Financial Highlights for Petrobras (PBR)

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This excerpt taken from the PBR 6-K filed Sep 9, 2009.

Financial Highlights


				For the first half of
			Income statement data
1Q-2009	2Q-2009	2Q-2008	(in millions of U.S. dollars, except for per	2009	2008
			share and per ADS data)
22,899	27,001	40,940	Sales of products and services	49,900	74,291
18,212	21,582	33,495	Net operating revenues	39,794	59,837
-	(560)	(470)	Financial income (expense), net	(560)	(191)
2,636	3,991	6,215	Net income attributable to Petrobras	6,627	10,716
0.30	0.45	0.71	Basic and diluted earnings per common and preferred share	0.76	1.22
0.60	0.90	1.42	Basic and diluted earnings per ADS	1.52	2.44

			Other data
45.0	49.7	41.1	Gross margin (%) ⁽¹⁾	47.5	41.3
23.4	30.4	27.3	Operating margin (%)⁽²⁾	27.2	25.9
14.5	18.5	18.6	Net margin (%)⁽³⁾	16.7	17.9
51	50	47	Debt to equity ratio (%) ⁽⁴⁾	50	47

			Financial and economic indicators
44.00	59.00	121.00	Brent crude (U.S.$/bbl)	52.00	109.00
2.3152	2.0740	1.6555	Average Commercial Selling Rate for U.S. dollar (R$/U.S.$)	2.1939	1.6972
2.3152	1.9516	1.5919	Period-end Commercial Selling Rate for U.S. Dollar (R$/U.S.$)	1.9516	1.5919

(1) Gross margin equals net operating revenues less cost of sales divided by net operating revenues.
(2) Operating margin equals operating income divided by net operating revenues.
(3) Net margin equals net income divided by net operating revenues.
(4) Debt to equity ratio equals total liabilities divided by the sum of total liabilities and total shareholders’ equity.

Reconciliation between Adjusted EBITDA and net income
(in millions of U.S. dollars)


				For the first half of
1Q-2009	2Q-2009	2Q-2008		2009	2008
2,636	3,991	6,215	Net income attributable to Petrobras	6,627	10,716
1,328	1,563	1,531	Depreciation, depletion and amortization	2,891	2,981
(337)	(485)	(517)	Financial income	(822)	(958)
126	356	345	Financial expense	482	454
211	689	642	Monetary and exchange variation	900	695
1,297	1,201	2,704	Total income tax expense	2,498	4,765
15	(230)	(253)	Equity in results of non-consolidated companies	(215)	(334)
131	(54)	(94)	Other expenses, net	77	(94)
			Noncontrolling interest in results of consolidated
114	1,007	20	subsidiaries	1,121	87

5,521	8,038	10,593	Adjusted EBITDA	13,559	18,312

30.3	37.2	31.6	EBITDA margin (%)⁽¹⁾	34.1	30.6

(1)EBITDA margin equals adjusted EBITDA divided by net operating revenues.

Our adjusted EBITDA and our EBITDA margin are not U.S. GAAP measures and it is possible that they may not be comparable with indicators with the same name reported by other companies. Adjusted EBITDA should not be considered as a substitute for operational profit or as a better measure of liquidity than operational cash flow, both of which are calculated in accordance with U.S. GAAP. We provide our adjusted EBITDA and EBITDA margin to give additional information about our capacity to pay debt, carry out investments and cover working capital needs.

The comparison between our results of operations for the first half of 2009 and for the first half of 2008 has been affected by the 22.6% decrease in the value of the Real against the U.S. dollar during that period.

This excerpt taken from the PBR 6-K filed Jun 1, 2009.

Financial Highlights


		For the first quarter of
	Income statement data
4Q-2008	(in millions of U.S. dollars, except for per	2009	2008
	share and per ADS data)
28,039	Sales of products and services	22,899	33,351
22,337	Net operating revenues	18,212	26,342
1,032	Financial income (expense), net	-	279
2,166	Net income for the period	2,636	4,501
	Basic and diluted earnings per common and
0.25	preferred share⁽¹⁾	0.30	0.51
0.50	Basic and diluted earnings per ADS ⁽¹⁾	0.60	1.02

	Other data
33.9	Gross margin (%) ⁽²⁾	45.0	41.6
9.7	Net margin (%) ⁽³⁾	14.5	17.1
51	Debt to equity ratio (%) ⁽⁴⁾	51	49

