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PBR » Topics » Page 119

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

Page 119

• Negative impact on the financial result (R$ 1,440 million) due to the increase in financing volume over 2008 and the impact of the dollar appreciation on foreign debt, in addition to higher exchange-rate losses on foreign investments due to the appreciation of the Real in the 1H-2009, as shown below:

    R$ millions 
   
    1H-2009    1H-2008    Change 
FX Effect on Net Debt    1,101    66    1,035 
Monetary Variation on Financing    229    (148)   377 
Net Financial Expenses    (1,403)   (867)   (536)
       
Financial Result on Net Debt    (73)   (949)   876 
       
FX Effect on Financial Assets abroad via Controlled             
Companies and SPC    (3,243)   (1,193)   (2,050)
Hedge from commercial operations    (413)   (63)   (350)
Marketable Securities    453    447    6 
Other Net Financial Income (Expenses)   123    93    30 
Other Net FX and Monetary Variation    (157)   (205)   48 
       
Net Financial Results    (3,310)   (1,870)   (1,440)
       

• The decline in equity income (R$ 538 million) due to gains from the change in equity interests resulting from the corporate restructuring in 2008 (R$ 409 million). In 2009, the positive result from the petrochemical sector and other subsidiaries, in addition to reducing goodwill amortizations, offset provisions for losses on the acquisition of a 50% interest in the Pasadena refinery and Trading Company (USA) for a judicially arbitrated price (R$ 341 million).

• A negative minority interest impact (R$ 1,768 million), due to the result from the Special Purpose Companies caused by the impact of the exchange variation on their debt.

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

Page: 119

 
21.01 - SPECIAL REVIEW REPORT - 
 

To
The Board of Directors and Shareholders of Petróleo Brasileiro S.A. - Petrobras Rio de Janeiro - RJ

1.  We have reviewed the accounting information included in the Quarterly Information - ITR (Parent Company and Consolidated) of Petróleo Brasileiro S.A. - Petrobras (“the Company”)and its subsidiaries for the quarter ended March 31, 2009, comprising the balance sheet and the related statements of income, changes in shareholders’ equity, cash flows, added value, the footnotes and the management report, which are the responsibility of its management. 
 
2.  Our review was performed in accordance with the review standards established by the IBRACON - Brazilian Institute of Independent Accountants and the Federal Council of Accountancy - CFC, which comprised, mainly: (a) inquiry and discussion with management responsible for the accounting, financial and operational areas of the Company and its subsidiaries, regarding the main criteria adopted in the preparation of the Quarterly Information; and (b) review of the information and subsequent events, which have, or may have, a material effect on the financial position and operations of the Company and its subsidiaries. 
 
3.  Based on our review, we are not aware of any material change that should be made to the accounting information included in the Quarterly Information referred to above, for them to be in accordance with accounting practices adopted in Brazil and regulations issued by the Brazilian Securities Exchange Commission (CVM), specifically applicable to the preparation of the Quarterly Information. 
 
4.  Our review was performed with the objective of issuing a review report on the accounting information included in the Quarterly Information referred to in the first paragraph, taken as a whole. The statement of segment information for the quarter ended March 31, 2009, represents supplementary information to the Quarterly Information, is not required by the accounting practices adopted in Brazil and is being presented to facilitate additional analysis. This supplementary information was subject to the same review procedures as applied to the Quarterly Information and, based on our review, we are not aware of any material change that should be made for it to be adequately presented in relation to the Quarterly Information referred to in the first paragraph, taken as a whole. 

EXCERPTS ON THIS PAGE:

6-K
Aug 18, 2009
6-K
Jun 8, 2009

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