The document is the quarterly financial information for BR Properties S.A. as of March 31, 2008, including the balance sheets and statements of operations for the company and its subsidiaries. It provides an independent auditor's report stating they conducted a special review and are not aware of any issues with the quarterly financial information being in accordance with applicable standards. It also notes that new Brazilian accounting standards were approved but not yet fully implemented, allowing the information to be prepared under prior standards.
The document is the quarterly financial information for BR Properties S.A. as of June 30, 2008 including:
- Balance sheets for the company and consolidated showing assets of R$689.6 million and R$1.3 billion respectively.
- Statements of operations for the company and consolidated showing net losses of R$1 million for both.
- Notes including a description of the company's operations investing in commercial properties, acquisitions in the quarter totaling R$60 million, and basis of preparation following accounting practices adopted in Brazil.
The document is the quarterly financial information for BR Properties S.A. for the quarters ended September 30, 2008 and June 30, 2008. It includes the balance sheets, statements of operations, and notes to the quarterly financial information for both the company and on a consolidated basis with its subsidiaries. The notes provide details on the company's operations, basis of preparation of the financial statements, accounting policies, investments made during the quarter, and lists the subsidiaries that are consolidated.
The document provides unconsolidated and consolidated quarterly financial information for BR Properties S.A. as of March 31, 2009. It includes balance sheets, statements of income, cash flows, and value added for both the company and on a consolidated basis. Notes to the quarterly financial information are also provided that describe the company's operations, basis of preparation of financial statements, consolidation of subsidiaries, and other explanatory notes.
This document is the quarterly financial report of BRF S.A. for the period ending March 31, 2016. It includes the company's individual and consolidated balance sheets, statements of income and cash flows, statements of changes in equity, and notes on the financial statements. The balance sheet shows the company had total assets of R$39.3 billion and total liabilities of R$39.3 billion as of March 31, 2016. For the quarter, the company reported net revenue of R$8.6 billion and net income of R$14.8 million.
This document provides the unconsolidated and consolidated quarterly financial information for BR Properties S.A. as of September 30, 2009. It includes balance sheets, statements of income, cash flows, and value added for both the company and on a consolidated basis. Notes to the financial statements provide additional context regarding the company's operations and accounting policies. The independent auditors' review report indicates the financial information was prepared in accordance with applicable Brazilian accounting standards and securities regulations.
This document is McKesson Corporation's quarterly report filed with the SEC for the quarter ended June 30, 2008. It includes McKesson's condensed consolidated financial statements and notes. Some key details include:
- Revenues for the quarter increased to $26.7 billion compared to $24.5 billion in the prior year.
- Net income for the quarter was $235 million.
- Cash flows provided by operating activities was $314 million for the quarter.
- McKesson acquired businesses during the quarter for total consideration of $242 million.
This document is Toll Brothers' Form 10-Q quarterly report filed with the SEC for the quarter ended April 30, 2001. It summarizes Toll Brothers' financial position, including revenues of $989.8 million, total assets of $2.3 billion, and total liabilities of $1.5 billion. It also reports net income of $85.7 million and earnings per share of $2.36 for the six months ended April 30, 2001. Toll Brothers' inventory increased to $2.1 billion as of April 30, 2001.
- Alexander's, Inc. filed a Form 10-Q with the SEC for the quarterly period ended June 30, 2015.
- The filing includes consolidated financial statements such as the balance sheet, income statement, and statement of cash flows.
- It discloses that Alexander's had total revenues of $102.7 million for the first six months of 2015, with net income of $35.2 million.
The document is the quarterly financial information for BR Properties S.A. as of June 30, 2008 including:
- Balance sheets for the company and consolidated showing assets of R$689.6 million and R$1.3 billion respectively.
- Statements of operations for the company and consolidated showing net losses of R$1 million for both.
- Notes including a description of the company's operations investing in commercial properties, acquisitions in the quarter totaling R$60 million, and basis of preparation following accounting practices adopted in Brazil.
The document is the quarterly financial information for BR Properties S.A. for the quarters ended September 30, 2008 and June 30, 2008. It includes the balance sheets, statements of operations, and notes to the quarterly financial information for both the company and on a consolidated basis with its subsidiaries. The notes provide details on the company's operations, basis of preparation of the financial statements, accounting policies, investments made during the quarter, and lists the subsidiaries that are consolidated.
The document provides unconsolidated and consolidated quarterly financial information for BR Properties S.A. as of March 31, 2009. It includes balance sheets, statements of income, cash flows, and value added for both the company and on a consolidated basis. Notes to the quarterly financial information are also provided that describe the company's operations, basis of preparation of financial statements, consolidation of subsidiaries, and other explanatory notes.
This document is the quarterly financial report of BRF S.A. for the period ending March 31, 2016. It includes the company's individual and consolidated balance sheets, statements of income and cash flows, statements of changes in equity, and notes on the financial statements. The balance sheet shows the company had total assets of R$39.3 billion and total liabilities of R$39.3 billion as of March 31, 2016. For the quarter, the company reported net revenue of R$8.6 billion and net income of R$14.8 million.
This document provides the unconsolidated and consolidated quarterly financial information for BR Properties S.A. as of September 30, 2009. It includes balance sheets, statements of income, cash flows, and value added for both the company and on a consolidated basis. Notes to the financial statements provide additional context regarding the company's operations and accounting policies. The independent auditors' review report indicates the financial information was prepared in accordance with applicable Brazilian accounting standards and securities regulations.
This document is McKesson Corporation's quarterly report filed with the SEC for the quarter ended June 30, 2008. It includes McKesson's condensed consolidated financial statements and notes. Some key details include:
- Revenues for the quarter increased to $26.7 billion compared to $24.5 billion in the prior year.
- Net income for the quarter was $235 million.
- Cash flows provided by operating activities was $314 million for the quarter.
- McKesson acquired businesses during the quarter for total consideration of $242 million.
This document is Toll Brothers' Form 10-Q quarterly report filed with the SEC for the quarter ended April 30, 2001. It summarizes Toll Brothers' financial position, including revenues of $989.8 million, total assets of $2.3 billion, and total liabilities of $1.5 billion. It also reports net income of $85.7 million and earnings per share of $2.36 for the six months ended April 30, 2001. Toll Brothers' inventory increased to $2.1 billion as of April 30, 2001.
- Alexander's, Inc. filed a Form 10-Q with the SEC for the quarterly period ended June 30, 2015.
- The filing includes consolidated financial statements such as the balance sheet, income statement, and statement of cash flows.
- It discloses that Alexander's had total revenues of $102.7 million for the first six months of 2015, with net income of $35.2 million.
This document is McKesson Corporation's quarterly report filed with the SEC for the quarter ended September 30, 2002. It includes condensed consolidated financial statements and notes. The financial statements show total revenues of $13.7 billion for the quarter and net income of $124.8 million. McKesson also acquired A.L.I. Technologies for $349.2 million in cash and debt to expand its medical imaging offerings.
This document is a Form 10-Q quarterly report filed by Alexander's, Inc. with the SEC for the quarter ended June 30, 2016. It includes Alexander's consolidated balance sheets, income statements, statements of comprehensive income, statements of cash flows, and notes to the financial statements. The financial statements show Alexander's financial position, results of operations, cash flows, and equity for the periods presented.
Wanamizigo Sacco Society Ltd is a cooperative society in Kenya that provides savings and loan services to its members. The annual report summarizes the society's financial performance for the year ended December 31, 2011. It includes the income statement, balance sheet, cash flow statement, and notes on financial results. Key highlights include a net surplus of KSH 4.1 million for 2011, total assets of KSH 2.5 billion, and growth in member deposits and loans to members compared to the previous year. The auditors issued an unqualified opinion stating that the financial statements accurately represent the society's financial position.
johnson controls FY2009 First Quarter Form 10-Q Report finance8
This document is Johnson Controls' quarterly report filed with the SEC for the quarter ended December 31, 2008. It includes their condensed consolidated financial statements, notes to the financial statements, and other disclosures. The financial statements show a net loss of $608 million for the quarter on net sales of $7.3 billion, compared to net income of $235 million on net sales of $9.5 billion in the prior year quarter. Current assets decreased to $8.7 billion from $10.7 billion at the end of the previous fiscal year.
johnson controls FY2008 1st Quarter Form 10-Q finance8
This document is Johnson Controls' Form 10-Q filing for the quarterly period ended December 31, 2007. It includes Johnson Controls' condensed consolidated financial statements, including statements of financial position, income, and cash flows for the periods presented. It also includes notes to the financial statements providing additional details on new accounting standards, acquisitions of businesses, discontinued operations, percentage-of-completion contracts, and inventories. The filing is signed and provides certifications by Johnson Controls' management regarding the accuracy of the financial reporting.
This document is a Form 10-Q quarterly report filed by KB Home with the SEC on April 9, 2007 for the quarterly period ended February 28, 2007. The 10-Q provides financial statements and management's discussion and analysis of the company's financial condition and results of operations for the quarter. It includes an unaudited consolidated balance sheet, statements of income and cash flows, notes to the financial statements, and disclosures on legal proceedings, risks, controls and procedures, and other information required by the SEC.
- McKesson Corporation filed a quarterly report on Form 10-Q with the SEC for the quarter ended September 30, 2008.
- McKesson is a healthcare services and information technology company based in San Francisco, operating in pharmaceutical and medical supplies distribution.
- For the quarter, McKesson reported revenues of $26.6 billion, net income of $327 million, and diluted earnings per share of $1.17.
This document is Toll Brothers' quarterly report filed with the SEC for the quarter ended April 30, 2002. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. It also provides notes to the financial statements and discusses forward-looking statements and risk factors that may affect future results.
Infosys Limited reported its financial results for the year ended March 31, 2013. According to the balance sheet:
- Total equity and liabilities amounted to Rs. 43,028 crore as of March 31, 2013 compared to Rs. 35,815 crore as of March 31, 2012.
- Total assets amounted to Rs. 43,028 crore as of March 31, 2013 compared to Rs. 35,815 crore as of March 31, 2012.
According to the statement of profit and loss:
- Revenue for the year ended March 31, 2013 was Rs. 38,980 crore compared to Rs. 33,083 crore for the previous year.
