SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE
ACT OF 1934
FOR THE MONTH OF FEBRUARY 2002
(Commission File No. 001-14489)
TELE CENTRO OESTE CELULAR PARTICIPACOES S.A.
--------------------------------------------
(Exact name of registrant as specified in its charter)
TELE CENTRO OESTE CELLULAR HOLDING COMPANY
------------------------------------------
(Translation of registrant's name in English)
SCS-QUADRA 2, BLOCO C, EDIFICIO ANEXO-TELEBRASILIA CELULAR
----------------------------------------------------------
-7 ANDAR, BRASILIA, D.F.
------------------------
FEDERATIVE REPUBLIC OF BRAZIL
-----------------------------
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F X Form 40-F
--- ---
(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
--- ---
TELEBRASILIA CELULAR S/A
A PUBLICLY-HELD COMPANY
CNPJ 02.320.032/0001- 08
NIRE 533.0000560.5
MINUTES OF THE EXTRAORDINARY SHAREHOLDERS MEETING
1. DATE, TIME AND LOCATION: January 31, 2002, at 9:30 AM, at the headquarters of
the Company, located at SCS QUADRA 2, BLOCO C, N 226, ED. TELEBRASILIA CELULAR,
1 ANDAR. 2. CALL FOR ATTENDANCE: the call for attendance was published by DIARIO
OFICIAL DO DISTRITO FEDERAL on Jan. 17 (page 51), Jan. 18 (page 64) and Jan. 21
(page 296), by GAZETA MERCANTIL CENTRO OESTE on Jan. 16 (page 6), Jan. 17 (page
3) and Jan. 18 (page 5) and by GAZETA MERCANTIL RIO DE JANEIRO and ESPIRITO
SANTO STATE EDITIONS on Jan. 16 (page 6), Jan. 17 (page 3) and Jan. 18 (page 4).
3. ATTENDEES: Shareholders representing more than two thirds of the Company's
capital stock. The presence of Mr. AUREO MONTEIRO DE MORAES, representative of
the Company's Internal Audit Committee, and of representatives of ERNST & YOUNG
AUDITORES INDEPENDENTES S/C were also registered. 4. THE TABLE: CARLOS JOSE
SANTOS DA SILVA, President of the Table and Mr. ARTHUR ANTONIO MAGALHAES
FONSECA, Secretary. 5. ORDER OF THE DAY: All shareholders were invited to the
Company's General Extraordinary Meeting held at 9:30 AM of January 31, 2002, at
the Company's headquarters located in Brasilia, the Federal District of Brazil,
at SCS QD. 2, BLOCO C, ACESSO 226, 7 ANDAR, in order to decide on the following
order of the day: 1. APPROVING THE PROTOCOL FOR INCORPORATION OF THE COMPANY BY
TELE CENTRO OESTE CELULAR PARTICIPACOES S.A. ("TCO" AND "INCORPORATION"); 2.
APPROVING THE JUSTIFICATION OF INCORPORATION; 3. APPROVING AND RATIFYING THE
CONTRACTING OF DELOITTE & TOUCHE TOHMATSU AUDITORES INDEPENDENTES S/C TO PREPARE
THE REPORT ON THE VALUATION OF THE SUBSTITUTION RATIO FOR THE INCORPORATION; 4.
APPROVING AND RATIFYING THE CONTRACTING OF SETAPE - SERVICOS TECNICOS DE
AVALIACOES DO PATRIMONIO E ENGENHARIA S/C LTDA. FOR VALUATING THE COMPANY'S AND
TCO'S PERMANENT ASSETS AT MARKET VALUE, IN ORDER TO SUPPORT THE PREPARATION OF
THE REPORT ON THE VALUATION OF THE SUBSTITUTION RATIO; 5. APPROVING AND
RATIFYING THE CONTRACTING OF ERNST & YOUNG AUDITORES INDEPENDENTES S/C TO
PREPARE THE REPORT ON THE VALUATION OF THE COMPANY'S NET EQUITY BASED ON ITS
ACCOUNTING VALUE; AND 6. APPROVING THE INCORPORATION OF THE COMPANY BY TCO,
SUBJECT TO THE APPROVAL OF THE REPORT ON THE VALUATION OF THE COMPANY'S NET
EQUITY. 6. DELIBERATIONS: Prior to voting the subject matters the President of
the Table informed that due to the lack of quorum for installation of the
Incorporating Company's shareholders assembly (Tele Centro Oeste Celular
Participacoes S.A.), the controlling shareholder (Tele Centro Oeste Celular
Participacoes S.A.) suggested that the meeting not be held given that the
incorporating operation can only be concluded in the presence of both the
incorporated company and the incorporating company. In addition, they proposed
that the subject matters which were the object of the order of the day be voted
only after approval of the incorporation by the Brazilian Telecommunications
Agency - ANATEL (AGENCIA NACIONAL DE TELECOMUNICACOES). Finally, the president
of the Table also informed that the report on the valuation of the Company's net
equity and the report providing for the substitution ratio will be delivered to
the Companies on this date and left at the shareholders' disposal. With no
further issues to address, the present minutes were drawn, considered
appropriate and read and signed by all attending. Brasilia-DF, January 31, 2002.
I certify that the present document is a true copy of its original, drawn in the
appropriate minutes book.
