OGX Petróleo e Gás Participações S.A.
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- Lenard Jones
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1 OGX Petróleo e Gás Participações S.A. Independent auditors review report on Quarterly Information (ITR) September 30, 2010 (A free translation of the original report in Portuguese, as filed with the Brazilian Securities and Exchange Commission (CVM), prepared in accordance with the accounting practices adopted in Brazil, rules of the CVM and the International Financial Reporting Standards - IFRS)
2 KPMG Auditores Independentes Av. Almirante Barroso, 52-4º Rio de Janeiro, RJ - Brasil Caixa Postal Rio de Janeiro, RJ - Brasil Central Tel 55 (21) Fax 55 (21) Internet Independent auditors review report (A free translation of the original report in Portuguese, as filed with the Brazilian Securities and Exchange Commission (CVM), prepared in accordance with the accounting practices adopted in Brazil, rules of the CVM and the International Financial Reporting Standards - IFRS) To The Board of Directors and Shareholders of OGX Petróleo e Gás Participações S.A. Rio de Janeiro - RJ 1. We have reviewed the accounting information contained in the individual Quarterly Information of OGX Petróleo e Gás Participações S.A. ( the Company ), comprising the balance sheet and the statements of income, comprehensive income, changes in shareholders equity, cash flows and added value and in the Consolidated Quarterly Information of this Company and its subsidiaries, comprising the consolidated balance sheet and the consolidated statements of income, comprehensive income, changes in shareholders equity and cash flows, both referring to the quarter ended September 30, 2010, which includes the explanatory notes and the performance report, which are the responsibility of its management. 2. Our review was performed in accordance with the review standards established by the IBRACON - Brazilian Institute of Independent Auditors and the Federal Council of Accountancy - CFC, which comprised, mainly: (a) inquiry and discussion with management responsible for the accounting, financial and operational areas of the Company and its subsidiaries, regarding the main criteria adopted in the preparation of the Quarterly Information; and (b) review of the information and subsequent events, which have, or may have, a material effect on the financial position and operations of the Company and its subsidiaries. 3. Based on our review, we are not aware of any material change that should be made to the accounting information contained in the individual Quarterly Information of OGX Petróleo e Gás Participações S.A. referred to above for them to be in accordance with the accounting practices adopted in Brazil, notably the technical pronouncement CPC 21 Interim Financial Reporting, and rules issued by the Brazilian Securities Commission (CVM), specifically applicable to the preparation of the Quarterly Information. 2 KPMG Auditores Independentes, uma sociedade simples brasileira e firmamembro da rede KPMG de firmas-membro independentes e afiliadas à KPMG International Cooperative ( KPMG International ), uma entidade suíça. KPMG Auditores Independentes is a Brazilian entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity.
3 4. Based on our review, we are also not aware of any material change that should be made to the accounting information contained in the Consolidated Quarterly Information of OGX Petróleo e Gás Participações S.A. and its subsidiaries referred to above, for them to be in accordance with the International Financial Reporting Standards (IFRS), notably the IAS 34 Interim Financial Reporting, issued by the International Accounting Standards Board IASB, and rules issued by the Brazilian Securities and Exchange Commission (CVM), specifically applicable to the preparation of the Quarterly Information. 5. As mentioned in explanatory note 2, during 2009 the Brazilian Securities and Exchange Commission (CVM) approved several pronouncements, interpretations and technical orientations issued by the Accounting Pronouncements Committee (CPC) which are effective for 2010, and changed the accounting practices adopted in Brazil. These changes were adopted by the Company and its subsidiaries in the preparation of the individual Quarterly Information of the Company for the quarter ended June 30, 2010 and disclosed in explanatory note 3. The individual Quarterly Information of the Company related to the year and period of 2009, presented for comparison purposes, were adjusted to include the changes in accounting practices adopted in Brazil in force for As mentioned in explanatory note 2, the Company and its subsidiaries started to present from 2010 on, Consolidated Quarterly Information in accordance with International Financial Reporting Standards - IFRS, notably the IAS 34 Interim Financial Report, issued by the International Accounting Standards Board IASB. The Consolidated Quarterly Information of the Company and its subsidiaries related to the year and period of 2009, prepared in accordance with the mentioned International Accounting Standard, are being presented for comparison purposes. 7. As mentioned in explanatory note 1, the subsidiaries have not had revenues from their operations up to the moment. The recoverability of the amounts recorded as non-current assets depends on the success of the future operations of the Company and its subsidiaries. Management s plans for their operating activities are described in explanatory notes 1 and 10. Rio de Janeiro, November 09, 2010 KPMG Auditores Independentes CRC SP /O-6 F-RJ Vânia Andrade de Souza Accountant CRC RJ /O-2 3
