(Translated from Portuguese)
Annual Report and
Financial Statement of the Board of Directors for the Financial
Year of 19xx
Dear Shareholders,
In accordance with the provisions of the law and the Articles
of Association of the Company we are pleased to present for your
approval the Annual Report and Financial Statement for the Financial
Year of 19xx.
During the financial years of 19xx and 19xx the economy has suffered
the impact of the ...economic crises. ....'s import and export
figures for 19xx can be considered lower than in 19xx. During
the last quarter of 19xx, according to available statistics, the
crises seem to have stabilized. However such stability still brought
negative effects to .... The balance of trade, although favorable,
was not enough to cover the deficit carried forwards from previous
years.
Thus, during this financial year, the ...
....
.....
1. CHANGES TO THE CORPORATE BODY
In the Ordinary General Meeting held ... ..th, 19xx, new members
of the Corporate Body for the triennia ... were elected.
2. FINANCIAL MOVEMENT
As in previous years, all our obligations under financing agreements
have been fully met, namely, the payment of interest to shareholder
..... ..., the payment of the first installment of a $...,...,000.00
loan, the payment of the last installments and interest to the
... ... ... .. ..., Limited, as well as the payment of the last
installment and interest on the "Leasing" Agreement
of .... (... ...) at the ... Terminal.
Financial movements during this year amounted to a total of $...,...,.......,
with the following breakdown:
ITEMS AMOUNT (..)
1. Interest paid ....
2. Payment of ....
3. Interest paid ....
4. Last two installments on ....
4. Interest paid under ....
5. Last installment under .....
3. .... ACTIVITIES
....
....
....
7. REVIEW OF [year] ACCOUNTS
REVENUE
The total annual revenue reached about ...million ..., .....
Current Revenues during this financial year registered a .....%
increase in comparison to 19xx.
The Supplementary Results for this year show revenues of ...
million ... mainly due to the cancellation of part of the existing
provision to balance .....
FIXED ASSETS
This item did not record any significant variation in patrimonial
values during the relevant financial year.
COSTS
In the accounts of the current financial year, costs are at a
total of .... It should be noted that .....%, or ...million ..,
come under Financial Expenses, .....%, or .million ..., under
Personnel Expenses and .....%, or ...million ... under Depreciation.
The breakdown of the costs with the overall percentage is as follows:
......
NET PROFIT
In financial year of ... we recorded a Net Profit of ... . and
the Company's Net Worth increased by .....%.
For a complete explanation of the accounts, attached hereto please
find the Analytical Balance Sheet and the Net Profit breakdown.
PROPOSAL FOR NET PROFIT APPLICATION
The Board of Directors, in accordance with Article thirty-six
of the Articles of Association, submits for discussion and approval
by the General Meeting the following proposal for the application
of the ... Net Profit:
a) Legal Reserve Fund
5% in the terms of Article 191
of the Commercial Code ............................ $...
b) Net Profit
To carry forward to 19xx............................ $...
FINAL NOTE
We would like to thank the personnel and laborers of ... for
their dedication and professional sense of duty.
The Board of Directors would like to reaffirm their appreciation
to the Shareholders, Fiscal Committee and the Government Representative
for the cooperation and trust bestowed upon them.
[date]
THE BOARD OF DIRECTORS
Chairman
Vice-chairman
...
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