Ministry of Science, Technology and Innovation

Transcription

12| MONDAY, March 21, 2016
CORREIO DO POVO
Ministry of
Science, Technology
and Innovation
STATEMENT OF FINANCIAL POSITION
YEARS ENDED DECEMBER 31, 2015 AND 2014 (Amounts in
thousands of reais)
Assets
Note
Current
Cash and cash equivalents
Accounts Receivable - Trade
Inventories
Recoverable taxes
Employee and Supplier Advances
Prepaid expenses
12/31/2015
12/31/2014
(restated)
1/1/2014
(restated)
2,739
157
18,069
8,017
980
2,742
32,704
3,404
413
13,933
5,806
1,071
2.257
26,884
2,901
190
10,291
4,239
380
2.465
20,466
Liabilities and Equity
Note
12/31/2015
12/31/2014
(restated)
1/1/2014
(restated)
4
9
10
11
2,739
9,272
1,412
4,210
66
17,699
3,404
3,357
496
4,071
66
11,394
2,902
913
35
3,199
66
7,115
Payroll Contingencies
Creditors of Free Lease Property
Deferred Taxes
Funds allocated for Capital increase
24
9
1,119
13
14
8,540
170,283
178,832
9,250
151,158
161,527
1,119
11,560
99,121
111,800
Equity
Share capital
Accumulated losses
Equity Valuation Adjustment
15
Current
4
5
6
Brazilian Dept. of Treasury Advances
Suppliers
Tax liabilities and provisions
Payroll liabilities and provisions
Other liabilities
Non-current
Non-current
Long term
Judicial deposits
Recoverable taxes
5
Property, plant and equipment
Intangible assets
7
8
Total assets
2,228
7
2,221
2,228
7
2,221
2,235
14
2,221
138,592
10,643
151,463
150,327
12.319
164.874
110.075
8.918
121.228
184,167
191,758
141,694
42,000
(70,942)
16,578
(12,364)
Total liabilities and equity
42,000
(41,120)
17,957
18,837
184,167
191,758
42,000
(19,221)
22,779
141,694
The accompanying notes are an integral part of these financial statements.
CASH FLOW STATEMENT – INDIRECT METHOD YEARS ENDED
DECEMBER 31, 2015 and 2014 (Amounts in thousands of reais)
INCOME STATEMENT
YEARS ENDED DECEMBER 31, 2015 AND 2014 (Amounts in
thousands of reais)
Note
2015
Note
Gross Revenue
Net Revenue from sales
Cost of Goods Sold
16
Gross Profit
Operating expenses
Personnel
General and administrative
Management fees
Other operating income (expense)
17
18
19
20
Loss before the net finance cost
Net finance cost
Finance costs
Finance income
3,755
(2,572)
2,535
(1,711)
1,183
824
(33,515)
(51,500)
(1,591)
73,153
(34,471)
(54,795)
(1,831)
80,099
(12,270)
(10,174)
(20,405)
1,474
(12,391)
666
(31,201)
(21,899)
21
Loss for the Year
Average number of shares (in thousands)
42,000
42,000
Basic and diluted earnings per share - R$
(0.74)
(0.52)
2015
(31,201)
14,018
1,235
19,485
2014
(21,899)
9,246
13,891
1,281
-
Changes in assets and liabilities
Increase in Trade accounts receivable
Increase in inventory
Increase of recoverable taxes
Decrease in prepaid expenses
(Increase) decrease of judicial deposits
(Decrease) increase in employee and supplier advances
(Decrease) increase in trade payables
(Decrease) increase in tax liabilities and provisions
(Decrease) increase in Brazilian Dept. of Treasury Advances
Decrease of creditors of Free Lease Property
Increase in payroll liabilities and provisions
Increase in labor contingencies
Increase in other liabilities
256
(4,136)
(2,210)
(485)
91
5,915
916
(666)
140
(1,110)
(710)
(223)
(3,642)
(1,567)
208
7
(691)
2,444
461
502
(11,560)
872
-
Net cash (used in)/from operating activities
1,538
(10,670)
(10,043)
(1,898)
(35,613)
(5,251)
Net cash used in investing activities
(11,941)
(40,864)
Cash flows from financing activities
Funds allocated for Capital increase
9,738
52,037
Net cash from financing activities
9,738
52,037
Net decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
(665)
3,404
2,739
503
2,901
3,404
Loss for the year
Property, plant and equipment write down
Depreciation
Amortization
Inflation adjustment for funds intended for a capital increase
2014
7
7
8
Cash flows from investing activities
Acquisitions of Property, plant and equipment
Acquisition of intangible assets
7
8
The accompanying notes are an integral part of these financial statements
STATEMENT OF CHANGES IN EQUITY YEARS ENDED
DECEMBER 31, 2015 AND 2014 (Amounts in thousands of
reais)
As at December 31, 2013:
Inventory Valuation
Adjustment of
Total
Other comprehensive
income
Share capital
Losses
Assessment
equity
Subscribed
accumulated
Equity
Net
42,000
(24,453)
-
17,547
-
-
5,232
-
5,232
-
42,000
(19,221)
-
22,779
-
-
(21,899)
17,957
-
17,957
(21,899)
(21,899)
42,000
(41,120)
17,957
18,837
(21,899)
Equity valuation adjustment
-
1,379
(1,379)
-
1,379
Loss for the year
-
(31,201)
-
(31,201)
(31,201)
42,000
(70,942)
16,578
(12,364)
(29,822)
On January 01, 2014 (Restated)
Loss for the year
As at December 31, 2014
As at December 31, 2015
MONDAY, March 21, 2016 | 13
CORREIO DO POVO
Ministry of
Science, Technology
and Innovation
NOTES TO THE FINANCIAL STATEMENTS PERIODS ENDED DECEMBER 31, 2015 and 2014 - (In thousands of Reais)
1 OPERATIONS
Centro Nacional de Tecnologia Eletrônica Avançada S.A. ("CEITEC" or the "the Company") is a federal
government-owned corporation domiciled in Brazil with the Brazilian Federal Government holding 100% of the
share capital, reporting to the Ministry of Science, Technology and Innovation (MCTI). The Company was
incorporated by law No. 11759, of July 31, 2008, and Decree No. 6638, of November 07, 2008. The General
Meeting to establish CEITEC was held on April 15, 2009, when studies and tests started.
Headquartered in Porto Alegre - RS, CEITEC uses a total area of 14,700 square meters. CEITEC is engaged
in developing scientific and technological solutions that contribute to the advancement and well-being of
Brazilian society and to directly exploit the economic activity within the semiconductor technology,
microelectronics and related areas. In addition, through CEITEC, the Federal Government aims to develop
the semiconductor industry, which is considered strategic for the development of Brazil.
On May 14, 2009 The Company signed a technical cooperation agreement with the civil association Centre of
Excellence in Advanced Electronic Technology. It intends to help implement and start CEITEC S.A. activities, by
providing personnel, equipment, technology, knowledge and funding for the initial outlay, to allow CEITEC S.A.
operations to be structured and to start.
CEITEC operates in the semiconductor industry developing solutions for automatic identification (RFID and
smart cards) and for specific applications (ASICs). The company designs, manufactures and markets
integrates circuits for applications such as animal, fresh produce, people and vehicle identification, in addition
to authentication, inventory management, asset tracking, among others. As mentioned above, the Company
is a state-owned company, which is funded by the Federal Government through a specific budget.