- Net profit for the year
This document is a Form 10-Q quarterly report filed with the SEC by KB Home. It provides financial statements and other information for the quarter ended May 31, 2005. The financial statements show total revenues of $3.77 billion for the six months ended May 31, 2005, with net income of $304.3 million. Construction operations generated pretax income of $460.1 million and mortgage banking operations generated pretax income of $978,000. The report also includes information on cash flows, segment reporting policies, and accounting policies for stock-based compensation.
This document is Dover Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ending June 30, 2005. It includes condensed consolidated financial statements such as the balance sheet, income statement, and statement of cash flows. It also includes notes to the financial statements and sections for management's discussion of financial condition, market risk disclosures, and controls and procedures. The financial statements provide an overview of Dover's financial position for the quarter, including sales, expenses, earnings, assets, liabilities, and cash flows.
- Tenet Healthcare Corporation filed an amended quarterly report on Form 10-Q/A with the SEC to restate its financial statements for the quarter ended June 30, 2005.
- The restatements were based on an independent investigation that found issues with the company's accounting for contractual allowances.
- In addition to restating financial results, the report provides explanatory notes about the restatements and updates the status of the SEC's investigation into the company's contractual allowances accounting.
This document is a Form 10-Q quarterly report filed by KB Home with the SEC for the quarter ending May 31, 2004. The summary includes:
1) KB Home reported total revenues of $2.9 billion for the six months ended May 31, 2004, with construction pretax income of $258.7 million and mortgage banking pretax income of $4.5 million.
2) The balance sheet shows KB Home's assets including $65.6 million in cash, $429.2 million in receivables, and $3.55 billion in construction inventories as of May 31, 2004.
3) The document provides KB Home's financial statements and notes for the quarter,
A press release and financial update from UMH Properties for the first quarter of 2016. UMH buys and manages trailer parks throughout the Marcellus/Utica region.
This document is Sunoco Inc.'s quarterly report filed with the SEC for the third quarter of 2005. It provides financial statements and notes for the periods ended September 30, 2005 and 2004. Specifically, it includes condensed consolidated statements of income, balance sheets, cash flows, and notes on general information, minority interests in cokemaking operations, and new energy tax credits impacting those operations.
PSAK 70 provides accounting guidance for assets and liabilities arising from Indonesia's tax amnesty program. It allows entities to either recognize amnesty-related assets and liabilities based on their nature under existing PSAKs, or at their value on the tax amnesty certificate (SKPP), with any difference recorded in equity. Initially recognized amounts are subsequently measured under existing PSAKs. Assets and liabilities must be presented separately from others initially but can be reclassified based on nature later. Disclosures include the recognition date and amounts on the statement of financial position. PSAK 70 can be applied either retrospectively or prospectively depending on the accounting policy choice.
Ernst & Young LLP U T A H S Y M P H O N Y & .docxMARRY7
Ernst & Young LLP
U T A H S Y M P H O N Y & O P E R A
Financial Statements
For the Years Ended August 31, 2008 and 2007
With Report of Independent Auditors
Utah Symphony & Opera
Financial Statements
For the Years Ended August 31, 2008 and 2007
Contents
Report of Independent Auditors .....................................................................................................1
Audited Financial Statements
Statements of Financial Position .....................................................................................................2
Statements of Activity and Changes in Net Assets .........................................................................3
Statements of Cash Flows ...............................................................................................................5
Notes to Financial Statements .........................................................................................................6
Ernst & Young LLP
178 South Rio Grande Street
Suite 400
Salt Lake City, Utah 84101
Tel: 801 350 3300
Fax: 801 350 3456
A member firm of Ernst & Young Global Limited
1
Report of Independent Auditors
The Board of Directors
Utah Symphony & Opera
We have audited the accompanying statements of financial position of Utah Symphony & Opera
as of August 31, 2008 and 2007, and the related statements of activity and changes in net assets
and cash flows for the years then ended. These financial statements are the responsibility of Utah
Symphony & Opera’s management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United
States. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. We were not engaged
to perform an audit of the Organization’s internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Organization’s internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and evaluating the
overall financial statement presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects,
the financial position of Utah Symphony & Opera at August 31, 2008 and 2007, and the results
of its activity and its cash flows ...
This document provides the consolidated financial statements of Access Bank PLC and its subsidiaries for the year ended 31 March 2008. It includes the consolidated balance sheet, income statement, statement of recognized income and expense, statement of cash flows, and accompanying notes. The balance sheet shows total assets of NGN 1,034 billion, with loans and advances to customers as the largest asset. Total liabilities are NGN 862 billion, with deposits from customers as the largest liability. Equity attributable to shareholders totals NGN 172 billion. The income statement shows a profit for the year of NGN 17 billion. The statement of cash flows indicates a net increase in cash of NGN 417 billion for the year.
This document provides unaudited financial statements for Conoil Plc for the period ended 30 September 2018. It includes a statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, and notes to the financial statements. The key information is that Conoil's revenue increased by 8% to N75.8 billion for the period, and profit for the period increased by 16.9% to N1.58 billion. Total equity increased by 2.4% to N18.1 billion.
Financial statement for_the_year_ended_june_30_2010Taimoor Bai
- The document is the balance sheet of Attock Petroleum Limited as of June 30, 2010. It shows the company's assets, liabilities and shareholders' equity.
- The company's total assets were Rs. 21,442,652 thousand, with non-current assets of Rs. 2,013,419 thousand including property, plant and equipment and investments in associated companies. Current assets were Rs. 19,429,233 thousand including stock in trade, trade debts and cash balances.
- Total liabilities were Rs. 12,205,075 thousand comprising non-current liabilities of Rs. 288,908 thousand and current liabilities of Rs. 11,917,167 thousand including trade payables. Share
This document contains Sony Corporation's consolidated financial statements for the fiscal year ended March 31, 2008. It includes Sony's consolidated balance sheets, statements of income, statements of cash flows, and statements of changes in stockholders' equity. The financial statements show that for the fiscal year ended March 31, 2008, Sony had total revenues of over 8 trillion yen, net income of 369 billion yen, and total assets of over 12 trillion yen.
johnson controls FY2008 2nd Quarter Form 10-Q finance8
This document is Johnson Controls' quarterly report filed with the SEC for the quarter ended March 31, 2008. It includes financial statements such as the consolidated statement of income and cash flows. It also provides notes to the financial statements regarding new accounting standards, acquisitions completed in the quarter, and an equity investment in a joint venture. The report indicates that net income for the quarter was $289 million, up from $228 million in the prior year quarter.
This document is McKesson Corporation's quarterly report filed with the SEC for the quarter ended September 30, 2002. It includes condensed consolidated financial statements and notes. The financial statements show total revenues of $13.7 billion for the quarter and net income of $124.8 million. McKesson also acquired A.L.I. Technologies for $349.2 million in cash and debt to expand its medical imaging offerings.
This document is a Form 10-Q quarterly report filed by Alexander's, Inc. with the SEC for the quarter ended June 30, 2016. It includes Alexander's consolidated balance sheets, income statements, statements of comprehensive income, statements of cash flows, and notes to the financial statements. The financial statements show Alexander's financial position, results of operations, cash flows, and equity for the periods presented.
Wanamizigo Sacco Society Ltd is a cooperative society in Kenya that provides savings and loan services to its members. The annual report summarizes the society's financial performance for the year ended December 31, 2011. It includes the income statement, balance sheet, cash flow statement, and notes on financial results. Key highlights include a net surplus of KSH 4.1 million for 2011, total assets of KSH 2.5 billion, and growth in member deposits and loans to members compared to the previous year. The auditors issued an unqualified opinion stating that the financial statements accurately represent the society's financial position.
johnson controls FY2009 First Quarter Form 10-Q Report finance8
This document is Johnson Controls' quarterly report filed with the SEC for the quarter ended December 31, 2008. It includes their condensed consolidated financial statements, notes to the financial statements, and other disclosures. The financial statements show a net loss of $608 million for the quarter on net sales of $7.3 billion, compared to net income of $235 million on net sales of $9.5 billion in the prior year quarter. Current assets decreased to $8.7 billion from $10.7 billion at the end of the previous fiscal year.
johnson controls FY2008 1st Quarter Form 10-Q finance8
This document is Johnson Controls' Form 10-Q filing for the quarterly period ended December 31, 2007. It includes Johnson Controls' condensed consolidated financial statements, including statements of financial position, income, and cash flows for the periods presented. It also includes notes to the financial statements providing additional details on new accounting standards, acquisitions of businesses, discontinued operations, percentage-of-completion contracts, and inventories. The filing is signed and provides certifications by Johnson Controls' management regarding the accuracy of the financial reporting.
This document is a Form 10-Q quarterly report filed by KB Home with the SEC on April 9, 2007 for the quarterly period ended February 28, 2007. The 10-Q provides financial statements and management's discussion and analysis of the company's financial condition and results of operations for the quarter. It includes an unaudited consolidated balance sheet, statements of income and cash flows, notes to the financial statements, and disclosures on legal proceedings, risks, controls and procedures, and other information required by the SEC.
- McKesson Corporation filed a quarterly report on Form 10-Q with the SEC for the quarter ended September 30, 2008.
- McKesson is a healthcare services and information technology company based in San Francisco, operating in pharmaceutical and medical supplies distribution.
- For the quarter, McKesson reported revenues of $26.6 billion, net income of $327 million, and diluted earnings per share of $1.17.
This document is Toll Brothers' quarterly report filed with the SEC for the quarter ended April 30, 2002. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. It also provides notes to the financial statements and discusses forward-looking statements and risk factors that may affect future results.
Infosys Limited reported its financial results for the year ended March 31, 2013. According to the balance sheet:
- Total equity and liabilities amounted to Rs. 43,028 crore as of March 31, 2013 compared to Rs. 35,815 crore as of March 31, 2012.
- Total assets amounted to Rs. 43,028 crore as of March 31, 2013 compared to Rs. 35,815 crore as of March 31, 2012.
According to the statement of profit and loss:
- Revenue for the year ended March 31, 2013 was Rs. 38,980 crore compared to Rs. 33,083 crore for the previous year.
