Interim Financial Statements Instituto Brasileiro do Algodão - IBA June 30, 2017 with Independent Auditor’s Report
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Instituto Brasileiro do Algodão - IBA Interim financial statements June 30, 2017
Contents
Independent auditor’s report on interim financial statements ........................................................... 1 Interim financial statements Statement of financial position ........................................................................................................ 4 Statement of surplus/deficit ............................................................................................................. 5 Statement of cash flows .................................................................................................................. 6 Notes to interim financial statements............................................................................................... 7
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A free translation from Portuguese into English of Independent Auditor’s Report on interim financial statements prepared in Brazilian currency in accordance with accounting practices adopted in Brazil applicable to non-profit entities (ITG 2002 - R1)
Independent auditor’s report on interim financial statements
The Management and Members
Instituto Brasileiro do Algodão - IBA Brasília - DF
Opinion We have audited the accompanying interim financial statements of Instituto Brasileiro do Algodão IBA (“Institute”), which comprise the statement of financial position as at June 30, 2017, and the related statements of surplus/deficit and of cash flows for the six-month period then ended, and notes to the interim financial statements, including a summary of significant accounting practices. In our opinion, the interim financial statements referred to above present fairly, in all material respects, the financial position of Instituto Brasileiro do Algodão - IBA as at June 30, 2017, its financial performance and its cash flows for the six-month period then ended in accordance with accounting practices adopted in Brazil applicable to non-profit entities (ITG 2002 - R1). Basis for opinion We conducted our audit in accordance with Brazilian and International Standards on Auditing. Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the interim financial statements” section of our report. We are independent of the Institute in accordance with the ethical requirements set forth in the Code of Professional Ethics for Accountants and the professional standards issued by Brazil’s National Association of State Boards of Accountancy (CFC), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of management and those charged with governance for the interim financial statements Management is responsible for the preparation and fair presentation of these interim financial statements in accordance with accounting practices adopted in Brazil applicable to non-profit entities (ITG 2002 - R1), and for such internal controls as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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In preparing the interim financial statements, management is responsible for assessing the Institute’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless management either intends to liquidate the Institute or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Institute’s financial reporting process. Auditor’s responsibilities for the audit of interim financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Brazilian and International standards on auditing will always detect material misstatements when they exist. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of the audit conducted in accordance with Brazilian and International Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess risks of material misstatements of the interim financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than one resulting from error, as fraud may involve override of internal controls, collusion, forgery, intentional omissions or misrepresentations.
We obtain an understanding of the internal controls relevant to the audit to plan audit procedures appropriate to the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Institute’s internal controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
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Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast substantial doubt as to the Institute’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the interim financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Institute to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the interim financial statements, including the disclosures, and whether the financial statements represent the corresponding transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal controls that we identify during our audit.
Brasília, September 26, 2017.
ERNST & YOUNG Auditores Independentes S.S. CRC 2SP015199/O-6
Wagner dos Santos Junior Accountant CRC-1SP216386/O-1
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A free translation from Portuguese into English of Interim Financial Statements prepared in Brazilian currency in accordance with accounting practices adopted in Brazil applicable to non-profit entities (ITG 2002 - R1)
Instituto Brasileiro do Algodão - IBA Statement of financial position June 30, 2017 and December 31, 2016 (In thousands of reais)
06/30/2017 Assets Current assets Cash and cash equivalents (Note 4) Financial investments (Note 5) Other assets Noncurrent assets Financial investments (Note 5) Property and equipment/intangible assets Total assets Liabilities Current liabilities Suppliers of goods and services Payables to employees Other liabilities Funds from projects in progress (Notes 7 and 10) Noncurrent liabilities Funds from projects in progress (Notes 7 and 10) Realizable funds (Note 10 (a)) Deferred COFINS Total liabilities
See accompanying notes.
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12/31/2016
232,891 532,229 35 765,155
269,890 502,920 32 772,842
938,033 837 938,870 1,704,025
889,019 917 889,936 1,662,778
82 576 3 70,961 71,622
75 387 126 58,632 59,220
27,120 1,591,760 13,523 1,632,403 1,704,025
35,797 1,557,671 10,090 1,603,558 1,662,778
Instituto Brasileiro do Algodão - IBA Statement of surplus/deficit Six-month periods ended June 30, 2017 and 2016 (In thousands of reais)
2017 Operating revenues: IBA/EUA agreement (Note 10(b)) Operating costs: Expenses with projects, net (Note 7) Gross profit Operating expenses: Administrative expenses (Note 8) Other operating income (expenses) Operating income (expenses) before finance income (costs) and foreign exchange differences Finance costs (Note 10(c)) Foreign exchange differences, net (Note 10 (b)) Finance income (costs) Surplus/deficit for the year
See accompanying notes.
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2016
37,843
165,833
(32,956)
(118,988)
4,887
46,845
(3,233) (3,233)
(4,529) (4,529)
(5)
26
1,649
42,342
(4,397) 2,748
(4,797) (37,545)
(1,649)
(42,342)
-
-
Instituto Brasileiro do Algodão - IBA Statement of cash flows Six-month periods ended June 30, 2017 and 2016 (In thousands of reais)
2017 Cash flows from operating activities: Adjustments to surplus/deficit: Depreciation (Note 8) Foreign exchange differences, net Gain (loss) on sale of property and equipment
2,826 73 2,748 5
37,589 44 37,545 -
Changes in assets and liabilities: Financial investments (Note 5) Other assets Trade accounts payable Payables to employees Other liabilities Realization of funds received Short-term investment yields Deferred COFINS
(37,079) (78,323) (3) 7 189 (123) (37,843) 75,584 3,433
(235,709) (159,904) (144) (52) 167 266 (165,833) 88,454 1,337
Net cash used in operating activities
(34,253)
(198,120)
Cash flows from investing activities Acquisition of property and equipment/intangible assets Proceeds from sale of property and equipment
2
(308) 150
Net cash from investing activities
2
(158)
Net decrease in cash and cash equivalents
(34,251)
(198,278)
Cash and cash equivalents at beginning of year Foreign exchange gains (losses) on cash Cash and cash equivalents at end of year
269,890 (2,748) 232,891
519,659 (37,545) 283,836
See accompanying notes.
