Petrobras – Investor Relations

Petrobras

Investor Relations

Petrobras is champion in Transparency for second year running

(Rio de Janeiro, September 23, 2005). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, announces that  for the second year running, Petrobras was elected the open capital company winner of the Transparency Award. Marcos Antonio Silva Menezes, Accounting Executive Manager, was again elected the best accountant of 2004. 
   
The Transparency Trophy is sponsored each year by Anefac – The National Association of Financial, Administration and Accounting Executives. Its seriousness and the technical exactness applied in the selection of the participants add to its importance. “It is an award that is judged completely independently. There is no registration and no influence in the choice of participants. Every company that publishes its financial statements is a competitor in the selection process”, explained João Castilho Garcia, vice-president of the award.
  
The reward is a recognition for national companies that today incorporate intangible values practiced in the global market, such as  education, community development, environmental preservation and the social concerns of populations located in areas where the companies operate.
 
For Mr. Raul Adalberto de Campos, RI Executive Manager, this award consolidates all the work of the Petrobras team over the recent years. He points out that today the Company is present in 15 countries and that to consolidate all this information in an agile and effective way is a very difficult task because Petrobras has to prepare  separate accounts for each individual country and then consolidate them.
 
The Petrobras financial statements for 2004 were chosen as the best among the ten open capital companies, selected from the  500 largest private companies in Brazil in the areas of commerce, industry and financial services. The other companies in the final category were: Brasil Telecom, Cemig – Cia. Energética de Minas Gerais, Copesul – Cia. Petroquímica do Sul, CST – Cia. Siderúrgica de Tubarão, Vale do Rio Doce, Embraer, Gerdau, Sabesp and Usiminas – Usinas Siderúrgicas de Minas Gerais.
 
During the judging process of the ninth edition of the award, realized in three stages by a  committee composed of members of  Fipecafi  -  the Accounting and Actuarial Research Foundation of USP – and by FEA-USP professors, the following criteria were taken into account. Transparency of the information, quality  and consistency of the management report and the provision of relevant details not legally required but important to the business, such as cash flow, added value statements, EBITDA,  added economic value, social balances and inflationary effects, among others.
 
Speaking during the award ceremony, Mr. Raymundo Magliano Filho, the president of  BOVESPA, reconfirmed the importance of the award “...I want to emphasize that initiatives and projects like these are really indispensable to create a highly democratic society and to consolidate Brazilian democracy”.  He added,  “it is really important that we formalize these awards to serve as an example to the market and to new companies”.
 
Founded in São Paulo in 1976, Anefac is an organization that contains around three thousand executives from the most important national companies, especially those in the professional areas of administration, financial, control, auditing and accounting management.

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