Petróleo Brasileiro S.A. - Petrobras (PBR) · 24 Years of Financial statements

Income Statement

Revenue

16,358

26,955

24,549

22,612

30,797

37,452

56,324

72,347

87,735

118,257

91,869

120,052

145,915

144,103

141,462

143,657

97,314

81,405

88,827

95,584

76,589

53,683

83,966

124,474

COGS

8,780

13,449

13,211

11,941

15,416

20,916

30,837

40,995

49,789

72,865

49,251

70,694

99,595

107,534

108,254

109,477

67,485

55,417

60,147

61,517

45,732

29,195

43,164

59,486

Gross Profit

7,578

13,506

11,338

10,671

15,381

16,536

25,487

31,352

37,946

45,392

42,618

49,358

46,320

36,569

33,208

34,180

29,829

25,988

28,680

34,067

30,857

24,488

40,802

64,988

Gross Profit Ratio

46.33%

50.11%

46.19%

47.19%

49.94%

44.15%

45.25%

43.34%

43.25%

38.38%

46.39%

41.11%

31.74%

25.38%

23.47%

23.79%

30.65%

31.92%

32.29%

35.64%

40.29%

45.62%

48.59%

52.21%

Operating Expenses

3,504

4,346

3,907

4,178

4,410

6,070

8,172

11,064

16,234

19,579

20,430

24,798

15,051

18,175

17,461

20,985

15,550

11,524

15,221

10,487

12,355

7,976

7,868

9,415

R&D Expenses

108

152

132

147

201

248

399

727

881

941

681

993

4,084

1,143

1,132

1,099

630

523

572

642

576

355

563

792

Selling, G&A Exp.

1,282

1,927

1,751

1,741

2,091

2,901

4,474

6,070

6,250

8,270

7,739

9,729

10,507

12,593

12,352

14,978

9,767

10,271

9,461

9,457

10,158

4,873

6,786

6,509

General and Admin. Exp.

- -

8,270

7,739

9,729

5,161

7,666

7,448

8,151

5,140

6,308

4,923

4,826

5,682

710

2,557

2,522

Selling and Marketing Exp.

- -

5,346

4,927

4,904

6,827

4,627

3,963

4,538

4,631

4,476

4,163

4,229

3,987

Other Expenses

2,114

2,267

2,024

2,290

2,118

2,921

3,299

4,267

9,103

10,368

12,010

14,076

460

4,439

3,977

4,908

5,153

730

5,188

388

1,621

2,748

519

2,114

COGS and Expenses

12,284

17,795

17,118

16,119

19,826

26,986

39,009

52,059

66,023

92,444

69,681

95,492

114,646

125,709

125,715

130,462

83,035

66,941

75,368

72,004

58,087

37,171

51,032

68,901

Interest Income

- -

1,427

1,641

1,899

2,630

3,943

2,635

1,183

968

718

552

604

563

5

79

- -

Interest Expense

- -

242

848

1,295

1,643

1,424

1,345

1,570

3,134

5,085

6,035

5,412

4,206

6,684

5,771

4,977

3,311

Depreciation and Amortization

1,987

2,043

1,731

1,951

1,805

2,481

2,918

3,673

5,544

5,928

7,188

8,507

10,535

11,119

13,188

13,023

11,591

13,965

13,307

12,028

14,836

11,445

11,695

13,218

EBITDA

2,963

9,908

6,611

5,415

11,027

10,902

17,703

22,190

24,812

34,914

29,225

35,690

38,812

27,060

28,430

7,469

7,089

15,846

20,456

28,091

35,871

17,183

44,786

69,922

EBITDA ratio

18.11%

36.76%

26.93%

23.95%

35.81%

29.11%

31.43%

30.67%

28.28%

29.52%

31.81%

29.73%

26.60%

18.78%

20.10%

5.20%

7.28%

19.47%

23.03%

29.39%

46.84%

32.01%

53.34%

56.17%

Operating Income

4,074

9,160

7,431

6,493

10,971

10,466

17,315

20,288

21,712

25,813

22,188

24,560

31,269

18,394

15,747

13,195

14,279

14,464

13,459

23,580

20,614

16,512

32,934

57,114

Operating Income ratio

24.91%

33.98%

30.27%

28.71%

35.62%

27.95%

30.74%

28.04%

24.75%

21.83%

24.15%

20.46%

21.43%

12.76%

11.13%

9.19%

14.67%

17.77%

15.15%

24.67%

26.92%

30.76%

39.22%

45.88%

Total Other Income Exp.(Gains)