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2016
Instituto Brasileiro do Algodão - IBA Notes to interim financial statements June 30, 2017 (In thousands of reais, unless otherwise stated)
1. Operations In 2010, the Governments of Brazil and of the United States of America entered into an agreement to create a fund with resources from the Commodity Credit Corporation, an entity owned by the US Government, as a partial solution for the dispute over cotton in the World Trade Organization - WTO (WT/DS267) between both governments, related to the subsidies granted by the US Government to its producers. According to the Memorandum of Understanding (MOU) entered into between the Governments of the United States of America (“United States”) and of the Federative Republic of Brazil (“Brazil”), the US Government made contributions to the Instituto Brasileiro do Algodão - IBA (“Institute” or “IBA”) as follows: (a) Within five days as from the date of receipt by the US Government of a written notice from the Government of Brazil with payment instructions required for the United States to make transfers to the Institute in accordance with that Memorandum, through wire transfer to a bank in the United States that is part of the US Federal Reserve System, the US Government transferred US$30 thousand to the Institute; (b) In June 2010, the US Government transferred to the Institute the amount of US$4,300 thousand and, in each subsequent month, the US Government transferred US$12,275 thousand to the Institute. The Institute was founded in June 2010 as a non-profit civil association, with administrative and financial autonomy and its own assets. According to its Charter, the Institute is primarily engaged in managing and investing the funds in the development of the specific activities established in the MOU, with the purpose of managing these funds and fostering the development and strengthening of the cultivation of cotton in Brazil, following the best management, governance and transparency practices. The IBA aims to become a reference for the cotton sector, operating strategically in the development of activities related to the cultivation of cotton.
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Instituto Brasileiro do Algodão - IBA Notes to interim financial statements June 30, 2017 (In thousands of reais, unless otherwise stated)
1. Operations (Continued) The creation of IBA and the transfer of funds for its operation were described in the Memorandum of Understanding entered into by and between the Brazilian and US Governments. According to the MOU, IBA would receive funds until promulgation of an agricultural law that succeeded the law that went into effect in that country in 2008. There were a series of prerogatives that could terminate the memo, among them the interruption of payments of these installments by the United States Government. IBA, in its turn, had undertaken to support projects in the cotton sector, following the list of authorized activities in the memo, which was replicated to the Charter of the Institute in its article four. In addition, the IBA could not receive funds from sources other than the US Treasury. In October 2013, the United States stopped paying installments to IBA, after paying only 40% of its value in September 2013. After months of negotiation, the Brazilian and US governments entered into an agreement on the cotton dispute (WT/DS267). The agreement signed in Washington on October 1, 2014, established payment of US$300,000 thousand to IBA, which occurred on October 16, 2014. The current Memo supersedes the prior Memo, executed on April 20, 2010. The agreement provides for use of funds for the same activities authorized in the prior Memo, and includes two new activities: preparation, planning and implementation of the infrastructure projects used for storage, conservation and transport of cotton, cotton seed and cotton inputs; and research conducted by public or private Brazilian institutions, in conjunction with United States Department of Agriculture - USDA research institutions or colleges, universities or research foundations located in the US. The transparency and auditing requirements were maintained and reinforced. Under such agreement, Brazil will not question US cotton support programs until September 30, 2018. For sections regarding the Instituto Brasileiro do Algodão - IBA, the Memo will be effective until the projects financed by the funds provided for in the Memo are concluded and there are no remaining funds to be allocated by IBA. At June 30, 2017, there are 97 ongoing projects, of which 80 have balances to release funds in the next years, whilst 130 are closed. Their longevity will depend on the interest of producers’ associations that comprise the General Meeting of the Institute. There is a number of projects with planned budget until 2019. Until then, the Institute’s Steering Committee is committed to maintaining IBA’s structure working to monitor the management of these projects. According to the amount of funds available today and the systematic presentation of projects by the associations, it is possible to estimate that the IBA’s funds and its activities will not probably end up before 2021.
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2. Presentation of financial statements The Institute adopted the recognition revenue on an accrual basis as the funds are invested in the projects and management of the Institute, as determined by the Brazil's National Association of State Boards of Accountancy (CFC) Resolution No. 1409/12, which approves the General Technical Interpretation (ITG) 2002 (R14) - Non-profit Entities. This Resolution became effective on the date of its publication (September 21, 2012), and applies to years beginning on or after January 1, 2012. According to CFC Resolution No. 1409/12, revenues and expenses should be recognized as determined by Accounting Pronouncement CPC 07 (R1) - “Government Grants and Assistance”. This pronouncement determines that donations and grants should be recorded in surplus/deficit throughout the period in which the expenses intended to be offset are incurred; while the requirements for recognition of surplus/deficit are not met, the funds received should be recorded in a specific liability account. The Institute did not receive a budget allocation when it was founded and the funds received, as well as the yields from the investment of these funds, are allocated to surplus/deficit matched against the use of these funds. Accordingly, there were no changes in net worth. In addition, the Institute did not present other comprehensive surplus/deficit for the periods presented. The interim financial statements at June 30, 2017 were approved by the Institute’s Steering Committee on September 26, 2017.
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3. Summary of significant accounting practices Significant accounting practices adopted in preparing these interim financial statements are as follows: 3.1. Cash and cash equivalents Cash and cash equivalents include cash, bank deposits and other highly liquid short-term investments, with original maturity dates of up to three months (with insignificant risk of change in value). The balance of the specific account “Projected taxes” (Note 5) presents a projection or estimate of amounts to be paid for, specifically, Withholding Income Tax (IRRF) on short-term investment yields existing on the date hereof. These taxes are not recoverable by IBA and are recorded in the statement of surplus/deficit, reducing income from short-term investments, which is aligned with the expenses that the Institute intends to offset. 3.2. Property and equipment Property and equipment items are stated at historical cost of acquisition less depreciation and any accumulated impairment loss. The historical cost includes directly attributable spending required to prepare the asset for the use that management intended. Depreciation is calculated based on the straight-line method for cost allocation, less the residual value over the assets’ useful lives, which is estimated as follows: Vehicles Furniture and fixtures Computers and other Communication equipment
20% p.a. 10% p.a. 20% p.a. 10% p.a.
