This excerpt taken from the PBR 6-K filed Nov 19, 2009.
Negative impact on the financial result (R$ 3,328 million), due to monetary and exchange losses on net dollar assets and the result of hedge operations, as shown below:
(1) Includes the impact of the monetary variation on national currency financings, linked to the variation in the dollar.
A higher result from investments in associated companies (R$ 80 million) in the petrochemical sector, which more than offset provisions for losses on the investment in the Pasadena refinery and gains from the corporate restructuring of the petrochemical sector investments in 2008.
A negative minority interest impact (R$ 3,288 million), due to exchange gains on the debt of the Special Purpose Companies and subsidiaries.