<SEC-DOCUMENT>0001292814-12-002719.txt : 20130104
<SEC-HEADER>0001292814-12-002719.hdr.sgml : 20130104
<ACCEPTANCE-DATETIME>20121119154815
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001292814-12-002719
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20121119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP
		CENTRAL INDEX KEY:			0001170858
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		RUA COSTA CARVALHO, 300
		STREET 2:		SAO PAULO
		CITY:			SP
		STATE:			D5
		ZIP:			05429-900
		BUSINESS PHONE:		011-55-11-3388-8000

	MAIL ADDRESS:	
		STREET 1:		RUA COSTA CARVALHO, 300
		STREET 2:		SAO PAULO
		CITY:			SP
		STATE:			D5
		ZIP:			05429-900
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>Diretoria Econ&#244;mico-Financeira e </FONT><FONT><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>de Rela&#231;&#245;es com </FONT><FONT><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>Investidores</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>R. Costa Carvalho, 300 &#8211; Pinheiros &#8211; CEP 05429-900 &#8211; S&#227;o Paulo, SP</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>Tel. (11) 3388-8247 / 8386 &#8211; Fax (11) 3815-4465</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>www.sabesp.com.br</FONT></P>

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   <TD>&nbsp;</TD></TR></TABLE></FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"><BR clear=all></FONT><FONT style="FONT-SIZE: 12.5pt" lang=PT-BR face="folio md bt,sans-serif">&nbsp;&nbsp;</FONT> <FONT lang=PT-BR><BR clear=all></FONT>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman">S&#227;o Paulo, November 19, 2012</FONT></P>

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<P style="MARGIN: 0cm 64.8pt 12pt 0cm"><B><U><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman">VIA EDGAR TRANSMISSION</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Andrew Mew</FONT></P>

<P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Accounting Branch Chief<BR>Division of Corporation Finance<BR>United States Securities and Exchange Commission<BR>100 F Street, N.E.<BR>Washington, D.C. 20549-4631<BR><BR></FONT></P>

<P style="TEXT-INDENT: -40.5pt; MARGIN: 0cm 0cm 0pt 72pt"><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP<BR>Form 20-F for the Fiscal Year Ended December 31, 2011<BR>Filed April 30, 2012<BR>File No. 1-31317</FONT></B></P>

