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PBR » Topics » 16 Financial income and expenses

This excerpt taken from the PBR 6-K filed Nov 19, 2009.

16 Financial income and expenses

Financial charges and net monetary and exchange variations, allocated to the statement of income from January to September 2009 and 2008, are presented as follows:

        R$ thousand     
     
    Consolidated    Parent Company 
     
    Jan-Sep 2009    Jan-Sep 2008    Jan-Sep 2009    Jan-Sep 2008 
         
 
Exchange income (expenses) on cash and cash equivalents    (558.097)   263.026    (691.743)   221.106 
Exchange income (expenses) on financing    1.807.074    (325.179)   341.495    (108.491)
Exchange income (expenses) on financial leasing with third parties   29.748    5.445    21.533    (5.445)
         
    1.278.725    (56.708)   (328.715)   107.170 
 
Monetary variation on financing    1.901.126    (257.386)   880.895    (237.040)
 
Financing expenses    (3.089.903)   (2.029.897)   (1.132.111)   (567.198)
Financial leasing expenses    (20.595)   (3.458)   (974)   (3.458)
Earnings on short-term investments    954.678    556.200    363.126    109.473 
Net income from FIDC    -    -    (211.014)   41.493 
         
    (2.155.820)   (1.477.155)   (980.973)   (419.690)
         
Financial expenses on net indebtedness    1.024.031    (1.791.249)   (428.793)   (549.560)
         
 
Exchange variation on assets abroad    (5.307.083)   2.048.447    (8.244.709)   2.591.116 
Exchange variation on financial leasing (subsidiaries)   1.351.832    (123.436)   1.351.832    (123.435)
Hedge on sales and financial operations    (279.697)   136.683    154.044    100.184 
Marketable securities    614.886    407.788    350.930    348.541 
Financial leasing interest – companies of the system    -    -    (1.253.588)   (1.229.467)
Other financial income and expenses, net    49.940    47.483    751.539    750.494 
Other exchange and monetary variations, net    (57.454)   (1.504)   546.120    332.423 
         
Net financial results    (2.603.545)   724.212    (6.772.625)   2.220.296 
         

This excerpt taken from the PBR 6-K filed Aug 18, 2009.

16 Financial income and expenses

Financial charges and net monetary and exchange variations, allocated to the statement of income for the first semester of 2009 and 2008, are presented as follows:

        R$ thousand     
   
    Consolidated    Parent Company 
     
    Jan-Jun/2009     Jan-Jun/2008   Jan-Jun/2009   Jan-Jun/2008
         
 
Exchange income on cash and cash equivalents    (336.321)   (330.243)   (447.592)   (342.592)
Exchange income on financing    1.421.841    384.707    267.066    119.058 
Exchange income on financial leasing with third parties    15.534    10.782    15.534    10.782 
         
    1.101.054    65.246    (164.992)   (212.752)
 
Monetary variation on financing    229.368    (148.047)   215.239    (139.506)
 
Financing expenses    (1.922.450)   (1.228.493)   (698.062)   (330.751)
Financial leasing expenses    (26.356)   (2.637)   (1.051)   (2.637)
Earnings on short-term investments    545.513    363.731    175.522    74.063 
Net income from FIDC            (26.661)   48.109 
         
    (1.403.293)   (867.399)   (550.252)   (211.216)
Debt restructuring expenses                 
 
         
Financial expenses on net indebtedness    (72.871)   (950.200)   (500.005)   (563.474)
         
 
Exchange variation on assets abroad    (4.177.920)   (1.402.938)   (5.889.725)   (2.222.244)
Exchange variation on financial leasing (subsidiaries)   935.480    209.024    935.480    209.024 
Hedge on sales and financial operations    (412.147)   (62.791)   72.874    134.491 
Marketable securities    453.138    447.001    224.034    255.977 
Financial leasing interest - companies of the system            (842.550)   (158.275)
Other financial income and expenses, net    122.510    93.000    719.385    594.961 
Other exchange and monetary variations, net    (157.984)   (203.544)   189.750    (140.100)
         
Net financial results    (3.309.794)   (1.870.448)   (5.090.757)   (1.889.640)
         

This excerpt taken from the PBR 6-K filed Jun 8, 2009.

