This excerpt taken from the PBR 20-F filed May 22, 2009.
PifCos Cash Flow
At December 31, 2008, PifCo had cash and cash equivalents of U.S.$288 million compared to U.S.$675 million at December 31, 2007. PifCos operating activities used net cash of U.S.$9,149 million in 2008 compared to U.S.$5,210 million in 2007, primarily as a result of an increase in related-party trade accounts receivables. This increase was a result of increased sales of crude oil and oil products and services, primarily due to higher average prices of crude oil and oil products in the international market.
PifCos investing activities provided net cash of U.S.$26 million in 2008 compared to U.S.$5,945 million in 2007, primarily as a result of a decrease in the amount of loans to related parties and investments in marketable securities held by a fund that includes investments in titles of Petrobras special purposes companies.
PifCos financing activities provided net cash of U.S.$8,736 million in 2008 compared to
net cash of U.S.$11,319 million in 2007, primarily as a result of a decrease in proceeds from short-term loans from us and a decrease in proceeds from the issuance of long-term debt.