PBR » Topics » Employee Benefit Expense for Non-Active Participants

This excerpt taken from the PBR 6-K filed Sep 9, 2009.

Employee Benefit Expense for Non-Active Participants

Employee benefit expense for non-active participants consists of financial costs associated with our expected pension and health care costs of retired employees. Our employee benefit expense for non-active participants decreased 24.1% to U.S.$324 million in the first half of 2009 compared to U.S.$427 million in the first half of 2008. Excluding the impact of the depreciation of the Real, the employee benefit expense for non-active participants remained relatively constant during the first half of 2009 compared to the same period of 2008.

This excerpt taken from the PBR 6-K filed Jun 1, 2009.

Employee Benefit Expense for Non-Active Participants

Employee benefit expense for non-active participants consists of financial costs associated with our expected pension and health care costs of retired employees. Our employee benefit expense for non-active participants decreased 20.2% to U.S.$166 million in the three-month period ended March 31, 2009 compared to U.S.$208 million in the three-month period ended March 31, 2008. Excluding the impact of the depreciation of the Real, the employee benefit expense for non-active participants remained relatively constant during the three–month period ended March 31, 2009 compared to the same period of 2008.

This excerpt taken from the PBR 20-F filed May 22, 2009.
Employee Benefit Expense for Non-Active Participants
 
The employee benefit expense for non-active participants consists of financial costs associated with our expected pension and health care costs. Our employee benefit expense for non-active participants decreased 2.7% to U.S.$990 million for 2007 compared to U.S.$1,017 million for 2006. This decrease was primarily attributable to a decrease in employee benefit expense for non-active participants of U.S.$146 million, primarily due to higher expected market return on plan assets during 2007.
 
This excerpt taken from the PBR 6-K filed Mar 30, 2009.

Employee Benefit Expense for Non-Active Participants

Employee benefit expense for non-active participants consists of financial costs associated with our expected pension and health care costs of retired employees. Our employee benefit expense for non-active participants decreased 15.1% to U.S.$841 million for 2008 compared to U.S.$990 million for 2007. The decrease in employee benefit expense for non-active participants was primarily due to an increase in the expected return on plan assets as estimated by actuarial calculations from December 2007.

This excerpt taken from the PBR 6-K filed Nov 28, 2008.

Employee benefit expense for non-active participants

Employee benefit expense for non-active participants consists of financial costs associated with our expected pension and health care costs of retired employees. Our employee benefit expense for non-active participants decreased 11.5% to U.S.$644 million in the nine-month period ended September 30, 2008, compared to U.S.$728 million in the nine-month period ended September 30, 2007. Excluding the impact of the appreciation of the Real, the decrease in employee benefit expense for non-active participants was primarily due to an increase in the expected return on plan assets as estimated by actuarial calculations in December 2007.

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This excerpt taken from the PBR 6-K filed Sep 4, 2008.

Employee benefit expense for non-active participants

The employee benefit expense for non-active participants consists of financial costs associated with our expected pension and health care costs. Our employee benefit expense for non-active participants decreased 8.6% to U.S.$427 million in the first half of 2008, as compared to U.S.$467 million in the first half of 2007. Excluding the impact of the appreciation of the Real, the decrease in employee benefit expense for non-active participants was U.S.$135 million, primarily due to an increase in the expected return on plan assets as a result of anticipated market performance during 2008.

This excerpt taken from the PBR 6-K filed May 22, 2008.

Employee benefit expense for non-active participants

The employee benefit expense for non-active participants consists of financial costs associated with our expected pension and health care costs. Our employee benefit expense for non-active participants decreased 8.0% to U.S.$208 million for the first quarter of 2008, as compared to U.S.$226 million for the first quarter of 2007. Excluding the impact of the appreciation of the Real, the decrease in employee benefit expense for non-active participants was primarily attributable to the U.S.$66 million decrease in the employee benefit expense for non-active participants, primarily due to an increase in the expected return on plan assets as a result of anticipated market performance during 2008.

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This excerpt taken from the PBR 6-K filed Mar 18, 2008.