4 Base Date - September 30, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS REGISTRATION AT THE CVM DOES NOT REQUIRE ANY EVALUATION OF THE COMPANY SINCE IT IS MANAGEMENT S RESPONSIBLITY TO VERIFY THE ACCURACY OF THIS INFORMATION IDENTIFICATION 1 - CVM CODE 2 - COMPANY S NAME 3 - GENERAL TAXPAYERS REGISTER 4 NIRE ADDRESS OF COMPANY HEADQUARTERS 1 - COMPLETE ADDRESS 2 - DISTRICT PRAIA DO FLAMENGO, 154, 5th FLOOR, FLAMENGO 3 - ZIP CODE 4 - MUNICIPALITY 5 - STATE RIO DE JANEIRO RJ 6 - AREA CODE 7 - TELEPHONE NUMBER 8 - TELEPHONE NUMBER 9 - TELEPHONE NUMBER 10 - TELEX AREA CODE 12 FAX 13 - FAX 14 - FAX ri@ogx.com.br INVESTOR RELATIONS OFFICER (Address for correspondence to Company) 1 NAME MARCELO FABER TORRES 2 - COMPLETE ADDRESS 3 - DISTRICT PRAIA DO FLAMENGO, 154-5th FLOOR FLAMENGO 4 - ZIP CODE 5 - MUNICIPALITY 6 - STATE RIO DE JANEIRO RJ 7 - AREA CODE 8 - TELEPHONE NUMBER 9 - TELEPHONE NUMBER 10 - TELEPHONE NUMBER 11 - TELEX AREA 13 FAX 14 - FAX 15 - FAX CODE marcelo.torres@ogx.com.br REFERENCE/AUDITOR CURRENT FISCAL YEAR CURRENT QUARTER PRIOR QUARTER 1 - BEGINNING 2 - ENDING 3 - QUARTER 4 - BEGINNING 5 - ENDING 6 - QUARTER 7 - BEGINNING 8 - ENDING 01/01/ /31/ /01/ /30/ /01/ /31/ NAME/COMPANY NAME AUDITOR 10 - CVM CODE KPMG Auditores Independentes NAME TECHINICAL RESPONSIBLE 12 - CPF TECHINICAL RESPONSIBLE Vânia Andrade de Souza
5 Base Date - September 30, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE 2 - COMPANY NAME 3 - GENERAL TAXPAYERS REGISTER OGX PETRÓLEO E GÁS PARTICIPACOES S.A / COMPOSITION OF PAID-UP CAPITAL QUANTITY OF SHARES 1 - CURRENT QUARTER 2 - PRIOR QUARTER 3 - SAME QUARTER OF PRIOR YEAR (Units) 09/30/ /31/ /30/2009 ISSUED CAPITAL 1 - COMMON 3,232,497,600 3,232,004,100 32,320, PREFERRED TOTAL 3,232,497,600 3,232,004,100 32,320,041 TREASURY SHARES 4 - COMMON PREFERRED TOTAL COMPANY S CHARACTERISTICS 1 - TYPE OF COMPANY Commercial, Industrial and Other 2 - SITUATION Operational 3 - TYPE OF CONTROLLING INTEREST Private national Company 4 - ACTIVITY CODE EMP. ADM. PART. - SEM SETOR PRINCIPAL 5 - MAIN ACTIVITY EQUITY IN OTHER COMPANIES 6 - TYPE OF CONSOLIDATED Total 7 - TYPE OF ACCOUNTANTS REVIEW REPORT Unqualified SUBSIDIARIES EXCLUDED FROM THE CONSOLIDATED FINANCIAL STATEMENTS 1 - ITEM 2 - GENERAL TAXPAYERS REGISTER 3 - NAME DIVIDENDS APPROVED AND/OR PAID DURING AND AFTER THE QUARTER 1 - ITEM 2 - EVENT 3 - APPROVAL 4 - DIVIDEND 5 - BEGINNING PAYMENT 6 - TYPE OF SHARE 7 - VALUE OF THE DIVIDEND PER SHARE 2
6 Base Date - September 30, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE 2 - COMPANY S NAME 3 - GENERAL TAXPAYERS REGISTER CAPITAL STOCK SUBSCRIBED AND ALTERATION IN CURRENT YEAR 1 - ITEM 2 - DATE OF CHANGE 3 - CAPITAL STOCK (In thousands of reais) 4 - VALUE OF CHANGE (In thousands of reais) 01 05/23/2008 2,324, /23/2008 2,324, ORIGIN OF ALTERATION 6 - NUMBER OF SHARES ISSUED (Units) 7 - ISSUED PRICE OF SHARES (In reais) Grouping common stocks and preferred stocks Preferred and Common stocks Conversion (125:1) Preferred stocks conversion to common (1:1) /11/2008 2,324, /11/2008 2,324, Underwriting bonus 10,231, /11/2008 8,196,877 5,872,687 Public subscription 5,192,473 1, /16/2008 9,035, ,976 Public subscription 741,800 1, Exercise of the purchase stock 07 07/16/2009 9,035, option /18/2009 9,035,955 0 Stock split (1:100) 3,199,648, /01/2010 9,037,627 1,672 Exercise of the purchase stock option 284, /02/2010 9,038, Exercise of the purchase stock option 135, /24/2010 9,038, Exercise of the purchase stock option 74, INVESTORS RELATIONS OFFICER 1 - DATE 2 - SIGNATURE 3
7 Base Date - September 30, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE 2 - COMPANY NAME 3 - GENERAL TAXPAYERS REGISTER BALANCE SHEET - ASSETS (IN THOUSANDS OF REAIS) 1 - CODE 2 - ACCOUNT DESCRIPTION 3-09/30/ /31/ TOTAL ASSETS 9,249,547 9,225, CURRENT ASSETS 835, , CASH AND CASH EQUIVALENTS 790, , CREDITS 44,915 77, CUSTOMERS MISCELLANEOUS CREDITS 44,915 77, RECOVERABLE TAXES 42,878 76, OTHER CREDITS 2, INVENTORIES OTHER NON-CURRENT ASSETS 8,414,295 8,337, LONG TERM ASSETS MISCELLANEOUS CREDITS INVENTORY CREDITS FROM RELATED PARTIES FROM ASSOCIATED COMPANIES FROM SUBSIDIARIES FROM OTHER RELATED PARTIES OTHER PERMANENT ASSETS 8,414,295 8,337, INVESTMENTS 8,414,295 8,337, ASSOCIATED COMPANIES ASSOCIATED COMPANIES-GOODWILL SUBSIDIARIES 8,414,295 8,337, SUBSIDIARIES-GOODWILL OTHER INVESTMENTS PROPERTY, PLANT AND EQUIPMENT INTANGIBLE DEFERRED CHARGES 0 0 4
8 Base Date - September 30, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE 2 - COMPANY NAME 3 - GENERAL TAXPAYERS REGISTER BALANCE SHEET - LIABILITIES (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 - ACCOUNT DESCRIPTION 3-09/30/ /31/ TOTAL LIABILITIES 9,249,547 9,225, CURRENT LIABILITIES 18,189 39, LOANS AND FINANCINGS DEBENTURES SUPPLIERS TAXES, DUTIES AND CONTRIBUTIONS 16,863 37, DIVIDENDS PAYABLE PROVISIONS PROVISION FOR LOSSES ON INVESTMENTS RELATED PARTY DEBTS OTHER 344 1, NON-CURRENT LIABILITIES 5, LONG TERM LIABILITIES 5, LOANS AND FINANCINGS DEBENTURES PROVISIONS 5, PROVISIONS FOR INVESTIMENT LOSS 5, RELATED PARTY DEBTS ADVANCES FOR FUTURE CAPITAL INCREASE OTHER DEFERRED INCOME SHAREHOLDERS EQUITY 9,225,473 9,186, CAPITAL 8,801,725 8,799, PAID-IN CAPITAL 9,038,676 9,035, SHARE ISSUANCE EXPENSES (236,951) (236,951) CAPITAL RESERVES 281, , REVALUATION RESERVES COMPANY ASSETS SUBSIDIARIES/ASSOCIATED COMPANIES PROFIT RESERVES 338, , LEGAL 18,536 18, STATUTORY 320, , CONTINGENCIES UNREALIZED PROFITS PROFIT RETENTION SPECIAL RESERVE FOR UNDISTRIBUTED DIVIDENDS 0 0 5
