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Embraer is Chosen the Most Transparent Company in 2009 - Transparency Trophy honors the high quality of the Company’s financial statements
Embraer is Chosen the Most Transparent Company in 2009


PRZOOM - /newswire/ - São José dos Campos, São Paulo, Brazil, 2009/09/28 - Transparency Trophy honors the high quality of the Company’s financial statements. NYSE: ERJ; Bovespa: EMBR3

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Embraer received the 2009 Transparency Trophy, last Thursday, September 24, at the 13th Anefac – Fipecafi – Serasa Experian Awards. The ceremony was held in São Paulo, in public acknowledgement of the best financial statements published in Brazil in 2008.

“This award is the recognition of a meticulous and top-quality job done by a skilled team committed to transparency and professional ethics,” said Luiz Carlos Aguiar, Embraer Executive Vice President, Finance and CFO.

The Anefac – Fipecafi – Serasa Experian Awards were created in 1997 for the purpose of fostering corporate transparency in the market and stressing the importance of clear and quality data, by means of its Transparency Trophy. More than an award, this initiative certifies the competence of the winning companies. Embraer was awarded for 11th year in a row, ranking first for the second time since 2001.

In order to reach the top in 2009, Embraer’s financial statements were analyzed by Masters and Doctoral students in Controllership and Accounting from the School of Economics and Business Administration (Faculdade de Economia e Administração – FEA) of the University of São Paulo (Universidade de São Paulo – USP). Of 472 Brazilian companies analyzed, only 77 met the established criteria. The top 20 were chosen in three categories: five private companies; five public companies with income of up to R$ 4 billion; and ten public companies with income over R$ 4 billion. In the final phase, a committee formed by four renowned accountants chose the best company in each category, and Embraer was the winner among the largest public companies.

In 2009, the Awards evaluation was based on seven criteria: (1) quality and level of the data provided in the financial statements and explanatory notes; (2) transparency of the data provided; (3) quality of the management report and its consistency with the information disclosed; (4) compliance with accounting principles; (5) observations in the independent auditor’s report, considering the nature of the same; (6) balance sheet layout, readability, conciseness, clarity, etc.; and (7) disclosure of pertinent aspects not legally required, but relevant to the business, such as EBITDA, accrued economic value, social balance sheet, inflationary effects, and others.

Embraer (Empresa Brasileira de Aeronáutica S.A. - NYSE: ERJ; Bovespa: EMBR3) is the world’s largest manufacturer of commercial jets up to 120 seats, and one of Brazil’s leading exporters. Embraer’s headquarters are located in São José dos Campos, São Paulo, and it has offices, industrial operations and customer service facilities in Brazil, the United States, France, Portugal, China and Singapore. Founded in 1969, the Company designs, develops, manufactures and sells aircraft for the commercial aviation, executive aviation, and defense segments. The Company also provides after sales support and services to customers worldwide. On June 30, 2009, Embraer ( had a workforce of 17,237 employees – not counting the employees of its subsidiaries OGMA and HEAI – and its firm order backlog totaled US$ 19.8 billion.

This document may contain projections, statements and estimates regarding circumstances or events yet to take place. Those projections and estimates are based largely on current expectations, forecasts on future events and financial tendencies that affect Embraer’s businesses. Those estimates are subject to risks, uncertainties and suppositions that include, among others: general economic, political and trade conditions in Brazil and in those markets where Embraer does business; expectations on industry trends; the Company’s investment plans; its capacity to develop and deliver products on the dates previously agreed upon, and existing and future governmental regulations. The words “believe”, “may”, “is able”, “will be able”, “intend”, “continue”, “anticipate”, “expect” and other similar terms are supposed to identify potentialities. Embraer does not feel compelled to publish updates nor to revise any estimates due to new information, future events or any other facts. In view of the inherent risks and uncertainties, such estimates, events and circumstances may not take place. The actual results can therefore differ substantially from those previously published as Embraer expectations.

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Embraer is Chosen the Most Transparent Company in 2009

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Embraer Press Room |
Contact: Carlos Eduardo Camargo 
+55 12 3927 1311 carlos.camargo[.]
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