CARLOS JOSE SANTOS DA SILVA ARTHUR A. MAGALHAES FONSECA
President of the Table Secretary
SHAREHOLDERS
Tele Centro Oeste Celular Participacoes S.A.
p.p. Carlos Jose Santos da Silva
Representative
The Latin American Small Capitalization Fund
p.p. Ricardo Jose Martins Gimenez
Representative
Winston Costa e Oliveira
Shareholder
Nei Singer
Shareholder
Paulo Ribeiro de Mendonca
Shareholder
[GRAPHIC OMITTED]
[TELE CENTRO OESTE CELULAR LOGO]
TELE CENTRO OESTE CELULAR TELEBRASILIA CELULAR S/A
PARTICIPACOES S/A CNPJ/MF 02.320.032/0001-08
CNPJ/MF 02.558.132/0001-69 A Publicly-Held Company
A Publicly-Held Company
RELEVANT FACT
The administrations of Tele Centro Oeste Celular Participacoes S.A. ("TCO") and
of Telebrasilia Celular S/A ("TBS" and jointly with TCO, the "Companies"), in
the form and for the purposes provided by CVM Instruction number 31/84, herein
inform that:
(a) The report on the substitution ratio for the incorporation of TBS by TCO
prepared by DELOITTE TOUCHE TOHMATSU AUDITORES INDEPENDENTES for the purpose of
accurately defining the substitution ratio, as well as the report produced by
SETAPE - SERVICOS TECNICOS DE AVALIACOES DO PATRIMONIO E ENGENHARIA S/C LTDA. on
the valuation at market value of TCO's and TBS's permanent assets, for the
purpose of subsidizing the preparation of the report on the substitution ratio
for the incorporation, and the report on the valuation of TBS's net equity at
its accounting value have all been concluded and will be disclosed to the
shareholders as of the present date at the headquarters of the Companies (TCO
and TBS) and on TCO's website (www.tco.com.br). These reports will also be sent
to the Securities and Exchange Commission (SEC), the equivalent to the Brazilian
COMISSAO DE VALORES MOBILIARIOS (CVM) and the Sao Paulo Stock Exchange.
(b) The report on the valuation of the substitution ratio prepared by DELOITTE
TOUCHE TOHMATSU AUDITORES INDEPENDENTES revealed a substitution ratio above the
one estimated by the Companies, to the benefit of TBS's shareholders. The
definitive ratio is 62.311958619 shares issued by TCO for each cancelled TBS
share.
(c) The Companies' shareholders meetings were not held on this date due to the
lack of quorum for installation of TCO's shareholders' meeting. Although the
Protocol for Incorporation and the Justification of Incorporation had provided
for a shareholders' meeting to be held at a second call on February 8, 2002, the
Companies decided to set the date for a new shareholders' meeting only after the
incorporation has been approved by the Brazilian National Telecommunications
Agency - ANATEL [AGENCIA NACIONAL DE TELECOMUNICACOES], for definitive approval
of the Incorporation, given that the valuation reports have been concluded.
Brasilia, January 31, 2002.
TELE CENTRO OESTE CELULAR PARTICIPACOES S.A.
TELEBRASILIA CELULAR S/A
Mario Cesar Pereira de Araujo
President and head of Investor Relations
FIRST AMENDMENT OF THE PROTOCOL FOR INCORPORATION OF
TELEBRASILIA CELULAR S.A. BY TELE CENTRO OESTE CELULAR
PARTICIPACOES S.A.
--------------------------------------------------------------------------------
Using the present private instrument, the parties, namely:
as the incorporating company,
(A) TELE CENTRO OESTE CELULAR PARTICIPACOES S.A., a publicly-held company with
headquarters in Brasilia, the Federal District of Brazil, at SCS QD. 2, BLOCO C,
ACESSO 226, 7 ANDAR, registered with the Brazilian National Tax Roll [CNPJ/MF]
under numbeR 02558132/0001-69, for the purposes stated herein represented in the
terms of its corporate bylaws by its directors, signed below, (the
"Incorporating Company"),
as the incorporated company,
(B) TELEBRASILIA CELULAR S.A., a publicly-held company with headquarters in
Brasilia, the Federal District of Brazil, at SCS Qd. 2, Bloco C, Acesso 226, 7
andar, registered with the Brazilian National Tax Roll [CNPJ/MF] under number
02320032/0001-08, for thE purposes stated herein represented in the terms of its
corporate bylaws by its directors, signed below, (the "Incorporated Company")
and,
as the Incorporating Company's final controller,
(C) BID S.A., a publicly-held company with headquarters in Sorocaba, in the Sao
Paulo state, at AV. BRASIL, 331, SALA 3, registered with the Brazilian National
Tax Roll [CNPJ/MF] under number 02573260/0001-81, for the purposes stated herein
represented in the terms of its corporate bylaws by its director, signed below,
(the "Final Controlling Company");
CONSIDERING THAT
(A) on the 15th day of January, 2002, the Protocol was celebrated between
the Incorporated Company and the Incorporating Company, establishing the terms
and conditions of the Incorporation;
(B) there was no quorum for installation of the Incorporating Company's
shareholders' meeting to take place on this date;
(C) the Incorporated Company's shareholders' meeting in assembly decided
that the Incorporation's shareholders' meetings were to take place
simultaneously;
(D) the Incorporation has not yet been approved by ANATEL;
DECIDE to celebrate the present Amendment of the Protocol for Incorporation of
Telebrasilia Celular S.A. by Tele Centro Oeste Celular Participacoes S.A.
("First Amendment"), under the following terms and conditions:
I DEFINITIONS
The terms starting with capital letters and not defined in this First Amendment
will have the meaning defined in the Protocol.
II SHAREHOLDERS' MEETING
The date to hold the shareholders' meetings will be defined after approval of
the Incorporation by ANATEL. The Calls for Attendance will be published
immediately after such approval.
III GENERAL DISPOSITION
(A) The terms and conditions of the Protocol that are not altered by this
First Amendment will remain in effect.
(B) The administrative region and the jurisdiction of Brasilia, Distrito
Federal, has been selected to clarify all the matters resulting from the present
Protocol. Any other jurisdiction shall be resigned in spite of any privileges it
may represent.