9 Base Date - September 30, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS 1 - CODE 2 - ACCOUNT DESCRIPTION 3-09/30/ /31/ OTHER PROFIT RESERVES IDENTIFICATION 1 - CVM CODE 2 - COMPANY NAME 3 - GENERAL TAXPAYERS REGISTER BALANCE SHEET - LIABILITIES (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 - ACCOUNT DESCRIPTION 3-09/30/ /31/ EQUITY VALUATION ADJUSTMENTS (439) AJUSTMENTS OF MARKETABLE SECURITIES CUMULATIVE TRANSLATION ADJUSTMENTS (439) BUSINESS COMBINATION ADJUSTMENTS RETAINED EARNINGS/(ACCUMULATED LOSSES) (196,246) (111,454) ADVANCES FOR FUTURE CAPITAL 0 0 6
10 CVM - BRAZILIAN SECURITIES AND EXCHANGE COMMISSION COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS Base Date September 30, IDENTIFICATION 1 - CVM CODE COMPANY NAME OGX PETRÓLEO E GÁS PARTICIPAÇÕES S.A. 3 - CNPJ (Corporate Taxpayer s ID) / STATEMENT OF INCOME (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 - DESCRIPTION 3-07/01/2010 to 09/30/ /01/2010 to 09/30/ /01/2009 to 09/30/ /01/2009 to 09/30/ GROSS REVENUE FROM SALES AND/OR SERVICES DEDUCTIONS FROM GROSS REVENUE NET REVENUE FROM SALES AND/OR SERVICES COST OF GOODS AND/OR SERVICES SOLD GROSS PROFIT OPERATING EXPENSES/INCOME (193,035) (67,964) (56,050) (86,399) SELLING EXPENSES GENERAL AND ADMINISTRATIVE (78,644) (143,871) (32,555) (93,996) FINANCIAL 21,652 57,403 17,883 45, FINANCIAL INCOME 21,671 57,543 19, , FINANCIAL EXPENSES (19) (140) (1,666) (66,570) OTHER OPERATING INCOME OTHER OPERATING EXPENSES 5,756 (5,885) EXPLORATION EXPENSES PROVISION FOR LOSSES ON INVESTMENTS 5,756 (5,885) EQUITY GAIN (LOSS) (141,799) 24,389 (41,378) (38,249) 3.07 OPERATING INCOME (193,035) (67,964) (56,050) (86,399) 3.08 NON-OPERATING INCOME (EXPENSES) INCOME EXPENSES INCOME (LOSS) BEFORE TAXES AND INTEREST (193,035) (67,964) (56,050) (86,399) PROVISION FOR INCOME TAX AND SOCIAL 3.10 CONTRIBUTION (6,434) (16,828) (4,577) (32,857) 7
11 CVM - BRAZILIAN SECURITIES AND EXCHANGE COMMISSION COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS Base Date September 30, IDENTIFICATION 1 - CVM CODE COMPANY NAME OGX PETRÓLEO E GÁS PARTICIPAÇÕES S.A. 3 - CNPJ (Corporate Taxpayer s ID) / STATEMENT OF INCOME (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 - DESCRIPTION 3-07/01/2010 to 09/30/ /01/2010 to 09/30/ /01/2009 to 09/30/ /01/2009 to 09/30/ DEFERRED INCOME TAX STATUTORY INTEREST/ CONTRIBUTIONS INTEREST CONTRIBUTIONS REVERSAL OF INTEREST ON SHAREHOLDERS 3.13 EQUITY NET INCOME (LOSS) FOR THE PERIOD (199,469) (84,792) (60,627) (119,256) NUMBER OF SHARES, OUTSTANDING, EXCLUDING TREASURY STOCK (UNITS) 3,232,497,600 3,232,497,600 32,320,041 32,320,041 EARNINGS PER SHARE (REAIS) LOSS PER SHARE (REAIS) ( ) ( ) ( ) ( ) 8
12 CVM - BRAZILIAN SECURITIES AND EXCHANGE COMMISSION COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS Base Date September 30, IDENTIFICATION 1 - CVM CODE COMPANY NAME OGX PETRÓLEO E GÁS PARTICIPAÇÕES S.A. 3 - CNPJ (Corporate Taxpayer s ID) / STATEMENT OF CASH FLOWS - INDIRECT METHOD (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 DESCRIPTION 3-07/01/2010 to 09/30/ /01/2010 to 09/30/ /01/2009 to 09/30/ /01/2009 to 09/30/ NET CASH OPERATING ACTIVITIES 14,934 29,410 15,392 68, CASH FLOWS FROM OPERATING ACTIVITIES 9,665 18,397 9,521 66, NET INCOME (LOSS) FOR THE PERIOD/YEAR (199,469) (84,792) (60,628) (119,256) STOCK OPTIONS 73, ,693 28,771 86, GAIN ON FINANCIAL INSTRUMENTS DERIVATIVES, NET , EQUITY IN EARNINGS (LOSSES) OF SIGNIFICANT INVESTMENTS 141,799 (24,389) 41,378 38, PROVISION FOR LOSSES ON INVESTMENTS (5,756) 5, CHANGES IN ASSETS AND LIABILITIES 5,269 11,013 5,871 2, DECREASE (INCREASE) IN OTHER ACCOUNTS RECEIVABLE (953) (1,241) DECREASE (INCREASE) IN RECOVERABLE TAXES (1,043) 33, (26,830) INCREASE (DECREASE) IN SUPPLIERS (3,809) INCREASE (DECREASE) IN SALARY AND RELATED CHARGES INCREASE (DECREASE) IN TAXES AND CONTRIBUTIONS PAYABLE 6,438 (20,903) 4,638 32, INCREASE (DECREASE) ON OTHER ACCOUNTS PAYABLE 83 (1,379) OTHER NET CASH FROM INVESTMENT ACTIVITIES (22,360) (52,606) (1,000) (2,805,439) APPLICATIONS IN OTHER INVESTIMENTS (22,360) (53,606) 0 (2,805,439) PURCHASE OF PROPERTY, PLANT AND EQUIPAMENT PROCEEDS FROM THE SALE OF PROPERTY, PLANT AND EQUIPAMENTS 0 1,000 (1,000) NET CASH FROM FINANCING ACTIVITIES 245 2,
13 CVM - BRAZILIAN SECURITIES AND EXCHANGE COMMISSION COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS Base Date September 30, IDENTIFICATION 1 - CVM CODE COMPANY NAME OGX PETRÓLEO E GÁS PARTICIPAÇÕES S.A. 3 - CNPJ (Corporate Taxpayer s ID) / STATEMENT OF CASH FLOWS - INDIRECT METHOD (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 DESCRIPTION 3-07/01/2010 to 09/30/ /01/2010 to 09/30/ /01/2009 to 09/30/ /01/2009 to 09/30/2009 PAYMENT OF CAPITAL, NET OF SHARE ISSUANCE EXPENSES 245 2, EXCHANGE CURRENCY VARIATION ON CASH AND EQUIVALENTS INCREASE (DECREASE) IN CASH AND EQUIVALENTS (7,181) (20,475) 14,495 (2,736,990) OPENING BALANCE OF CASH AND EQUIVALENTS 797, , ,254 3,553, CLOSING BALANCE OF CASH AND EQUIVALENTS 790, , , ,749 10
