Petroleo Brasileiro Sa · BMFBOVESPA:PETR3
Petroleo Brasileiro Sa — Brazilian Petroleum — Q4 2002 Earnings Presentation
36 slides from Petroleo Brasileiro Sa's earnings presentation, Feb 24, 2003
Slide 1: Main factors affecting net consolidated income in 2002
The main factors affecting the Company’s net consolidated income in 2002 were: • Price increases in oil products partially in line with prices prevailing in the international market and the appreciation of the dollar against the Real, as well as the increase in exports (139%), principally of oil fro
Slide 2: Principal factors affecting PETROBRAS' net income
The principal factors affecting PETROBRAS’ net income (1) PETROBRAS – PETROBRAS posted 4Q-2002 net income of R$ 2,458 million, driven mainly by the partial pass through of international prices to domestic prices and higher unit sales costs due to greater outlays with government and other third party
Slide 3: Gross margin and net margin; Consolidated Debt
In 4Q-2002, the gross margin declined by 2 percentage points in relation to 4Q-2001, principally due to the increase in costs of imported oil and oil products and oil production costs, impacted by the higher government take in Brazil. This reflected the higher prices prevailing in the international
Slide 4: Net debt as of December 31, 2002
As of December 31, 2002, the PETROBRAS System reported a 10% increase in net debt compared with September 30, 2002, largely due to the reduction in its cash position following the acquisition of Perez Companc, Petrolera Perez Companc and Petrolera Santa Fé for a total of R$ 2.9 billion. The Company
Slide 5: Consolidated Capital Expenditures
Consolidated Capital Expenditures In accordance with the objectives established in the strategic plan for 2001-2005, PETROBRAS, continues to prioritize capital expenditures in developing its oil and natural gas for its own account and through joint ventures. In the fiscal year 2002, total investment
Slide 6: Own Investments and Structured Projects
+ Own Investments Exploration & Production 50 Supply 12 Gas and Energy 4 Internacional (1) 12 Distribution 2 Corporate 6 Ventures under Negotiation 4 + Structured Projects 14 Exploration & Production 14 Albacora 1 Espadarte/Marimb4Vvoador 4 Cabiunas 1 Marlim 6 Novamarlim Petréleo 1 Pargo/CarapebalGa
Slide 7: Capital expenditures allocated to exploration and production
In the fiscal year 2002, 65% of the Company´s domestic capital expenditures for its own account were allocated to exploration and production. In line with its objective of increasing production, the Company has signed 47 joint venture agreements to invest in exploration and production development ar
Slide 8: Oil and NGL output; Refining, Transport and Marketing
In 2002, the average year-over-year oil and NGL output was 12% higher. This increase was achieved largely through the start-up of new wells in the Marlim Sul field (P-40), whose the system began the production in December 2001, Marlim (P-35 and P-37) and Espadarte (ESPF). The increase in domestic na
Slide 9: Brazilian lifting costs
For fiscal year 2002, Brazilian lifting costs, excluding the government take, fell 8% compared to 2001, due to a 12% increase in oil, NGL and natural gas production offset by the increase in production costs, largely a reflection of preventive well maintenance principally in the Marlim, Albacora and
Slide 10: Consolidation notes and sales volume
Revenues expenses consolidated assets and liabilities are affected by businesses carried out by Fabrica Carioca de Catalisadores, a new affiliate jointly controlled by Petroquisa, by Petrolera Santa Fe (BOC) and by the following thermal electric plants, included in the consolidation process by the j
Slide 11: Fuel market deregulation; Consolidated Sales Costs
As from January 1, 2002, the Brazilian fuel market has been totally deregulated, pursuant to Law 9478 (the Petroleum Law) and Law 9990 of August, 1997 and July 21, 2001, respectively, permitting other companies besides PETROBRAS to produce and sell fuels to the domestic market as well as import and
Slide 12: CIDE charge and deregulation
As part of the deregulation process, under Law 10,336, of December 19, 2001, the Federal Government instituted the Economic Domain Intervention Contribution charge (Contribuição de Intervenção do Domínio Econômico - CIDE), applicable on the import and sale of fuels. The charge is levied on producers
Slide 13: Balance Sheet - Consolidated
Balance Sheet - Consolidated
Slide 14: Current Assets
Current Assets Cash and Cash Equivalents Accounts Receivable Inventories Others Non-current assets Petroleum & Aleohol Account Ventures under Negotiation Advances to Suppliers, Marketable Securities Investments in Companies to be Privatized Deferred Taxes and Social Contribution Advance for Pension