******
[ROLL OF SIGNATURES OF THE FIRST AMENDMENT TO THE PROTOCOL FOR INCORPORATION OF
TELEBRASILIA CELULAR S.A. BY TELE CENTRO OESTE CELULAR PARTICIPACOES S.A. DATED
JANUARY 31, 2002]
The parties agree, celebrate and sign this PROTOCOL drawn in 3 (three) copies of
equal and legal value and form for one single effect, together with the two
witnesses identified below.
Brasilia, January 31, 2002.
TELE CENTRO OESTE CELULAR PARTICIPACOES S.A.
--------------------------------------------
Name: Mario Cesar Pereira de Araujo
Position: President and Head of
Investor Relations
--------------------------------------------
Name: Sergio Assenco Tavares dos Santos
Position: Superintendent Director
TELEBRASILIA CELULAR S.A.
--------------------------------------------
Name: Mario Cesar Pereira de Araujo
Position: President and Head of
Investor Relations
--------------------------------------------
Name: Sergio Assenco Tavares dos Santos
Position: Superintendent Director
BID S.A.
--------------------------------------------
Name: Antonio Roberto Beldi
Position: Managing Director
[ROLL OF SIGNATURES OF THE FIRST AMENDMENT TO THE PROTOCOL FOR INCORPORATION OF
TELEBRASILIA CELULAR S.A. BY TELE CENTRO OESTE CELULAR PARTICIPACOES S.A. DATED
JANUARY 31, 2002, CONTINUED]
WITNESSES:
----------------------------------
Name:
GENERAL TAXPAYERS REGISTRY:
----------------------------------
Name:
GENERAL TAXPAYERS REGISTRY:
TELEBRASILIA CELULAR S.A.
C.N.P.J. 02.320.032/0001-08
CORPORATE EQUITY VALUATION REPORT
ERNST & YOUNG AUDITORES INDEPENDENTES S.C., with headquarters in Sao Paulo - SP
at AVENIDA PRESIDENTE JUSCELINO KUBITSCHEK N(DEGREE) 1830, registered with the
General Tax Roll [CNPJ] under number 61366936/0001-25 and registered with the
Regional Accounting Council [CRC-SP] under number 2SP015199/O-6, appointed by
Company TELEBRASILIA CELULAR S.A. as specialist to perform the valuation of the
Company's corporate equity for future calculation of the ratios to be used for
the substitution of shares that will result from the process of incorporation by
TELE CENTRO OESTE CELULAR PARTICIPACOES S.A., herein demonstrates the result of
its work in the present Valuation Report, which consists in three pages and
attachment, issued in six original copies.
I. OBJECTIVE OF THE VALUATION
To present the Company's equity at market price for purposes of strict
observance of all dispositions applicable to the calculation of ratios for
the substitution of shares, provided by article 264 of Law number 6404 of
December 15, 1976, as amended by Law number 9457 of May 5, 1997.
II. CRITERIA ADOPTED FOR THE VALUATION
II.1. ACCOUNTING VALUATION
Considering that the primary basis for presenting the net corporate equity
value demonstrated herein is represented by the Company's assets and
liabilities at December 31, 2001, we inform that the valuation was
conducted in accordance with the criteria defined by article 183 of Law
number 6404 of December 15, 1976 and CVM instruction number 319 of
December 3, 1999.
II.2. ASSETS SUBJECT TO VALUATION AT MARKET PRICE
PROPERTY, PLANT & EQUIPMENT
The Company's fixed assets were valued at market price at December 31,
2001, founded on a Valuation Report issued December 31, 2001 by SETAPE -
SERVICOS TECNICOS DE AVALIACAO DO PATRIMONIO E ENGENHARIA S.C. LTDA. a
private company registered with the Regional Engineering and Architecture
Council [CREA] under number 18329. The aforementioned assets are listed
and detailed in the Valuation Report issued by the above-mentioned
company.
INVESTMENTS
Investments were valued at market price proportionally to the percentage
of investment in each of the controlled companies, in which the
revaluation of the fixed assets at market price was founded on the
Valuation Report issued December 31, 2001 by SETAPE - SERVICOS TECNICOS DE
AVALIACAO DO PATRIMONIO E ENGENHARIA S.C. LTDA. (CREA number 18329). The
aforementioned assets are listed and detailed in the Valuation Report
issued by the above-mentioned company.
II.3. PREMIUM RESERVE
For purposes of substitution, the premium reserve in the value of R$
25,436,313.23 (twenty-five million, four hundred and thirty-six thousand,
three hundred and thirteen Brazilian Reais and twenty-three cents) was not
regarded as part of the net equity at December 31, 2001.
II.4. REMAINING GOODS, RIGHTS AND OBLIGATIONS NOT SUBJECT TO VALUATION AT MARKET
PRICE
Due to their own nature, these items are determined by their respective
realization values and were valued based on their accounting value,
following the accounting practices derived from the Brazilian Corporate
Law.
III. CONCLUSION
Considering that the account balances included in the corporate equity at
December 31, 2001, as mentioned under item II.1 of the present report,
whose Net Corporate Equity amounts to R$ 345,069,543.02 (three hundred and
forty-five million, sixty-nine thousand, five hundred and forty-three
Brazilian Reais and two cents), adjusted by the market value of the Fixed
Assets and Investments, as mentioned under item II.2 of this report, the
conclusion is that the market value of the above-mentioned Net Corporate
Equity of TELEBRASILIA CELULAR S.A., minus the premium reserve described
under item II.3 of this report, totals R$ 336,249,194.87 (three hundred
and thirty-six million, two hundred and forty-nine thousand, one hundred
and ninety-four Brazilian Reais and eighty-seven cents), as presented in
the statements attached.
The market value of the Fixed Assets and Investments, as mentioned under
item II.2 of this report, was not in the scope of the present valuation on
the part of ERNST & YOUNG AUDITORES INDEPENDENTES S.C.; therefore, we are
not expressing our opinion on the market value of these Fixed Assets and
Investments. We simply compiled the amounts described in the valuation
report issued by SETAPE - SERVICOS TECNICOS DE AVALIACAO DO PATRIMONIO E
ENGENHARIA S.C. LTDA..