16 Financial income and expenses

Financial charges and net monetary and exchange variations, allocated to the statement of income for 2009 and 2008, are presented as follows:

    R$ thousand 
   
    Consolidated    Parent company 
     
    Jan-Mar/2009    Jan-Mar/2008    Jan-Mar/2009    Jan-Mar/2008 
         
 
Exchange income (expenses) on cash and cash equivalents    214.269    (11.033)   82.843    (34.929)
Exchange income (expenses) on financing    (55.221)   (32.178)   60.547    (37.501)
Exchange income (expenes) on contractual commitments with                 
transfer of benefits, risks and control of assets with third                 
parties    880    1.319    880    1.319 
         
    159.928    (41.892)   144.270    (71.111)
 
Monetary variation on financing    38.940    (61.330)   38.071    (57.545)
 
Financing expenses    (1.136.105)   (580.655)   (363.741)   (129.141)
Expense with contractual commitments with                 
transfer of benefits, risks and control of assets    (568)   (1.380)   (568)   (1.380)
Earnings on short-term investments    298.310    181.767    68.741    44.652 
Net income (loss) from FIDC            (1.549)   27.470 
         
    (838.363)   (400.268)   (297.117)   (58.399)
Debt restructuring expenses                 
         
 
Financial expenses on net indebtedness    (639.495)   (503.490)   (114.776)   (187.055)
         
 
Exchange variation loss on assets abroad    (471.574)   (128.050)   (730.038)   (211.800)
Exchange variation gain on contractual commitments with                 
transfer of benefits, risks and control of assets with                 
subsidiaries    51.535    34.139    51.535    34.139 
Hedge on sales and financial operations    (13.851)   129.507    51.632    59.391 
Marketable securities    228.838    269.723    108.601    184.007 
Interest on contractual commitments with transfer of benefits,                 
risks and control of assets with companies of the system            (490.059)   (410.199)
Other financial income and expenses, net    189.592    (58.666)   546.398    320.761 
Other exchange and monetary variations, net    (194.418)   20.551    (186.603)   45.810 
         
 
Net financial results    (849.373)   (236.286)   (763.310)   (164.946)
         

This excerpt taken from the PBR 6-K filed Mar 31, 2009.

18 Financial income and expenses

Financial charges and net monetary and exchange variations, allocated to the statement of income for 2008 and 2007, are presented as follows:

    R$ thousand 
   
    Consolidated    Parent company 
     
    2008    2007    2008    2007 
         
 
Exchange income (expenses) on cash and cash equivalents    762.126    (1.198.624)   577.142    (1.284.092)
Exchange income (expenses) on financing    (2.077.211)   510.540    (498.157)   370.294 
Exchange results on contractual commitments with transfer of benefits, risks and controls of assets with third parties    (27.263)       (27.263)    
         
    (1.342.348)   (688.084)   51.722    (913.798)
 
Monetary variation on financing    (321.426)   (109.619)   (279.679)   (102.084)
 
Financing expenses    (3.320.973)   (2.563.653)   (861.695)   (504.332)
Expenditure with contractual commitments with transfer of benefits, risks and controls of assets    (4.489)       (4.489)    
Earnings on short-term investments    755.460    871.332    101.683    477.684 
Net income from FIDC            11.583    4.738 
         
    (2.570.002)   (1.692.321)   (725.918)   (21.910)
Debt restructuring expenses        (112.387)        
 
         
Financial expenses on net indebtedness    (4.233.775)   (2.602.411)   (980.875)   (1.037.792)
         
 
Exchange variation on assets abroad    6.417.693    (2.253.350)   9.329.950    (3.291.327)
Exchange variation on contractual commitments with transfer of benefits, risks and controls of assets with subsidiaries                 
    (1.398.715)       (1.398.715)    
Hedge on sales and financial operations    701.849    (427.840)   30.384    (113.159)
Marketable securities    584.994    416.914    451.465    119.058 
Interest on contractual commitments with transfer of benefits, risks and controls of assets with companies of the group            (1.896.354)    
Other financial income and expenses, net    584.454    941.291    1.108.266    1.581.492 
Other exchange and monetary variations, net    472.285    (95.494)   552.858    (406.728)
 
         
Financial income (expenses), net    3.128.784    (4.020.890)   7.196.979    (3.148.456)
         

96

Table of Contents


This excerpt taken from the PBR 6-K filed Nov 12, 2008.