In September 2011, a contract was signed with the German company X-Fab to transfer 600-nanometer
CMOS technology, a major milestone for Brazil to join a select group of countries capable of producing
integrated circuits on a commercial scale. In October 2011, CEITEC started producing its first product, the
CTC11002 (Cattle Tags), on a commercial scale.
In 2012, the CTC11002 started to be used in electronic ear tags for animal identification produced by Grupo
Fockink, a company from Rio Grande do Sul specializing in products for the agribusiness. In September of
that year, CEITEC signed a strategic partnership with the Brazilian National Mint to develop a new chip for the
Brazilian passport. Also in 2012, CEITEC sold a batch of 100,000 units of the CTC13001 chip to Flextronics
Instituto de Tecnologia (FIT) to use in HP Brasil printer cartridges.
On 11.28.2012, an agreement was signed between Ceitec Associação and CEITEC S.A., which reversed
assets acquired and or produced by the Association with federal public funds, for all intents and purposes,
subrogated on their rights and obligations, in accordance with the authorization in art. 5, paragraph 3, of law
No. 11759/2008, as well being determined by the Federal Court of Accounts on the judgement of Process
TC-028.282/2010-8 (Accountable - 2009).
technology) have already been implemented successfully.
2015 was also important regarding the recognition of the work done by the Company to improve quality management.
During this year, CEITEC won the most awards and certifications in its seven-year history. Early in January, the
CEITEC back-end department was awarded ISO 9001:2008, the international standard that ensures the quality
management of a company. The ISO was obtained after an audit by the company ABS Quality Evaluations in
December 2014, which checked that the processes are being carried out in accordance with CEITEC's Quality
Management System documents. The aim is that, in the future, other areas of the company can also get this
certification.
Recognition continued by winning the Bronze medal in July in the RS Quality Award from the Gaucho
Program for Quality and Productivity (PGQP). The award is one of the most traditional and respected in Rio
Grande do Sul and brings together companies from micro to large enterprises in various sectors of the Rio
Grande do Sul economy. The RS Quality Award is awarded after a thorough external assessment of the
management system of a company, using internationally recognized criteria. As a way of enhancing the result
obtained in RS Quality Award, CEITEC also received the Trade and Service Quality Trophy, awarded during
the 8th RS Trade and Service Forum in October.
The awards were in addition to the recognition of the work of the those directly involved in furthering the
company’s core activityfinishing department of the company. In September 2015, Legal advisory, the
department supporting the Presidency, won the Green Seal for Quality. CEITEC is the only federal public
company to receive this certification, for good legal practices, in Brazil. In November 2015, CEITEC was one
of those honored in the XVIII Automation Awards, promoted by GS1 Brazil, which rewards automation
solutions that increase efficiency and competitiveness within the market.
It is also worth highlighting that in 2015, CEITEC also set up new business that should go forward in 2016.
The company signed a memorandum of understanding with Banco do Brasil to develop and produce chips for
the financial market. The nationalization of these chips will benefit the industry due to several factors, such as
reducing the import times, improving operational efficiency, as well as expanding the ability to shorten the
time to meet innovation demands.
BASIS OF PREPARATION
a. Statement of Compliance with CPC standards
The financial statements have been prepared in accordance with accounting practices adopted in Brazil,
based on the provisions contained in Corporate Law in the Pronouncements, Guidelines and Interpretations
issued by the Comitê de Pronunciamentos Contábeis (CPC), and in accordance with the Resolutions of
Conselho Federal de Contabilidade - CFC.
The issue of the financial statements was authorized by the Management on February 12, 2016.
In 2013, CEITEC reached its first R$ 1 million in revenues, mainly achieved from the sale of 6 million units of the
CTC13001 chip, aimed at logistics. In that year, the company also launched a new product, the CTC13001T, a chip
with an input signal which can be used for Tamper Detection of the inlay. Also in 2013, the CTC13100 chip, for
vehicle-tracking to serve the Siniav program, went into production on a commercial level. In the same period, CEITEC
obtained the recognition of right to information technology and automation with technology developed in Brazil for the
CTC13001 chip. This is the first integrated circuit to achieve such a status in Brazil.
b. Basis of measurement
The financial statements have been prepared based on historical cost.
Regarding the manufacture of integrated circuits, in 2013, CEITEC advanced further in the process of
transferring technology. At the end of October, 30% of the CTC11002 chip manufacturing process was
already being done in its plant in Porto Alegre. The so-called "Module 4" department was implemented which
processes wafers (testing, thinning and cutting), allowing the company to benefit from these services by
producing chips for the market and offering these services to the regional semiconductor ecosystem.
In 2014, the Company reached the milestone of 15 million units of the CTC13001 chip produced and
delivered to their customers, which doubled the Company's revenues compared to 2013. In 2014, CEITEC
can also celebrate having advanced further in the process of transferring production technology to integrated
circuits. The Plant ended the year with more than 70% of the stages for all qualified transfer processes and
with 99% of equipment related to transferring the technology commissioned, to allow for the testing process.
d. Use of estimates and judgments
The financial statements were prepared in accordance with the accounting standards in force in Brazil, which
requires Management to make judgements, estimates and assumptions that affect the application of
accounting policies and amounts reported for assets, liabilities, income and expenses. Actual results may
differ from these estimates.
Estimates and assumptions are revised on an ongoing basis. Revisions in relation to accounting estimates
are recognized in the period in which the estimates are revised and in any future periods affected.
In 2015, CEITEC then achieved even more and gained space in the competitive semiconductor market. The company
made the CTC13100 available to the market. It is designed for use by companies who are developing solutions for the
National Register of Road Freight Carriers (RN-TRC). Registration in the RNTRC is mandatory for carriers to carry out
remunerated road transport cargo activities. Currently, there are about 1 million carriers and 2.3 million vehicles
registered on the RNTRC. Vehicle electronic identification will allow tax inspection to integrate with traffic flows, in
addition to encouraging the use of intelligence to curb road cargo theft. The CTC12100 chip also came onto the
market in 2015. It was developed from a partnership between the companies NOVUS and the CEITEC that started in
2011. The application-specific chip (ASIC) is designed to measure and record the temperature of sensitive products.
The CTC12100 is the main component of a temperature recorder developed by NOVUS. The product is targeted at
the Cold chain, which includes the pharmaceutical, food and chemotherapy sectors. The joint effort between NOUS
and CEITEC resulted in the first chip which had Brazilian intellectual property for applications to monitor and record
temperature.
In October 2015, during the event RFID Journal Live! Brasil, in São Paulo (SP), CEITEC also promoted the
CTC13002 product launch. The new member of the CTC13000 family – integrated circuits for Ultra High
Frequency (UHF) for multiple applications in logistics – the CTC13002 is a RFID chip that has been certified
under the most important standard for electronic identification on the planet, the EPCglobal Class 1 Gen 2,
and is compatible with the standard ISO/IEC 18000-63. The CTC13002 is the first integrated circuit made by
a company in the Southern Hemisphere to get the certificate. Worldwide, only ten other chips have this
certification. The CTC13002, which can be used to electronically monitor items, product tracking in a
production line, inventory and asset management, identification of baggage and cargo and in retail, among
other applications. It will be available to the market in the first half of 2016.
