1Q10:
Net Income of R$ 7.7 billion
Rio
de Janeiro, May 14, 2010 � Petr�leo Brasileiro S.A. - Petrobras, announces
today its consolidated results for the first quarter of 2010 (1Q10), in
accordance with International Financial Reporting Standards (IFRS). The
figures for fiscal year 2009 were adjusted for comparison purposes.
In
1Q10, net income totaled R$ 7.73 billion (R$ 0.88 per share), versus R$ 6.29
billion in 1Q09 (R$ 0.72 per share).Gross income increased from R$ 16.82
billion in 1Q09 to R$ 19.31 in 1Q10.
This
strong result was driven by higher oil prices in the international market and
growth the production and sales volume, reflecting the economic
recovery, and the appreciation of the real. The net income increase
should also be highilaghetd considering the adversely affected by the 19%
increase in operating expenses, which was basically due to the constitution
of provisions for contingencies for lawsuits. Margins in the quarter
remained stable in comparison with the previous year: operating margin of 23%
and net margin of 15%.
In
terms of results by segment, the increase in oil prices and growth in export
volumes in the quarter had a positive impact on the results in the
Exploration and Production (E&P) segment. However, the Refining,
Transportation & Marketing segment reported lower results due to higher
oil prices and the reduction in domestic gasoline and diesel prices
implemented in June 2009.Meanwhile, the other segments recorded excellent
results thanks to: the positive impact of E&P activities in the
International segment; higher sales margins in the Distribution segment and
the increase in fixed revenue from energy auctions in the Gas & Power
segment.
Net income per segment (R$ million)1
Segment(1)
|
1Q10
|
1Q09
|
Exploration and Production
|
7,322
|
2,501
|
Refining, Transportation and Commercialization
|
1,116
|
4,639
|
|
1,132
|
(253)
|
(1) Includes inter-segment transactions which are excluded
when calculating the Company�s net income
(2) Excludes Corporate Overhead
Investments
totaled R$ 17,753 million in 1Q10, 23% higher than in 1Q09, and were mainly
allocated to the E&P (53%) and Refining, Transportation & Marketing
(31%) segments. The bulk of investments were financed by the Company�s
cash flow, which, as measured by EBITDA, amounted to R$ 15.1 billion in 1Q10,
12% up on 1Q09.
The
Company concluded the payment of dividends to shareholders related to fiscal
year 2009, in the amount of R$ 8.3 billion (30.5% of net income of 2009 and R$
0.95 per share).The last payment of dividends and interest on own capital
(IOC) was made on April 30, 2010, in the amount of R$ 0.2472 per share.
Regarding
the 2010 results, the Board of Directors approved today an advanced payment
of IOC to its shareholders, in the amount of R$ 0.20 per share. The payment
date has not been set, but will be no later than August 31, 2010, and the
record date will be May 21, 2010. This payment will be offset against
the dividends to be paid related to the 2010 fiscal earnings.
See
the reports below for complete information on the quarterly results and the
invitation to our conference call and webcast to be held on May 18, 2010.
www.petrobras.com.br/ri/english
Contacts: PETR�LEO BRASILEIRO S. A. - PETROBRAS
Investor Relations Department I E-mail: petroinvest@petrobras.com.br /
acionistas@petrobras.com.br
Av. Rep�blica do Chile, 65 � 22nd floor - 20031-912 - Rio de Janeiro, RJ I
Tel.: 55 (21) 3224-1510 / 9947
This document may
contain forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended (Securities Act), and Section 21E of the
Securities Exchange Act of 1934, as amended (Exchange Act) that merely
reflect the expectations of the Company�s management. Such terms as
�anticipate�, �believe�, �expect�, �forecast�, �intend�, �plan�, �project�,
�seek�, �should�, along with similar or analogous expressions, are used to
identify such forward-looking statements. These predictions evidently involve
risks and uncertainties, whether foreseen or not by the Company. Therefore,
the future results of operations may differ from current expectations, and
readers must not base their expectations exclusively on the information
presented herein.
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