Business Context and Reporting Period
This Form 6-K filing by Embraer S.A. is dated September 24, 2009. The report serves primarily to incorporate by reference revised audited consolidated financial statements for the years ended December 31, 2008, 2007, and 2006, as well as unaudited condensed statements for the six-month period ended June 30, 2009. The filing updates the company's previously submitted 2008 Form 20-F.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. Instead, it references the attached exhibits (Exhibit A and Exhibit C) which contain the detailed financial data. The text explicitly states that the accounting revisions described in this filing had no effect on net income attributable to controlling interests, earnings per share, cash flow, or any asset or liability account.
Material Changes Versus Prior Period
The primary material change disclosed is a retrospective revision to the presentation of financial statements due to the adoption of SFAS 160 (Noncontrolling Interests in Consolidated Financial Statements). Key aspects of this change include:
- Noncontrolling interests in subsidiaries are now reported within shareholders' equity, separate from the parent company's equity.
- Net income and comprehensive income are reported at consolidated amounts, including portions attributable to noncontrolling interests.
- These changes affect the presentation in the statements of income and balance sheets but do not alter the underlying financial performance metrics.
Guidance, Outlook, and Management Commentary
The filing does not contain new management guidance, outlook, or commentary on future risks and contingencies. It directs investors to read the revised financial statements in conjunction with the 2008 Form 20-F and the unaudited statements for the six months ended June 30, 2009 (Exhibit C), noting that those documents contain important information regarding events and developments occurring since the original 2008 filing.
Important Facts for Investor Verification
- Verify the specific financial figures in Exhibit A (Revised Audited Consolidated Financial Statements) and Exhibit C (Unaudited Condensed Consolidated Financial Statements for the six months ended June 30, 2009), as they are not detailed in the summary text.
- Confirm that the adoption of SFAS 160 has been correctly applied to the presentation of noncontrolling interests in the company's equity section.
- Review the 2008 Form 20-F alongside this filing to understand the full context of the revisions to tables and financial statements.