Property and equipment items are tested annually in order to determine whether there is any evidence of impairment, or else, whenever there are any events or changes in circumstances that may indicate impairment. If so, the recoverable amount is calculated to determine whether there is an impairment loss. When there is an impairment loss, it is recognized at the amount by which the asset’s carrying amount exceeds its recoverable amount. For valuation purposes, assets are grouped in the smallest group of assets for which there are cash flows that can be separately identified. 3.3. Trade accounts payable Trade accounts payable are initially recognized at fair value and measured at known cost, accrued through agreements and/or tax documents for amortization in subsequent periods.
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3. Summary of significant accounting practices (Continued) 3.4. Payroll and related charges These present the balance payable in the subsequent period arising from services rendered by employees and contracted parties. Accrued vacation pay, social charges and 13 th monthly salary is set up according to prevailing labor legislation based on each employee’s vesting period. 3.5. Revenue recognition The Institute recognizes revenue on an accrual basis, i.e., as the funds are invested in the projects and administration of the Institute, as determined by the CFC Resolution No. 1409/12, which approves the General Technical Interpretation (ITG) 2002 (R1) - Non-profit Entities, and by CPC 07 (R1) - “Government Grants and Assistance”. The same criterion is adopted when recognizing finance income, which is recognized under liabilities and posted to surplus/deficit as finance costs and operating expenses occur. 3.6. Recognition of project expenses Transfers made by IBA to the associations that proposed the projects executed are recorded as expenses with project at the time of the financial transfer. The associations’ accountability related to the use of these funds in the projects is presented in up to six months as from the transfer date. Funds are transferred to the associations based on expected realization of the projects and amounts not used are returned to the Institute and credited to the project expenses account, matched against cash and cash equivalents. 3.7. Short-term investment yields This comprises interest and monetary variations on balances of short-term and financial investments, calculated up to the statement of financial position date. Short-term investment yields are recorded under liabilities representing an investment obligation and are transferred to income according to the breakdown of operating expenses and/or finance costs for the period (Note 3.5). In 2015, Decree No. 8426/2015 reenacted the Contribution Tax on Gross Revenue for Social Integration Program (PIS) and Contribution Tax on Gross Revenue for Social Security Financing (COFINS) rates on finance income. As from July 2015, the Institute started to pay COFINS at 4% on finance income and PIS at 1% on payroll.
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3. Summary of significant accounting practices (Continued) 3.8. Foreign currency translation The transactions in foreign currency are converted into Brazilian reais at the exchange rates in force on the transaction dates. The statement of financial position account balances are translated at the exchange rate prevailing at the statement of financial position date. Foreign exchange differences, net recorded in the statement of surplus/deficit arise from the difference in exchange rates incurred during the financial statement period. 3.9. Financial assets Classification and measurement The Institute classifies its financial assets under the following categories: loans and receivables measured at fair value through profit or loss and held to maturity. Financial assets are classified according to the purpose for which they were acquired. Management determines the classification of the financial assets on initial recognition. Financial assets measured at fair value through profit or loss Financial assets measured at fair value through profit or loss are financial assets held for frequent and active trading. Assets in this category are classified as current assets. Gains or losses arising from changes in fair value of financial assets measured at fair value through profit or loss are presented in liabilities (Note 3.7). Financial assets held to maturity Financial assets held to maturity are non-derivative financial assets with defined maturities for which the Institute has the positive intention and ability to hold to maturity. Gains deriving from interest on financial assets held to maturity are recorded under liabilities (Note 3.7). Fair value hierarchy The financial instruments recorded at fair value, using a valuation method, according to CPC 40 Financial Instruments - Disclosure, are presented according to the table below. The different levels have been defined as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: inputs, except quoted prices, included in Level 1 that are observable for assets or liabilities, directly (prices) or indirectly (derived from prices); Level 3: assumptions, for the asset or liability, which are not based on observable market inputs (unobservable inputs).
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3. Summary of significant accounting practices (Continued) 3.9. Financial assets (Continued)
Level 1 Assets: Cash and banks Short-term investments Financial investments - held for trading
06/30/2017 Level 2 Level 3
Total
300 -
233,532
-
300 233,532
300
535,624 769,156
-
535,624 769,456
3.10. Taxes and contributions For being a non-profit Institute, IBA benefits from exemption from taxes and contributions levied on its surplus/deficit and revenues under the terms of article 15 of Law No. 9532/97.
4. Cash and cash equivalents 06/30/2017 Cash Banks - checking account Short-term investments - daily liquidity Bank Deposit Certificate (CDB) Investment fund shares
Projected taxes (Income tax (IR) + Tax on Financial Transactions (IOF) Cash and cash equivalents
12/31/2016
3 297 300
3 27,407 27,410
233,532 233,532
1 243,073 243,074
(941) 232,891
(594) 269,890
Short-term investments are measured at fair value related to (floating) fixed income instruments, including Bank Deposit Certificates (CDBs), investment funds and other instruments, indexed to the average rate of 101.34% of the Interbank Deposit Certificates (CDI) daily rate variation. These shortterm investments are redeemable on a daily basis at any time with no charges to the Institute, irrespective of the year of maturity of the securities; as such, they are classified in current assets as cash equivalents. Out of R$233,532 of investments in fund shares, R$182,908 are denominated in foreign currency, equivalent to US$55,289 thousand at June 30, 2017. These transactions were translated considering the US dollar rate (PTAX) of the last day of June 2017 of R$3.3076. (Source: Central Bank of Brazil).