15 Financial income (expenses)

Financial charges and net monetary and exchange variations, allocated to the statement of income from January to September 2008 and 2007, are as follows:

    R$ thousand 
   
    Consolidated    Parent company 
     
    Jan-Sep 2008    Jan-Sep 2007    Jan-Sep 2008    Jan-Sep 2007 
         
 
Exchange income(expenses) on cash and                 
 cash equivalents    268.219    (1.003.370)   221.106    (1.099.544)
Exchange income (expenses) on loans and                 
 financing    (352.806)   355.167    (108.491)   310.376 
         
    (84.587)   (648.203)   112.615    (789.168)
 
Monetary variation on loans and financing    (257.386)   (34.795)   (237.040)   (30.797)
 
Loans and financing expenses    (1.933.574)   (1.729.499)   (567.198)   (381.615)
Earnings on short-term investments    566.813    716.839    109.480    419.897 
Net earnings on FIDC            41.493     
         
    (1.366.761)   (1.012.660)   (416.225)   38.282 
 
Debt restructuring expenses        (112.387)        
         
 
Expenses on net indebtedness    (1.708.734)   (1.808.045)   (540.650)   (781.683)
         
 
Exchange variation on assets abroad    2.048.447    (1.724.329)   2.591.116    (2.484.570)
Hedge on sales and financial transactions    44.662    (174.028)   63.926    (78.509)
Marketable Securities    111.073    277.929    8.490    30.255 
Other Financial income (expenses), net    38.918    260.749    750.491    1.065.825 
Other monetary and exchange variations,                 
   net    106.856    6.428    396.792    (278.020)
 
         
Financial income (expenses), net    641.222    (3.161.296)   3.270.165    (2.526.702)
         

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

16 Financial income and expenses

Financial charges and net monetary and exchange variation, allocated to the income statement for the years ended 2007 and 2006, are as follows:

    Consolidated    Parent Company 
     
    2007     2006    2007    2006 
         
Financial expenses                 
   Loans and financings    (2.241.815)   (2.996.170)   (504.332)   (593.280)
   Suppliers    (95.161)   (118.668)   (2.188.282)   (1.456.313)
   Capitalized interest    677.993    396.389         
   Restructuring debt expenses    (112.387)   (342.183)        
   Other    (842.639)   (263.326)   (290.904)   (176.869)
         
 
    (3.292.002)   (3.720.347)   (2.983.518)   (2.226.462)
         
Financial income                 
   Short-term investments    871.335    1.005.417    497.069    327.816 
   Marketable securities    416.914    242.511    119.058    354 
   Subsidiaries, affiliated                 
       and jointly - owned companies            3.406.884    2.055.044 
   Advances to suppliers    49.838    59.674    49.838    59.674 
   Advances for pension plan    106.348    70.270    106.348    70.270 
   Other    1.062.108    1.000.921    482.962    525.449 
         
 
    2.506.543    2.378.793    4.662.159    3.038.657 
         
 
Monetary and exchange variations, net    (3.146.547)   9.359    (4.713.938)   (778.277)
         
 
    (3.932.006)   (1.332.195)   (3.035.297)   33.918 
         

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

14. Financial income (expenses)

Financial expenses, financial income and monetary and exchange variation on monetary assets and liabilities, net, allocated to income for the years ended at December 31, 2005, 2004 and 2003 are shown as follows:

    Year ended December 31, 
   
    2005    2004    2003 
       
Financial expenses             
   Loans and financings    (1,135)   (1,055)   (808)
   Capitalized interest    612    267    184 
   Leasing    (98)        (94)   (117)
   Project financings    (334)   (316)   (291)
   Losses on derivative instruments    (103)   (233)   (80)
   Repurchased securities losses    (17)   (137)   - 
   Other    (114)   (165)   (135)
       
    (1,189)   (1,733)   (1,247)
Financial income             
   Investments    337    199    243 
   Advances to suppliers    33    32    36 
   Government securities    90    42    24 
   Gain on fair value hedge    93    553    - 
   Other    157    130    331 
       
    710    956    634 
Monetary and exchange variation             
   Monetary and exchange variation on monetary assets    150    250    (269)
   Monetary and exchange variation on monetary liabilities   98    200    778 
       
    248    450    509 
       
    (231)   (327)   (104)
       

EXCERPTS ON THIS PAGE:

6-K
Nov 19, 2009
6-K
Aug 18, 2009
6-K
Jun 8, 2009
6-K
Mar 31, 2009
6-K
Nov 12, 2008
6-K
Mar 4, 2008
6-K
Mar 21, 2006

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