PBR » Topics » Revenues

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

Revenues

Net operating revenues decreased 33.5% to U.S.$39,794 million in the first half of 2009 compared to U.S.$59,837 million in the first half of 2008. This decrease was primarily attributable to lower average sales prices of crude oil and natural gas in domestic and international markets and lower sales volumes in the domestic market.

Consolidated sales of products and services decreased 32.8% to U.S.$49,900 million in the first half of 2009 compared to U.S.$74,291 million in the first half of 2008, due to the decreases mentioned above.

Included in sales of products and services are the following amounts that we collected on behalf of federal or state governments:

• Value-added, Programa de Formação do Patrimônio do Servidor Público (Civil Servant Savings Programs, or PASEP), Contribuição para o Financiamento da Seguridade Social (Contribution for the Financing of Social Security, or COFINS) and other taxes on sales of products and services and social security contributions. These taxes decreased 27.6% to U.S.$9,043 million in the first half of 2009 compared to U.S.$12,493 million in the first half of 2008, primarily due to lower prices and lower domestic sales volumes; and

Contribuição de Intervenção no Domínio Econômico (Contribution for Intervention in the Economic Sector, or CIDE), the per-transaction fee due to the Brazilian government, which decreased 45.8% to U.S.$1,063 million in the first half of 2009 compared to U.S.$1,961 million in the first half of 2008, primarily due to lower prices and lower domestic sales volumes.

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

Revenues

Net operating revenues decreased 30.9% to U.S.$18,212 million in the three-month period ended March 31 2009 compared to U.S.$26,342 million in the three-month period ended March 31, 2008. This decrease was primarily attributable to lower average sales prices of crude oil and natural gas in domestic and international markets and lower sales volumes in the domestic market.

Consolidated sales of products and services decreased 31.3% to U.S.$22,899 million in the three-month period ended March 31 2009 compared to U.S.$33,351 million in the three-month period ended March 31 2008, due to the decreases mentioned above.

Included in sales of products and services are the following amounts that we collected on behalf of federal or state governments:

  • Value-added, Programa de Formação do Patrimônio do Servidor Público (Civil Servant Savings Programs, or PASEP), Contribuição para o Financiamento da Seguridade Social (Contribution for the Financing of Social Security, or COFINS) and other taxes on sales of products and services and social security contributions. These taxes decreased 28.4% to U.S.$4,219 million in the three-month period ended March 31, 2009, compared to U.S.$5,896 million in the three-month period ended March 31, 2008, primarily due to lower prices and lower domestic sales volumes; and

  • Contribuição de Intervenção no Domínio Econômico (Contribution for Intervention in the Economic Sector, or CIDE), the per-transaction fee due to the Brazilian government, which decreased 58.0% to U.S.$468 million in the three-month period ended March 31, 2009 compared to U.S.$1,113 million in the three-month period ended March 31, 2008, primarily due to lower prices and lower domestic sales volumes.

This excerpt taken from the PBR 20-F filed May 22, 2009.
Revenues
 
Net operating revenues increased 21.3% to U.S.$87,735 million for 2007, compared to U.S.$72,347 million for 2006. This increase was primarily attributable to higher sales volumes and prices for our products in domestic and international markets.
 
Consolidated sales of products and services increased 19.7% to U.S.$112,425 million for 2007, compared to U.S.$93,893 million for 2006, primarily due to the increases mentioned above.
 
Included in sales of products and services are the following amounts that we collected on behalf of federal or state governments:
 
  •     Value-added taxes, social security contributions payable on sales and financial revenues called PASEP and COFINS, and other taxes on sales and services and social security contributions. These taxes increased 15.4% to U.S.$20,668 million for 2007, compared to U.S.$17,906 million for 2006, primarily due to higher prices and sales volumes; and
 
  •     CIDE, the per-transaction fee due to the Brazilian government, increased 10.5% to U.S.$4,022 million for 2007, compared to U.S.$3,640 million for 2006, primarily due to higher prices and sales volumes.
 