	Financial and Economic Indicators

55.00	Brent crude (U.S.$/bbl)	44.00	97.00
	Average Commercial Selling Rate for U.S. dollar
2.2802	(R$/U.S.$)	2.3152	1.7388
	Period-end Commercial Selling Rate for U.S.
2.3370	dollar (R$/U.S.$)	2.3152	1.7491

(1)	For purposes of comparison all share, ADS, per share and per ADS information in this report have been adjusted to reflect the result of the stock split which became effective on April 25, 2008. See Note 15 of our unaudited consolidated financial statements as of March 31, 2009.
(2)	Gross margin equals net operating revenues less cost of sales divided by net operating revenues.
(3)	Net margin equals net income divided by net operating revenues.
(4)	Debt to equity ratio equals total liabilities divided by the sum of total liabilities and total shareholders’ equity.

Reconciliation between Adjusted EBITDA and net income
(in millions of U.S. dollars)


		For the first quarter of
4Q-2008		2009	2008


2,166	Net income for the period	2,636	4,501
1,285	Depreciation, depletion and amortization	1,328	1,450
519	Impairment	-	-
(508)	Financial income	(337)	(441)
224	Financial expense	126	109
	Monetary and exchange variation on monetary
(748)	assets and liabilities, net	211	53
1,656	Total income tax expense	1,297	2,061
317	Equity in results of non-consolidated companies	15	(81)
233	Other expenses, net	131	-
	Noncontrolling interest in results of consolidated
(1,184)	subsidiaries	114	67

3,960	Adjusted EBITDA	5,521	7,719

Our adjusted EBITDA is not a U.S. GAAP measure and it is possible that it may not be comparable with indicators with the same name reported by other companies. Adjusted EBITDA should not be considered as a substitute for operational profit or as a better measure of liquidity than operational cash flow, both of which are calculated in accordance with U.S. GAAP. We provide our adjusted EBITDA to give additional information about our capacity to pay debt, carry out investments and cover working capital needs.

The comparison between our results of operations for the first quarter of 2009 and for the first quarter of 2008 has been affected by the 33.1% decrease in the value of the Real against the U.S. dollar during that period.

This excerpt taken from the PBR 6-K filed Mar 30, 2009.

Financial Highlights


				Year ended December 31,
			Income statement data
3Q-2008	4Q-2008	4Q-2007	(in millions of U.S. dollars, except for per	2008	2007
			share and per ADS data)
44,199	28,039	32,442	Sales of products and services	146,529	112,425
36,083	22,337	25,324	Net operating revenues	118,257	87,735
1,536	1,032	(212)	Financial income (expense), net	2,377	(582)
5,997	2,166	2,812	Net income for the period	18,879	13,138
0.68	0.25	0.32	Basic and diluted earnings per common and preferred share ⁽⁴⁾	2.15	1.50
1.36	0.50	0.64	Basic and diluted earnings per ADS ⁽⁴⁾	4.30	3.00

			Other data
36.3	33.9	41.3	Gross margin (%) ⁽¹⁾	38.4	43.3
16.6	9.7	11.1	Net margin (%) ⁽²⁾	16.0	15.0
47	51	50	Debt to equity ratio (%) ⁽³⁾	51	50

			Financial and Economic Indicators
115.00	55.00	89.00	Brent crude (U.S.$/bbl)	97.00	73.00
			Average Commercial Selling Rate for U.S. dollar
1.6672	2.2802	1.7830	(R$/U.S.$)	1.8362	1.9471
			Period-end Commercial Selling Rate for U.S.
1.9143	2.3370	1.7713	dollar (R$/U.S.$)	2.3370	1.7713

(1) Gross margin equals net operating revenues less cost of sales divided by net operating revenues.
(2) Net margin equals net income divided by net operating revenues.
(3) Debt to equity ratio equals total liabilities divided by the sum of total liabilities and total shareholders’ equity.
(4) For purposes of comparison all share, ADS, per share and per ADS information in this report have been adjusted to reflect the result of the stock split that became effective on April 25, 2008. See Note 17 of our consolidated financial statements for the year ended December 31, 2008.