Consolidation of the range of services also defines 2015 at CEITEC. In September, the Brazilian Multi-user
Program (PMUB) was launched, the Company's initiative to promote the use of technologies licensed to
CEITEC by its Plant together with the domestic industry and the academic community, creating an
environment for rapid development of prototypes, as well as for its production. From PMUB, Design Houses in
the CI-Brasil program, microelectronics industries and microelectronics education institutions in Brazil had
access to the technology to produce integrated circuits from CEITEC and its German partner X-FAB, by
offering regular rounds dedicated to the manufacture of integrated circuits. Five institutions were met in two
PMUB rounds in 2015. Another ten institutions have asked to participate in the three rounds in 2016.
The company also started operations in its micro-module line. Sales of the service to encapsulate in micro-modules
gained force during 2015: more than two million chips were encapsulated in micro-modules at the CEITEC plant. Also
the engineering batch production of micro-modules containing the CTC21000, the Brazilian passport chip, for
assessment by the Brazilian National Mint. Regarding the plant, more than 99% of the individual steps of the FrontEnd process (transfer of
c. Functional currency and reporting currency
These financial statements are reported in the Brazilian Real, which is the Company's functional currency. All
financial information presented in Reais has been rounded to the nearest thousand except when otherwise
stated.
2 SIGNIFICANT ACCOUNTING POLICIES
The accounting policies described in detail below have been applied consistently to all of the periods
presented in these financial statements.
a. Foreign currency
Transactions in foreign currencies are translated to the Company's functional currency (the Real) at the
exchange rates on the dates of the transactions. Monetary assets and liabilities denominated and calculated
in foreign currencies on the reporting date are converted to the functional currency at the exchange rate
determined on that date. Foreign exchange gains or losses on monetary items is the difference between
amortized cost of functional currency at the beginning of the year, adjusted for effective interest and
payments during the period, and the amortized cost in foreign currency at the exchange rate at the end of the
reporting period. Foreign currency differences from retranslation are recognized in the profit or loss. Nonmonetary items that are measured in terms of historical cost in a foreign currency are translated at the
exchange rate determined on the transaction date.
b. Financial Instruments
i. Non-derivative financial assets
The Company initially recognizes loans, receivables and deposits on the date that they are originated. All
other financial assets are initially recognized on the date they were traded when the company became a party
in the contractual provisions of the instrument.
The Company derecognizes a financial asset when the contractual rights to the cash flows of the asset have
expired, or where the Company transfers the rights to receive the contractual cash flows from the financial
asset in a transaction which essentially transfers all the risks and rewards of ownership from the financial
asset. Any interest that is created or retained by the Company in the financial assets is recognized as an
asset or liability.
Financial assets and liabilities are offset and the net amount is reported in the Statement of Financial Position
only when the Company has a legal right to offset the amounts and there is an intention to settle them on a
net basis, or realize the asset and settle the liability together.
The Company has the following non-derivative financial assets:
Cash and cash equivalents, which correspond to the withdrawable limit of the National Treasury Single
Account, established by the central agency for financial programming. These funds are subject to an
insignificant risk of change in value, and are used to manage short-term obligations.
ii. Non-derivative financial liabilities
The Company initially recognizes financial liabilities on the date they were traded when the Company became
a party in the contractual provisions of the instrument. The Company writes down a financial liability when its
contractual obligations have been withdrawn, cancelled or expired.
The Company has the following non-derivative financial liabilities: suppliers and National Treasury advances.
Such financial liabilities are initially recognized at fair value plus any attributable transaction costs. After initial
recognition, these financial liabilities are measured at amortized cost using the effective interest method.
The Company has assessed the effect of adjustment to present value (APV) on asset and liability balances
and has not found any material amounts to be adjusted.
CORREIO DO POVO
Ministry of
Science, Technology
and Innovation
iii. Share capital
share capital consists exclusively of common shares with no par value and are owned by the Federal
Government.
c. Prepaid expenses
Prepaid expenses are recorded at their original cost according to the respective related contracts expiry
dates. The corresponding expenses are recognized in the income statement in accordance with accrual
principal.
d. Property, plant and equipment
i. Recognition and measurement
1 - Fixed assets are measured at acquisition or construction cost less accumulated depreciation. The cost
includes expenses that are directly attributable to the acquisition of an asset. The cost of assets constructed
by the entity itself includes the cost of materials and direct labor and any other costs to put the asset in-place
and condition needed so that they can operate in the manner intended by management.
Gains and losses on the disposal of a fixed asset is determined by comparing the funds arising from disposal
with the carrying amount of the fixed asset and are recognized net within Other operating revenues in the
profit or loss.
As shown in Note 07, real estate, machinery, equipment and other production items which have been used by
the Company are still owned by Federal Administration agencies. The necessary steps are underway so that
the ownership of such assets are transferred to the Company through a capital contribution. In 2014, the
assets were reversed according to the Subrogation Agreement against the AFAC - Advance for future Capital
increase.
2 – COMPLIANCE WITH INTERNATIONAL STANDARDS (IFRS)
CEITEC has fully complied with the accounting practices with regard to convergence and harmonization of
the Brazilian accounting standards with the International Financial Reporting Standards - IFRS. On
12/16/2013, contract No. 075/2013 was signed with a company specializing in asset valuation of movable
property (Unisis Administração Patrimonial e Informática Ltda. - CNPJ 96.614.672/0001-66), whose work was
completed in 2014, resulting in a reports on numbers: DCG 3,711-14 and DCG 3,6571-14, including doing a
physical inventory with equipment tagging (asset roll out and registration); reconciliation between physical
stock and accounting, updating the asset control system in use; assessing assets, impairment testing and
determining the residual useful life, in accordance with CFC Resolutions Nos. 1292/10 and 1177/09 and other
rules that apply to fixed and Intangible assets; reporting and a report with the correct accounting
classification, appropriateness of useful lives, and recoverable amount of the asset. The result of that contract
helped improve the accounting and classification allowing for the necessary adjustments for an asset registry
that is compliant with accounting, corporate and tax laws, and especially the provisions of art. 183, II,
paragraph 3, of Law 6404/76, as well as CPC 01 (R1) and CPC 27, and covering the assets legally and
contractually reversed from Civil Association to the Company.
In 2015, there were no significant alterations that changed the previous scenarios nor impairment. For 2016,
CEITEC will continue the process of contracting a company to provide this service according to NBC TG 01
(R2) and NBC TG 27 (R2).
CPC 01 (R1) Impairment of assets
Assets that are subject to amortization are reviewed for impairment whenever events or changes in
circumstances indicate that a carrying amount may not be recoverable. An impairment loss is recognized for
the amount by which the carrying amount of the asset exceeds its recoverable amount The latter is the higher
value between the fair value of an asset less its selling costs and its value in use. For impairment testing,
assets are grouped into their lowest levels with separately identifiable cash flows (Cash Generating Units
(CGU)). Non-financial assets are subsequently reviewed to analyze for a possible impairment reversal on the
reporting date.
