Annual Report on Form 20-F 2008 - Petrobras

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Petrobras International Finance Company and Subsidiaries (A wholly-owned subsidiary of Petróleo Brasileiro S.A. - Petrobras) Notes to the Consolidated Financial Statements (Continued) (In thousand of U.S. dollars) 5. Related Parties Petrobras International Petróleo Brasileiro Braspetro B.V. - PIB BV Downstream Participações S.A. -Petrobras and its subsidiaries S.A.and its subsidiaries Other 2008 2007 Current assets Marketable securities (iv) - - - 2,598,764 2,598,764 407,564 Accounts receivable, principally for sales (i) e (vi) 23,102,681 84,603 967,425 366 24,155,075 14,885,575 Notes receivable (v) - 1,145,315 - 7,312 1,152,627 9,673,301 Export prepayment 100,039 - - 315,804 415,843 72,496 Other - 1,822 - - 1,822 1,453 Investments in non-consolidated company - - - 3 3 - Other assets Marketable securities (iv) - - - 1,999,760 1,999,760 3,568,055 Notes receivable - 412,127 - - 412,127 279,574 Export prepayment 331,450 - - - 331,450 710,925 Current liabilities Trade accounts payable 1,570,908 89,792 51,370 - 1,712,070 1,686,479 Notes payable (ii) e (v) 25,352,728 - - - 25,352,728 23,977,731 Other 235 235 - Long-term liabilities Notes payable - - Statement of operations 2006 Sales of crude oil and oil products and services 19,040,201 2,023,065 2,708,788 25,250 23,797,304 14,679,385 14,236,511 Purchases (iii) (11,660,028) (2,184,855) (586,289) - (14,431,172) (8,874,800) (8,121,994) Selling, general and administrative expenses (294,080) (47,570) - (18) (341,668) (182,424) (189,667) Financial income 1,470,424 92,956 57,375 36,776 1,657,531 1,699,307 999,204 Financial expense (1,319,102) (30,719) (122) (3,118) (1,353,061) (1,588,246) (722,434) Equity in results of non-consolidated company - - - (2) (2) - - Commercial operations between PifCo and its subsidiaries and affiliated companies are carried out under normal market conditions and at commercial prices, except for the sales of oil and oil products to Petrobras, which have an extended settlement period consistent with PifCo’s formation as a financing entity, and include finance charges accrued during the extended payment period. Certain affiliates of PifCo and PFL, which are subsidiaries of Petrobras, serve as agents in connection with export sales to certain customers under the export prepayment program. Those transactions have been classified as related party transactions for purposes of these financial statements. The transactions were realized to support the financial and operational strategy of the Company's Parent Company, Petróleo Brasileiro S.A. - Petrobras. (i) Accounts receivable from related parties relate principally to crude oil sales made by the Company to Petrobras, with extended payment terms of up to 330 days. (ii) Current Liabilities - Notes payable relate to loans executed between the Company and Petrobras. The annual interest is 5.86%. (iii) Purchases from related parties are presented in the cost of sales section of the statement of operations. (iv) See Note (4). (v) PifCo has authorized, in January 2008, to transfer to Braspetro Oil Services Company - Brasoil its notes receivable contracts in the total amount of US$ 8,203,289 in which Petrobras International Braspetro B.V. - PIB BV, Petrobras Netherlands B.V. - PNBV and Agri Development B.V. - AGRI B.V. are counterparts. Accordingly, it was recommended to Brasoil the assumption of obligations in the exact amount of the notes receivable contracts payment that PifCo holds with Petrobras. In July 2008, PifCo has authorized to transfer to Braspetro Oil Services Company – Brasoil its notes receivable contracts in the total amount of US$ 28,010 in which Petrobras Netherlands B.V. - PNBV is counterpart. Accordingly, it was recommended to Brasoil the assumption of obligations in the exact amount of the notes receivable contracts payment that PifCo holds with Petrobras. (vi)Unearned income in connection with finance charges accrued during the extended payment period on commercial operations granted by PifCo to related parties are presented as assets under accounts receivable - related parties. F-168
Petrobras International Finance Company and Subsidiaries (A wholly-owned subsidiary of Petróleo Brasileiro S.A. - Petrobras) Notes to the Consolidated Financial Statements (Continued) (In thousand of U.S. dollars) 6. Inventories 2008 2007 Crude oil 733,161 816,127 Oil products 331,827 408,508 LNG 72,191 - 1,137,179 1,224,635 Inventory is stated at the lower of cost or market. At December 31, 2008 the inventory was reduced in US$ 144,866 (see Note 9), due to the recently declines in the oil international market prices, which was classified as other operating expenses in the statement of operations. The Company adopted the realizable value for inventory impairment purposes. 7. Restricted Deposits and Guarantees PifCo has restricted deposits with financial institutions that are required as a result of contractual obligations in financing arrangements. The amount classified in noncurrent assets is comprised of deposits: (i) US$ 38,250 related to issuances of senior notes in the total amount of US$ 600,000. The guarantees related to the financings will be maintained through maturity of such financings, and are required per the related debt agreement; and (ii) in accordance with the Deposit, Pledge and Indemnity Agreement of April 29, 2005, PifCo has guaranteed the debt of SFE – Sociedade Fluminense de Energia Ltda., a subsidiary of Petrobras. In accordance with the terms of this guarantee, PifCo has deposited US$ 95,949 in an escrow account, such amount to be used to satisfy Sociedade Fluminense de Energia debts in the event of default. F-169
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Pre-salt reservoir Annual</
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TABLEOFCONTENTS Page ForwardLooking
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Item16A. Item16B. Item16C. Item16D.