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5. Financial investments Financial investments are stated according to classification criteria established by CPC 38 and are broken down as follows:
Held for trading: Marketable securities (i) Held to maturity: Marketable securities (ii)
Projected taxes
(i)
Current
06/30/2017 Noncurrent
535,624 535,624
-
(3,395) 532,229
12/31/2016 Current Noncurrent
506,938 506,938
-
980,846 980,846
-
926,536 926,536
(42,813) 938,033
(4,018) 502,920
(37,517) 889,019
The marketable securities portfolio held for trading is broken down as follows: National Treasury Notes - NTN-B (a) BTG PACTUAL MULT. IBA FIC DE FI LP CP (b) SANTANDER FIC FI IBA BR MULT. Private Credit (c) CEF FUNDO FIC CAIXA TOP (d) BRADESCO FIC FIM CRED PIRV UPPER (e) CEF Fundo FI Fidelidade II Cred. PRI (f) ITAU MM CP ACTIVEFIX Plus (g)
06/30/2017 50,740 30,673 213,393 32,808 133,964 58,457 15,589 535,624
12/31/2016 49,319 29,419 213,558 31,301 127,620 55,721 506,938
(a) The NTN-B is a National Treasury Note remunerated by reference to the Extended Consumer Price Index (IPCA) + fixed rate established at the transaction date. The bank offers daily liquidity for National Treasury; however, since the prices of thes e notes are marked to market, at the time of the repurchase the price for such note may be lower than the purchase price. (b) BTG Pactual Fund (BTG PACTUAL MULT. IBA FIC DE FI LP CP) is the Institute’s exclusive investment fund. Its investments are allocated in Multimarket Fund Shares, Fixed Income Funds, Credit Assignment Funds and Fixed Income. (c) Santander Fund (SANTANDER FIC FI IBA BR MULT. Private Credit) is the Institute’s exclusive investment fund. Its investments are allocated in Fixed Income and Fixed Income Funds. (d) The non-exclusive investment fund of Brazil’s Federal Savings and Loans Bank - CEF (CEF. FUNDO FIC CAIXA TOP) allows valuation of fund shares through application of funds in investment fund shares that invest in a diversified portfolio of financial assets, generally obtaining yield approximating that of interbank deposits, without any guarantee or commitment of the fund’s administration in relation to such yield. (e) The non-exclusive investment fund Bradesco FIC FIM Crédito Privado UPPER seeks yield through the opportunities offered by the floating and fixed interest rate market. (f) The non-exclusive investment fund Caixa FI Fidelidade II RF CRED PRIV LP aims at allocating funds in a diversified portfolio of fixed-income financial assets indexed by fixed and floating interest rates (SELIC/CDI) or price indexes. (g) The non-exclusive investment fund Itaú CP Active Fix Plus allocate funds in a diversified portfolio of fixed-income financial assets indexed by fixed and floating interest rates (SELIC/CDI) or price indexes, according to the Institute’s policy.
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5. Financial investments (Continued) (ii) The portfolio of securities held to maturity is broken down as follows: BR PARTNERS FUNDO DE INVESTIMENTO (a) ITAÚ CRA POS C/FLUXO (b)
06/30/2017 976,558 4,288 980,846
12/31/2016 926,536 926,536
(a)
The BR Partners Investment Fund (II Fundo de Investimento Multimercado Crédito) is the Institute's exclusive investment fund for an undetermined period, set up as a closed-end fund. It is classified as multimarket fund, which may invest more than 50% of its net assets in assets or operational types under the responsibility of individuals or private legal entities.
(b)
This refers to investment in fixed income in Agribusiness Receivables Certificate (CRA), whereby IBA has a cash flow projection and amortization of the note, that is, it knows in advance the flow of payments that the note offers.
6. Provision for contingencies Based on the opinion of its legal counsel, IBA management identified no legal proceedings assessed as probable or possible loss that would generate liabilities or require disclosure.
7. Expenses with projects According to the Standards for Projects of IBA, projects consist of all temporary efforts and actions outlined to achieve certain objectives. Programs, in their turn, are considered a set of homogeneous and articulated projects designed for a specific purpose. The projects presented to or performed by IBA must be classified in one of the 14 activities authorized by the Memorandum of Understanding (MOU) between the United States and Brazil, as “control, mitigation and elimination of pests and diseases”, “use of post-harvest technology”, “promoting the use of cotton”, among others.
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7. Expenses with projects (Continued) The breakdown and progress of the projects entered into up to June 30, 2017 are as follows:
Projects
