SAO PAULO, Jan. 22 /PRNewswire/ -- Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP - announces that at a meeting held on January 18, 2010, the Board of Executive Officers and the Board of Directors approved the submission of the republication of the 2008 financial statements to the Shareholders General Meeting, by means of which, a provision for expenses in the amount of R$409.1 million is recorded in the income for that year, presently related to doubtful receivables. This amount refers to the controversial issue of supplementary pension plan benefits provided for by Law 4819/58, originally under the responsibility of the State of Sao Paulo, but paid by Sabesp, by force of court's decision.
As a result, the Management also deems it necessary to record a provision for the liability related to the actuarial commitment maintained with beneficiaries of Law 4819/58, in the amount of R$535.4 million.
A provision shall be made due to doubtful receivables.
An unqualified auditors' opinion of PricewaterhouseCoopers Auditores Independentes will be issued again, after the adjustments and the net income for the year will decrease from R$1,008.1 million to R$63.6 million.
A new proposal for the allocation of net income for the year was also approved, as per chart below, as well as the republication of the Management Report, both referring to 2008:
Net income for the year R$ 63,571,000.00
(+) Realization of revaluation reserve R$ 86,816,329.02
(-) Interest on equity R$ 296,187,609.90
(-) Legal reserve 5% R$ (3,178,000.00)
The Financial Statements will be republished in the newspapers "Folha de Sao Paulo" and Official Gazette of the State of January 29, 2010.
IR Contact:
Mario Arruda Sampaio (Ph.: 5511 3388-8664 / e-mail: [email protected])
Angela Beatriz Airoldi (Ph.: 5511 3388-8793 / e-mail: [email protected])
SOURCE SABESP
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