 
This excerpt taken from the PBR 6-K filed Mar 30, 2009.

Revenues

Net operating revenues increased 34.8% to U.S.$118,257 million for 2008 compared to U.S.$87,735 million for 2007. This increase was primarily attributable to an increase of 28.8% in average prices for our products in domestic and international markets and an increase of 5.5% in sales volumes in Brazil.

Consolidated sales of products and services increased 30.3% to U.S.$146,529 million for 2008 compared to U.S.$112,425 million for 2007 due to the increases mentioned above.

Included in sales of products and services are the following amounts that we paid to the federal or state governments:

• Value-added, PASEP, COFINS and other taxes on sales and services and social security contributions. These taxes increased 21.2% to U.S.$25,046 million for 2008 compared to U.S.$20,668 million for 2007, primarily due to higher prices and sales volumes; and

• CIDE, the per-transaction fee due to the Brazilian government, which decreased 19.8% to U.S.$3,226 million for 2008 compared to U.S.$4,022 million for 2007, due to lower taxes on gasoline and diesel sales.

This excerpt taken from the PBR 6-K filed Nov 28, 2008.

Revenues

Net operating revenues increased 53.7% to U.S.$95,920 million in the nine-month period ended September 30, 2008, compared to U.S.$62,411 million in the nine-month period ended September 30, 2007. This increase was primarily attributable to higher prices for our products in domestic and international markets and higher sales volumes in the domestic market.

Consolidated sales of products and services increased 48.1% to U.S.$118,490 million in the nine-month period ended September 30, 2008, compared to U.S.$79,983 million in the nine-month period ended September 30, 2007, due to the increases mentioned above.

Included in sales of products and services are the following amounts that we collected on behalf of federal or state governments:

  • Value-added, PASEP, COFINS and other taxes on sales of products and services and social security contributions. These taxes increased 35.4% to U.S.$19,882 million in the nine- month period ended September 30, 2008, compared to U.S.$14,688 million in the nine- month period ended September 30, 2007, primarily due to higher prices and sales volumes; and

  • CIDE, the per-transaction fee due to the Brazilian government, which decreased 6.8% to U.S.$2,688 million in the nine-month period ended September 30, 2008, compared to U.S.$2,884 million in the nine-month period ended September 30, 2007, due to lower taxes on gasoline and diesel sales.
This excerpt taken from the PBR 6-K filed Sep 4, 2008.

Revenues

Net operating revenues increased 53.6% to U.S.$59,837 million in the first half of 2008, as compared to U.S.$38,964 million in the first half of 2007. This increase was primarily attributable to higher prices for our products in domestic and international markets and higher sales volumes in the domestic market.

Consolidated sales of products and services increased 48.0% to U.S.$74,291 million in the first half of 2008, compared to U.S.$50,213 million in the first half of 2007, primarily due to the increases mentioned above.

Included in sales of products and services are the following amounts that we collected on behalf of federal or state governments:

• Value-added, PASEP, COFINS and other taxes on sales of products and services and social security contributions. These taxes increased 33.2% to U.S.$12,493 million in the first half of 2008, as compared to U.S.$9,382 million in the first half of 2007 primarily due to higher prices and sales volumes; and

• CIDE, the per-transaction fee due to the Brazilian government, which increased 5.0% to U.S.$1,961 million in the first half of 2008, compared to U.S.$1,867 million in the first half of 2007, primarily due to higher prices and sales volumes.

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

Revenues

Net operating revenues increased 43.2% to U.S.$26,342 million for the first quarter of 2008, as compared to U.S.$18,400 million for the first quarter of 2007. This increase was primarily attributable to higher prices for our products in domestic and international markets and higher sales volumes in domestic market.

Consolidated sales of products and services increased 40.7% to U.S.$33,351 million for the first quarter of 2008, compared to U.S.$23,700 million for the first quarter of 2007, primarily due to the increases mentioned above.

