a) Related party transactions
| |
12.31.2010 |
| Current |
Non Current |
Financial Results Profit (Loss) |
| Assets |
Liabilities |
Assets |
Liabilities |
| Banco do Brasil S.A. |
360.0 |
98.8 |
198.9 |
198.9 |
11.1 |
- |
| Banco Nacional de Desenvolvimento Econômico e Social – BNDES |
0.2 |
4.8 |
- |
342.2 |
(19.8) |
- |
| Brazilian Air Force |
64.0 |
160.0 |
- |
9.9 |
- |
205.1 |
| Empresa Portuguesa de Defesa – EMPORDEF |
- |
- |
- |
7.8 |
- |
- |
| Financiadora de Estudo e Projetos – FINEP |
- |
16.1 |
- |
37.3 |
(0.5) |
- |
| |
424.2 |
279.7 |
198.9 |
596.1 |
(9.2) |
205.1 |
| |
12.31.2009 |
| Current |
Non Current |
Financial Results |
Profit (Loss) |
| Assets |
Liabilities |
Assets |
Liabilities |
| Banco do Brasil S.A. |
406.1 |
130.6 |
194.6 |
204.6 |
13.0 |
- |
| Banco Nacional de Desenvolvimento Econômico e Social – BNDES |
0.4 |
451.4 |
- |
187.4 |
(47.0) |
- |
| Brazilian Air Force |
124.6 |
133.1 |
- |
- |
- |
215.3 |
| Empresa Portuguesa de Defesa – EMPORDEF |
- |
- |
- |
8.4 |
- |
- |
| Financiadora de Estudo e Projetos – FINEP |
- |
15.8 |
- |
51.2 |
(0.9) |
- |
| |
531.1 |
730.9 |
194.6 |
451.6 |
(34.9) |
215.3 |
| |
01.01.2009 |
| Current |
Non Current |
| Assets |
Liabilities |
Assets |
Liabilities |
| Banco do Brasil S.A. |
440.0 |
368.7 |
- |
189.3 |
| Banco Nacional de Desenvolvimento Econômico e Social – BNDES |
- |
4.1 |
- |
554.2 |
| Brazilian Air Force |
95.4 |
43.8 |
- |
- |
| Empresa Portuguesa de Defesa – EMPORDEF |
- |
- |
- |
8.1 |
| Financiadora de Estudo e Projetos – FINEP |
- |
9.8 |
- |
49.8 |
| |
535.4 |
426.4 |
- |
801.4 |
Brazilian Federal Government
The Brazilian federal government, through its direct and indirect stakes in us and its ownership of our "golden share," is one of our major shareholders. As of December 31, 2010, the Brazilian federal government owned our golden share, as well as an indirect 5.37% stake in us through the BNDESPAR, a wholly-owned subsidiary of the Banco Nacional do Desenvolvimento Econômico e Social (the Brazilian Development Bank), which, in turn, is controlled by the Brazilian federal government. As a result, transactions between Embraer and the Brazilian federal government or its agencies come within the definition of related party transactions.
The Brazilian government plays a key role in our business activities, including as:
- A major customer of our defense products (through the Brazilian Air Force);
- A source for research and development debt financing through technology development institutions such as the FINEP and the BNDES;
- An export credit agency (through the BNDES); and
- A source of short-term and long-term financing and a provider of asset management and commercial banking services (through Banco do Brasil)
b) Remuneration of key Management personnel
| |
12.31.2010 |
12.31.2009 |
| Short-term benefits (i) |
16.3 |
17.0 |
| Stock option program |
1.9 |
- |
| Total remuneration |
18.2 |
17.0 |
(i) Include salaries and social security contributions, profit sharing, bonus and severance pay.
During 2010 and 2009, no remuneration was paid in relation to post-employment, work contract rescission or other long-term benefits.
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