14 CVM - BRAZILIAN SECURITIES AND EXCHANGE COMMISSION COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS Base Date September 30, IDENTIFICATION 1 - CVM CODE COMPANY NAME OGX PETRÓLEO E GÁS PARTICIPAÇÕES S.A. 3 - CNPJ (Corporate Taxpayer s ID) / STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY - 07/01/2010 TO 09/30/2010 (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 DESCRIPTION 3 - CAPITAL 4 -CAPITAL RESERVES 5 - REVALUATION RESERVES 6 - PROFIT RESERVES 7 - RETAINED EARNINGS ACCUMULATE D LOSSES 8 - AJUSTMENTS OF REVALUATION RESERVE 9 - TOTAL SHAREHOLDER S EQUITY 5.01 OPENING BALANCES 8,801, , ,026 3, ,352, PRIOR YEAR ADJUSTMENTS ADJUSTED BALANCES 8,801, , ,026 3, ,352, NET INCOME (LOSS) FOR THE PERIOD (199,469) 0 (199,469) 5.05 DISTRIBUTIONS: DIVIDENDS INTEREST ON SHAREHOLDERS EQUITY OTHER DISTRIBUTIONS REALIZATION OF PROFIT RESERVES EQUITY EVALUATION AJUSTMENTS (522) (522) AJUSTMENTS OF MARKETABLE SECURITIES CUMULATIVE TRANSLATION ADJUSTMENTS (522) (522) BUSINESS COMBINATION ADJUSTMENTS INCREASE / DECREASE IN CAPITAL FORMATION / REALIZATION OF CAPITAL RESERVES 0 54, , , TREASURY SHARES OTHER CAPITAL TRANSACTIONS OTHERS CLOSING BALANCE 8,801, , ,900 (196,246) (439) 9,225,473 11
15 CVM - BRAZILIAN SECURITIES AND EXCHANGE COMMISSION COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS Base Date September 30, IDENTIFICATION 1 - CVM CODE COMPANY NAME OGX PETRÓLEO E GÁS PARTICIPAÇÕES S.A. 3 - CNPJ (Corporate Taxpayer s ID) / STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY - 01/01/2010 TO 09/30/2010 (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 DESCRIPTION 3 - CAPITAL 4 -CAPITAL RESERVES 5 - REVALUATION RESERVES 6 - PROFIT RESERVES 7 - RETAINED EARNINGS ACCUMULATE D LOSSES 8 - AJUSTMENTS OF REVALUATION RESERVE 9 - TOTAL SHAREHOLDER S EQUITY 5.01 OPENING BALANCES 8,799, , ,171 (111,454) 0 9,186, PRIOR YEAR ADJUSTMENTS ADJUSTED BALANCES 8,799, , ,171 (111,454) 0 9,186, NET INCOME (LOSS) FOR THE PERIOD (84,792) 0 (84,792) 5.05 DISTRIBUTIONS: DIVIDENDS INTEREST ON SHAREHOLDERS EQUITY OTHER DISTRIBUTIONS REALIZATION OF PROFIT RESERVES EQUITY EVALUATION AJUSTMENTS (439) (439) AJUSTMENTS OF MARKETABLE SECURITIES CUMULATIVE TRANSLATION ADJUSTMENTS (439) (439) BUSINESS COMBINATION ADJUSTMENTS INCREASE / DECREASE IN CAPITAL 2, , FORMATION / REALIZATION OF CAPITAL RESERVES 0 30, , , TREASURY SHARES OTHER CAPITAL TRANSACTIONS OTHERS CLOSING BALANCE 8,801, , ,900 (196,246) (439) 9,225,473 12
16 Base Date September 30, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE 2 - COMPANY NAME 3 - GENERAL TAXPAYERS REGISTER OGX PETRÓLEO E GÁS PARTICIPACOES S.A / CONSOLIDATED BALANCE SHEET - ASSETS (IN THOUSANDS OF REAIS) 1 - CODE 2 - ACCOUNT DESCRIPTION 3-09/30/ /31/ TOTAL ASSETS 9,900,315 9,770, CURRENT ASSETS 5,813,059 7,564, CASH AND CASH EQUIVALENTS 5,534,544 7,337, CREDITS 236, , CUSTOMERS MISCELLANEOUS CREDITS 236, , RECOVARABLE TAXES 236, , INVENTORIES OTHER 42,200 17, FINANCIAL INSTRUMENTS DERIVATIVES OTHER 42,200 17, NON-CURRENT ASSETS 4,087,256 2,205, LONG TERM ASSETS 244,937 85, MISCELLANEOUS CREDITS 244,937 85, INVENTORY 244,937 85, CREDITS FROM RELATED PARTIES FROM ASSOCIATED COMPANIES FROM SUBSIDIARIES FROM OTHER RELATED PARTIES OTHER PERMANENT ASSETS 3,842,319 2,120, INVESTMENTS 0 1, ASSOCIATED COMPANIES ASSOCIATED COMPANIES-GOODWILL SUBSIDIARIES 0 1, PROPERTY, PLANT AND EQUIPMENT 22,466 19, INTANGIBLE 3,819,853 2,099, DEFERRED CHARGES
17 Base Date September 30, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE 2 - COMPANY NAME 3 - GENERAL TAXPAYERS REGISTER OGX PETRÓLEO E GÁS PARTICIPACOES S.A / CONSOLIDATED BALANCE SHEET - LIABILITIES (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 - ACCOUNT DESCRIPTION 3-09/30/ /31/ TOTAL LIABILITIES 9,900,315 9,770, CURRENT LIABILITIES 674, , LOANS AND FINANCINGS DEBENTURES SUPPLIERS 420, , TAXES, DUTIES AND CONTRIBUTIONS 23,917 40, DIVIDENDS PAYABLE PROVISIONS RELATED PARTY DEBTS OTHER 230, , DERIVATIVE FINANCIAL INSTRUMENTS 194, , SALARIES AND WAGES PAYABLE 21,774 23, OTHER ACCOUNTS PAYABLE 14,500 65, NON-CURRENT LIABILITIES 2,884 2, LONG TERM LIABILITIES 2,884 2, LOANS AND FINANCINGS DEBENTURES PROVISIONS RELATED PARTY DEBTS 2,884 2, ADVANCES FOR FUTURE CAPITAL INCREASE OTHER DEFERRED INCOME NON-CONTROLLING SHAREHOLDERS' INTEREST (2,942) SHAREHOLDERS EQUITY 9,225,473 9,186, CAPITAL 8,801,725 8,799, PAID-IN CAPITAL 9,038,676 9,035, SHARE ISSUANCE EXPENSES (236,951) (236,951) CAPITAL RESERVE 281, , REVALUATION RESERVES COMPANY ASSETS SUBSIDIARIES/ASSOCIATED COMPANIES PROFIT RESERVES 338, , LEGAL 18,536 18, STATUTORY 320, , CONTINGENCIES
18 Base Date September 30, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE 2 - COMPANY NAME 3 - GENERAL TAXPAYERS REGISTER OGX PETRÓLEO E GÁS PARTICIPACOES S.A / CONSOLIDATED BALANCE SHEET - LIABILITIES (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 - ACCOUNT DESCRIPTION 3-09/30/ /31/ REALIZED PROFIT RESERVES PROFIT RETENTION SPECIAL RESERVE FOR UNDISTRIBUTED DIVIDENDS OTHER PROFIT RESERVES EQUITY VALUATION ADJUSTMENTS (439) AJUSTMENTS OF MARKETABLE SECURITIES CUMULATIVE TRANSLATION ADJUSTMENTS (439) BUSINESS COMBINATION ADJUSTMENTS RETAINING EARNINGS/(ACCUMULATED LOSSES) (196,246) (111,454) ADVANCES FOR FUTURE CAPITAL
19 Base Date September 30, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE COMPANY NAME OGX PETRÓLEO E GÁS PARTICIPACOES S.A. 3 - CNPJ (Corporate Taxpayer s ID) / CONSOLIDATED STATEMENT OF INCOME (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 - DESCRIPTION 3-07/01/2010 to 09/30/ /01/2010 to 09/30/ /01/2009 to 09/30/ /01/2009 to 09/30/ GROSS REVENUE FROM SALES AND/OR SERVICES DEDUCTIONS FROM GROSS REVENUE NET REVENUE FROM SALES AND/OR SERVICES COST OF GOODS AND/OR SERVICES SOLD GROSS PROFIT OPERATING EXPENSES/INCOME (195,858) (80,807) (56,050) (86,399) SELLING EXPENSES GENERAL AND ADMINISTRATIVE (117,475) (239,128) (57,318) (155,767) FINANCIAL (62,916) 222,454 13, , FINANCIAL INCOME (6,211) 580, , , FINANCIAL EXPENSES (56,705) (358,270) (167,270) (554,529) OTHER OPERATING INCOME OTHER OPERATING EXPENSES (15,467) (64,133) (12,577) (80,682) EXPLORATION EXPENSES (15,467) (64,133) (12,577) (80,682) EQUITY GAIN (LOSS) OPERATING INCOME (195,858) (80,807) (56,050) (86,399) 3.08 NON-OPERATING INCOME (EXPENSES) INCOME EXPENSES INCOME (LOSS) BEFORE TAXES AND INTERESTS (195,858) (80,807) (56,050) (86,399) 16
