This excerpt taken from the PBR 6-K filed Nov 12, 2008.
A R$ 518 million increase in operating expenses, notably:
Selling expenses (R$ 677 million) due to higher sales volume and freight costs (R$ 324 million), the increase in provisions for doubtful debts (R$ 74 million) and expenses related to logistics and maintenance services (R$ 63 million);
Exploration costs (R$ 671 million), from the write-off of dry and economically unviable wells (R$ 823 million), offset by the reduction in seismic costs (R$ 253 million);
General and administrative expenses (R$ 569 million), due to the rise in personnel costs as a result of the increase in the workforce and pay rises both in Brazil and abroad (R$ 363 million), as well as third-party consulting, auditing and data processing services in Brazil (R$ 190 million).
Other operating expenses (R$ 41 million) as a result of non-recurring expenses with the Petros Plan (R$ 1,050 million) in 2007 despite the booking of provisions for contingencies, pay rises and benefits as part of the collecting bargaining agreements, as well as contractual fines related to natural gas supply and the adjustment to market value of foreign subsidiaries oil product inventories (R$ 803 million).
More than offsetting the reduction in the following expenses:
Tax expenses (R$ 505 million), due to the elimination of the CPMF financial transaction tax as of January/08, offset by the increase in the IOF financial operations tax rate in the same month;
Health and Pension Plan (R$ 984 million) due to the commitments assumed with the Reciprocal Obligation Agreement (R$ 697 million) in 2007;
Reversal of the financial result (R$ 3,802 million) due to FX gains on financial investments abroad and on the use of funds held by International subsidiaries to acquire E&P equipment for use in Brazil and in commercial activities.
An increase in the non-operating result (R$ 460 million), due to gains from changes in capital structure on controlled companies (R$ 409 million).
Increase in income tax and social contributions (R$ 5,254 million), considering that in 2007 the Company benefited from provisions for interest on own capital (R$ 1,492 million).
This excerpt taken from the PBR 6-K filed Aug 13, 2008.
A reduction in the following operating expenses:
Exploration costs (R$ 91 million), primarily due to the reduction in geological, geophysical and seismic costs, especially abroad (R$ 70 million).
Other operating expenses (R$ 189 million), chiefly due to reduced costs from contractual charges and fines related to natural gas supply (R$ 211 million).
These effects were offset by the increase in selling expenses (R$ 131 million) due to the upturn in maritime freight charges.
A negative impact on the net financial result (R$ 1,402 million), due to the impact of the higher appreciation of the Real in the 2Q-2008 on investments abroad, commercial activities and, in the International segment, through subsidiaries, the use of foreign funds to acquire E&P equipment for use in Brazil.
Reduced holdings in relevant investments (R$ 155 million), chiefly due to greater FX losses on foreign subsidiaries shareholders equity.
A positive impact on the non-operating result (R$ 425 million), primarily due to gains from the change in relevant interests in Quattor (R$ 409 million).
This excerpt taken from the PBR 6-K filed Nov 21, 2007.
(A free translation of the original report in Portuguese)
This excerpt taken from the PBR 6-K filed Aug 21, 2007.
The gross margin fell by 3 percentage points in comparison with that recorded for the 1st half of 2006, reflecting the reduction in the Average Realization Price - ARP of basic oil products on the local market and exports, as well as an increase in average unit costs, partially offset by the increase in the total volume of sales.
This excerpt taken from the PBR 6-K filed Jun 8, 2007.
In the corporate area, we achieved our goal of 2/3s adherence to the amended regulations of the PETROS Pension Plan. The implementation of these amendments will increase the transparency of the Companys obligations to PETROS and their approval will also lead to the conclusion of agreements with union representatives aimed at settling and terminating all pending legal disputes related to the Petrobras Systems supplementary pension plan.
In the first quarter, we posted a consolidated net income of R$ 4.131 million. Net operating income amounted to R$ 38.894 million, 8% up year-on-year and the Companys market capitalization stood at R$ 215.666 million at the end of the period.
In conclusion, I would like to re-emphasize our willingness, desire, and technical capacities, to overcome the challenges of today. We will do so in a sustainable manner, focusing on profitability and social and environmental responsibility. As a company, we will continue striving to make these concepts an integral part of our daily activities. We are fully confident in our ability to succeed during a period that is undoubtedly challenging, but which is also marked by unquestionable progress and new opportunities.
This excerpt taken from the PBR 6-K filed Nov 17, 2006.
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