Included in sales of products and services are the following amounts that we collected on behalf of federal or state governments:

  • Value-added, PASEP, COFINS and other taxes on sales of products and services and social security contributions. These taxes increased 33.2% to U.S.$5,896 million for the first quarter of 2008, as compared to U.S.$4,427 million for the first quarter of 2007 primarily due to higher prices and sales volumes; and

  • CIDE, the per-transaction fee due to the Brazilian government, which increased 27.5% to U.S.$1,113 million for the first quarter of 2008, compared to U.S.$873 million for the first quarter of 2007, primarily due to higher prices and sales volumes.
This excerpt taken from the PBR 6-K filed Mar 18, 2008.

Revenues

Net operating revenues increased 21.3% to U.S.$87,735 million for 2007, as compared to U.S.$72,347 million for 2006. This increase was primarily attributable to higher prices for our products in domestic and international markets and higher sales volumes in domestic and international markets.

Consolidated sales of products and services increased 19.7% to U.S.$112,425 million for 2007, compared to U.S.$93,893 million for 2006, primarily due to the increases mentioned above.

Included in sales of products and services are the following amounts that we collected on behalf of federal or state governments:

  • Value-added, PASEP, COFINS and other taxes on sales of products and services and social security contributions. These taxes increased 15.4% to U.S.$20,668 million for 2007, as compared to U.S.$17,906 million for 2006, primarily due to higher prices and sales volumes; and

  • CIDE, the per-transaction fee due to the Brazilian government, increased 10.5% to U.S.$4,022 million for 2007, compared to U.S.$3,640 million for 2006, primarily due to higher prices and sales volumes.
This excerpt taken from the PBR 6-K filed Nov 29, 2007.

Revenues

Net operating revenues increased 17.0% to U.S.$ 62,411 million for the nine-month period ended September 30, 2007, as compared to U.S.$ 53,327 million for the nine-month period ended September 30, 2006. This increase was primarily attributable to: an increase in sales volume both in the domestic and international markets; and the 8.3% increase in the value of the Real against the U.S. dollar in the nine-month period ended September 30, 2007, as compared to the nine-month period ended September 30, 2006.

Consolidated sales of products and services increased 15.5% to U.S.$ 79,983 million for the nine-month period ended September 30, 2007, as compared to U.S.$ 69,267 million for the nine-month period ended September 30, 2006, primarily due to the increases mentioned immediately above.

Included in sales of products and services are the following amounts that we collected on behalf of the federal or state governments:

• Value-added, PASEP, COFINS and other taxes on sales of products and services and social security contributions. These taxes increased 10.9% to U.S.$ 14,688 million for the nine-month period ended September 30, 2007, as compared to U.S.$ 13,239 million for the nine-month period ended September 30, 2006, primarily due to the increase in our sales of our products and services mentioned above; and

• CIDE, the per-transaction fee due to the Brazilian government, which increased 6.8% to U.S.$ 2,884 million for the nine-month period ended September 30, 2007, as compared to U.S.$ 2,701 million for the nine-month period ended September 30, 2006. This increase was primarily attributable to the increase in sales volume of our products and services.

This excerpt taken from the PBR 6-K filed Sep 6, 2007.

Revenues

Net operating revenues increased 16.2% to U.S.$ 38,964 million for the first half of 2007, as compared to U.S.$ 33,521 million for the first half of 2006. This increase was primarily attributable to: an increase in sales volume both in the domestic and international markets; and the 6.6% increase in the value of the Real against the U.S. dollar in the first half of 2007, as compared to the first half of 2006.

Consolidated sales of products and services increased 14.7% to U.S.$ 50,213 million for the first half of 2007, as compared to U.S.$ 43,775 million for the first half of 2006, primarily due to the increases mentioned immediately above.