<P style="TEXT-INDENT: -40.5pt; MARGIN: 0cm 0cm 0pt 72pt"><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 12pt 72pt"><B><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Staff Comment Letter dated October 22, 2012</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Dear Mr.</FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Mew:&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 12pt 0cm"><FONT style="LETTER-SPACING: 0.15pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">We refer to the comment letter from the staff of the United States Securities and Exchange Commission (the &#8220;</FONT><U><FONT style="LETTER-SPACING: 0.15pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Staff</FONT></U><FONT style="LETTER-SPACING: 0.15pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&#8221;) dated October 22, 2012, received by the Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP (the &#8220;</FONT><U><FONT style="LETTER-SPACING: 0.15pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Company</FONT></U><FONT style="LETTER-SPACING: 0.15pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&#8221;) on that date, concerning the Company&#8217;s annual report on Form 20-F filed with the SEC on April 30, 2012 (the &#8220;</FONT><U><FONT style="LETTER-SPACING: 0.15pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Form 20-F</FONT></U><FONT style="LETTER-SPACING: 0.15pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&#8221;) </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">and respond below to the comments as requested.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 36pt"><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">1.</FONT></B><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">We read your response to comment 4 and we are uncertain how you reasonably concluded you do not have discrete financial information for your construction services business. In this regard, tell us how you are deriving the revenues and expenses of your construction services business. Tell us why the revenues and expenses from your construction services business do not generate actual cash inflows and outflows. In this regard, provide us the relevant journal entries in recording an infrastructure project completed by your construction services business in your response. Show us how you are accounting for the revenues and expenses of the project at each major milestone and cite the relevant authoritative accounting literature to support your accounting.</FONT></B></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 71.25pt"><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">A.</FONT></B><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">General&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Operating segments are presented in our annual report in a manner consistent with the internal reporting provided to the chief operating decision-maker, pursuant to IFRS 8. Under Brazilian GAAP, prior to our conversion to IFRS, the financial information for construction services was not separately presented and construction costs related to concessions were capitalized within property, plant and equipment. As a result, our chief operating decision maker did not review the results of this business. Following our conversion to IFRS, our chief operating decision maker decided to continue to exclude the construction results from the management reporting of our revenues and expenses, thus not basing his decisions on discrete financial information for that business. The characteristics described in paragraph 5(b) of IFRS 8 for separate operating segments are thus not fulfilled for this particular business.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Nonetheless, after our conversion to IFRS and for IFRS consolidation purposes only, we started to record such results separately as construction revenue and costs under IFRIC 12. Although such <FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">information is available discretely, however, it is not analyzed by our chief operating decision-maker as such and is not the basis for operational decisions. </FONT></FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>Diretoria Econ&#244;mico-Financeira e </FONT><FONT><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>de Rela&#231;&#245;es com </FONT><FONT><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>Investidores</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>R. Costa Carvalho, 300 &#8211; Pinheiros &#8211; CEP 05429-900 &#8211; S&#227;o Paulo, SP</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>Tel. (11) 3388-8247 / 8386 &#8211; Fax (11) 3815-4465</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>www.sabesp.com.br</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 71.25pt"><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">B.</FONT></B><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Construction Costs and Revenue </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Our construction revenue, under the scope of IFRIC 12, is recognized and measured based on incurred costs using the percentage of completion method under IAS 11 with a counter entry to intangible assets. Such revenue is determined in an amount equal to the construction costs plus a fee earned. The fee represents the additional margin related to the work performed by us in connection with the construction contracts under which we perform construction services. The intangible asset is then amortized over its useful life as water and sewage services are provided or during the concession period, what occurs first.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Under the percentage of completion method costs are recorded as incurred and due to the tariff structure costs incurred for construction of concession assets are expected to generate future benefits. We thus record the related revenue as costs are incurred under IAS 11. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 42.55pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 71.25pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">C.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Non-cash Characteristics</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 42.55pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">The recording of our construction revenue under IFRS does not relate to actual cash flows but estimates of fair value of the construction services rendered. Cash received as a result of providing water and sewage services is recorded as revenue both under Brazilian GAAP (for internal reporting purposes only) and under IFRS. The accounting of our construction revenues and costs under IFRS is similar to example 2 of IFRIC 12 where the grantor gives the operator an intangible asset, in which case concession construction revenues and costs are recorded, although there are no related cash flows. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Presented below is an illustration of the entries that would be recorded over the life of an asset that was constructed that will be used as part of the concession. For purposes of this illustration, we have assumed a fee of 3 on constructing the property. The entries recorded under Brazilian GAAP are the method the company uses for internal reporting purposes. Under Brazilian GAAP, prior to the adoption of IFRS, concession costs and revenues over the life of the contract are recorded as:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">a) Recognition of concession costs incurred:</FONT></P>

<P style="TEXT-INDENT: -13.9pt; MARGIN: 0cm 0cm 10pt 70.6pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Dr Property, plant and equipment - cost &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100<BR>Cr Accounts Payable &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">b) To depreciate the concession construction costs incurred over the asset life</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Dr Depreciation of property, plant and equipment &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100</FONT></P>

<P style="TEXT-INDENT: 13.9pt; MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Cr Property, plant and equipment (acc. Depreciation)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">c) To record revenues for water and sewage services provided</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Dr Receivables - customers &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250</FONT></P>

<P style="TEXT-INDENT: 13.9pt; MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Cr Revenue for water and sewage services provided &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Under IFRS concession costs and revenues are recorded as:</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">a) To record concession construction costs:</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>Diretoria Econ&#244;mico-Financeira e </FONT><FONT><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>de Rela&#231;&#245;es com </FONT><FONT><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>Investidores</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>R. Costa Carvalho, 300 &#8211; Pinheiros &#8211; CEP 05429-900 &#8211; S&#227;o Paulo, SP</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>Tel. (11) 3388-8247 / 8386 &#8211; Fax (11) 3815-4465</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>www.sabesp.com.br</FONT></P>

