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CHAPTER VII
CTM’S BOOKS

Clause Thirty-Four
Bookkeeping

One. CTM shall undertake to keep at its registered office in Macao, its books duly organised and up-to-date, written in Portuguese and Chinese, expressed in Patacas and in compliance with the relevant legislation.

Two. The tangible fixed assets inventory shall have attached thereto suitable documentation and be prepared in such a way as to enable all of its components to be identified clearly.

Three. Every year, the Business Report duly prepared and the annual accounts shall be submitted to the Governor within fifteen (15) days after being approved.

Four. Whenever CTM provides other telecommunications services as provided for in the Agreement in hand, in addition to those comprised in its Concession, CTM shall secure that the profits and costs as well as the related assets and liabilities are properly separated.

Clause Thirty-Five
Depreciation of Tangible Fixed Assets

One. Considering that the present Agreement has a fixed term, at the end of which the net tangible assets allocated to the operation will revert, free of cost, to the Territory, CTM is hereby authorised to proceed to the depreciation of the referred assets in order that its net value is annulled at the end of the life of the Concession.

Two. Normal depreciation rates to be used by CTM shall be those shown in Enclosures V unless otherwise agreed between the Governor and CTM in view of the technological development and evolution.

Three. The depreciation values taken into consideration every year pursuant to the steady quota method and in accordance with these Specifications shall be considered operating costs.

Clause Thirty-Six
Assets Revaluation

One. The Concessionaire may carry out the revaluation of its tangible fixed assets allocated to the operation, on an exclusive basis.

Two. The parameters for revaluation must be established by means of agreement between the Concessionaire and the Territory, taking into consideration the different classes of fixed assets, and their technological obsolescence and actual value.

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