Included in sales of products and services are the following amounts that we collected on behalf of the federal or state governments:

  • Value-added, PASEP, COFINS and other taxes on sales of products and services and social security contributions. These taxes increased 9.9% to U.S.$ 9,382 million for the first half of 2007, as compared to U.S.$ 8,540 million for the first half of 2006, primarily due to the increase in our sales of our products and services mentioned above; and

  • CIDE, the per-transaction fee due to the Brazilian government, which increased 8.9% to U.S.$ 1,867 million for the first half of 2007, as compared to U.S.$ 1,714 million for the first half of 2006. This increase was primarily attributable to the increase in sales volume of our products and services; and to the 6.6% increase in the value of the Real against the U.S. dollar in the first half of 2007, as compared to the first half of 2006.
This excerpt taken from the PBR 6-K filed Jun 13, 2007.

Revenues

Net operating revenues increased 13.5% to U.S.$ 18,400 million for the first quarter of 2007, as compared to U.S.$ 16,214 million for the first quarter of 2006. This increase was primarily attributable to: an increase in sales volume both in the domestic and international markets; and the 3.9% increase in the value of the Real against the U.S. dollar in the first quarter of 2007, as compared to the first quarter of 2006.

Consolidated sales of products and services increased 11.7% to U.S.$ 23,700 million for the first quarter of 2007, as compared to U.S.$ 21,225 million for the first quarter of 2006, primarily due to the increases mentioned immediately above.

Included in sales of products and services are the following amounts that we collected on behalf of the federal or state governments:

  • Value-added, PASEP, COFINS and other taxes on sales of products and services and social security contributions. These taxes increased 6.1% to U.S.$ 4,427 million for the first quarter of 2007, as compared to U.S.$ 4,173 for the first quarter of 2006, primarily due to the increase in sales volume of our products and services; and

  • CIDE, the per-transaction fee due to the Brazilian government, which increased 4.2% to U.S.$ 873 million for the first quarter of 2007, as compared to U.S.$ 838 million for the first quarter of 2006. This increase was primarily attributable to the increase in sales volume of our products and services; and to the 3.9% increase in the value of the Real against the U.S. dollar in the first quarter of 2007, as compared to the first quarter of 2006.
This excerpt taken from the PBR 6-K filed Apr 10, 2007.

Revenues

Net operating revenues increased 28.4% to U.S.$ 72,347 million for 2006, as compared to U.S.$ 56,324 million for 2005. This increase was primarily attributable to: an increase in prices of our products, both in the domestic and international markets; an increase in sales volume both in the domestic and international markets; and the 10.7% increase in the value of the Real against the U.S. dollar in 2006, as compared to 2005.

Consolidated sales of products and services increased 26.8% to U.S.$ 93,893 million for 2006, as compared to U.S.$ 74,065 million for 2005, primarily due to the increases mentioned immediately above.

Included in sales of products and services are the following amounts that we collected on behalf of the federal or state governments:

  • Value-added, PASEP, COFINS and other taxes on sales of products and services and social security contributions. These taxes increased 21.9% to U.S.$ 17,906 million for 2006, as compared to U.S.$ 14,694 million for 2005, primarily due to the increase in prices and sales volume of our products and services; and

  • CIDE, the per-transaction tax due to the Brazilian government, which increased 19.5% to U.S.$ 3,640 million for 2006, as compared to U.S.$ 3,047 million for 2005. This increase was primarily attributable to the increase in sales volume of our products and services and to the 10.7% increase in the value of the Real against the U.S. dollar in 2006, as compared to 2005.
This excerpt taken from the PBR 6-K filed Nov 28, 2006.

Revenues

Net operating revenues increased 33.1% to U.S.$ 53,327 million for the nine-month period ended September 30, 2006, as compared to U.S.$ 40,061 million for the nine-month period ended September 30, 2005. This increase was primarily attributable to an increase in prices of our products, both in the domestic and international markets, an increase in sales volume both in the domestic and international markets, and the 12.6% increase in the value of the Real against the U.S. dollar in the nine-month period ended September 30, 2006, as compared to the nine-month period ended September 30, 2005.