Reconciliation between Adjusted EBITDA and Net Income
(in millions of U.S. dollars)


				Year ended December 31,

3Q-2008	4Q-2008	4Q-2007		2008	2007

5,997	2,166	2,812	Net income for the period	18,879	13,138
1,662	1,285	1,728	Depreciation, depletion and amortization	5,928	5,544
-	519	271	Impairment	519	271
(175)	(508)	(715)	Financial income	(1,641)	(1,550)
170	224	102	Financial expense	848	677
(1,531)	(748)	825	Monetary and exchange variation on monetary
			assets and liabilities, net	(1,584)	1,455
2,838	1,656	1,697	Total income tax expense	9,259	5,888
38	317	(63)	Equity in results of non-consolidated companies	21	(235)
86	233	152	Other expenses, net	225	143
(49)	(1,184)	28	Minority interest in results of consolidated subsidiaries	(1,146)	273

9,036	3,960	6,837	Adjusted EBITDA	31,308	25,604

The comparison between our results of operations for 2008 and for 2007 has been affected by the 5.7% increase in the value of the Real against the U.S. dollar for 2008 compared to 2007.

This excerpt taken from the PBR 6-K filed May 22, 2008.

Financial Highlights


		For the first quarter of
	Income statement data
4Q-2007	(in millions of U.S. dollars, except for per	2008	2007
	share and per ADS data)
32,442	Sales of products and services	33,351	23,700
25,324	Net operating revenues	26,342	18,400
(212)	Financial income (expense), net	279	(137)
2,812	Net income for the period	4,501	2,159
	Basic and diluted earnings per common and
0.32	preferred share	0.51	0.25
0.64	Basic and diluted earnings per ADS ⁽⁴⁾	1.02	0.50

	Other data
41.3	Gross margin (%) ⁽¹⁾	41.6	43.0
11.1	Net margin (%) ⁽²⁾	17.1	11.7
49	Debt to equity ratio (%) ⁽³⁾	49	52

	Financial and Economic Indicators

88.69	Brent crude (U.S.$/bbl)	96.90	57.75
	Average Commercial Selling Rate for U.S. dollar
1.7830	(R$/U.S.$)	1.7388	2.1082
	Period-end Commercial Selling Rate for U.S.
1.7713	dollar (R$/U.S.$)	1.7491	2.0504


(1)		Gross margin equals net operating revenues less cost of sales divided by net operating revenues.
(2)		Net margin equals net income divided by net operating revenues.
(3)		Debt to equity ratio equals total liabilities divided by the sum of total liabilities and total shareholders’ equity.
(4)		For purposes of comparison all share, ADS, per share and per ADS information in this report have been adjusted to reflect the result of the stock split which became effective on April 25, 2008. See Note 15 of our unaudited consolidated financial statements as of March 31, 2008.

Reconciliation between Adjusted EBITDA and net income
(in millions of U.S. dollars)


		For the first quarter of

4Q-2007		2008	2007

2,812	Net income for the period	4,501	2,159
1,728	Depreciation, depletion and amortization	1,450	1,157
(592)	Financial income	(441)	(306)
(21)	Financial expense	109	106
	Monetary and exchange variation on monetary
825	assets and liabilities, net	53	337
1,697	Total income tax expense	2,061	1,428
(63)	Equity in results of non-consolidated companies	(81)	(29)
152	Other expenses, net	-	(15)
	Minority interest in results of consolidated
28	subsidiaries	67	167

6,566	Adjusted EBITDA	7,719	5,004

The comparison between our results of operations for the first quarter of 2008 and for the first quarter of 2007 has been affected by the 17.5% increase in the value of the Real against the U.S. dollar in the first quarter of 2008 as compared to the first quarter of 2007.

This excerpt taken from the PBR 6-K filed Mar 18, 2008.

Financial Highlights


			Year ended December 31,
3Q-2007	4Q-2007	4Q-2006	Income statement data (in millions of U.S. dollars, except for per share and per ADS data)	2007	2006
29,770	32,442	24,626	Sales of products and services	112,425	93,893
23,447	25,324	19,020	Net operating revenues	87,735	72,347
(270)	(212)	277	Financial income (expense), net	(582)	(100)
3,833	2,812	2,786	Net income for the period	13,138	12,826
0.87	0.64	0.64	Basic and diluted earnings per common and preferred share	2.99	2.92
1.74	1.28	1.28	Basic and diluted earnings per ADS ⁽⁴⁾	5.98	5.84

			Other data
42.5	41.3	40.4	Gross margin (%) ⁽¹⁾	43.3	44.5
16.3	11.1	14.6	Net margin (%) ⁽²⁾	15.0	17.7
50	50	55	Debt to equity ratio (%) ⁽³⁾	50	55

			Financial and Economic Indicators

74.87	88.69	59.68	Brent crude (U.S.$/bbl)	72.52	65.14
1.9179	1.7830	2.1517	Average Commercial Selling Rate for U.S. dollar (R$/U.S.$)	1.9471	2.1752
1.8389	1.7713	2.1380	Period-end Commercial Selling Rate for U.S. dollar (R$/U.S.$)	1.7713	2.1380

(1)	Gross margin equals net operating revenues less cost of sales divided by net operating revenues.