The specialist conducting the valuation publicly states having no direct
or indirect interest in the Company or yet in the operation object of the
present report.
In addition, the specialist in question declares having encountered no
type of restraint on the part of the controllers or of the administrators
of the Companies involved, regarding the completion of the work herein
presented.
Brasilia, January 28, 2002
[GRAPHIC OMITTED]
[ERNST & YOUNG LOGO]
Auditores Independentes S.C.
CRC-2SP015199/O-6
Luiz Carlos Nannini
CRC 1SP171638/O-7-S-DF
ATTACHMENT
TELEBRASILIA CELULAR S.A.
C.N.P.J. 02.320.032/0001-08
------------------------------------------- --------------------- --------------------- ---------------------
ACCOUNTING BALANCES APPRECIATION OF BALANCE AND MARKET
ASSETS AT DEC. 31, 2001 ASSETS VALUED AT VALUES AT
MARKET PRICE DEC. 31, 2001
------------------------------------------- --------------------- --------------------- ---------------------
------------------------------------------- --------------------- --------------------- ---------------------
CURRENT 262,373,717.13 - 262,373,717.13
------------------------------------------- --------------------- --------------------- ---------------------
Cash 3,995,327.26 - 3,995,327.26
------------------------------------------- --------------------- --------------------- ---------------------
Financial investments 101,054,074.82 - 101,054,074.82
------------------------------------------- --------------------- --------------------- ---------------------
Securities 77,148,864.94 - 77,148,864.94
------------------------------------------- --------------------- --------------------- ---------------------
Accounts receivable from services 51,621,628.84 - 51,621,628.84
------------------------------------------- --------------------- --------------------- ---------------------
Inventories 7,067,695.31 - 7,067,695.31
------------------------------------------- --------------------- --------------------- ---------------------
Deferred and recoverable taxes 15,446,308.75 - 15,446,308.75
------------------------------------------- --------------------- --------------------- ---------------------
Other assets 6,039,817.21 - 6,039,817.21
------------------------------------------- --------------------- --------------------- ---------------------
------------------------------------------- --------------------- --------------------- ---------------------
LONG-TERM RECEIVABLE 16,520,377.27 - 16,520,377.27
------------------------------------------- --------------------- --------------------- ---------------------
Deferred and recoverable taxes 15,218,283.66 - 15,218,283.66
------------------------------------------- --------------------- --------------------- ---------------------
Other assets 1,302,093.61 - 1,302,093.61
------------------------------------------- --------------------- --------------------- ---------------------
------------------------------------------- --------------------- --------------------- ---------------------
PERMANENT 371,018,584.37 16,615,965.08 387,634,549.45
------------------------------------------- --------------------- --------------------- ---------------------
Investments 110,302,274.26 331,773.25 110,634,047.51
------------------------------------------- --------------------- --------------------- ---------------------
Property, plant and equipment 260,716,310.11 16,284,191.83 277,000,501.94
------------------------------------------- --------------------- --------------------- ---------------------
------------------------------------------- --------------------- --------------------- ---------------------
TOTAL ASSETS 649,912,678.77 16,615,965.08 666,528,643.85
------------------------------------------- --------------------- --------------------- ---------------------
ATTACHMENT
TELEBRASILIA CELULAR S.A.
C.N.P.J. 02.320.032/0001-08
------------------------------------------- --------------------- --------------------- ----------------------
ACCOUNTING BALANCES APPRECIATION OF BALANCE AT
LIABILITIES AT DEC. 31, 2001 ASSETS VALUED AT DEC. 31, 2001
MARKET PRICE
------------------------------------------- --------------------- --------------------- ----------------------
------------------------------------------- --------------------- --------------------- ----------------------
CURRENT 265,225,193.57 - 265,225,193.57
------------------------------------------- --------------------- --------------------- ----------------------
Payroll, loads and social benefits,
payable 1,782,532.53 - 1,782,532.53
------------------------------------------- --------------------- --------------------- ----------------------
Suppliers 31,185,610.04 - 31,185,610.04
------------------------------------------- --------------------- --------------------- ----------------------
Indirect Taxes 22,029,243.15 - 22,029,243.15
------------------------------------------- --------------------- --------------------- ----------------------
Tax on income 487,726.05 - 487,726.05
------------------------------------------- --------------------- --------------------- ----------------------
Profit sharing 134,664,244.47 - 134,664,244.47
------------------------------------------- --------------------- --------------------- ----------------------
Loans and financing 65,953,202.38 - 65,953,202.38
------------------------------------------- --------------------- --------------------- ----------------------
Other obligations 9,122,634.95 - 9,122,634.95
------------------------------------------- --------------------- --------------------- ----------------------
------------------------------------------- --------------------- --------------------- ----------------------
LONG-TERM LIABILITIES 39,617,942.18 - 39,617,942.18
------------------------------------------- --------------------- --------------------- ----------------------
Contingency provisions 2,363,749.33 - 2,363,749.33
------------------------------------------- --------------------- --------------------- ----------------------
Loans and financing 36,705,766.56 - 36,705,766.56
------------------------------------------- --------------------- --------------------- ----------------------
Other obligations 548,426.29 - 548,426.29
------------------------------------------- --------------------- --------------------- ----------------------
------------------------------------------- --------------------- --------------------- ----------------------
TOTAL LIABILITIES 304,843,135.75 - 304,843,135.75
------------------------------------------- --------------------- --------------------- ----------------------
------------------------------------------- --------------------- --------------------- ----------------------
CORPORATE EQUITY VALUE 345,069,543.02 16,615,965.08 361,685,508.10
------------------------------------------- --------------------- --------------------- ----------------------
TELE CENTRO OESTE CELULAR PARTICIPACOES S.A.
