This excerpt taken from the PBR 6-K filed Nov 19, 2009.
Gross debt was impacted by BNDES loans to cover investments pursuant to the Companys 2009/2013 business plan.
The level of indebtedness, measured by the net debt/EBITDA ratio increased from 0.95 on June 30, 2009, to 1.00 on September 30, 2009. The portion of the capital structure represented by third parties was 49%.
This excerpt taken from the PBR 6-K filed Aug 18, 2009.
The year-on-year decline was caused by narrower sales margins, in turn due to lower average sales prices. This was partially offset by the 10% upturn in sales volume, primarily thanks to the consolidation of ALVO Distribuidora, despite the consequent increase in SG&A expenses.
The Companys share of the fuel distribution market climbed from 35.2% in the 1H-2008 to 38.4% in the 1H-2009.
The higher result was caused by the 9% increase the sales margins and the 5% upturn in sales volume.
These effects were partially offset by higher SG&A expenses due to increased freight costs.
The segment recorded a 38.0% share of the fuel distribution market in the 2Q-2009, versus 38.8% in the previous quarter.