Consolidated sales of products and services increased 31.8% to U.S.$ 69,267 million for the nine-month period ended September 30, 2006, as compared to U.S.$ 52,555 million for the nine-month period ended September 30, 2005, primarily due to the increases mentioned immediately above.

Included in sales of products and services are the following amounts that we collected on behalf of the federal or state governments:

  • Value-added, PASEP, COFINS and other taxes on sales of products and services and social security contributions. These taxes increased 30.4% U.S.$ 13,239 million for the nine-month period ended September 30, 2006, as compared to U.S.$ 10,149 million for the nine-month period ended September 30, 2005, primarily due to the increase in prices and sales volume of our products and services; and

  • CIDE, the per-transaction tax due to the Brazilian government, which increased 15.2% toU.S.$ 2,701 million for the nine-month period ended September 30, 2006, as compared to U.S.$ 2,345 million for the nine-month period ended September 30, 2005. This increase was primarily attributable to the increase in sales volume of our products and services and to the 12.6% increase in the value of the Real against the U.S. dollar in the nine-month period ended September 30, 2006, as compared to the nine-month period ended September 30, 2005.


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

Revenues

Net operating revenues increased 37.2% to U.S.$ 33,521 million for the first half of 2006, as compared to U.S.$ 24,428 million for the first half of 2005. This increase was primarily attributable to an increase in prices of our products, both in the domestic and international markets, an increase in sales volume both in the domestic and international markets, and the 15.0% increase in the value of the Real against the U.S. dollars in the first half of 2006, as compared to the first half of 2005.

Consolidated sales of products and services increased 35.6% to U.S.$ 43,775 million for the first half of 2006, as compared to U.S.$ 32,292 million for the first half of 2005, primarily due to the increases mentioned immediately above.

Included in sales of products and services are the following amounts that we collected on behalf of the federal or state governments:

  • Value-added, PASEP, COFINS and other taxes on sales of products and services and social security contributions. These taxes increased 32.2% U.S.$ 8,540 million for the first half of 2006, as compared to U.S.$ 6,460 million for the first half of 2005, primarily due to the increase in prices and sales volume of our products and services; and


  • CIDE, the per-transaction tax due to the Brazilian government, which increased 22.1% to U.S.$ 1,714 million for the first half of 2006, as compared to U.S.$ 1,404 million for the first half of 2005. This increase was primarily attributable to the increase in sales volume of our products and services and to the 15.0% increase in the value of the Real against the U.S. dollars in the first half of 2006, as compared to the first half of 2005.
This excerpt taken from the PBR 6-K filed Jun 28, 2006.

Revenues

Net operating revenues increased 51.1% to U.S.$ 16,214 million for the first quarter of 2006, as compared to U.S.$ 10,734 million for the first quarter of 2005. This increase was primarily attributable to an increase in prices of our products, both in the domestic market and outside Brazil, an increase in sales volume both in the domestic and international markets, and the 17.7% increase in the value of the Real against the U.S. dollars in the first quarter of 2006, as compared to the first quarter of 2005.

Consolidated sales of products and services increased 43.6% to U.S.$ 21,225 million for the first quarter of 2006, as compared to U.S.$ 14,782 million for the first quarter of 2005, primarily due to the increases mentioned immediately above.

Included in sales of products and services are the following amounts that we collected on behalf of the federal or state governments:

  • Value-added, PASEP, COFINS and other taxes on sales of products and services and social security contributions. These taxes increased 23.2% to U.S.$ 4,173 million for the first quarter of 2006, as compared to U.S.$ 3,386 million for the first quarter of 2005, primarily due to the increase in prices and sales volume of our products and services; and
  • CIDE, the per-transaction tax due to the Brazilian government, which increased 26.6% to U.S.$ 838 million for the first quarter of 2006, as compared to U.S.$ 662 million for the first quarter of 2005. This increase was primarily attributable to the increase in sales volume of our products and services and to the 17.7% increase in the value of the Real against the U.S. dollars in the first quarter of 2006, as compared to the first quarter of 2005.