CPC 12 Adjustments to Present Value
The average period under the line items Accounts Receivable and Accounts Payable is less than 90 days and
the prices charged for the purpose, do not have interest built-in, thus, there is no monetary financing activity,
so the present value does not need to be adjusted.
ii. Subsequent costs
Subsequent expenses are capitalized to the extent that it is probable that future benefits associated with the
expenditure will flow into the Group. Maintenance and repair costs are recorded in the profit or loss.
iii. Depreciation
Fixed assets are depreciated using the straight-line method in the profit or loss the year based on the
estimated economic useful life of each component of the fixed asset. Fixed assets are depreciated from the
date they are installed and available for use, or in the case of constructed assets internally, on the day the
construction is completed and the asset is available for use. Land is not depreciated.
e. Intangible assets
1 - Research and development
Expenditure on research activities, resulting in a potential gain in scientific or technological knowledge and
understanding, are recognized in the profit or loss as they are incurred. Development activities involving a plan or
project aiming to produce new or substantially improved products. Development costs are only capitalized if the
development costs can be reliably measured, if the product or process is technically and commercially viable, if the
future economic benefits are probable, and if the company intends to complete development and to use or sell the
asset and has the sufficient funds to do so. Capitalized expenses include the cost of materials, direct labor and
manufacturing costs that are directly attributable to preparing the asset for its proposed use. Other development costs
are recognized in the profit or loss as they are incurred.
of movable property (Unisis Administração Patrimonial e Informática Ltda. - CNPJ 96.614.672/0001-66),
whose work was completed in 2014, resulting in a reports on numbers: DCG 3,711-14 and DCG 3,6571-14,
including doing a physical inventory with equipment tagging (asset roll out and registration); reconciliation
between physical stock and accounting, updating the asset control system in use; assessing assets,
impairment testing and determining the residual useful life, in accordance with CFC Resolutions Nos. 1292/10
and 1177/09 and other rules that apply to fixed and Intangible assets; reporting and a report with the correct
accounting classification, appropriateness of useful lives, and recoverable amount of the asset. The result of
that contract helped improve the accounting and classification allowing for the necessary adjustments for an
asset registry that is compliant with accounting, corporate and tax laws, and especially the provisions of art.
183, II, paragraph 3, of Law 6404/76, as well as CPC 01 (R1) and CPC 27, and covering the assets legally
and contractually reversed from Civil Association to the Company.
CPC 04 (R1) Intangible assets
Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment
losses whenever an economic loss indicated on the asset. The period and the amortization method for an
intangible asset with a finite life are reviewed at least at the end of each financial year. Changes in the
estimated useful life or the expected consumption of future economic benefits of these assets are accounted
for by changing the amortization period or method, as appropriate, and treated as changes in accounting
estimates.
Computer programs (software)
Computer program licenses (software) acquired are capitalized and amortized over its estimated useful life, at
the rates described in Note 8.
i. Amortization
Amortization is calculated on a straight line basis over the estimated useful life or contractual term to use the
license, in the case of software. Amortization methods, useful lives and residual values are reviewed at the
end of each financial year and adjusted if appropriate.
f. Leases
Payments made under an operating lease contract are recognized as expenses in the income statement on a
straight line basis over the term of the lease.
g. Revenue recognition for grants for funding/investment
The Company is a public company dependent on Complementary Law 101/2000. Its revenue consists of
funds received from the National Treasury for personnel expenses and funding properly engaged and own
revenues. Funds received by the Company to pay for the acquisition of assets and other investments are
shown in the statement of financial position under the line item "funds for the capital increase".
Amounts allocated by the National Treasury by budgeting are recognized in the profit or loss according to the
validation phase of committed expenses.
h. Provisions
A provision is recognized, on the basis of a past event, if the company has a legal or constructive obligation
that can be reliably estimated, and it is probable that an economic resource is required to settle the obligation.
i. Finance income and finance costs
Interest income is recognized in the profit or loss, using the effective interest method.
j. Income tax and social contributions
There are no balances for income tax and social contribution calculated for the period due to tax losses. Since
the Company is in the consolidation phase, future taxable income cannot be reliably estimated, so deferred
tax assets are not recognized. The business plan will be reviewed during 2016, for an update of estimated
amounts relating to future taxable income.
k. Earnings per share
The earnings per share is calculated using the profit for the period attributable to the shareholders of the
Company and the weighted average of common and preferred shares outstanding in the financial year. On
December 31, 2015 and 2014, the diluted and basic earnings per share are identical, because there were no
financial instruments that could be converted into shares.
3 INFORMATION FOR COMPARISON PURPOSES
In 2015, the Company made a R$ 5,232 adjustment in the Inventory Account, which impacted prior years. As
such, we have reported a reconciliation of assets, liabilities, equity and profit or loss, for the prior years
previously reported for the periods December 31, 2014 and January 01, 2014. Not restating the Income
statement for the year - DRE and the Cash Flow Statement - DFC for 2014.
Disclosed in
31/12/2013
Current Assets
Inventory
Recoverable taxes
Prepaid expenses
CURRENT ASSETS
NON CURRENT ASSETS
TOTAL ASSETS
2,091
190
5,059
4,239
380
2,465
15,234
121,228
136,462
Reclassification
5,232
5,232
5,232
Restatement
01/01/2014
2,901
190
10,291
4,239
380
2,465
20,466
121,228
141,694
Capitalized development costs are measured at cost, less accumulated amortization and impairment losses.
2 – Compliance with International Standards (IFRS)
CEITEC has fully complied with the accounting practices with regard to convergence and harmonization of the
Brazilian accounting standards with the International Financial Reporting Standards - IFRS.
On 12/16/2013, contract No. 075/2013 was signed with a company specializing in asset valuation
CURRENT LIABILITIES
NON CURRENT LIABILITIES
Equity
Share Capital
Accumulated Losses
EQUITY
TOTAL LIABILITIES
7,115
111,800
42,000
(24,453)
17,547
136,462
7,115
111,800
5,232
5,232
5,232
42,000
(19,221)
22,779
141,694
CORREIO DO POVO
Ministry of
Science, Technology
and Innovation
Disclosed in
12/31/2014
Current Assets
Inventory
Recoverable taxes
Prepaid expenses
CURRENT ASSETS
NON CURRENT ASSETS
TOTAL ASSETS
3,404
413
8,701
5,806
1,071
2,257
21,652
164,874
186,526
CURRENT LIABILITIES
NON CURRENT LIABILITIES
Equity
Share Capital
Accumulated Losses
EQUITY
TOTAL LIABILITIES
Reclassification
5,232
5,232
5,232
11,394
161,527
42,000
(46,352)
17,957
13,605
186,526
The withdrawal limit – National Treasury single account is held at the Brazilian Central Bank, and used to
record the Company's funding transactions using the Integrated System of Financial Administration in the
Federal Government – SIAFI, through a technical cooperation agreement signed with the National Treasury
Secretariat – STN, the double entry for these amounts are recorded under current liabilities in the account
"National Treasury Advanced Funding".
Restatement
12/31/2014
3.404
413
13,933
5.806
1.071
2.257
26,884
164.874
191,758
5 RECOVERABLE TAXES
IRRF
ICMS
Recoverable IPI
Recoverable PIS
Recoverable COFINS
Recoverable INSS
11.394
161.527
5,232
5,232
5,232
12/31/2015
2.739
2.739
12/31/2014
56
3,784
123
707
3,259
98
8.027
8,016
2,221
5,806
2,221
Current
Non-current
42.000
(41,120)
17.957
18,837
191,758
Refers to credits relating to taxes when acquiring raw materials for manufacturing, Property, plant and
equipment and intangible assets (ICMS, PI'S and COFINS).