20 Base Date September 30, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS PROVISION FOR INCOME TAX AND SOCIAL 3.10 CONTRIBUTION (6,434) (16,828) (4,577) (32,857) IDENTIFICATION 1 - CVM CODE COMPANY NAME OGX PETRÓLEO E GÁS PARTICIPACOES S.A. 3 - CNPJ (Corporate Taxpayer s ID) / CONSOLIDATED STATEMENT OF INCOME (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 - DESCRIPTION 3-07/01/2010 to 09/30/ /01/2010 to 09/30/ /01/2009 to 09/30/ /01/2009 to 09/30/ DEFERRED INCOME TAX STATUTORY INTEREST/ CONTRIBUTIONS INTEREST CONTRIBUTIONS REVERSAL OF INTEREST ON SHAREHOLDERS EQUITY NON-CONTROLLING SHAREHOLDERS' INTEREST NET INCOME (LOSS) FOR THE PERIOD (199,469) (84,792) (60,627) (119,256) NUMBER OF SHARES, OUTSTANDING, EXCLUDING TREASURY STOCK (UNITS) 3,232,497,600 3,232,497,600 32,320,041 32,320,041 EARNINGS PER SHARE (REAIS) LOSS PER SHARE (REAIS) ( ) ( ) ( ) ( ) 17
21 Base Date September 30, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE COMPANY NAME OGX PETRÓLEO E GÁS PARTICIPACOES S.A. 3 - CNPJ (Corporate Taxpayer s ID) / CONSOLIDATED STATEMENT OF CASH FLOWS - INDIRECT METHOD (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 - DESCRIPTION 3-07/01/2010 to 09/30/ /01/2010 to 09/30/ /01/2009 to 09/30/ /01/2009 to 09/30/ NET CASH FROM OPERATING ACTIVITIES (186,793) (353,251) 85, , CASH FLOWS FROM OPERATING 63,703 (68,828) 42, , NET INCOME (LOSS) FOR THE PERIOD/YEAR (199,469) (84,792) (60,628) (119,256) DEPRECIATION AND AMORTIZATION 1,394 3,940 1,026 2, STOCK OPTIONS 73, ,693 28,771 86,167 NON-CONTROLLING SHAREHOLDERS' INTEREST 2,878 (2,942) 0 0 GAIN (LOSS) ON FINANCIAL INSTRUMENTS DERIVATIVES, NET 185,809 (106,727) 72, , CHANGES IN ASSETS AND LIABILITIES (250,496) (284,423) 43,114 (45,660) DECREASE (INCREASE) IN OTHER ACCOUNTS RECEIVABLE (15,279) (24,909) 5,459 (13,425) DECREASE (INCREASE) IN RECOVERABLE TAXES (10,264) (27,240) (1,221) (107,331) INCREASE (DECREASE) IN INVENTORIES (19,525) (164,738) (25,940) (33,086) INCREASE (DECREASE) IN SUPPLIERS (218,330) 1,177 (10,199) (15,711) INCREASE (DECREASE) IN SALARY AND RELATED CHARGES 6,510 (2,186) ,284 INCREASE (DECREASE) IN TAXES AND CONTRIBUTIONS PAYABLE 9,572 (16,199) 4,990 32, INCREASE (DECREASE) IN RELATED PARTIES (1,786) 482 1, INCREASE (DECREASE) ON OTHER ACCOUNTS PAYABLE (1,394) (50,810) 54,151 81, OTHER NET CASH FROM INVESTMENT ACTIVITIES (389,827) (1,452,827) (150,185) (171,632) APPLICATIONS IN OTHER INVESTIMENTS 0 1,000 (1,000) (1,000) 18
22 Base Date September 30, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE COMPANY NAME OGX PETRÓLEO E GÁS PARTICIPACOES S.A. 3 - CNPJ (Corporate Taxpayer s ID) / CONSOLIDATED STATEMENT OF CASH FLOWS - INDIRECT METHOD (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 - DESCRIPTION 3-07/01/2010 to 09/30/ /01/2010 to 09/30/ /01/2009 to 09/30/ /01/2009 to 09/30/2009 PURCHASE OF PROPERTY, PLANT AND (2,260) (6,488) (2,944) (9,322) EQUIPAMENT ACCUMULATED TRANSLATION ON (522) (439) ADJUSTMENTS ACQUSITIONS OF INTANGIBLE ASSETS (387,045) (1,446,900) (146,241) (161,310) PROCEEDS FROM THE SALE OF PROPERTY, PLANT AND EQUIPAMENTS 4.03 NET CASH FROM FINANCING ACTIVITIES 245 2, PAYMENT OF CAPITAL, NET OF SHARE 245 2, ISSUANCE EXPENSES EXCHANGE CURRENCY VARIATION ON CASH AND EQUIVALENTS INCREASE (DECREASE) IN CASH AND (576,375) (1,803,357) (64,887) 188, EQUIVALENTS OPENING BALANCE OF CASH AND 6,110,919 7,337,901 7,854,954 7,601, EQUIVALENTS CLOSING BALANCE OF CASH AND EQUIVALENTS 5,534,544 5,534,544 7,790,067 7,790,067 19
23 Base Date September 30, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE COMPANY NAME OGX PETRÓLEO E GÁS PARTICIPACOES S.A. 3 - CNPJ (Corporate Taxpayer s ID) / CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY - 07/01/2010 TO 09/30/2010 (IN THOUSANDS OF REAIS - R$) 7 - RETAINED 8 - AJUSTMENTS 9 - TOTAL 4 - CAPITAL 5 - REVALUATION 6 - PROFIT EARNINGS 1 - CODE 2 - DESCRIPTION 3 - CAPITAL OF REVALUATION SHAREHOLDERS RESERVES RESERVES RESERVES ACCUMULATE RESERVE EQUITY D LOSSES 5.01 OPENING BALANCES 8,801, , ,026 3, ,352, PRIOR YEAR ADJUSTMENTS ADJUSTED BALANCES 8,801, , ,026 3, ,352, NET INCOME (LOSS) FOR THE PERIOD (199,469) 0 (199,469) 5.05 DISTRIBUTIONS: DIVIDENDS INTEREST ON SHAREHOLDERS EQUITY OTHER DISTRIBUTIONS REALIZATION OF PROFIT RESERVES EQUITY EVALUATION AJUSTMENTS (522) (522) AJUSTMENTS OF MARKETABLE SECURITIES CUMULATIVE TRANSLATION ADJUSTMENTS (522) (522) BUSINESS COMBINATION ADJUSTMENTS INCREASE / DECREASE IN CAPITAL FORMATION / REALIZATION OF CAPITAL 0 54, , , RESERVES 5.10 TREASURY SHARES OTHER CAPITAL TRANSACTIONS OTHERS CLOSING BALANCE 8,801, , ,900 (196,246) (439) 9,225,473 20
24 Base Date September 30, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE COMPANY NAME OGX PETRÓLEO E GÁS PARTICIPACOES S.A. 3 - CNPJ (Corporate Taxpayer s ID) / CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY - 01/01/2010 TO 09/30/2010 (IN THOUSANDS OF REAIS - R$) 7 - RETAINED 8 - AJUSTMENTS 9 - TOTAL 4 - CAPITAL 5 - REVALUATION 6 - PROFIT EARNINGS 1 - CODE 2 - DESCRIPTION 3 - CAPITAL OF REVALUATION SHAREHOLDERS RESERVES RESERVES RESERVES ACCUMULATE RESERVE EQUITY D LOSSES 5.01 OPENING BALANCES 8,799, , ,171 (111,454) 0 9,186, PRIOR YEAR ADJUSTMENTS ADJUSTED BALANCES 8,799, , ,171 (111,454) 0 9,186, NET INCOME (LOSS) FOR THE PERIOD (84,792) 0 (84,792) 5.05 DISTRIBUTIONS: DIVIDENDS INTEREST ON SHAREHOLDERS EQUITY OTHER DISTRIBUTIONS REALIZATION OF PROFIT RESERVES EQUITY EVALUATION AJUSTMENTS (439) (439) AJUSTMENTS OF MARKETABLE SECURITIES CUMULATIVE TRANSLATION ADJUSTMENTS (439) (439) BUSINESS COMBINATION ADJUSTMENTS INCREASE / DECREASE IN CAPITAL 2, ,721 FORMATION / REALIZATION OF CAPITAL 0 30, , , RESERVES 5.10 TREASURY SHARES OTHER CAPITAL TRANSACTIONS OTHERS CLOSING BALANCE 8,801, , ,900 (196,246) (439) 9,225,473 21