8


This excerpt taken from the PBR 6-K filed Nov 23, 2005.

Revenues

Net operating revenues increased 46.6% to U.S.$ 40,061 million for the nine-month period ended September 30, 2005, as compared to U.S.$ 27,332 million for the nine-month period ended September 30, 2004. This increase was primarily attributable to an increase in sales volume in the domestic market, an increase in prices in both the domestic market and outside Brazil, an increase of exports of oil and oil products, and to the 16.0% increase in the value of the Real against the U.S. dollar in the nine-month period ended September 30, 2005, as compared to the nine-month period ended September 30, 2004.

Consolidated sales of products and services increased 41.2% to U.S.$ 52,555 million for the nine-month period ended September 30, 2005, as compared to U.S.$ 37,232 million for the nine-month period ended September 30, 2004, primarily due to the increases mentioned above.

Included in sales of products and services are the following amounts which we collected on behalf of the federal or state governments:

  • Value-added and other taxes on sales of products and services and social security contributions. These taxes increased 27.6% to U.S.$ 10,149 million for the nine-month period ended September 30, 2005, as compared to U.S.$ 7,952 million for the nine-month period ended September 30, 2004, primarily due to the increase in prices and sales volume of products and services in the domestic market; and

  • CIDE, the per-transaction tax due to the federal government, which increased 20.4% to U.S.$ 2,345 million for the nine-month period ended September 30, 2005, as compared to U.S.$ 1,948 million for the nine-month period ended September 30, 2004. This increase was primarily attributable to the increase in sales volume of products and services and to the 16.0% increase in the value of the Real against the U.S. dollar for the nine-month period ended September 30, 2005, as compared to the nine-month period ended September 30, 2004.
This excerpt taken from the PBR 6-K filed Aug 25, 2005.

Revenues

Net operating revenues increased 45.5% to U.S.$ 24,428 million for the first half of 2005, as compared to U.S.$ 16,789 million for the first half of 2004. This increase was primarily attributable to an increase in sales volume in the domestic market, an increase in prices in both the domestic market and outside Brazil, an increase of exports of oil and oil products, and to the 13.4% increase in the value of the Real against the U.S. dollar in the first half of 2005, as compared to the first half of 2004.

Consolidated sales of products and services increased 39.6% to U.S.$ 32,292 million for the first half of 2005, as compared to U.S.$ 23,137 million for the first half of 2004, primarily due to the increases mentioned above.

Included in sales of products and services are the following amounts which we collected on behalf of the federal or state governments:

  • Value-added and other taxes on sales of products and services and social security contributions. These taxes increased 26.0% to U.S.$ 6,460 million for the first half of 2005, as compared to U.S.$ 5,125 million for the first half of 2004, primarily due to the increase in prices and sales volume of products and services in the domestic market; and

  • CIDE, the per-transaction tax due to the federal government, which increased 14.8% to U.S.$ 1,404 million for the first half of 2005, as compared to U.S.$ 1,223 million for the first half of 2004. This increase was primarily attributable to the increase in sales volume of products and services and to the 13.4% increase in the value of the Real against the U.S. dollar in the first half of 2005, as compared to the first half of 2004.
This excerpt taken from the PBR 20-F filed Jun 30, 2005.

Revenues

 

Net operating revenues increased 36.2% to U.S.$30,797 million for 2003, as compared to net operating revenues of U.S.$22,612 million for 2002. This increase was primarily attributable to the alignment of prices of certain oil products in the Brazilian market with international prices of such products at the end of 2002. The

 

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increase in net operating revenues was also attributable, to a lesser extent, to an increase in sales volume outside Brazil (international sales), which includes sales conducted by PEPSA and PELSA. This increase was partially offset by a 4.4% reduction in sales volume in the domestic market, primarily due to a decrease in Brazilian consumer demand. See “—Sales Volumes and Prices—Domestic Sales Volumes and Prices.”