(3,098)

(1,295)

(2,639)

(3,029)

(2,198)

(1,531)

(2,723)

(1,127)

(2,413)

1,179

(127)

1,271

(4,545)

(3,901)

(2,337)

(22,019)

(24,027)

(18,129)

(11,462)

(11,482)

(8,611)

(16,738)

(4,709)

(3,589)

Income Before Tax

976

7,865

4,792

3,464

8,773

8,935

14,592

19,161

19,299

26,992

22,061

25,831

26,724

14,493

13,410

(8,824)

(9,748)

(3,665)

1,997

12,098

12,003

(226)

28,225

53,525

Income Before Tax ratio

5.97%

29.18%

19.52%

15.32%

28.49%

23.86%

25.91%

26.48%

22.00%

22.82%

24.01%

21.52%

18.31%

10.06%

9.48%

(6.14)%

(10.02)%

(4.50)%

2.25%

12.66%

15.67%

(0.42)%

33.61%

43.00%

Income Tax Expense (Gain)

249

2,523

1,389

1,153

2,663

2,231

4,441

5,691

5,888

9,259

5,238

6,356

6,732

3,562

2,578

(1,321)

(1,137)

684

1,828

4,684

4,200

(1,174)

8,239

16,770

Net Income

727

5,342

3,491

2,311

6,559

6,190

10,344

12,826

13,138

18,879

15,504

19,184

20,121

11,034

11,094

(7,367)

(8,450)

(4,838)

(91)

7,173

10,151

1,141

19,875

36,623

Net Income Ratio

4.44%

19.82%

14.22%

10.22%

21.30%

16.53%

18.37%

17.73%

14.97%

15.96%

16.88%

15.98%

13.79%

7.66%

7.84%

(5.13)%

(8.68)%

(5.94)%

(0.10)%

7.50%

13.25%

2.13%

23.67%

29.42%

EPS

0.34

2.46

0.80

0.53

1.50

1.41

2.36

2.92

3.00

4.30

3.54

3.88

5.10

1.69

1.70

(1.12)

(1.30)

(0.74)

(0.02)

1.10

1.56

0.18

3.04

5.62

EPS Diluted

0.34

2.46

0.80

0.53

1.50

1.41

2.36

2.92

3.00

4.30

3.54

3.88

5.10

1.69

1.70

(1.12)

(1.30)

(0.74)

(0.02)

1.10

1.56

0.18

3.04

5.62

Weighted Avg. Shares Outs.

1,268

4,344

4,386

4,387

4,936

6,532

6,522

6,526

6,522

6,538

6,522

Weighted Avg. Shares Outs. Dil.