25 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS Base Date - September 30, EXPLANATORY NOTES 1 Operations OGX Petróleo e Gás Participações S.A. ( OGX S.A. or Company ) is an investment vehicle into Brazilian or foreign companies, of any corporate nature in the oil and gas segment. The Company was incorporated on April 10, 2006, in Rio de Janeiro as Centennial Asset Participações Corumbá S.A. ( Centennial Corumbá ), and changed its name to OGX Petróleo e Gás Participações S.A. on September 3, On November 27, 2007, the subsidiary OGX Ltda. acquired 21 exploratory concessions located in the Campos, Pará-Maranhão, Santos and Espírito Santo basins for R$1,479,723, which refers to the signature bonus and yet obtained with financial institutions guarantees in the total amount of R$552,174 relatives of PEM - Programa Exploratório Mínimo or Minimum Working Program. On December 3, 2008, ANP ratified the acquisition of a 50% interest in Maersk s BM-S-29 block, located in the Santos basin. Subsequently, on May 8, 2009, the acquisition of an additional interest of 15% was approved by ANP. Therefore, OGX now holds 65% of this block. On September 24, 2009, ANP ratified the acquisition of a 70% stake in seven onshore exploratory blocks in the Parnaíba Basin, in the state of Maranhão, through its subsidiary OGX Ltda., which became an operator of the concessions. The acquisition required payment of R$12,000, an amount equivalent to the signature bonus, and the Company has received guarantees from financial institutions amounting to R$ 78,600, for commitments to the Minimum Working Program - This stake was acquired from Petra Energia Ltda., which holds the remaining 30% in the blocks. On January 14, 2010, the subsidiaries OGX Austria GmbH ( OGX Austria ) and OGX International GmbH (OGX International) were established, in which the Company holds a 100% interest and capital in an amount equivalent to R$88 was paid into both of them. On January 29, 2010, the Company paid the capital of its subsidiary OGX Maranhão Petróleo e Gás Ltda. ( OGX Maranhão ), in the total amount of R$ 8,400, with respect to its interest in this company jointly with MPX Energia S.A. On March 16, 2010, the subsidiary OGX Netherlands BV ( OGX Netherlands ) was established, in which the Company holds a 100% interest and paid in capital in the amount of R$ 2,688. On April 27, 2010, ANP approved the transfer of the 70% interest in the rights and obligations referring to seven onshore exploration blocks in the Parnaíba Basin held up by OGX Ltda. to the subsidiary OGX Maranhão, which is jointly controlled by OGX S.A., which holds 66.67% of the capital, and by MPX S.A., which holds 33.33%. 22
26 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS Base Date - September 30, EXPLANATORY NOTES On May 13, 2010, the subsidiary OGX Campos Petróleo e Gás S.A.( OGX Campos ) was established, in which the Company holds a 100% interest and paid in capital, in the amount of R$20,000. On June 22, 2010, the subsidiary OGX Ltda. won the bidding for 5 exploration blocks in Open Round Colombia 2010, in 3 onshore basins: Valle Medio Del Magdalena, Valle Inferior Del Magdalena and Cesar-Ranchería. The adjudication by the National Agency of Hydrocarbons (ANH) will take places in the forthcoming months. The five blocks that were acquired total an area of approximately 12.5 thousand km2, in onshore sedimentary basins of different stages of maturity which present significant exploration potential. OGX Ltda. intends to make an investment of approximately US$125 million for an initial three year exploration program, which includes the acquisition of seismic data and the drilling of wells. 2 Presentation of the Quarterly Information 2.1 Consolidated Quarterly Information The Consolidated Quarterly Information are being presented in accordance with the international financial reporting standards (IFRS) issued by the International Accounting Standards Board and with accounting practices adopted in Brazil. 2.2 Individual Quarterly Information The individual Quarterly Information are being presented in accordance with accounting practices generally accepted in Brazil, observing the provisions contained in the Corporation Law and incorporating the changes introduced through Law 11638/2007 and Law 11941/2009, complemented by new pronouncements, interpretations and technical orientations of the Accounting Pronouncements Committee (CPC), issued in 2009, approved by resolutions of the Federal Accounting Council (CFC), and in accordance with rules of the Brazilian Securities and Exchange Commission (CVM). The pronouncements, interpretations and orientations of the Accounting Pronouncements Committee (CPC), approved by the resolutions of the Federal Accounting Council (CFC) and the rules of the Brazilian Securities and Exchange Commission are converging with the international accounting rules issued by the International Accounting Standard Board (IASB). 23
27 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS Base Date - September 30, EXPLANATORY NOTES The Consolidated Quarterly Information presented in tables 08.01, 08.02, 09.01, 10.01, and were prepared in accordance with the CPC and IFRS, and there are not any differences between the accounting practices, in accordance with CVM Resolution 610/2009 (CPC 43 Initial Adoption of the Technical Pronouncements). Financial statements for 2009 Up to December 31, 2009, the Company presented its individual and consolidated financial statements in accordance with accounting practices generally accepted in Brazil, which incorporated the changes introduced through Law 11638/2007 and Law 11941/2009 (Provisional Measure 449/08), complemented by the pronouncements of the Accounting Pronouncements Committee (CPC), approved by resolutions of the Federal Accounting Council (CFC) and rules of the Brazilian Securities and Exchange Commission (CVM) until December 31, As established in CVM Resolution 609/2009 (CPC 37 Initial Adoption of International Accounting Standards), the international standards were implemented retroactively to January 1, Accordingly, the financial statements originally disclosed were adjusted and are being presented in accordance with international accounting standards. The comparison of the financial statements on the date of adoption of IFRS/CPCs with the amounts disclosed originally is presented in notes 3.2 and 3.3. The Company management has authorized the issuance of Quarterly Information on November 9, Adoption of international accounting standards In the balance sheet for adoption of IFRS and CPCs, as of January 1, 2009, certain optional exemptions were applied in accordance with CPCs 37 and 43, which are presented as follows: 3.1 Transition of the accounting practices a. Share based payment The Company adopted ICPC 5 Interpretation of technical pronouncement CPC 10 (Share based payment) issued in fiscal year However, considering the opening balance date, January 1, 2009, the balance of accumulated adjustments of this transaction existing at December 31, 2008, were recognized directly in profit reserve, in the amount of R$ 232,
28 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS Base Date - September 30, EXPLANATORY NOTES b. Minimum Working Program The Company also wrote-off the balance of the commitments assumed with the Minimum Working Program of ANP booked in current liabilities in a contra entry against intangible assets, in the total amount of R$ 618,532 on January 1, 2009, with the goal of bringing the Company s form of presentation of the Quarterly Information in line with the requirements of CPC 25, equivalent to IAS 37. c. Financial instruments All rules and interpretation that were enacted were adopted by the Company in The main applicable are as follow: Change in IFRS 7 Financial Instruments: The purpose of this change is basically to increase the disclosure requirements. This increases the requirements for the disclosure of valuation of fair value and net risk. Change in IFRS 7 referring to fair value hierarchy: The change establishes the hierarchy division for fair value referring to financial instruments. The hierarchy provides priority for unadjusted quoted prices on an active market referring to financial assets or liabilities classified as Level 1. There are three levels for classification of the fair value referring to financial instruments as explained below: 1. Level 1 data originated in an active market (unadjusted quoted price) with daily access, inclusively on the date of valuation of the fair value. 2. Level 2 different data from those originated in an active market (unadjusted quoted price) included in Level 1, extracted from a pricing model based on observable market data. 3. Level 3 data extracted from a pricing model based on unobservable market data. In addition to the points described above, the Company adjusted its Quarterly Information for disclosure purposes and now presents the following information: Consolidated statement of comprehensive income, as required by CPC 26 and IAS 1, presented in Explanatory Note 23; Income (loss) per share, as required by CPC 41 and IAS 33 (Earnings per share) presented in Explanatory Note 27; 25
29 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS Base Date - September 30, EXPLANATORY NOTES Segment reporting, as required by CPC 22 and IFRS 8 (Operating Segments), presented in Explanatory Note Comparison of the financial statements adjusted to IFRS and those published Consolidated balance sheets Assets 01/01/2009 * 01/01/ /31/ /31/2009 As published IFRS As published IFRS Current Cash and cash equivalents 7,601,234 7,601,234 7,337,901 7,337,901 Recoverable taxes 38,862 38, , ,076 Financial instrument derivatives 54,800 54, Other credits 3,366 3,366 17,291 17, ,698,262 7,698,262 7,564,268 7,564,268 Non-current Inventories ,354 85,354 Investments - - 1,000 1,000 Property, plant and equipment 12,066 12,066 19,917 19,917 Intangible assets 2,037,604 1,485,430 2,718,091 2,099,559 Liabilities 2,049,670 1,497,496 2,824,362 2,205,830 9,747,932 9,195,758 10,388,630 9,770,098 Current Accounts payable to suppliers 18,244 18, , ,262 Payable taxes and contributions 1,938 1,938 40,116 40,116 Salary and related charges 7,744 7,744 23,960 23,960 Accounts payable on acquisition of exploration blocks 552, ,532 - Financial instrument derivatives , ,757 Other accounts payable ,311 65, ,103 27,929 1,199, ,406 Non Current Related parties 2,100 2,100 2,402 2,402 Shareholders equity Capital 8.798,901 8,798,901 8,799,004 8,799,004 Capital reserves - 232,892 9, ,569 Profit reserves 366, , , ,171 Acumulated losses (111,454) * Date of initial adoption 9,165,729 9,165,729 9,186,290 9,186,290 9,747,932 9,195,758 10,388,630 9,770,098