Projects completed Information Management System of the Standard Brazil HVI Program Maintenance, management, crosscheck of information and analysis of the data base with information on crops of the state associations of cotton producers and international sources of the sector - phase I Project of construction of cotton classification referential center - phase II Strengthening of institutional environment - 2015/2016 Responsible Brazilian cotton sustainability project - ABR 2016 CRCA - Part III - acquisition of machinery HVI Support for the conduction of the 11 th Brazilian Cotton Congress - 2017 - phase 1 Disclosure of ABRAPA initiatives and results of 2015/2016 crop and of the industry perspectives for the 2016/2017 crop Cotton incentive program in the internal market - phase I Strengthening of institutional environment project (biennium 2017/2018) SBRHVI Program Support for the conduction of the 11 th Brazilian Cotton Congress - 2017 - phase 2 Cotton incentive program in the internal market - phase 2 Projects completed Purchase and use of mechanized patrol Adoption of new cotton cultivars for the Bahia state Strengthening of institutional environment of ABAPA Integrated technology application for soil and water conservation in the western Bahia state cotton producing areas
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-
Abrapa
49,443
49,443
-
-
49,443
-
-
-
Total amount to be disbursed at 12/31/2016 12,136
087.2014.02.1.10
Abrapa
1,197
854
29
338
545
652
-
652
343
004.2015.02.1.08
Abrapa
1,481
1,436
1
286
1,151
330
-
330
-
017.2015.02.1.11
Abrapa
9,416
9,416
-
-
9,416
-
-
-
-
020.2015.02.1.08
Abrapa
7,858
7,734
-
1,492
6,242
1,616
-
1,616
-
052.2015.02.1.09
Abrapa
1,074
1,031
-
163
868
206
-
206
-
008.2016.02.1.03
Abrapa
3,829
3,829
-
255
3,574
255
-
255
-
023.2016.02.1.07
Abrapa
942
303
505
-
808
134
-
134
639
030.2016.02.1.04
Abrapa
822
822
-
-
822
-
-
-
-
031.2016.02.1.04
Abrapa
3,155
3,155
-
-
3,155
-
-
-
-
040.2016.02.1.08
Abrapa
13,991
-
3,221
-
3,221
7,147
3,623
10,770
-
004.2017.02.1.11
Abrapa
3,237
-
1,515
-
1,515
1,025
697
1,722
-
008.2017.02.1.07
Abrapa
1,158
-
-
-
-
1,158
-
1,158
-
010.2017.02.1.04
Abrapa
1,500
-
-
-
-
1,500
-
1,500
-
-
Abapa
21,785
21,785
-
-
21,785
-
-
-
-
001.2012.01.1.03
Abapa
11,605
11,228
-
-
11,228
377
-
377
-
083.2014.01.1.15
Abapa
3,312
3,307
-
-
3,307
5
-
5
-
006.2015.01.1.08
Abapa
3,432
3,228
-
-
3,228
204
-
204
-
034.2015.01.1.09
Abapa
457
292
44
-
336
103
18
121
165
Project number
Proposer
Total project amount - restated (c)
Net disbursements up to 12/31/2016
Disbursement s in 2017
Net disbursements up to 06/30/2017
Returns in 2017
Amounts to be disbursed at 06/30/2017 - long term
Amounts to be disbursed at 06/30/2017 short term
Total amount to be disbursed at 06/30/2017
7. Expenses with projects (Continued) Projects
Monitoring and control of the main cotton plantation pests in Bahia state Support center for environmental regularization of cotton producing properties in the Western region of Bahia state - part II Responsible Brazilian cotton sustainability project and programs ABR/BCI - Better Cotton Initiative Program for professional qualification in cotton plantation in Bahia state Diagnosis of the phytonematodes occurrence in the cotton plantation in the state of Bahia Strengthening of institutional environment of ABAPA - Part III Support center for environmental regularization of cotton producing properties in the Western region of Bahia state - part III Adoption of new transgenic events in cotton cultivars in the Bahia state cerrado (Brazilian savanna) region Acquisition of machinery, inputs and auxiliary vehicles for the preservation of the cotton plantation natural resources and cotton production transportation phase II Projects completed Technical and Economic feasibility of a new model to resume cotton production in Paraná Acquisition and maintenance of machinery to support second cotton crops in Paraná state Participation of the association of cotton farmers of Paraná state in the 11th Brazilian Cotton Congress Projects completed Implementation of model farm - part I Prevention, monitoring and control of boll weevil population in Goiás state
Project number
Proposer
Total project amount restated
Net disbursements up to 12/31/2016
Disbursements in 2017
Net disbursements up to 06/30/2017
Returns in 2017
Amounts to be disbursed at 06/30/2017 short term
Amounts to be disbursed at 06/30/2017 - long term
Total amount to be disbursed at 06/30/2017
Total amount to be disbursed at 12/31/2016
035.2015.01.1.01
Abapa
6,608
4,336
776
78
5,034
1,574
-
1,574
2,272
036.2015.01.1.09
Abapa
500
497
-
-
497
3
-
3
-
041.2015.01.1.09
Abapa
1,598
670
650
-
1,320
278
-
278
579
045.2015.01.1.07
Abapa
1,916
941
622
-
1,563
353
-
353
975
020.2016.01.1.01
Abapa
929
284
184
-
468
461
-
461
644
026.2016.01.1.08
Abapa
4,593
-
986
-
986
2,382
1,225
3,607
4,593
028.2016.01.1.09
Abapa
1,066
-
186
-
186
711
169
880
1,066
029.2016.01.1.05
Abapa
2,113
1,057
512
13
1,556
20
537
557
1,056
027.2016.01.1.09
Abapa
6,491
-
1,930
-
1,930
2,913
1,648
4,561
6,491
-
Acopar
350
350
-
-
350
-
-
-
-
052.2014.03.1.12
Acopar
3,364
2,216
813
25
3,004
360
-
360
1,148
053.2015.03.1.03
Acopar
1,148
826
199
13
1,012
136
-
136
322
002.2017.03.1.08
Acopar
60
-
60
-
60
0
-
0
-
096.2014.04.1.03
Agopa Agopa
18,536 10,434
18,536 10,434
-
13
18,536 10,421
13
-
13
-
001.2015.04.1.01
Agopa
6,852
3,798
-
-
3,798
3,054
-
3,054
2,161
2015 Technology transfer project - Part I (Technology validation)
025.2015.04.1.12
Agopa
1,839
1,795
-
-
1,795
44
-
44
-
Institutional Strengthening of AGOPA
032.2015.04.1.08
Agopa
2,239
2,216
-
267
1,949
290
-
290
-
Monitoring of pathogens in the cotton plantation in Goiás state -NEMATODES AND OTHER
037.2015.04.1.01
Agopa
442
309
78
29
358
84
-
84
133
17
7.
