2017-03-23 12:10:00
PETROBRAS NET INCOME R$ 2,510 BLN
PETROBRAS - Net income of R$ 2,510 million in 4Q16, compared to a loss of R$ 16,458 million in 3Q-2016, as a result of:
- operating income of R$ 11,811 million, compared to an operating loss of R$ 10,032 million in the 3Q-2016, mainly due to lower impairment charges;
- decrease of 25% in net finance expenses;
- increase of 12% in exports, which reinforces the Company’s position as net exporter;
- sales, general and administrative expenses reduced by 6%; and
- gross gains on the sale of interests in Block BM-S-8 (Carcará), totaling R$ 2,947 million.
- Adjusted EBITDA* of R$ 24,788 million in 4Q-2016, 11% higher than 3Q-2016 and of R$ R$ 88,693 million in 2016, 16% above 2015, reflecting higher diesel and gasoline margins and lower costs with imports and government take. Adjusted EBITDA margin was of 35% in the 4Q-2016.
- In 2016, free cash flow* was of R$ 41,572 million, 2.6x above 2015, reflecting the investments reduction in 32% and the improved capital discipline. It was the seventh quarter in a row of positive free cash flow*, reaching R$ 11,953 million in 4Q-2016, 27% lower than 3Q-2016.
- Gross debt decreased 22%, from R$ 493,023 million as of December 31, 2015 to R$ 385,784 million as of December 31, 2016 (a reduction of R$ 107,239 million), due to:
- debt pre-payment and amortization, using resources from divestments and operations; and
- appreciation of the Brazilian real in 16.5%.
- Net debt* decreased by 20%, from R$ 392,136 million as of December 31, 2015 to US$ 314,120 million as of December 31, 2016.
- In dollars, the decrease was of 4% (US$ 4,044 million), from US$ 100,425 million as of December 31, 2015 to US$ 96,381 million as of December 31, 2016. In addition, the liquidity management led to an average maturity of outstanding debt to increase from of 7.14 years as of December 31, 2015 to 7.46 years as of December 31, 2016.
- There was a significant reduction of the ratio between net debt and Adjusted EBITDA*, from 5.11 as of December 31, 2015 to 3.54 as of December 31, 2016. During the same period, leverage decreased from 60% to 55%.
- Petrobras employees as of December, 31st,2016 were 68,829, a decrease of 12% compared to 2015, due to the Voluntary Separation Incentive Plan. The workforce reduced 20%.
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Earlier:
2016, November, 12, 12:04:00
PETROBRAS NET LOSS R$ 16,458 MLNPETROBRAS - Net loss of R$ 16,458 million, compared to net income of R$ 370 million in the 2Q-2016,
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2016, August, 16, 18:35:00
PETROBRAS NET INCOME $106 MLNNet income attributable to the shareholders of Petrobras of US$ 106 million, compared to net loss attributable to the shareholders of Petrobras of US$ 318 million in the 1Q-2016, as a result of: - A decrease of 22% in net finance expenses; - An 7% increase of crude oil and natural gas total production; - Higher revenues with an increase of 14% in crude oil and oil products exports and lower costs related to natural gas imports; Expenses related to the new Voluntary Separation Incentive Plan (PIDV); and Impairment losses related to Comperj assets.
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2016, May, 19, 20:15:00
PETROBRAS SELLS $6.75 BLNState-controlled Petróleo Brasileiro SA raised $6.75 billion on Tuesday from a sale of five- and 10-year dollar-denominated bonds, in a closely watched return to global debt markets after the suspension of Brazilian President Dilma Rousseff.
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2016, April, 5, 18:10:00
PETROBRAS CUTS 12,000 JOBSBrazil’s troubled state-run oil company Petróleo Brasileiro SA on Friday announced a beefed up voluntary layoff program that could affect up to 12,000 jobs amid intense efforts to cut costs. |