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<P style="MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Dr Construction costs- expense&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100</FONT></P>

<P style="TEXT-INDENT: 13.9pt; MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Cr Accounts payable &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">b) To record concession construction revenue during construction of the asset (including a fee of 3):</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Dr Intangible concession asset - cost &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103</FONT></P>

<P style="TEXT-INDENT: 13.9pt; MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Cr Concession construction revenue&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">c) To amortize the intangible concession assets as the underlying assets are utilized:</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Dr Amortization of intangible asset -expense &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103</FONT></P>

<P style="TEXT-INDENT: 13.9pt; MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Cr Intangible concession asset (acc. Amortization) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">d) To record concession revenue for provision of water and sewage services</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Dr Receivable &#8211; customers &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250</FONT></P>

<P style="TEXT-INDENT: 13.9pt; MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Cr Revenue for water and sewage services provided&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Thus the column "Reconciliation to the financial statements&#8221; in footnote 19, Operating segments, reflect the following adjustments made to our internal reporting prepared under Brazilian GAAP to IFRS that is used in the consolidated financial statements. </FONT></P>

<P style="TEXT-INDENT: -13.9pt; MARGIN: 0cm 0cm 10pt 70.6pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">To record construction costs incurred as expenses under IFRIC 12</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Dr Construction costs - expense &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100</FONT></P>

<P style="TEXT-INDENT: 0.3pt; MARGIN: 0cm 0cm 10pt 70.6pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Cr Property, plant and equipment &#8211; cost&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 70.9pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">To record construction revenue under IFRIC 12</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Dr Intangible concession asset - cost &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 70.6pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Cr Construction revenue &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">c) To eliminate depreciation expense </FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Dr Property, plant and equipment (acc. Depreciation) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100</FONT></P>

<P style="TEXT-INDENT: 13.9pt; MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Cr Depreciation of property, plant and equipment&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">d) To recognize amortization of intangible concession asset</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Dr Amortization of intangible asset &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103</FONT></P>

<P style="TEXT-INDENT: 13.9pt; MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Cr Intangible concession asset (acc. Amortization) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103<BR><BR></FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.55pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>Diretoria Econ&#244;mico-Financeira e </FONT><FONT><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>de Rela&#231;&#245;es com </FONT><FONT><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 6.5pt" face=verdana,sans-serif>Investidores</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">As demonstrated above, while journal entries to record construction revenue under IFRS reflect estimates of fair value of the construction services rendered, similar to example 2 under IFRIC 12, journal entries reclassifying such costs as expenses related to construction costs under IFRS do not relate to cash outflows. Cash received as a result of providing water and sewage services is recorded as revenue both under Brazilian GAAP prior to IFRS and under IFRS. Obligations incurred for the construction of property, plant and equipment under Brazilian GAAP prior to IFRS are capitalized as property, plant and equipment. Thus the journal entry reclassifying such costs as expenses related to construction costs under IFRS do not relate to cash outflows. Under Brazilian GAAP and IFRS, the </FONT>cash flow is the same and the net profit over the life of the concession is the same, but their treatment is different during the concession period. What is included in the construction column is not a separate segment, but simply a reconciliation of internal reporting &#8211; Brazilian GAAP - to IFRS. This difference in accounting treatment, in relation to concession accounting, between Brazilian GAAP prior to IFRS and IFRS was described in the IFRS 1 footnote on our initial adoption of IFRS in the financial statements as of and for the year ended December 31, 2009. </FONT></P>

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<P style="MARGIN: 0cm 0cm 12pt"><FONT style="LETTER-SPACING: 0.15pt; FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman">/s/ Rui de Britto Alvares Affonso</FONT></P>

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<P style="MARGIN: 0cm 0cm 12pt"><FONT style="LETTER-SPACING: 0.15pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Name: Rui de Britto Alvares Affonso<BR>Title: &nbsp;&nbsp; Chief Financial Officer and Investor Relations Officer</FONT></P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