6 PREPAID EXPENSES
Technical assistance and support contracted
Insurance premiums due
Programs/Software Lease
4 CASH AND CASH EQUIVALENTS
Withdrawal limit - National Treasury Single Account
12/31/2015
103
4,687
145
920
4,237
145
10,237
12/31/2014
3.404
3.404
12/31/2015
1,291
464
987
2,742
12/31/2014
1,705
552
2.257
2,742
2,257
Current
7 PROPERTY, PLANT AND EQUIPMENT
Breakdown of balance
Improvements
Equipment
and
installations
Vehicles
fittings
(Note 11)
Property,
plant and
equipment
under
construction
82
37,692
23
859
10,975
54,055
6,389
110,075
-
38,194
12,793
40
-
1,334
30
-
(11,841)
-
4,055
27,727
16,878
(25)
8,376
(11,575)
(21)
(492)
(1,778)
-
(8,376)
-
(13,891)
-
17,412
-
1,323
(9,197)
-
-
-
(9,197)
18,735
57
102,892
42
3,054
-
42,214
2,068
150,327
Acquisitions
Write down
-
12,000
-
-
99
-
-
-
-
12,099
-
Advance
Suppliers
-
-
-
-
-
-
(2,057)
(2,057)
(19)
(7,230)
(13,487)
(21)
(529)
(491)
-
-
-
(7,759)
(14,018)
38
94,175
21
2,133
-
42,214
11
138,592
4
of 5.5% to
48%
33,33%
of 5.5% to 48%
10%
On 12/31/2013
Acquisitions
Supplier Advance Transfer
Depreciation
Write down of Free Lease Property
Subrogation
On 12/31/2014
Depr. Compl. Subrogation
Depreciation
On 12/31/2015
Annual depreciation rates - %
a. Deemed cost
Furniture
and
Free Lease
Property
Right-of-use
specialist company UNISIS Administração Patrimonial Ltda. to prepare the report needed to support
accounting records. All the assets recorded in fixed assets was the object of this assessment.
Equity Valuation Adjustments – EVA of R$ 27,207. The EVA was recorded directly against a specific Equity
suppliers
Total
Property, plant
and equipment
8 INTANGIBLE ASSETS
In 2014, the Company calculated and recorded the Deemed cost of fixed assets having contracted the
The contracted company assessed the Fixed Assets and Intangible assets at R$ 151,266 generating an
Advance
On 12/31/2013
Free Lease
Property
Trademark
s and
software
7,920
(Note 11)
585
patents
413
(520)
2,328
(745)
2,923
(536)
(49)
-
-
Acquisitions
Amortization
Write down of Free Lease Property
Subrogation of Assets
On 12/31/2014
11,906
-
413
1,897
(2,338)
(1,235)
10,230
-
-
pursuant to Official MCTI Letter No. 432/SPOA dated December 9, 2009. With reference to the land where
Acquisitions
Amortization Compl. Subrogation
Amortization
On 12/31/2015
-
413
the plant is located, which is owned by the Municipal Government of Porto Alegre, the Ministry of Science,
Annual rates of amortization - %
account, deducting deferred IRPJ and CSLL of R$ 9,250 from this the amount, giving the net amount of
equity valuation adjustment of R$ 17,957.
b. Land and property used by the Company
The Federal Government has invested around R$ 400 million in constructing the facilities used by the
Company. Most of these investments were made by the Ministry of Science, Technology and Innovation
(MCTI) in constructing the headquarters and manufacturing plant. The transfer of ownership of this property
to the company is being made possible by the MCTI and public agencies. It currently belongs to the Ministry
Technology and Innovation has an Agreement to Transfer Use with no Charge for sixty years, renewable for a
further five from August 3, 2004.
c. Machinery and equipment
from 20 to 33%
Total
Intangible
assets
8,918
(520)
2.328
(1,281)
(49)
2,923
12,319
1,897
(2,338)
(1,235)
10,643
20%
The recognized intangible assets refer to the right-of-use of the software related to the manufacturing
department and the licensing of technical studies and radio frequency projects carried out by the Company.
Manufacturing projects developed by the Company are still maturing, so all expenses related to these are
Part of the machinery and equipment used by the company was transferred free of charge (donation) by the
recorded directly in profit or loss for the year, as determined by Technical Pronouncement CPC 04 (R1) –
company Motorola do Brasil S.A. to the State of Rio Grande do Sul, under the condition that it is used by the
Intangible Assets.
laboratories of Associação Civil Centro de Excelência em Tecnologia Eletrônica Avançada - CEITEC.
Projects developed by the Associação Civil Centro de Excelência em Tecnologia Eletrônica Avançada financed by the
Subsequently, the State of Rio Grande do Sul, through the Ministry of Science and Technology, donated that
Banco Nacional de Desenvolvimento Econômico e Social (BNDES) and the Financier of Studies and Projects (FINEP)
equipment to the Federal Government, represented by the Ministry of Science, Technology and Innovation,
have been completed. Due to the transfer of that Association's rights and obligations to this Company, the accounting
giving the aforementioned Association provisional custody of the assets until they are legally subrogated as
is under responsibility of this. It is at the final stage of closing and obtaining the relevant settlement certificates.
assets of the Company.
The related projects are in the following areas: cattle traceability; Digital TV modulator; Altus design; and a
specific integrated circuit to use in industrial automation solutions.
CORREIO DO POVO
Ministry of
Science, Technology
and Innovation
9
SUPPLIERS
16 NET REVENUE
Domestic Suppliers
Foreign Suppliers
Current
12/31/2015
6,141
3,131
12/31/2014
2,226
1.131
9,272
3.357
9,272
3,357
The Company's exposure to currency and liquidity risk relating to trade accounts payable and other accounts
12/31/2015
12/31/2014
Gross Revenue
Sales
4,305
2.885
Deductions
Taxes
Net Revenue from Sales
(550)
3,755
(350)
2,535
12/31/2015
(19,693)
(8,619)
(5,203)
(-)
(33,515)
12/31/2014
(22,252)
(10,638)
(1,251)
(330)
(34,471)
12/31/2015
(6,171)
(1,022)
(14,057)
(15,666)
(2,672)
(5,342)
(1,016)
(1,998)
(976)
(753)
(807)
(11)
(205)
(244)
(560)
(51,500)
12/31/2014
(11,376)
(8,118)
(12,858)
(10,368)
(4,185)
(1,687)
(1,172)
(734)
(901)
(2,346)
(169)
(38)
(843)
(54,795)
payable are disclosed in Note 22.
17 PERSONNEL COSTS
10 TAX LIABILITIES AND PROVISIONS
12/31/2015
47
77
522
188
578
1,412
Employee INSS Payable
ISS withheld and Payable
IRPJ Payable
CSLL Payable
Import Taxes
12/31/2014
80
35
381
496
11 PAYROLL LIABILITIES AND PROVISIONS
12/31/2015
2,049
559
164
1,127
310
1
12/31/2014
2,733
547
219
569
3
4,210
4,071
Property, plant
and equipment
(Note 6)
12,915
(1,940)
10,975
Intangible
assets
(Note 7)
1,169
(584)
585
Total
14.084
(2,524)
11.560
(10,975)
-
(585)
-
-
Provision for vacation
Provision for INSS w/ vacation
Provision for FGTS w/ vacation
Employer INSS Payable
FGTS Payable
Payroll loan
12 FREE LEASE PROPERTY CREDITORS
On 12/31/2012
Revenue from economic subsidy for the use of asset
On 12/31/2013
Write down of Leased assets
On 12/31/2014
In 2010, the Company accounted for that Free Lease Contract, to comply with the Technical Pronouncements
issued by the Comitê de Pronunciamentos Contábeis CPC 06 (R1) - Leases and CPC 07 (R1) - Accounting
for Government Grants and Disclosure of Government Assistance, taking into account the characteristics of
the Free Lease Agreement, retrospectively, with its effects on the balance sheet as at December 31, 2009.
