PBR » Topics » 11. Financial Income (Expenses), Net

This excerpt taken from the PBR 6-K filed Sep 10, 2009.

11. Financial Income (Expenses), Net

Financial expenses, financial income and monetary and exchange variation, allocated to income for the six-month periods ended June 30, 2009 and 2008 are as follows:

    Six-month periods 
    ended June 30, 
   
    2009    2008 
     
Financial expenses         
   Loans and financings    (856)   (559)
   Project financings    (159)   (318)
   Leasing    (15)   (26)
   Losses on derivative instruments    (330)   (131)
   Repurchased securities losses    (16)   (18)
   Other    (114)   (247)
     
 
    (1,490)   (1,299)
   Capitalized interest    1,008    845 
     
 
    (482)   (454)
     
Financial income         
   Investments    285    191 
   Marketable securities    221    360 
   Gains on derivative instruments    130    115 
   Clients    50    77 
   Other    136    215 
     
 
    822    958 
     
 
Monetary and exchange variation    (900)   (695)
     
 
    (560)   (191)
     

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Table of Contents

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

11. Financial Income (Expenses), Net

Financial expenses, financial income and monetary and exchange variation, allocated to income for the three-month periods ended March 31, 2009 and 2008 are as follows:

    Three-month periods ended 
March 31, 
   
    2009    2008 
     
Financial expenses         
 Loans and financings    (395)   (257)
 Project financings    (69)   (158)
 Leasing    (8)   (12)
 Capitalized interest    450    390 
 Losses on derivative instruments    (67)   (6)
 Repurchased securities losses    (8)   (9)
 Other    (29)   (57)
     
 
    (126)   (109)
     
Financial income         
 Investments    218    313 
 Gains on derivative instruments    62    58 
 Clients    22    42 
 Advances to suppliers    5   
 Government securities    4    13 
 Other    26   
     
 
    337    441 
     
 
Monetary and exchange variation    (211)   (53)
     
 
    -    279 
     

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This excerpt taken from the PBR 6-K filed Mar 30, 2009.

13. Financial Income (Expenses), Net

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, 2008, 2007 and 2006 are shown as follows:

    Year ended December 31, 
           
    2008       2007    2006 
       
Financial expenses             
   Loans and financings    (1,320)   (1,258)   (1,076)
   Project financings    (314)   (608)   (370)
   Capitalized interest    1,450    1,703    1,001 
   Leasing    (41)   (79)   (105)
   Losses on derivative instruments (Note 20)   (425)   (267)   (481)
   Repurchased securities losses    (35)   (38)   (160)
   Other    (163)   (130)   (149)
       
    (848)   (677)   (1,340)
       
Financial income             
   Investments    639    824    566 
       

83


   Clients    129    231    231 
   Government securities    78    70    79 
   Advances to suppliers    22    26    27 
   Gains on derivative instruments (Note 20)   636    119    38 
   Other    137    280    224 
       
    1,641    1,550    1,165 
       
Monetary and exchange variation    1,584    (1,455)   75 
       
    2,377    (582)   (100)
       

84


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

11. Financial Income (Expenses), Net

Financial expenses, financial income and monetary and exchange variation on monetary assets and liabilities, net, allocated to income for the nine-month periods ended September 30, 2008 and 2007 are as follows:

    Nine-month periods ended 
    September 30, 
   
    2008    2007 
     
Financial expenses         
   Loans and financings    (814)   (798)
   Project financings    (331)   (443)
   Leasing    (36)   (62)
   Capitalized interest    999    967 
   Losses on derivative instruments    (162)   (100)
   Repurchased securities losses    (26)   (29)
   Other    (254)   (110)
     
 
    (624)   (575)
     
Financial income         
   Investments    346    465 
   Marketable securities    109    112 
   Clients    101    58 
   Gains in derivatives    171   
   Advances to suppliers    16    19 
   Government securities    96    36 
   Other    294    145 
     