(2)	Net margin equals net income divided by net operating revenues.

(3)	Debt to equity ratio equals total liabilities divided by the sum of total liabilities and total shareholders’ equity.

(4)	For purposes of comparison, net income per ADS was recalculated for the prior periods, due to a four-to-two reverse stock split, which changed the ratio of underlying shares to ADSs and which became effective as of July 2, 2007. See Note 17 of our consolidated financial statements for the year ended December 31, 2007.

Reconciliation between Adjusted EBITDA and net income
(in millions of U.S. dollars)


			Year ended December 31,
3Q-2007	4Q-2007	4Q-2006		2007	2006

3,833	2,812	2,786	Net income for the period	13,138	12,826
1,277	1,728	1,057	Depreciation, depletion and amortization	5,544	3,673
(162)	(592)	(235)	Financial income	(1,427)	(1,165)
115	(21)	(74)	Financial expense	554	1,340
			Monetary and exchange variation on monetary
317	825	32	assets and liabilities, net	1,455	(75)
1,589	1,697	1,042	Total income tax expense	5,888	5,691
(97)	(63)	8	Equity in results of non-consolidated companies	(235)	(28)
19	152	(41)	Other expenses, net	143	17
			Minority interest in results of consolidated
63	28	220	subsidiaries	273	644

6,954	6,566	4,795	Adjusted EBITDA	25,333	22,923

The comparison between our results of operations for 2007 and for 2006 has been affected by the 10.5% increase in the value of the Real against the U.S. dollar for 2007 as compared to 2006.

This excerpt taken from the PBR 6-K filed Jun 28, 2006.

Financial Highlights


		For the first quarter of
4Q -2005		2006	2005

3,523	Net income for the period	3,163	2,046
787	Depreciation, depletion and amortization	816	670
(624)	Financial income	192	(402)
280	Financial expense	231	431
	Monetary and exchange variation on monetary
(19)	assets and liabilities, net	(112)	(9)
848	Total income tax expense	1,733	1,201
(26)	Equity in results of non-consolidated companies	(10)	(23)
297	Other expenses, net	41	52
	Minority interest in results of consolidated
(239)	subsidiaries	218	(10)
(158)	Extraordinary gain net of tax	-	-

4,669	Adjusted EBITDA	6,272	3,956

Our adjusted EBITDA is not a U.S.GAAP measure and may possibly not be comparable with indicators with the same name reported by other companies. Adjusted EBITDA should not be considered as a substitute for operational profit or as a better measure of liquidity than operational cash flow, which are calculated in accordance with U.S.GAAP. We provide our adjusted EBITDA to give additional information about our capacity to pay debt, carry out investments and cover working capital needs.


	U.S.$ million
Balance sheet data	03.31.2006	12.31.2005	Percent Change (03.31.2006 versus 12.31.2005)	03.31.2005





Total assets	85,268	78,625	8.4	64,589
Cash and cash equivalents	10,418	9,871	5.5	6,576
Short-term debt	918	950	(3.4)	1,014
Total long-term debt	12,485	12,931	(3.4)	12,918
Total project financings	5,539	6,042	(8.3)	5,719
Total capital lease obligations	1,218	1,254	(2.9)	1,315
Net debt ⁽¹⁾	9,742	11,306	(13.8)	14,390
Shareholders’ equity ⁽²⁾	38,427	32,917	16.7	24,397
Total capitalization ⁽³⁾	58,587	54,094	8.3	45,363


	U.S.$ million
Reconciliation of Net debt	03.31.2006	12.31.2005	03.31.2005
Total long-term debt	12,485	12,931	12,918
Plus short-term debt	918	950	1,014
Plus total project financings	5,539	6,042	5,719
Plus total capital lease obligations	1,218	1,254	1,315
Less cash and cash equivalents	10,418	9,871	6,576
Net debt ⁽¹⁾	9,742	11,306	14,390

(1) Our net debt is not computed in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for total long-term debt calculated in accordance with U.S. GAAP. Our calculation of net debt may not be comparable to the calculation of net debt by other companies. Management believes that net debt is an appropriate supplemental measure that helps investors assess our liquidity and assists management in targeting leverage improvements. Please see the table above for a reconciliation of net debt to total long-term debt.

