
285,665
187,929
150,033
40,561
56,316
31,606
32,738
29,712
14,665
315,427
298,196
151,751
82,253
55,412
56,889
38,778
18,502
29,494
16,728
41,865
22,550
35,551
22,803
35,266
31,522
42,798
36,074
33,953
10,464
21,552
12,203
11,413
6,880
61,868
36,248
34,289
3,111
14,522
10,626
100,750
97,496
2,124,340
2,022,829
The investments in equity mutual funds are assessed based on the price of each fund’s
quota reported by the related managers, designated to income as adjustments to the
investment. There is no difference between the adjusted value and the fair value.
30
8.
Debentures
8.1) Available-for-sale debentures
Typically, the BNDES fosters, through subsidiary BNDESPAR, the development of
the stock market. The BNDES had no efforts aimed at supporting the development of
the Brazilian corporate debt market. Accordingly, in August 2006, the Bank
established rules applicable to the subscription of simple debentures through public
offering, and the trading of these securities in the secondary market to support both
new issues and the rollover of the assets purchased to increase local market liquidity.
The subscription of publicly-offered debentures is limited to low-risk transactions,
with the following features:
•
Subscription limited to 15% of the offering;
•
Industries supported by the BNDES;
•
Funds raised in order to finance:
-
fixed investments;
working capital;
expenses with R&D or other intangible assets;
mergers and acquisitions (where scale economies are material to drive
expansion of the company’s activities);
- financial restructuring, if considered a necessary step to permit subsequent
investments or partnerships.
•
Adoption of distribution and trading procedures that favor spreading securities
throughout the market, liquidity, also with the participation of market makers,
standardized clauses and corporate governance best practices.
The transactions in the secondary market should follow the competitiveness and pricing
transparency principles, giving preference to transactions conducted via electronic
platforms or, when a transaction is conducted using a non-electronic platform, to
transactions that are benchmarked to quotations available in electronic platforms.
Debentures with embedded derivatives, accounted for by BNDESPAR, were recognized
in the BNDES System based on BACEN Circular Letter Nº 3,082/2002, which requires
disclosing the derivatives separately from the main instrument.
31
The main instrument was designated as available for sale and the derivative is measured
at fair value and the effect is recognized as profit or loss.
R$ thousand
As of December 31
2011
1,501,389
10,842,061
12,343,450
BNDES balances
BNDESPAR balances
2010
2,304,844
11,759,916
14,064,760
8.2) Held-to-maturity securities
These debentures represent a type of financial support, rather than a financial
investment, contracted directly with the issuers and realized upon maturity. Due to the
characteristics of these securities, they are stated according to the standards defined by
Central Bank of Brazil Resolution Nº 2,682, as shown in Note 8.2.4.
8.2.1) Breakdown of held-to-maturity debentures:
R$ thousand
As of December 31
2011
BNDES
2010
Consolidated
BNDES
Consolidated
Gross amount
Net value
3,007,969
(3,311)
3,004,658
5,852,093
(68,141)
5,783,952
2,718,869
(2,670)
2,716,199
3,777,312
(3,331)
3,773,981
Current
Non-current
Total
48,730
2,955,928
3,004,658
48,730
5,735,222
5,783,952
1,964
2,714,235
2,716,199
1,964
3,772,017
3,773,981
8.2.2) Gross portfolio per sector:
R$ thousand
As of December 31
2011
BNDES
Public sector
Private sector
Industry
Other services (*)
2010
Consolidated
BNDES
Consolidated
2,270,662
2,906,094
1,952,563
2,470,093
24,988
712,319
737,307
142,004
2,803,995
2,945,999
91,610
674,696
766,306
91,610
1,215,609
1,307,219
3,007,969
5,852,093
2,718,869
3,777,312
Total
(*) Includes mining and telecommunication
32
8.2.3) Gross portfolio per maturity:
R$ thousand
As of December 31
2011
BNDES
Due in:
2012
2013
2014
2015
2016
After 2016
Total
Consolidated
48,964
24,988
131,280
550,098
679,374
1,573,265
3,007,969
48,964
24,988
139,913
1,302,919
917,132
3,418,177
5,852,093
R$ thousand
As of December 31
2010
BNDES
Due in:
2011
2012
2013
2014
2015
After 2015
Total
Consolidated
1,964
93,659
91,610
182,551
716,466
1,632,619
2,718,869
1,964
93,659
91,610
771,018
1,186,442
1,632,619
3,777,312
8.2.4) Breakdown of gross portfolio and allowance for credit risk by risk level:
R$ thousand
As of December 31
2011
Debentures
BNDES
Consolidated
%
Allowance
Allowance
BNDES
Consolidated
Risk level
Status
AA
Performing
2,449,837
2,843,617
0.00
-
-
A
Performing
454,119
2,065,102
0.50
2,271
10,326
B
Performing
104,013
104,013
1.00
1,040
1,040
C
Performing
-
722,345
3.00
-
21,670
E
Performing
-
117,016
30.00
-
35,105
Total
3,007,969
5,852,093
3,311
68,141
Current
Non-current
Total
48,964
2,959,005
3,007,969
48,964
5,803,129
5,852,093
234
3,077
3,311
234
67,907
68,141
33
R$ thousand
As of December 31
Risk
level
Situação
2010
%
Allowance
Debentures
BNDES
Consolidated
Allowance
BNDES
Consolidated
AA
Performing
2,252,970
3,179,118
0.00
-
-
A
Performing
397,890
530,185
0.50
1,990
2,651
B
Performing
68,009
68,009
1.00
680
680
Total
2,718,869
3,777,312
2,670
3,331
Current
Non-current
Total
1,964
2,716,905
2,718,869
1,964
3,775,348
3,777,312
2,670
2,670
3,331
3,331
8.2.5) Changes in the allowance for losses on debentures
R$ thousand
As of December 31
2011
BNDES
(2,670)
(641)
(3,311)
Balance at beginning of the period
(Recognition) reversal, net
Balance at end of the period
2010
BNDES
(81,451)
78,781
(2,670)
Consolidated
(3,331)
(64,810)
(68,141)
Consolidated
(265,926)
262,595
(3,331)
The effect on the statement of income is shown in note 26.
9.
Loans and interbank onlendings
9.1) Breakdown:
R$ thousand
As of December 31
2011
BNDES
2010
Consolidated
BNDES
Consolidated
Loans
213,399,981
(1,824,634)
211,575,347
220,897,114
(2,760,384)
218,136,730
176,957,171
(2,629,389)
174,327,782
184,468,881
(3,131,101)
181,337,780
217,350,664
(408,937)
216,941,727
208,272,588
(891,038)
207,381,550
193,486,376
(702,841)
192,783,535
181,321,049
(1,083,836)
180,237,213
Total
428,517,074
425,518,280
367,111,317
361,574,993
Current
Non-current
Total
43,539,734
384,977,340
428,517,074
71,766,517
353,751,763
425,518,280
39,548,212
327,563,105
367,111,317
59,936,103
301,638,890
361,574,993
34
9.2) Gross portfolio per currency:
R$ thousand
As of December 31
2011
BNDES
Subsidiaries
Other
Total
Local
currency
Foreign
currency
113,259,076
243,476,057
356,735,133
7,379,578
66,635,934
74,015,512
Consolidated
Local
currency
Total
120,638,654
310,111,991
430,750,645
Foreign
currency
351,983,735
351,983,735
77,185,967
77,185,967
Total
429,169,702
429,169,702
R$ thousand
As of December 31
2010
BNDES
Subsidiaries
Other
Total
Local
currency
Foreign
currency
94,047,006
215,959,386
310,006,392
7,247,643
53,189,512
60,437,155
Consolidated
Total
101,294,649
269,148,898
370,443,547
Local
currency
Foreign
currency
302,001,174
302,001,174
63,788,756
63,788,756
Total
365,789,930
365,789,930
9.3) Gross portfolio per sector
R$ thousand
As of December 31
2011
BNDES
Public sector
Private sector
Rural
Industry
Trade
Other services
Total
2010
BNDES
Consolidated
Consolidated
216,271,169
116,119,612
182,468,632
97,104,066
3,184,220
90,873,641
3,175,071
48,976,974
68,269,570
214,479,476
3,184,220
90,873,641
3,175,071
140,050,455
75,766,703
313,050,090
3,162,771
74,928,726
2,692,289
52,282,381
54,908,748
187,974,915
3,162,771
74,928,726
2,692,289
125,481,622
62,420,456
268,685,864
430,750,645
429,169,702
370,443,547
365,789,930
9.4) Gross portfolio by maturity:
R$ thousand
As of December 31
2011
BNDES
Past-due
Due in:
2012
2013
2014
2015
2016
After 2016
Total
35
Consolidated
587,530
587,530
43,190,667
33,111,564
41,670,029
40,360,618
35,118,656
236,711,581
430,750,645
71,679,924
56,051,001
43,621,907
34,063,722
21,463,585
201,702,033
429,169,702
R$ thousand
As of December 31
2010
BNDES
Past-due
Due in:
2011
2012
2013
2014
2015
After 2015
Total
Consolidado
169,044
550,824
39,754,543
32,748,070
25,601,241
31,722,021
29,879,293
210,569,335
370,443,547
59,955,436
51,066,854
37,794,066
27,885,319
19,662,891
168,874,540
365,789,930
9.5) Loans and interbank onlendings portfolio concentration:
R$ thousand
As of December 31
2011
BNDES
216,041,762
97,769,112
59,260,585
57,679,186
430,750,645
10 largest customers
50 next largest customers
Other customers
Total
Consolidated
166,173,862
126,763,070
68,457,929
67,774,841
429,169,702
R$ thousand
As of December 31
2010
BNDES
187,417,474
86,996,019
49,371,521
46,658,533
370,443,547
10 largest customers
Other customers
Total
Consolidated
141,617,216
112,978,830
55,848,110
55,345,774
365,789,930
9.6) Breakdown of portfolio and allowance for losses per risk level
The National Monetary Council established, through Resolution Nº 2,682 of
December 21, 1999, published by the Central Bank of Brazil, a system for recognizing
the allowance for loan losses. The rule, which defines the risk ratings for performing
and nonperforming loans and the related percentages, became effective in March
2000.
36
Therefore, the allowances for losses on performing and nonperforming loans and
interbank onlendings were as follows:
a)
Lending operations
R$ thousand
As of December 31
Lending operations
Consolidated
BNDES
2011
%
Allowance
Allowance
Consolidated
BNDES
Risk level
Status
AA
Performing
93,884,589
96,671,684
0.00
-
-
A
Performing
85,394,825
85,561,916
0.50
426,974
427,810
B
Performing
25,743,065
26,682,694
1.00
257,431
266,827
C
Performing
Nonperforming
5,982,332
3,845
5,986,177
6,558,176
3,845
6,562,021
3.00
3.00
179,470
115
179,585
196,745
115
196,860
D
Performing
831,320
831,320
10.00
83,132
83,132
E
Performing
Nonperforming
642,970
157,034
800,004
3,670,444
157,034
3,827,478
30.00
30.00
192,891
47,110
240,001
1,101,134
47,110
1,148,244
F
Performing
233,884
233,884
50.00
116,942
116,942
G
Performing
18,494
18,494
70.00
12,946
12,946
H
Performing
80,972
80,972
100.00
80,972
80,972
426,651
507,623
220,897,114
100.00
Total
426,651
507,623
213,399,981
426,651
507,623
1,824,634
426,651
507,623
2,760,384
Current
Non-current
Total
23,406,781
189,993,200
213,399,981
24,407,531
196,489,583
220,897,114
200,135
1,624,499
1,824,634
325,043
2,435,341
2,760,384
Nonperforming
37
R$ thousand
As of December 31
Lending operations
Consolidated
BNDES
2010
%
Allowance
Allowance
Consolidated
BNDES
Risk level
Status
AA
Performing
71,676,018
74,495,024
0.00
-
-
A
Performing
72,025,362
72,215,828
0.50
360,127
361,079
B
Performing
22,303,604
22,557,161
1.00
223,036
225,572
C
Performing
6,491,834
10,357,804
3.00
194,756
310,734
D
Performing
1,810,212
1,810,212
10.00
181,021
181,021
E
Performing
Nonperforming
1,000,763
46,684
1,047,447
1,000,763
46,684
1,047,447
30.00
30.00
300,229
14,005
314,234
300,229
14,005
314,234
F
Performing
Nonperforming
140,203
378
140,581
141,134
378
141,512
50.00
50.00
70,101
189
70,290
70,567
189
70,756
G
Performing
Nonperforming
587,259
36
587,295
587,259
36
587,295
70.00
70.00
411,082
25
411,107
411,082
25
411,107
H
Performing
Nonperforming
752,872
121,946
874,818
752,872
503,726
1,256,598
100.00
100.00
752,872
121,946
874,818
752,872
503,726
1,256,598
Total
176,957,171
184,468,881
2,629,389
3,131,101
Current
Non-current
Total
20,518,811
156,438,360
176,957,171
21,835,401
162,633,480
184,468,881
304,887
2,324,502
2,629,389
392,823
2,738,278
3,131,101
b) Interbank onlendings
R$ thousand
As of December 31
Consolidated
BNDES
2011
%
Allowance
Allowance
Risk level
Status
AA
Performing
157,647,616
59,000,473
0.00
-
-
A
Performing
53,197,172
136,357,234
0.50
265,985
681,785
B
Performing
6,341,056
12,647,755
1.00
63,411
126,478
C
Performing
87,917
189,873
3.00
2,638
5,697
F
Performing
-
350
50.00
-
175
H
Performing (*)
76,903
76,903
100.00
Total
217,350,664
208,272,588
408,937
891,038
Current
Non-current
Total
20,371,416
196,979,248
217,350,664
47,859,923
160,412,665
208,272,588
38,328
370,609
408,937
175,894
715,144
891,038
(*) See Note 9.8
38
BNDES
Consolidated
76,903
76,903
R$ thousand
As of December 31
Consolidated
BNDES
2010
%
Allowance
Allowance
Risk level
Status
BNDES
AA
Performing
138,417,052
59,245,620
0.00
-
-
A
Performing
50,041,202
110,322,846
0.50
250,206
551,614
B
Performing
4,501,768
11,022,551
1.00
45,017
110,225
C
Performing
122,409
305,570
3.00
3,673
9,167
E
Performing
-
16,011
30.00
-
4,804
F
Performing
-
850
50.00
-
425
H
Performing (*)
Nonperforming
403,945
403,945
407,601
407,601
100.00
100.00
403,945
403,945
407,601
407,601
Total
193,486,376
181,321,049
702,841
1,083,836
Current
Non-current
Total
19,404,776
174,081,600
38,670,859
142,650,190
70,488
632,353
177,334
906,502
193,486,376
181,321,049
702,841
1,083,836
Consolidated
(*) See Note 9.8
9.7) Changes in allowance for losses on loans and interbank onlendings
a) Lending operations
R$ thousand
As of December 31
2011
Balance at beginning of year
Write-offs against allowance
Balance at end of year
BNDES
(2,629,389)
660,216
144,539
(1,824,634)
Consolidated
(3,131,101)
(137,168)
507,885
(2,760,384)
2010
Consolidated
BNDES
(3,240,648)
(3,414,975)
471,269
143,846
139,990
140,028
(2,629,389)
(3,131,101)
b) Interbank onlendings
R$ thousand
As of December 31
2011
Consolidated
BNDES
(702,841)
(1,083,836)
293,904
192,798
(408,937)
(891,038)
2010
Consolidated
BNDES
(967,460)
(1,236,047)
264,619
152,211
(702,841)
(1,083,836)
The effect on the statement of income is shown in Note 26.
39
9.8) Allowance for onlendings under the PRONAF Program
As of December 31, 2007, onlendings under the National Family Farming
Strengthening Program (PRONAF) were classified as risk level H pursuant to
Resolution Nº 2,682/99 of the National Monetary Council (CMN). Such
reclassification was performed in accordance with article 2 of such Resolution,
given that such transactions are constantly renegotiated as required by the Federal
Government, with extended due dates, waiver of fines and late payment charges,
decreases in interest rates, discounts for timely payments, and return of
installments paid. In the third quarter of 2009, the risk ratings for a portion of
PRONAF’s portfolio were changed, and the ratings returned to the risk of the
respective financial agents. The allowance balance as of December 31, 2011 totals
R$ 32.0 (December 31, 2010).
10. Other Receivables – Term Sale of Securities and receivables
10.1) Breakdown:
R$ thousand
As of December 31
2011
BNDES
Credit sales of securities
Allowance
2010
Consolidated
BNDES
Consolidated
-
1,276,882
(183,336)
1,093,546
-
1,279,922
(10,257)
1,269,665
Receivables
Allowance
1,017,763
(383)
1,017,380
1,049,704
(18,095)
1,031,609
1,060,315
(2,294)
1,058,021
2,721,725
(38,785)
2,682,940
Total
1,017,380
2,125,155
1,058,021
3,952,605
Current
Non-current
Total
81,396
935,984
1,017,380
281,293
1,843,862
2,125,155
140,904
917,117
1,058,021
430,833
3,521,772
3,952,605
10.2) Gross portfolio by sector:
R$ thousand
As of December 31
2011
BNDES
Public sector
Private sector
Industry
Other services
Total
2010
Consolidated
BNDES
Consolidated
1,002,778
1,002,778
958,511
958,511
14,985
14,985
1,017,763
1,087,524
236,284
1,323,808
2,326,586
101,804
101,804
1,060,315
1,264,566
1,778,570
3,043,136
4,001,647
40
10.3) Gross portfolio by maturity
R$ thousand
As of December 31
2011
BNDES
Due in:
2012
2013
2014
2015
2016
After 2016
Total
Consolidated
81,427
67,859
72,397
77,203
82,379
636,498
1,017,763
314,275
278,163
406,489
149,724
222,924
955,011
2,326,586
R$ thousand
As of December 31
2010
BNDES
Due in:
2011
2012
2013
2014
2015
After 2015
Total
Consolidated
141,210
72,814
61,191
65,276
69,641
650,183
1,060,315
434,397
357,539
365,072
489,980
228,615
2,126,044
4,001,647
10.4) Breakdown of gross portfolio per risk level and allowance for losses
R$ thousand
As of December 31
Consolidated
BNDES
2011
%
Allowance
Allowance
Risk level
Status
AA
Performing
-
130,635
0.00
-
-
A
Performing
-
967,749
0.50
-
4,839
H
Performing
-
178,498
100.00
-
178,497
-
1,276,882
-
183,336
-
226,132
1,050,750
1,276,882
-
30,399
152,937
183,336
Total
Current
Non-current
Total
41
BNDES
Consolidated
R$ thousand
As of December 31
Consolidated
BNDES
Risk level
Status
AA
Performing
-
120,259
A
Performing
-
B
Total
Performing
-
Current
Non-current
Total
2010
%
Allowance
Allowance
BNDES
Consolidated
0.00
-
-
267,991
0.50
-
1,340
891,672
1.00
1,279,922
-
10,257
225,272
1,054,650
1,279,922
-
1,766
8,491
10,257
8,917
R$ thousand
As of December 31
Receivables
Risk level
Status
BNDES
AA
Performing
986,292
986,292
A
Performing
14,841
B
Performing
C
2011
%
Allowance
Allowance
BNDES
Consolidated
0.00
-
-
15,244
0.50
74
76
16,486
16,486
1.00
165
165
Performing
-
513
3.00
-
15
F
Performing
-
26,659
50.00
-
13,329
H
Performing
Nonperforming
1,879
2,631
4,510
1,049,704
100.00
Total
144
144
1,017,763
144
144
383
1,879
2,631
4,510
18,095
Current
Non-current
Total
81,427
936,336
1,017,763
90,774
958,930
1,049,704
31
352
383
5,214
12,881
18,095
Consolidated
R$ thousand
As of December 31
Receivables
Risk level
Status
BNDES
Consolidated
2010
%
Allowance
Allowance
BNDES
Consolidated
AA
Performing
940,662
940,662
0.00
-
-
A
Performing
101,805
1,734,889
0.50
509
8,674
D
Performing
17,848
17,848
10.00
1,785
1,785
H
Performing
Nonperforming
-
26,374
1,952
28,326
100.00
100.00
-
26,374
1,952
28,326
Total
1,060,315
2,721,725
2,294
38,785
Current
Non-current
Total
141,210
919,105
1,060,315
209,125
2,512,600
2,721,725
306
1,988
2,294
1,798
36,987
38,785
42
10.5) Changes in allowance for losses on credit sale of securities
R$ thousand
As of December 31
2011
BNDES
Write-offs against allowance
Consolidated
-
(10,257)
(175,136)
2,057
(183,336)
2010
Consolidated
BNDES
(155)
(30,830)
155
19,363
1,210
(10,257)
10.6) Changes in allowance for losses on receivables
R$ thousand
As of December 31
2011
Consolidated
BNDES
(2,294)
(38,785)
1,911
20,690
(383)
(18,095)
2010
Consolidated
BNDES
(20,011)
(26,517)
17,717
(12,268)
(2,294)
(38,785)
11. Receivables Written Off as Losses and Renegotiated
R$ thousand
As of December 31
Receivables written off as losses
Recovered receivables (*)
Renegotiated receivables
2nd six-month period of 2011
Consolidated
BNDES
74,089
74,103
192,511
412,115
180,891
180,891
2011
Consolidated
BNDES
144,539
509,942
316,826
881,100
871,806
871,806
2010
Consolidated
BNDES
139,990
141,238
2,199,521
2,286,031
10,448,322
10,448,322
(*)The effect on the statement of income is shown in Note 26.