C.N.P.J. 02.558.132/0001-69
CORPORATE EQUITY VALUATION REPORT
ERNST & YOUNG AUDITORES INDEPENDENTES S.C., with headquarters in Sao Paulo - SP
at AVENIDA PRESIDENTE JUSCELINO KUBITSCHEK N(DEGREE) 1830, registered with the
General Tax Roll [CNPJ] under number 61366936/0001-25 and registered with the
Regional Accounting Council [CRC-SP] under number 2SP015199/O-6, appointed by
TELE CENTRO OESTE CELULAR PARTICIPACOES S.A. as specialist to perform the
valuation of the Company's corporate equity for future calculation of the ratios
to be used for the substitution of shares that will result from the process of
incorporation of TELEBRASILIA CELULAR S.A., herein demonstrates the result of
its work in the present Valuation Report, which consists in three pages and
attachment, issued in six original copies.
I. OBJECTIVE OF THE VALUATION
To present the Company's equity at market price for purposes of strict
observance of all dispositions applicable to the calculation of ratios for the
substitution of shares provided by article 264 of Law number 6404 of December
15, 1976, as amended by Law number 9457 of May 5, 1997.
II. CRITERIA ADOPTED FOR THE VALUATION
II.1. ACCOUNTING VALUATION
Considering that the primary basis for presenting the net corporate equity
value demonstrated herein is represented by the Company's assets and
liabilities at December 31, 2001, we inform that the valuation was
conducted in accordance with the criteria defined by article 183 of Law
number 6404 of December 15, 1976 and CVM instruction number 319 of
December 3, 1999.
II.2. ASSETS SUBJECT TO VALUATION AT MARKET PRICE
PROPERTY, PLANT & EQUIPMENT
The Company's fixed assets were valued at market price at December 31,
2001, founded on a Valuation Report issued December 31, 2001 by SETAPE -
SERVICOS TECNICOS DE AVALIACAO DO PATRIMONIO E ENGENHARIA S.C. LTDA., a
private company registered with the Regional Engineering and Architecture
Council [CREA] under number 18329. The aforementioned assets are listed
and detailed in the Valuation Report issued by the above-mentioned
company.
INVESTMENTS
Investments were valued at market price proportionally to the percentage
of investment in each of the controlled companies, in which the
revaluation of the fixed assets at market price was founded on the
Valuation Report issued December 31, 2001 by SETAPE - SERVICOS TECNICOS DE
AVALIACAO DO PATRIMONIO E ENGENHARIA S.C. LTDA. (CREA number 18329). The
aforementioned assets are listed and detailed in the Valuation Report
issued by the above-mentioned company.
II.3. PREMIUM RESERVE
For purposes of substitution, the premium reserve in the value of R$
87,772,645.98 (eighty-seven million, seven hundred and seventy-seven
thousand, six hundred and forty-five Brazilian Reais and ninety-eight
cents) was not regarded as part of the net equity at December 31, 2001.
II.4. SHARES IN TREASURY
The number of shares in Treasury totaled 1,084,078,129, corresponding to
R$ 6,826,344.72 (six million, eight hundred and twenty-six thousand, three
hundred and forty-four Brazilian Reais and seventy-two cents); of that
total, 747,178,129 were common shares and 336,900,000 were preferred
shares considered part of the Company' s net equity for purposes of the
substitution ratio, and will remain with the Company.
II.5. REMAINING GOODS, RIGHTS AND OBLIGATIONS NOT SUBJECT TO VALUATION AT MARKET
PRICE
Due to their own nature, these items are determined by their respective
realization values and were valued based on their accounting value,
following the accounting practices derived from the Brazilian Corporate
Law.
III. CONCLUSION
Considering that the account balances included in the corporate equity at
December 31, 2001, as mentioned under item II.1 of the present report,
whose Net Corporate Equity amounts to R$ 1,010,174,736.47 (one billion,
ten million, one hundred and seventy-four thousand, seven hundred and
thirty-six Brazilian Reais and forty-seven cents) adjusted by the market
value of the fixed assets and Investments, as mentioned under item II.2 of
this report, the conclusion is that the market value of the
above-mentioned Net Corporate Equity of TELE CENTRO OESTE CELULAR
PARTICIPACOES S.A., minus the premium reserve described under item II.3 of
this report, totals R$ 968,439,930.52 (nine hundred and sixty-eight
million, four hundred and thirty-nine thousand, nine hundred and thirty
Brazilian Reais and fifty-two cents), as presented in the statements
attached.
The market value of the Fixed Assets and Investments, as mentioned under
item II.2 of this report, was not in the scope of the present valuation on
the part of ERNST & YOUNG AUDITORES INDEPENDENTES S.C.; therefore, we are
not expressing our opinion on the market value of these Fixed Assets and
Investments. We simply compiled the amounts described in the valuation
report issued by SETAPE - SERVICOS TECNICOS DE AVALIACAO DO PATRIMONIO E
ENGENHARIA S.C. LTDA.
The specialist conducting the valuation publicly states having no direct
or indirect interest in the Company or yet in the operation object of the
present report.
In addition, the specialist in question declares having encountered no
type of restraint on the part of the controllers or of the administrators
of the Companies involved, regarding the completion of the work herein
presented.
Brasilia, January 28, 2002
[GRAPHIC OMITTED]
[ERNST & YOUNG LOGO]
Auditores Independentes S.C.
CRC-2SP015199/O-6
Luiz Carlos Nannini
CRC 1SP171638/O-7-S-DF
ATTACHMENT
TELE CENTRO OESTE CELULAR PARTICIPACOES S.A.
