This excerpt taken from the PBR 6-K filed Nov 19, 2009.
Petrobras posted consolidated net income of R$ 20,853 million in the 9M-2009, 22% down on year-on-year.
(1) Operating income before financial result, equity balance and taxes.
EBITDA is not a measure recognized by the accounting practices adopted in Brazil and other companies may define it in different ways. It should not be considered as an alternative indicator for measuring operating income, or as the best form of measuring liquidity or cash flow from operating activities. EBITDA is an additional measure of the Companys capacity to amortize debt, maintain investments and cover working capital needs.