• 
  • Consolidated Balance Sheets
  • Consolidated Statements of income Yeares Ended
  • Consolidated Statements of Comprehensive Income Years Ended
  • Consolidated Statements of Shareholders' Equity
  • Consolidated Statements of Cash Flow Years Ended
  • Notes To the Consolidated Financial Statements
    • 1. Operations
    • 2. Presentation of the Financial Statements and Accounting Practices
    • 3. Critical Accounting Estimates
    • 4. Accounting Pronouncements not yet Adopted
    • 5. First-time Adoption of IFRS
    • 6. Financial Instruments
    • 7. Cash and Cash Equivalents
    • 8. Financial Assets
    • 9. Trade Accounts Receivable, Net
    • 10. Customer and Commercial Financing
    • 11. Collateralized Accounts Receivable and Recourse and Non Recourse Debt
    • 12. Inventories
    • 13. Other Assets
    • 14. Guarantee Deposits
    • 15. Related Party Transactions
    • 16. Property, Plant and Equipment
    • 17. Intangible Assets
    • 18. Financial Liabilities by Category
    • 19. Loans and Financing
    • 20. Trade Accounts Payable
    • 21. Other Payables
    • 22. Contribution from Suppliers
    • 23. Advances from Customers
    • 24. Axes and Payroll Charges Payable and Income Tax Social Contribution
    • 25. Other Provisions
    • 26. Provisions for Contingencies
    • 27. Post-retirement Benefits
    • 28. Shareholders' Equity
    • 29. Stock Compensation
    • 30. Earnings Per Share
    • 31. Employee Profit Sharing-plan
    • 32. Other Operating (expense) Income, Net
    • 33. Revenue and (expenses) by Nature
    • 34. Financial Income (expense)
    • 35. Foreign Exchange Gains (losses), Net
    • 36. Income Taxesincome Taxes
    • 37. Impairment Test
    • 38. Financial Guarantees
    • 39. Financial Instruments
    • 40. Responsibilities and Commitments
    • 41. Insurance (unaudited)
    • 42. Additional Information of Cash Flow
    • 43. Segment Information
    • 44. Events After the Balance Sheet Date
  • Proposal to the Board of Directors
  • ANNUAL REPORT

Notes to the Consolidated Financial Statements
In millions of U.S. dollars, unless otherwise stated

4. ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED

The following standards and amendments to the existing standards have been issued and are mandatory for accounting periods beginning on or after January 1st, 2011 and for subsequent periods. These standards and amendments have not been early adopted by the Company.

– IFRS 9, "Financial instruments", issued in November 2009. This standard is the first step in the process of substitution of IAS 39 "Financial Instruments: Recognition and Measurement". IFRS 9 introduces new requirements for classification and measurement of financial assets and will probably affect the Company's accounting for its financial assets. The standard applies as from January 1st, 2013, but may be adopted earlier. The Company is analyzing the impact on financial statements;

– IAS 24, Revised, "Related Parties Disclosures", issued in November 2009. Substitutes IAS 24, "Related Parties Disclosures", issued in 2003. IAS 24 (revised) is mandatory for periods beginning on or after January 1st, 2011. Full or partial early adoption is permitted. The revised standard clarifies and simplifies the definition of related parties and eliminates the requirement for entities related to the government to disclose details of all their transactions with the government and other government-related entities. The Company is analyzing the impact on financial statements;

– "Classification of rights issues" (amendment to IAS 32), published in October 2009. The amendment is applicable for annual periods beginning on or after February 1, 2010. Earlier application is permitted. The amendment addresses the accounting for rights issues denominated in a currency other than the functional currency of the issue. Provided certain conditions are complied with, these share rights are now classified as equity, irrespective of the currency in which the exercise price is denominated. Previously, the shares had to be accounted for as derivative liabilities. The amendment applies retroactively, pursuant to IAS 8 "Accounting Policies, Changes in Accounting. Estimates and Errors". The Company does not expect the adoption to have a material impact on its consolidated financial position or results of operations;

– IFRIC 19, "Extinguishing Financial Liabilities with Equity" has been in force since July 10, 2010. The interpretation addresses the accounting by an entity when the terms of a financial liability are renegotiated and result in the entity issuing equity instruments to a creditor to extinguish all or part of the financial liability (conversion of the debt). This requires recognition of any gain or loss in profit or loss, this being measured as the difference between the book value of the financial liability and the fair value of the equity instruments issued. If the fair value of the financial instruments issued cannot be reliably measured, the equity instruments should be measured to reflect the fair value of the financial liability extinguished. The Company will apply the interpretation from January 1st, 2011. This is not expected to have any impact on the Company's financial statements;

– IFRIC 19, "Extinguishing Financial Liabilities with Equity" has been in force since July 10, 2010. The interpretation addresses the accounting by an entity when the terms of a financial liability are renegotiated and result in the entity issuing equity instruments to a creditor to extinguish all or part of the financial liability (conversion of the debt). This requires recognition of any gain or loss in profit or loss, this being measured as the difference between the book value of the financial liability and the fair value of the equity instruments issued. If the fair value of the financial instruments issued cannot be reliably measured, the equity instruments should be measured to reflect the fair value of the financial liability extinguished. The Company will apply the interpretation from January 1st, 2011. This is not expected to have any impact on the Company's financial statements.

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