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OIBR3 Oi

0.49
-0.02 (-3.92%)
15 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Oi BOV:OIBR3 Bovespa Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.02 -3.92% 0.49 0.51 0.49 0.50 5,949,800 02:47:19

Oi announces material fact of step-up in basis of assets arising from Brasil Telecom S.A.'s acquisition of control of Telemar...

26/04/2013 4:31pm

PR Newswire (US)


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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.

Copyright 2013 PR Newswire

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