In 2013, the amount of R$ 2,524 was recognized as Revenue from an economic subsidy for depreciation and
Salaries
Social security contributions
Benefits
Other expenses
18 GENERAL AND ADMINISTRATIVE EXPENSES
Consumables
Technical assistance and support
Depreciation and amortization
Third-party services
Technical Professional Services
Electricity
Maintenance
Software leasing
Water and sewage
Insurance
Subsistence and Travel
Rents and leases
Adverts and Publications
Tax and fees
Other
19 MANAGEMENT FEES
The amount of remuneration paid by the Company to its directors and management, are disclosed
as follows:
Board of directors fees
Directors' fees
Social security contributions
amortization expenses of those assets.
In 2014, the assets of Centro de Excelência em Tecnologia Eletrônica Avançada – Ceitec Associação Civil
were reversed, as shown in Notes 7 and 8.
20 OTHER OPERATING EXPENSES/INCOME
13 PROVISION FOR DEFERRED INCOME TAX AND SOCIAL CONTRIBUTIONS
Deferred Income tax and social contribution were calculated on the value of the equity valuation adjustment
(R$ 27,207), at rates of 15% for IRPJ and 10% for surtax (R$ 6,802), 9% for CSLL (R$ 2,448) as per Notes 7
and 8. In 2015, the amount of R$ 2,089 was taken,
Reversal of Labor Contingency
Grants for funding
Other
as specified below:
DESCRIPTION
Amount Depreciated
IR (25%)
CS (9%)
Net realized value
12/31/2015
2.089
(522)
(188)
1.379
14 FUNDS ALLOCATED TO THE CAPITAL INCREASE
As described in Note 1, corresponds to funds received from the Federal Government for investments and future
increase in Share Capital in the company, which were capitalized up to the authorized capital limit.
12/31/2015
(1,034)
(306)
(251)
12/31/2014
(1,155)
(318)
(358)
(1,591)
(1,831)
12/31/2015
1,119
72,030
4
12/31/2014
80,099
-
73,153
80,099
21 NET FINANCE COST
Update of authorized capital
Liability exchange variation
Penalties and interest on arrears
IOF
Other finance costs
Expense
12/31/2015
(19,485)
(823)
(45)
(14)
(38)
12/31/2014
(11,560)
(619)
(123)
(26)
(63)
(20,405)
(12,391)
In complying with Technical Pronouncement CPC 39 – Financial Instruments, item 11, in 2014, we classified
Assets exchange variation (*)
Discounts / Fines received
1,398
76
593
73
the funds allocated to the Capital Increase as Non Current Liabilities.
Income
1,474
666
15 EQUITY
The update of the authorized capital refers to the SELIC rate from funds received from the Federal
Government to increase the Company's capital, as defined by article 51 of Decree No. 6638.
a. Subscribed capital
Subscribed capital is R$ 42,000 (forty-two million reais) represented by 42,000 common shares with no par
(*) Exchange rate changes reflect the impact of price changes in US dollar.
value.
22 FINANCIAL INSTRUMENTS
b. Equity valuation adjustment
Refers to the effects of the Deemed Cost adjustment of fixed assets and intangible assets, as described in
The Company is exposed to the following risks from using financial instruments:
a. Credit risk
b. Liquidity risk
c. Market risk
Notes 07 and 08, deducted from the provision for deferred taxes.
c. Capital increase
Ceitec began negotiations for a capital increase in 2011, according to Minutes No. 28 of the Board of
Directors.
In 2015, an updated proposal was sent to the Ministry of Science and Technology and Innovation following
the guidelines of technical Note No. CGOF/MCTI No. 10/2014. We are awaiting the publication of the
Presidential Decree. The requested increase corresponds to funds received from a grant for an investment,
through a Federal Government budget - AFAC (Advance for future Capital increase) between 2011 to 2014
for the amount of R$ 114,780,241.85 (one hundred and fourteen million, seven hundred and eighty thousand,
two hundred and forty-one reais and eighty-five centavos), to be updated by the Selic rate as of the date of
the Meeting in accordance with article 166, IV of Law 6404/76.
Information is presented in this note on the Company's exposure to each of the risks, the Company's
objectives, the policies and processes to measure and manage risk and capital management.
Risk management structure
Credit risk
Credit risk is the risk of the Company incurring losses if a counterparty of a financial instrument fails to comply
with their contractual obligations. Credit risk is primarily related to the National Treasury receivables and bank
deposits at Banco do Brasil.
CORREIO DO POVO
Ministry of
Science, Technology
and Innovation
Exposure to credit risk
The carrying amount of the financial asset represents the maximum credit exposure. The maximum exposure
23 RELATED PARTIES
The Company is a subsidiary of the Federal Government and the amount outstanding with its Parent
to credit risk on the reporting date of the financial statements was:
Company come from transfers received and receivable by the Integrated System for Financial Administration
12/31/2015
12/31/2014
Cash and cash equivalents 2,739 3,404 2,739 3,404
(SIAFI) of the Federal Government.
Transactions with related parties are summarized in the table below:
The amounts above are all from domestic market counterparties and there are no overdue balances.
Liquidity risk
Liquidity risk is the risk in which the Company will encounter difficulties in complying with the obligations
associated with its financial liabilities that are settled with cash payments or other financial assets. The
Company's approach to managing liquidity is to ensure, as much as possible, it always has sufficient liquidity
With the Federal Government
Current and non current assets
Special credits – SIAFI
The company constantly monitors its operating cash flow requirements and tries to increase its cash return on
12/31/2014
2,739
-
3,404
-
2,739
-
3,404
-
Current and non current liabilities
Committed payables
to meet its obligations until they are due, under normal or stress conditions, without causing unacceptable
losses or risk damaging the Company's reputation.
12/31/2015
12/31/2015
72,030
(1,591)
Revenue – Grant for funding
Management fees
12/31/2014
80,099
(1,831)
investments. The Company ensures that it has a sufficient cash limit to cover its need for operating working
capital, including the fulfilment of financial obligations; this excludes the potential impact of extreme
circumstances that cannot be reasonably provided for, such as natural disasters.
In addition, the Company receives amounts to pay accounts payable, as a donation, from the Ministry of
Science, Technology and Innovation.