C.N.P.J. 02.558.132/0001-69
------------------------------------------ ----------------------- -------------------- -----------------------
ACCOUNTING BALANCES APPRECIATION OF BALANCES AND MARKET
ASSETS AT DEC. 31, 2001 ASSETS VALUED AT VALUES AT
MARKET PRICE DEC. 31, 2001
------------------------------------------ ----------------------- -------------------- -----------------------
------------------------------------------ ----------------------- -------------------- -----------------------
CURRENT 213,731,778.99 - 213,731,778.99
------------------------------------------ ----------------------- -------------------- -----------------------
Cash 11,810.00 - 11,810.00
------------------------------------------ ----------------------- -------------------- -----------------------
Financial investments 365,988.96 - 365,988.96
------------------------------------------ ----------------------- -------------------- -----------------------
Accounts receivable - controlled
companies 8,056,665.20 - 8,056,665.20
------------------------------------------ ----------------------- -------------------- -----------------------
Dividends and interest on owned capital,
receivable 141,787,796.67 - 141,787,796.67
------------------------------------------ ----------------------- -------------------- -----------------------
Deferred and recoverable taxes 53,416,011.46 - 53,416,011.46
------------------------------------------ ----------------------- -------------------- -----------------------
Other assets 10,093,506.70 - 10,093,506.70
------------------------------------------ ----------------------- -------------------- -----------------------
------------------------------------------ ----------------------- -------------------- -----------------------
LONG-TERM RECEIVABLES 10,916.43 - 10,916.43
------------------------------------------ ----------------------- -------------------- -----------------------
------------------------------------------ ----------------------- -------------------- -----------------------
PERMANENT 1,080,949,976.05 46,037,840.03 1,126,987,816.08
------------------------------------------ ----------------------- -------------------- -----------------------
Investments 1,078,216,495.93 45,389,623.15 1,123,606,119.08
------------------------------------------ ----------------------- -------------------- -----------------------
Property, Plant and Equipment 2,733,480.12 648,216.88 3,381,697.00
------------------------------------------ ----------------------- -------------------- -----------------------
------------------------------------------ ----------------------- -------------------- -----------------------
TOTAL ASSETS 1,294,692,671.47 46,037,840.03 1,340,730,511.50
------------------------------------------ ----------------------- -------------------- -----------------------
ATTACHMENT
TELE CENTRO OESTE CELULAR PARTICIPACOES S.A.
C.N.P.J. 02.558.132/0001-69
------------------------------------------ ------------------------- -------------------- -----------------------
ACCOUNTING BALANCES APPRECIATION OF BALANCES AND MARKET
LIABILITIES AT DEC. 31, 2001 ASSETS VALUED AT VALUES AT
MARKET PRICE DEC. 31, 2001
------------------------------------------ ------------------------- -------------------- -----------------------
------------------------------------------ ------------------------- -------------------- -----------------------
CURRENT 194,018,644.58 - 194,018,644.58
------------------------------------------ ------------------------- -------------------- -----------------------
Payroll, loads and social benefits,
payable 1,541,425.62 - 1,541,425.62
------------------------------------------ ------------------------- -------------------- -----------------------
Suppliers 1,692,674.32 - 1,692,674.32
------------------------------------------ ------------------------- -------------------- -----------------------
Indirect Taxes 657,761.86 - 657,761.86
------------------------------------------ ------------------------- -------------------- -----------------------
Tax on income 6,461,362.00 - 6,461,362.00
------------------------------------------ ------------------------- -------------------- -----------------------
Profit sharing 82,643,424.02 - 82,643,424.02
------------------------------------------ ------------------------- -------------------- -----------------------
Loans and financing 91,002,668.36 - 91,002,668.36
------------------------------------------ ------------------------- -------------------- -----------------------
Other obligations 10,019,328.40 - 10,019,328.40
------------------------------------------ ------------------------- -------------------- -----------------------
------------------------------------------ ------------------------- -------------------- -----------------------
LONG-TERM LIABILITIES 90,373,607.26 - 90,373,607.26
------------------------------------------ ------------------------- -------------------- -----------------------
Contingency provisions 9,734,546.29 - 9,734,546.29
------------------------------------------ ------------------------- -------------------- -----------------------
Loans and financing 80,639,060.97 - 80,639,060.97
------------------------------------------ ------------------------- -------------------- -----------------------
------------------------------------------ ------------------------- -------------------- -----------------------
Resources for capitalization 125,683.16 - 125,683.16
------------------------------------------ ------------------------- -------------------- -----------------------
------------------------------------------ ------------------------- -------------------- -----------------------
TOTAL LIABILITIES 284,517,935.00 - 284,517,935.00
------------------------------------------ ------------------------- -------------------- -----------------------
------------------------------------------ ------------------------- -------------------- -----------------------
CORPORATE EQUITY VALUE 1,010,174,736.47 46,037,840.03 1,056,212,576.50
------------------------------------------ ------------------------- -------------------- -----------------------
VALUATION REPORT FOR PURPOSES OF INCORPORATION
I. OBJECTIVE
To establish the net equity value of TELEBRASILIA CELULAR S.A., a
publicly-held company with headquarters in Brasilia - the Federal District
of Brazil - at SCS - QUADRA 2 - BLOCO C - EDIFICIO TELEBRASILIA CELULAR -
ACESSO 226, registered with the General Tax Roll [CNPJ] under number
02320032/0001-08 and whose Articles of Association are filed with the
federal District Board of Trade, for purposes of its incorporation by TELE
CENTRO OESTE CELULAR PARTICIPACOES S.A., a publicly-held company with
headquarters in Brasilia - at SCS - QUADRA 2 - BLOCO C - EDIFICIO
TELEBRASILIA CELULAR - ACESSO 226, registered with the General Tax Roll
[CNPJ] under number 02558132/0001-69 and whose Articles of Association are
filed with the Federal District Board of Trade.