Employee benefit expense for non-active participants

The employee benefit expense for non-active participants consists of financial costs associated with our expected pension and health care costs. Our employee benefit expense for non-active participants decreased 2.7% to U.S.$990 million for 2007, as compared to U.S.$1,017 million for 2006. This decrease was primarily attributable to the decrease in the employee benefit expense for non-active participants of U.S.$146 million, primarily due to increase in the expected return on plan assets as a result of the anticipated good market performance during 2007.

This excerpt taken from the PBR 6-K filed Nov 29, 2007.

Employee benefit expense for non-active participants

The employee benefit expense for non-active participants consists of financial costs associated with our expected pension and health care costs. Our employee benefit expense for non-active participants decreased 4.7 % to U.S.$ 728 million for the nine-month period ended September 30, 2007, as compared to U.S.$ 764 million for the nine-month period ended September 30, 2006. This decrease was primarily attributable to the increase of U.S.$ 105 million in the expected return on plan assets as a result of the anticipated good market performance during 2007.

This excerpt taken from the PBR 6-K filed Sep 6, 2007.

Employee benefit expense for non-active participants

The employee benefit expense for non-active participants consists of financial costs associated with our expected pension and health care costs. Our employee benefit expense for non-active participants decreased 8.1 % to U.S.$ 467 million for the first half of 2007, as compared to U.S.$ 508 million for the first half of 2006. This decrease was primarily attributable to the increase in the expected return on plan assets as a result of the anticipated good market performance during 2007.

This excerpt taken from the PBR 6-K filed Jun 13, 2007.

Employee benefit expense for non-active participants

The employee benefit expense for non-active participants consists of financial costs associated with expected pension and health care costs. Our employee benefit expense for non-active participants decreased 10.7 % to U.S.$ 226 million for the first quarter of 2007, as compared to U.S.$ 253 million for the first quarter of 2006. This decrease was primarily attributable to the increase of U.S.$ 37 million in the expected return on plan assets regarding the expected good market performance during 2007. This increase was partially offset by the 3.9% increase in the value of the Real against the U.S. dollar in the first quarter of 2007, as compared to the first quarter of 2006.

This excerpt taken from the PBR 6-K filed Nov 28, 2006.

Employee benefit expense for non-active participants

The employee benefit expense consists of financial costs associated with expected pension and health care costs. Our employee benefit expense increased 7.9% to U.S.$ 764 million for the nine-month period ended September 30, 2006, as compared to U.S.$ 708 million for the nine-month period ended September 30, 2005. This increase was primarily attributable to the 12.6% increase in the value of the Real against the U.S. dollar in the nine-month period ended September 30, 2006, as compared to the nine-month period ended September 30, 2005. This increase was partially offset by the decrease of U.S.$ 46 million in the employee benefit expense for non-active participants due to the increase in expected return on plan assets regarding the good market performance during 2005.

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This excerpt taken from the PBR 6-K filed Sep 6, 2006.

Employee benefit expense for non-active participants

The employee benefit expense consists of financial costs associated with expected pension and health care costs. Our employee benefit expense increased 10.9% to U.S.$ 508 million for the first half of 2006, as compared to U.S.$ 458 million for the first half of 2005. This increase was primarily attributable to the 15.0% increase in the value of the Real against the U.S. dollars in the first half of 2006, as compared to the first half of 2005. This increase was partially offset by the decrease of U.S.$ 81 million in the employee benefit expense for non-active participants due to the increase in expected return on plan assets regarding the good market performance during 2005.

This excerpt taken from the PBR 6-K filed Jun 28, 2006.

Employee benefit expense for non-active participants

The employee benefit expense consists of financial costs associated with expected pension and health care costs. Our employee benefit expense increased 31.8% to U.S.$ 253 million for the first quarter of 2006, as compared to U.S.$ 192 million for the first quarter of 2005. This increase in costs was primarily attributable to an increase of U.S.$ 19 million in the annual actuarial calculation of our pension and health care plan liability and to the 17.7% increase in the value of the Real against the U.S. dollars in the first quarter of 2006, as compared to the first quarter of 2005.

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This excerpt taken from the PBR 6-K filed Mar 21, 2006.

Employee benefit expense for non-active participants

The employee benefit expense consists of financial costs associated with expected pension and health care costs. Our employee benefit expense increased 52.9% to U.S.$ 994 million for 2005, as compared to U.S.$ 650 million for 2004. This increase in costs was primarily attributable to an increase of U.S.$ 212 million in the annual actuarial calculation of our pension and health care plan liability and to the 16.8% increase in the value of the Real against the U.S. dollar in 2005, as compared to 2004.