The following are the contractual maturities of financial liabilities, including estimated interest payments:
Book
Contractual
Over
December 31, 2014
value
Cash Flow
Non-derivative financial liabilities
Suppliers
3,404
3,357
3,404
3,357
3,404
3.357
-
-
-
Total
6,761
6,761
6,761
-
-
-
Book
Contractual
12
months 2 years 3 years
3 years
24 CONTINGENCIES
The Company's management, based on the opinion of Legal counsel and the Legal Department, set an
accounting provision of R$ 9 (nine thousand), which is assessed with the chance of a likely loss. The amount
of R$ 18,965 relates to amounts classified as a possible loss. The table below shows amounts by nature:
Civil
EXPECTATION
OF LOSS
Possible
Likely
Possible
VALUE
1,611
9
369
Tax
Possible
16.985
NATURE
Labor
DESCRIPTION
Labor claims
Labor claim
Compensation or Reinstatement of position
II/IPI/COFINS/PIS/PASEP (Law No, 8010) - asset
subrogation
of Centro de Excelência em Tecnologia Eletrônica – Ceitec
On 12.28.2012, the Internal Revenue Service carried out a routine customs inspection at the Company's headquarters
to check if the factual conditions remained the same that gave rise to granting tax benefits used in importing certain
December 31, 2015
Non-derivative financial liabilities
Suppliers
Total
value
Cash Flow 12 months 2 years 3 years
Over
goods of the Associação Civil Centro de Excelência em Tecnologia Eletrônica, which were already stored and used by
3 years
the Company. Despite the clarifications provided by both parties to the Federal Revenue, which explained all the
details of the transition of ownership of assets of the imported goods, the Brazilian Internal Revenue Service
2,739
9,272
2,739
9,272
2,739
9,272
-
-
-
considered that the tax exemption in law 8.010/90, granted to the Civil Association, is not extended to the State which
11,011
11,011
11,011
-
-
-
CONFINS) from the date of first import (2009). The tax assessment amounts to R$ 16,985 (sixteen million, nine
led to an assessment of both parties with the joint responsibility for paying all applicable taxes (II, IPI, PIS and
hundred and eighty-five thousand) in December 2012. Both parties administratively challenged the entries, suspending
Market risk
the payment until the final judgement on the tax administrative process (Decree 70235/72). In the event of failing in the
Market risk is the risk that changes in market prices, such as exchange rates and interest rates, impact the
administrative bodies of the tax authorities, the Company will take the issue to the Judiciary, including opposing
Company's earnings. The objective of market risk management is to manage and control the exposures to
precautionary measures to keep the requirement suspended until the final judgement of the court proceedings. It is
estimated that the tax process must be addressed for 4 to 6 years and by the Court for 5 to 10 years, i.e., the period to
risk within acceptable parameters, and at the same time increasing the return.
suspend the tax liability would extend until 2016, administratively, and until 2026, judicially, since the provisional
Exchange rate risk
Exchange rate risk arises from the possibility of fluctuations in foreign currency exchange rates used by the
remedy is granted to delay payment until the end of the trial.
In 2013, the Company set a provision for Labor contingencies at R$ 1,119 for compensation due to employees,
crowded in the plant, further to danger pay allowance, in accordance with the law (article 193, paragraph I, of the
Company mainly to acquire products and services.
Consolidation of Labor Laws, together with Regulatory Standards Nos. 3, 16 and 20 of the Ministry of Labor and
The question regarding CEITEC's foreign exchange risk was dealt with repeatedly by CEITEC's Board of
Directors which asked the Company's Management for a study on the alternatives to mitigate it, In
Employment) and settled case law of the Superior Labor Court (Jurisprudence Guideline No. 385 of the Section of
DGOF/CEITEC Technical Note No. 01/2013 of July 18, it was clarified that the legislation in force, applicable
to state-owned enterprises dependent on the National Treasury, prevents contracting typical foreign
151100-88.2009.5.12.0046; Motion for Clarification in Appeal No. 224200-60.2009.5.12.0019; Appeal No.
exchange hedging instruments adopted by private sector companies such as swaps, options, etc., with the
only hedging instrument able to be used was by contracting future US dollars with Banco do Brasil in very
Clarification in Appeal
adverse conditions. Further to this, the ability to perform this type of transaction was questioned because it
would involve anticipating funds for transactions not yet made. In weighing up these considerations, and
Technical Note produced by the Company's consulting and Legal Prosecution, based on the technical findings
being aware of its responsibilities, the Board of Directors instructed the Company to ask MCTI managements
together with MPOG to address this problem. This was done through Official Letter DAF/PRES N. 648/2013
criteria of Ordinance 3214/78 of the Ministry of Labor and Employment and the Regulatory Standards of Chapter V,
of October 29, for the MCTI to address the problem of currency risk, concluded as follows: "In due course,
In 2015, the provision was reversed that was set in 2013, covering the risk premium classified as a probable
suggest measures to be adopted to facilitate budgetary and financial alternatives designed to lessen the
loss that year, for the amount of R$ 1,119, to be classified as a possible loss in 2015, in this case, it is not
impact of exchange rate variations on transactions to be made by CEITEC. These measure are to be adopted
together with the National Treasury Secretariat - STN/MF and Federal Budget Department SOF/MP, as from
subject to an accounting provision.
2014."
25 INSURANCE
Assets, interests, and responsibilities are insured by amounts that the Management considered sufficient to
cover possible claims. Risk assumptions adopted, by their very nature, are not part of the scope of an audit of
Foreign currency exposure
The Company's exposure to foreign currency risk (US dollar) on December 31, 2015 amounts to R$ 3,706
(three million, seven hundred and six thousand) and in 2014 it amounted to R$ 11,325 (eleven million, three
hundred and twenty-five thousand) for foreign open account balances. In a currency stress simulation, that is,
adopting a quote variance on the US dollar using three standard deviations on the historical average over the
Individual Bargaining I; Appeal No. 9200-95.1998.5.02.0462; Appeal No. 151100-88.2009.5.12.0046; Appeal No.
559.111/1999.7; Appeal No. 192600-39.2002.5.02.0441; Appeal No. 193000-11.2002.5.02.0067; Motion for
No. 163900-50.2001.5.15.0013; Motion for Clarification in Appeal
No. 212100-
03.2004.5.02.0383) and the Court of Audit (Appellate Decision No. 102/2001 of the 2nd Chamber), cited in Legal
preparing a Technical Report, carried out by the Department of Occupational Health and Safety, according to the
Heading II, of the Labor Code, relating to Occupational Health and Safety, in addition to law No. 12740/2012.
the financial statements, therefore have not been audited by our independent auditors.
On September 31, 2015, the following amounts were contracted, depending on the insurance policy:
Coverage
Fire of fixed assets
Sums Insured
282.095
last 12 months the foreign exchange impact on the company is R$ 23 (twenty-three thousand) and in 2014, it
was R$ 50 (fifty thousand).
26 RECONCILIATION OF BALANCES USING CORPORATE AND SIAFI ACCOUNTING
In compliance with the decision of the Federal Audit Court - TCU, published in Official Gazette on November
Fair Value
The fair values of financial assets and liabilities, along with the book values reported on the Statement of
Financial Position, are as follows:
12/31/2015
12/31/2014
06, 2006, S.1, p.86, we present the reconciliation of balances taken from the corporate accounting system
Suppliers
Book
value
2,739
2,739
9,272
Fair Value
2,739
2,739
9,272
Book
value
3,404
3,404
3,357
Fair Value
3,404
3,404
3,357
The Company considers that, due to time limits and the nature of balances relating to financial instruments
stated above, the book value reflects the fair value on each base date.
and SIAFI system, on December 31, 2015.
Accounts according to law 6404/76 does not cover all the needs of the records that law No. 4320/64 requires,
whether in nomenclature, account function, between current and non-current liabilities, as well as in terms of
the Receivable Funds and/or Deferred Funds and a record of the Remainder Payable for the budget of the
previous financial year.