II. DESIGNATION
Following the deliberation of the Companies' Boards, to be submitted to
the respective companies' shareholders assemblies, ERNST & YOUNG AUDITORES
INDEPENDENTES S.C. registered with the Regional Accounting Council
[CRC-SP] under number 2SP015199/O-6, a limited company established at
AVENIDA PRESIDENTE JUSCELINO KUBITSCHEK, 1.830, 6O ANDAR, in the city of
Sao Paulo, in the state of Sao Paulo, registered with the General Tax Roll
[CNPJ] under number 61366936/0001-25, was appointed as specialist valuer
and herein demonstrates the result of its work in the present valuation
report, prepared in accordance with Law number 6404/76 and CVM Instruction
number 319.
III. METHODOLOGY
The valuation was carried out by means of applying the accounting method,
that is, based on the values registered in the accounting books,
statements, ledger cards and all other appropriate accounting elements
kept by TELEBRASILIA CELULAR S.A. considering as base-date December 31,
2001.
IV. CONCLUSION
Based on the documentation examined, the specialist signing the present
Valuation Report concluded that the net value of the assets and the rights
included in the equity of TELEBRASILIA CELULAR S.A. considering the
accounting values at December 31, 2001, is R$ 345,069,543.02 (three
hundred and forty-five million, sixty-nine thousand, five hundred and
forty-three Brazilian Reais and two cents).
The total equity value of TELEBRASILIA CELULAR S.A. corresponding to the
value described above, which should be the object of incorporation on the
part of TELE CENTRO OESTE CELULAR PARTICIPACOES S.A., consists in the
balance of the accounting groups, attached.
The specialist conducting the valuation publicly states having no direct
or indirect interest in the Company or yet in the operation object of the
present report.
In addition, the specialist in question declares having encountered no
type of restraint on the part of the controllers or of the administrators
of the Companies involved, regarding the completion of the work herein
presented.
Brasilia, January 28, 2002
[GRAPHIC OMITTED]
[ERNST & YOUNG LOGO]
Auditores Independentes S.C.
CRC 2SP015199/O-6
Luiz Carlos Nannini
Contador - CRC 1SP171638/O-7-S-DF
--------------------------------------------------------- -----------------------
ACCOUNTING BALANCE
ASSETS AT DEC. 31, 2001
--------------------------------------------------------- -----------------------
--------------------------------------------------------- -----------------------
CURRENT 262,373,717.13
--------------------------------------------------------- -----------------------
Cash 3,995,327.26
--------------------------------------------------------- -----------------------
Financial investments 101,054,074.82
--------------------------------------------------------- -----------------------
Securities 77,148,864.94
--------------------------------------------------------- -----------------------
Accounts receivable from services 51,621,628.84
--------------------------------------------------------- -----------------------
Inventories 7,067,695.31
--------------------------------------------------------- -----------------------
Deferred and recoverable taxes 15,446,308.75
--------------------------------------------------------- -----------------------
Other assets 6,039,817.21
--------------------------------------------------------- -----------------------
--------------------------------------------------------- -----------------------
LONG-TERM RECEIVABLES 16,520,377.27
--------------------------------------------------------- -----------------------
Deferred and recoverable taxes 15,218,283.66
--------------------------------------------------------- -----------------------
Other assets 1,302,093.61
--------------------------------------------------------- -----------------------
--------------------------------------------------------- -----------------------
PERMANENT 371,018,584.37
--------------------------------------------------------- -----------------------
Investments 110,302,274.26
--------------------------------------------------------- -----------------------
Property, plant and equipment 260,716,310.11
--------------------------------------------------------- -----------------------
--------------------------------------------------------- -----------------------
TOTAL ASSETS 649,912,678.77
--------------------------------------------------------- -----------------------
--------------------------------------------------------- -----------------------
ACCOUNTING BALANCE
LIABILITIES AT DEC. 31, 2001
--------------------------------------------------------- -----------------------
--------------------------------------------------------- -----------------------
CURRENT 265,225,193.57
--------------------------------------------------------- -----------------------
Payroll, loads and social benefits, payable 1,782,532.53
--------------------------------------------------------- -----------------------
Suppliers 31,185,610.04
--------------------------------------------------------- -----------------------
Indirect Taxes 22,029,243.15
--------------------------------------------------------- -----------------------
Tax on income 487,726.05
--------------------------------------------------------- -----------------------
Profit sharing 134,664,244.47
--------------------------------------------------------- -----------------------
Loans and financing 65,953,202.38
--------------------------------------------------------- -----------------------
Other obligations 9,122,634.95
--------------------------------------------------------- -----------------------
--------------------------------------------------------- -----------------------
LONG-TERM LIABILITIES 39,617,942.18
--------------------------------------------------------- -----------------------
Contingency provisions 2,363,749.33
--------------------------------------------------------- -----------------------
Loans and financing 36,705,766.56
--------------------------------------------------------- -----------------------
Other obligations 548,426.29
--------------------------------------------------------- -----------------------
--------------------------------------------------------- -----------------------
TOTAL LIABILITIES 304,843,135.75
--------------------------------------------------------- -----------------------
--------------------------------------------------------- -----------------------
CORPORATE EQUITY VALUE 345,069,543.02
--------------------------------------------------------- -----------------------
Sao Paulo, January 30, 2002
TO :
TELE CENTRO OESTE CELULAR PARTICIPACOES S.A.
SCS - QUADRA 2
EDIFICIO TELE BRASILIA CELULAR - 6 ANDAR
70302-906 - BRASILIA - DF
C/o: MR. ALEXANDRE BELDI NETTO
Chairman of the Board
Dear Sirs,
As you know, DELOITTE TOUCHE TOHMATSU AUDITORES INDEPENDENTES ("DTT
AUDITORES") was hired exclusively to calculate the ratio for substitution
of the shares ("substitution ratio") issued by Telebrasilia Celular S.A.
