PBR » Topics » Plan assets

This excerpt taken from the PBR 20-F filed May 22, 2009.
Plan assets (Continued)
 
Plan assets include the following securities of related parties:
 
                 
    As of December 31,
    2008   2007
 
Petrobras common shares
    134       405  
Petrobras preferred shares
    219       602  
Government controlled companies
    112       129  
Government securities
    5,712       6,806  
Securities of other related parties
    103       172  
                 
      6,280       8,114  
                 
 
The Petros Plan has 43% of its investments in government bonds, of which 94% are represented by NTN-B, which through entailment with the Department of Supplementary Pensions, will be held until maturity.
 
(c)   Petrobras Internacional Braspetro B.V. - PIB BV
 
  •   Petrobras Energía S.A. - PEPSA (including PESA)
 
This excerpt taken from the PBR 6-K filed Mar 30, 2009.

Plan assets

Plan assets are invested primarily in government securities, investment funds, equity instruments and properties.

The table below describes the types of plan assets:

        As of December 31,     
   
    2008    2007 
     
    Defined-    Variable    Defined-    Variable 
    Benefits    Contribution    Benefits    Contribution 
         
Government securities    43%    -    41%   
Investments funds    38%    92%    33%    100% 
Equity instruments    12%    8%    20%   
Other    7%    -    6%   
         
    100%    100%    100%    100% 
         

99


Petros provided certain financing for the continued development of the Albacora oil and gas field located in the Campos basin, that is classified as securities of other related parties (see Note 14).

The investment portfolio of the Petros Plan and Petros 2 at December 31, 2008 was composed of: 70% of fixed income, with expected profitability of 7.37% p.a.; 24% of variable income, with expected profitability of 6% p.a.; and 6% of other investments (transactions with members, real estate and infrastructure projects), with expected profitability of 8% p.a., which resulted in an average interest rate of 7.02% p.a.

100


16. Employees’ Postretirement Benefits and Other Benefits (Continued)

(b) Pension plan - Fundação Petrobras de Seguridade Social - Petros (Continued)

Plan assets (Continued)

Plan assets include the following securities of related parties:

    As of December 31, 
   
    2008    2007 
     
 
Petrobras common shares    134    405 
Petrobras preferred shares    219    602 
Government controlled companies    112    129 
Government securities    5,712    6,806 
Securities of other related parties    103    172 
     
    6,280    8,114 
     

The Petros Plan has 43% of its investments in government bonds, of which 94% are represented by NTN-B, which through entailment with the Department of Supplementary Pensions, will be held until maturity.

This excerpt taken from the PBR 6-K filed Apr 10, 2007.

Plan assets

Plan assets are invested primarily in government securities, investment funds, equity instruments and properties.

The table below describes the types of plan assets:

    As of December 31, 
   
    2006    2005 
     
 
Government securities    44%    45% 
Investments funds    27%    26% 
Equity instruments    20%    18% 
Other    9%    11% 
     
    100%    100% 
     

Plan assets include the following securities of related parties:

    As of December 31, 
   
    2006    2005 
     
 
Petrobras common shares    304    178 
Petrobras preferred shares    429    343 
Government controlled companies    54    14 
Government securities    4,952    3,899 
Securities of other related parties    171    183 
     
    5,910    4,617 
     

PETROS provided certain financing for the continued development of the Albacora oil and gas field located in the Campos basin, that is classified as securities of other related parties (see Note 14).

63


Table of Contents

16. Employees’ Post-retirement Benefits and Other Benefits (Continued)

(b) Pension plan - Fundação Petrobras de Seguridade Social – PETROS (Continued)

Plan assets (Continued)

The Company uses 6.19% as the expected long-term rate of return over inflation on PETROS’ assets. The PETROS’ portfolio of investments as of December 31, 2006 was comprised of 71% securities, 44% of which were held-to-maturity government securities that earn interest at 6% annually plus the IPCA (Consumer Price Index) variation and 27% of which were Investments Funds that earn interest approximate to the CDI (Certificado de Depósito Interbancário, or Interbank Deposit Certificate), which has been yielding more than 6% annually. Thus, the Company considers a 6.19% long term interest rate appropriate to calculate the expected return on assets, as such aligns with the composition of the PETROS’ asset portfolio.

PETROS has a significant volume of investments in government securities, mainly NTN-B bonds, which by an agreement with the Supplementary Social Security Department will be held-to-maturity being recorded at fair value, for which a net present adjustment was required. Thus, the percentage of assets allocated in this investment will remain the same over the short term.

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki