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PBR » Topics » Consolidated Result by Business Area - 06.30.2004

This excerpt taken from the PBR 6-K filed Aug 16, 2005.

Consolidated Result by Business Area - 06.30.2004

    R$ Million 
 
    E&P    SUPPLY    GAS
&
ENERGY		   DISTRIB.    INTERN.    CORPOR.    ELIMIN.    TOTAL 
 
INCOME STATEMENTS                                 
 
Net Operating Revenues (1)   25.274    38.577    2.777    12.218    5.544    -    (33.173)   51.217 
                 
    Intersegments    21.803    9.903    501    205    761    -    (33.173)   - 
    Third Parties    3.471    28.674    2.276    12.013    4.783    -    -    51.217 
Cost of Goods Sold (1)   (11.773)   (34.339)   (2.141)   (10.972)   (3.580)   -    33.085    (29.720)
                 
Gross Profit    13.501    4.238    636    1.246    1.964    -    (88)   21.497 
Operating Expenses    (1.342)   (2.050)   (464)   (826)   (778)   (2.247)   257    (7.450)
Sales, General & Administrative    (454)   (1.312)   (284)   (722)   (563)   (752)   202    (3.885)
Taxes    (10)   (43)   (33)   (76)   (56)   (590)   -    (808)
Exploration, Drilling and Lifting Costs    (489)   -    -    -    (136)   -    -    (625)
Research & Development    (144)   (71)   (10)   (5)   (1)   (87)   -    (318)
Others    (245)   (624)   (137)   (23)   (22)   (818)   55    (1.814)
                 
Operating Profit (Loss)   12.159    2.188    172    420    1.186    (2.247)   169    14.047 
Interest Income (Expenses)   (664)   (88)   (452)   (35)   (651)   (500)   (250)   (2.640)
Equity in results of non-consolidated companies    -    64    46    -    (26)   373    -    457 
Non-operating Income (Expense)   (111)   3    (1)   (2)   (23)   (5)   -    (139)
                 
 
Income before Taxes and Minority Interests    11.384    2.167    (235)   383    486    (2.379)   (81)   11.725 
Income Tax & Social Contribution    (3.856)   (707)   (2)   (137)   (115)   419    33    (4.365)
Minority Interests    (52)   (15)   (89)   -    (113)   -    -    (269)
                 
Net Income (Loss)   7.476    1.445    (326)   246    258    (1.960)   (48)   7.091 
                 

(1)      Net Operating Revenues and the COGS relative to the year 2004 were reclassified between the International segment and the Supply segment regarding offshore operations that were being allocated to the International segment. Considering that the margins obtained in these operations are normally very low, there was no significant impact on the results reported by these segments.
 
(2)      With the intent of adapting the results by business area to the new procedures arising from implantation of the SAP-R/3 system, as of 2005 the revenues from commercialization of oil to third parties will be allocated as per the points of sale, which may belong to the Exploration & Production or Supply areas. Until 2004, the commercialization of oil was fully allocated to the Exploration & Production area.
 
  Considering that the methodology used for the internal transfer price of oil is based on market parameters and that all oil commercialized by the Supply area comes from transfers from the Exploration & Production area, this adaptation produces practically no effects on the results of the areas, and ends up as an increase in the line “Net Operating Revenues” in the Exploration & Production area, offsetting a reduction in the “Net Operating Revenues with Third Parties” line, and increases in the “Net Operating Revenues with Third Parties” and the “Cost of Goods and Services Sold” lines in the Supply area.
 
  Another change due to the implantation of the SAP-R/3 system is related to a natural gas parcel transferred by the Gas & Energy area to Supply, for specification at natural gas processing units (UPGN), and further commercialization by the Gas & Energy area. Considering that the internal transfer prices practices in these transactions are the same, these changes do not produce any impact on the gross income of the Supply and Gas & Energy areas, only increases in the Intersegment Revenues and in the COGS.
 

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