Expenses with projects (Continued)
Projects
Responsible Brazilian cotton sustainability project - ABR (2015/2016, 2016/2017 and 2017/2018) Project for the Word Cotton Research Conference (WCRC-6) and 2016 Biennial Conference of the International Cotton Genome Initiative in the city of Goiânia
Project number
Proposer
Total project amount restated
Net disbursements up to 12/31/2016
Disbursements in 2017
Amounts to be disbursed at 06/30/2017 short term
Net disbursements up to 06/30/2017
Returns in 2017
Amounts to be disbursed at 06/30/2017 - long term
Total amount to be disbursed at 06/30/2017
Total amount to be disbursed at 12/31/2016
038.2015.04.1.09
Agopa
3,362
2,084
279
40
2,323
859
180
1,039
1,278
001.2016.04.1.07
Agopa
2,142
2,142
-
61
2,081
61
-
61
-
Project for expansion of the visual classification lab and HVI 2016 - part II
003.2016.04.1.11
Agopa
2,583
2,583
-
139
2,444
139
-
139
-
Model farm part II – preparation of the Model Farm structuring projects
049.2015.04.1.12
Agopa
272
272
-
30
242
30
-
30
-
Realization of the 12nd edition of the cotton day and of the Goiás state cotton symposium 2016
012.2016.04.1.12
Agopa
371
371
-
84
287
84
-
84
-
Project for training and financial and administrative advisory for cotton producers of Goiás state
013.2016.04.1.07
Agopa
4,268
481
631
327
785
2,659
824
3,483
3,156
Validation and transfer of production technology to the Goiás state 2016 - part
018.2016.04.1.12
Agopa
3,344
2,571
389
93
2,867
477
-
477
1,082
022.2016.04.1.01
Agopa
3,066
804
795
-
1,599
1,467
-
1,467
2,262
032.2016.04.1.03
Agopa
9,458
-
7,196
-
7,196
2,262
-
2,262
9,458
033.2016.04.1.08
Agopa
2,052
-
1,113
-
1,113
939
-
939
2,052
-
Amipa
15,568
15,568
-
-
15,568
-
-
-
-
Structuring and maintenance of plant for the creation and multiplication of Trichogramma Pretiosum for biological control of lepidoptera
090.2014.06.1.01
Amipa
3,092
2,010
714
93
2,631
461
-
461
1,082
Phytosanitary cotton plantation project in Minas Gerais state –- from 2015/2016 to 2018/2019 crops
039.2015.06.1.01
Amipa
6,182
1,410
1,033
195
2,248
1,763
2,171
3,934
4,772
Responsible Brazilian cotton sustainability project - ABR for the Minas Gerais state cotton plantations for 2015/2016, 2016/2017 and 2017/2018 crops
054.2015.06.1.09
Amipa
2,617
1,023
307
178
1,152
967
498
1,465
1,594
016.2016.06.1.08
Amipa
2,381
748
327
78
997
887
497
1,384
1,634
009.2017.06.1.08
Amipa
129
-
-
-
-
129
-
129
-
-
Ampa
94,485
94,485
-
-
94,485
-
-
-
-
009.2012.07.1.10
Ampa
8,908
7,176
590
-
7,766
1,142
-
1,142
1,732
043.2013.07.1.10
Ampa
1,812
1,812
-
-
1,812
-
-
-
-
Prevention, monitoring and control of boll weevil population in Goiás state 2016/2017 and 2017/2018 crops Model Farm part III - headquarters structuring (civil construction) Strengthening of Agopa’s Institutional Environment 2017 Projects completed
Strengthening of institutional environment of AMIPA Participation in 11th Brazilian Cotton Congress - 2017 Projects completed Cotton fiber quality program of Mato Grosso state Dissemination of new technologies and information for cotton cultivation
18
7. Expenses with projects (Continued) Net disbursements up to 12/31/2016
Disbursement s in 2017
Net disbursements up to 06/30/2017
Returns in 2017
Amounts to be disbursed at 06/30/2017 short term
Amounts to be disbursed at 06/30/2017 - long term
Total amount to be disbursed at 06/30/2017
Total amount to be disbursed at 12/31/2016
Projects
Project number
Dissemination of new cultivars for Mato Grosso state
053.2014.07.1.05
Ampa
8,170
8,082
-
77
8,005
165
-
165
-
Monitoring of pesticide resistant weeds and dissemination of control means in Mato Grosso state
054.2014.07.1.01
Ampa
2,197
2,168
-
137
2,031
166
-
166
-
Monitoring and control program of the boll weevil (bicudo) and other pests of economic importance to the cultivation of cotton
058.2014.07.1.01
Ampa
15,326
15,165
-
108
15,057
269
-
269
-
Construction of training centers and dissemination of technology
056.2014.07.1.03
Ampa
38,822
38,808
-
-
38,808
14
-
14
-
Proactive actions for mitigation of pests in the cotton plantation in Mato Grosso state
059.2014.07.1.01
Ampa
6,782
6,710
-
405
6,305
477
-
477
-
Monitoring and evaluation of diseases and nematodes in the cotton plantation in Mato Grosso state
064.2014.07.1.01
Ampa
4,724
4,329
321
26
4,624
100
-
100
395
098.2014.07.1.03
Ampa
145,519
145,519
-
-
145,519
-
-
-
-
085.2014.07.1.07
Ampa
2,918
1,889
573
6
2,456
462
-
462
1,030
031.2015.07.1.11
Ampa
2,031
2,031
-
-
2,031
-
-
-
-
033.2015.07.1.01
Ampa
2,301
2,301
-
-
2,301
-
-
-
-
Responsible Brazilian cotton sustainability project – ABR/BCI and Semeando o Bem and Fazenda Saudável social programs (2015/2016; 2016/2017 and 2017/2018)
042.2015.07.1.09
Ampa
8,198
3,254
1,005
-
4,259
2,707
1,232
3,939
4,944
Qualification of cotton processing professionals
043.2015.07.1.07
Ampa
7,273
7,273
-
-
7,273
-
-
-
-
046.2015.07.1.07
Ampa
2,610
779
697
13
1,463
901
246
1,147
1,830
047.2015.07.1.10
Ampa
1,653
487
446
3
930
682
41
723
1,165
004.2016.07.1.07
Ampa
11,163
2,928
1,915
-
4,843
4,117
2,203
6,320
8,235
019.2016.07.1.08
Ampa
10,000
6,636
-
-
6,636
3,364
-
3,364
-
039.2016.07.1.01
Ampa
19,886
-
3,263
-
3,263
6,588
10,035
16,623
-
Application of technology for cotton quality improvement through acquisition of harvesters Training of seamstresses to foster cotton use- Japuíra project Expansion of feather cotton classification lab Installation plant for production of bio pesticides and agricultural biostimulants in Mato Grosso state