1,268

4,344

4,386

4,387

4,936

6,532

6,522

6,526

6,522

6,538

6,522

SEC Link

Link

Balance Sheet

Cash and Cash Equivalents

- -

3,301

9,610

6,856

9,871

12,688

6,987

6,499

16,169

17,633

19,057

13,520

15,868

16,655

25,058

21,205

22,519

13,899

7,372

11,711

10,467

7,996

Short-Term Investments

- -

388

456

346

267

124

72

15,612

8,961

10,431

3,885

9,323

780

784

1,885

1,083

888

659

650

2,773

Cash & Short-Term Investments

- -

3,301

9,610

7,244

10,327

13,034

7,254

6,623

16,241

33,245

28,018

23,951

19,753

25,978

25,838

21,989

24,404

14,982

8,260

12,370

11,117

10,769

Net Receivables

- -

2,267

2,905

4,285

8,271

8,904

10,026

9,894

12,055

15,832

18,604

16,671

14,641

11,780

8,551

7,271

7,409

7,781

7,306

7,326

7,714

6,317

Inventory

- -

2,540

2,947

4,904

5,305

6,573

9,231

7,990

11,227

11,834

15,165

14,552

14,225

11,466

7,441

8,475

8,489

8,987

8,189

5,677

7,255

8,779

Other Current Assets

- -

2,089

2,438

2,993

1,875

2,444

2,629

2,251

3,121

2,952

2,805

2,620

4,036

1,608

1,598

7,034

6,829

5,312

4,057

2,015

4,063

5,385

Total Current Assets

- -

10,197

17,900

19,426

25,778

30,955

29,140

26,758

42,644

63,863

64,592

57,794

52,655

50,832

43,428

44,769

47,131

37,062

27,812

27,388

30,149

31,250

PP&E

- -

18,224

30,805

37,020

45,920

58,897

84,523

84,719

136,167

218,567

182,465

204,901

227,901

218,730

161,297

175,470

176,650

157,383

159,265

124,201

125,330

130,169

Goodwill

- -

237

243

313

118

139

192

504

461

400

366

284

220

218

203

63

24

22

- -

Intangible Assets

- -

183

211

- -

43,362

39,278

15,019

4,143

2,808

3,052

2,122

2,602

19,410

14,924

3,003

- -

Goodwill and Intangible Assets

- -

183

211

237

243

313

118

139

192

43,866

39,739

15,419

4,509

3,092

3,272

2,340

2,805

19,473

14,948

3,025

2,986

Investments

- -

7,256

4,936

7,009

9,411

9,594

6,282

6,797

5,862

3,615

3,142

3,859

2,812

5,557

3,317

1,554

3,130

Tax Assets

- -

61

15

- -

5,462

- -

9,199

5,526

1,130

1,006

6,016

4,307

3,438

2,680

1,388

6,451

604

832

Other Non-Current Assets

- -

3,597

4,724

6,425

6,690

8,524

8,468

9,164

8,849

16,650

9,694

17,403

17,521

17,748

13,073

16,023

17,948

19,326

16,245

13,705

13,686

18,824

Total Non-Current Assets

- -

21,821

35,712

43,656

52,847

67,725

100,575

98,937

157,626

244,820

254,818

273,851

268,768

247,855

187,093

202,214

204,235

185,006

201,928

162,622

144,199

155,941

Other Assets

- -

Total Assets

- -

32,018

53,612

63,082

78,625

98,680

129,715

125,695

200,270

308,683

319,410

331,645

321,423

298,687

230,521

246,983

251,366

222,068

229,740

190,010

174,348

187,191

Accounts Payable

- -

1,702

2,261

3,284

3,838

5,418

7,816

7,763

9,882

10,468

11,863

12,124

11,919

9,760

6,380

5,762

5,767

6,327

5,601

6,859

5,483

5,464

Short-Term Debt

- -

1,986

3,694

3,325

5,030

5,812

2,958

4,181

8,780

9,065

10,111

7,497

8,017

11,884

14,695

9,773

7,026

3,690

10,206

9,884

9,073

9,133

Tax Payable

- -

4,510

3,605

5,974

6,033

5,847

6,128

4,950

4,311

3,470

3,755

4,847

3,767

3,700

2,834

4,734

5,931

Deferred Revenue

- -

276

- -

Other Current Liabilities

- -

3,257

5,266

6,719

9,287

10,556

8,908

9,207

6,329

7,986

8,543

8,321

10,340

5,163

4,028

5,613

7,308

11,267

9,309

6,648

4,886

10,852

Total Current Liabilities

- -

6,945

11,221

13,328

18,155

21,786

24,468

24,756

30,965

33,552

36,364

34,070

35,226

31,118

28,573

24,903

24,948

25,051

28,816

26,225

24,176

31,380

Long-Term Debt

- -

12,694

18,196

17,613

16,147

15,526

12,659

16,375

48,352

60,588

72,816

88,570

106,308

120,274

111,521

108,597

102,249

80,670

76,915

65,654

49,670

44,666

Deferred Revenue

- -

Deferred Tax Liabilities

