RIO DE JANEIRO, April 26, 2013 /PRNewswire/ -- Oi S.A. ("Oi") and
Telemar Participacoes S.A. ("Telemar Participacoes"), in compliance
with article 157, paragraph 4, of Law No. 6,404/76 and pursuant to
CVM Instruction No. 358/02, inform their shareholders and the
market in general that, in response to the formal consultation that
Oi submitted to the Brazilian Securities and Exchange Commission
(Comissao de Valores Mobiliarios – CVM) ("CVM") to confirm
the most appropriate accounting treatment for the step-up in basis
of assets arising from Brasil Telecom S.A.'s acquisition of control
of Telemar Norte Leste S.A. as part of the corporate reorganization
that was approved on February 27,
2012 ("Corporate Reorganization"), as reflected in Oi's
individual and consolidated financial statements as of and for the
year ended December 31, 2012
previously filed with the CVM, Oi was informed by CVM, in a letter
received on this date, that on April 24,
2013, the Board of Directors of CVM unanimously decided to
accept Oi's position that the reversal of the step-up in basis
recorded by Oi (in the total amount of R$12,849 million as of December 31, 2012), and the recognition of such
amount in Telemar Participacoes' financial statements, is the most
appropriate accounting treatment for such event.
Subject to the conclusion of the necessary accounting and
auditing work, Oi anticipates that the reversal of the step-up in
basis will reduce Oi's the depreciation, amortization and write-off
of property, plant and equipment expenses by R$1,436 million for the fiscal year ended
December 31, 2012, causing an
increase in adjusted net income for such year of R$948 million.
The table below shows the principal impacts on Oi's accounting
records as a result of these adjustments.
|
As of and for
the year ended December 31, 2012
|
|
Reported
Balance
|
Reversal of Step-Up
in Basis and Deferred Taxes and Social Contribution
|
Reclassification of
Other Deferred Taxes and Social Contribution
|
Adjusted
Balance
|
|
(in millions of
reais)
|
|
Assets
|
|
|
|
|
|
Current
|
21,145
|
—
|
—
|
21,145
|
|
Noncurrent
|
56,647
|
-12,849
|
4,135
|
47,933
|
|
Total
|
77,792
|
-12,849
|
4,135
|
69,078
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Current
|
17,067
|
—
|
—
|
17,067
|
|
Noncurrent
|
40,898
|
-4,369
|
4,135
|
40,664
|
|
Shareholders'
Equity
|
19,827
|
-8,48
|
—
|
11,347
|
|
Total
|
77,792
|
-12,849
|
4,135
|
69,078
|
|
|
|
|
|
|
Net
Income
|
837
|
948
|
—
|
1,785
|
Oi will file with the CVM a restatement of its financial
statements as of and for the year ended December 31, 2012, as well as its quarterly
financial statements.
Rio de Janeiro, April 25, 2013.
Alex Waldemar Zornig
Investor Relations Officer
Oi S.A.
Pedro Jereissati
Investor Relations Officer
Telemar Participacoes S.A.
Oi S.A.
Corporate Taxpayers' Registry (CNPJ/MF) No. 76.535.764/0001-43
Board of Trade (NIRE) No. 3330029520-8
Publicly-Held Company
Telemar Participacoes S.A.
Corporate Taxpayers' Registry (CNPJ/MF) No. 02.107.946/0001-87
Board of Trade (NIRE) No. 3330016601-7
Publicly-Held Company
Tickers: OIBR3, OIBR4
SOURCE Oi S.A.