Slide 15: Cash Flow Statement - Consolidated
Cash Flow Statement - Consolidated
Slide 16: Value Added Statement - Consolidated
Value Added Statement - Consolidated
Slide 17: Consolidated Statement of Business Segmentation - 12.31.2002
Consolidated Statement of Business Segmentation - 12.31.2002
Slide 18: Consolidated Statement of Business Segmentation - 12.31.2001
Consolidated Statement of Business Segmentation - 12.31.2001
Slide 19: Consolidated Statement of Business Segmentation - 12.31.2002
Consolidated Statement of Business Segmentation - 12.31.2002
Slide 20: Consolidated Statement of Business Segmentation - 12.31.2001
Consolidated Statement of Business Segmentation - 12.31.2001
Slide 21: Consolidated Statement of Business Segmentation - 12.31.2002
Consolidated Statement of Business Segmentation - 12.31.2002
Slide 22: Consolidated Statement of Business Segmentation - 12.31.2001
Consolidated Statement of Business Segmentation - 12.31.2001
Slide 23: Business Segments Results
BUSINESS SEGMENTS RESULTS PETROBRAS operates as an integrated company, with the greatest share of production of petroleum and gas from the Exploration and Production segment transferred to other business areas within PETROBRAS. In the segmented financial reports, the operations of the Company are pr
Slide 24: Income Statement - Consolidated
Income Statement – Consolidated Petrobras and PECOM – Consolidated
Slide 25: Income statement line items (millions of Reais)
ns of Reais (R§ Gross Operating Revenues Sales Deductions Net Operating Revenues Cost of Goods Sold Gross Profit Operating Expenses Net Financial Expense Sales, General & Administrative Cost of Prospecting, Drilling & Lifting Research & Development Taxes Others Gains from Investment in Subsidiaries
Slide 26: Changes in the Petroleum and Alcohol Accounts
3. Changes in the Petroleum and Alcohol Accounts
Slide 27: Petroleum and Alcohol Accounts balance increase
In 2002, the balance of the Petroleum and Alcohol Accounts increased by R$ 457 million, totaling R$ 644 million. The principal factors contributing to this increase were: • Booking of credits and the settlement of debits for the period up to December 20, 2002, and authorized by the Agência Nacional
Slide 28: Government contributions and taxes, fourth quarter
Millions of Reais (RS) Fourth Quarter ern 2007 P20 Pas) ee Economie Contibution -County 532 war 2,112 (68) PASEP/COFINS * ‘wor 10284 7 4110 si 1,010 (49) Income tax & social contribution, 2,368 7988 (70) 3709 3,675 : - on pro CIDE 4,372 2343 87 258 302 148 104 Others 13,477 - - 453 336 187 80 Econom
Slide 29: Royalty and special participation payments
The 21% year-over-year growth in 4Q-2002 royalty payments reflects the growth in domestic production and the effect of the Real’s devaluation on domestic oil reference prices, which forms the basis for establishing the amount of royalties to be paid. Highly productive fields, such as Marlim, Albacor
Slide 30: Environmental and Social Projects; Shares and ADR Program
* According to CVM Instruction 247/96 and PUBLIC NOTFICATION/CVM/SNC/SEP 04/96, the losses on investments, when valued by the equity income method and contingent upon the entities being a going concern, must be limited to the value of the stake of the controlling shareholder. The losses from negativ
Slide 31: Book value of shares; Net Income Statement for Dividend Distribution
As of December 31, 2002, the book value of PETROBRAS’ shares was R$ 31.60 9. Controlling Company’s Basic Net Income Statement for Dividend Distribution.
Slide 32: Dividend payment balance
The balance of the dividend payment proposed on December 31, 2002 in the amount of R$ 2,761 million includes a payment of interest on capital, approved by the Board of Directors on October 31, 2002 in the amount of R$ 1,086 million, which was made available to shareholders on January 13, 2003, corre
Slide 33: Current Assets - Controlling Company
Current Assets Cash and Cash Equivalents Accounts Receivable Inventories Others Non-current assets Petroleum & Alcohol Account Subsidiaries, Controlled and Associate companies Ventures under Negotiation Advances to Suppliers Advances to Migration - Petros Plan Deferred Taxes and Social Contribution
Slide 34: Cash Flow Statement - Controlling Company
Cash Flow Statement – Controlling Company
Slide 35: Value Added Statement - Controlling Company
Value Added Statement – Controlling Company
Slide 36: Contacts
http://www.petrobras.com.br/ri/ingles Contacts: Petróleo Brasileiro S.A - PETROBRAS Investor Relations Department Luciana Bastos de Freitas Rachid - Executive Manager E-mail: petroinvest@petrobras.com.br Av. República do Chile, 65 - 4th floor 20031-912 - Rio de Janeiro, RJ (55-21) 2534-1510 / 2534-9