Pursuant to Rule 13a-16 or 15d-16 of the
20035-900 - Rio de Janeiro, RJ
Federative Republic of Brazil
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No___X____
PETRÓLEO BRASILEIRO S.A.
- PETROBRAS
Public Company
PRESS RELEASE
Petrobras restates actuarial assumptions of its Pension and Healthcare Plans
The review of the actuarial assumptions is designed to track the changes in the profile of employees, retirees and pensioners, particularly in relation to biometric aspects based on longevity, age of invalidity and invalid mortality. The purpose of this process is principally to strengthen benefit plans in the light of a more exact evaluation of greater beneficiary life expectancy.
The progressive increase in longevity has direct impacts on the plans’ estimated and provisioned volume of commitments and obligations which are shown in the explanatory notes attached to the Company’s financial statements.
The restated estimates approved today, will have no impact on the results for the fiscal year ending December 31 2004. The Company’s Balance Sheet will therefore show in its Liabilities, an Outstanding Balance of the Complementary Pension Plan Obligations of R$ 1,114 million (R$ 772 million on December 31 2003).
On the other hand, an Explanatory Note will show an amount of R$ 8,291 million with respect to unrecognized actuarial losses to be amortized and posted to the results of subsequent fiscal years over the average life expectancy of the pension plan’s members.
It should be pointed out that unrecognized actuarial losses are values calculated as the difference between the forecasted restatement of the net value of the obligations according to the actuarial assumptions and the variations effectively occurring over time.
The following table shows the breakdown in the values registered in the financial Statements and respective Explanatory Notes with respect to the complementary pension and healthcare plans:
| Pension Plan Commitments – R$ Millions | |||
| 2004 with restatement of assumptions |
2003 | Change | |
| Present value of obligations Value of plan assets Net value of the obligations |
(30,487) 21,082 (9,405) |
(22,445) 18,425 (4,020) |
(8,042) 2,657 (5,385) |
| Unrecognized actuarial losses | 8,291 | 3,248 | 5.043 |
| Net outstanding balance of the obligations in the liabilities | (1,114) | (772) | (342) |
| Expense in the following fiscal year | 1,655 | 665 | 990 |
| Healthcare Plan Commitments – R$ Millions | |||
| 2004 restatement of assumptions | 2003 | Change | |
| Present value of obligations Unrecognized actuarial losses Net outstanding balance of the obligations in the liabilities |
(10,648) 5,010 (5,638) |
(8,780) 4,316 (4,464) |
(1,868) 694 (1,174) |
| Expense in the following fiscal year | 1,694 | 1,477 | 217 |
Through these measures, the Petrobras Group is seeking to demonstrate its efforts to readjust and technically improve its complementary pension and healthcare models in line with the recommendations of the specialists and regulatory bodies, guaranteeing total transparency in the way it conducts its business in accordance with the interests of employees and shareholders.
José Sergio Gabrielli de
Azevedo
CFO
and Investor Relations Officer
Raul Adalberto de Campos– Executive Manager
E-mail: petroinvest@petrobras.com.br
Av. República do Chile, 65 - 4th floor
20031-912 – Rio de Janeiro, RJ
(55-21) 2534-1510 / 2534-9947
|
PETRÓLEO BRASILEIRO
S.A--PETROBRAS | ||
|
By: |
/S/ José Sergio Gabrielli de Azevedo
| |
|
José Sergio Gabrielli de Azevedo
Chief Financial
Officer and Investor Relations Director
| ||
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.