- Net profit for the year
This document is a Form 10-Q quarterly report filed with the SEC by KB Home. It provides financial statements and other information for the quarter ended May 31, 2005. The financial statements show total revenues of $3.77 billion for the six months ended May 31, 2005, with net income of $304.3 million. Construction operations generated pretax income of $460.1 million and mortgage banking operations generated pretax income of $978,000. The report also includes information on cash flows, segment reporting policies, and accounting policies for stock-based compensation.
This document is Dover Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ending June 30, 2005. It includes condensed consolidated financial statements such as the balance sheet, income statement, and statement of cash flows. It also includes notes to the financial statements and sections for management's discussion of financial condition, market risk disclosures, and controls and procedures. The financial statements provide an overview of Dover's financial position for the quarter, including sales, expenses, earnings, assets, liabilities, and cash flows.
- Tenet Healthcare Corporation filed an amended quarterly report on Form 10-Q/A with the SEC to restate its financial statements for the quarter ended June 30, 2005.
- The restatements were based on an independent investigation that found issues with the company's accounting for contractual allowances.
- In addition to restating financial results, the report provides explanatory notes about the restatements and updates the status of the SEC's investigation into the company's contractual allowances accounting.
This document is a Form 10-Q quarterly report filed by KB Home with the SEC for the quarter ending May 31, 2004. The summary includes:
1) KB Home reported total revenues of $2.9 billion for the six months ended May 31, 2004, with construction pretax income of $258.7 million and mortgage banking pretax income of $4.5 million.
2) The balance sheet shows KB Home's assets including $65.6 million in cash, $429.2 million in receivables, and $3.55 billion in construction inventories as of May 31, 2004.
3) The document provides KB Home's financial statements and notes for the quarter,
A press release and financial update from UMH Properties for the first quarter of 2016. UMH buys and manages trailer parks throughout the Marcellus/Utica region.
This document is Sunoco Inc.'s quarterly report filed with the SEC for the third quarter of 2005. It provides financial statements and notes for the periods ended September 30, 2005 and 2004. Specifically, it includes condensed consolidated statements of income, balance sheets, cash flows, and notes on general information, minority interests in cokemaking operations, and new energy tax credits impacting those operations.
PSAK 70 provides accounting guidance for assets and liabilities arising from Indonesia's tax amnesty program. It allows entities to either recognize amnesty-related assets and liabilities based on their nature under existing PSAKs, or at their value on the tax amnesty certificate (SKPP), with any difference recorded in equity. Initially recognized amounts are subsequently measured under existing PSAKs. Assets and liabilities must be presented separately from others initially but can be reclassified based on nature later. Disclosures include the recognition date and amounts on the statement of financial position. PSAK 70 can be applied either retrospectively or prospectively depending on the accounting policy choice.
Ernst & Young LLP U T A H S Y M P H O N Y & .docxMARRY7
Ernst & Young LLP
U T A H S Y M P H O N Y & O P E R A
Financial Statements
For the Years Ended August 31, 2008 and 2007
With Report of Independent Auditors
Utah Symphony & Opera
Financial Statements
For the Years Ended August 31, 2008 and 2007
Contents
Report of Independent Auditors .....................................................................................................1
Audited Financial Statements
Statements of Financial Position .....................................................................................................2
Statements of Activity and Changes in Net Assets .........................................................................3
Statements of Cash Flows ...............................................................................................................5
Notes to Financial Statements .........................................................................................................6
Ernst & Young LLP
178 South Rio Grande Street
Suite 400
Salt Lake City, Utah 84101
Tel: 801 350 3300
Fax: 801 350 3456
A member firm of Ernst & Young Global Limited
1
Report of Independent Auditors
The Board of Directors
Utah Symphony & Opera
We have audited the accompanying statements of financial position of Utah Symphony & Opera
as of August 31, 2008 and 2007, and the related statements of activity and changes in net assets
and cash flows for the years then ended. These financial statements are the responsibility of Utah
Symphony & Opera’s management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United
States. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. We were not engaged
to perform an audit of the Organization’s internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Organization’s internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and evaluating the
overall financial statement presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects,
the financial position of Utah Symphony & Opera at August 31, 2008 and 2007, and the results
of its activity and its cash flows ...
This document provides the consolidated financial statements of Access Bank PLC and its subsidiaries for the year ended 31 March 2008. It includes the consolidated balance sheet, income statement, statement of recognized income and expense, statement of cash flows, and accompanying notes. The balance sheet shows total assets of NGN 1,034 billion, with loans and advances to customers as the largest asset. Total liabilities are NGN 862 billion, with deposits from customers as the largest liability. Equity attributable to shareholders totals NGN 172 billion. The income statement shows a profit for the year of NGN 17 billion. The statement of cash flows indicates a net increase in cash of NGN 417 billion for the year.
This document provides unaudited financial statements for Conoil Plc for the period ended 30 September 2018. It includes a statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, and notes to the financial statements. The key information is that Conoil's revenue increased by 8% to N75.8 billion for the period, and profit for the period increased by 16.9% to N1.58 billion. Total equity increased by 2.4% to N18.1 billion.
Financial statement for_the_year_ended_june_30_2010Taimoor Bai
- The document is the balance sheet of Attock Petroleum Limited as of June 30, 2010. It shows the company's assets, liabilities and shareholders' equity.
- The company's total assets were Rs. 21,442,652 thousand, with non-current assets of Rs. 2,013,419 thousand including property, plant and equipment and investments in associated companies. Current assets were Rs. 19,429,233 thousand including stock in trade, trade debts and cash balances.
- Total liabilities were Rs. 12,205,075 thousand comprising non-current liabilities of Rs. 288,908 thousand and current liabilities of Rs. 11,917,167 thousand including trade payables. Share
This document contains Sony Corporation's consolidated financial statements for the fiscal year ended March 31, 2008. It includes Sony's consolidated balance sheets, statements of income, statements of cash flows, and statements of changes in stockholders' equity. The financial statements show that for the fiscal year ended March 31, 2008, Sony had total revenues of over 8 trillion yen, net income of 369 billion yen, and total assets of over 12 trillion yen.
johnson controls FY2008 2nd Quarter Form 10-Q finance8
This document is Johnson Controls' quarterly report filed with the SEC for the quarter ended March 31, 2008. It includes financial statements such as the consolidated statement of income and cash flows. It also provides notes to the financial statements regarding new accounting standards, acquisitions completed in the quarter, and an equity investment in a joint venture. The report indicates that net income for the quarter was $289 million, up from $228 million in the prior year quarter.
This document is Aon Corporation's quarterly report (Form 10-Q) filed with the SEC for the quarter ending September 30, 2008. It includes Aon's condensed consolidated financial statements and notes. The financial statements show that for the quarter, Aon's revenue was $1.8 billion, income from continuing operations was $153 million, and net income was $117 million. For the nine months ended September 30, 2008, revenue was $5.7 billion, income from continuing operations was $494 million, and net income was $1.5 billion. The report provides Aon's required quarterly disclosures to the SEC and investors including financial position, results of operations, cash flows, risks and legal proceedings
The document is the quarterly financial information for BR Properties S.A. as of September 30, 2007. It includes balance sheets, statements of operations, and notes. The notes provide details on BR Properties' operations including its acquisition of various commercial properties in Brazil throughout 2007 totaling over R$587 million. The properties have long-term lease agreements in place. The financial information is presented for both the parent company and on a consolidated basis including its subsidiaries.
- The document is the condensed consolidated interim financial statements of Hyundai Capital Services, Inc. and its subsidiaries for the period ended June 30, 2018.
- It includes the condensed consolidated statements of financial position, comprehensive income, changes in equity, and cash flows, as well as notes to the financial statements.
- An independent auditor reviewed the financial statements and issued a report concluding there is nothing that causes them to believe the financial statements are not prepared in accordance with relevant accounting standards.
This document provides a financial supplement for Transatlantic Holdings, Inc. and Subsidiaries for the second quarter of 2009. It includes key financial highlights such as statements of operations, balance sheets, net premiums written by office, loss and LAE reserves, segment results, investment data, and reconciliations of non-GAAP measures. The supplement should be read along with SEC filings by Transatlantic Holdings to provide contextual understanding of the company's financial position.
Accounts Class 12 project cash flow statement and ratio analysisJinendraPamecha
This document provides the balance sheet and profit and loss account of Tarmac Limited as of March 31, 2012. The balance sheet shows total sources of funds at Rs. 40,350.7 million consisting of shareholders' funds, loans, and deferred tax liability. Total application of funds is also Rs. 40,350.7 million consisting of fixed assets, working capital, investments, loans and advances, and provisions. The profit and loss account shows total income of Rs. 74,758.5 million and total expenses of Rs. 72,000.99 million, resulting in a profit before tax of Rs. 2,747.86 million.
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2 t14 divulgação de resultados apresentaçãobrproperties
A Companhia registrou queda de 6% na receita líquida no 2T14 devido à venda de propriedades, porém o aluguel médio por m2 cresceu 6,2%. O lucro líquido aumentou 267% e o EBITDA ajustado foi de R$205,6 milhões, com margem de 92%. A Companhia também vendeu ativos e distribuiu dividendos extraordinários.
- BR Properties reported financial results for 2Q14 with net revenues decreasing 6% YoY due to property sales but average rent per sqm for remaining properties increasing 6.2% YoY.
- Net income increased 267% YoY to R$182.9 million in 2Q14. Adjusted EBITDA was R$205.6 million with a margin of 92%.
- The company signed new lease agreements, including with AIG Seguros Brasil and Indra Brasil, and continued improving vacancy rates in its office portfolio over the past four quarters.
1. In 1Q14, BR Properties reported net revenues of R$232.9 million, a 3% increase over 1Q13. Adjusted EBITDA was R$209.3 million with a margin of 90%. Net income reached R$59.5 million.
2. The portfolio is comprised primarily of office properties (64% by value). Financial and physical vacancy rates were 8.1% and 4.6% respectively, excluding a property under lease-up.
3. In March, BR Properties signed an agreement to sell its entire industrial/logistics portfolio to GLP for R$3.18 billion, subject to regulatory approval.
1 t14 divulgação de resultados apresentaçãobrproperties
A Companhia registrou receita líquida de R$232,9 milhões no 1T14, um crescimento de 3% em relação ao ano anterior. O lucro líquido foi de R$59,5 milhões. A dívida líquida aumentou 3% para R$4,75 bilhões, com Loan to Value de 35%.