12. Other receivables – Dividends and interest on capital receivable
Of the balance of R$1,883.5 (R$1,222.8, current, and R$660.7, noncurrent), in the
consolidated balance sheet, R$1,321.4 (R$660.7, current, and R$660.7 , noncurrent), net of
taxes and adjusted based on the SELIC rate, refer to dividends receivable from Centrais
Elétricas Brasileiras – Eletrobrás by BNDESPAR. In accordance with the Material Fact
Notice disclosed on January 22, 2010, Eletrobrás reported to the market that the Board of
Directors approved the settlement of the special reserve balance related to undistributed
mandatory dividends arising from net income between 1979 and 1998, in the total amount of
R$10,284.9, whose payments are scheduled to be made in four annual installments from
June 30, 2010 to June 30, 2013. BNDESPAR was entitled to receive the gross amount of
R$2,171.2. Through December 31, 2011, R$849.8 was paid.
43
13. Other receivables – Receivables - Eletrobras
As at December 31, 2010, the Federal Government receivables from Eletrobras, assigned to
BNDES, amounted to R$3,222.4. These receivables refer to the portion of dividends
recognized in a Special Reserve (R$1,611.2 thousand, current, and R$1,611.2 , noncurrent).
The amounts are adjusted based on the SELIC rate and payments will be made from June
2010 to June 2013, according to the Material Fact Notice disclosed on January 22, 2010 by
the Company.
14. Other Receivables – Other
R$ thousand
As of December 31
2011
BNDES
2010
Consolidated
BNDES
Consolidated
Payments to be refunded
Debtors for guarantee deposits
Other
Total
89,771
142,136
61,067
292,974
19,529
573,986
96,704
690,219
78,192
139,679
65,639
283,510
18,846
471,148
73,893
563,887
Current
Non-current
292,274
292,274
690,219
690,219
283,510
283,510
563,887
563,887
Total
15. Equity Investments
The portfolio of equity investments of the BNDES System consists of associates, on which
BNDESPAR has significant influence, and other entities on which there is no influence
(whose shares are held by BNDESPAR, FINAME and/or the BNDES).
The interest in associates of BNDESPAR portfolio is presented as investments under
caption “Interest in associates”, and the interest in companies measured at fair value is
presented as securities under caption “Shares and subscription warrants”, defined as
“available for sale” by CPC 38.
On February 16, 2011, Decree Nº 7,439 was enacted and excluded the BNDES’ ownership
interest from the National Privatization Program (PND) (Decree Nº 1,068/94).
Consequently, the BNDES’ portfolio of shares started to be managed as “Marketable
securities”, recorded under “Subscription shares and warrants”, classified as “Available for
sale” and measured at fair value.
44
The components of the equity investments portfolios of BNDESPAR—associates and
available-for-sale financial instruments—arise from financial support transactions of the
BNDES System, whose general focus is a long-term prospect.
In order to disclose these assets from the same standpoint that they are managed, below is a
breakdown of these investments as an equity investments portfolio, divided into ‘Financial
instruments: available-for-sale securities’ and ‘Permanent investments’. The latter category
includes the interests held by the BNDES in Fundo Garantidor para Investimentos – FGI.
As of December 31, 2011, interests held by the BNDES were reclassified from “Permanent
investments” to “Securities”, as determined by Decree Nº 7,439/2001 mentioned above. The
comparative information as of December 31, 2010 is presented on this same basis.
15.1) Financial Instruments: Available-for-Sale Securities
On their initial recognition, the BNDES System entities measure shares classified as
‘available for sale’ at fair value on trading date, plus transaction costs directly
attributable to the acquisition or issue of the instrument. After the initial recognition,
these investments are measured at their fair values, without any deduction of
transaction costs that might be incurred on sale or disposal. Changes in fair value are
recognized directly in the equity of the BNDES System entities, in line item
‘Valuation adjustments to equity’. These changes in fair value correspond to
unrealized gains or losses, recognized in comprehensive income.
The BNDES System entities observe the following hierarchy to determine and
disclose the amount of equity investments classified as ‘Available for sale’:
•
Level 1: applied to entities whose equity is listed in a stock exchange, the fair
value of which is based on the average closing price in the last trading session of
the reference month, adjusted for low liquidity, if applicable;
•
Level 2: applied to holding companies whose equity is not listed in a stock
exchange, but whose main asset is represented by shares of listed companies, the
fair value of which is based on the average closing price in the last trading session
of the stock part of the company’s assets, adjusted for other assets, liabilities, and
low liquidity, if applicable;
•
Level 3: applied to entities whose equity is not listed in a stock exchange, the fair
value of which is determined, on the reference date, using pricing models based
on market multiples or the discounted cash flow;
45
•
Value at cost: applied to entities whose equity is not listed in a stock exchange
and that present a wide range of possible fair values acceptable for the reference
date in the context of the valuation effort set out in Level 3, when it is not possible
to determine the probability associated to the estimates that form such range, to
which the acquisition cost is attributed.
R$ thousand
Carrying amount
As of December 31
Investees
Number of shares held (thousands)
Equity
Common
Preferred
interest - %
BNDES
2011
2010
Consolidated
2011
2010
LEVEL 1 – Listed companies
AMÉRICA LATINA LOGÍSTICA S.A. – ALL
BANCO DO BRASIL S.A.
BRADESCO
83,940
-
12.21
778,961
3,696
-
0.13
87,456
1,270,009
7,352
-
9,523
0.25
291,398
305,196
BRASIL FOODS
16,761
-
1.92
604,560
609,657
BRASKEM S.A.
-
44,317
5.53
575,684
903,633
17,944,799
-
34.56
717,792
789,571
485
11,147
1.70
382,390
310,601
-
9,348
2.85
308,031
505,190
CIA SIDERÚRGICA NACIONAL
31,774
-
2.18
474,696
848,988
CPFL
81,053
-
8.42
2,113,874
1,686,318
5,524,109
4,742,631
CEG
CEMIG
CESP
ELETROBRÁS (a)
36,954
21.61
39,762
-
5.37
462,835
470,390
GERDAU
37,917
21,218
3.44
767,796
923,975
IOCHPE
6,419
-
6.77
164,655
153,164
-
11,259
0.25
381,117
445,071
ITAÚ UNIBANCO HOLDING
KLABIN
1,812,115
-
255,303
EMBRAER
-
87,903
9.58
694,436
634,267
30,632
-
15.02
885,259
780,192
-
-
-
MARFRIG
48,201
-
PARANAPANEMA
54,986
PDG REALTY
24,718
LIGHT
LLX LOGÍSTICA
PETROBRAS (b)
REDE ENERGIA
-
97,083
13.89
405,851
738,919
-
17.23
164,409
278,230
-
2.20
147,074
251,633
615,402
1,341,349
15.00
42,746,117
48,538,156
10,104,148
6,672,597
-
67,643
15.86
338,215
408,564
775
5,627
1.34
115,281
161,236
TOTVS
8,344
-
5.23
276,869
281,730
TRACTEBEL
6,225
-
0.95
187,191
169,760
-
18,549
1.83
189,573
354,521
218,386
68,276
5.34
TELE NORTE LESTE PARTICIPAÇÕES
USIMINAS
VALE
11,250,504
15,434,023
6,672,597
71,036,133
82,100,060
2,417,644
2,365,772
11,927,468
6,672,597
73,453,777
84,465,832
-
8,978
8,316,260
11,110,918
LEVEL 3 – Unlisted companies (fair value)
27,652
73,578
447,101
411,385
Unlisted companies (cost value)
97,281
1,580
210,074
3,608
12,052,401
6,756,733
82,427,212
95,991,743
-
-
132,946
82,144
12,052,401
6,756,733
82,294,266
95,909,599
Subtotal Level 1
Other companies - Level 1
Total Level 1
11,916,263
11,205
LEVEL 2 – Unlisted holding companies
TOTAL
Classified in current assets
Classified in noncurrent assets
(a) Of total ownership of 21.61%, 6.86% is held directly by BNDES (74,545 thousand common shares and 18,263 thousand preferred shares) and 14.75% through its
subsidiary BNDESPAR (180,758 thousand common shares and 18,691 thousand preferred shares).
(b) Of total ownership of 15.00%, 3.39% is held directly by BNDES (442,001 thousand common shares) and 11.61% through its subsidiary BNDESPAR (173,400 thousand
common shares and 1,341,349 thousand preferred shares).
46
15.2) Permanent investments
15.2.1) Balances breakdown
R$ thousand
As of December 31
BNDES
In subsidiaries
- Measured by the equity method of accounting
In associates
- Measured by the equity method of accounting
2010
88,542,679
91,496,545
-
88,542,679
91,496,545
17,031,477
17,031,477
11,340,657
11,340,657
100,000
42,197
142,197
100,000
43,328
143,328
100,000
42,197
142,197
100,000
43,328
143,328
17,173,674
11,483,985
Other equity interests
Other investments
Total
Consolidated
2011
88,684,876
2011
91,639,873
2010
-
15.2.2) Subsidiaries - BNDES
R$ thousand
Subsidiaries
Reporting date
.Agência Especial de Financiamento Industrial – FINAME
Equity
Net
income/loss
for the
period
Effects of
Valuation
Adjustments to
Subsidiaries’
equity
(a)
Equity in investees
As of December 31
2011
2010
Carrying amount of
investments
As of December 31
2011
2010
31.12.2011
9,447,260
(91,339)
(91,339)
61,178
16
9,447,260
6,538,583
.BNDES Participações S.A.
- BNDESPAR
(b)
31.12.2011
79,090,823
4,179,942
4,179,942
3,995,033
17,095,848
79,090,823
84,950,081
.BNDES Limited
(c)
31.12.2011
4,596
(3,284)
(3,284)
(1,568)
-
4,596
7,881
4,085,319
4,054,643
17,095,864
88,542,679
91,496,545
Total
The equity interest percentage in the capital of subsidiaries is 100%.
(a) Valuation adjustments to equity as at December 31, 2011 (see Note 24).
(b) BNDESPAR’ shareholders’ equity and net income were adjusted to conform to
BACEN standards.
R$ thousand
2011
Shareholders’ equity/Income (loss) reported by BNDESPAR
Adjustments to accounting policies
Adjusted shareholders’ equity for purposes of equity in subsidiaries
47
Shareholders’
equity
80,770,640
(1,679,817)
79,090,823
Income (loss)
4,307,895
(127,953)
4,179,942
2010
Shareholders’ equity
86,501,945
(1,551,864)
84,950,081
(c) Subsidiary established under the laws of the United Kingdom as a limited liability
company with authorized capital of £100,000,000.00, partially paid-in. As at
December 31, 2011, the company is in preoperating stage.
15.2.3) Associates accounted for under the equity method - consolidated
Associates measured by the equity method of accounting are part of
BNDESPAR’s equity investments portfolio. This portfolio consists of
companies from different industries, all subject to the application of the CPCs
approved by the Brazilian Securities and Exchange Commission, the Federal
Accounting Council, and other regulators. The portfolio of associates does
not include any entities authorized to operate by the Central Bank of Brazil
(BACEN).
For this reason, the financial statements used to measure these investments
under the equity method have been prepared based on the CPCs, that could
differ from the accounting practices approved by the Central Bank of Brazil.
The financial statements of associates have been adjusted to BACEN’s
accounting practices to the extent that differences could be identified. In 2010
and 2011, such differences are limited to the maintenance of negative
goodwill as a component of investment and its realization through disposal
(for CPC purposes negative goodwill is treated as “bargain purchase gain”
recognized in profit or loss upon the acquisition of the investment).
The tables below describe the investments in associates.
Investments in associates - Consolidated
R$ thousand
12/31/2011
Number of shares held
(thousand)
Investees
Reporting
date
Capital
Common
Preferred
Equity in investees
Equity
interest - %
Book value of
investment
12/31/2011
Brasiliana
COPEL
Fibria
JBS
Rio Polímeros
Telemar Participações
10.31.2011
10.31.2011
10.31.2011
10.31.2011
2,960,708
6,910,000
8,379,397
21,506,247
300,000
38,299
142,360
931,070
50,000
27,282
-
53.85
23.96
30.45
31.41
760,817
311,033
82,688
99,219
Subtotal
1,253,756
(40,521)
Other
Total
1,213,236
12/31/2010
320,733
207,331
109,389
22,628
(231,412)
(68,782)
359,887
79,462
439,349
2,391,431
2,840,937
4,705,596
6,554,280
16,492,244
1,763,429
18,255,673
Goodwill
All. for
Losses
Negative
Goodwill
(231,948)
(313,525)
(1,755,244)
908,847
(1,391,870)
167,672
256,463
(88,791)
(1,224,198)
12/31/2010
a
b
Carrying
amount
Carrying
amount
c
2,159,483
2,527,412
2,950,352
7,463,127
-
1,414,841
1,961,647
2,948,080
4,083,577
15,100,374
1,931,103
10,408,145
932,512
17,031,477
11,340,657
-
a
b
•
The reporting date indicates the investee’s shareholders' equity date used in the last calculation of equity in investees. The effects of material
events that occurred after the reporting date, as well as the effects of Law nº 11638/07 and CPC Technical Pronouncements on the
associates’ financial statements have been recognized. The information on associates described in the item below already includes those
effects.
•
In 2010 BNDESPAR sold all shares of Rio Polímeros and a portion of its shares of Telemar Participações; therefore, it lost significant
influence over the latter. The remaining investment in Telemar Participações was classified as “Securities available for sale”.
48
•
As at December 31, 2010, investments were measured based on the balance sheet of associates as at October 31, 2010 and, through that date,
public utility companies did not fully adopt the CPC, in particular ICPC 01 – Concession Arrangements, and did not report the potential
effects from applying OCPC 05 – Concession Arrangements, approved by CVM Resolution Nº 657/10, of December 28, 2010. Beginning
December 31, 2010, the aforementioned companies restated their 2010 interim financial statements upon the full adoption of the CPCs,
whose impacts on BNDESPAR were the increase in shareholders' equity and increase in net income (loss) by approximately R$754.6 and
R$22.8, respectively. These effects were not considered as material in respect of BNDESPAR’s shareholders’ equity. .
•
Effects from changes in interest in associates were recorded in profit or loss.
•
Regardless of the fact that BNDESPAR holds 53.85% interest in Brasiliana’s capital, it holds less than 50% of its voting capital and does not
govern Brasiliana’s operating and financial policies; therefore, it does not hold the controlling stake.
•
In July 2011 BNDESPAR converted debentures issued by JBS held by it into 493.9 shares of this associate, equivalent to R$3,477.5, thus
increasing its stake from 17.60% to 31.35%. The increase in the number of shares held in treasury by the associate in the 4th quarter of 2011
raised the percentage interest, used to calculate equity in subsidiaries, to 31.41%.
•
Investments in associates have been tested for impairment as at December 31, 2011, in accordance with CPC 01 - Impairment of Assets. In
the year ended December 31, 2011, the Company recognized R$124.0 as revenue from reversal of the allowance for impairment losses on
investments in associates, net of expenses on the recognition of allowance of R$34.5. In the year ended December 31, 2010, the Company
recognized an expense of R$27.7. The recoverable value of an asset is the higher of its fair value and value in use.
•
The carrying amount of the investment in JBS S/A includes the goodwill from expected future earnings in the amount of R$908.8. The
recoverable amount of the investment, including goodwill, was determined based on the value in use, calculated using the residual value that
is expected from the sale of the investment, which is obtained by means of the investee’s projected cash flow models for the next five years,
based on the consolidated financial statements for the 3rd quarter of 2011, adjusted to present value at the entity’s weighted average capital
cost. Cash flow was projected using own and market assumptions, the investee’s past performance and future economic expectations. No
impairment losses were identified since the value in use is higher than the carrying amount of the investment.
•
In accordance with CPC 18, in the year ended December 31, 2011, BNDESPAR no longer recognized losses on investments in associates
with shareholders’ deficit, in the amount of R$20,867 thousand (R$7.0 in the year ended December 31, 2010). Unrecognized accumulated
losses amounted to R$117.0 as at December 31, 2011 (R$96.1 as at December 31, 2010). No reserve was recognized since BNDESPAR has
no legal or constructive obligation to settle the associates’ potential liabilities.
•
Additional disclosures on associates
Carrying amount - R$ thousand – reporting date 10/30/2011 (1)
Investees
Brasiliana (2)
COPEL
Fibria
JBS
Subtotal
Other
Total
Assets
5,714,647
13,237,532
27,510,856
34,196,278
80,659,313
10,132,577
90,791,890
Liabilities
1,273,416
1,382,870
12,055,031
13,329,333
28,040,650
4,918,611
32,959,261
Equity
4,441,231
11,854,662
15,455,825
20,866,945
52,618,663
5,213,966
57,832,629
Revenues
1,239,565
2,491,666
4,763,097
13,271,227
21,765,555
4,085,434
25,850,989
Fair value on investments
in listed associates
Profit or loss
1,133,635
1,322,647
269,593
(226,194)
2,499,681
71,002
2,570,683
12/31/2011
2,310,303
1,958,793
5,660,903
9,929,999
562,532
10,492,531
(1) Carrying amounts adjusted for the calculation of equity in investees.
