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This excerpt taken from the PBR 20-F filed May 22, 2009. PifCo’s 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. PifCo’s 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.
PifCo’s 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.
PifCo’s 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.
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