- In 2013, BR Properties saw significant growth in key financial metrics such as net revenues (+46%), adjusted EBITDA (+76%), and adjusted FFO (+246%) due to additional rental revenues and properties delivered.
- The company delivered 6 new projects representing 205 thousand sqm of GLA in 2013, of which 84% was already leased. Average leasing spreads were 3.0% across 347 thousand sqm of renegotiated GLA.
- In November, the company agreed to sell its entire industrial/logistics portfolio to WTGoodman for R$3.18 billion, subject to approvals and due diligence, with proceeds to be used for debt reduction, share repurchases, and divid
A Companhia registrou forte crescimento de receita e lucro em 2013. O EBITDA ajustado cresceu 76% e a margem EBITDA atingiu 94%. A dívida líquida aumentou 2% e a cobertura de juros foi mantida.
- BR Properties reported strong financial and operating results for 3Q13, with net revenues increasing 41% and adjusted EBITDA up 47% compared to 3Q12.
- The company completed the sale of 3 assets for R$482 million at an average cap rate of 8.5%, reducing its loan-to-value ratio.
- Leasing spreads remained positive at 1.7% on average for the quarter, and financial and physical vacancy dropped to 9.7% and 4.9%, respectively, excluding recently delivered properties.
- BR Properties continues to improve its balance sheet, lowering its net debt to adjusted EBITDA ratio to 5.2x and extending its debt maturity profile.
3 t13 br properties divulgação dos resultados apresentaçãobrproperties
O relatório apresenta os resultados financeiros do 3T13, destacando: 1) crescimento de 41% na receita líquida e 47% no EBITDA ajustado em relação ao 3T12; 2) redução de 29% na alavancagem medida pelo índice Dívida Líquida/EBITDA; 3) aumento de 171% no FFO ajustado.
Presentation real estate investment fundbrproperties
This document provides information on three Class A office properties in Brazil: RB 115 Building in Rio de Janeiro with 11,514.60 sqm of leasable area, Ouvidor Building also in Rio de Janeiro with 6,284.81 sqm, and Pateo Bandeirantes Building in Sao Paulo with 17,458.32 sqm. All properties have sprinklers, smoke detectors, raised floors, and air conditioning. RB 115 and Ouvidor were retrofitted in 2010 and 2009 respectively while Pateo Bandeirantes was constructed in 2012. Location maps, photos, floor areas, and lease values are also provided.
O documento resume três propriedades comerciais de escritórios no Brasil, fornecendo detalhes técnicos, informações gerais, mapas, fotos e tabelas de áreas e valores de locação para cada um.
A BR Properties é a maior empresa de imóveis comerciais do Brasil, com um portfólio de R$ 14,1 bilhões e mais de 2 milhões de m2 de área locável. Sua estratégia é criar valor através de locações, revisões contratuais e melhorias nas propriedades. O portfólio diversificado inclui propriedades de escritórios e galpões de alta qualidade em São Paulo e Rio de Janeiro.
This document provides an overview of BR Properties' commercial real estate portfolio, which includes 123 properties concentrated in São Paulo and Rio de Janeiro. The portfolio consists of office, warehouse, retail, and development properties totaling over 2.2 million square meters. The office portfolio has a market value of R$9.3 billion and is located across 6 states, mainly in São Paulo and Rio de Janeiro. The industrial portfolio has a market value of R$3.35 billion and consists of warehouses across 5 states, concentrated in São Paulo.
O portfólio inclui 44 escritórios, 37 galpões e 6 empreendimentos em desenvolvimento, concentrado principalmente em São Paulo e Rio de Janeiro. O portfólio total é de aproximadamente 2,2 milhões de metros quadrados.
This document provides an overview of the largest commercial property company in Brazil with a portfolio valued at US$6.3 billion. It details the company's diversified portfolio of 123 properties across 14 Brazilian states, with tenants from various industries. The company has experienced strong growth rates exceeding its competitors and maintains high occupancy rates. It employs a strategy of acquisitions, developments and improvements to create value in its portfolio.
Apresentação institucional agosto de 2013brproperties
A BR Properties é a maior empresa de imóveis comerciais do Brasil, com um portfólio de R$ 14,1 bilhões em valor de mercado e mais de 2 milhões de m2 em área bruta locável. Sua estratégia envolve locações, revisões contratuais, retrofits e melhorias para criar valor, além de aquisições e desenvolvimentos seletivos. O portfólio diversificado é composto principalmente por escritórios e galpões de logística de alta qualidade em São Paulo e Rio de Janeiro.
2 t13 br properties divulgação dos resultados apresentaçãobrproperties
O documento apresenta os resultados financeiros e operacionais da Companhia no 2T13. Destaca-se que a receita líquida cresceu 48% em relação ao 2T12, o EBITDA ajustado aumentou 52% e a margem EBITDA ajustada foi de 93%. Adicionalmente, o FFO ajustado cresceu 947% e a margem FFO ajustada foi de 37%.
The document provides highlights from BR Properties' 2Q13 earnings release presentation. Key points include:
- 2Q13 net revenues increased 48% YoY to R$238.2 million due to additional rental revenues. Adjusted EBITDA rose 52% to R$221.2 million.
- Financial vacancy was 10.8% while physical vacancy was 5.5%, excluding recently delivered properties.
- During 2Q13 the company renegotiated debt, reducing average cost from TR + 10.36% to TR + 9.39%.
- Standard & Poor's altered its outlook on BR Properties from neutral to positive. The company also raised R$450 million in debentures.
In the first quarter of 2013:
- BR Properties' net revenues increased 123% to R$225.9 million due to additional rental revenues from new properties. Adjusted EBITDA rose 136% to R$212.1 million.
- The company's portfolio value reached R$14.03 billion with 63% comprised of office properties. Financial vacancy was 8.9% while physical vacancy was 4.7%.
- Net income totaled R$90.9 million. Adjusted FFO excluding non-cash items was R$77.2 million, with an adjusted FFO margin of 34%.
In the first quarter of 2013:
- BR Properties' net revenues increased 123% to R$225.9 million due to additional rental revenues from new properties. Adjusted EBITDA grew 136% to R$212.1 million.
- The company's portfolio value reached R$14.03 billion and financial vacancy was 8.9%, impacted by a recently delivered building that is still leasing up.
- BR Properties saw its stock price fall 4% over the quarter but trading volume increased significantly.
1 t13 br properties divulgação dos resultados apresentaçãobrproperties
A Companhia registrou forte crescimento de receita no 1T13, com lucro líquido de R$90,9 milhões. O EBITDA ajustado aumentou 136% e a dívida líquida permaneceu estável. A vacância financeira subiu para 8,9% devido à entrega de novos empreendimentos.
2. BR PROPERTIES S.A.
UNCONSOLIDATED AND CONSOLIDATED QUARTERLY FINANCIAL
INFORMATION
March 31, 2008
Contents
Special Review Report of Independent Auditors ................................................................ 1
Quarterly Financial Information
Balance Sheets..................................................................................................................... 2
Statements of Operations .................................................................................................... 4
Notes to the Quarterly Financial Information...................................................................... 5
3. 1
A free translation from Portuguese into English of Special Review Report of Independent Auditors on
quarterly financial information prepared in Brazilian currency in accordance with the accounting
practices adopted in Brazil and specific standards established by IBRACON, CFC and CVM
SPECIAL REVIEW REPORT OF INDEPENDENT AUDITORS
The Board of Directors and Shareholders
BR Properties S.A.
1. We have performed a special review of the quarterly financial information (ITR) of BR
Properties S.A. (the Company) and consolidated for the quarter ended March 31, 2008,
including the balance sheets, the related statements of operations, the report on performance and
accompanying notes, prepared under the responsibility of management.
2. We conducted our review in accordance with specific standards established by the Brazilian
Institute of Independent Auditors (IBRACON), together with the Federal Accounting Council
(CFC), which consisted principally of: (a) inquiries of and discussions with persons responsible
for the Company’s accounting, financial and operating areas as to the criteria adopted in
preparing the quarterly financial information, and (b) review of the information and subsequent
events that had or might have had material effects on the financial position and results of
operations of the Company.
3. Based on our special review, we are not aware of any material modification that should be made
to the quarterly financial information (ITR) referred to above for it to be in conformity with the
standards established by the Brazilian Securities Commission (CVM), applicable to the
preparation of quarterly financial information, including CVM Ruling No. 469/08.
4. As mentioned in Note 2.2, Law No. 11638 was approved on December 28, 2007, effective as
from January 1, 2008. This law amended, revoked and introduced new provisions to Law No.
6404/76 (Brazilian Corporation Law), which will result in changes in accounting practices
adopted in Brazil. Although said Law is already in force, the main changes introduced by it
depend on regulation by regulatory agencies to be fully applied by the companies. As such, in
this transition phase, CVM, through CVM Ruling No. 469, dated May 2, 2008, allowed non-
application of the provisions of Law No. 11638/07 in preparing quarterly financial information
(ITR). In view of this, the accounting information contained in the quarterly financial
information (ITR) for the quarter ended March 31, 2008 was prepared in accordance with
specific CVM rulings and does not consider the changes in accounting practices introduced by
Law No. 11638/07.
São Paulo, May 2, 2008
ERNST & YOUNG
Auditores Independentes S.S.
CRC-2SP015199/O-6
Antonio Humberto Barros dos Santos
Accountant CRC-1SP161745/O-3
4. 2
A free translation from Portuguese into English of quarterly financial information prepared in
Brazilian currency in accordance with the accounting practices adopted in Brazil
BR PROPERTIES S.A.