 

Our consolidated sales of products and services increased 29.4% to U.S.$42,690 million for 2003, as compared to U.S.$32,987 million for 2002.

 

Included in sales of products and services are the following amounts which we collected on behalf of the federal or state governments:

 

    Value-added and other taxes on sales of products and services and social security contributions. These taxes increased 24.6% to U.S.$9,644 million for 2003, as compared to U.S.$7,739 million for 2002, primarily due to the increase in sales of products and services; and

 

    CIDE, an excise tax payable to the Brazilian government, which decreased 14.7% to U.S.$2,249 million in 2003, as compared to U.S.$2,636 million in 2002. This decrease was primarily attributable to the effect of the 5.2% decrease in the value of the Real against the U.S. dollar in 2003, as compared to 2002.

 

This excerpt taken from the PBR 6-K filed Jun 13, 2005.

Revenues

 

Net operating revenues increased 35,3% to U.S.$ 10,734 million for the first quarter of 2005, as compared to U.S.$ 7,935 million for the first quarter of 2004. This increase was primarily attributable to an increase in prices and sales volume in both the domestic market and outside Brazil, and to the 8.0% increase in the value of the Real against the U.S. dollar in the first quarter of 2005, as compared to the first quarter of 2004.

 

Consolidated sales of products and services increased 32.3% to U.S.$ 14,782 million for the first quarter of 2005, as compared to U.S.$ 11,176 million for the first quarter of 2004, primarily due to the increases mentioned above.

 

Included in sales of products and services are the following amounts which we collected on behalf of the federal or state governments:

 

    Value-added and other taxes on sales of products and services and social security contributions. These taxes increased 29.4% to U.S.$ 3,386 million for the first quarter of 2005, as compared to U.S.$ 2,616 million for the first quarter of 2004, primarily due to the increase in prices and sales volume of products and services; and

 

    CIDE, the per-transaction tax due to the federal government, which increased 5.9% to U.S.$ 662 million for the first quarter of 2005, as compared to U.S.$ 625 million for the first quarter of 2004. This increase was primarily attributable to the increase in sales volume of products and services and to the 8.0% increase in the value of the Real against the U.S. dollar in the first quarter of 2005, as compared to the first quarter of 2004.

 

This excerpt taken from the PBR 6-K filed Jun 8, 2005.

Revenues

 

Net operating revenues increased 21.6% to U.S.$ 37,452 million for 2004, as compared to U.S.$ 30,797 million for 2003. This increase was primarily attributable to an increase in prices of our products, both in the domestic market and outside Brazil, an increase in sales volume in the domestic market, and the 4.8% increase in the value of the Real against the U.S. dollar in 2004, as compared to 2003.

 

Consolidated sales of products and services increased 21.7% to U.S.$ 51,954 million for 2004, as compared to U.S.$ 42,690 million for 2003, primarily due to the increases mentioned immediately above.

 

Included in sales of products and services are the following amounts that we collected on behalf of the federal or state governments:

 

    Value-added and other taxes on sales of products and services and social security contributions. These taxes increased 23.2% to U.S.$ 11,882 million for 2004, as compared to U.S.$ 9,644 million for 2003, primarily due to the increase in prices and sales volume of our products and services; and

 

    CIDE, the per-transaction tax due to the Brazilian government, which increased 16.5% to U.S.$ 2,620 million for 2004, as compared to U.S.$ 2,249 million for 2003. This increase was primarily attributable to the increase in sales volume of our products and services and to the 4.8% increase in the value of the Real against the U.S. dollar in 2004, as compared to 2003.

 

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