RELATÓRIO ANUAL 2010
Demonstrações Financeiras

NOTAS EXPLICATIVAS ÀS DEMONSTRAÇÕES CONTÁBEIS INDIVIDUAIS
(CONTROLADORA) E CONSOLIDADAS EM 31 DE DEZEMBRO DE 2010 E 2009
(Valores expressos em milhares de reais)


18. NOTES PAYABLE

 
 
COMPANY
CONSOLIDATED
12.31.10 12.31.09 01.01.09 12.31.10 12.31.09 01.01.09
Notes payable for investments in Europe (a) - - - 367,479 - -
Notes payable for investments in Brazil 108,250 33,050 11,945 108,250 33,050 11,945
Notes payable – Sponsorships (b) - - - 33,338 - -
Derivatives payable 138,914 42,484 24,735 138,914 42,484 24,735
Other (c) 14,955 - 784 48,170 - 784
Discount to present value
(2,058)
(2,015)
(1,069)
(2,058)
(2,015)
(1,069)
 
260,061
73,519
36,395
694,093
73,519
36,395
Current liabilities 152,857 73,519 36,395 313,632 73,519 36,395
Non-current liabilities
107,204
-
-
380,461
-
-


(a) On June 23, 2008 the Company disclosed in the market that Marfrig performed company acquisitions in Europe and Brazil. The acquisition agreement includes an expected potential contingent payment of up to US$220 million based on future performance of the businesses located in Europe. This acquisition was approved at a meeting of the Company's Board of Directors held on 31 October 2008 and an Annual Shareholders' Meeting held on December 1, 2008.

As an offsetting entry to this obligation, the Company increased the goodwill on such acquisition, as described in Note 12, according to the CPC Pronouncements, Interpretations and Guidelines, the total goodwill was measured according to the provisions of CPC 15 – Business combination and disclosed according to CVM Decision No. 603/2009, with due effects on 2009 financial statements compared with 2010 financial statements.

(b) On March 8, 2010, the Company signed a sponsorship agreement with the Brazilian Football Confederation (CBF) to sponsor the Brazilian football teams, including men's and women's national association football teams administered by CBF ("TEAMS").

The agreement allows the disclosure of the sponsorship of the "TEAMS" through display and associations with the SEARA, MONTANA, BASSI, DAGRANJA, PALATARE and other brands owned by MARFRIG. Image rights of athletes and members of the technical commissions of the teams and third parties, use of the CBF logo in advertising campaigns of the products, including in-store actions, gifts and packaging of products in Brazil and abroad are also allowed. CBF must make backdrop displays of MARFRIG brands at press conferences in Brazil and abroad, and this agreement is valid from the date of execution to December 31, 2014.

On March 29, 2010, the Company signed a sponsorship agreement with FIFA (Fédération Internationale de Football Association) to sponsor the 2010 FIFA World Cup™, FIFA Confederations Cup 2013 and 2014 FIFA World Cup™.

The agreement permits the use of Marfrig Group brands, such as: SEARA, PATY, PEMMICAN and MOY PARK, and also the use of the tournament logo in advertisements and products and its distribution.

On March 30, 2010, the Company signed a sponsorship agreement with Santos Futebol Clube to sponsor the club's professional and amateur men's football teams. The agreement was valid until December 31, 2010.

Under the agreement, the sponsor's brand is set to appear on the front, on the back and on the sleeves of the shirts of the teams participating in the São Paulo championship, Brazil Cup, South American Cup and Brazilian Championship in 2010.

(c) The second instalment payable from the acquisition of O'Kane Poultry was recognised on December 31, 2010 under "Other", in the consolidated note, as noted in Note 11.2.
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