PETROBRAS NET INCOME R$ 5,031 MLN
PETROBRAS - Net Income of R$ 5,031 million in 9M-2017, compared to a loss of R$ 17,334 million in 9M-2016, as a result of:
- higher export revenues, with higher average prices;
- reduction in margins and sales volumes of oil products in Brazil;
- lower expenses with personnel and with write-off of dry and/or sub commercial wells;
- gain on the sale of the Company's interest in Nova Transportadora do Sudeste (NTS) in 2Q-2017;
- reduction of impairments; and
- higher expenses with adherence to Brazilian Federal Settlement Programs.
- Net Income reached R$ 266 million in the 3Q-2017, same level as 2Q-2017.
- Stable Adjusted EBITDA* of R$ 63,571 million in 9M-2017, reflecting lower operational expenses and increase in exports compensated lower oil products margins. Adjusted EBITDA Margin* was 31% in 9M-2017.
- In 9M-2017, Free Cash Flow* reached R$ 37,456 million, 26% higher than 9M-2016. This result reflects the combination of improvement in operating activities and reduction in investments. Free Cash Flow* in 3Q-2017 was positive for the tenth quarter in a row.
- Gross debt decreased 7%, from R$ 385,784 million as of December 31, 2016 to R$ 359,412 million and Net Debt* decreased 11%, from R$ 314,120 million as of December 31, 2016 to R$ 279,237 million as of September 30, 2017.
- In dollars, the decrease was of 9% (US$ 8,238 million) in Net Debt*, from US$ 96,381 million as of December 31, 2016 to US$ 88,143 million as of September 30, 2017. In addition, the liquidity management led to a weighted average maturity of outstanding debt to increase from 7.46 years as of December 31, 2016 to 8.36 years as of September 30, 2017.
- Reduction of the ratio between Net Debt* and LTM Adjusted EBITDA*, from 3.54 as of December 31, 2016 to 3.16 as of September 30, 2017. During the same period, Leverage* decreased from 55% to 51%.
- Petrobras employees as of September 30, 2017 were 62,258, a decrease of 12% compared to September 30, 2016, due to the voluntary separation incentive plan.
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