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PBR » Topics » Pag: 107

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

Pag: 107

The international refining cost moved up due to higher costs in the USA caused by the programmed stoppage in the Pasadena refinery, associated with the slide in processed crude volume in 2008.


The international refining cost fell over the 1Q-2008 due to the increase in the volume of processed crude, triggered by the end of the scheduled stoppages in the USA and Argentina.

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

Pag: 107

(A free translation of the original report in Portuguese)

 

FEDERAL PUBLIC SERVICE   
BRAZILIAN SECURITIES COMMISSION (CVM)  
ITR - QUARTERLY INFORMATION - As of - 09/30/2007 Corporate Law 
COMMERCIAL, INDUSTRIAL & OTHER TYPES OF COMPANY   


  •
Other operating expenses (R$ 1.890 million), particularly spending relating to the renegotiation of the Petros Plan (R$ 972 million), institutional relations and corporate projects (R$ 111 million), collective labor agreements (R$ 286 million), Environment, Health and Safety (R$ 105 million), leasing of assets and installations (R$ 166 million), extraordinary revenue in 2006: (a) bonuses received from partnerships with Shell and Esso (R$ 101 million); (b) recovery of the exploration expenses (R$ 57 million); and (c) sale of materials (R$ 40 million).

• Negative impact of R$ 2.332 million on financial income, due to:

  •
Strengthening of the Brazilian Real and gains obtained in short-term investments and transactions between Petrobras and subsidiaries abroad due in foreign exchange variations (R$ 3.058 million)

Part of this impact was offset by:

  •
Financial revenue (R$ 726 million), mainly due to the additional revenues of R$ 533 million generated by the increase in the balances of loans with subsidiaries and by the increase of R$ 292 million in short term investments.

• A decrease of R$ 273 million in shareholdings in subsidiaries, primarily due to foreign exchange losses in converting the net worth of the subsidiaries abroad as a result of the strengthening of the Real in 2007.

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

Pag: 107

  • An increase in the following expenses:
  a
Selling expenses (R$ 163 million), due to the increased volume of exports (R$ 120 million) and off-shore operations (R$ 70 million), offset by the reduction in distribution expenditures (R$ 24 million); 
 
  a
General and administrative expenses (R$ 592 million) from personnel in Brazil (R$ 176 million) and abroad (R$ 26 million), greater expenditure on third-party services (R$ 175 million), especially IT and consulting support services, and new companies in the international segment (R$ 25 million); 
 
  a
Exploration costs (R$ 358 million), notably those incurred abroad (R$ 294 million); 
 
  a
Other operating expenses (R$ 1.806 million), especially from the expenses related to amending the Petros Plan (R$ 1.050 million); increased provisions for judicial contingencies (R$ 125 million); expenditure on safety, health and the environment (R$ 87 million); and the new jobs and salaries plan (R$ 123 million). In 2006; these expenses were reduced by the bonus received from partnerships (R$ 57 million). 

  • A negative impact of R$ 1.421 million on the net financial result, due to:
  a
Losses from monetary and exchange variations (R$ 1.763 million), reflecting the impact of the increased appreciation of the Real in the 1H-2007 and the non-recurring exchange regularization (R$ 321 million) in the same period of 2006; 
 
Part of this impact was offset by: 
 
  a
Increased financial revenues (R$ 311 million) generated by a change in the composition of the portfolio of domestic investments through a substantial reduction in future dollar exchange contracts, and an increase in the amount of foreign currency funds held offshore , which led to an impact on the exchange variation in the financial result. 

  • The above effects were offset by:
  a
An improved result from Equity Income (R$ 122 million), despite the recognition of higher exchange losses from the conversion of foreign subsidiaries’ shareholders equity; 
 
  a
An improved non-operating result (R$ 115 million), due to the sale of investments in Bolivia (R$ 72 million) and Argentina (R$ 20 million); 
 
  a
The fiscal benefit from the provisioning of interest on equity (R$ 746 million). 

EXCERPTS ON THIS PAGE:

6-K
Aug 13, 2008
6-K
Nov 21, 2007
6-K
Aug 21, 2007

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