 
    1,133    835 
     
Monetary and exchange variation on monetary assets and         
 liabilities, net    836    (630)
     
 
    1,345    (370)
     

32


Table of Contents

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

11. Financial Income (Expenses), Net

Financial expenses, financial income and monetary and exchange variation on monetary assets and liabilities, net, allocated to income for the six-month periods ended June 30, 2008 and 2007 are as follows:

    Six-month periods ended 
        June 30, 
     
     2008    2007 
     
Financial expenses         
   Loans and financings    (559)   (523)
   Project financings    (318)   (268)
   Leasing    (26)   (44)
   Capitalized interest    845    590 
   Losses on derivative instruments    (131)   (76)
 Repurchased securities losses    (18)   (20)
   Other    (247)   (119)
     
    (454)   (460)
     
Financial income         
   Investments    191    212 
 Marketable securities    279    110 
   Clients    77    71 
   Gains in derivatives    115    24 
   Advances to suppliers    11    13 
   Government securities    81    23 
   Other    204    220 
     
    958    673 
     
Monetary and exchange variation on monetary assets         
 and liabilities, net    (695)   (313)
     
 
    (191)   (100)
     

34


Table of Contents

This excerpt taken from the PBR 6-K filed Aug 13, 2008.

15 Financial income (expenses), net

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

    R$ thousand
           
    Consolidated    Parent Company 
     
    JAN-JUN/2008   JAN-JUN/2007   JAN-JUN/2008   JAN -JUN/2007
 
Exchange income on cash and cash equivalents    (327.704)   (735.368)   (342.592)   (782.708)
Exchange income on loans and financing    199.612    381.558    119.058    272.383 
               
    (128.092)   (353.810)   (223.534)   (510.325)
 
Monetary variation on loans and financing    (143.541)   12.752    (139.506)   12.734 
 
Loans and financing expenses    (1.055.039)   (1.211.693)   (330.751)   (254.255)
Earnings on short-term investments    357.044    509.559    74.063    290.116 
Earnings on FIDC NP            48.109     
               
    (697.995)   (702.134)   (208.579)   35.861 
 
Debt restructuring expenses        (112.387)        
               
Financial income on net indebtedness    (969.628)   (1.155.579)   (571.619)   (461.730)
               
Exchange variation on assets abroad    (1.402.938)   (1.289.746)   (2.222.243)   (1.583.286)
Hedge on sales and financial transactions    (100.561)   (94.944)   83.556    (63.976)
Marketable securities    168.951    190.863    53.261    100 
Other financial income and expenses, net    65.324    187.083    594.961    657.993 
Other monetary and exchange variations, net    36.692    92.143    (110.814)   (108.778)
               
Financial Income, Net    (2.202.160)   (2.070.180)   (2.172.898)   (1.559.677)
               

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

11. Financial Income (Expenses), Net

Financial expenses, financial income and monetary and exchange variation on monetary assets and liabilities, net, allocated to income for the three-month periods ended March 31, 2008 and 2007 are shown as follows:

    Three-month periods ended 
    March 31, 
   
    2008    2007 
     
Financial expenses         
   Loans and financings    (257)   (279)
   Capitalized interest    390    287 
   Project financings    (158)   (67)
   Leasing    (12)   (22)
   Losses on derivative instruments    (6)   (12)
   Repurchased securities losses    (9)  
   Other    (57)   (13)
     
 
    (109)   (106)
Financial income         
   Investments    313    133 
   (Loss)/ Gain on hedge transactions    58    38 
   Clients    42    28 
   Government securities    13    11 
   Advances to suppliers    6   
   Other    9    90 
     
 
    441    306 
     
Monetary and exchange variation on monetary assets         
 and liabilities, net    (53)   (337)
     
 
    279    (137)
     

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Table of Contents

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

13. Financial Income (Expenses), Net

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, 2007, 2006 and 2005 are shown as follows:

     Year ended December 31, 
   
    2007   2006   2005
       
Financial expenses             
   Loans and financings    (1,258)   (1,076)   (1,135)
   Project financings    (608)   (370)   (334)
   Capitalized interest    1,703   1,001   612
   Leasing    (79)   (105)   (98)
   Losses on derivative instruments    (67)   (481)   (103)
   Repurchased securities losses    (38)   (160)   (17)
   Other    (207)   (149)   (114)
       
    (554)   (1,340)   (1,189)
       
Financial income             
   Investments    824   566   337
   Customers    231   231   84
   Government securities    70   79   90
   Advances to suppliers    26   27   33
   Other    276   262   166
       
    1,427   1,165   710
       
Monetary and exchange variation on monetary             
   assets and liabilities, net    (1,455)   75   248
       
    (582)   (100)   (231)
       

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

11. Financial Income (Expenses), Net

Financial expenses, financial income and monetary and exchange variation on monetary assets and liabilities, net, allocated to income for the nine-month periods ended September 30, 2007 and 2006 are shown as follows:

    Nine-month period ended 

September 30, 

       
    2007   2006 
     
Financial expenses         
   Loans and financings    (798)   (868)
   Capitalized interest    967    724 
   Project financings    (443)   (386)
   Leasing    (62)   (79)
   Repurchased securities losses    (29)   (160)
   Losses on derivatives instruments    (100)   (499)
   Other    (110)   (146)
     
 
    (575)   (1,414)
Financial income         
   Investments    465    466 
   Clients    58    154 
   Government securities    36    70 
   Advances to suppliers    19    21 
   Other    257    219 
     
 
    835    930 
     
Monetary and exchange variation on monetary assets         
 and liabilities, net    (630)   107 
     
 
    (370)   (377)
     
     

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Table of Contents

This excerpt taken from the PBR 6-K filed Nov 21, 2007.

14. FINANCIAL INCOME (EXPENSES), NET

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

    R$ thousand 
   
    Consolidated    Parent Company 
     
    JAN-SEP/2007    JAN-SEP/2006    JAN-SEP/2007    JAN-SEP/2006 
         
Financial expenses                 
Loans and financings    (2.268.953)   (2.611.408)   (381.616)   (461.820)
Suppliers    (91.147)   (111.760)   (1.534.972)   (1.046.551)
Capitalized interests    539.454    214.978         
Others    (551.533)   (607.206)   (168.558)   (151.126)
         
    (2.372.179)   (3.115.396)   (2.085.146)   (1.659.497)
         
Financial revenue                 
Short Term Investments    716.839    699.999    419.898    129.439 
Subsidiaries, joint subsidiaries                 
   and associated companies        103    2.489.356    1.446.371 
Advances to suppliers    38.418    45.442    38.417    45.442 
Advances for pension plan    55.994    52.610    55.994    52.610 
Others    879.040    892.802    215.844    394.200 
         
    1.690.291    1.690.956    3.219.509    2.068.062 
         
Monetary and exchange                 
 variation, Net    (2.400.899)   164.853    (3.582.556)   (524.885)
         
    (3.082.787)   (1.259.587)   (2.448.193)   (116.320)
         

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

8. Financial Income (Expenses), Net

Financial expenses, financial income and monetary and exchange variation on monetary assets and liabilities, net, allocated to income for the six-month periods ended June 30, 2007 and 2006 are shown as follows:

    Six-month period ended June 30, 
   
    2007    2006 
     
Financial expenses         
   Loans and financings    (523)   (544)
   Capitalized interest    590    460 
   Project financings    (268)   (213)
   Leasing    (44)   (56)
   Losses on derivatives instruments    (76)   (499)
   Other    (139)   (44)
     
 
    (460)   (896)
 
Financial income         
   Investments    322    102 
   Clients    71    114 
   Government securities    23    54 
   Advances to suppliers    13    14 
   Other    244    117 
     
 
    673    401 
     
Monetary and exchange variation on monetary assets and liabilities, net    (313)   159 
     
    (100)   (336)
     

26


Table of Contents

This excerpt taken from the PBR 6-K filed Aug 21, 2007.