- -

123

1,122

1,558

2,159

2,916

4,802

7,080

9,844

12,704

17,736

19,213

9,906

3,031

232

263

1,196

654

1,760

195

1,229

6,750

Other Non-Current Liabilities

- -

3,091

5,554

7,200

8,173

12,187

20,275

14,916

15,689

18,442

15,384

20,753

20,860

27,286

24,140

35,670

41,471

42,518

48,034

38,060

29,461

34,559

Total Non-Current Liabilities

- -

15,908

24,872

26,371

26,479

30,629

37,736

38,371

73,885

91,734

105,936

128,536

137,074

150,591

135,893

144,530

144,916

123,842

126,709

103,909

80,360

85,975

Other Liabilities

- -

Capital Lease Obligations

- -

1,907

1,242

1,069

1,015

824

738

595

430

222

142

104

89

72

51

244

229

185

23,861

21,650

23,043

23,845

Total Liabilities

- -

22,853

36,093

39,699

44,634

52,415

62,204

63,127

104,850

125,286

142,300

162,606

172,300

181,709

164,466

169,433

169,864

148,893

155,525

130,134

104,536

117,355

Preferred Stock

- -

8,620

15,106

45,840

- -

Common Stock

- -

6,220

7,262

11,701

18,677

12,196

- -

107,362

107,371

107,101

Retained Earnings

- -

21,670

25,653

24,725

32,063

34,245

41,481

41,486

51,753

60,905

60,224

- -

Other Compreh. Income(Loss)

- -

(18,589)

(15,763)

(13,920)

(11,006)

(8,797)

2,882

(15,771)

5,404

10,929

7,943

60,176

40,761

9,023

(42,186)

(30,950)

(28,366)

(35,557)

(33,778)

(47,753)

(37,694)

(37,609)

Other Total Stockhold. Equity

- -

159

174

- -

21,088

21,795

63,820

107,671

349

395

148

321

628

1,067

- -

Total Stockholders Equity

- -

9,301

17,152

22,506

32,917

44,299

65,179

61,909

94,058

181,494

175,838

167,887

148,527

116,272

65,236

76,779

79,802

71,544

73,323

59,348

69,407

69,492

Total Liab.&Stockhold. Equity

- -

32,154

53,245

62,205

77,551

96,714

127,383

125,036

198,908

306,780

318,138

330,493

320,827

297,981

229,702

246,212

249,666

220,437

228,848

189,482

173,943

186,847

Minority Interest

- -

Total Liabilities & Equity

- -

32,154

53,245

62,205

77,551

96,714

127,383

125,036

198,908

306,780

318,138

330,493

320,827

297,981

229,702

246,212

249,666

220,437

228,848

189,482

173,943

186,847

SEC Link

Link

Cash Flow Statement

Net Income

727

5,342

3,491

2,311

6,559

6,190

10,344

12,826

13,138

18,879

16,823

19,475

20,121

11,034

11,094

(7,367)

(8,611)

(4,349)

169

7,414

10,363

948

19,986

36,755

Depreciation and Amortization

1,987

2,043

1,731

1,951

1,805

2,481

2,918

3,673

5,544

- -

Deferred Income Tax

184

949

193

(116)

64

117

218

680

1,062

2,355

860

2,960

3,599

2,254

402

(3,045)

(2,043)

(913)

467

764

2,798

(4,916)

3,072

16,769

Stock Based Compensation

- -

Change in Working Capital

11

(1,551)

524

(949)

404

(791)

285

1,534

811

(1,972)

(304)

(4,178)

(7,060)

(6,546)

(4,612)

(6,620)

(2,203)

(1,977)

(2,149)

(2,429)

(6,419)

2,430

(558)

(9,173)

Accounts Receivable

- -

(460)

(1,098)

(777)

(2,347)

(2,326)

- -

Inventory

(319)

(1,048)

232

(1,139)

244

(1,527)

38

(533)

(1,619)

(568)

(672)

(427)

(5,035)

(1,864)

(2,128)

570

291

(518)

(336)

(1,994)

(281)

724

(2,334)

(1,217)

Accounts Payable

- -

1,709

2,246

206

251

2,455

1,039

1,108

(1,211)

(1,226)

(1,060)

(62)

804

(989)

216

1,073

(359)

Other Working Capital

- -

1,418

1,551

905

770

1,163

(79)

(163)

(735)

(796)

(834)

(1,498)

(1,752)

(2,590)

(3,131)

(7,069)

(1,869)

(4,325)

(5,003)

Other Non-Cash Items

1,835

857

2,804

3,090

(263)

836

1,350

2,364

2,109

8,958

7,541

10,238

17,038

21,146

19,405

43,664

38,770

33,353

28,625

20,604

18,858

30,428

15,291

5,366

Cash Provided by Operating Activities

4,744

7,640

8,743

6,287

8,569

8,833

15,115

21,077

22,664

28,220

24,920

28,495

33,698

27,888

26,289

26,632

25,913

26,114

27,112

26,353

25,600

28,890

37,791

49,717

CAPEX

(4,351)

(3,583)

(4,254)