("TELEBRASILIA CELULAR", or "THE INCORPORATED COMPANY") for shares issued
by Tele Centro Oeste Celular Participacoes S.A. ("TCO CELULAR", or "THE
INCORPORATING COMPANY"), based on the reports on the valuation of the two
companies' net equity at market value, prepared in accordance with equal
criteria at base-date December 31, 2001, under the exclusive
responsibility of Ernst & Young Auditores Independentes ("ERNST & YOUNG")
and founded on the report on Property, Plant and Equipment prepared by
SETAPE - SERVICOS TECNICOS DE AVALIACOES DO PATRIMONIO E ENGENHARIA S/C
LTDA. Therefore, our responsibility is to present solely the calculation
of the substitution ratio.
Therefore, we hereby present you the valuation of the substitution ratio,
issued in 3 (three) copies whose text we kindly request your assistance in
disclosing to the shareholders of TCO CELULAR and to those of your
controlled company TELEBRASILIA CELULAR.
THE RATIO FOR SUBSTITUTION OF SHARES ("SUBSTITUTION RATIO")
FORMAT
The ratio for the substitution of COMMON AND PREFERRED SHARES of classes "A" and
"B" issued by TELEBRASILIA CELULAR for new preferred, TCO CELULAR shares to be
issued and granted to the shareholders of TELEBRASILIA CELULAR at the date of
the event approving the Incorporation process, was defined based on the equity
values of TCO CELULAR and of TELEBRASILIA CELULAR, calculated according to the
same criteria at market price at December 31, 2001 by ERNST & YOUNG AUDITORES
INDEPENDENTES and presented in the tables below. It is important to underline
that the reports issued by Ernst & Young have not yet been approved, which is
only expected to occur at the shareholders meeting to be held after
authorization of the Incorporation, given by the Brazilian Telecommunications
Agency - ANATEL [Agencia Nacional de Telecomunicacoes], as published in the
RELEVANT FACT of January 15, 2002.
TABLE 1:
NET EQUITY AT MARKET VALUE - R$ (AT DECEMBER 31, 2001)
--------------------------------------------------------------------
Company Net Equity
--------------------------------------------------------------------
TCO Celular 968.439.930,52
--------------------------------------------------------------------
Telebrasilia Celular 336.249.194,87
--------------------------------------------------------------------
TABLE 2:
NUMBER OF CAPITAL-STOCK SHARES AT DECEMBER 31, 2001
--------------------------------------------------------------------
Company Total # shares
--------------------------------------------------------------------
TCO Celular (a) 366,463,335,169 (a)
--------------------------------------------------------------------
Telebrasilia Celular (b) 2,041,962,173 (b)
--------------------------------------------------------------------
(a) 126,433,338,109 common shares and 240,029,997,060 preferred shares. Of
this total, 747,178,129 common shares and 336,900,000 preferred shares
were deposited in Treasury at December 31, 2001, which were included in
the valuation of the "substitutions ratio" because the Administration of
TCO CELULAR does not intend to cancel them.
(b) 930,506,902 common shares, 800 preferred shares of Class "A" and
1,111,454,471 preferred shares of Class "B".
TABLE 3:
EQUITY VALUE OF SHARES AT MARKET PRICE (VPA-PM) R$ (AT DECEMBER 31, 2001)
----------------------- --------------------- ----------------------------------
Company VPA-PM Substitutions Ratio
--------------------------------------------- ----------------------------------
TCO Celular 0.002642665 //////////////////////
----------------------- --------------------- ----------------------------------
Telebrasilia Celular 0.164669649 62.311958619
----------------------- --------------------- ----------------------------------
Therefore, those shareholders in possession of shares issued by TELEBRASILIA
CELULAR will have the right to receive the following amount of shares issued by
TCO CELULAR for each common- or preferred-share of class "A" or of class "B"
held, if this comes to be their choice:
TABLE 4:
THE SUBSTITUTION RATIO
--------------------------------------------------------------------------------
New, TCO CELULAR preferred shares to be issued in
substitution of each common share or preferred share of 62.311958619
Class A or preferred share of Class B, issued by
TELEBRASILIA CELULAR
--------------------------------------------------------------------------------
Regards,
DELOITTE TOUCHE TOHMATSU
Auditores Independentes
PAULO ROBERTO MARQUES GARRUCHO
PARTNER
--------------------------------------------------------------------------------
THIS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS. STATEMENTS THAT ARE NOT
STATEMENTS OF HISTORICAL FACT, INCLUDING STATEMENTS ABOUT THE BELIEFS AND
EXPECTATIONS OF THE COMPANY'S MANAGEMENT, ARE FORWARD-LOOKING STATEMENTS. THE
WORDS "ANTICIPATES," "BELIEVES," "ESTIMATES," "EXPECTS," "FORECASTS," "INTENDS,"
"PLANS," "PREDICTS," "PROJECTS" AND "TARGETS" AND SIMILAR WORDS ARE INTENDED TO
IDENTIFY THESE STATEMENTS, WHICH NECESSARILY INVOLVE KNOWN AND UNKNOWN RISKS AND
UNCERTAINTIES. ACCORDINGLY, THE ACTUAL RESULTS OF OPERATIONS OF THE COMPANY MAY
BE DIFFERENT FROM THE COMPANY'S CURRENT EXPECTATIONS, AND THE READER SHOULD NOT
PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING
STATEMENTS SPEAK ONLY AS OF THE DATE THEY ARE MADE, AND THE COMPANY DOES NOT
UNDERTAKE ANY OBLIGATION TO UPDATE THEM IN LIGHT OF NEW INFORMATION OR FUTURE
DEVELOPMENTS.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Tele Centro Oeste Cellular Holding Company
Date: February 4, 2002 By: /S/ MARIO CESAR PEREIRA DE ARAUJO
-------------------------------------
Name: Mario Cesar Pereira de Araujo
Title: President