14. FINANCIAL INCOME (EXPENSES), NET

Financial charges and net monetary and exchange variation, allocated to the income statement for the first half of 2007 and 2006, are shown as follows:

    R$ thousand 
   
    Consolidated    Parent Company 
     
    JAN-JUN/2007    JAN-JUN/2006    JAN-JUN/2007    JAN-JUN/2006 
         
Financial expenses                 
   Loans and financing    (1.588.867)   (1.733.845)   (254.255)   (304.444)
   Suppliers    (45.039)   (59.625)   (944.812)   (633.390)
   Capitalized interest    377.175    118.960         
   Other    (394.648)   (144.068)   (124.287)   (50.595)
         
    (1.651.379)   (1.818.578)   (1.323.354)   (988.429)
         
Financial revenue                 
   Short Term Investments    509.559    332.320    290.116    (176.094)
 Subsidiaries, joint subsidiaries                 
and associated companies            1.554.967    879.262 
   Advances to suppliers    26.060    30.509    26.060    30.509 
   Advances for pension plan    36.674    34.200    36.674    34.200 
   Other    574.870    574.973    109.496    310.107 
         
    1.147.163    972.002    2.017.313    1.077.984 
         
Monetary and exchange                 
variation, Net    (1.501.987)   261.397    (2.189.660)   (502.876)
         
    (2.006.203)   (585.179)   (1.495.701)   (413.321)
         

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

8. Financial Income (Expenses), Net

Financial expenses, financial income and monetary and exchange variation on monetary assets and liabilities, net, allocated to income for the three-month periods ended March 31, 2007 and 2006 are shown as follows:

    Three-month period ended
March 31,
 
   
    2007   2006
     
Financial expenses         
   Loans and financings    (291)   (289)
   Capitalized interest    287    219 
   Project financings    (67)   (98)
   Leasing    (22)   (28)
   Other    (13)   (35)
     
 
    (106)   (231)
 
Financial income         
   Investments    133    (15)
   (Loss)/ Gain on hedge transactions    38    (328)
   Clients    28    59 
   Government securities    11    11 
   Advances to suppliers    6   
   Other    90    74 
     
 
    306    (192)
     
Monetary and exchange variation on monetary assets and liabilities, net    (337)   112 
     
    (137)   (311)
     

This excerpt taken from the PBR 6-K filed Jun 8, 2007.

14. FINANCIAL INCOME (EXPENSES), NET

Financial charges and net monetary and exchange variation, allocated to income statement for the first quarter of 2007 and 2006, are shown as follows:

    R$ thousand 
   
    Consolidated    Parent Company 
     
    JAN-MAR/2007    JAN-MAR/2006    JAN-MAR/2007    JAN-MAR/2006 
         
Financial expenses                 
   Loans and financing    (806.328)   (843.097)   (130.280)   (150.726)
   Suppliers    (9.879)   (10.347)   (443.592)   (301.475)
   Capitalized interest    156.745    44.053         
   Other    (223.731)   (274.894)   (14.830)   (36.298)
         
    (883.193)   (1.084.285)   (588.702)   (488.499)
         
Financial revenue                 
   Interest-earning bank deposits    258.497    (10.668)   137.572    (243.834)
 Subsidiaries, joint subsidiaries                 
and associated companies            727.130    396.269 
   Advances to suppliers    13.389    15.419    13.389    15.419 
   Advances for pension plan    18.361    21.682    18.361    21.682 
   Other    378.991    344.147    74.363    112.543 
         
    669.238    370.580    970.815    302.079 
         
Monetary and exchange                
variation,                 
   Net    (736.143)   269.835    (972.097)   (492.859)
         
    (950.098)   (443.870)   (589.984)   (679.279)
         

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