Other taxes

Other taxes, consisting of miscellaneous value-added, transaction and sales taxes, decreased 15.2% to U.S.$ 373 million for 2005, as compared to U.S.$ 440 million for 2004. This decrease was primarily attributable to the decrease of U.S.$ 149 million in the PASEP/COFINS taxes on financial income, due to a reduction to zero in the applicable rate as of August 2, 2004. This decrease was partially offset by the 16.8% increase in the value of the Real against the U.S. dollar in 2005, as compared to 2004.

Other expenses, net

Other expenses, net are primarily composed of gains and losses recorded on sales of fixed assets, general advertising and marketing expenses and certain other non-recurring charges. Other expenses, net increased 123.6% to U.S.$ 899 million for 2005, as compared to U.S.$ 402 million for 2004.

The most significant charges for 2005 were:
  • a U.S.$ 397 million expense for institutional relations and cultural projects;

  • a U.S.$ 255 million loss related to the exchange of assets between us and Repsol that occurred in 2001. See Note 11(c) to our consolidated financial statements for the year ended December 31, 2005; and

  • a U.S.$ 139 million expense for legal liability and contingencies related to pending lawsuits.
The most significant charges for 2004 were:
  • a U.S.$ 262 million expense for institutional relations and cultural projects;

  • a U.S.$ 87 million expense for legal liability and contingencies related to pending lawsuits. See Note 21 to our consolidated financial statements for the year ended December 31, 2005; and

  • a U.S.$ 46 million provision for tax assessments received from the Instituto Nacional de Seguridade Social (National Social Security Institute, or INSS). See Note 21 to our consolidated financial statements for the year ended December 31, 2005.

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Income tax (expense) benefit

Income before income taxes, minority interest, extraordinary item and accounting changes increased 63.3% to U.S.$ 14,592 million for 2005, as compared to U.S.$ 8,935 million for 2004. The income tax expense increased 99.1% to U.S.$ 4,441 million for 2005, as compared to U.S.$ 2,231 million for 2004, primarily due to the increase in income, mentioned above. This increase was partially offset by the additional tax benefits related to interest on shareholders’ equity that amounted to U.S.$ 791million for 2005, as compared to U.S.$ 650 million for 2004.

The reconciliation between the tax calculated based upon statutory tax rates to income tax expense and effective rates is shown in Note 4 to our consolidated financial statements for the year ended December 31, 2005.

Extraordinary gain, net of taxes

We recorded an extraordinary gain, net of taxes, in the amount of U.S.$ 158 million due to the Escalators Liquidation Agreement entered into on December 29, 2005, and effective as from January 1, 2006, related to a contingent purchase price adjustment on the exchange of assets between us and Repsol occurred in 2001. See Note 11(c) to our consolidated financial statements for the year ended December 31, 2005.

This excerpt taken from the PBR 6-K filed Nov 23, 2005.

Employee benefit expense for non-active participants

Employee benefit expense for non-active participants consists of financial costs associated with expected pension and health care costs. Our Employee benefit expense for non-active participants increased 51.3% to U.S.$ 708 million for the nine-month period ended September 30, 2005, as compared to U.S.$ 468 million for the nine-month period ended September 30, 2004. This increase in costs was primarily attributable to an increase of U.S.$ 151 million from the annual actuarial calculation of our pension and health care plan liability; and to the 16.0% increase in the value of the Real against the U.S. dollar in the nine-month period ended September 30, 2005, as compared to the nine-month period ended September 30, 2004.

This excerpt taken from the PBR 6-K filed Aug 25, 2005.

Employee benefit expense for non-active participants

Employee benefit expense for non-active participants consists of financial costs associated with expected pension and health care costs. Our Employee benefit expense for non-active participants increased 46.8% to U.S.$ 458 million for the first half of 2005, as compared to U.S.$ 312 million for the first half of 2004. This increase in costs was primarily attributable to an increase of U.S.$ 97 million from the annual actuarial calculation of our pension and health care plan liability; and to the 13.4% increase in the value of the Real against the U.S. dollar in the first half of 2005, as compared to the first half of 2004.

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