BALANCE SHEETS
March 31, 2008 and December 31, 2007
(In thousands of reais)
Parent Company Consolidated
March 31,
2008
December 31,
2007
March 31,
2008
December 31,
2007
Assets
Current assets
Cash and cash equivalents (Note 4) 87 270,257 2,776 275,270
Short-term investments (Note 4) 210,436 1,724 216,576 5,706
Rental receivable - - 8,267 5,594
Advances for acquisition of real
estate(Note 6)
- 381 452 2,046
Recoverable taxes (Note 7) 1,508 1,879 1,774 2,008
Deferred income and social contribution
taxes (Note 12)
Prepaid expenses 72 11 508 322
Other credits 5,589 4,527 5,237 767
217,692 278,779 235,590 291,713
Noncurrent assets
Deferred income and social contribution
taxes (Note 12) - - - -
- - - -
Permanent assets
Investments in subsidiaries(Note 6) 463,883 403,973 - -
Goodwill on investment acquisition 8,080 8,080 9,487 9,487
Property and equipment (Note 9) 517 510 1,079,811 963,649
472,480 412,563 1,089,298 973,136
Total assets 690,172 691,342 1,324,888 1,264,849
5. 3
Parent Company Consolidated
March 31,
2008
December 31,
2007
March 31,
2008
December 31,
2007
Liabilities and shareholders’ equity
Current liabilities
Loans and financing (Note 10) - - 58,997 51,362
Trade accounts payable 349 905 938 1,048
Salaries and social charges payable 863 2,730 1,077 2,740
Taxes payable 595 30 1,173 734
Provision for income and social
contribution taxes – taxable profit as a
percentage of gross revenues
244 - 557 291
Payables for acquisition of real estate
(Note 11) 464 939 13,832 19,937
Advance - - 593 579
Other accounts payable 2 - 4,282 731
2,517 4,604 81,449 77,422
Noncurrent liabilities
Provision for income and social
contribution taxes Revaluation - - 52,771 52,988
Loans and financing (Note 10) - - 503,013 447,701
- - 555,784 500,689
Shareholders’ equity
Capital:
Subscribed capital (Note 14) 597,033 597,033 597,033 597,033
Revaluation reserve – subsidiaries 102,438 102,859 102,438 102,859
Unpaid capital - -
699,471 699,892 699,471 699,892
Accumulated losses (11,816) (13,154) (11,816) (13,154)
687,655 686,738 687,655 686,738
Total liabilities and shareholders’ equity 690,172 691,342 1,324,888 1,264,849
See accompanying notes.
6. 4
BR PROPERTIES S.A.
STATEMENTS OF OPERATIONS
Three and Twelve-month periods ended March 31, 2008
(In thousands of reais)
Parent Company Consolidated
Three months
period ended
March 31, 2008
Twelve months
period ended
December 31,
2007
Three months
period ended
March 31, 2008
Twelve months
period ended
December 31,
2007
Gross Revenues from sales:
Lease - - 21,777 24,808
Services rendered - 35 65 61
Taxes on revenues - (5) (2,657) (2,998)
Net revenue from rental - 30 19,185 21,871
Cost of leased properties and services
rendered
- - (3,011) (3,808)
Gross profit - 30 16,174 18,063
Operating income (expenses)
General and administrative expenses (2,644) (10,719) (3,954) (11,329)
Financial income 5,936 5,644 6,097 5,909
Financial expenses (69) (1,735) (16,101) (25,520)
Equity pick-up in subsidiaries (1,153) (6,375) - -
Operating and pretax loss 2,068 (13,185) (13,958) (30,940)
Non operating income 30 - 116 78
Income and social contribution
taxes (Note 9) (761) - (993) (355)
Loss for the period (1,337) (13,154) (1,337) (13,154)
See accompanying notes.
7. 5
BR PROPERTIES S.A.
NOTES TO THE QUARTERLY FINANCIAL INFORMATION
March 31, 2008
(In thousands of reais)
1. Operations
The Company was incorporated on May 26, 2004 as a stock corporation named Itarema
Participações S.A. On December 22, 2006, its corporate name was changed to BR
Properties S.A. (“BR Properties” or the “Company”).
On December 22, 2006, the Company received contributions from shareholders,
including new shareholders, amounting to R$ 53,000. The major new shareholders were
GP Investments Ltd, Private Equity Partners A, LLC, Private Equity Partners B, LLC,
Reic Brasil Holding LLC, Castlerigg Latin American Investments LLC, Peter L. Malkin
Family 2000 LLC, Talisman Special Purpose Fund Ltd, Tudor Proprietary Trading LLC
and Tudor Brazil Investments LLC.
The shareholders established the Company’s business plan and resolved that it would
operate as a holding, mainly engaged in the acquisition, management, leasing and sale
of commercial buildings in Brazil, especially commercial buildings and office space,
retail stores and warehouses, provided they are assets already existing or built to suit
and the subject matter of lease agreements already entered into.
The Company started operations in April 2007, by establishing Specific Purpose
Companies (SPCs) to acquire properties and have them rented under commercial lease
agreements, having invested approximately R$812 million until December 31, 2007.
In the first 2008 quarter, the Company invested R$109 million in the acquisition of the
following commercial properties:
On January 17, 2008, the Company through its subsidiary BRPR VIII
Empreendimentos e Participações Ltda., acquired the São José and Santo Antônio
properties, located in the city of São Paulo at Rua Verbo Divino 1.207.
On January 31, 2008, the Company, through its subsidiary BRPR IX Empreendimentos
e Participações Ltda., acquired the industrial warehouse Interbox, located in the city of
Araucária in the State of Paraná.
On January 31, 2008, the Company through its subsidiary BRPR XIII
Empreendimentos e Participações Ltda. acquired the Hochtief building, located in the
city of São Paulo at Av. Egídio de Souza Aranha, 145.
8. 6
BR PROPERTIES S.A.
NOTES TO THE QUARTERLY FINANCIAL INFORMATION (Continued)
March 31, 2008
(In thousands of reais)
1. Operations (Continued)
On February 18, 2008, the Company through its subsidiary BRPR XIV
Empreendimentos e Participações Ltda. acquired the Ericsson industrial warehouse,
located in the city of São José dos Campos in the state of São Paulo.
These properties are rented for terms of 4 and 8 years, with the possibility of being
extended for equal periods.
2. Basis of Preparation and Presentation of the Financial Statements
2.1. Quarterly Financial Information
The quarterly financial information was prepared in accordance with accounting
practices adopted in Brazil, the accounting guidelines in Brazilian Corporation
Law and the accounting rules and procedures established by the Brazilian
Securities and Exchange Commission (CVM).
The preparation of the financial statements involves the use of accounting
estimates. Such estimates were based on objective and subjective aspects
considering management’s judgment to determine the adequate amount to be
recorded in the financial statements. Significant items subject to these estimates
and assumptions include selection of useful lives and recoverability of property
and equipment, credit risk analysis in determining the allowance for doubtful
accounts, as well as the analysis of other risks to determine other provisions,
including provision for contingencies and measurement of financial instruments
and other assets and liabilities at the date of the financial statements.
Settlement of transactions involving these estimates may result in amounts
significantly different from those recorded in the financial statements due to the
uncertainties inherent in the estimate process.
Income and social contribution taxes were computed based on applicable
legislation at the balance sheet date.
Assets and liabilities are classified as current whenever their realization or
settlement is likely to occur within the following twelve months. Otherwise, these
will be shown as non-current.
9. 7
BR PROPERTIES S.A.
NOTES TO THE QUARTERLY FINANCIAL INFORMATION (Continued)
March 31, 2008
(In thousands of reais)
2. Basis of Preparation and Presentation of the Financial Statements (Continued)
2.1. Quarterly Financial Information (Continued)
The consolidated quarterly financial information includes operations of the
Company and the following subsidiaries, in which its ownership interest at March
31, 2008 is summarized as follows:
Direct
ownership
interest
Consolidation
criterion
BRPR I Empreendimentos e Participações Ltda. 99.99% Full
BRPR II Empreendimentos e Participações Ltda. 99.99% Full
BRPR III Empreendimentos e Participações Ltda. 99.99% Full
BRPR IV Empreendimentos e Participações Ltda. 99.99% Full
BRPR V Empreendimentos e Participações Ltda. 99.99% Full
BRPR VII Empreendimentos e Participações Ltda. 99.99% Full
BRPR VIII Empreendimentos e Participações Ltda. 99.99% Full
BRPR IX Empreendimentos e Participações Ltda. 99.99% Full
BRPR X Empreendimentos e Participações Ltda. 99.99% Full
BRPR XI Empreendimentos e Participações Ltda. 99.99% Full
BRPR XII Empreendimentos e Participações Ltda. 99.99% Full
BRPR XIII Empreendimentos e Participações Ltda. 99.99% Full
BRPR XIV Empreendimentos e Participações Ltda. 99.99% Full
BRPR XV Empreendimentos e Participações Ltda. 99.99% Full
BRPR XVI Empreendimentos e Participações Ltda. 99.99% Full
BRPR XVII Empreendimentos e Participações Ltda. 99.99% Full
BRPR XVIII Empreendimentos e Participações Ltda. 99.99% Full
BRPR XIX Empreendimentos e Participações Ltda. 99.99% Full
BRPR XX Empreendimentos e Participações Ltda. 99.99% Full
BRPR A Administradora de Ativos Imobiliários Ltda. 99.99% Full
The fiscal years of subsidiaries included in consolidation are the same as those of
the Company, also accounting policies were consistently applied by the
consolidated companies.
For consolidation purposes, subsidiary BRPR I consolidates the operations of its
wholly-owned subsidiary BRPR VI.
The main consolidation procedures are:
- Elimination of the balance of intercompany assets and liabilities;
- Elimination of participation in capital, reserves and retained earnings of
consolidated companies;
- Elimination of the balances of revenues and expenses resulting from
intercompany transactions.
10. 8
BR PROPERTIES S.A.
NOTES TO THE QUARTERLY FINANCIAL INFORMATION (Continued)
March 31, 2008
(In thousands of reais)
2. Basis of Preparation and Presentation of the Financial Statements (Continued)
2.2. Changes of Brazilian Corporation Law – Law No. 11638/07
Law No. 11638, approved on December 28, 2007, amends, revokes and introduces
new provisions in Law No. 6.404, dated December 15, 1976 and Law No. 6385,
dated December 7, 1976. The main objective of these changes is to update
Brazilian Corporation Law to allow convergence of accounting practices adopted
in Brazil with international accounting standards issued by the International
Accounting Standards Board – IASB. On May 2, 2008, CVM issued CVM Ruling
No. 469, which regulates Law No. 11638/07.
The requirements of this new Law apply to financial statements for fiscal years
beginning on or after January 1, 2008, and these changes in the financial
statements for the year ending December 31, 2008 must be applied retroactively to
December 31, 2007 or to all periods presented related to 2007, for purposes of
disclosing and presenting comparable financial statements for 2008.
