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PBR » Topics » 5. Reconciliation of Consolidated Net Equity Result

This excerpt taken from the PBR 6-K filed May 16, 2005.

5. Reconciliation of Consolidated Net Equity Result

R$ Million 
Shareholders' Equity 
Result
. According to PETROBRAS information as of March 31, 2005  69,371   5,107  
. Profit from sales of products in affiliated company inventories  (285)  (285) 
. Reversal of profits on inventory in previous years  -   185  
. Capitalized interest  (443)  (6) 
. Absorption of negative net worth in affiliated companies (*)  (674)  (6) 
. Other eliminations  (791)  26  
. . According to consolidated information as of March 31, 2005  67,178   5,021  

* As per CVM Instruction No. 247/96, the losses that are considered to be of a non-permanent type (temporary) on investments evaluated by the equity income method, whose invested companies do not show signs of paralysis or need for financial help from the investor company, should be limited to the value of the controlling company’s investment. Therefore, the losses occasioned by unfunded liabilities (negative net equity) of controlled companies did not affect the result and the net equity of Petrobras in 1Q-2005, generating a conciliatory item between the Financial Statements of Petrobras and the Consolidated Financial Statements.

This excerpt taken from the PBR 6-K filed Mar 11, 2005.

5. Reconciliation of Consolidated Net Equity Result

  R$ Million
  Shareholders' Equity Result
. According to PETROBRAS information as of December 31, 2004 64,254  17,754 
. Profit in the sales of products in affiliated inventories (186) (186)
. Reversal of profits on inventory in previous years -  163 
. Capitalized interest (437) (68)
. Absorption of negative net worth in affiliated companies (*) (655) 308 
. Other eliminations (704) (110)
 
. According to consolidated information as of December 31, 2004 62,272  17,861 
 

* As per CVM Instruction No. 247/96 and OFFICIAL CIRCULAR/CVM/SNC/SEP/No. 04/96, the losses that are considered to be of a non-permanent type (temporary) on investments evaluated by the equity income method, whose invested amounts do not present signs of paralysis or need for financial help from the investor, should be limited to the value of the controlling company’s investment. Therefore, the losses occasioned by unfunded liabilities (negative net equity) of controlled companies did not affect the result and the net equity of Petrobras during 2004, generating a conciliatory item between the Financial Statements of Petrobras and the Consolidated Financial Statements.

This excerpt taken from the PBR 6-K filed Feb 28, 2005.

5. Reconciliation of Consolidated Net Equity Result

  R$ Million
  Shareholders' Equity Result
. According to PETROBRAS information as of December 31, 2004 64,254  17,754 
. Profit in the sales of products in affiliated inventories (186) (186)
. Reversal of profits on inventory in previous years -  163 
. Capitalized interest (437) (68)
. Absorption of negative net worth in affiliated companies (*) (655) 308 
. Other eliminations (704) (110)
 
. According to consolidated information as of December 31, 2004 62,272  17,861 
 

* As per CVM Instruction No. 247/96 and OFFICIAL CIRCULAR/CVM/SNC/SEP/No. 04/96, the losses that are considered to be of a non-permanent type (temporary) on investments evaluated by the equity income method, whose invested amounts do not present signs of paralysis or need for financial help from the investor, should be limited to the value of the controlling company’s investment. Therefore, the losses occasioned by unfunded liabilities (negative net equity) of controlled companies did not affect the result and the net equity of Petrobras during 2004, generating a conciliatory item between the Financial Statements of Petrobras and the Consolidated Financial Statements.

EXCERPTS ON THIS PAGE:

6-K
May 16, 2005
6-K
Mar 11, 2005
6-K
Feb 28, 2005

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