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PBR » Topics » Page 115

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

Page 115

• 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:

        R$ million     
             
    Jan-Sep/2009    Jan-Sep/2008    Change 
FX Effect on Net Debt    1,279    (57)   1,336 
Monetary Variation on Financing (1)   1,901    (257)   2,158 
Net Financial Expenses    (2,156)   (1,477)   (679)
       
Financial Result on Net Debt    1,024    (1,791)   2,815 
       
FX Effect on Financial Assets abroad via Controlled             
Companies and SPC    (3,955)   1,925    (5,880)
Hedge from commercial operations    (280)   137    (417)
Marketable Securities    615    408    207 
Other Net Financial Income (Expenses)   50    47    3 
Other Net FX and Monetary Variation    (58)   (2)   (56)
       
Net Financial Results    (2,604)   724    (3,328)
       

(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.

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