Petrobras - 2009 Sustainability Report

• Presentation of the Financial Statements

• Consolidation Procedures

• Description of Significant Accounting Policies

• Cash and Cash Equivalents

• Trade Accounts Receivable, Net

• Related Party Transactions

• Inventories

• Petroleum and Alcohol
  Accounts - STN

• Marketable Securities

• Project Financing

• Deposits in Court

• Investments

• Property, Plant and Equipment

• Intangible Assets

• Financing

• Contractual Commitments

• Financial Income and Expenses

• Other Operating Expenses, Net

• Taxes, Contributions and Interests

• Employee Benefits

• Employee and Management Profit-Sharing

• Shareholders’ Equity

• Legal Proceedings and Contingencies

• Commitments Assumed by the Energy Segment

• Guarantees for Concession Agreements for Petroleum Exploration

• Segment Reporting

• Derivative Financial Instruments, HEDGE and Risk Management Activities

• Insurance

• Security, Environment and Health

• Pronouncements, Interpretations and Orientations That Will Come Into Force in 2010

• Subsequent Events

Financial Income and Expenses

Financial charges and net monetary and exchange variations, allocated to the statement of income for 2009 and 2008, are presented as follows:

	consolidated		parent company
	2009	2008	2009	2008
Net financial results	(2,837,854)	3,128,784	(6,666,416)	7,196,979
Exchange income (expenses) on cash and cash equivalents	(665,619)	762,126	(800,595)	577,142
Exchange income (expenses) on financing	2,069,680	(2,077,211)	475,126	(498,157)
Exchange income (expenses) on contractual commitments with transfer of benefits, risk and control of assets with third parties	25,134	(27,263)	22,177	(27,263)
	1,429,195	(1,342,348)	(303,292)	51,722
Monetary variation on financing (*)	2,405,713	(321,426)	1,079,074	(279,679)
Financing expenses	(4,217,280)	(3,320,973)	(1,400,650)	(861,695)
Expenses with contractual commitments with transfer of benefits, risk and control of assets	(24,082)	(4,489)	(1,568)	(4,489)
Earnings on short-term investments	1,387,656	755,460	623,348	101,683
Net income from FIDC			(519,480)	11,583
	(2,853,706)	(2,570,002)	(1,298,350)	(752,918)
Financial expenses on net indebtedness	981,202	(4,233,776)	(522,568)	(980,875)
Exchange variation on assets abroad	(5,636,698)	6,417,693	(8,828,698)	9,329,950
Exchange variation on contractual commitments with transfer of benefits, risk and control of assets with subsidiaries	1,431,500	(1,398,715)	1,431,500	(1,398,715)
Hedge on sales and financial operations	(372,835)	671,090	171,855	30,384
Marketable securities	763,960	584,994	474,913	451,465
Interest on contractual commitments with transfer of benefits, risk and control of assets with companies of the Petrobras System			(876,671)	(1,896,354)
Other financial income and expenses, net	6,607	615,213	879,880	1,108,266
Other exchange and monetary variations, net	(11,590)	472,285	603,373	552,858

(*) Includes monetary variation on financing in local currency parameterized to the variation of the dollar.