(2) Unlisted company.
15.2.4) Other equity interests
Carrying amount (1)
Investees
FGI
(1)
Number of shares held
(in thousands)
Held
Common
interest
84,344
-
As of December 31
Equity
interest - %
12.38
Total
(1)
Investment in class A shares, subscribed on 02/01/2010.
49
BNDES
2011
100,000
2010
100,000
Consolidated
2011
2010
100,000
100,000
100,000
100,000
100,000
100,000
15.2.5) Other investments
R$ thousand
Carrying Amount (*)
As of December 31
BNDES
2011
Tax incentive investments
Equity certificates
Works of art
Interest in projects – VALE: Project 118
Total
Consolidated
2010
-
295
296
41,606
42,197
1,131
295
296
41,606
43,328
2011
2010
-
1,131
295
296
41,606
43,328
295
296
41,606
42,197
(*) Carrying amount net of provisions amounting to R$3,5.
16. PIS-PASEP Fund
Since 1974, part of the revenue from PIS and PASEP (taxes on revenue), which formed the
PIS-PASEP Fund, has been transferred to the BNDES. Under applicable legislation, the
funds are used in economic development programs, including capital markets. On average,
in the period from 1974 to 1988, 38% of this taxes collection was transferred, this is
equivalent to approximately R$ 700.0 per year.
The PIS-PASEP Fund bears the risk of transactions conducted through December 31, 1982.
On this portfolio portion, of approximately 1.57% of the total portfolio as of December 31,
2011, the BNDES receives a management fee of 0.5% per year, paid by the Fund. For
operations contracted after that date (98.43% of the portfolio), the risk is assumed by the
Bank, which is authorized to charge borrowers a management fee of up to 0.5% per year,
embedded in the interest rate, and a risk fee of up to 1.5% per year.
As of December 31, the Bank manages the following amounts of the PIS-PASEP Fund:
R$ thousand
As of December 31
2011
2010
PIS-PASEP
FPS
Total
31,085,709
596,507
31,682,216
30,435,222
392,385
30,827,607
Current
Non-current
Total
2,125,771
29,556,445
31,682,216
1,850,716
28,976,891
30,827,607
The balances of the PIS-PASEP Fund loans entered into through December 31, 1982, which
are the Fund’s risk, were reclassified at the end of the first half of 2002 as the BNDES
liabilities, rectifying the amount of the related liability to the Fund, as instructed by the
Central Bank of Brazil.
50
R$ thousand
As of December 31
2011
PIS-PASEP
Risk
BNDES
Risk
Balance at the beginning of the period
Income (loss)
Returns
Balance at the end of the period
30,435,222
2,090,487
(1,440,000)
31,085,709
Total
641,945
(142,261)
499,684
31,077,167
1,948,226
(1,440,000)
31,585,393
R$ thousand
As of December 31
BNDES
Risk
Balance at the beginning of the period
Income (loss)
Transfers from FPS
Returns
Balance at the end of the period
30,021,028
1,841,594
12,600
(1,440,000)
30,435,222
2010
PIS-PASEP
Risk
Total
629,490
12,455
641,945
30,650,518
1,854,049
12,600
(1,440,000)
31,077,167
17. Repurchase commitments
In 2011 BNDES purchased securities under repurchase commitments backed by federal
government securities, totaling a balance of R$7,808,271 as at December 31, 2011.
R$ thousand
Securities
Maturities
As of December 31
2011
2010
-
National Treasury notes B
01/02/2012
Current
Non-current
Total
7,808,271
-
7,808,271
7,808,271
-
18. FAT – Subordinated Debt and Special Deposits
The Workers’ Assistance Fund (FAT), consisting basically of revenue from PIS and PASEP
(taxes on revenue) and income from its investments, is used to fund unemployment
insurance and salary bonuses, as well as economic development programs through the
BNDES, by at least 40% of that taxes collection.
Thus, the FAT succeeded the PIS-PASEP Fund and significantly changed the purpose of the
referred taxes. While the PIS-PASEP Fund was created to be part of the individual
endowment of workers who held fund shares, the FAT is used as a tool against
unemployment on two fronts. The first, of an emergency nature, supports the unemployed
by granting a temporary compensation, and a training and outplacement program. The
second front is preventive, fostering job creation through economic development projects.
51
FAT funds transferred to the BNDES are classified into two categories:
18.1) Constitutional FAT
Constitutional FAT comprises transfers of funds up to the limit of 40% of the PIS and
PASEP revenue, and it yields interest equivalent to the long-term interest rate (TJLP)
and to international market interest rates. The debit balance of financing granted
using the latter portion of funds, which forms the FAT - Foreign Exchange program,
can be determined based on two currencies: i) the US dollar, yielding the London
Interbank Offered Rate (LIBOR) or the US Treasury Bonds; ii) the euro, yielding the
Europe Interbank Offered Rate or any interest rate representing the average yield of
bonds from any of the euro-area countries, the “euro area yield curve”.
Semi-annually, in January and July, the BNDES transfers to the FAT the amounts
corresponding to the yield of funds indexed to the TJLP and the full yield of FATForeign Exchange, where the TJLP fluctuation is limited to 6% per year. The
difference between the TJLP and the annual 6% threshold is capitalized with the debit
balance.
The funds of Constitutional FAT are only repaid if there is a deficit to fund
unemployment insurance and the salary allowance, in the amount and circumstances
set forth by Law.
The debit balance of Constitutional FAT is recorded in line item ‘Subordinated debt’
and consists of:
R$ thousand
As of December 31
2011
FAT – Constitutional
FAT – TJLP – Principal
FAT – Foreign exchange – US$ (¹)
2010
Accrued interest
Total
113,524,154
8,254,090
121,778,244
3,440,122
125,218,366
98,548,534
9,155,303
107,703,837
2,985,471
110,689,308
Current
Non-current
Total
3,440,122
121,778,244
125,218,366
2,985,471
107,703,837
110,689,308
(¹)
Up to 50% of total regular transfers; used to finance production/sale of products with acknowledged international
demand.
The Central Bank of Brazil’s Resolution Nº 3,444, of February 28, 2007, which
revoked the Central Bank of Brazil’s Resolution Nº 2,837, of May 30, 2001,
maintained the classification of funds transferred by the Workers’ Assistance Fund
(FAT) as Subordinated Debt. This classification is possible since the BNDES’ debt
related to these funds is not subject to contractually defined repayment terms as they
must only be required when the Ministry of Labor lacks sufficient funds to pay
unemployment insurance. In this case, about 20% of the debit balance would be repaid
in the first two years, 10% in the following three years, and 5% from the sixth year,
when required, to cover unemployment insurance expenses.
52
In addition, pursuant to item III, Article 14 of the Central Bank of Brazil’s Resolution
Nº 3,444, Subordinated Debt – Eligible for Capitalization is limited to 50% of the Tier
I Capital, equivalent to R$ 934.5 and R$ 924.6 as of December 31, 2011 (R$ 18,908.6
and R$ 18,938.9 as of December 30, 2010) Bank and Consolidated, respectively.
18.2) FAT – Special Deposits
The FAT special deposits represent additional transfers to the FAT Constitutional
fund. Special deposits are used to finance specific programs under special conditions,
subject to different rules on interest rates, repayment and interest payment to the FAT.
The FAT special deposits yield interest equal to the Government’s benchmark longterm interest rate (TJLP) from the date loans are released to end borrowers. The
unused funds and, therefore, available yield interest based on the same criteria applied
to cash and cash equivalents of the National Treasury, i.e., currently the SELIC rate
(the Special Settlement and Custody System of the Central Bank of Brazil is an
automated system used to held book-entry securities issued by the National Treasury
and Central Bank of Brazil under custody, as well as to register and settle transactions
carried out using such securities).
The debit balance of FAT - Special Deposits is recorded in line item ‘FAT - Special
deposits’ as follows:
R$ thousand
As of December 31
2011
FAT – Special deposits
Pró-emprego (government employment incentive program)
FAT Exportar/Fomentar (tax incentive)
Pronaf
Infrastructure
Giro Rural (rural financing)
Accrued interest
Total
Current
Non-current
Total
53
2010
172,132
5,823,440
1,214,919
13,598,983
237,116
21,046,590
21,046,590
208,262
5,833,922
726,258
14,474,254
330,941
21,573,637
21,573,637
21,046,590
21,046,590
21,573,637
21,573,637
Changes in the FAT Constitutional and FAT – Special Deposits in the period ended
December 31, 2011 were as follows:
R$ thousand
Constitucional
Foreign
exchange
TJLP
Balance at 12/31/2010
, Inflow of funds
. Foreign exchange differences
. Accrued interest
. Interest on Special Deposits
. Amortization of Special Deposits
. Payment of interest
. Transfer to Foreign Exchange
. Return on Foreign Exchange
Balance at 12/31/2011
101,398,844
13,729,354
6,383,088
(5,866,642)
(6,147,476)
7,393,742
116,890,910
9,290,464
345,054
185,939
(247,735)
6,147,476
(7,393,742)
8,327,456
Special deposits
21,573,637
1,705,000
1,250,933
(2,223,104)
(1,259,876)
21,046,590
Total
132,262,945
15,434,354
345,054
6,569,027
1,250,933
(2,223,104)
(7,374,253)
146,264,956
19. Borrowings and Onlendings
Borrowing and onlending agreements do not have covenants that may affect the financial
statements of BNDES.
19.1) Breakdown
a)
Domestic borrowings – Obligations for the acquisition of federal government
securities
To pay dividends and interest on capital in 2008 for the financial years 2006 and
2007, the BNDES acquired federal government securities from the Severance Pay
Fund (FGTS), by entering into a financing agreement. The amount of this loan
adjusted through December 31, 2011 is R$ 5,349.6 – R$ 370,5 in current and
R$ 4,979.1 in non-current – (R$ 5,474.2 – R$ 362.1 in current and R$ 5,112.1 in
non-current as of December 31, 2010) and has the following terms and conditions:
inflation adjustments based on the TR (a managed prime rate) and interest rate of
4.8628% per year, repayable in 18 years, in monthly installments from January 1,
2009, to December 1, 2026.
54
b) Foreign borrowings
b.1) Bonds
R$ thousand
As of December 31
USD 1 billion
Funding
rates
06/16/2018 6.369%
USD 1 billion
USD 1 billion
USD 300 million
CHF 200 million
EUR 750 million
06/10/2019
07/12/2020
12/12/2011
12/15/2016
09/15/2017
Issue amount
Institution
Maturity
2011
2010
1,875,800
1,875,800
1,875,800
400,039
1,825,650
1,666,200
1,666,200
1,666,200
499,860
1,671,000
Accrued interest
Total
93,068
7,946,157
85,711
7,255,171
Current
Non-current
Total
93,068
7,853,089
7,946,157
585,571
6,669,600
7,255,171
(1)
6.500%
5.500%
9.625%
2.725%
4.125%
Bank of New York
Bank of New York
Bank of New York
Bank of New York
Bank of Tokyo-Mitsubishi UFJ
Bank of New York
(¹) The repricing process of foreign securities issued in 1998 and maturing in June 2008 was concluded in June 2008. The
repricing was made at the original issue amount (US$1 billion), at face value, with interest rate of 6.369% per year and
a new maturity for June 16, 2018.
b.2) Syndicated loan
R$ thousand
As at December 31
Issue amount
Maturity
USD300 million
10/03/2012
Funding
rates
6-month
LIBOR
+ 70 bps
Paying agent
Bank of Tokyo-Mitsubishi UFJ
2011
2010
562,740
-
Accrued interest
Total
1,994
564,734
-
Current
Noncurrent
Total
1,994
562,740
564,734
-
c) Domestic onlendings – National Treasury
In 2009, as prescribed by Law Nº11,948/2009, a financing agreement was entered
into between BNDES and the Brazilian government, in the amount of R$100
billion. In 2010, as prescribed by Law Nº 12,249/2010 and Law Nº12,397/2011,
new loan agreements were entered into between BNDES and the Federal
Government, in the amounts of R$80 billion and R$24.7 billion, respectively. In
2011, new financing agreements were entered into between BNDES and the
Federal Government, in the amount of R$5.3 billion, as prescribed by Law
Nº12,397/2011, and in the amounts of R$30 billion and R$25 billion, as
prescribed by Law Nº12,453/2011. A portion of the funds borrowed in 2011
55
(R$10 billion) will only be released in 2012. The Federal Government issued
federal government bonds, as direct placement, on behalf of BNDES, to cover
these receivables.
Average
Maturity
Currency
TR + 6% p.a
IPCA + 6% p.a.
IGP-DI
US$ + Interest of 4.83 to 6.00%
US$ + 6.77% p.a. (*)
US$ + 5.98% p.a.(**)
US$ + 0.55%
US$ + 0.8%
TJLP (**)
TJLP + 2.5% (**)
TJLP + 1.0% (**)
Brazilian Reais
Accrued interest
Total
15.22
6.01
3.98
17.88
17.46
17.46
27.48
28.50
36.38
27.65
27.65
Current
Non-current
Total
Average
maturity
Currency
TR + 6% p.a.
SELIC (*)
IPCA + 6% p.a.
IGP-M + 10% p.a.
IGP-DI
US$ + Interest of 4.83 to 6.00%
US$ + 6.77% p.a. (*)
US$ + 5.98% p.a.(**)
US$ + 0.55%
US$ + 0.8%
TJLP (**)
TJLP + 2,5% (**)
TJLP + 1,0% (**)
Brazilian Reais
Accrued interest
Total
15.22
6.01
6.01
0.17
3.98
17.88
17.46
17.46
27.48
28.50
36.38
27.65
27.65
Current
Non-current
Total
R$ thousand
BNDES
As of December 31
2011
2010
1,336,591
2,289,085
1,520,386
11,109,433
16,105,261
8,599,724
2,438,540
215,264,195
7,544,919
26,619,347
1,642
1,284,675
294,113,798
1,407,536
2,018,574
1,440,025
10,991,081
14,305,676
7,638,799
2,166,060
160,009,917
7,368,687
26,367,132
1,642
1,083,794
234,798,923
1,872,204
292,241,594
294,113,798
1,676,679
233,122,244
234,798,923
R$ thousand
Consolidated
As of December 31
2011
2010
1,336,591
2,884,850
2,289,085
1,520,386
11,109,433
16,105,261
8,599,724
2,438,540
215,264,194
7,544,919
26,619,347
1,642
1,284,675
296,998,647
1,407,536
2,584,528
2,018,574
2,364,266
1,440,025
10,991,081
14,305,676
7,638,799
2,166,060
160,009,917
7,368,687
26,367,132
1,642
1,159,604
239,823,527
1,872,204
295,126,443
296,998,647
4,116,754
235,706,773
239,823,527
Financing agreements, whose funds were released to the BNDES, were entered into through direct issue by the Federal
Government of government securities in favor of BNDES.
(1) Law Nº11,948/2009 authorized the release of funds to BNDES, in the amount of up to R$100 billion. In March 2009,
the first financing agreement was entered into, in the amount of R$39,000.0. In July 2009, the second and third
financing agreements were entered into, in the amount of R$8,702.4 and R$16,297.5, respectively. In August 2009, the
fourth financing agreement was entered into in the amount of R$36,000. 0 .
(2) Law Nº12,249/2010, that amended Law Nº11,948/2009, authorized the increase in the amount of the funds mentioned
in item (1), to up to R$180,000.0. In April 2010, a financing agreement was entered into in the amount of R$80,000.0
thousand.
56
(3) Law Nº12,397/2011 authorized the release of funds to BNDES, in the amount of up to R$30 billion. Financing
agreements were entered into, in the amounts of R$24,753.5 in September 2010 and R$5,246.4 in March 2011.
(4) Provisional Act Nº526/2011, subsequently converted into Law Nº12,453/2011, authorized the release of funds to
BNDES, in the amount of up to R$55 billion. In June 2011, a financing agreement was entered into in the amount of
R$30,000.0. In December 2011, a new financing agreement in the amount of R$25,000.0 was entered into, of which
R$15,000.0 was raised in 2011.
b) Foreign onlending – Multilateral institutions
R$ thousand
As of December 31
BNDES and Consolidated
Institution
Currency
Average
maturity
Japan Bank for Internacional Cooperation - JBIC
Inter-American Development Bank - BID
Nordic Investment Bank - NIB
Kreditanstalt fur Wiederaufbau - KfW
China Development Bank - CDB
Accrued interest
Total
YEN/US$
Several
US$
Several
US$
7.43
14.85
7.91
10.13
11.13
Current
Non-Current
Total
2011
2010
2,369,347
9,519,685
321,566
383,122
1,289,612
54,500
13,937,832
1,866,117
8,815,966
311,817
227,475
1,249,650
51,926
12,522,951
1,106,886
12,830,946
13,937,832
836,288
11,686,663
12,522,951
Foreign onlending agreements are subject to annual interest rates varying from
0.94 and 10.35 % per year as of December 31, 2011 (0.91% and 10.35 % p.a as
of December 31, 2010). Concentration per range of funding rate is as follows:
R$ thousand
As of December 31
2011
2010
Funding rates
Up to 3%
3.1% to 5%
5.1% to 7%
Accrued interest
Total
11,249,251
382,549
2,251,532
13,883,332
10,004,594
225,903
2,240,528
12,471,025
54,500
13,937,832
51,926
12,522,951
BNDES’ foreign sources of funds include both borrowings using traditional
market instruments—bank loans and issue of Eurobonds—as funding from
multilateral credit institutions and governmental agencies. While market
instruments do not require collateral from the Federal Government, borrowings
from multilateral credit institutions – e.g. World Bank, Interamerican
Development Bank (BID) and Nordic Investment Bank – NIB, are collateralized
by the Brazilian Government, either by operation of their articles of incorporation
or other internal regulations. The agreement entered into on October 5, 2011 with
the European Investment Bank (EIB) (whose funds were not yet released, where a
formal collateral by the Federal Government was waived) is an exception .
57
Borrowings from governmental entities, such as the Japan Bank for International
Corporation (JBIC) (international branch of the Japan Finance Corporation
(JFC)), the Kreditanstelt für Wiederaufban (KfW), and the China Development
Bank (CDB), may or may not be formally guaranteed by the Federal Government.
e)
FMM (Merchant Marine Fund)
Since January 1984, the BNDES has been the financial agent of the Merchant
Marine Fund (FMM), whose purpose is to provide financial support to renewing,
expanding, and overhauling the National Merchant Marine fleet. As of December
31, 2011, FMM investments reached R$10,298.8 (R$ 7,676.9 as of December 31,
2010), of which R$ 9,419.3 (R$ 7,076.2 as of December 31, 2010) involves the
BNDES risk. Since June 2002, under the guidance of the Central Bank of Brazil,
transactions involving the BNDES risk, which rectified the related sources of
funds, have been reclassified to the Bank’s assets.
f)
FND (National Development Fund)
On October 3, 1988, with the enactment of Decree Nº 96,905, the BNDES
assumed the responsibilities of the National Development Fund’s (FND)
Executive Department, providing technical, administrative and personnel support.