Training and qualification of cotton crop workers in Mato Grosso state – phase III Dissemination of new technologies and information for cotton cultivation (2016 to 2019) Project for training and financial and administrative advisory for cotton producers of Mato Grosso state Project - implementation of a cotton processing unit Monitoring and control program of the boll weevil (bicudo) and/or other pests of economic importance to the cultivation of cotton - phase II
19
Proposer
Total project amount - restated
7. Expenses with projects (Continued) Disbursements in 2017
Ampa
550
-
-
-
-
550
-
550
-
Ampasul
5,561
5,561
-
-
5,561
-
-
-
-
10009
Ampasul
4,231
4,092
-
204
3,888
343
-
343
-
074.2014.08.1.03
Ampasul
14,616
14,615
1
-
14,616
0
-
0
1
044.2015.08.1.08
Ampasul
4,414
1,661
1,133
-
2,794
1,620
-
1,620
2,753
051.2015.08.1.09
Ampasul
342
191
45
-
236
106
-
106
151
009.2016.08.1.12
Ampasul
160
160
-
-
160
-
-
-
-
036.2016.08.1.12
Ampasul
1,277
-
284
-
284
437
556
993
1,277
003.2017.08.1.08
Ampasul
139
-
139
-
139
0
-
0
-
-
Apipa
2,366
2,366
-
2,366
-
-
-
-
086.2014.09.1.01
Apipa
641
641
-
1
640
1
-
1
-
040.2015.09.1.08
Apipa
2,351
1,085
585
186
1,484
867
-
867
1,266
002.2016.09.1.09
Apipa
88
88
-
-
88
-
-
-
-
025.2016.09.1.07
Apipa
1,475
900
51
-
951
480
44
524
576
035.2016.09.1.09
Apipa
289
-
123
-
123
149
17
166
289
037.2016.09.1.03
Apipa
1,484
-
1,484
-
1,484
0
-
0
1,484
005.2017.09.1.08
Apipa
48
-
-
-
-
48
-
48
-
-
Appa
6,111
6,111
-
-
6,111
-
-
-
-
028.2015.10.1.01
Appa
1,946
1,921
-
238
1,683
263
-
263
-
Project number
Application of technology for cotton quality improvement through acquisition of a fiber sorting machinery
013.2017.07.1.03
Projects completed Control, mitigation and elimination of pests and diseases in the cotton plantation in Mato Grosso do Sul Construction of AMPASUL’s headquarter, lab and training center Strengthening of institutional environment of Ampasul Responsible Brazilian cotton sustainability project - ABR (2015/2016 and 2016/2017 crops) 8th cotton day project for the Mato Grosso do Sul state plains Good phytosanitary practices for the cotton cultivation in Mato Grosso do Sul state in the 2016/2017; 2017/2018 and 2018/2019 crops Caravan for the 11th Brazilian Cotton Congress - 2017 Projects completed Mapping and monitoring of main cotton plantation pests in Piauí state Strengthening of institutional environment project (biennium 2016/2017) Responsible Brazilian cotton sustainability project (2015/2016) Program for professional qualification in cotton plantation in Piauí state - APIPA Responsible Brazilian cotton sustainability project (ABR/BCI 2017/2018) Acquisition and maintenance of Apipa head offices in the cities of Teresina and Uruçuí Participation of APIPA in the 11th Brazilian Cotton Congress Projects completed Boll Weevil Project III - identification and monitoring of boll weevil and lepidoptera and assessment of control efficiency through application of ULV/LOV, in São Paulo state
20
Proposer
-
-
Net disbursements up to 06/30/2017
Returns in 2017
Amounts to be disbursed at 06/30/2017 - long term
Total amount to be disbursed at 12/31/2016
Net disbursements up to 12/31/2016
Projects
Amounts to be disbursed at 06/30/2017 short term
Total amount to be disbursed at 06/30/2017
Total project amount - restated
7. Expenses with projects (Continued)
Projects
Strengthening of institutional environment of APPA Bicudo (boll weevil) V
Project number
Proposer
Total project amount - restated
Net disbursements up to 12/31/2016
Disbursements in 2017
Amounts to be disbursed at 06/30/2017 short term
Net disbursements up to 06/30/2017
Returns in 2017
Amounts to be disbursed at 06/30/2017 - long term
Total amount to be disbursed at 06/30/2017
Total amount to be disbursed at 12/31/2016
017.2016.10.1.08
Appa
1,342
383
300
82
601
741
-
741
959
038.2016.10.1.01
Appa
839
-
595
-
595
244
-
244
839
Participation of the São Paulo Association of Cotton Producers in the 11th Brazilian Cotton Congress - 2017
007.2017.10.1.08
Appa
31
-
-
-
-
31
-
31
-
Qualification in the administrative and operational areas of employees of cotton production properties
099.2014.05.1.07
Amapa
630
623
-
1
622
8
-
8
-
Strengthening of institutional environment of AMAPA
100.2014.05.1.08
Amapa
1,337
590
169
2
757
421
159
580
595
Mapping of occurrence and implementation of basic measures against boll weevil in Maranhão state
101.2014.05.1.01
Amapa
1,574
778
141
17
902
425
247
672
795
Recovery and maintenance of local roads of cotton producers properties to improve cotton production transportation in Maranhão state
002.2015.05.1.09
Amapa
2,550
2,550
-
1
2,549
1
-
1
-
034.2016.05.1.07
Amapa
1,020
-
253
-
253
514
253
767
1,020
006.2017.05.1.09
Amapa
1,907
-
-
-
-
1,907
-
1,907
-
011.2017.05.1.08
Amapa
79
-
-
-
-
79
-
79
-
10023
ABC/PNUD
37,392
37,392
-
-
37,392
-
-
-
-
Qualification in the administrative and operational areas of employees of cotton production properties Recovery and maintenance of local roads of cotton producers properties for preservation of natural resources and improvement of cotton production transportation in Maranhão state 2017/2018 Participation ICA 2017 Support to the development of the cotton sector by means of the South-South cooperation Projects completed
-
FAO/ABC
1,314
1,314
-
-
1,314
-
-
-
-
002.2012.12.1.13
FAO/ABC
36,195
36,195
-
-
36,195
-
-
-
-
Projects completed
-
IBA
85
85
-
-
85
-
-
-
-
Return of project yields
-
IBA
-
-
-
454
-
-
-
-
-
095.2014.12.1.13
MRE/UFLA
20,879
20,879
-
-
20,879
-
-
-
-
-
-
821,700
690,208
39,208
6,251
723,619
70,961
27,120
98,081
94,429
Strengthening of the cotton sector by means of the South-South cooperation
South-South cooperation for promotion of decent work in cotton producing countries in Africa and Latin America Total
(a) The restated total amount of the project comprises the relocation of funds occurred in 2017.