Among the main changes in accounting standards introduced by the new law, we
list below only those which, based on a preliminary analysis made by management
of the new Law and CVM Ruling No. 469, may come to impact the financial
statements of the Company and its subsidiaries:
In business combinations between independent parties involving effective
transfer of controlling interest, assets and liabilities of the company to be
merged or resulting from merger or spin-off shall be recorded at market value.
As disclosed in Note 7 c, there was no amortization of goodwill balance of R$
9,487 at March 31, 2008, which will take place as from 2010 based on net
income projections prepared by management. In the quarter ended March 31,
2008, the Company did not acquire shareholdings.
Eliminated the possibility of voluntary revaluation of assets and, consequently
the revaluation reserve, including periodic revaluations provided for by CVM
Resolution No. 183, dated June 19, 1995. In view of this, the existing
revaluation reserve recorded before effect of Law No. 11638, dated 2007,
including of the revaluation reserves of subsidiaries and affiliates, may be
maintained until their effective realization or reversed until the end of the year
in which Law No. 11638 became effective, i.e. 2008. Company management
intends to maintain the existing balances of the revaluation reserves until their
effective realization.
11. 9
BR PROPERTIES S.A.
NOTES TO THE QUARTERLY FINANCIAL INFORMATION (Continued)
March 31, 2008
(In thousands of reais)
2. Basis of Preparation and Presentation of the Financial Statements (Continued)
2.2. Changes of Brazilian Corporation Law – Law No. 11638/07 (Continued)
Financial instruments, including derivatives must be stated: (i) at market or
equivalent value, when these are for trading or available for sale; and (ii) at
cost of acquisition or issue value, restated according to legal or contractual
provisions, adjusted to probable realization value, when this is lower.
Company management believes that its accounting practices related to
financial investments are aligned with CVM requirements, i.e. no significant
effect is expected to result from adoption of the referred to rule. In relation to
derivatives, management is waiting for regulation of the changes introduced by
Law No. 11638 to conduct detailed analyses to allow proper recording and
disclosure relating to this matter.
Noncurrent assets and liabilities must be adjusted to present value. The
remaining balances shall be adjusted to present value only when the effect on
the quarterly financial information is significant. Company management
intends to develop detailed analyses to allow proper recording and disclosure
relating to the matter. Analyses are being made to select rates and terms, as
well as the accounts subject to application of present value concept.
Possibility of separately recording transactions to meet tax legislation, and
subsequently the necessary adjustments to comply with accounting practices.
The Company is evaluating the impacts of this change on its internal control
structure in order to better define the practice to be adopted.
Rights related to assets destined to maintenance of Company activities,
including those resulting from operations transferring to the Company benefits,
risks and control over the assets, such as commercial leasing must be recorded
in permanent assets. The Company believes that the referred to change will not
generate any significant impact on its financial statements.
Investments in affiliates in whose management significant influence is exerted
or ownership interest of 20% or more in voting capital (and no longer in total
capital) is held, in subsidiaries and in other companies belonging to the same
group or that are under common control must be stated by the equity method.
The concept of significance was eliminated. Company management believes
that the referred to change will not generate any significant impact on the
quarterly financial information.
12. 10
BR PROPERTIES S.A.
NOTES TO THE QUARTERLY FINANCIAL INFORMATION (Continued)
March 31, 2008
(In thousands of reais)
2. Basis of Preparation and Presentation of the Financial Statements (Continued)
2.2. Changes of Brazilian Corporation Law – Law No. 11638/07 (Continued)
Inclusion of the Statement of Value Added in the quarterly financial
information. Company management will present the referred to statement of
value added in its financial statements for the year ending December 31, 2008.
Considering that the regulatory process will require issue of several new
pronouncements, Company management elected to apply the provisions of Law
No. 11638/07 only to the quarterly information for the last 2008 quarter. In view of
this, the quarterly information for this quarter and the prior periods presented for
purposes of comparison was prepared without considering the changes in
accounting practices provided for by the referred to law, as allowed by CVM.
Management is waiting for regulation of these and other matters by the relevant
regulatory agencies in order to have all the elements necessary to determine,
record and disclose all the effects of Law No. 11638 on its quarterly financial
information for the year ending December 31, 2008. The Company intends to
disclose in the next quarters the impacts on shareholders’ equity and profit
resulting from implementation of the above measures based on its analyses as well
as additional interpretations from regulatory agencies, including CVM Ruling No.
469.
3. Summary of Significant Accounting Practices
a) Determination of profit and loss
Revenues and expenses are recorded on the accrual basis. Revenue is not
recognized if significant uncertainty exists about its collectibility.
b) Cash and cash equivalents
Include bank account balances and short-term investments redeemable within 90
days from the balance sheet date, at acquisition cost plus income earned to the
balance sheet date.
c) Investments
Investments in subsidiaries are stated by the equity method.
13. 11
BR PROPERTIES S.A.
NOTES TO THE QUARTERLY FINANCIAL INFORMATION (Continued)
March 31, 2008
(In thousands of reais)
3. Summary of Significant Accounting Practices (Continued)
d) Property and equipment
These are recorded at acquisition cost, plus revaluation of buildings and land,
recognized in December 2007 by subsidiaries, based on the valuation report
prepared by independent appraisers. Depreciation is calculated by the straight-line
method at rates mentioned in Note 8. The revaluation was recognized against the
corresponding reserve in shareholders’ equity, net of tax effects. The revaluation
reserve will be transferred to retained earnings upon depreciation and write-off of
such revalued assets.
e) Goodwill
Goodwill on investment acquisition is based on future economic benefits arising
therefrom and will be amortized according to the yield curves of each business
venture, based on management projections, over no more than 10 years. The
Company periodically reviews its future profitability projections and performs
goodwill impairment tests.
f) Liabilities
Liabilities are recognized in the balance sheet when the Company has a legal or
constructive obligation arising from past events, the settlement of which is expected
to result in an outflow of economic benefits. Due to uncertainty with respect to the
timing and amount of the outflow of economic benefits required for settlement,
certain liabilities are estimated as incurred and recorded as a provision. Provisions
are recorded reflecting the best estimates of the risk involved.
g) Loans and financing
Loans and financings are subject to monetary variations and include respective
charges to the balance sheet date.
h) Payables for acquisition of real estate
These are liabilities contractually established for acquisition of real estate (land)
plus underlying interest and monetary restatement, when applicable.
14. 12
BR PROPERTIES S.A.
NOTES TO THE QUARTERLY FINANCIAL INFORMATION (Continued)
March 31, 2008
(In thousands of reais)
3. Summary of Significant Accounting Practices (Continued)
i) Taxation
Revenues from lease of real estate properties are subject to the following taxes and
mandatory contributions at the following basic tax rates:
Taxes and Contributions Abbreviation Rates
Social Contribution Tax on Gross Revenue for
Social Integration Program PIS 1.65%
Social Contribution Tax on Gross Revenue for
Social Security Financing COFINS 7.6%
These charges are shown as deductions from revenues from lease of real estate in
the statement of operations. Credits from non-cumulative PIS/Cofins are presented
in the statement of operations net of the cost of leased properties and services
rendered.
The Company recorded taxable profit for the quarter ended March 31, 2008 and set
up a provision for income and social contribution taxes, pursuant to current tax
legislation ruling on taxable profit computed on accounting records – see Note 11.
Income tax is determined on taxable profit at 15%, plus a 10% surtax on profits in
excess of R$ 240 in the period of 12 months, while social contribution tax is
calculated on taxable profit at 9% and recognized on the accrual basis.
As provided for in current tax legislation, certain subsidiaries opted for taxable
profit computed as a percentage of gross revenues.
4. Cash and Cash Equivalents
Company Consolidated
03/31/2008 12/31/2007 03/31/2008 12/31/2007
Cash and banks 87 270,257 2,776 275,271
Short-term investments and CDBs 210,436 1,724 216,576 5,705
210,523 271,981 219,352 280,976
These mainly refer to highly-liquid investments (debentures and bank deposit
certificates) with major banks, which are remunerated at rates between 100.7% and
102.8% of Interbank Deposit Certificate (CDI).
15. 13
BR PROPERTIES S.A.
NOTES TO THE QUARTERLY FINANCIAL INFORMATION (Continued)
March 31, 2008
(In thousands of reais)
5. Trade Accounts Receivable
Consolidated
03/31/2008 12/31/2007
Rents receivable 8,267 5,594
Expenses to be reimbursed 880 30
9,147 5,624
Under the agreements entered into with customers, rents are usually received until the
10th
business day of the following month. Company management does not expect losses
on the accounts receivable, reason for which the Company did not record any allowance
for doubtful accounts.
6. Taxes Recoverable
Company Consolidated
03/31/2008 12/31/2007 03/31/2008 12/31/2007
Prepaid income and social
contribution taxes 583 583 689 599
PIS recoverable 1 18 2 18
COFINS recoverable 1 80 7 81
Withholding income tax – IRRF 923 1,198 1,076 1,310
1,508 1,879 1,774 2,008
7. Investments
31/03/2008
Company Consolidated
Investments in subsidiaries 463,883 -
Goodwill 8,080 9,487
471,963 9,487
16. 14
BR PROPERTIES S.A.
NOTES TO THE QUARTERLY FINANCIAL INFORMATION (Continued)
March 31, 2008
(In thousands of reais)
7. Investments (Continued)
a) Information on subsidiaries at March 31, 2008
Investments in subsidiaries stated by the equity method were determined in
accordance with the balance sheets at March 31, 2008.