(4,911)

(6,551)

(7,718)

(10,365)

(14,643)

(20,978)

(29,874)

(35,134)

(45,078)

(37,024)

(25,863)

(45,110)

(34,808)

(21,653)

(14,085)

(13,639)

(12,021)

(23,897)

(5,874)

(6,325)

(9,581)

Acquisitions Net

- -

(511)

- -

(416)

(1,551)

- -

(199)

(329)

(108)

(125)

(75)

(44)

(7)

(942)

(24)

(27)

Purchases of Investments

- -

(71)

(187)

(1,732)

- -

(17,942)

(4,689)

- -

(199)

(5,469)

(108)

(125)

(861)

(44)

(7)

- -

Sales/Maturities of Investments

- -

169

205

- -

6,683

2,051

5,718

- -

7,982

229

- -

704

198

66

- -

Other Investing Activities

44

6

(338)

(1,745)

1,032

(192)

60

360

235

408

14

- -

411

(14,567)

(40,945)

(30,677)

(20,559)

(11,282)

(10,096)

6,643

22,029

2,240

8,506

9,176

Cash Used for Investing Activities

(4,307)

(3,577)

(4,592)

(6,656)

(5,519)

(8,421)

(10,207)

(14,681)

(24,026)

(29,466)

(35,120)

(63,020)

(34,619)

(38,379)

(35,625)

(36,475)

(12,793)

(11,303)

(11,032)

(4,762)

(1,684)

(4,510)

2,157

(432)

Debt Repayment

- -

(3,928)

(4,780)

(3,275)

(9,898)

(8,750)

(11,347)

(18,455)

(10,031)

(14,809)

(30,660)

(36,095)

(34,063)

(32,480)

(31,607)

(27,240)

(14,764)

Common Stock Issued

- -

30,563

- -

Common Stock Repurchased

- -

(1,046)

- -

(279)

- -

Dividends Paid

(342)

(512)

(1,725)

(1,018)

(943)

(1,809)

(2,104)

(3,144)

(3,860)

(4,747)

(7,712)

(5,299)

(6,422)

(3,272)

(2,656)

(3,918)

- -

(625)

(1,877)

(1,367)

(13,078)

(37,701)

Other Financing Activities

2,320

(298)

(29)

(596)

3,319

(395)

(521)

(164)

1,800

12,305

27,922

20,299

19,404

20,688

34,406

24,957

11,215

11,546

21,457

5,095

2,288

13,715

(473)

1,012

Cash Used/Provided by Financing Activities

1,978

(810)

(1,754)

(1,614)

2,376

(2,204)

(2,625)

(4,354)

(5,988)

2,778

16,935

35,386

4,232

6,069

13,295

11,008

(3,594)

(19,114)

(14,638)

(29,593)

(32,069)

(19,259)

(40,791)

(51,453)

Effect of Forex Changes on Cash

(213)

(442)

(863)

(2,076)

883

304

732

775

1,649

(2,020)

2,935

603

(1,909)

(1,115)

(1,611)

(378)

(1,123)

450

(128)

(618)

1,631

(773)

(402)

(316)

Net Change In Cash

2,202

2,811

1,534

(4,059)

6,309

(1,488)

3,015

2,817

(5,701)

(488)

9,670

1,464

1,402

(5,537)

2,348

787

8,403

(3,853)

1,314

(8,620)

(6,522)

4,348

(1,245)

(2,484)

Cash at the End of Period

3,015

5,826

7,360

3,301

9,610

6,856

9,871

12,688

6,987

6,499

16,169

17,633

19,057

13,520

15,868

16,655

25,058

21,205

22,519

13,899

7,377

11,725

10,480

7,996

Cash at the Beginning of Period

813

3,015

5,826

7,360

3,301

8,344

6,856

9,871

12,688

6,987

6,499

16,169

17,655

19,057

13,520

15,868

16,655

25,058

21,205

22,519

13,899

7,377

11,725

10,480

Free Cash Flow

393

4,057

4,489

1,376

2,018

1,115

4,750

6,434

1,686

(1,654)

(10,214)

(16,583)

(3,326)

2,025

(18,821)

(8,176)

4,260

12,029

13,473

14,332

1,703

23,016

31,466

40,136

SEC Link

Link

Forex Rate

- -

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Petróleo Brasileiro S.A. - Petrobras

9.70