30 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS Base Date - September 30, EXPLANATORY NOTES Consolidated statements of income 09/30/ /30/ /31/ /31/2009 As published IFRS As published IFRS Operating income (expenses) Exploration expenses (80,682) (80,682) (97,914) (97,914) Administrative and general (69,600) (155,767) (118,025) (229,480) Financial revenue 704, , , ,741 Financial expenses (554,529) (554,529) (608,368) (608,368) Net income before income and social contribution tax (232) (86,399) 48,434 (63,021) Income tax and social contribution (32,857) (32,857) (37,605) (37,605) Net income (loss) for the period/year before minority interest (33,089) (119,256) 10,829 (100,626) Reconciliation of consolidated net income (loss) 09/30/ /31/2009 Net income (loss) for the period / year as published (33,089) 10,829 Fair value of the Company's share purchase options given by the end parent company shareholder (ICPC 5) (86,167) (111,455) Loss for the period / year adjusted into IFRS (119,256) (100,626) Consolidated cash flows 09/30/ /30/ /31/ /31/2009 As published IFRS As published IFRS Cash flows from operating activities Net income (loss) for the period/year (33,089) (119,256) 10,829 (100,626) Adjustments to reconcile net income to cash flow from operating activities: Depreciation and amortization 2,490 2,490 3,604 3,604 Stock options - 86,167 9, ,084 Gain (loss) on financial instruments derivative, net 436, , , ,557 27
31 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS Base Date - September 30, EXPLANATORY NOTES 09/30/ /30/ /31/ /31/2009 As published IFRS As published IFRS Change in assets and liabilities: Decrease in other accounts receivable (13,425) (13,425) (13,927) (13,927) Increase in recoverable taxes (107,331) (107,331) (170,214) (170,214) Increase in inventories (39,359) (33,086) (76,483) (76,483) Decrease in suppliers (4,993) (15,710) (15,619) (15,619) Increase in salary and related charges 10, ,216 16,216 Increase in taxes and contributions payable 32,158 32,158 38,178 38,178 Increase in accounts payable on acquisition of exploration blocks 90,600-66,359 - Increase in related parties Increase on other accounts payable 81,109 81,109 65,307 65,307 Cash and cash equivalents generated by operating activities 455, , , ,378 Investment activities: Applications in other investments (1,000) (1,000) (1,000) (1,000) Purchases of property, plant and equipment (9,322) (9,322) (11,497) (11,497) Proceeds from the sale of property, plant and equipments Acquisitions of intangible assets (256,354) (161,310) (540,720) (474,362) Cash and cash equivalents applied in investments activities (266,676) (171,632) (553,173) (486,815) Financing activities: Payment of capital, net of share issuance expenses Cash and cash equivalents applied in financing activities Increase (decrease) in cash and cash equivalents 188, ,833 (263,333) (263,333) Statement of increase (decrease) in cash and cash equivalents At beginning of the period/year 7,601,234 7,601,234 7,601,234 7,601,234 At end of the period/year 7,790,067 7,790,067 7,337,901 7,337,901 Increase (decrease) in cash and cash equivalents at the end of the period/year 188, ,833 (263,333) (263,333) Effects of the adoption of international standards on the Quarterly Information 09/30/ /31/2009 Net income (loss) for the period / year as published (33,089) 10,829 Fair value of the Company's share purchase options given by the end parent company shareholder (ICPC 5) (86,167) (111,455) Loss for the period / year adjusted into international accounting standards (CPC) (119,256) (100,626) 28
32 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS Base Date - September 30, EXPLANATORY NOTES Reconciliation of the consolidated balance sheet and net income with those of the parent company The Consolidated Quarterly Information, presented in tables 08.01, 08.02, 09.01, 10.01, and 11.02, were prepared in accordance with the CPC and IFRS, and there are no differences between the accounting practices, except for the non-controlling interest amounting to R$ 2,942, on September 30, 2010 which, under IFRS, is a component of the stockholders equity. Therefore, its balance as of September 30, 2010, according to IFRS, is R$ 9,222, Description of significant accounting policies The other accounting practices adopted by the Company which have not changed with respect to fiscal year 2009 are presented below: a. Statements of income Income and expenses are recognized on the accrual basis. b. Accounting estimates The preparation of the Quarterly Information and Consolidated Quarterly Information require that management use its judgment in determining and booking accounting estimates. Significant assets and liabilities subject to these estimates and assumptions include the residual value of property, plant and equipment, income tax and social contribution, and measurement of financial instruments. The settlement of transactions involving these estimates may result in significantly different amounts due to the lack of precision inherent to the process of their determination. Company management and its subsidiaries review the estimates and assumptions periodically. c. Financial instruments Non-derivative financial instruments include cash and cash equivalents, loans and financing, other receivables as well as accounts payable and other debts. Non-derivative financial instruments are initially recognized at their fair value plus, for instruments that are not recognized at their fair value through results, any directly attributable transaction costs. After their initial recognition, non-derivative financial instruments are recognized as follows: 29
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