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PBR » Topics » Consolidated Statement of Income by Operating Segment - 30/06/2005

This excerpt taken from the PBR 6-K filed Aug 19, 2005.

Consolidated Statement of Income by Operating Segment – 30/06/2005

   
R$ THOUSAND 
 
   
E&P 
SUPPLY 
GAS &
ENERGY 
DISTR. 
INT’L 
CORPOR. 
ELIMIN. 
TOTAL 
 
Net Operating Revenues    31.711.573    49.420.789    3.714.688    17.906.795    5.446.337    -    (45.944.088)   62.256.094 
                 
 Intersegment    29.666.086    13.887.272    1.119.214    272.714    998.802    -    (45.944.088)    
 Third parties    2.045.487    35.533.517    2.595.474    17.634.081    4.447.535    -    -    62.256.094 
Cost of Goods Sold    (13.500.154)   (41.962.474)   (2.663.616)   (16.131.721)   (3.408.180)   -    (43.217.294)   (34.448.851)
                 
Gross Profit    18.211.419    7.458.315    1.051.072    1.775.074    2.038.157    -    (2.726.794)   27.807.243 
Operating Expenses    (1.286.457)   (2.004.592)   (781.050)   (1.285.429)   (790.180)   (3.132.138)   (140.243)   (9.420.089)
 Sales, General & Administrative    (452.401)   (1.450.312)   (348.363)   (1.126.449)   (537.605)   (1.107.045)   -    (5.022.175)
 Taxes    (6.817)   (39.932)   (30.280)   (80.904)   (55.263)   (204.824)   -    (418.020)
 Prospecting & Drilling    (475.666)   -    -    -    (108.806)   -    -    (584.472)
 Research & Development    (156.736)   (55.404)   (26.435)   (1.619)   (1.748)   (174.231)   -    (416.173)
 Other Operating Income (Expenses)   (194.837)   (458.944)   (375.972)   (76.457)   (86.758)   (1.646.038)   (140.243)   2.979.249 
                 
Operating Profit (Loss)   16.924.962    5.453.723    270.022    489.645    1.247.977    (3.132.138)   (2.867.037)   18.387.154 
 Interest Expenses, net    (112.468)   (239.907)   439.794    (46.060)   (509.799)   (1.239.853)   5.679    (1.702.614)
 Gains from investments in subsidiaries    -    140.954    (16.304)   -    102.812    (510.928)   -    (283.466)
 Balance sheet monetary restatement    -    -    -    -    -    -    -    - 
 Non-operating income (expenses)   (191.892)   22.078    (45.667)   (1.550)   9.753    1.835    -    (205.443)
                 
Income before taxes and minority interests    16.620.602    5.376.848    647.845    442.035    850.743    (4.881.084)   (2.861.358)   16.195.631 
Income Tax and Social Contribution    (5.314.864)   (1.824.307)   (176.873)   (159.452)   (282.479)   (1.851.269)   995.639    (4.911.067)
Minority Interests    (913.929)   (52.238)   (317.776)   -    (49.553)   -    -    (1.333.496)
Employee benefits expenses    -    -    -    -    -    -    -    - 
                 
Net Income (Loss)   10.391.809    3.500.303    153.196    282.583    518.711    (3.029.815)   (1.865.719)   9.951.068 
                 

(1)     
The International and Supply Net Operating Income and the Cost of Goods Sold, relating 2004 exercise were reclassified. The reclassifications refer to the offshore operations that were being allocated at the International segment. Considering that the margins of these operations are usually very low, there were no significant impacts on the income of these segments.
(2)     
In order to adapt the Statement of Income by Segment to the new procedures coming from the implementation of SAP/R3, from 2005 and on, the income from the commercialization of oil to third parties are being allocated according to the sale’s expedition point, that may belong to the E&P or Suply segments. Until 2004, the commercialization of oil was allocated only at the E&P segment.
 
Considering that the oil transference internal price methodology is based in market parameters and that all oil commercialized by the Supply segment comes from the E&P segment, by transference, this adaptation basically doesn’t bring any effects to the segment’s income. There is an increase in the Net Operational Income between-segments of E&P and a decrease in the same Net Operational Income of third-parties. Also, there is an increase at the Net Operational Income of third-parties and Cost of Goods Sold of Supply segment.
 
Another change coming from the implementation of SAP/R3 is about the natural gas (UPGN) transferred from Gas & Energy segment to Supply, in order to specification in units of processing of natural gas and later commercialization by the Gas & Energy segment. Knowing that transference internal prices used in these transactions are the same, these changes don’t result in any impact in the Gross Profit of Supply and Gas & Energy segments, only an increase at the Income between-segments and at the Cost of Goods.

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