• 
  • 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

11. COLLATERALIZED ACCOUNTS RECEIVABLE AND RECOURSE AND NON RECOURSE DEBT

a) Collateralized accounts receivable

	12.31.2010	12.31.2009	01.01.2009
Minimum lease payments receivable	455.3	409.6	463.3
Estimated residual value of leased assets	458.4	463.2	463.2
Unearned income	(375.5)	(386.8)	(447.9)
Investment in sales-type lease	538.2	486.00	478.6
Less – current portion	11.6	12.0	11.5
Long – term portion	526.6	474.0	467.1

At December 31, 2010, the maturities of the amounts classified as non current are as follows:

Year
2012	81.6
2013	14.0
2014	11.6
2015	10.6
2016	14.4
Thereafter 2016	394.4
	526.6

b) Recourse and Non Recourse Debt

	12.31.2010	12.31.2009	01.01.2009
Recourse Debt	443.2	455.7	446.1
Non Recourse Debt	27.1	51.8	58.5
	470.3	507.5	504.6
Less – current portion	111.8	135.9	137.7
Long – term portion	358.5	371.6	366.9

At December 31, 2010, the maturities of the amounts classified as non current are as follows:

Year
2012	208.7
2013	10.4
2014	10.8
2015	10.6
2016	14.4
Thereafter 2016	103.6
	358.5

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