SECURITIES AND EXCHANGE COMMISSION
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No ___X____
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Telemat Celular S.A. Book Value Report as of May 31, 2004 of Telemat Celular S.A.'s Net Equity
Deloitte Touche Tohmatsu Auditores Independentes |
BOOK VALUE REPORT AS OF MAY 31, 2004 OF TELEMAT CELULAR S.A.'s
NET EQUITY
1. INTRODUCTION
DELOITTE TOUCHE TOHMATSU AUDITORES INDEPENDENTES, an accounting firm, with head office in the City of São Paulo, State of São Paulo, at Rua Bela Cintra, 881, enrolled with the National Register of Legal Entities of the Ministry of Finance (CNPJ/MF) under No. 49.928.567/0001-11, in compliance with article 8 of Law No. 6,404/76, at your request, performed a review of the book value of the net equity, as of May 31, 2004, of Telemat Celular S.A., a company established at Avenida Getúlio Vargas, 1.300, Municipality of Cuiabá, State of Mato Grosso, enrolled with CNPJ/MF under No. 02.340.817/0001-34, hereinafter referred to as the Company, for purposes of corporate reorganization and/or restructuring.
2. DESCRIPTION OF NET EQUITY
The net equity, subject to our review, was determined based on the Company's trial balance as of May 31, 2004 and comprises the balances of assets and liabilities, as follows:
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R$ |
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ASSETS |
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Cash |
208,383,743.05 |
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Accounts receivable, net |
54,886,159.42 |
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Deferred and recoverable taxes |
24,915,637.71 |
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Other assets |
24,719,529.99 |
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Property, plant and equipment |
97,834,012.40 |
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Total assets |
410,739,082.57 |
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LIABILITIES |
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Suppliers and accounts payable |
36,339,956,39 |
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Taxes and contributions |
17,193,966.05 |
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Loans and financing |
1,783,304.79 |
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Interest on capital and dividends |
23,154,634.40 |
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Other liabilities |
7,681,579.62 |
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Total liabilities |
86,153,441.25 |
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NET EQUITY |
324,585,641.32 |
The detailed breakdown of assets and liabilities is presented in the balance sheet as of May 31, 2004, attached herein.
3. APPLIED PROCEDURES
In order to ensure the adequacy of the book values of assets and liabilities that comprise the Company's net equity as of May 31, 2004, the undersigned adopted usual auditing procedures applicable in the circumstances, in conformity with standards approved by the Federal Accounting Council. Accordingly, our examination comprised: (a) determining the extent of auditing procedures, taking into consideration the significance of the balances of assets and liabilities that comprise the net equity; (b) checking, on a test basis, the evidence and records that support the amounts and accounting information disclosed, and
(c) evaluating the significant accounting practices and estimates adopted by the Company's management.
4. STANDARDS APPLIED IN DETERMING THE NET EQUITY
The Company's net equity was determined in accordance with Brazilian accounting practices, which include the standards established by Brazilian corporate law, supplementary standards issued by the Brazilian Securities Commission (CVM), and specific legislation applicable to concessionaires of telecommunications services. The criterion adopted in determining the Company's net equity is the book value.
5. CONCLUSION
As a result of the examinations and analyses performed, the undersigned concluded that the book value of the Company's net equity, determined in accordance with the aforementioned criteria, is R$324,585,641.32 (three hundred twenty-four million, five hundred eighty-five thousand, six hundred forty-one Brazilian reais and thirty-two cents) as of May 31, 2004.
6. CLOSING
Therefore, we have concluded the work and sign this book value report.
São Paulo, June 11, 2004
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DELOITTE TOUCHE TOHMATSU Auditores Independentes
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José Domingos do Prado Engagement Partner
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SIGNATURE
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TELE CENTRO OESTE CELLULAR HOLDING COMPANY
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By:
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/S/ Luis
André Carpintero Blanco
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Luis André Carpintero Blanco
Investor Relations Officer
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This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.