| |
Note |
12.31.2010 |
12.31.2009 |
| Operating activities |
|
|
|
Net income
|
|
345,4 |
478,9 |
| Items not affecting cash and cash equivalents |
|
|
|
Depreciation
|
16 |
103,0 |
115,2 |
Amortization
|
17 |
116,2 |
114,1 |
Allowance (reversal) for inventory obsolescence
|
|
(5,6) |
29,4 |
Market value adjustment provision
|
|
62,3 |
6,1 |
Deferred income tax and social contribution
|
36 |
28,7 |
(186,9) |
Accrued interest
|
|
(10,2) |
21,9 |
Stock option
|
|
3,4 |
- |
Foreign exchange gain (loss), net
|
35 |
7,5 |
82,2 |
| Residual value guarantee |
38 |
2,7 |
(1,1) |
Other
|
|
10,9 |
15,9 |
| Changes in assets and liabilities |
|
|
|
Financial assets
|
|
220,0 |
(458,7) |
Collateralized accounts receivable
|
|
(1,7) |
73,1 |
Customer and commercial financing
|
|
(17,7) |
69,0 |
Inventories
|
|
118,5 |
473,9 |
Other assets
|
|
(49,3) |
39,3 |
Non recourse and recourse debt
|
|
(37,3) |
3,0 |
Trade accounts payable
|
|
110,2 |
(458,1) |
Contribution from suppliers
|
|
18,5 |
90,2 |
Advances from customers
|
|
(186,2) |
(468,9) |
Taxes and payroll charges payable
|
|
11,1 |
0,4 |
Financial guarantees
|
|
(40,3) |
(15,5) |
Provision and contingencies
|
|
44,3 |
(58,5) |
Unearned income
|
|
19,4 |
38,7 |
| Net cash generated by operating activities |
|
873,8 |
3,6 |
| |
|
|
|
| Investing activities |
|
|
|
| Proceeds from sale of property, plant and equipment |
|
29,3 |
28,6 |
| Additions to property, plant and equipment |
16 |
(149,6) |
(184,7) |
Additions to intangible assets
|
17 |
(178,7) |
(219,4) |
Investments in held to maturity securities
|
|
10,7 |
- |
Restricted cash reserved for construction of assets
|
|
- |
(2,5) |
| Net cash (used in) investing activities |
|
(288,3) |
(378,0) |
| |
|
|
|
| Financing activities |
|
|
|
Repayment of borrowings
|
|
(1.583,4) |
(1.498,5) |
Proceeds from borrowings
|
|
942,8 |
1.474,6 |
Dividends and interest on own capital
|
|
(161,6) |
- |
| Net cash (used in) financing activities |
|
(802,2) |
(23,9) |
| |
|
|
|
| Effects of exchange rate changes on cash |
|
17,4 |
170,0 |
| |
|
|
|
| (Decrease) in cash and cash equivalents |
|
(199,3) |
(228,3) |
| |
|
|
|
| Cash and cash equivalents at the beginning of the year |
|
1.592,4 |
1.820,7 |
| Cash and cash equivalents at the end of the year |
|
1.393,1 |
1.592,4 |
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