Company
Subsidiaries
Shares/units
of interest Capital
Revaluation
reserve
Shareholders’
equity
Income (loss)
for the year
Investment
book value Equity pickup
BRPR I Empreend. e Participações Ltda. 98,741,500 98,741 36,327 129,762 (605) 129,762 (524)
BRPR II Empreend.e Participações Ltda. 33,016,000 31,170 27,923 59,349 169 59,349 334
BRPR III Empreend. e Participações Ltda. 23,785,000 23,785 14,380 38,468 243 38,468 336
BRPR IV Empreend. e Participações Ltda. 66,896,620 66,896 4,334 70,434 229 70,434 255
BRPR V Empreend. e Participações Ltda. 56,869,000 56,869 1,128 58,087 199 58,087 214
BRPR VII Empreend. e Participações Ltda. 22,194,400 22,194 5,985 27,773 (50) 27,773 (4)
BRPR VIII Empreend. e Participações Ltda. 15,001,000 15,001 - 14,365 (633) 14,365 (633)
BRPR IX Empreend. e Participações Ltda. 10,083,771 22,283 12,361 22,283 (184) 22,283 (86)
BRPR X Empreend. e Participações Ltda. 1,000 1 - - - - -
BRPR XI Empreend. e Participações Ltda. 16,851,000 16,851 - 16,841 (9) 16,841 (9)
BRPR XII Empreend. e Participações Ltda. 1,000 1 - (1) (1) (1) (1)
BRPR XIII Empreend. e Participações Ltda. 5,701,000 5,701 - 5,557 (143) 5,557 (143)
BRPR XIV Empreend. e Participações Ltda. 21,851,000 21,851 - 20,980 (869) 20,980 (869)
BRPR XV Empreend. e Participações Ltda. 16,000 16 - 15 (1) 15 (1)
BRPR XVI Empreend. e Participações Ltda. 1,000 1 - - (1) (1) (1)
BRPR XVII Empreend e Participações Ltda. 1,000 1 - - (1) (1) (1)
BRPR A Adm. de Ativos Imobiliários Ltda 1,000 1 - (28) (21) (28) (21)
463,883 (1,154)
Company’s interest in subsidiaries is described in Note 2.
17. 15
BR PROPERTIES S.A.
NOTES TO THE QUARTERLY FINANCIAL INFORMATION (Continued)
March 31, 2008
(In thousands of reais)
7. Investments (Continued)
b) Information on the main asset, liability and profit & loss items for subsidiaries at
March 31, 2008
Assets Liabilities
Current
Non-
current Permanent Total Current
Non-
current Equity Total
BRPR I Empreendimentos e Participações Ltda. 4,747 1,407 317,351 323,505 23,387 170,356 129,762 323,505
BRPRII Empreendimentos e Participações Ltda. 1,606 - 153,051 154,657 8,682 86,626 59,349 154,657
BRPR III Empreendimentos e Participações Ltda. 3,508 - 94,745 98,253 7,453 52,332 38,468 98,253
BRPR IV Empreendimentos e Participações Ltda. 3,684 - 136,832 140,516 7,982 62,100 70,434 140,516
BRPR V Empreendimentos e Participações Ltda. 4,445 - 158,525 162,970 12,704 92,179 58,087 162,970
BRPR VII Empreendimentos e Participações Ltda. 2,473 - 57,150 59,623 4,854 26,996 27,773 59,623
BRPR VIII Empreendimentos e Participações Ltda. 852 - 40,267 41,119 2,760 23,994 14,365 41,119
BRPR IX Empreendimentos e Participações Ltda. 965 - 33,597 34,562 1,787 10,492 22,283 34,562
BRPR XI Empreendimentos e Participações Ltda. 8,640 - 14,953 23,593 6,753 - 16,841 23,593
BRPR XII Empreendimentos e Participações Ltda. 1 - - 1 1 - (0) 1
BRPR XIII Empreendimentos e Participações Ltda. 446 - 14,298 14,744 741 8,446 5,557 14,744
BRPR XIV Empreendimentos e Participações Ltda. 521 - 50,020 50,541 3,175 26,385 20,981 50,541
BRPR XV Empreendimentos e Participações Ltda. 23 - - 23 8 - 15 23
BRPR XVI Empreendimentos e Participações Ltda. 8 - - 8 8 - - 8
BRPR XVII Empreendimentos e Participações Ltda. 1 - - 1 1 - - 1
BRPR A Administradora de Ativos Imobiliários Ltda. 53 - 11 64 92 - (28) 64
Statement of Operations
Gross
revenues
from leases
Taxes, rebates
and costs of
leased
properties
Operating
expenses
Income and
social
contribution
taxes
Income (loss)
for the period
BRPR I Empreendimentos e Participações Ltda. 6,256 (1,569) (5,063) (229) (605)
BRPRII Empreendimentos e Participações Ltda. 3,156 (842) (2,145) - 169
BRPR III Empreendimentos e Participações Ltda. 2,176 (602) (1,331) - 243
BRPR IV Empreendimentos e Participações Ltda. 2,882 (860) (1,793) - 229
BRPR V Empreendimentos e Participações Ltda. 3,938 (992) (2,747) - 199
BRPR VII Empreendimentos e Participações Ltda. 1,342 (437) (955) - (50)
BRPR VIII Empreendimentos e Participações Ltda. 916 (190) (1,359) - (633)
BRPR IX Emprendimentos e Participações Ltda. 450 (272) (360) (2) (184)
BRPR XI Empreendimentos e Participações Ltda. - - (9) - (9)
BRPR XII Empreendimentos e Participações Ltda. - - (1) - (1)
BRPR XIIIEmpreendimentos e Participações Ltda 240 (51) (332) - (143)
BRPR XIV Emprendimentos e Participações Ltda. 420 (370) (919) - (869)
BRPR XV Empreendimentos e Participações Ltda. - - (1) - (1)
BRPR XVI Empreendimentos e Participações Ltda. - - (1) - (1)
BRPR XVII Empreendimentos e Participações Ltda - - (1) - (1)
BRPR A Administradora de Ativos Imobiliários
Ltda. 65 (9) (77) - (21)
18. 16
BR PROPERTIES S.A.
NOTES TO THE QUARTERLY FINANCIAL INFORMATION (Continued)
March 31, 2008
(In thousands of reais)
7. Investments (Continued)
c) Goodwill
Goodwill on
acquisition –
Company
Goodwill on acquisition of DVR V Empreendimentos Imobiliários Ltda. (i) 1,407
Goodwill on acquisition of Icomap Industria e Comércio Ltda. (ii) 8,080
9,487
(i) This company is the owner of two industrial warehouses located in the city of Jandira, State of São Paulo.
After its acquisition by BR Properties, its corporate name was changed to BRPR VI Empreendimentos e
Participações Ltda.
(ii) This company is the owner of Edifício Icomap located in Rio de Janeiro. After its acquisition by BR
Properties, its corporate name was changed to BRPR IX Empreendimentos Participações Ltda.
Goodwill amortization will be recorded according to the net income projections
prepared by the Company, as shown below:
Year ICOMAP DVR
2010 4% 1%
2011 4% 3%
2012 6% 4%
2013 8% 7%
2014 to 2018 78% 85%
Total 100% 100%
Based on the projected discounted cash flows arising from the assets maintained by
these subsidiaries, Company management did not identify any indication of
goodwill impairment recorded at March 31, 2008.
19. 17
BR PROPERTIES S.A.
NOTES TO THE QUARTERLY FINANCIAL INFORMATION (Continued)
March 31, 2008
(In thousands of reais)
8. Property and Equipment
Company
03/31/2008 12/31/2007
Annual depreciation
rate Cost
Accumulated
depreciation Net Net
Software 10% 16 (1) 15 5
Facilities 10% 94 (9) 85 82
Furniture and fixtures 10% 218 (19) 199 204
Data processing equipment 20% 265 (47) 218 219
593 (76) 517 510
Consolidated
03/31/2008 12/31/2007
Annual
depreciation rate Cost
Accumulated
depreciation Net Net
Land - 256,956 - 256,956 228,067
Land revaluation - 44,681 - 44,681 44,681
Buildings * 667,288 (8,666) 658,622 579,225
Buildings revaluation * 111,166 (637) 110,529 111,166
Certificates of Additional Construction Potential –
CEPAC (a) 8,494 - 8,494 -
Software 10% 16 (1) 15 5
Facilities 10% 94 (8) 86 82
Furniture and fixtures 10% 218 (19) 199 204
Data processing equipment 20% 276 (47) 229 219
1,089,189 (9,378) 1,079,811 963,649
* Depreciation is calculated considering the period in which properties are expected to be used by the Company, for periods
ranging from 33 to 50 years, over the remaining useful life of the assets set out in the valuation reports issued by independent
appraisers.
a) The Company acquired Certificates of Additional Construction Potential – CEPAC in the amount of
R$8,494 issued by the São Paulo Municipal Government to be used, as applicable, to pay construction
area in excess of the standards established by municipal legislation on land use and occupation. In
using the certificates, the corresponding amount is a component of the construction cost of commercial
properties for future lease.
In the quarter ended March 31, 2008, the Company did not enter into any obligation
related to commercial leasing.
At December 31, 2007, the Company subsidiaries, based on the valuation report issued
by independent appraisers, recorded the revaluation of buildings and land in the amount
of R$155,847 against the revaluation reserve in shareholders’ equity. Deferred income
tax liabilities, amounting to R$52,988 at December 31, 2007, were recorded in Long-
term payables, thereby reducing the balance of that reserve in shareholders’ equity, and
their realization is upon disposal, sale and depreciation of the revalued assets. In the
quarter ended March 31, 2008, there was realization of R$637 through depreciation.
20. 18
BR PROPERTIES S.A.
NOTES TO THE QUARTERLY FINANCIAL INFORMATION (Continued)
March 31, 2008
(In thousands of reais)
9. Loans and Financing
Consolidated
Purpose
Financial
charges
Final
maturity 03/31/2008 12/31/2007
Acquisition - Condomínio Edifício Bonfliglioli
IGP M+8.84%
p.a. 04/17/2017 12,198 12,067
Acquisition - Condomínio Panamérica Park and Edifício
Plaza Centenário TR+9.90% p.a. 05/25/2017 50,319 50,692
Acquisition - Condomínio do Edifício Glória (RJ), a building
located at 1280 Avenida Piraporinha, Alphaville Centro
Empresarial e Industrial, a building located in Jundiaí, and a
set of commercial warehouses in Itapeví TR+9.90% p.a. 08/17/2017 144,298 145,455
Acquisition of two properties in the city of Jandira CDI+1.27% p.a. 08/17/2017 37,596 37,831
Acquisition of Edifício Henrique Schaumann
TR+10.15% p.a. 10/17/2017 30,527 30,578
Acquisition of Edifício Generalli(SP) and the Rio de Janeiro
Stock Exchange building TR+9.90% p.a. 08/17/2017 25,908 26,192
Acquisition of suites of Edifício Paulista Park, Edifício
Berrini, Condomínio Edifício Isabella Plaza, 3rd
floor
of Edifício Olimpic Tower, Edifício Joaquim
Floriano, Condomínio Edifício Midas, Edifício
Number One and suite No. 31 of Edifício Network
Empresarial TR+10.15% p.a. 08/17/2017 66,981 67,148
Acquisition of buildings MV9, Sylvio Fraga, Raja Hills, and of
Coveright industrial warehouse TR+9.90% p.a. 12/20/2017 102,067 102,073
Acquisition of buildings Avaya and Presidente Vargas TR+10.15% p.a. 09/18/2017 26,727 27,027
Acquisition of buildings Birmann 23 and Santo Antônio IGPM+6% p.a 01/17/2018 26,710 -
Acquisition of building Ericsson São José dos Campos TR+10,15% p.a. 01/17/2018 29,520 -
Acquisition of building Hochtief TR+10,15% p.a. 01/17/2021 9,159 -
562,010 499,063
Portion maturing over the next 12 months (58,997) (51,362)
Noncurrent liabilities 503,013 447,701
Properties acquired were used as a security (mortgage) for the repayment of the loans.
