| |
Note |
2009 |
2008 |
| |
|
|
|
| CASH FLOW FROM OPERATING ACTIVITIES |
|
|
|
| Income before income tax and social contribution |
|
2,331,098 |
2,052,404 |
| Adjustments to reconcile income before income tax and social contribution to net cash provided by operating activities: |
|
|
|
Depreciation and amortization |
|
160,271 |
150,002 |
Net book value of property, plant and equipment and intangible assets written off or sold |
|
7,274 |
20,518 |
Allowance for losses on intangible assets |
|
11,197 |
35,445 |
Capital loss in exchange of interest in joint venture |
|
4,431 |
- |
Write-off of goodwill in joint venture |
|
- |
1,956 |
Reversal of the allowance for losses on property, plant and equipment and intangible assets, net |
|
(1,810) |
(2,455) |
Share options granted |
34 |
3,699 |
- |
Gains on disposal of investments, net |
|
- |
(502,893) |
Loss from equipment rental |
|
14,753 |
9,721 |
Reserve for contingencies |
18 |
141,116 |
119,521 |
Adjustment to present value of receivables |
30 |
35,266 |
- |
Capital gain in the transfer of investments |
|
- |
(12,848) |
| |
|
|
|
| (Increase) decrease in operating assets: |
|
|
|
Trade accounts receivable |
|
(1,051,107) |
(148,240) |
Receivables from subsidiary |
|
177 |
(177) |
Prepaid and recoverable taxes |
|
(1,284) |
(342) |
Other receivables (current and noncurrent) |
|
268,707 |
32,138 |
Escrow deposits |
|
(132,219) |
(101,386) |
Prepaid expenses |
|
(1,408) |
(2,538) |
| |
|
|
|
| Increase (decrease) in operating liabilities: |
|
– |
|
Payables to merchants |
|
165,141 |
40,420 |
Trade accounts payable |
|
19,839 |
11,009 |
Taxes payable |
|
2,114 |
1,927 |
Other payables (current and noncurrent) |
|
(268,959) |
(64,188) |
Reserve for contingencies (current and noncurrent) |
|
(21,001) |
(13,038) |
Cash provided by operations |
|
1,687,295 |
1,626,956 |
Interest received |
|
22,208 |
28,804 |
Interest paid |
|
(22,208) |
(28,804) |
Income tax and social contribution paid |
|
(714,609) |
(731,793) |
Net cash provided by operating activities |
|
972,686 |
895,163 |
| |
|
|
|
| CASH FLOW FROM INVESTING ACTIVITIES |
|
|
|
| Acquisition of interest in joint venture |
1 |
(20,813) |
(18,961) |
| Acquisition of subsidiaries by the joint venture, net of acquired cash |
|
(4,403) |
- |
| Funds from the sale of investments |
|
- |
502,894 |
| Additions to property, plant and equipment and intangible assets |
|
(231,201) |
(158,023) |
| Net cash (used in) provided by investing activities |
|
(256,417) |
325,910 |
| |
|
|
|
| CASH FLOW FROM FINANCING ACTIVITIES |
|
|
|
| Financing – lease transactions |
|
(401) |
(633) |
| Capital increase through share subscription |
20 |
- |
65,825 |
| Capital contribution |
20 |
- |
159,310 |
| Capital reduction |
20 |
- |
(1) |
| Dividends paid |
20 |
(1,204,517) |
(1,368,641) |
| Treasury shares |
|
(69,228) |
- |
| Net cash used in financing activities |
|
(1,274,146) |
(1,144,140) |
| |
|
|
|
| (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS |
|
(557,877) |
76,933 |
| |
|
|
|
| CASH AND CASH EQUIVALENTS |
|
|
|
| Closing balance |
|
514,280 |
1,072,157 |
| Opening balance |
|
1,072,157 |
995,224 |
| |
|
|
|
| (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS |
|
(557,877) |
76,933 |