In accordance with article 19 of Provisional Act 517, of December 31, 2010, FND
was liquidated on that date.
19.2) Borrowings and onlending, per year of maturity, are as follows:
R$ thousand
As of December 31
2011
Due in:
2012
2013
2014
2015
2016
After 2016
Total
In Brazil
BNDES
Abroad
3,138,509
3,207,945
4,167,622
8,611,007
7,020,214
282,858,583
309,003,880
1,201,948
1,116,566
1,181,323
1,226,418
2,117,051
15,605,417
22,448,723
Consolidated
Total
4,340,457
4,324,511
5,348,945
9,837,425
9,137,265
298,464,000
331,452,603
In Brazil
Abroad
Total
3,136,601
3,742,966
4,744,592
9,142,993
7,597,184
283,435,554
311,799,890
1,201,948
1,116,566
1,181,323
1,226,418
2,117,051
15,605,417
22,448,723
4,338,549
4,859,532
5,925,915
10,369,411
9,714,235
299,040,971
334,248,613
R$ thousand
As of December 31
2010
Due in:
2011
2012
2013
2014
2015
After 2015
Total
In Brazil
BNDES
Abroad
Total
In Brazil
Abroad
Total
3,704,270
2,536,300
2,668,199
3,773,892
7,860,560
227,822,631
248,365,852
1,421,859
930,118
949,877
970,163
1,010,216
14,495,889
19,778,122
5,126,129
3,466,418
3,618,076
4,744,055
8,870,776
242,318,520
268,143,974
5,271,666
2,529,089
2,626,822
4,238,355
8,364,540
229,378,071
252,408,543
1,421,859
930,118
949,877
970,163
1,010,216
14,495,889
19,778,122
6,693,525
3,459,207
3,576,699
5,208,518
9,374,756
243,873,960
272,186,665
Consolidated
58
20. Issue of Debentures
The BNDES System issued private debentures through the BNDES and public debentures
through BNDESPAR:
R$ thousand
As of December 31
Issue of debentures:
2011
BNDES
2010
Consolidated
BNDES
Consolidated
Private Issue (BNDES)
Public Issue (BNDESPAR)
Total
6,277,090
6,277,090
6,277,090
5,778,197
12,055,287
6,727,156
6,727,156
6,727,156
5,999,766
12,726,922
Current
Non-current
Total
602,413
5,674,677
6,277,090
1,558,310
10,496,977
12,055,287
548,183
6,178,973
6,727,156
854,407
11,872,515
12,726,922
20.1) Private issue - BNDES
The BNDES issued 700,000 simple, registered debentures, nonconvertible into shares,
in five series, with no secured or floating guarantee, no preemptive rights, however,
with collateral.
The unit par value of debentures is R$10,000 as of the issuance date, December 23,
2008. The placement was private, through exclusive subscription by FGTS Investment
Fund, represented by its manager, Caixa Econômica Federal – CEF.
Debentures will be adjusted on a monthly basis every 15th of each month based on TR
and yield 6% p.a. on a monthly basis. Maturity is scheduled for October 15, 2029, and
the liability will be amortized monthly from January 15, 2009, through October 15,
2029.
59
The adjusted amount of liabilities for debentures issued is as follows:
1st series
Adjusted principal (TR)
Accrued interest (6% p.a.)
2nd series
3rd series
th
4 series
th
5 series
Total
Current
Non-current
Total
R$ thousand
As of December 31
2011
2010
1,341,513
3,577
1,437,700
3,834
1,341,513
3,577
1,437,700
3,834
1,341,513
3,577
1,437,700
3,834
1,341,513
3,577
1,437,700
3,834
894,344
2,386
6,277,090
958,464
2,556
6,727,156
602,413
5,674,677
6,277,090
548,183
6,178,973
6,727,156
20.2) Public issue – BNDESPAR
In December, 2006, BNDESPAR issued 600,000 simple, registered, book-entry,
nonconvertible debentures of a single series, without guarantee or preference (nonprivileged), with a unit par value of R$1,000 on issue date, totaling R$600.0.
This public distribution was held as part of the Issuer’s First Public Debenture
Distribution Program and filed at the Brazilian Securities and Exchange Commission on
December 19, 2006, under Nº CVM/SRE/PRO/2006/0011.
Debentures were subscribed and paid up at the price of R$898.33 each (eight hundred
and ninety-eight Brazilian reais and thirty-three centavos), corresponding to a unit par
value of R$1,000, adjusted for a discount of 10.167%, determined in a book building
procedure.
Debentures’ unit par value should be adjusted from the subscription and payment date
based on the broad consumer price index (IPCA), as determined and disclosed by the
Brazilian Institute of Geography and Statistics (IBGE), and the adjustment amount
should be added automatically, according to the formulas defined in the debenture
indenture.
Debentures will pay interest of 6% p.a. calculated on the debenture’s updated unit par
value and paid at the end of each capitalization period, that is, January 15, 2009,
January 15, 2010, and January 15, 2011, and January 15, 2012, as detailed in the
debenture indenture. Debentures will be repaid in a single installment, on the maturity
date, January 15, 2012.
60
In the second distribution, which occurred on July 1, 2007, BNDESPAR issued
1,350,000 simple, registered, book-entry debentures, in two series, out of which
550,000 debentures of the First Series and 800,000 debentures of the Second Series,
without guarantee and preemptive rights (non-privileged), at a unit par value of
R$1,000.00, in the second issue, totaling R$1,350.0. These debentures were
subscribed and paid up at their unit par value.
In December 2009, already in the context of the Second Distribution Program, filed
with CVM on July 29, 2008 under Nº CVM/SER/PRO/2008/007, the fourth public
offering of simple debentures issued by BNDESPAR was completed. A total of
1,250,000 simple debentures were issued, of the same form and type of the previous
issues, in two series, of which 640,000 debentures in the First Series and 610,000
debentures in the Second Series, with a unit face value of R$1,000.00 as of the date of
issuance, in the total amount of R$1,250.0. The debentures were also subscribed and
paid in at their unit face value.
The unit face value of debentures in the First Series of the distributions carried out in
2007 and 2009 is not adjusted and is only subject to fixed interest, which is paid
together with the principal on maturity dates, as indicated in the table below. The
compensation for the debentures in the First Series issued in 2007, as well as
repayment, was fully settled on January 3, 2011.
The unit face value of the debentures in the Second Series of the 2007 and 2009 issues
will be adjusted based on the IPCA variation as published by IBGE, and the
adjustment will be automatically incorporated in accordance with the formula set forth
in the Final Supplement.
The unit face value of the debentures in the Second Series of the 2007 and 2009
issues, as adjusted for inflation, will accrue a fixed-rate interest from the date of
subscription and payment or the previous date of Second Series Interest payment, as
the case may be, to the date of actual repayment. The Second Series interest for both
issues will be determined in accordance with the formula set forth in the Indenture.
The first interest payment for the Second Series of the 2007 issue occurred on
August 17, 2009, and the other payments will be made on August 16, 2010,
August 15, 2011, August 15, 2012, and on the maturity date, August 15, 2013, when it
will be repaid in one installment. The interest payments for the Second Series of the
2009 issue will occur annually beginning on January 15, 2012, until January 15, 2015,
when it will be repaid in one installment.
61
In December 2010, the fifth public offering of BNDESPAR debentures was
conducted, the first under the Third Distribution Program. Three series were issued, a
fixed rate series (First Series), a quarterly floating rate series (Second Series), and a
series indexed to the Extended Consumer Price Index (IPCA) (Third Series). The first,
second, and third series were approved by and registered with the CVM on December
10, 2010 under numbers CVM/SRE/DEB/2010/033, CVM/SRE/DEB/2010/034, and
CVM/SRE/DEB/2010/035, respectively.
The offering was closed on December 17, 2010, with the distribution of
2,025,000 simples, registered, book-entry, nonconvertible, unsecured debentures, in
the total nominal amount of R$2,025.0. The distribution consisted of 500,000 First
Series debentures, 1,000,000 Second Series debentures, and 525,000 Third Series
debentures.
The unit face value of the debentures in the First and Second Series will not be
adjusted and are subject to fixed-rate interest (First Series) and quarterly floating rate
interest (Second Series). Their yield of both series, as amortization, will be paid in full
at the related maturities. The interest rates and maturities are indicated in the table
below.
The Second Series will yield floating interest consisting of a fixed three-month rate
reset on a quarterly basis using the surcharge of 0.30% per year to be added to the
interest rate of Interbank deposits (DI) futures contracts (traded on the
BM&FBOVESPA) applicable to each quarterly capitalization period. The
capitalization periods and the interest calculation formula of the Third Series are set
out in the Indenture.
The unit face value of the Third Series debentures since the last issue will be adjusted
using the IPCA fluctuation, and the adjustment will be automatically added to the face
value with the formula set out in the Indenture. This unit face value adjusted for
inflation is subject to fixed-rate interest from the date of subscription and payment or
the previous date of Third Series Interest payment, as applicable, to the date of actual
repayment. The Third Series interest will be determined in accordance with the
formula set out in the Indenture.
Interest payments for the Third Series of the 2010 issue will be made annually,
beginning January 15, 2013, until January 15, 2017, when it will be repaid in a single
installment.
62
The adjusted amount of the obligation for the issue of debentures, the maturity dates
and the interest for each series are shown below:
R$ thousand
Maturity
12/31/2011
12/31/2010
782,234
44,828
(61,002)
60,018
826,078
734,784
42,109
(61,002)
48,211
764,102
-
550,000
240,141
1,016,421
25,795
1,042,216
954,766
23,975
1,768,882
640,000
176,562
640,000
84,288
699,321
104,024
1,619,907
656,901
47,833
1,429,022
500,000
66,246
500,000
3,384
1,000,000
125,334
1,000,000
5,571
Total
561,320
37,096
2,289,996
5,778,197
527,269
1,536
2,037,760
5,999,766
Current
Non-Current
Total
955,897
4,822,300
5,778,197
306,224
5,693,542
5,999,766
1st distribution – First Program
Adjusted principal (IPCA)
Negative goodwill
Accumulated amortization of negative goodwill (1)
2nd distribution – First Program
1st series
Principal
Accrued interest (11.2% p.a.)
nd
2 series
01.01.2011
08.15.2013
1st distribution – Second Program
1st series
Principal
2nd series
01.01.2013
01.15.2015
1st distribution – Third Program
1st series
Principal
2nd series
Principal
Accrued interest (3-month DI Future + 0.30% p.a.)
rd
3 series
(1)
15.01.2012
01.01.2014
01.01.2014
01.15.2017
-
Negative Goodwill will be amortized on a straight-line basis from December 2007 to January 2012.
21. Privatization of Companhia Vale do Rio Doce
Pursuant to Law Nº 9,491/97, regulated by Decree Nº 2,201/97 and the Share Transfer and
Debt Assumption Agreement and Other Covenants, shares of Companhia Vale do Rio Doce
- CVRD owned by the Federal Government (94,953,982 registered common shares and
4,372,154 registered preferred shares) were transferred to the BNDES. A portion of these
shares was sold during CVRD’s privatization in auctions held in May 1997.
63
In exchange for the funds received, the BNDES agreed to, alternatively or jointly, at the
Ministry of Finance’s discretion:
a) assume both acknowledged and novated debts of the Federal Government involving the
Salary Variation Compensation Fund (FCVS); and
b) transfer to the Federal Government its own BNDESPAR debentures with the same
profile (dates of payment and financial conditions) as those of the debts of the Federal
Government to the FCVS.
On December 29, 2000, a debt assumption was formalized in the amount of R$2,593.5
(originally received, adjusted by TR variation, plus annual interest of 6.17% per year),
corresponding to 1,608,084 CVSA970101 securities, payable under the following conditions:
Grace period for payment of interest:
4 years and 1 month beginning December 1, 2000, and first
payment on January 1, 2005
Grace period for payment of principal:
8 years and 1 month beginning December 1, 2000, and first
payment on January 1, 2009
Remaining term:
27 years beginning December 1, 2000 and last payment of
principal and charges on January 1, 2027
Interest rate:
TR (managed prime rate) + 6.17% per year
In March 2002, the BNDES sold, through a public offering on the domestic and foreign
markets, 39,389,193 common shares issued by Cia. Vale do Rio Doce (CVRD) for R$2,218.3,
settled in April 2002. Such amount was also the subject matter of a debt assumption by the
Federal Government regarding the Salary Variation Compensation Fund (FCVS), monetarily
adjusted by TR (managed prime rate) and interest of 6.17% per year. In December 2005, the
remaining shares transferred by the Federal Government were sold in an auction together with
minority interest, for R$1,516 thousand, and the settlement was concluded in January 2006.
In August 2006, the BNDES and the Federal Government entered into a Debt Novation and
Acknowledgment Agreement in the amount of R$537 corresponding to the portion of the
agreements above intended to change the BNDES’ debt profile and increase its Regulatory
Capital, adjusting its terms and conditions to those of a hybrid debt/equity instrument,
pursuant to Resolution Nº 2,837, as established by the National Monetary Council (CMN) on
May 30, 2001, in conformity with Law Nº 11,371, of November 28, 2006.
As of December 31, 2011, the balances of these agreements were as follows:
•
•
Hybrid Debt/Equity Instrument: R$ 7,078.1;
Debt Assumption Agreement: R$ 344.9, recorded under Domestic Onlending –
National Treasury.
64
22. Income tax and social contribution
22.1) Current
The BNDES calculates income tax and social contribution based on annual taxable
income and is subject to monthly payments on an estimated basis, whenever the tax
suspension/reduction is not applicable, as provided for in Articles 27 to 35 of Law Nº
8,981/95 and other applicable legislation.
As of December 31, 2011 and 2010, the Bank recorded provisions for social
contribution at the rate of 15% and income tax at the rate of 15%, plus a 10% surtax.
In the consolidated statement, only BNDESPAR recorded the provision for social
contribution tax at the rate of 9%.