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Thecrudeoilandnaturalgasreservedata
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Presaltreservoir...................
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ABBREVIATIONS bbl .................
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Since December 31, 2008, PifCo has
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INCOMESTATEMENTDATA—PETROBRAS Fo
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ExchangeRates Subject to certain p
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drilling operations to be curtailed
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Natural gas demand is also influenc
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Our own financialcondition and resu
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Developments and the perception of
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were incorporated in a jurisdiction
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companies established in Brazil and
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Thefollowingtablessetforthourestima
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See Item 5. “Operating and Financ
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Thefollowingmapshowsourconcessionar
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On December 31, 2008, we held explo
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The following table describes our p
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totalrefiningcapacityandwesupplieda
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Thefollowingtableshowsourmostsignif
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Thetablebelowshowsouroperatingfleet
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Our fertilizer plants in Bahia and
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GasandEnergyKeyStatistics 2008 200
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Equity Participation in Distributio
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and we guarantee delivery of the co
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As part of this national trend, we
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Renewable Energy and Reduction of G
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In 2008, our net production outside
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Tusan block. The discovery is not c
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inPasadena,Texas.InOctober2008,anar
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ports'locations, this process may b
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Property,PlantsandEquipment Petrobr
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Espadarte, Jubarte, Peroá and Golf
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We continue to evaluate and develop
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Our revenuesare principallyderived
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years: Thetablebelowshowstheamountb
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ImpairmentofOilandGasProperties For
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millionfor2008comparedtoU.S.$5,888m
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Corporate Our Corporate segment inc
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ResearchandDevelopmentExpenses Rese
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higher transfer prices to our other
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management, central administrative
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Management's Discussion and Analysi
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SalesofCrudeOilandOilProductsandSer
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fundsraisedbyPifCothroughtheissuanc
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PifCo'sShortTermBorrowings PifCo’
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Between March 24, 2009, and May 20,
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ContractualObligations Petrobras Th
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in cash flows does not exceed our p
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DerivativeTransactions SFAS 133 req
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FASBFSPSFAS1404andFIN46(R)8 In Dece
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Item6. Directors,SeniorManagementa
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ofPetrobrasDistribuidoraS.A.—BR.H
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since June 2008. Mr. Pereira gradua
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Compensation Petrobras For 2008, th
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240.10A3. The third member of our A
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On July 1, 2007, we implemented the
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23toourauditedconsolidatedfinancial
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Item8. FinancialInformation Petrob
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are pending appeal at the administr
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2002, and the August 11, 2004 TAC,
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SharePriceHistory The following tab
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MandatoryDistribution that exceeds
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electordismissmembersofourboard ofd
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preferredshares,holdersofpreferreds
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DisputeResolution Ourbylawsprovidef
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Directorsarenotrequiredtoownshares.
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MaterialContracts Petrobras For inf
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BrazilianTaxConsiderations General
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exchanges by an investor registered
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decisions, all in effect as of the
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to a U.S. holder will be allowed as
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Inaddition,thissummarydoesnotdiscus
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CommodityPriceRisk Oursalesofcrudeo
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Thetablebelowprovidesinformationabo
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Item12. DescriptionofSecuritiesothe
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Item16C. AuditandNonAuditFees Petro
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Item16G. CorporateGovernance Compar
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Section NewYorkStockExchangeCorpora
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No. Description 2.12 Indenture,da
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No. 33314168)). Description 2.40
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SIGNATURES Pursuanttotherequirement
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Petróleo Brasileiro S.A. - Petrobr
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PETRÓLEO BRASILEIRO S.A. - PETROBR
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A Company’s internal control over
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Annual Report on Form 20-F 2008 - Petrobras

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