(2) Shareholders’ equity includes unrecognized losses in the amount of U.S.$ 2,078 million March 31, 2006, U.S.$ 1,930 million at December 31, 2005 and U.S.$ 1,967 million at March 31, 2005, in each case related to “Amounts not recognized as net periodic pension cost”.

(3) Total capitalization means shareholders’ equity plus short-term debt, total long-term debt, total project financings and total capital lease obligations.

This excerpt taken from the PBR 6-K filed Aug 25, 2005.

Financial Highlights


				For the first half of
1Q-2005	2Q-2005	2Q-2004	Income statement data	2005	2004

14,782	17,510	11,961	Sales of products and services	32,292	23,137
10,734	13,694	8,854	Net operating revenues	24,428	16,789
(32)	(174)	(423 )	Financial income (expense), net	(206 )	(810 )
2,046	2,119	1,307	Net income	4,165	2,644
			Basic and diluted earnings per common and preferred
1.87	1.93	1.19	share	3.80	2.41

			Other data

51.5	45.9	47.9	Gross margin (%) ⁽¹⁾	48.4	48.3
19.1	15.5	14.8	Net margin (%) ⁽²⁾	17.1	15.7
62	60	66	Debt to equity ratio (%) ⁽³⁾	60	66

			Financial and Economic Indicators

47.50	51.59	35.36	Brent crude (U.S.$/bbl)	49.54	33.66
			Average Commercial Selling Rate for U.S. Dollars
2.6672	2.4822	3.0423	(R$/U.S.$)	2.5741	2.9707
			Period-end Commercial Selling Rate for U.S.
2.6662	2.3504	3.1075	Dollars (R$/U.S.$)	2.3504	3.1075

(1)	Gross margin equals net operating revenues less cost of sales divided by net operating revenues.
(2)	Net margin equals net income divided by net operating revenues.
(3)	Debt to equity ratio equals total liabilities divided by the sum of total liabilities and total shareholders’ equity.


	U.S. $ million
	06.30.2005	12.31.2004	Percent Change (06.30.2005 versus 12.31.2004)	06.30.2004

Balance sheet data




Total assets	71,200	63,082	12.9	52,297
Cash and cash equivalents	7,229	6,856	5.4	5,719
Short-term debt	1,087	547	98.7	543
Total long-term debt	12,956	13,344	(2.9)	12,743
Total project financings	6,039	5,712	5.7	5,998
Total capital lease obligations	1,223	1,335	(8.4)	1,445
Net debt ⁽¹⁾	14,076	14,082	(0.0)	15,010
Shareholders’ equity ⁽²⁾	28,519	22,506	26.7	17,655
Total capitalization ⁽³⁾	49,824	43,444	14.7	38,384


	U.S. $ million
Reconciliation of Net debt	06.30.2005	12.31.2004	06.30.2004
Total long-term debt	12,956	13,344	12,743
Plus short-term debt	1,087	547	543
Plus total project financings	6,039	5,712	5,998
Plus total capital lease obligations	1,223	1,335	1,445
Less cash and cash equivalents	7,229	6,856	5,719
Net debt ⁽¹⁾	14,076	14,082	15,010

(1)	Our net debt is not computed in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for total long- term debt calculated in accordance with U.S. GAAP. Our calculation of net debt may not be comparable to the calculation of net debt by other companies. Management believes that net debt is an appropriate supplemental measure that helps investors assess our liquidity and assists management in targeting leverage improvements. Please see the table above for a reconciliation of net debt to total long- term debt.
(2)	Shareholders’ equity includes unrecognized losses in the amount of U.S.$ 2,231 million at June 30, 2005, U.S.$ 1,975 million at December 31, 2004 and U.S.$ 1,477 million at June 30, 2004, in each case related to “Amounts not recognized as net periodic pension cost”.
(3)	Total capitalization means shareholders’ equity plus short-term debt, total long-term debt, total project financings and total capital lease obligations.

Page: 3

EXCERPTS ON THIS PAGE:

6-K	Sep 9, 2009

6-K	Jun 1, 2009

6-K	Mar 30, 2009

6-K	May 22, 2008

6-K	Mar 18, 2008

6-K	Jun 28, 2006

6-K	Aug 25, 2005

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