Income and social contribution taxes were calculated as follows:
R$ thousand
BNDES
As of December 31
Income
Tax
Income before taxes
Profit sharing
Tax base
Total income tax and social contribution expenses (credit) at the
rates of 25% and 15%
Effect of additions (deductions) on tax calculation:
• Receivables written off as losses
• Allowance for losses (BACEN Resolution Nº 2,682/99)
• Equity in investees
• Labor and Civil Provisions
•
•
•
•
•
•
•
•
•
•
Allowance for losses on securities
Employee profit sharing
Interest on capital paid to the Federal Government controlling shareholder
Actuarial liabilities - FAMS
Planned employee retirement program
Adjustment of securities to fair value
Adjustment of swap to fair value
Investment grants – tax incentives
Financial support not reimbursable
Other additions (deductions), net
Income tax and social contribution
Social
Contribution
2011
Income
Tax
2010
Social
Contribution
Income
Tax
Social
Contribution
4,131,464
(76,508)
4,054,956
4,131,464
(76,508)
4,054,956
10,483,165
(76,508)
10,406,657
10,483,165
(76,508)
10,406,657
12,417,822
(106,736)
12,311,086
12,417,822
(106,736)
12,311,086
1,013,739
608,243
2,601,664
1,560,999
3,077,772
1,846,663
(11,489)
(100,901)
(206,797)
9,733
19,127
(6,894)
(60,540)
(124,078)
5,839
11,476
(29,638)
(274,982)
(1,021,330)
10,426
18,871
(7,557)
(17,783)
(164,989)
(612,798)
6,255
11,322
(4,534)
16,506
(243,133)
(1,013,661)
(6,307)
26,684
9,903
(145,880)
(608,196)
(3,784)
9,838
(533,845)
13,328
(3,573)
(1,734)
7,375
9,360
214,323
(320,307)
7,997
(2,144)
(1,041)
4,425
16,413
139,389
(533,845)
25,785
(4,517)
(4,326)
3,224
(13,505)
36,923
807,193
(320,307)
15,471
(2,710)
(2,596)
1,934
(8,103)
37,288
499,449
(377,491)
18,238
(7,173)
(10,406)
26,328
(5,046)
47,947
(33,549)
1,516,709
(226,495)
10,943
(4,304)
(6,244)
15,797
(3,028)
28,768
1,512
925,493
65
R$ thousand
Consolidated
As of December 31
Income
Social
tax
contribution
Income before taxes
2011
Income
tax
2010
Social
contribution
Income
tax
Profit sharing
Tax base
Total income tax and social contribution expenses (credit) at the
rates of 25% and 15%
4,830,064
(119,543)
4,710,521
4,830,064
(119,543)
4,710,521
12,063,541
(119,543)
11,943,998
1,177,631
706,578
2,986,000
1,791,600
3,549,907
2,129,944
Effect of additions (deductions) on tax calculation:
• Receivables written off as losses
• Allowance for losses (BACEN Resolution Nº 2,682/99)
• Equity in investees
• Interest on capital of associates and subsidiaries
• Barter of securities
• Dividends from investments stated at cost
(12,074)
118,503
(125,002)
13,576
(151,230)
(4,471)
68,508
(44,991)
4,887
(54,443)
54,307
(86,579)
(302,488)
24,547
(27,386)
(292,788)
32,280
(65,056)
(108,699)
8,837
(9,859)
(105,404)
24,905
(176,746)
(109,445)
12,385
(11,001)
(158,801)
13,997
(95,593)
(39,305)
4,459
(3,960)
(57,168)
(533,845)
(35,964)
11,774
16,510
32,270
(26,597)
(1,734)
7,375
(4,985)
(160)
88,673
8,029
582,750
(320,307)
(12,948)
6,576
9,283
16,590
(181)
(1,041)
4,425
(2,719)
(106,004)
29,521
16,039
315,302
582,750
315,302
582,750
315,302
(533,845)
(74,303)
15,774
31,745
(7,557)
(26,597)
(4,326)
3,224
(6,047)
(22,258)
(40,586)
3,697
(76,800)
26,947
1,644,681
(6,677)
1,638,004
9,450
1,647,454
(320,307)
(22,189)
8,181
17,886
(4,534)
(181)
(2,596)
1,934
(3,231)
(11,196)
(331,624)
(14,611)
1,331
(20,277)
36,876
879,161
(4,557)
874,604
(15,376)
859,228
(377,491)
20,414
(7,833)
21,869
39,827
4,039
(10,406)
26,328
12,105
(10,515)
(14,479)
47,947
(52,164)
29,374
(110,450)
(67,395)
2,682,374
(63,677)
2,618,697
4,288
2,622,985
(226,495)
7,349
(4,466)
12,479
14,952
2,000
(6,244)
15,797
7,263
(5,612)
(6,424)
28,768
(309,506)
10,574
(63,579)
(8,241)
1,420,989
(38,150)
1,382,839
1,250
1,384,089
• Interest on capital paid to the Federal Government - controlling
shareholder
• Allowance for losses on securities
• Labor and Civil Provisions
• Actuarial liabilities - FAMS
• Employee profit sharing
• Goodwill amortization, net of realization
• Adjustment of securities to fair value
• Adjustment of swap to fair value
• FAPES – technical reserves
• Planned employee retirement program
• Investment grants – tax incentives
• Financial support not reimbursable
• Earnings from subsidiaries at 9% rate
• Deferral of taxes on sale of permanent assets
• Negative goodwill amortization
• Effect of adjustment to CPCs (RTT)
• Other additions (deductions), net
Charges before offset
Utilization of tax loss carryforwards
Income tax and social contribution for the period
Reversal of provision for income tax and social contribution
12,063,541 14,358,934
(119,543) (159,307)
11,943,998 14,199,627
Social
contribution
Breakdown of taxes payable is as follows:
R$ thousand
As of December 31
2011
Taxes on income:
Provision:
Income tax
Social contribution
Prepayments:
Income tax
Social contribution
Taxes payable
2010
BNDES
Consolidated
BNDES
Consolidated
807,193
499,449
1,306,642
1,638,004
874,604
2,512,608
1,516,709
925,493
2,442,202
2,618,697
1,382,839
4,001,536
(388,223)
(196,558)
(584,781)
(906,936)
(401,063)
(1,308,001)
721,861
1,204,609
66
(1,516,709)
(925,493)
(2,442,202)
-
(2,238,787)
(1,210,789)
(3,449,576)
551,960
14,358,934
(159,307)
14,199,627
Recoverable and prepaid taxes are as follows:
R$ thousand
As of December 31
2011
BNDES
2010
Consolidated
BNDES
Consolidated
Income tax overpaid in prior years
Withholding income tax on fixed income
Withholding income tax on variable income
IRRF - interest on capital
Prepayments – audiovisual
Other
Total
48,402
1,325
49,727
111,590
1,650
308,653
1,965
1,273
425,131
4,049
6,060
149,956
160,065
120,935
112
137,017
12,732
149,956
1,273
422,025
Current
Non-current
Total
49,727
49,727
425,131
425,131
160,065
160,065
422,025
422,025
22.2) Tax credits
R$ thousand
As of December 31
2011
BNDES
Breakdown of deferred tax assets:
Labor and Civil provisions
Allowance for investment devaluation
Profit sharing
Goodwill amortization, net of realization
Adjustment to fair value – Debentures
Asset impairment allowance
Allowance for medical expenses - FAMS
Tax loss carryforwards
Social contribution loss carryforwards
Derivatives - options
Sub-total
2010
Consolidated
BNDES
Consolidated
341,933
64,335
30,006
21,458
30,603
19,227
2,608
24,264
534,434
510,460
255,250
70,830
21,458
45,881
27,592
13,921
293,096
2,608
36,773
32,755
1,310,624
371,598
47,900
29,455
35,022
42,694
26,454
2,417
22,952
578,492
414,207
231,612
231,278
35,022
60,951
36,872
58,044
2,417
33,491
2,345
1,958
164,413
1,272,610
1,548,841
180,053
1,728,894
1,637,829
180,053
1,817,882
80,299
9,335
89,634
80,299
9,335
89,634
Total
2,263,328
3,128,506
668,126
1,362,244
Current
Non-current
Total
290,569
1,972,759
2,263,328
365,175
2,763,331
3,128,506
252,406
415,720
668,126
491,818
870,426
1,362,244
Deferred tax credits on mark to market of availablefor-sale securities:
PIS and COFINS (taxes on revenues)
Subtotal
67
R$ thousand
As of December 31
2011
BNDES
2010
Consolidated
BNDES
Consolidated
. Breakdown of deferred tax liabilities:
Negative goodwill amortization
Capital gain on sale of fixed assets
Mark-to-market - financial instruments
Options
Subtotal
Taxes payable on available-for-sale securities:
Subtotal
(1,101)
(48,693)
(49,794)
(7,621)
(1,101)
(48,694)
(126,139)
(398,744)
(194,736)
(777,035)
(41,771)
(41,771)
(8,054)
(41,771)
(52,164)
(155,426)
(92,224)
(349,639)
(331,633)
(38,552)
(370,185)
(9,083,791)
(38,553)
(9,122,344)
(147,645)
(17,164)
(164,809)
(15,300,460)
(17,164)
(15,317,624)
Total
(419,979)
(9,899,379)
(206,580)
(15,667,263)
Current
Non-current
Total
(48,834)
(371,145)
(419,979)
(94,049)
(9,805,330)
(9,899,379)
(41,771)
(164,809)
(206,580)
(58,189)
(15,609,074)
(15,667,263)
Pursuant to the Central Bank of Brazil’s Resolution Nº 3,059/02 and prevailing tax
rates mentioned in Note 22.1, the Bank recognized deferred tax assets and liabilities
on temporary additions and deductions that will be taxable and deductible from
income tax and social contribution bases in the future. As of December 31, the
counterpart entry of the provisions for deferred income and social contribution rates is
as follows:
R$ thousand
2nd six-month period
of 2011
Consolidated
BNDES
Income tax
Social contribution
Total
42,185
25,311
67,496
(48,695)
4,966
(43,729)
As of December 31
2011
BNDES
(32,550)
(19,531)
(52,081)
2010
Consolidated
(284,995)
(104,387)
(389,382)
BNDES
27,774
16,664
44,438
Consolidated
(214,392)
(64,839)
(279,231)
Basically, deferred tax assets on temporary differences arise from:
a)
Credits written off as loss: refer to losses on loans or interbank onlending which
are past due for more than 360 days, or had their maturity accelerated due to
noncompliance with contractual clauses. Such receivables may be under amicable
collection by the receivable recovery department, or otherwise subject to court
collection.
b) Civil and Labor provisions: refer to labor (Note 23.a) and civil (Note 23.b);
c)
Allowance for losses on investments: equity interests accounted at cost or under
the equity method and other investments.
68
d) Adjustment to fair value and swap transactions: refers to net gains and losses
determined with the mark-to-market of securities and swap transactions, which
are used as hedges of uncovered positions.
e)
Barter of securities: refers to the tax credit recorded to offset the effect of current
income taxes and social contributions paid on the difference between fair value
and carrying amount arising from the securities barter transaction. The realization
of these credits is tied to the sale of the respective securities.
f)
Planned retirement employee program: estimated costs of the plan which
provides incentives to employees who qualify for retirement for length of service
(Note 30);
g) Derivatives - options: refer to the fair value of options pegged to shares in the
investment portfolio.
h) Accrued medical care expenses - FAMS: refers to accrued medical care expenses
carried as prescribed by CVM Resolution Nº 600/09.
i)
Goodwill amortization – goodwill on shares subscribed in cash, conversion of
debentures or exchange of shares or receivables.
Deferred taxes payable arising from temporary differences, mainly at subsidiary
BNDESPAR, are basically originated by:
a) Mark–to-market - financial instruments: refers to the mark–to-market of
debentures of securities classified as available for sale and other investments in
associates where the Bank does not have a significant influence any longer;
b)
Bargain purchase gain: income recognized on the acquisition of associates
because the fair values proportional to net assets of such associates are higher
than the consideration paid in exchanged for these associate’s equity;
c) Write-off of negative goodwill - CPC: negative goodwill recognized before 2009
and written off as a result of the first-time adoption of CPCs.
69
Tax credits and taxes payable on temporary additions and deductions are realized upon
payment, utilization or reversal of the related provisions. Credits from tax loss
carryforwards are offsettable against future taxable income, limited to 30% in each
period. The amounts recognized and written off in the year are as follows:
R$ thousand
12/31/2010
BNDES
Recognition
Realization
12/31/2011
Tax credits:
Labor and Civil provisions
Accrued employee profit sharing
371,598
47,900
29,454
35,022
26,455
42,694
22,952
2,417
578,492
225,363
16,680
30,196
31,750
30,603
1,312
191
336,095
(255,028)
(245)
(29,645)
(45,314)
(7,228)
(42,694)
(380,154)
341,933
64,335
30,006
21,458
19,227
30,603
24,264
2,608
534,434
Subtotal
Total deferred tax credits
80,299
9,335
89,634
668,126
1,468,542
170,718
1,639,260
1,975,355
(380,154)
1,548,841
180,053
1,728,894
2,263,328
Taxes payable:
Subtotal
(41,771)
(41,771)
(1,101)
(6,922)
(8,023)
-
(1,101)
(48,693)
(49,794)
(147,645)
(17,164)
(164,809)
(206,580)
(183,988)
(21,388)
(205,376)
(213,399)
-
(331,633)
(38,552)
(370,185)
(419,979)
Allowance for medical expenses – FAMS
Allowance for assets devaluation
Subtotal
Deferred tax credits on mark to market of available-forsale securities:
Deferred taxes payable on mark to market of available-forsale securities:
Subtotal
Total deferred taxes payable
70
R$ thousand
Consolidated
12/31/2010
Recognition
Realization
12/31/2011
Tax credits:
Labor and Civil Provisions
414,207
231,612
231,278
35,022
60,951
36,872
33,491
58,044
2,417
164,413
2,345
1,958
1,272,610
373,210
25,823
47,580
31,750
45,881
195
3,282
191
293,096
821,008
(276,957)
(2,185)
(208,028)
(45,314)
(60,951)
(9,475)
(44,123)
(131,658)
(2,345)
(1,958)
(782,994)
510,460
255,250
70,830
21,458
45,881
27,592
36,773
13,921
2,608
32,755
293,096
1,310,624
80,299
9,335
89,634
1,362,244
1,557,530
170,718
1,728,248
2,549,256
(782,994)
1,637,829
180,053
1,817,882
3,128,506
(8,054)
(41,771)
(52,164)
(155,426)
(92,224)
(349,639)
(6,923)
(1,101)
(73,975)
(735,567)
(102,512)
(920,078)
433
492,249
492,682
(7,621)
(48,694)
(1,101)
(126,139)
(398,744)
(194,736)
(777,035)
(15,300,460)
(17,164)
(15,317,624)
(15,667,263)
(184,000)
(21,389)
(205,389)
(1,125,467)
6,400,669
6,400,669
6,893,351
(9,083,791)
(38,553)
(9,122,344)
(9,899,379)
Options
Income tax loss carryforwards
Subtotal
Deferred tax credits on mark to market of availablefor-sale securities:
Subtotal
Total
Taxes payable:
Capital Gain on sale of fixed assets
Mark-to-market - financial instruments
Options
Subtotal
Taxes payable on mark to market of available-forsale securities:
Subtotal
Total
71
R$ thousand
12/31/2009
Tax credits:
Provision for medical expenses – FAMS
Sub-total
Deferred tax credits on mark to market of available-for-sale
securities:
Subtotal
Total deferred tax credits
Taxes payable:
Subtotal
Taxes payable on mark to market of available-for-sale
securities:
IRPJ and CSLL
PIS and COFINS
Sub-total
Recognition
BNDES
Realization
12/31/2010
369,381
55,141
29,454
37,932
26,235
152
518,295
190,622
3,414 (
42,323
42,694
22,952
2,265
304,270
(188,405)
(10,655)
(7,301)
(11,477)
(26,235)
(244,073)
371,598
47,900
29,454
35,022
26,455
42,694
22,952
2,417
578,492
17,809
2,070
19,879
538,174
62,490
7,265
69,755
374,025
(244,073)
80,299
9,335
89,634
668,126
(892)
(25,121)
(26,013)
(16,650)
(16,650)
892
892
(41,771)
(41,771)
(96,915)
(11,266)
(108,181)
(134,194)
(50,730)
(5,898)
(56,628)
(73,278)
892
(147,645)
(17,164)
(164,809)
(206,580)
72
R$ thousand
Consolidated
12/31/2009
Recognition
Realization
Prior-year
adjustments upon
adoption of CPCs
12/31/2010
Tax credits:
Barter of securities
Options
Income tax loss carryforwards
Sub-total
414,872
239,970
256,203
33,484
52,998
76,545
302,903
152
66,022
40,108
1,483,257
208,673
5,960
49,094
42,323
60,951
33,491
10,130
2,265
164,413
577,300
(209,338)
(14,318)
(55,779)
(7,301)
(33,484)
(16,126)
(31,340)
(302,903)
(63,677)
(38,150)
(772,416)
(18,240)
2,709
(15,531)
414,207
231,612
231,278
35,022
60,951
36,872
33,491
58,044
2,417
164,413
2,345
1,958
1,272,610
Deferred tax credits on mark to market of available-forsale securities:
Subtotal
Total
17,809
2,070
19,879
1,503,136
62,490
7,265
69,755
647,055
(772,416)
(15,531)
80,299
9,335
89,634
1,362,244
(8,054)
(892)
(25,121)
(34,067)
(16,650)
(52,164)
(537,336)
(92,224)
(698,374)
892
596,748
597,640
(214,838)
(214,838)
(8,054)
(41,771)
(52,164)
(155,426)
(92,224)
(349,639)
(109,270)
(11,266)
(120,536)
(154,603)
(50,730)
(5,898)
(56,628)
(755,002)
2,711,098
2,711,098
3,308,738
(17,851,558)
(17,851,558)
(18,066,396)
(15,300,460)
(17,164)
(15,317,624)
(15,667,263)
Taxes payable:
Capital gain on sale of permanent asset
Options
Sub-total
Taxes payable on mark to market of available-for-sale
securities:
IRPJ and CSLL
PIS and COFINS
Sub-total
Total
Unrecorded tax credits as of December 31, 2011, in the BNDES totaled R$1,408.8
(R$1,777.1 as of December 31, 2010), in the Consolidated result, R$2,131.7
(R$3,193.5 as of December 31, 2010). These amounts refer basically to the allowance
for loan losses (Central Bank of Brazil’s Resolution Nº 2,682/99), part civil and labor
provisions, allowance for losses on investments arising from tax incentives (FINOR –
Northeast Investment Fund) – only for CSLL – and others, and the provision for
medical expenses (FAMS). Pursuant to the Central Bank of Brazil’s Resolution Nº
3,059/02, tax credits can only be recognized on amounts that will be offset in up to 5
years, a period which was changed to 10 years under the Central Bank of Brazil’s
Resolution Nº 3,355/06. However, until this date, the company’s expectations and
estimates on taxable profit only extend into the foreseeable future and are unable to
forecast the offsetting of assets beyond the 5-year timeframe.
73
The expected realization of tax credits is as follows:
R$ thousand
2012
2013
BNDES
2015
2 2014
2016
After 2016
Total
Tax credits:
Sub-total
Deferred tax credits on mark to market of
available-for-sale securities:
Subtotal
Total tax credits
-
203,032
505
30,006
19,227
30,603
4,588
2,608
290,569
31,028
6,257
4,747
42,032
16,925
39,453
4,847
61,225
58,740
1,751
20,495
4,994
85,980
32,208
16,369
963
5,088
54,628
-
341,933
64,335
30,006
21,458
19,227
30,603
24,264
2,608
534,434
-
1,548,841
180,053
1,728,894
-
-
-
-
1,548,841
180,053
1,728,894
290,569
1,770,926
61,225
85,980
54,628
-
2,263,328
(141)
(48,693)
(48,834)
-
(288)
(288)
-
-
(672)
(672)
(1,101)
(48,693)
(49,794)
-
(331,633)
(38,552)
(370,185)
-
-
-
-
(331,633)
(38,552)
(370,185)
(48,834)
(370,185)
(288)
-
-
(672)
(419,979)
. Taxes payable:
Sub-total
Deferred taxes payable on mark to market
of available-for-sale securities:
Subtotal
74
R$ thousand
Consolidated
2012
2013
2 2014
247,032
506
38,509
45,881
27,592
6,883
2,608
58
369,069
35,352
7,400
8,601
7,172
310
58,835
2015
2016
After 2016
60,370
1,979
4,042
7,591
20,495
1,843
293,096
389,416
149,475
205,029
3,812
7,757
963
1,533
368,569
Total
Tax credits:
Accrued profit sharing
Adjustment of swaps to fair value
Derivatives – options
Sub-total
18,231
40,336
5,968
7,370
343
32,755
105,003
9,898
9,834
19,732
510,460
255,250
70,830
45,881
27,592
36,773
21,458
2,608
13,921
32,755
293,096
1,310,624
Deferred tax credits on mark to market of
available-for-sale securities:
-
Subtotal
Total tax credits
1,548,841 88,988
180,053
1,728,894 88,988
-
-
-
1,637,829
180,053
1,817,882
369,069
1,787,729
193,991
389,416
368,569
19,732
3,128,506
(141)
(48,694)
-
-
(288)
-
-
-
(7,621)
(672)
(126,139)
(7,621)
(1,101)
(48,694)
(126,139)
(48,835)
-
(288)
-
-
(398,744)
(194,736)
(727,912)
(398,744)
(194,736)
(777,035)
Sub-total
(45,201)
(45,201)
(331,633)
(38,553)
(370,186)
-
-
-
(8,706,957)
(8,706,957)
(9,083,791)
(38,553)
(9,122,344)
Total deferred payables
(94,039)
(370,186)
(288)
-
-
(9,434,869)
(9,899,379)
Taxes payable:
Capital gain on sale of fixed assets
Adjustment to fair value of debentures - financial
instruments
Options
Sub-total
Taxes payable on mark to market of available-forsale securities:
IRPJ and CSLL
The present value of recorded tax credits, calculated considering the average funding
rate, is R$1,979.7 (R$2,321.9 in Consolidated).
Article 5 of Resolution Nº 3,059/02 requires the write-off of the asset corresponding to
the portion of tax credits when the amounts actually realized in two consecutive periods
are lower than 50% of the amounts estimated for the same period in the technical study
prepared by the Bank. The provisions set forth in this article are not applicable to tax
credits recognized prior to the issuance of said Resolution. As of December 31, 2011, no
asset was written off. The tax credits recognized after the issuance of said Resolution
amounted to R$452.9 (R$1,184.9 in Consolidated).
75
23. Provisions for labor and civil contingencies
The BNDES is a party to various labor and civil lawsuits arising from the normal course of
its business.
The provision recognized is considered by management as sufficient to cover potential
losses.
The provisions, categorized by their nature, are as follows:
R$ thousand
As of December 31
2011
Labor lawsuits
Civil lawsuits
Total
Current
Non-current
Total
2010
BNDES
35,277
126,582
161,859
Consolidated
41,857
682,805
724,662
BNDES
32,240
87,917
120,157
1,262
160,597
161,859
1,265
723,397
724,662
1,229
118,928
120,157
Consolidated
43,471
618,097
661,568
7,059
654,509
661,568
Below is the expected scheduled of these provisions:
R$ thousand
As of December 31
Labor lawsuits
Consolidated
BNDES
1,262
1,265
14,114
17,377
12,707
13,912
3,898
4,566
2,687
2,735
25
25
301
1,628
137
137
66
146
146
35,277
41,857
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Civil lawsuits
Consolidated
BNDES
1,527
1,527
85,925
87,316
481
481
38,237
593,069
411
411
1
1
126,582
682,805
a) Labor lawsuits
Labor provision reflects the risk of probable loss on 140 ongoing lawsuits that refer
basically to reinstatement of dismissed employees (164 lawsuits - Consolidated),
referring mainly to pre-agreed overtime. Consolidated also includes lawsuits related to
the Waiver Law (arising from the administrative reform promoted by the Collor
administration).