21
8. Administrative expenses Personnel expenses Contribution Tax on Gross Revenue for Social Security Financing (COFINS) Provision for social contributions Rent / condominium fees IT expenses Project advisory/inspection Selection of personnel Representation budget Depreciation Telephone/energy Fees (accounting, audit, legal and others) Other expenses
2017 (1,506) (308) (426) (163) (132) (73) (40) (404) (181) (3,233)
2016 (1,831) (1,337) (484) (147) (5) (208) (7) (64) (44) (40) (275) (87) (4,529)
9. Insurance coverage The Institute’s policy is to maintain insurance coverage in amounts deemed sufficient to cover any risks on its assets or responsibilities. Significant information on insurance coverage in force, according to insurance policies, is as follows: Fire, explosion and smoke Electrical damage Subtraction of assets Civil liability Civil liability (D&O) Vehicle Other
22
Coverage 700 40 50 100 15,000 100 25 16,015
10. Funds received/used a)
Breakdown: 06/30/2017 Total funds used up to the period Total funds - projects in progress Total funds used or allocated in projects Funds received - realizable EUA-IBA agreement Funds from short-term investments to be realized Realizable funds Total funds
b)
619,253 98,081 717,334
581,410 94,429 675,839
1,081,108 510,652 1,591,760 2,309,094
1,114,925 442,746 1,557,671 2,233,510
06/30/2017
06/30/2016
Changes for the period: Funds received Total funds received until beginning of period Short-term investment yields Total funds already received at end of period
2,233,510 75,584 2,309,094
2,059,334 87,542 2,146,876
581,410 32,956 3,233 4,397 (2,748) 5
362,284 118,988 4,529 4,797 37,545 (26)
37,843
165,833
619,253
528,117
1,689,841
1,618,759
Funds used Total funds used until beginning of period Funds used in projects Funds used in IBA management Financial expenses Foreign exchange gains/losses Other operating income (expenses) Funds used in the period Total funds already used at end of period Total of funds not used
c)
12/31/2016
Finance costs Finance costs derive from funds invested and are broken down as follows: Financial transactions - marked to market (a) Bank fees Withheld Income Tax (IRRF) on short-term investments (b) Tax on Financial Transactions (IOF) on short-term investment (b)
06/30/2017 823 (6) (5,205) (9) (4,397)
06/30/2016 3,909 (84) (8,428) (194) (4,797)
(a) This amount refers to MTM changes of investments in NTN-B occurred in 2016 and 2015. (b) The significant effect of IRRF and IOF on short-term investments refers to the redemption of the short-term investments for funding of projects and creation of exclusive funds of the Institute.
23
11. Transactions with related parties (a) Transactions carried out through exclusive investment fund IBA has a exclusive investment fund, operated and administered by BR Partners Gestão de Recursos, presented and detailed in Note 5 (ii) to these financial statements, whereby the administrator carries out, within its investment diversification policy, loan transactions with cotton producers. Producers with loan transactions derived from the referred to fund include related parties of the Institute’s management. IBA has an investment held to maturity in Agribusiness Receivables Certificate (CRA) classified in the long term, which is administered by Itaú Bank, also stated in Note 5 (ii) to the financial statements, backed by receivables arising from transactions among producers related to the Institute management. The amount of transactions with related parties at the financial statement closing date totals R$276,064. These transactions were carried out under market conditions similar to those with third parties. (b) Expenses incurred with key management personnel Expenses incurred with the Institute’s key management personnel includes:
Expenses incurred with key management personnel
Executive and Steering Committees 2016 2016 804 979
12. Risk management a)
Credit risk Credit risk is the risk of the Institute incurring financial losses stemming from its investments and also from funds where the Institute holds interest, in the event a counterparty to a financial instrument fails to comply with its contractual obligations that mainly arise in terms of the Institute’s investment securities. Government securities and/or corporate bonds that comprise the Institute’s investment portfolio and the funds where the Institute holds interest are subject to the issuer’s and/or counterparty’s capacity to honor their commitments and pay interest and principal of their debts. Changes in the financial conditions of issuers of securities/bonds and/or counterparties, as well as changes in the economic and political conditions that may compromise their payment capacity may bring about significant impacts in terms of price and liquidity of assets of these issuers.
24
12. Risk management (Continued) a)
Credit risk (Continued) The Institute management continuously monitors the risk of counterparties not complying with contractual obligations, demanding guarantees when applicable, and seeks to diversify its investments, investing in top-tier financial institutions.
b)
Market risk Market risks are mainly related to risks of changes in the prices and profitability of the Institute’s assets and funds where it holds interest, as well as changes in foreign exchange rates, interest rates and other rates that may influence the value of the Institute’s assets. Management’s objective is to manage and control the Institute’s exposure to market risks within compatible limits.
c)
Sensitivity analysis To verify the sensitivity of the indexes and the US dollar quotation on the Institute’s financial assets at June 30, 2017, three different scenarios were estimated. Based on the amounts of the investments directly related to the variation of the Interbank Deposit (ID) rate, as well as on investments made through funds whose ID rate is a yield parameter, on the CDI rate and dollar quotation at June 30, 2017, the Institute defined for the second half of 2017 the Scenario I considering a 15% decrease for the exposure to the CDI and 3% decrease for US dollar exposure; the Scenario II with a 25% decrease for the exposure to the CDI and 12% decrease for US dollar exposure; and the Scenario III with a 35% decrease for the exposure to the CDI and 14% decrease for US dollar exposure. For each scenario the gross yield was calculated, not including taxes levied thereon. The base date used was June 30, 2017, projecting the restatement index and the dollar quotation for the subsequent 6 months, evaluating their sensitivity in each scenario. Risk
Scenario I Scenario II 1,572,356 1,572,356 4.31% 3.80% 69,655 61,460
Interbank Deposit (ID) Exposure Interbank Deposit Certificate (CDI) Projected yield Exposure to foreign exchange differences (in USD) Quotation Projected foreign exchange loss
*
25
Scenario III 1,572,356 3.30% 53,226
182,908
182,908
182,908
3.20 5,950
2.90 22,540
2.84 25,858
*
*
