Individual Statement of Cash Flows


Years Ended December 31, 2010 and 2009

(In Millions of Reais)

  01/01 to 12/31/2010 01/01 to 12/31/2009
 
Adjusted Net Income (374) 25
Net Income 4,417 4,362
Adjustments To Net Income: (4,791) (4,337)
Share of Income (4,465) (4,369)
Deferred Taxes (177) 31
Other (149) 1
Change In Assets and Liabilities 464 (76)
(Increase) Decrease in Other Non-Financial Assets 23 (17)
(Decrease) Increase in Provisions and Accounts Payable and other Non-Financial Liabilities 114 28
Payment of Income Tax and Social Contribution (1) (11)
(Increase) Decrease in Financial Assets Held for Trading 328 (76)
Net Cash from (Used in) Operating Activities 90 (51)
Sale of Investments 86
Purchase of Investments (1,649) (51)
Purchase of Intangible Assets (22)
Purchase of Fixed Assets (1) (1)
Interest on Capital/Dividends Received 1,570 1,489
Net Cash from/(Used in) Investment Activities 6 1,415
Subscription of Shares 266 451
Purchase of Treasury Shares (15)
Interest on Capital and Dividends Paid (1,498) (1,664)
Issue of Institutional Funds – Debentures 1,000
Net Cash from/(Used in) Financing Activities (232) (1,228)
Net Increase (Decrease) in Cash and Deposits in Demand (136) 136
Cash and Deposits on Demand at the Beginning of the Year 136
Cash and Deposits on Demand at the End of the Year 136
The accompanying notes are an integral part of these financial statements.


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