76
Changes in the labor provision in the period are as follows:
R$ thousand
As of December 31
2011
Balance at beginning of period
Recognition (reversal), net
Payments
BNDES
32,240
5,236
(2,199)
35,277
2010
BNDES
57,954
(23,021)
(2,693)
32,240
Consolidated
43,471
787
(2,401)
41,857
Consolidated
70,760
(22,392)
(4,897)
43,471
As of December 31, 2011, there are 125 ongoing lawsuits (129 - Consolidated)
classified as possible loss, in the estimated amount of R$139.0 (R$256.4 Consolidated).
b) Civil lawsuits
Civil provision reflects the risk classification as probable loss on 12 ongoing lawsuits
(15 - Consolidated),the most important of which are related to privatization transactions
carried out by the Federal Government and implemented by the BNDES in its capacity
as the manager of the National Privatization Program (PND), and also to contractual
matters. At the consolidated level, lawsuits are similar, with the main ones being a
lawsuit filed in 1995, relating to a privatization auction held in 1989 for which the
lower court decision, favorable to BNDESPAR, was revised and still awaits judgment.
Changes in the civil provisions in the period are as follows:
R$ thousand
As of December 31
2011
Recognition (reversal), net
BNDES
87,917
38,665
126,582
2010
Consolidated
618,097
64,708
682,805
BNDES
87,431
486
87,917
Consolidated
622,140
(4,043)
618,097
As of December 31, 2011, there are 71 ongoing lawsuits (84 - Consolidated) classified as
possible loss, in the estimated amount of R$721.7 (R$1,566.9 - Consolidated).
77
24. Shareholders’ Equity
Capital
As of December 31, 2011 and 2010 the BNDES’ subscribed capital is represented by
6,273,711,452 registered common shares, without par value, all held by the Federal
Government.
A capital increase in the amount of R$6,783.1 arising from the transfer of shares of
Petrobras is being made as follows:
•
•
Transfer of 223,597,798 common shares of Petróleo Brasileiro S.A. - Petrobras, in the
amount of R$6,400.0, exceeding the Federal Government’s share control, pursuant to
Decree 7439 of February 16, 2011.
Transfer of 16,103,059 common shares of Petróleo Brasileiro S.A. - Petrobras, in the
amount of R$383.1, exceeding the Federal Government’s share control, pursuant to
Decree Nº7,653 of December 23, 2011.
Allocation of profit
R$ thousand
As of December 31
2011
Income (loss) for the year
Prior-year adjustment (1)
Amounts allocated
2010
9,047,934
9,047,934
9,913,322
231,449
10,144,771
452,397
54,021
507,239
20,185
Payments to shareholder
Minimum mandatory payments to shareholder - 25% (3)
Supplementary payments to shareholder
2,135,380
2,135,380
-
3,477,261
2,404,337
1,072,924
Operating margin reserve
1,281,227
5,124,909
1,442,602
4,697,484
Allocations
Legal reserve - 5% (2)
Tax incentive reserve
(1) Adjustment arising from application of CPCs.
(2) Limited to 20% of capital or, at the discretion of BNDES, when this reserve balance plus capital reserves reaches 30%
of capital.
(3) 25% of adjusted net income after the recognition of the legal reserve and the tax incentives reserve.
2,135,380
2,135,380
Proposed payments to shareholder (4)
Dividends
Interest on capital
3,477,261
1,967,296
1,509,965
(4) R$2,051.4 were paid in advance to the shareholder in 2011 and R$3,477.3 thousand in 2010, adjusted based on the SELIC rate.
78
Earnings reserves
Beginning 2008, the bylaws of BNDES started to provide for the recognition of an
‘Earnings reserve for future capital increase’, an ‘Earnings reserve for operating margin’,
and a ‘Tax incentives reserve’.
The ‘Reserve for future capital increase’ is designed to ensure the formation of equity
compatible with the expected growth of the Bank’s assets and is recognized as 15% of
adjusted net income, with a total balance limited to 30% of capital. In 2011, R$1,281.2 was
recognized in this reserve (R$1,442.6 in 2010).
The ‘Reserve for operating margin’ is designed to ensure that the Bank has an operating
margin consistent with the development of our operations and is recognized as 100% of the
remaining balance of net income, with a total balance limited to 50% of capital. In 2011,
R$5,124.9 was recognized in this reserve (R$4,697.5 in 2010).
With the enactment of Law Nº11,638/07, tax incentives should be recorded to profit or loss
and allocated to the earnings reserve – tax incentive. In 2011, BNDES recognized R$54.0 in
this reserve (R$20.2 in 2010).
Increases or decreases in the amounts attributed to components of assets or liabilities, net of
taxes, as a result of their measurement to fair value, are accounted for under this line item.
These adjustments are broken down as follows:
R$ thousand
31/12/2011
31/12/2010
Adjustment - accumulated translation - reflex from associate
Adjustment - other comprehensive income - reflex from associate
Measurement at fair value of securities classified as available for
sale
Own securities
From subsidiary’s assets (BNDESPAR) (1)
(277,684)
545,816
(81,281)
(129,934)
15,143,418
(1,684,314)
16,827,732
29,507,767
93,189
29,414,578
Total
15,411,550
29,296,552
(1) CPC 38, incorporated to Central Bank of Brazil’s standards under Circulars Nº 3,068/2001 and Nº 3,082/2002, requires the
mark-to-market of the portfolio of equity investments classified as available for sale.
79
Payment of dividends
In 2011 and 2010, BNDES paid interest on capital and dividends, as described below:
Event
2011
Amount
allocated - R$
thousand
Amount paid
(*)
Payment date
Payment method
Supplementary dividend - 2010
Federal government
1,000,000
1,026,010
mar-11
securities
1,500,000
1,552,559
apr-11
In cash
1,700,000
1,776,219
may-11
In cash
497,484
540,814
sep-11
In cash
Prepayment of interest on capital - 2011 (**)
1,599,607
1,557,904
sep-11
In cash
Prepayment of interest on capital - 2011 (**)
451,746
451,190
dec-11
In cash
Total
6,748,837
6,904,696
(*) Includes adjustment using the SELIC rate from the date profits are calculated until the date of payment.
(**) Proposed payments to shareholder include adjustment by the SELIC rate, amounting to R$42.2. See table above on Allocation
of profit.
Event
Interest on capital - 2009
Mandatory minimum dividend - 2009
Prepayment of interest on capital/dividends - 2010
(**)
2010
Amount
allocated - R$
thousand
41,994
381,547
875,000
Amount paid
(*)
Payment date
42,523
386,350
886,015
feb-10
feb-10
feb-10
2,434,216
289,920
215,293
2,500,000
300,000
226,467
apr-10
may-10
jul-10
738,365
707,566
Payment method
In cash
In cash
In cash
Federal government
securities
In cash
In cash
jul-10
In cash
Federal government
953,607
1,012,010
aug-10
securities
Prepayment of interest on capital/dividends - 2010
Aug and nov- Federal government
(**)
2,738,896
2,664,345
10
securities
Total
8,668,838
8,725,276
(*) Includes adjustment using the SELIC rate from the date profits are calculated until the date of payment.
(**) Proposed payments to shareholder include adjustment by the SELIC rate, amounting to R$105.3. See table above on Allocation
of profit.
25. Related Parties
The BNDES and its subsidiaries have relations and conduct transactions with entities
considered related parties, in accordance with Technical Pronouncement No. 05 of the
Accounting Pronouncements Committee - CPC, approved by Central Bank of Brazil’s
Resolution Nº 3,750/09.
80
25.1) Transactions with subsidiaries
Transactions between companies included in consolidation have been eliminated from
the consolidated financial statements and were as follows:
R$ thousand
As of December 31
FINAME
Assets
Onlendings
Local currency
Foreign currency
Dividends receivable
Liabilities
Onlendings
Local currency
2011
BNDESPAR
Total
FINAME
2010
BNDESPAR
Total
104,548,121
7,341,052
111,889,173
-
8,710,955
38,526
8,749,481
982,544
113,259,076
7,379,578
120,638,654
982,544
82,405,006
7,198,212
89,603,218
14,529
11,642,000
49,431
11,691,431
983,048
94,047,006
7,247,643
101,294,649
997,577
1,908
86,931
88,839
890,144
91,770
981,914
Income:
Onlendings
Local currency
Foreign currency
Expenses:
Onlendings
Local currency
FINAME BNDESPAR
Total
FINAME
BNDESPAR
Total
FINAME
BNDESPAR
Total
2,368,292
1,458,780
3,827,072
576,391
11,395
587,786
2,944,683
1,470,175
4,414,858
4,335,636
1,168,344
5,503,980
1,102,895
9,904
1,112,799
5,438,531
1,178,248
6,616,779
2,675,407
98,535
2,773,942
990,696
1,846
992,542
3,666,103
100,382
3,766,485
(147)
(3,105)
(3,252)
(82,014)
(6,361)
(88,375)
(347,998)
(38,931)
(386,929)
25.2) Transactions with the National Treasury – BNDES’ single shareholder
Transactions involving the National Treasure are summarized below and the
conditions are referred to in the notes in each account group:
R$ thousand
BNDES
As of December 31
2011
Assets
Federal government securities (Note 6)
Other receivables from the National Treasury (Note 31)
51,328,835
3,608,287
Liabilities
Onlendings
Hybrid equity/debt instrument
Other payables to the National Treasury
Dividends and interest on capital
2nd six-month
period of 2011
2,089,212
171,981
(15,718,110)
(690)
Income:
Income from federal government securities
Income from other receivables - equalization
Expenses on onlendings and hybrid equity/debt instrument
Expenses on other payables - equalization
81
2010
25,638,179
1,784,273
294,113,798
13,775,298
7,754
84,027
234,798,923
13,234,016
6,523
-
3,959,319
339,474
(21,644,831)
(1,324)
5,878,112
262,077
(11,543,568)
(4,157)
R$ thousand
Consolidated
As of December 31
2011
Assets
Federal government securities (Note 7)
Other receivables from the National Treasury (Note 31)
2010
51,328,835
7,830,901
Liabilities
Onlendings
Hybrid equity/debt instrument
Other payables to the National Treasury
2nd six-month
period of 2011
2,089,212
1,538,700
(15,875,535)
(8,337)
Income:
Income from federal government securities
Income from other receivables - equalization
Expenses on onlendings and hybrid equity/debt instrument
Expenses on other payables - equalization
25,638,179
3,547,589
296,998,648
13,775,298
131,312
239,823,527
13,234,016
128,862
3,959,319
2,958,113
(22,030,353)
15,052
5,895,064
1,658,825
(12,239,110)
(66,619)
25.3) Transactions with other Governmental Entities
In addition to transactions with its only shareholder, the BNDES maintains
transactions with other governmental entities, therefore under common control, in the
course of its business, such as Banco do Brasil, Caixa Econômica Federal, Banco do
Nordeste, Petrobras, Eletrobrás, Worker Assistance Fund (FAT), PIS/PASEP
Participation Fund, Merchant Marine Fund (FMM), and Guarantee Fund for
Promotion of Competitiveness (FGCP).
Balances of significant transactions with these entities are summarized below:
R$ thousand
As of December 31
BNDES
2011
Assets
Funds, debentures, lending and onlending
transactions, dividends and interest on capital, and
other receivables
Consolidated
2010
2011
2010
86,755,176
75,456,778
112,251,641
80,440,933
(44,154)
(121,888)
(45,563)
(122,936)
198,869,344
182,402,038
Allowance for credit risks
Liabilities
Deposits and onlendings
82
198,869,344
182,402,038
25.4) Transactions with the BNDES’ Welfare and Pension Plan Foundation – FAPES
Transactions with FAPES and Health Care and Welfare Fund (FAMS), administered
by FAPES, summarized below, are detailed in Note 28:
R$ thousand
BNDES
As of December 31
2011
Liabilities
Accounts payable - FAPES – Pension
Actuarial liabilities - FAMS – Welfare
2010
566,823
718,243
540,635
615,103
R$ mil
Consolidated
Em 31 de dezembro
2011
Liabilities
Accounts payable - FAPES – Pension
Actuarial liabilities - FAMS – Welfare
2010
735,642
904,800
702,450
777,818
R$ thousand
BNDES
As of December 31
2nd six-month
period of 2011
Expenses
Pension Plan
Welfare Plan
67,403
53,313
2011
86,043
103,140
2010
122,812
72,952
R$ thousand
Consolidated
As of December 31
2nd six-month
period of 2011
Expenses
Pension Plan
Welfare Plan
87,559
66,043
2011
111,811
126,982
2010
102,958
87,475
25.5) Transactions with associates
The BNDES, through its subsidiary BNDESPAR, has investments in associates, as
detailed in note 15.2.3. In addition to capital contributions in the investees and receipt
of dividends and interest on capital, the BNDES and its subsidiaries have other
lending operations with these companies. These transactions with these investees have
the same conditions as those transactions with other entities, not producing different
effects as to the others, on the results of operations and financial position of the
Company.
83
Balances of significant transactions with these entities are summarized below:
R$ thousand
BNDES
As of December 31
2011
Assets
Receivables
2010
2,254,391
1,267,687
(9,771)
(14,004)
Allowance
R$ thousand
Consolidated
As of December 31
2011
Assets
Receivables
Allowance
2010
2,257,022
1,267,687
(12,402)
(14,004)
1,488
540
Dividends receivable from associates
25.6) Remuneration of employees and managers
The BNDES and its subsidiaries do not grant loans to management key personnel officers and members of the Advisory Boards, Audit Committee and Fiscal Councils.
This practice is prohibited for all financial institutions regulated by the Central Bank
of Brazil.
The BNDES System also does not grant share-based compensation or other long-term
benefits to its Management key personnel. Post-employment benefits are limited to
employees of the companies of the BNDES system.
Costs for compensation and other benefits paid to management key personnel of the
BNDES System are presented below:
R$ thousand
As of December 31
2011
BNDES
Current benefits:
Payroll (*) and related taxes
2010
Consolidated
7,289.16
BNDES
8,262.28
Consolidated
6,869.31
7,839.97
(*) Compensation
Compensation paid to managers and employees are broken down below:
R$ thousand
12/31/2011
BNDES
Highest Salary (*)
Lowest Salary (*)
Average Salary (*)
Management
Employees
53.91
5.51
26.46
44.92
1.64
13.82
12/31/2010
Consolidated
Management
Employees
53.91
4.95
16.75
44.92
1.64
14.33
(*) Contractual compensation
84
BNDES
Management
49.45
5.12
22.37
Employees
48.46
1.53
13.10
Consolidated
Management
Employees
49.45
4.60
14.59
48.46
1.53
13.65
26. Income from allowance for losses
Breakdown of income from allowance for losses:
R$ thousand
As of December 31
Consolidated
BNDES
Reversal (recognition), net, of:
Lending operations
Onlendings
Debentures
Forward sale of securities
Receivables
Recovery of receivables written off from assets
(*)
Recorded income (expenses), net
2011
BNDES
2010
Consolidated
BNDES
Consolidated
188,919
138,809
103
1,684
192,511
(625,979)
119,325
(46,284)
1,098
3,726
412,115
660,216
293,904
(641)
1,911
316,826
(137,167)
192,798
(64,810)
(175,136)
20,690
881,100
471,269
264,619
78,781
155
17,717
2,199,521
143,846
152,211
262,595
19,363
(12,268)
2,286,031
522,026
(135,999)
1,272,216
717,475
3,032,062
2,851,778
(*) 50% of the consolidated balance refers basically to the recovery of credits from two BNDESPAR group companies totaling R$430.
27. Derivatives
27.1) Exchange and interest rate derivatives
Exchange and interest rate derivatives are used to adjust the composition of the
BNDES’s financial assets and financial liabilities. In particular, the purpose of the
adjustments to foreign-currency denominated liabilities is to make the credit product
“currency basket”, which represents the composition of the Bank’s foreign exposure,
more attractive to borrowers. Concurrently, these derivatives contribute to the
management of assets and liabilities denominated in hard currencies to reduce a
possible mismatch between such currencies.
According to its financial policy guidance, the purpose of the BNDES is to transfer to
borrowers the currency and interest rate risks, including risks arising from derivative
transactions, where the Bank ultimately assumes the credit risk derived from currency
and interest rate volatilities on its clients.
Using exchange and interest rate derivatives, the Bank can increase the weight of the
US dollar in the currency basket and minimize the adverse impact on of other hard
currencies’ volatility on borrowers denominated in the currency pegged to the
BNDES’s “currency basket” and reduce the risk associated to a possible currency
mismatch in the BNDES’s balance sheet.
The exchange rate and interest rate over-the-counter transactions, the BNDES receives
the full amount payable on the respective hedged asset. Thus, the hedging level is
usually close to 100%.
85
In view of the features of the BNDES’s liability transactions, the Bank has performed
financial hedges on the over-the-counter market, registered with the CETIP (Brazilian
clearing and settlement house). In order to mitigate the credit risk involved in such
transactions, the acceptance of counterparties is decided based on the credit analysis
conducted by the BNDES, which can even include the requirement of formal
guarantees.
The tables below describe the asset transactions involving currency hedges as of
December 31, 2011. All transactions below were recorded according to the Central
Bank of Brazil’s Circular Nº 3,082, of January 30, 2002, and were traded in the local
market and registered at CETIP.
27.1.1) Summary of outstanding swap transactions contracted on the over-the-counter
market:
Notional
amount
Reference
currencies
Maturity
EURO 750 million1
Euro – USD
Sep/2017
US$ 300 million
USD – R$
from Jul/2011 to
Itaú BBA and Banco Votorantim
Sep/2011
US$ 690,4 million
USD (fixed
interest rate floating)
from Mar/2015 to Citibank, Bank of América Merrill
Aug/2021
Lynch and HSBC
R$ 495.6 million 1
R$ - USD
CHF 200 million 1
Swiss francs USD
Counterparties
Deutsche Bank, HSBC, Santander and
Bank of America Merrill Lynch
from Dec/2014 to Merril Lynch, Santander and Deutsche
Jul/2019
Bank
Dec/2016
Santander and Société Generale
1
Operations contracted with bilateral credit risk mitigation mechanism through the assignment of government bonds and interbank
deposits as margin. Under the terms of the agreements entered into between the parties, bilateral contributions of initial margins are
made when operation is contracted and, until settlement, periodical reviews are performed to supplement the guarantee.
As of December 31, 2011, government securities given and received as guarantee totaled R$219.6 and R$146.3, respectively. The
amounts were calculated based on the unit prices set forth in Resolution Nº 550, as disclosed by the Central Bank of Brazil on the
base date.
27.1.2) Managed Portfolio
Additionally, in order to manage currency and short-term interest rate
mismatches, BNDES carries out, through the Managed Portfolio, derivative
transactions on the BM&F. The transactions involving this Portfolio are
conducted according to the instructions from BNDES and performed by BB
DTVM.
86
27.2) Options and embedded derivatives
In light of the corporate purpose of BNDESPAR, equity investment transactions are
structured that generate embedded derivatives in debenture contracts. These
derivatives do not have an hedging purposes and are not speculative derivative
financial instruments. These derivatives are options for the conversion into or
exchange for shares of underlying debentures. Thus, these derivatives do not pose any
risk of loss to BNDESPAR. These derivatives are measured and recognized at fair
value.
