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PBR » Topics » Page 103

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

Page 103

Petrobras Distribuidora is in a short position in exchange futures rates through NDFs on the Brazilian over-the-counter market. The hedge is contracted concomitantly with the definition of the cost of the exported products, thus fixing and guaranteeing the trading margin. The Company's policy is to contract hedge up to the maximum of 100% of the volume exported.

In the period from January to June 2009 operations were contracted in the amount of US$ 139.18 million. The volume of hedge executed for exports represented 67,5% of the total exported by the company. The settlements of the operations that matured between January 1 and June 30, 2009 generated a positive result for the Company of R$ 12.110 thousand.

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

Page: 103

    Parent company 
   
    Notional value in the thousands of bbl*    Fair value R$ thousand**    Maturity 
       
    03.31.2009    12.31.2008    03.31.2009    12.31.2008     
           
 
Futures contracts    411    (661)   350    26.606    2009 
           
Purchase commitments    9.095    158             
Sale commitments    (8.684)   (819)            
 
Options contracts    (3.650)       (4.012)       2009 
           
 
Purchase    (1.300)       (3.357)        
           
 Bidding position    1.300    220             
 Short sale    (2.600)   (220)            
 
Sale    (2.350)       (655)        
           
 Bidding position    1.800    320             
 Short sale    (4.150)   (320)            
 
Forward contracts    (168)   (600)   5.381    9.921    2009 
           
Long position    491    978             
Short position    (659)   (1.578)            
 
Total recorded in other current assets            1.718    36.527     
           
 
*   A negative notional value represents a short position 
**   Negative fair values were recorded in liabilities and positive fair values in assets. 

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

Page 103

  • Adjustments to present value of assets and liabilities derived from long-term operations and from relevant short-term operations. The Company already discloses the effects of adjustments to present value of financing, calculated at current market rates.

  • Creation of the heading “Equity Evaluation Adjustment” in Shareholders’ Equity, when the balancing items of increases and decreases in value attributed to assets and liabilities are not calculated in income for the year on the accrual basis, as a result of their evaluation at market value.
b
Investments in affiliated companies where there is significant influence over their management, or an interest of 20% (twenty percent) or more in the voting capital, in subsidiaries and in other companies in the same group or that are under common control, will be appraised by the equity method.
 
c
Property, plant and equipment and recognition of debt in relation to expenditure on leasing. The Company already discloses these effects, including the amounts of depreciation, in a specific Note.
 
d Tax incentives derived from donations or government investment subsidies will no longer be classified as Capital Reserve, but will be recorded in income for the year. Company Management may allocate the portion of the net income derived from these incentives to a Revenue Reserve, which may be excluded from the calculation base for the mandatory dividend.
 
e Interests participation of debenture holders, employees and directors, even in the form of financial instruments, and of employees' welfare or pension funds, that are not classified as expense, shall not be included in the statement of income for the year.
 
f
The balances of revaluation reserves may be reversed, optionally, to the end of 2008.

The Company's Board of Directors is evaluating the effects that the above changes might have on the shareholders' equity and the 2008 results, and will take into consideration the guidelines and definitions to be issued by the regulatory bodies. At present, Management does not feel that it is in a position to calculate the effects of these changes on the income and shareholders' equity for the year ended December 31, 2007.

EXCERPTS ON THIS PAGE:

6-K
Aug 18, 2009
6-K
Jun 8, 2009
6-K
Mar 4, 2008

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