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PBR » Topics » For the first half of

This excerpt taken from the PBR 6-K filed Sep 4, 2008.

For the first half of

1Q-2008    2Q-2008    2Q-2007        2008    2007 
 
4,501    6,215    4,334    Net income for the period    10,716    6,493 
1,450    1,531    1,382           Depreciation, depletion and amortization    2,981    2,539 
(441)   (517)   (367)          Financial income    (958)   (673)
109    345    354           Financial expense    454    460 
                   Monetary and exchange variation on monetary         
53    642    (24)                  assets and liabilities, net    695    313 
2,061    2,704    1,174           Total income tax expense    4,765    2,602 
(81)   (253)   (46)          Equity in results of non-consolidated companies    (334)   (75)
-    (94)   (13)          Other expenses, net    (94)   (28)
                   Minority interest in results of consolidated         
67    20    15    subsidiaries    87    182 
           
7,719    10,593    6,809    Adjusted EBITDA    18,312    11,813 
           

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 half of 2008 and for the first half of 2007 has been affected by the 17.0% increase in the value of the Real against the U.S. dollar in the first half of 2008 as compared to the first half of 2007.

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