CORREIO DO POVO
Ministry of
Science, Technology
and Innovation
The table below shows the amounts for 2015 that make up the type of accounting for each one of the laws
a) Different criteria used between the Corporate and Siafi balance sheet to calculate the deposit and bond
mentioned, clarifying where the differences highlighted come from, and these differences refer to records and
account to comply with Brazilian Corporate Law;
allocations needed to comply with each of these laws.
b) Difference in the balance calculated by reconciliation after the SIAFI closing date;
The highlighted differences in some cases refer to the short time available to record accounting adjustments
c) Due to a transfer between current and non current to comply with Brazilian Corporate Law;
provided by governing bodies to close public accounting, which is based on the SIAFI, while the company's
d) Equity valuation adjustment accounted for as per Notes 06 and 07 as appraisal report;
accounting allows for greater flexibility in closing deadlines, allowing for a better reconciliation and checking of
e) Value accounted for in advance of the National Treasury to comply with Corporate accounting;
records.
f) Amount calculated in the profit or loss between the corporate accounting and public accounting systems;
Company Balance SIAFI Balance
Bank transaction account
Inventories
Tax credits - current
Tax credits - non current
Property, plant and equipment
Intangible assets
Note
-
25
(25)
a
27 EMPLOYEE AND MANAGEMENT REMUNERATION
18,069
9,567
8,502
b
8,017
7,622
395
b/c
Complying with Resolution CGPAR No. 03 of December 31, 2010, we state the average employee and
management salary and remuneration and benefits. See table below:
980
1,912
(932)
b
2,742
98
2,643
b
Prepaid expenses
Difference
2,221
-
2,221
c
168,591
118,464
50,127
b/d
20,613
16,144
4,468
b/d
Deposits and bonds
-
25
(25)
a
2,739
-
2,739
e
Suppliers
9,272
3,612
5,660
b
Tax liabilities and provisions
1,479
453
1,026
b
Labor liabilities and provisions
2,772
3,296
(524)
b
66
-
66
b
Other liabilities
Labor contingencies
9
1,119
(1,110)
b
Funds allocated for capital increase
170,284
124,932
45,352
b
Cumulative profit or loss
(70,941)
(33,219)
37,722
f
BOARD OF DIRECTORS
Virgílio Augusto Fernandes Almeida
CEO
Elaine Paz
Board member
In 2015
Employees
Management
José Oswaldo Candido Junior
Board member
José Antônio Severo
Board member
Lower remuneration
2,244
3.191,73
Average employee wage
7,689,03
-
10,356,42
-
Higher remuneration
26,365,55
28,059,29
Lower remuneration
1,124,70
3.039,76
Average employee wage
7,063,56
-
Average management salary
9,586,92
-
Average management salary
In 2014
Employees
Management
MANAGEMENT
Marcelo Lubaszewski
CEO
Carlos Maurício La Motta Araujo
Director
Roberto Vanderlei de Andrade
Administrative and Finance Director
Marcelo Lubaszewski
Board member
Margarida Afonso Costa Baptista
Board member
Higher remuneration
26,365,55
29,462,25
RESPONSIBLE TECHNICIAN
Marina Ledesma Trindade
Accountant - CRC/RS 071335/0-1
Cleber Prodanov
Board member
INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS
TO THE
MANAGEMENT AND SHAREHOLDERS OF
CENTRO NACIONAL DE TECNOLOGIA ELETRÔNICA AVANÇADA S.A. - CEITEC PORTO ALEGRE-RS
We have audited the financial statements of CENTRO NACIONAL DE TECNOLOGIA ELETRÔNICA AVAN-ÇADA
S.A. - CEITEC, which comprise the Statement of Financial Position on December 31, 2015 and the related income
statement, statement of changes in equity and cash flow statement for the year ended that date, as well as the
summary of the significant accounting practices and the accompanying notes.
Management's responsibility for the financial statements
The management of CENTRO NACIONAL DE TECNOLOGIA ELETRÔNICA AVANÇADA S.A. - CEITEC is
responsible for the preparation and fair presentation of these financial statements in accordance with
accounting practices adopted in Brazil and by the internal controls it deems necessary to allow the financial
statements to be prepared free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted
our audit in accordance with Brazilian and International Standards on Auditing. These standards require that
we comply with the ethical requirements for auditors and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement.
An audit involves performing procedures selected to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the
risks of material misstatement in the financial statements, whether due to fraud or error. In assessing this risk, the
auditor considers internal controls relevant to the preparation and fair presentation of the entity's financial statements
of CENTRO NACIONAL DE TECNOLOGIA ELETRÔNICA AVANÇADA S.A. - CEITEC in order to plan audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the internal controls of CENTRO NACIONAL DE TECNOLOGIA ELETRÔNICA AVANÇADA S.A. CEITEC. An audit also includes evaluating the appropriateness of accounting principles used and the reasonableness
of accounting estimates made by Management, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Emphasis
As mentioned in Note 2, letter "d" in 2015, there were no significant changes that alter the previous scenarios,
such as the recoverability of assets. For 2016, CEITEC will continue the process of contracting a company to
provide this service according to NBC TG 01 (R2) and NBC TG 27 (R2). Our opinion on this matter does not
change.
As mentioned in Note 2, letter "j", there are no balances for income tax and social contribution calculated for
the period due to tax losses. Since the Company is in the consolidation phase, future taxable income cannot
be reliably estimated, so deferred tax assets are not recognized. The business plan will be reviewed during
2016, when updated estimates can be obtained relating to future taxable income. Our opinion on this matter
does not change.
As mentioned in Note 3, CEITEC made a R$ 5,232 thousand adjustment to the inventory account, which
impacted prior years, for comparison purposes. They were adjusted and are being restated as provided for in
NBC TG 23 (R1) - Accounting Policies, Changes in Estimates and Correction of Errors. Our opinion on this
matter does not change.
The aforementioned financial statements have been prepared in accordance with accounting practices
adopted in Brazil which apply to an institution with normal operations, which assumes the realization of
assets, as well as the settlement of obligations in the normal course of business. As shown in the Statement
of Changes in Equity and the Statement of Changes in Equity CEITEC shows negative equity (deficit) of R$
12,364 thousand. The Company is a state-owned company, which is funded by the Federal Government
through a specific budget. As mentioned in Note 15, letter "c", the Company awaits the publication of the
Presidential Decree, according to the proposed Capital increase sent to the Ministry of Science and
Technology and Innovation, authorized by the Board of Directors on June 19, 2015, the minutes of Meeting
No. 70 and Opinion No. 01/2015 of the Board of Directors, the corresponding increase of funds received of
the investment subsidy through the Federal budget - AFAC (Advance for future Capital increase) in 2011 to
2014 for the amount of R$ 114,780 thousand.
Furthermore, we draw attention to explanatory Note 22 - Liquidity risk - that the Company ensures that it has
sufficient cash in treasury to cover operational working capital, including covering financial obligations, and
receives amounts from the Ministry of Science, Technology and Innovation to pay accounts payable, as a
donation. Our opinion on this matter does not change.
Porto Alegre, February 12, 2016
Opinion
In our opinion, the aforementioned financial statements, when read in conjunction with the accompanying
notes, present fairly, in all material aspects, the financial position of CENTRO NACIONAL DE TECNOLOGIA
ELETRÔNICA AVANÇADA S.A. - CEITEC on December 31, 2015, the performance of its operations and its
cash flows for the year ended on that date in accordance with the accounting practices adopted in Brazil.
STAFF AUDITORES INDEPENDENTES S/S - EPP.
CRC/RS.004632/O
CNPJ 09.285.766/0001-34
Francisco Inácio de Assis Rodrigues
Accountant CRC/RS 027020/0-1
Responsible Technician

Ministry of Science, Technology and Innovation

Transcription

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