27.3) Breakdown of derivative financial instruments
R$ thousand
BNDES
12/31/2011
Maturities
Swap contracts
Foreign exchange:
Euro x USD
USD x R$
R$ x USD
Swiss franc x USD
Sep/2017
Jan/2012,
Feb/2012 and
Mar/2012
Dec/2014 to
Jul/2019
Dec/2016
Custodian
Memorandum account
Notional amount
Assets
Notional amount
Liabilities
Balance sheet
account
Accounts
receivable
(payable)
Fair value
CETIP
1,845,481
1,976,745
(131,264)
(131,264)
CETIP
564,267
546,823
17,444
17,444
CETIP
477,427
538,967
(61,540)
(61,540)
CETIP
399,875
465,040
(65,165)
(65,165)
1,302,772
1,481,465
(178,694)
(178,694)
5,009,040
(419,219)
(419,219)
(1,198)
(1,198)
(420,417)
(420,417)
Interest rates in US$:
Fixed vs. floating rate
Mar/2015 to
Agu/2021
CETIP
4, 589,822
Swap agreements –
BM&FBOVESPA
Foreign exchange:
Jan/2012,
Apr/2012 and
Jul/2012
USD x R$
BM&F
375,160
Future contracts
R$ (short position)
USD (long position)
USD (short position)
Notional amounts
Jan/2014,
Jan/2015 and
Jan/2017
Jan/2012 to
Apr/2012
Jan/2012
BM&F
4,198,543
(2,285)
(2,285)
BM&F
1,937,701
(9,109)
(9,109)
BM&F
93,790
9
(11,385)
(431,802)
9
(11,385)
(431,802)
Total
87
R$ thousand
BNDES
12/31/2010
Swap contracts
Foreign exchange:
EUR x US$
USD x R$
Memorandum account
Notional amount
Notional amount
Assets
Liabilities
Balance sheet account
Accounts receivable
(payable)
Maturities
Custodian
Fair value
Feb/2011
Jan/2011
to Mar/2011
CETIP
1,674,238
1,705,365
(31,127)
(31,127)
CETIP
501,014
518,959
(17,945)
(17,945)
CETIP
1,217,990
1,333,072
(115,082)
(115,082)
3,557,396
(164,154)
(164,154)
833
833
(70,151)
(70,151)
(69,318)
(233,472)
(69,318)
(233,472)
Fixed vs, floating rate
Mar/2015
to Aug/2021
3,393,242
Future contracts
DI (short position)
USD (long position)
Jan/2014
BM&F
Fev/2011 to
Apr/2011
BM&F
Notional amounts
501,693
6,765,605
Total
88
R$ thousand
Consolidated
12/31/2011
Memorandum account
Notional amount
Notional amount
Assets
Liabilities
Balance sheet
account
Accounts receivable
(payable)
Maturities
Custodian
Fair value
Sep/2017
CETIP
1,845,481
1,976,745
CETIP
564,267
546,823
17,444
17,444
CETIP
477,427
538,967
(61,540)
(61,540)
CETIP
399,875
465,040
(65,165)
(65,165)
1,302,772
1,481,465
(178,694)
(178,694)
5,009,040
(419,219)
(419,219)
(1,198)
(1,198)
(420,417)
(420,417)
Swap contracts
Foreign exchange:
Euro x USD
USD x R$
R$ x USD
Swiss franc x USD
Jul/2011 to
Sep/2011
Dec/2014 to
Jul/2019
Dec/2016
(131,264)
(131,264)
Mar/2015 to
Aug/2021
CETIP
4, 589,822
Swap agreements –
BM&FBOVESPA
Foreign exchange:
USD x R$
Jan/2012,
Apr/2012 and
Jul/2012
BM&F
375,160
Future contracts
Notional amounts
R$ (short position)
USD (long position)
USD (short position)
Options
Jan/2014,
Jan/2015 and
Jan/2017
Jan/2012 to
Apr2012
Jan/2012
Type
Short position (liabilities)
American
Long position (assets)
European
European
BM&F
4,198,543
(2,285)
(2,285)
BM&F
1,937,701
(9,109)
(9,109)
BM&F
93,790
9
(11,383)
(431,802)
9
(11,383)
(431,802)
(96,338)
(96,338)
478,862
478,862
93,891
93,891
Pricing method
Black-Scholes/
Merton
Black-Scholes/
Merton
Black-Scholes/
Merton
(434,740)
(390,127)
Embedded derivatives
Total
89
(434,740)
(390,127)
R$ thousand
Consolidated
12/31/2010
Swap contracts
Foreign exchange:
EUR x US$
USD x R$
Memorandum account
Notional amount
Notional amount
Assets
Liabilities
Balance sheet account
Accounts receivable
(payable)
Maturities
Custodian
Fair value
Feb/2011
Jan/2011
to Mar/2011
CETIP
1,674,238
1,705,365
(31,127)
(31,127)
CETIP
501,014
518,959
(17,945)
(17,945)
CETIP
1,217,990
1,333,072
(115,082)
(115,082)
3,557,396
(164,154)
(164,154)
833
833
(70,150)
(70,150)
(69,317)
(69,317)
(483,569)
(483,569)
229,902
229,902
41,346
41,346
284,419
(161,373)
284,419
(161,373)
Mar/2015
to Aug/2021
3,393,242
Futures contracts (short position)
DI
Jan/2014
USD
Feb/2011 to
Apr/2011
BM&F
Notional amounts
501,693
BM&F
6,765,605
Options
Type
Short position (liabilities)
American
European
European
Pricing method
Black-Scholes/
Merton
Black-Scholes/
Merton
Black-Scholes/
Merton
Embedded derivatives
Total
Summary derivative instruments
R$ thousand
Asset position
Liability position
Total
BNDES
Amounts receivable (payable)
As of December 31,
2011
2010
17,453
833
(449,255)
(234,305)
(431,802)
(233,472)
Consolidated
Amounts receivable (payable)
As of December 31,
2011
2010
1,047,553
556,501
(1,437,680)
(717,874)
(390,127)
(161,373)
Gain (losses) on derivatives
R$ thousand
As of December 31
2011
(286,490)
(404,582)
688,736
(712,772)
(714,558)
Income (expenses) from swap
Income (expenses) from future
Income (expenses) from option
Income (expenses) from embedded derivatives
Total
90
2010
(184,755)
(963,298)
681,963
(330,617)
(796,707)
28. Pension Obligations
The obligations recognized in balance sheets related to the supplementary pension and
medical care plans are as follows:
R$ thousand
As of December 31
BNDES
Payables - FAPES
Total
Current
Payables - FAPES
Non-current
Payables - FAPES
2011
Consolidated
2010
BNDES
Consolidated
566,823
718,243
1,285,066
735,642
904,800
1,640,442
540,635
615,103
1,155,738
702,450
777,818
1,480,268
25,093
11,471
36,564
33,484
17,951
51,435
21,634
10,839
32,473
28,875
16,308
45,183
541,730
706,772
1,248,502
702,158
886,849
1,589,007
519,001
604,264
1,123,265
673,575
761,510
1,435,085
28.1) Pension plan:
FAPES (Fundação de Assistência e Previdência Social do BNDES) is a closed-end
pension fund. It is mainly engaged in supplementing the pension benefits paid by the
National Institute of Social Security (INSS), to employees of its sponsors: BNDES,
FINAME, BNDESPAR, and FAPES itself.
FAPES has a defined benefit plan and the capitalization system is used to size its
reserves.
The sponsors should match, proportionately to their contribution, any possible deficits
identified by an actuarial valuation, as set forth by the plan’s bylaws and prevailing
legislation.
The actuarial commitment was valued by an independent actuary using the Projected
Unit Credit method (PUC). The adjustments of the amounts for specific dates were
based on interest equivalent to the interest paid by National Treasury Notes - series B,
based on rates applicable to prime financial instruments.
91
The table below shows the results of the actuarial valuation of the supplementary
pension plan:
R$ thousand
As of December 31
2011
BNDES
Present value of actuarial obligation
Fair value of plan assets
Present value of obligations not covered by assets/(excess coverage)
Unrecognized actuarial gains
Actuarial liability (asset)
Assets cap
Actuarial liability before Interpretation A (*)
Additional liability - Interpretation A (*)
Net liabilities
(*)
6,370,888
(5,554,028)
816,860
(1,153,039)
(336,179)
336,179
566,823
566,823
Consolidated
8,127,695
(7,085,581)
1,042,114
(1,379,669)
(337,555)
337,555
735,642
735,642
Interpretation A (The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction), equivalent
to IFRIC 14 of IASB, is an integral part of CPC 33 (Decision Nº600/2009).
Additional liability
The additional liability refers to debt acknowledgment contracts entered into with the
sponsors, with fixed schedule of amortization, through monthly payments, totaling
thirteen installments per year, calculated using the Price System and subject to annual
interest equivalent to the 6% actuarial rate plus the administrative costing rate and
inflation adjustment, which occurs at the same time and is prorated to the sponsors’
employees’ salary increases or general changes. Therefore, the contracted debt is
recognized as an additional liability when the net liability is determined.
The balance of these debts is as follows:
R$ thousand
As of December 31
Contracts of 2002 (a)
Contracts of 2004 (b)
Total
Current
Non-current
Total
(a)
2011
BNDES
Consolidated
454,702
581,116
112,121
154,526
566,823
735,642
25,093
541,730
566,823
33,484
702,158
735,642
2010
BNDES
Consolidated
425,758
544,125
114,877
158,325
540,635
702,450
21,634
519,001
540,635
28,875
673,575
702,450
This refers to the agreement between the BNDES group entities and their employees regarding the
recognition of changes in working hours, pursuant to Law Nº 10,556, of November 13, 2002, which resulted
in a 16.67% increase in the participants’ contribution salary, directly impacting the benefit plan’s
mathematical reserves. For partial coverage of the increase in such reserves in 2002, contracts establishing
the debt repayment in 390 installments were entered into. The payment began in January 2003.
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(b)
This refers to conversion of the mathematical reserves to be recognized (in compliance with the Central Bank
of Brazil’s recommendation), which were being amortized on a monthly basis since November 1998 through
extraordinary contributions, into debt acknowledged by the sponsors, due in November 2018. The first
installment was paid in December 2004.
Changes in the present value of the defined benefit obligation:
R$ thousand
As of December 31
2011
BNDES
Present value at beginning of the period
Cost of current service
Interest cost
Unrecognized actuarial losses (gains)
Benefits paid
Present value at end of the period
Consolidado
5,601,413
143,357
570,749
385,560
(330,191)
6,370,888
BNDES
7,160,601
158,764
729,866
495,782
(417,318)
8,127,695
2010
Consolidado
4,620,691
93,002
456,013
743,554
(311,847)
5,601,413
5,933,161
105,814
585,911
928,687
(392,972)
7,160,601
Changes in the fair value of plan assets:
R$ thousand
As of December 31
2011
Consolidated
BNDES
5,124,900
6,551,448
520,636
665,142
90,053
107,869
109,277
134,893
39,353
43,547
(330,191)
(417,318)
5,554,028
7,085,581
Fair value at beginning of the period
Expected return on plan assets
Unrecognized actuarial gains (losses)
Contributions received from employer
Contributions received from participants
Benefits paid
Fair value at end of the period
2010
Consolidated
BNDES
4,737,228
6,082,799
480,044
614,880
91,160
92,190
92,470
114,186
35,845
40,365
(311,847)
(392,972)
5,124,900
6,551,448
The BNDES expects to contribute approximately R$114.1 to the supplementary
pension plan next year (R$140.9 in Consolidated).
The amounts recognized in the income statement are follows:
R$ thousand
As of December 31
2011
Net expense for the period
Interest cost
Expected return on plan assets
Unrecognized actuarial losses
Total
BNDES
143,356
570,749
(520,636)
15,652
209,121
2010
Consolidated
158,764
729,866
(665,142)
15,652
239,140
BNDES
93,002
456,013
(480,044)
68,971
Consolidated
105,814
585,911
(614,880)
76,845
The expected income of plan assets was determined based on the same assumptions
used for the adjustment of liabilities, using actuarial is interest equivalent to the
interest paid by National Treasury Notes - series B (NTN-B). The main categories of
plan assets, as a percentage of total plan assets, are as follows:
93
Em (%)
As of December 31
2011
Balanced funds
Shares
Real estate investments
Loans and financing
Other
Total
BNDES
79.7
5.0
8.2
4.2
2.9
100.0
2010
Consolidated
BNDES
5.7
5.7
80.6
80.6
5.7
5.7
4.3
4.3
3.7
3.7
100.0
100.0
Consolidated
79.7
5.0
8.2
4.2
2.9
100.0
MPS/CNPC Resolution Nº 8, of October 31, 2011, which addresses the accounting
procedures of closed-end supplementary pension plans, approved the appendices that
provide for the standard accounting planning, models and instructions for the
preparation of financial statements. The main categories of the plan assets were
presented in accordance with said resolution.
The actual return on the plan assets accumulated through December 31, 2011 was
R$610.7 and R$773.0 in BNDES and Consolidated, respectively (R$571.2 and
R$707.1 as of December 31, 2010, in BNDES and Consolidated, respectively).
The table below shows the estimated benefits payable for the next three years as of
December 31, 2011:
R$ thousand
12/31/2012
12/31/2013
12/31/2014
BNDES
346,198
361,777
378,057
Consolidated
437,542
457,232
477,807
28.2) Medical care plan
The BNDES and its subsidiaries sponsor the FAMS (Health Care and Welfare Fund),
created primarily to provide the plan’s participants and dependents with benefits that
supplement or are similar to those granted by the INSS. These benefits, which include
healthcare, hospital and dental care services under free or directed-choice systems,
have been provided to the employees since 1976, under the BNDES’ Board of
Directors Resolution Nº 933/98, also applicable to the BNDES’ subsidiaries.
FAMS beneficiaries are active and retired employees of the BNDES and its
subsidiaries and their dependents; in the event of death of the principal beneficiary, the
dependent is assured of his/her right to the benefits over a maximum of 24 months.
94
FAMS receives funds donated by the BNDES and its subsidiaries to attain its goals.
These funds are managed by FAPES, which is also responsible for annual budgeting
and detailing of operating costs required by FAMS.
FAMS is not covered by guarantors’ assets. Benefit prepayment is made by the
BNDES based on the budgets presented by FAPES, which reports the costs incurred
on a monthly basis via an Expense Schedule.
As of December 31, 2011, the amount of the actuarial obligation to covered
participants and active participants for the average future time of service was recorded
based on the update of the actuarial valuation made by an independent actuary on
September 30, 2010.
R$ thousand
As of December 31
2011
Present value of unfunded obligations
Unrecognized actuarial losses
Net actuarial liability
BNDES
992,723
2010
BNDES
824,164
(209,061)
Consolidated
(274,481)
1,246,200
(341,400)
718,242
904,800
Consolidated
1,040,531
(262,713)
615,103
777,818
Changes in the defined benefit obligation during the period:
R$ thousand
As of December 31
2011
Interest cost
Unrecognized net actuarial gains (losses)
Benefits paid
2010
BNDES
Consolidated
BNDES
824,164
40,785
84,986
71,643
(28,855)
992,723
1,040,531
43,680
107,275
91,587
(36,873)
1,246,200
682,586
24,448
68,490
72,092
(23,452)
824,164
Consolidated
858,729
26,630
86,090
100,078
(30,996)
1,040,531
Amounts recognized in the income statement:
R$ thousand
As of December 31
2011
Net expense for the period
BNDES
Interest cost
Unrecognized net actuarial gains (losses)
Total
40,785
84,986
6,224
131,995
2010
Consolidated
43,680
107,275
12,900
163,855
BNDES
24,448
68,490
3,465
96,403
Consolidated
26,630
86,090
5,751
118,471
The BNDES expects to contribute approximately R$31.7 and R$40.6 to the medical
care plan next year, the BNDES and consolidated, respectively.
95
A one percentage point change in medical care cost rates would have the following
impacts:
R$ thousand
One percentage
point increase
Effect on aggregate cost of current service and interest cost
Effect on defined benefit obligation
One percentage
point decrease
31,533
196,547
(23,432)
(155,327)
28.3) Actuarial and economic assumptions
All actuarial calculations involve future projections for some parameters, such as:
salaries, interest, inflation, variation of INSS benefits, mortality, disability, etc. No
actuarial outcome can be analyzed without the prior knowledge of the assumptions
scenario used in the valuation. The following economic assumptions were used in the
valuations:
Benefits considered
Actuarial valuation method
Mortality table
Disabled mortality table
Disability
Actual salary increase expected for
active participants
Nominal discount rate
Inflation rate
Expected return on supplementary
pension plan assets
Real trend rate of medical costs
12/31/2011
12/31/2010
All regulatory benefits
Projected Credit Unit
AT 2000
AT49 – rated up 100%
Álvaro Vindas
Staff (3.1100%p.a.) e and back
office (2.5397%p.a.)
10.288% p.a.
4.5% p.a.
All regulatory benefits
Projected Credit Unit
AT 2000
AT49 – rated up 100%
Álvaro Vindas
Staff (2.9546%p.a.) and back
office (2.4426%p.a.)
10.4909% p.a
4.5% p.a.
10.288% p.a.
5% p.a.
10.4909% p.a
5% p.a.
29. Other benefits
The BNDES and its subsidiaries grant the following benefits to their active employees:
R$ thousand
Transportation ticket
Meal ticket
Education allowance
Total
2º semestre
de 2011
Consolidated
BNDES
69
107
12,168
19,012
3,111
4,861
15,348
23,980
As of December 31
2011
BNDES
129
22,825
5,872
28,826
96
2010
Consolidated
201
35,664
9,175
45,040
BNDES
184
16,687
5,071
21,942
Consolidated
275
24,906
7,568
32,749
30. Planned employee retirement program
After the decision of the STF (Federal Supreme Court) which established that the voluntary
retirement of employees does not automatically terminate the employment contract, a large
number of employees remained working at the Bank while receiving the retirement benefit,
which impaired the expected renewal of its personnel.
The Planned Retirement Program, which encourages employees who qualify for full or
early retirement for length of service to leave the Bank was approved to ensure the renewal
of personnel and that the experience of the retirees is passed on to the new employees.
According to FAPES estimate, 152 employees will become eligible to the Program,
corresponding approximately to 5.5% of the current headcount of the BNDES System.
The estimated disbursement as of December 31, 2011, as a result of the program
implementation, of the program , totals R$70.9, of which R$48.0 by BNDES, R$13.2 by
BNDESPAR and R$ 9.7 by FINAME. The amounts are recorded in current liabilities due to
its termination by 2012.
31. Transactions Linked to the National Treasury
31.1. Asset transactions
Refer to amounts receivable from the National Treasury to equalize interest from the
Federal Government’s incentive programs (Pronaf, Revitaliza and Agrícolas) with a
fixed rate below the long-term interest rate (TJLP), to TJLP plus 1%. As of December
31, 2011, the balances are R$3.608,2 (R$1.830,9 as of December 31, 2010) and
R$7.830,9 (R$3.547,5 as of December 31, 2010) in the BNDES and Consolidated,
respectively.
