Rio de Janeiro, March 19, 2010 Petróleo Brasileiro S.A. Petrobras announces its consolidated results for the fourth quarter
(4Q09) and full year of 2009, in accordance with generally accepted accounting practices in Brazil (BR GAAP).
Net income totaled R$ 28.98 billion in 2009 (R$ 3.30 per share), versus R$ 32.99 billion in 2008 (R$ 3.76 per share), while operating income climbed from R$ 45.9 billion, in 2008, to R$ 46.2 billion, despite the decline in oil and oil product prices and the global economic slowdown in 2009. As a result, the operating margin (operating income/net operating revenue) widened to 25%.
These healthy results were due to the fact that the reduction in costs outpaced the decline in revenue, while operating expenses remained flat. Other contributing factors included the upturn in net exports due to increased output, lower diesel imports and the narrower spread between the price of oil produced and that of Brent crude. However, net income was negatively impacted by the exchange variation. The combination of higher liability volume linked to dollar and the decline in the exchange rate throughout the year negatively affected the financial result.
By segment, the decrease in oil prices reduced Exploration and Production earnings, despite higher production, which averaged 2,525 thousand boe per day in 2009. Nevertheless, the Company benefited from its integrated operations with strong performance by Refining, Transportation and Marketing segment, despite lower prices of gasoline and diesel prices.
|Exploratio e Production||19.601||37.617|
(1) Includes inter-segment transactions which are excluded when calculating the Companys income
(2) Excluding the Corporate segment
The outstanding operating result was also reflected in the increase in operating cash flow, measured by EBITDA, which totaled R$ 59.9 billion in 2009, versus R$ 57.2 billion in the previous year. This strong cash flow, together with the new debt, financed annual investments of R$ 70.8 billion, most of which (approximately 45%) went to the E&P segment.
The Company proposed dividends of R$8.3 billion, equivalent to 30.5% of 2009 net income and R$ 0.95 per share. It is worth noting that R$ 7.2 million of this amount has already been paid to shareholders as interest on equity in 2009.