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This excerpt taken from the PBR 20-F filed May 22, 2009. Fair
Value
Fair values
are derived either from quoted market prices available, or, in
their absence, the present value of expected cash flows. The
fair values reflect the cash that would have been received or
paid if the instruments were settled at year end. Fair values of
cash and cash equivalents, trade receivables, short-term debt
and trade payables approximate their carrying values.
Table of Contents
Petrobras
International Finance Company and Subsidiaries
(A
wholly-owned subsidiary of Petróleo Brasileiro S.A. -
Petrobras)
Notes
to the Consolidated Financial Statements (Continued)
(In
thousand of U.S. dollars)
Fair
Value (Continued)
At
December 31, 2008 and December 31, 2007 the
Company’s long-term debt was US$5,883,376 and US$5,186,789
respectively, and had estimated fair values of approximately
US$5,915,000 and US$5,625,000, respectively.
The
Company’s long-term asset related to the export prepayment
program was US$331,450 and US$710,925 at December 31, 2008
and December 31, 2007, and had fair values of US$335,100
and US$714,400, respectively.
The
disclosure requirements of SFAS No. 157 and FSP
FAS 157-2
were applied to the Company’s derivative instruments and
certain marketable securities recognized in accordance with
SFAS-115.
The
Company’s commodities derivatives and marketable securities
fair values were recognized in accordance with exchanged quoted
prices as the balance sheet date for identical assets and
liabilities in active markets, and, therefore, were classified
as level 1.
The fair
values of cross currency swaps were calculated using observable
interest rates in JPY and USD for the full term of the
contracts, and, therefore, were classified as level 2.
The fair
value hierarchy for our financial assets and liability accounted
for at fair value on a recurring basis at December 31,
2008, was:
Petrobras is
responsible for contracting and maintaining cargo and civil
liability insurance. On December 31, 2008 and 2007 PifCo
had insurance coverage for assets physical loss or damage
pursuit to Petrobras insurance policy and in accordance to its
activities.
The
assumptions of risk adopted, given their nature, are not part of
the scope of an audit of financial statements and, accordingly,
they were not examined by our independent auditors.
This excerpt taken from the PBR 6-K filed Mar 30, 2009. (b) Fair value Fair values are derived either from quoted market prices where available, or, in their absence, the present value of expected cash flows. Fair values reflect the cash that would have been either received or paid if the instruments were settled at year end in an arms length transaction between willing parties. Fair values of cash and cash equivalents, trade receivables, the Petroleum and Alcohol account, short-term debt and trade payables approximate their carrying values. The fair values of other long-term receivables and payables do not differ materially from their carrying values. The Company’s debt including project financing obligations, resulting from FIN 46(R) consolidation amounted to US$21,046 at December 31, 2008, and US$16,734 at December 31, 2007, and had estimated fair values of US$20,032 and US$17,845, respectively. 154 The fair value hierarchy for the Company’s financial assets and liabilities accounted for at fair value on a recurring basis at December 31, 2008, was:
155
This excerpt taken from the PBR 6-K filed Nov 12, 2008. b) Fair value The fair value of financial instruments is derived either from quoted market prices, when available, or, in their absence, the present value of expected cash flows. Fair values of cash and cash equivalents, trade receivables, short-term debt and trade payables closely approximate their book values. The fair values of the Company’s available-for-sale government securities and other long-term assets and liabilities do not differ materially from their book values. This excerpt taken from the PBR 6-K filed Aug 13, 2008. b) Fair value Fair values are derived either from quoted market prices where available, or, in their absence, the present value of expected cash flows. Fair values of cash and cash equivalents, trade receivables, short-term debt and trade payables approximate their book values. The fair value for the Company’s available-for-sale government securities and other long-term assets and liabilities do not differ materially from their book values. This excerpt taken from the PBR 6-K filed Mar 4, 2008. (b) Fair value Fair values are derived either from quoted market prices where available, or, in their absence, the present value of expected cash flows. Fair values of cash and cash equivalents, trade receivables, short-term debt and trade payables approximate their carrying values. The fair value for the Company’s available-for-sale government securities and other long-term assets and liabilities do not differ materially from their carrying values. This excerpt taken from the PBR 6-K filed Apr 10, 2007. (b) Fair value Fair values are derived either from quoted market prices where available, or, in their absence, the present value of expected cash flows. Fair values reflect the cash that would have been either received or paid if the instruments were settled at year end in an arms length transaction between willing parties. Fair values of cash and cash equivalents, trade receivables, the Petroleum and Alcohol account, short-term debt and trade payables approximate their carrying values. The fair value for the Company’s available-for-sale government securities equals their carrying value. 114 22. Financial Instruments (Continued) (b) Fair value (Continued) The fair values of other long-term receivables and payables do not differ materially from their carrying values. The Company’s debt including project financing obligations, resulting from FIN 46(R) consolidation amounted to US$14,702 at December 31, 2006 and US$15,132 at December 31, 2005 and had estimated fair values of US$13,984 and U$15,239, respectively. This excerpt taken from the PBR 6-K filed Mar 21, 2006. (b) Fair value Fair values are derived either from quoted market prices where available, or, in their absence, the present value of expected cash flows. The fair values reflect the cash that would have been received or paid if the instruments were settled at year end. Fair values of cash and cash equivalents, trade receivables, the Petroleum and Alcohol account, short-term debt and trade payables approximate their carrying values. The fair value for the Company’s available for sale government securities equals their carrying value. The fair values of other long-term receivables and payables do not differ materially from their carrying values. 118 24. Financial instruments (Continued) (b) Fair value (Continued) The Company’s debt including project financing obligations, resulting from FIN 46 consolidation amounted to US$ 15,132 at December 31, 2005 and US$ 16,544 at December 31, 2004 and had estimated fair values of US$ 15,239 and U$ 17,195, respectively. | EXCERPTS ON THIS PAGE:
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