Also, guarantees were offered as chattel mortgage of units of interest in borrowing
subsidiaries and assignment in trust of credit rights under lease agreements signed with
the lessees.
Long-term loans and financing mature as follows:
2009 40,744
2010 41,247
2011 41,750
2012 47,786
2013 to 2017 331,486
503,013
21. 19
BR PROPERTIES S.A.
NOTES TO THE QUARTERLY FINANCIAL INFORMATION (Continued)
March 31, 2008
(In thousands of reais)
10. Payables for Acquisition of Real Estate
Comprise payables for acquisition of commercial properties, as follows:
Consolidated
03/31/2008 12/31/2007
Jundiaí industrial building 3,000 3,000
Edifício Glória 1,500 2,000
Jandira warehouses 1,740 1,740
Cidade Jardim land 6,128 12,256
Interbox 1,000 -
Edificio Icomap 464 940
13,832 19,936
11. Income and Social Contribution Taxes
The Company recorded taxable profit for the quarter ended March 31, 2008 and did not
record deferred income tax assets arising from tax losses related to income and social
contribution taxes, which will be recognized only when there are consistent prospects of
their realization.
Company
03/31/2008
Income before income and social contribution taxes 2,116
Statutory rate 34%
Income and social contribution tax expense at statutory rate (719)
Loss from equity pickup (392)
Offset of tax losses 331
Other adjustments 19
Income and social contribution tax expense posted to the statement of operations
for the quarter (761)
The expense with income and social contribution taxes of R$ 993 recorded in the
statement of operations – consolidated refers to R$ 761 – company and R$ 231, in Note
7(b), paid by certain subsidiaries computing taxable profit as a percentage of gross
revenues. At March 31, 2008, the balance of income and social contribution tax losses
was R$ 5,804.
Deferred income and social contribution tax liabilities, in the amount of R$52,771 at
March 31, 2008, were recorded on the revaluation reserve of property and equipment
items (land and buildings), recorded by the subsidiaries, and their realization is based
on write-off and depreciation of such revalued assets.
22. 20
BR PROPERTIES S.A.
NOTES TO THE QUARTERLY FINANCIAL INFORMATION (Continued)
March 31, 2008
(In thousands of reais)
12. Contingencies
The Company is not involved in judicial proceedings of any nature, since it started
operating in April 2007.
13. Shareholders’ Equity
a) Capital
On December 22, 2006, a capital increase was approved in the amount of
R$ 53,960, which was paid-up on January 8, 2007.
On April 16, 2007, a capital increase was approved and paid-up in the amount of R$
1,080, with the issue of 500,000 common shares.
On May 10, 2007, a capital increase was approved in the amount of R$ 51,566 by
means of private subscription of shares. Relevant contribution took place on May
31, 2007.
On June 19, 2007, the Board of Directors approved a capital increase in the amount
of R$97,140. Relevant contribution will take place in July 2007.
On July 27, 2007 the Board of Directors approved a capital increase for the
Company amounting to R$ 97,175, which was paid up in August 2007.
On December 18, 2007, the Board of Directors approved a capital increase in the
amount of R$26,079, by means of private subscription of 13,956,935 common
shares due to the exercise of the subscription warrants granted to shareholder GP
Investments, Ltd. at the Annual Shareholders’ Meeting of December 22, 2006.
On December 19, 2007, a capital increase was approved in the amount of
R$270,033, by means of private subscription, with issue of 87,278,150 common
shares, all registered, with no par value, at the price of R$3.09 per share.
23. 21
BR PROPERTIES S.A.
NOTES TO THE QUARTERLY FINANCIAL INFORMATION (Continued)
March 31, 2008
(In thousands of reais)
13. Shareholders’ Equity (Continued)
a) Capital (Continued)
At March 31, 2008 paid up capital for R$ 597,033 comprises 240,804,449 common
shares, all registered, with no par value. Of the total paid up capital, R$ 591,132 is
comprised of shares owned by shareholders domiciled abroad.
At March 31, 2008 the limit of authorized capital is 300,000,000 common shares.
b) Stock option plan
The Annual and Special Shareholders’ Meeting held on April 16, 2007 approved the
Stock Option Plan, according to which the Board of Directors can grant stock
options to Company management and employees. The options shall be no greater
than 10% of total capital shares of the Company existing on the date of grant, and
the strike price shall be the amount in local currency equivalent to US$ 1.00 (one
U.S. dollar).
On July 17, 2007 and August 31, 2007 the first and the second Stock Option Plans
were approved for 2007, including the number of options granted, the price and
other conditions to exercise the options. At March 31, 2008 none of the members of
the Company’s Board of Directors or employees were entitled to these plans, which
benefited only the members of the Management Board.
c) Revaluation reserve
At December 31, 2007, a “Reserve revaluation in subsidiaries” was set up on the
amounts recorded by subsidiaries, net of tax effects. This reserve will be transferred
to retained earnings/ (accumulated losses) upon realization of the assets revalued by
the subsidiaries through their depreciation, write-offs or disposals
24. 22
BR PROPERTIES S.A.
NOTES TO THE QUARTERLY FINANCIAL INFORMATION (Continued)
March 31, 2008
(In thousands of reais)
14. Net Financial Income
03/31/2008
Company Consolidated
Financial income
Short-term investments 5,936 6,096
5,936 6,096
Financial expenses
Interest and charges on loans 47 14,873
IOF - 1,187
Others 22 41
69 16,101
15. Related Parties
Company
Assets
03/2008 12/2007
BRPR I Empreendimentos e Participações Ltda. (ii) 23 -
BRPR V Empreendimentos e Participações Ltda. (ii) 910 -
BRPR IX Empreendimentos e Participações Ltda. (i) 4,229 4,125
BRPR XI Empreendimentos e Participações Ltda. (ii) 359 402
BRPR XII Empreendimentos e Participações Ltda. (ii) 1 -
BRPR XIII Empreendimentos e Participações Ltda. (ii) 4 -
BRPR XIV Empreendimentos e Participações Ltda. (ii) 1 -
BRPR XV Empreendimentos e Participações Ltda. (ii) 1 -
BRPR XVI Empreendimentos e Participações Ltda. (ii) 2 -
BRPR XVII Empreendimentos e Participações Ltda. (ii) 1 -
BRPR A Administradora de Ativos Imobiliários Ltda. (ii) 49 -
5,580 4,527
(i) Represented by advances for future capital increase made to subsidiary BRPR IX Empreendimentos e
Participações Ltda. that will be used to increase the subsidiary’s capital over the year 2008.
(ii)Corresponding to intercompany current accounts, this balance refers substantially to payments of expenses to be
reimbursed in the short term.
16. Financial Instruments and Risk Management
The Company and its subsidiaries engage in transactions involving financial
instruments with a view to financing its own activities or investing available funds.
Management of such instruments and related risks is performed through defining
conservative strategies aiming at liquidity, profitability and reliance.
25. 23
BR PROPERTIES S.A.
NOTES TO THE QUARTERLY FINANCIAL INFORMATION (Continued)
March 31, 2008
(In thousands of reais)
16. Financial Instruments and Risk Management (Continued)
The Company mitigates its exposure to credit risk by making short-term investments
with leading financial institutions.
Credit risk is minimized since lease agreements are entered into with major customers.
As of March 31, 2008 there was no significant concentration of credit risk with
customers.
The Company and its subsidiaries have no significant debts, liabilities or costs
denominated in foreign currency.
The Company operated with derivatives in 2008 in order to obtain hedge against any
possible negative mismatching between Referential Rate – TR variation, which restates
most of bank financing agreements, and the General Price Index – Market - IGP-M,
which restates most lease agreements. The hedging swap transaction was contracted in
February 2008 with term of 30 months and nominal value of R$ 73,487 thousand,
which resulted in temporary loss of R$47 recognized in the statement of operations for
the quarter ended March 31, 2008.
The main financial risks are as follows:
Interest rate risk
The Company’s revenues and expenses are affected by changes in interest rates because
of the impact of such changes on interest expenses in connection with instruments of
indebtedness with variable rates and interest income on cash and short-term investment
balances.
Liquidity risk
Liquidity risk management is performed based on the Company’s cash flow, by
maintaining a robust capital structure. Additionally, any mismatching between assets
and liabilities is consistently monitored.
26. 24
BR PROPERTIES S.A.
NOTES TO THE QUARTERLY FINANCIAL INFORMATION (Continued)
March 31, 2008
(In thousands of reais)
17. Insurance Coverage (unaudited)
At March 31, 2008, insurance retained by lessees is considered to be sufficient by
Company management to cover any losses.
18. Subsequent Events
Subsequent to March 31, 2008, the Company invested approximately R$90 million in
the acquisition of the following commercial properties.
a) On May 8, 2008, BR Properties S/A, through its subsidiary BRPR XV, acquired
Edifício Industrial Trisoft, located at Av. Prof. Vernon Krieble, 455 – in the city of
Itapevi - SP.
b) On April 16, 2008, BR Properties S/A, through its subsidiary BRPR X, signed a
purchase and sale agreement for the acquisition of Edifício Twin Towers, located at
Av. Raja Gabáglia, 1753, in the district of Luxemburgo, Belo Horizonte – MG.