31.2. Liability transactions
Refer to amounts payable to the National Treasury to equalize interest from Federal
Government’s incentive programs (Modermaq and Moderfrota) with fixed rate above
TJLP, to TJLP. In other words, under programs whose fixed rate is higher than TJLP,
any excessive interest in relation to TJLP shall be returned to the National Treasury. As
of December 31, 2011, the balances are R$7.7 (R$6.5 as of December 31, 2010) and
R$131.3 (R$128.8 as of December 31, 2010) in the BNDES and Consolidated,
respectively.
97
32. Hybrid equity/debt instrument
In 2009, the BNDES and the Brazilian government entered into a loan agreement in
accordance with Law Nº 11,948/2009. Also in 2009, through the Official Letter Nº.
2408/PGFN/CAF, the Brazilian government and the BNDES decided to deduct from the
debt the amount of R$6,000.0 in order to classify it as hybrid equity/debt instrument.
In November 2009, the Central Bank of Brazil classified the eligible funding as Tier I
Capital, up to regulatory limit, and the remaining amount as Tier II Capital, under the
category of hybrid equity/debt instrument. On December 31, 2011, the amount of hybrid
equity/debt instrument is as follows:
R$ thousand
As of December 31
Currency
2011
2010
IPCA
7,078,103
6,647,883
SELIC
6,697,195
6,586,133
13,775,298
13,234,016
Total
For purposes of Required Regulatory Capital, the effective amounts are R$6,000 related to
Tier I Capital and R$6,975.4 related to Tier II Capital, totaling R$12,975.4 The difference
between the amounts considered for purposes of Required Regulatory Capital and the
amounts recorded under liabilities (amounts in the table above) refers to debt adjustment.
On December 31, 2011, such adjustment amounts to R$799,9 (R$682.5 on December 31,
2010).
33. Unearned deposits
Refer to payments made by financial agents relating to the agribusiness portfolio onlending
transactions through renegotiations authorized by the Brazilian government under nonparameterized terms. Information will be subsequently provided by such financial agents so
as to allow the proper recording of the respective amounts in the corporate systems.
98
34. Operating Limits (Basel Accord)
Pursuant to Central Bank of Brazil’s Resolution Nº 2,283, of June 5, 1996, the minimum
capital ratios (Bank and Consolidated) are calculated on the risk-weighted assets. The table
below shows the main indicators as of December 31, 2011, obtained in accordance with
prevailing regulations:
R$ thousand, except percentages
BNDES
99,113,381
51,869,008
48,053,367
(808,993)
50,642,139
21.53%
49,556,691
401,483
49,155,208
0.41%
Regulatory Capital - PR - (1)
Tier I
Tier II
Deductions from PR (2)
Required Regulatory Capital - PRE - (3)
Basel ratio %
Limit of equity-to-fixed assets ratio
Equity-to-fixed assets ratio (4)
Equity-to-fixed assets margin (excess)
Equity-to-fixed-assets ratio %
(1)
(2)
(3)
(4)
Consolidated
99,083,784
51,849,276
48,043,501
(808,993)
52,916,537
20.60%
49,541,892
414,306
49,127,588
0.42%
BACEN Resolution Nº 3,444/07 defines Regulatory Capital (PR) for operation limits calculation purposes as the
sum of two levels consisting of components of shareholders' equity, subordinated debts and hybrid/debt equity
instruments.
Shares issued by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.
Minimum PR required - 11%.
BACEN Resolution Nº 3,105/03, which grants the BNDES a period to meet the limit of investment in permanent
assets, as amended by Resolution Nº 3,761/09, allows exclusion of shares directly or indirectly acquired as a result
of: measures or programs instituted by Federal law, foreclosure of collaterals for lending operations subsequent to
the effective date of this resolution and investments compatible with the institution’s business purpose.
35. Other information
35.1) Joint liability of the Federal Government
In accordance with Ministry of Planning and Budget’ Official Opinion Nº 1,124/96,
the BNDES, as a wholly-owned company of the Federal Government, cannot file for
bankruptcy and the Federal Government is jointly liable for obligations assumed by
the BNDES.
35.2) Counter-guarantees provided
The BNDES pledged to the National Treasury as counter-guarantees for collateral
and loans raised abroad, in the amount of US$600, 7,744,038 registered preferred
shares issued by Petróleo Brasileiro S.A. – PETROBRAS (later split into 61,952,304
preferred shares) and 28,083,251,230 registered common shares issued by Centrais
Elétricas Brasileiras S.A. – ELETROBRÁS (later grouped into 56,166,502 common
shares) held by its wholly-owned subsidiary BNDES Participações S.A. –
BNDESPAR. Out of these shares, 61,952,304 preferred shares issued by Petrobras
and 1,510,070 common shares in Eletrobrás remain blocked and under custody.
99
35.3) Management of programs
Amazônia Fund
Amazônia Fund, created under the BNDES Resolution Nº 1,640, of September 3,
2008, is engaged in obtaining endowments for non-reimbursable investments to be
used in prevention, monitoring, and suppression of deforestation, and promotion of the
preservation and sustainable use of the Amazon rainforests, pursuant to Decree Nº
6,527, of August 1, 2008.
As of December 31, 2011, the balances of funds arising from endowments to
Amazônia Fund, managed by the BNDES, are as follows:
R$ thousand
As of December 31
2011
Endowments received (*)
Investment in non-reimbursable operations
Refund of administrative expenses
(*) includes earnings from investments of available balances.
39,934
70,846
2,073
2010
84,394
11,106
1,359
Export Guarantee Fund – FGE
The FGE, an accounting fund linked to the Ministry of Finance and managed by the
BNDES, was created by Law Nº 9,818/99 for the purpose of covering the guarantees
pledged by the Federal Government on export insurance guarantee transactions. As of
December 31, 2011, total guarantees pledged amounted to R$18,924.9
Guarantee Fund To Promote Competitiveness – FGPC
The FGPC is an accounting fund linked to the Ministry of Development, Industry and
Foreign Trade and managed by the BNDES, created by Law Nº 9,531/97 and
regulated by Decree Nº 3,113/99. The purpose of this fund is to provide funds to
guarantee the risk of financing operations undertaken by the BNDES and FINAME,
directly or through onlending institutions, to micro, small and medium-sized export
companies or producers of inputs that are an integral part of the production process,
assembly or packaging of goods for export. As of December 31, 2011, total guarantees
pledged amounted to R$420.9.
Fund for Regional Development with Resources from Privatization - FRD
The FRD, created on December 17, 1997, through the BNDES Resolution Nº 918, is
an accounting fund engaged in providing financial support to regional and social
development projects in municipalities geographically located in areas directly
influenced by Companhia Vale do Rio Doce (CVRD). The seed capital of the fund
was R$85.9, provided from a donation made under CND (National Privatization
Board) Resolution Nº 02/97. In 2011, the fund conducted transactions totaling R$7,4.
100
Fund for Land and Agricultural Reform – Fundo da Terra
Fundo da Terra is an accounting fund created by Supplementary Law Nº 93/98 and
regulated by Decree Nº 3,475/2000, to provide funds for rural settlement and land
reform programs, and the BNDES is the financial manager of the Fund.
35.4) Risk Management and Internal Controls
In accordance with internal and external regulations and according to the goals set by
senior management, the Area of Risk Management of the BNDES is responsible for:
a) To define and propose to the Advisory Board the general risk management and
internal control guidelines for the BNDES and its subsidiaries;
b) To monitor the risk exposure levels;
c) To analyze and monitor the regulatory capital requirements;
d) To analyze the evolution of the allowances for loan losses and their impacts on
the results of the BNDES and its subsidiaries;
e) To evaluate the quality of existing internal controls in the BNDES System,
assignment of responsibilities, segregation of duties, involved risks, and
compliance with internal and external regulations, proposing actions for their
improvement; and
f) To disseminate an internal control and risk management culture throughout the
BNDES System.
The BNDES risk management is an ongoing process. The work is performed in order
to align risk control policies, processes, criteria and methodologies, which are
analyzed by the Risk Management Committee, supported by specific subcommittees.
The following comprise BNDES risk management and internal control structure:
board of directors; executive board; risk management committee; market, credit and
operational risk management and internal control subcommittees; and, units dedicated
in managing risks.
The complete market risk management framework of BNDES is available for public
access at:
http://www.bndes.gov.br/SiteBNDES/bndes/bndes_pt/Institucional/Relacao_Com_Investidores/Relatorio_Gestao_Riscos
101
•
Internal Controls
Internal controls are procedures that are present at all entity’s levels, which are
designed to mitigate risks and provide reasonable assurance that the following
objectives will be met:
−
−
−
Compliance: performance of activities in accordance with internal and
external guidelines that regulate such activities;
Performance: process efficiency and effectiveness, with no significant costs
and asset hedging;
Information: disclosure of reliable, precise and timely information to support
the decision-making process.
The BNDES promotes the continuous improvement of internal control, based on
the foundations set out in CMN Resolution Nº2,554/98 and the Corporate Internal
Control Policy. In this context, activities are performed to check the compliance
with internal and external regulations risks and assess internal controls of work
processes.
Reports containing evaluation conclusions are submitted to the Risk Management
Committee and the Top Management and the recommendations made to the
involved units have been carefully monitored.
The permanent dissemination of an internal control culture is based on an ethical
and transparent communication process. In addition to disseminating the
Corporate Internal Control Policy and making available information related to this
subject on the intranet, the Bank holds lectures for new employees as part of the
current headcount renewal process to highlight the importance of internal control.
The highlights of the year of 2011 are as follows:
− compliance monitoring work and assessment of process internal control, as
established in the annual plan of the Internal Control Unit;
− implementation of the continuous monitoring project for internal control
evaluation;
− compliance agent project; and
− approval, by the Advisory Board, of the Internal Control Report for the
second six-month period of 2010 and first six-month period of 2011, as set
forth in CMN Resolution Nº 2,554/98.
102
•
Operational Risk
Operational Risk is the possibility of incurring in losses due to failure or
inappropriateness internal processes, people and systems, or external events. The
concept includes legal risk, associated to unsuitability or weaknesses in contracts
entered into by the institution, as well as penalties due to noncompliance with
statutes, and compensation paid for damages caused to third parties as a result of
the activities conducted by the Bank. Differently from the market and credit risks,
its management and mitigation involves all functions of the Bank.
The unit responsible for operational risk is in charge of assisting the other units in
identifying and assessing these risks. This is made by following the criteria set out
in BNDES’s Corporate Operational Risk Management Policy and the criteria set
out in the BNDES’s Business Continuity Management Policy. Both policies
establish the set of principles, actions, roles, and responsibilities related to such
risks in the BNDES and its subsidiaries.
As regards the regulatory capital, BNDES currently uses the Basic Indicator
Approach to calculate the Required Regulatory Capital (PRE) related to the
operational risk (POPR). This portion is being periodically calculated and
reported to the BACEN as an integral part of the Statement of Operational Limits
(DLO).
In order to disseminate the operational risk culture in the Bank, a specific module
on this theme was included in the new employee training program. Operational
Risk information is also available on the intranet to our internal audience.
In 2011, with respect to the continuous assessment and mitigation of operational
risk, special attention was directed in improving the risk assessment methodology
and operational loss database. In respect of the development and implementation
of a Business Continuity Management System (SGCN) for BNDES, a bid process
was completed to hire a technical consulting firm specialized on the matter, and
the project began in September 2011. Additionally, the Incident Management Plan
(PGI) of BNDES is being reviewed.
103
Market risk
The market risk is the risk of financial losses resulting from changes in the fair
values of the asset and liability positions held by the Bank, including the risks of
fluctuation in foreign exchange rates, the interest rates, equity prices and the
commodity prices.
The market risk management framework and the market and liquidity risk
management policy of BNDES and its subsidiaries define the set of
methodologies, procedures, limits, instruments, and responsibilities applicable to
permanent control of the Bank’s internal processes to ensure an appropriate risk
management.
The risk management monitors the portion of capital requirements resulting from
the trading and non-trading portfolios to ensure that the risks inherent to these
transactions are consistent with the desirable risk appetite of the Bank.
The trading portfolio consists of all transactions conducted with financial
instruments, including derivatives, held with the intent of being actively and
frequently traded or used to hedge other components of the trading portfolio, and
not subject to trading restrictions. Transactions held for trading are those intended
for (i) resale; (ii) obtain benefits from changes in effective or expected prices; or
(iii) arbitration. The non-trading portfolio corresponds basically to credit
transactions conducted by the Bank, its borrowings, government securities, and
private securities. This portfolio includes interest rate, price, and currency risks.
Due to its role as development bank, the BNDES has a relatively small trading
portfolio when compared to total assets held by the Bank. Therefore, as part of the
market risk management, the BNDES uses the regulatory Parametric VaR
approach for fixed rate risks and the maturity ladder approach to assess the
exchange coupon, price, and interest rate risks, as set forth by Central Bank
regulations. The BNDES uses its own method to measure the Bank portfolio
(Rban) interest rate risk, considering the impact of interest rate fluctuations
(indices) on the net interest income for a one-year period. The BNDES use the
regulatory stress tests for the Rban.
104
The BNDES has a low foreign currency exposure strategy, with limits monitored
on a daily basis. The Bank uses swaps and futures to maintain its net exposure
below 5 percent of the regulatory capital, resulting in a regulatory capital factor
for the currency risk equal (PCAM) to zero.1 The commodity risk (PCOM) and
equity risk (PACS) factors are also zero because the Bank does not have direct
exposures in commodities and its entire equity portfolio is classified as ‘Available
for sale’, since its focus is the development of the capital market.
Among the activities performed by the Market and Liquidity Risk Management
Department of BNDES in the fourth quarter of 2011 are the prospective
measurement of the Liquidity Coverage Ratio (LCR) and Net Stable Funding
Ratio (NSFR) indicators, whose guidelines and schedule of implementation in
Brazil are described in Notice Nº 20,615/2011 of the BACEN; and the operation
in the live environment of the MAPS system, purchased from MAPS Soluções e
Serviços Ltda., according to OCS 08/2010, entered into by the executive board of
BNDES on February 26, 2010.
•
Credit risk
The credit risk is the risk associated to the possibility of incurring losses due to
borrower or counterparty default of agreed financial obligations, the depreciation
of a credit agreement due to the downgrading of the borrowers’ risk ratings, the
decrease in gains or returns, the advantages granted in renegotiations, and the
costs of recovery. Accordingly, the BNDES’s credit risk management is part of
the entire credit granting, monitoring, collection, and recovery process,
incorporating the activities of several areas.
The corporate credit risk management policy, approved in 2010, formalized the
credit risk management process of the BNDES and its subsidiaries, setting the
responsibilities, principles, guidelines, processes, and procedures necessary to
identify, measure, monitor, control and mitigate the risks to which the BNDES is
exposed. The policy documentation and the BNDES’s credit risk management
framework comply with the guidelines set forth by CMN Resolution Nº
3,721/2009.
1
The current PCAM does not take into account the instrument convertible into BDR. A formal inquiry was made to the Central Bank to verify
the need to include it in currency exposure.
105
As regards the calculation of the regulatory capital, the risk weighted exposures
(PEPR) are monthly calculated and added to the Required Regulatory Capital
(PRE) in accordance with the procedures set forth by the Central Bank of Brazil
Circular Letter Nº 3,360/2007. Note that in addition to the Bank’s credit portfolio,
the PEPR portion includes other assets as securities, swaps, and repurchase
agreements. The calculation of the red Regulatory Capital is an integral part of the
Operating Limits Document (DLO) sent on a monthly basis to the Central Bank
of Brazil.
On the other hand, the BNDES also calculates other internal and external
regulatory limits. The exposure limits by client and to the public sector, set under
CMN Resolutions Nº 2,844/2001 and 2,827/2001, respectively, as subsequently
amended, are monitored and disclosed in periodic, internally distributed reports.
Similarly, the Bank monitors the sectorial limits set by the Board of Directors,
which are calculated using several indicators related to the Bank’s portfolio, such
as default and receivables written off as losses, portfolio quality, concentration by
corporate group and industry, etc. The indicators generated are analyzed and
disclosed in the Credit Risk Management report sent to the Risk Management
Committee on a monthly basis.
Additionally, the BNDES prepares estimates for the different risk components of
the credit portfolio to assess potential financial losses. The default probability by
risk rating is estimated based on historical frequency and the recovery rates are
calculated based on the receipt inflows identified for nonperforming agreements.
State migration matrices are estimated for different time horizons and the value at
risk for the credit portfolio is currently estimated using the CreditRisk+ model.
The activities performed by the Credit Risk Management Department in the
second half of 2011 are as follows: a) continue with the implementation of the
credit risk management software, whose completion is scheduled for the first half
of 2012. The current challenges include the construction of a new Datamart to
calculate the maturity dates of portfolio agreements and the completion of the
profitability study of agreements.
106
36. Non-cash transactions
In 2011 and 2010, BNDES carried out financing activities not involving cash, as detailed
below; therefore, these transactions are not reflected in the statement of cash flows.
2011
A capital increase, in the amount of R$6,783.0, is being carried out through the transfer of
shares issued by Petróleo Brasileiro S.A. – PETROBRAS, exceeding the maintenance of the
Brazilian government’s shareholding control.
2010
BNDES increased capital by R$7,200.0, of which R$2,700.0 through the transfer by the
Federal Government of part of the receivables arising from advances for future capital
increase made in Centrais Elétricas Brasileiras S.A. – Eletrobrás; and R$4,500.0 through the
transfer of shares issued by Petróleo Brasileiro S.A. – PETROBRAS, exceeding the
maintenance of the Brazilian government’s shareholding control.
37. Event after the Reporting Period
On January 16, 2012, the fourth interest coupon in the gross amount of R$ 78.090783 per
debenture and the amortization in the gross amount of R$1,306.850920 per debenture
relating to the first public offering of BNDESPAR were paid, according to the Notice to
Debenture holders disclosed on January 12, 2012. The amounts as at December 31, 2011,
described in Note 11, totaled R$826.0.
107
ADVISORY BOARD:
Fernando Damata Pimentel – Chairman
Luciano Galvão Coutinho – Vice Chairman
Mauro Borges Lemos
Carlos Roberto Lupi
Eduardo Eugênio Gouvêa Vieira
Artur Henrique da Silva Santos
Roberto Atila Amaral Vieira
Orlando Pessuti
Miriam Aparecida Belchior
Márcio Holland de Brito
FISCAL COUNCIL:
Carlos Eduardo Esteves Lima
Paulo Fontoura Valle
Clayton Campanhola – Alternate member
Raul Lycurgo Leite – Alternate member
Eduardo Coutinho Guerra – Alternate member
108
AUDIT COMMITTEE:
João Paulo dos Reis Velloso
Attilio Guaspari
Paulo Roberto Vales de Souza
BOARD OF DIRECTORS:
Luciano Galvão Coutinho – Chairman
João Carlos Ferraz – Vice Chairman
Elvio Lima Gaspar
Julio César Maciel Ramundo
Luiz Eduardo Melin de Carvalho e Silva
Luiz Fernando Linck Dorneles
Maurício Borges Lemos
Roberto Zurli Machado
CHIEF FINANCIAL OFFICER:
Selmo Aronovich
HEAD OF ACCOUNTING DEPARTMENT:
Carlos Frederico Rangel de Carvalho Silva - CRC-RJ 087956/O-8
109

December

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