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This excerpt taken from the PBR 6-K filed Nov 23, 2005. Thermoelectric liabilities The balance of thermoelectric liabilities was U.S.$ 819 million and U.S.$ 1,095 million at September 30, 2005 and December 31, 2004, respectively. These thermoelectric obligations resulted from thermoelectric plants which we consolidated pursuant FIN 46. Certain thermoelectric plants previously consolidated under FIN 46, have been acquired in the nine-month period ended September 30, 2005 and have been accounted for as purchase business combinations pursuant SFAS 141. This excerpt taken from the PBR 6-K filed Nov 23, 2005. 10. Thermoelectric Liabilities The balance of thermoelectric obligations was US$ 819 and US$ 1,095 at September 30, 2005 and December 31, 2004, respectively. On August 13, 2004, the Board of Directors of PETROBRAS approved the financial conditions for the acquisition of 100% interest of Eletrobolt Thermoelectric plant. The documentation for acquisition of Sociedade Fluminense de Energia (SFE), the owner of Eletrobolt, was signed April 29, 2005, thus concluding the process for acquisition of that company. The agreed-upon price of its shares is US$ 65. The Company’s previous investment on Eletrobolt was being accounted for in accordance to FIN 46 and the acquisition was accounted for as a business combination but had no material impact on PETROBRAS’ consolidated accounting records. Due to the immateriality, proforma information has not been presented. 23
10. Thermoelectric Liabilities (Continued) In February, 2005, in order to facilitate the financial restructuring process of Termorio, PETROBRAS acquired the remaining 50% interest of Termorio´s voting capital from NRG for US$ 83 bringing its ownership to 100% of total and voting capital. The Company’s previous investment on Termorio was being accounted for in accordance to FIN 46 and the acquisition was accounted for as a business combination but had no material impact on PETROBRAS’ consolidated accounting records. Due to the immateriality, proforma information has not been presented. On June 24, 2005, PETROBRAS acquired Termoceará Ltda. This is a plant with net generation capacity of 220 MW/h, of the “Merchant” type, for which PETROBRAS executed between 2001 and 2002 a contract with a clause for contingent payments related to taxes, charges and tariffs, operational costs, maintenance and investments (capacity), in case the plant did not generate revenues sufficient to cover these costs. The acquisition price was equal to US$ 137, of which US$ 81 related to the purchase of tangible assets of the thermoelectric plant and US$ 56 was designated to settle of payables to the lenders of the project (BNDES and Eximbank). The excess of amounts paid over fair value of assets acquired is attributable to intangible assets and goodwill. The Company’s previous investment on Termoceará was being accounted for in accordance to FIN 46 and the acquisition was accounted for as a business combination but had no material impact on PETROBRAS’ consolidated accounting records. Due to the immateriality, proforma information has not been presented. 24
This excerpt taken from the PBR 6-K filed Aug 25, 2005. 10. Thermoelectric Liabilities The balance of thermoelectric obligations was US$ 825 and US$ 1,095 at June 30, 2005 and December 31, 2004, respectively. On August 13, 2004, the Board of Directors of PETROBRAS approved the financial conditions for the acquisition of 100% interest of Eletrobolt Thermoelectric plant. The documentation for acquisition of Sociedade Fluminense de Energia (SFE), the owner of Eletrobolt, was signed April 29, 2005, thus concluding the process for acquisition of that company. The agreed-upon price of its shares is US$ 65. The Company’s previous investment on Eletrobolt was being accounted for in accordance to FIN 46 and the acquisition was accounted for as a business combination but had no material impact on PETROBRAS’ consolidated accounting records. Due to the immateriality, proforma information has not been presented. 23 10. Thermoelectric Liabilities (Continued) In February, 2005, in order to facilitate the financial restructuring process of Termorio, PETROBRAS acquired the remaining 50% interest of Termorio´s voting capital from NRG for US$ 83 bringing its ownership to 100% of total and voting capital. The Company’s previous investment on Termorio was being accounted for in accordance to FIN 46 and the acquisition was accounted for as a business combination but had no material impact on PETROBRAS’ consolidated accounting records. Due to the immateriality, proforma information has not been presented. On June 24, 2005, PETROBRAS acquired Termoceará Ltda. This is a plant with net generation capacity of 220 MW/h, of the “Merchant” type, for which PETROBRAS executed between 2001 and 2002 a contract with a clause for contingent payments related to taxes, charges and tariffs, operational costs, maintenance and investments (capacity), in case the plant did not generate revenues sufficient to cover these costs. The acquisition price was equal to US$ 137, of which US$ 81 related to the purchase of tangible assets of the thermoelectric plant and US$ 56 was designated to settle of payables to the lenders of the project (BNDES and Eximbank). The excess of amounts paid over fair value of assets acquired is attributable to intangible assets and goodwill. The Company’s previous investment on Termoceará was being accounted for in accordance to FIN 46 and the acquisition was accounted for as a business combination but had no material impact on PETROBRAS’ consolidated accounting records. Due to the immateriality, proforma information has not been presented. 24 This excerpt taken from the PBR 6-K filed Aug 25, 2005. Thermoelectric liabilities The balance of thermoelectric liabilities was U.S.$ 825 million and U.S.$ 1,095 million at June 30, 2005 and December 31, 2004, respectively. These thermoelectric obligations resulted from thermoelectric plants, both those owned by us and those which we consolidated pursuant FIN 46. Certain thermoelectric plants previously consolidated under FIN 46, have been acquired in the first half of 2005 and have been accounted for as purchase business combinations pursuant SFAS 141. This excerpt taken from the PBR 6-K filed Jun 13, 2005. Thermoelectric liabilities
The balance of thermoelectric liabilities was U.S$ 831 million and U.S.$ 1,095 million at March 31, 2005 and December 31, 2004, respectively. These thermoelectric obligations resulted from thermoelectric plants owned by us, which we consolidated pursuant to FIN 46. All thermoelectric obligations are on balance sheet and accounted for under the line item “Thermoelectric liabilities.”
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