Cash flow Petrobras

Equities

PETR4

BRPETRACNPR6

Integrated Oil & Gas

Delayed Sao Paulo Other stock markets 18:30:00 10/12/2024 GMT			5-day change	1st Jan Change
40.26 ^BRL	+13.66%		+1.95%	+8.14%

12-05	Sector Update: Energy Stocks Higher Late Afternoon	MT
12-05	Sector Update: Energy Stocks Rise in Thursday Afternoon Trading	MT

82bb4248a1dc97.rR5Mk_ZKHe78pRzONijgJcdCLcyLIA8ujVlnEICCA7w.6lED3Zkib4eE5yWtU1ikHak0AJu7R0N6xDQDcsrRctvebHWqsidO2pTGTQ

Published financial data: PETROBRAS

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	302B	242B	453B	641B	512B
Total Revenues	302B	242B	453B	641B	512B
Cost of Goods Sold, Total	180B	118B	233B	307B	242B
Gross Profit	122B	124B	220B	334B	270B
Selling General & Admin Expenses, Total	26.11B	30.54B	29.15B	32.32B	33.12B
Exploration / Drilling Costs, Total	1.95B	1.79B	2.37B	1.03B	2.8B
R&D Expenses	2.27B	1.82B	3.03B	4.09B	3.62B
Impairment of Oil, Gas & Mineral Properties - (IS)	299M	16.68B	-8.44B	4.05B	3.62B
Other Operating Expenses	13.59B	-7.27B	6.04B	-10.92B	22.83B
Other Operating Expenses, Total	44.22B	43.56B	32.15B	30.57B	66B
Operating Income	77.89B	80.4B	187B	304B	204B
Interest Expense, Total	-19.78B	-13.7B	-16.8B	-13.79B	-13.76B
Interest And Investment Income	2.21B	1.43B	1.71B	5.96B	8.26B
Net Interest Expenses	-17.57B	-12.27B	-15.1B	-7.84B	-5.51B
Income (Loss) On Equity Invest.	547M	-3.27B	8.43B	1.29B	-1.48B
Currency Exchange Gains (Loss)	-12.1B	-21.3B	-39.73B	-19.54B	-7.63B
Other Non Operating Income (Expenses)	1.71B	-6.63B	5.49B	11.39B	5.58B
EBT, Excl. Unusual Items	50.46B	36.93B	147B	289B	195B
Restructuring Charges	-791M	-5.41B	62M	-	-
Impairment of Goodwill	-	-31M	-	-	-
Gain (Loss) On Sale Of Investments	-	-225M	-220M	-	-
Gain (Loss) On Sale Of Assets	23.8B	2.71B	10.89B	5.88B	6.51B
Asset Writedown	-12.58B	-19.93B	7.09B	-6.39B	-11.58B
Legal Settlements	-5.08B	-1.83B	-2.62B	-6.51B	-3.42B
Other Unusual Items	-8.57B	-12.19B	-10.22B	-6.82B	-8.94B
EBT, Incl. Unusual Items	47.24B	37M	152B	275B	177B
Income Tax Expense	16.4B	-6.21B	44.31B	85.99B	52.32B
Earnings From Continuing Operations	30.84B	6.25B	107B	189B	125B
Earnings Of Discontinued Operations	10.13B	-	-	-	-
Net Income to Company	40.97B	6.25B	107B	189B	125B
Minority Interest	-833M	862M	-596M	-677M	-560M
Net Income - (IS)	40.14B	7.11B	107B	188B	125B
Net Income to Common Incl Extra Items	40.14B	7.11B	107B	188B	125B
Net Income to Common Excl. Extra Items	30.01B	7.11B	107B	188B	125B
Per Share Items
Net EPS - Basic	3.08	0.54	8.18	14.44	9.57
Basic EPS - Continuing Operations	2.3	0.54	8.18	14.44	9.57
Basic Weighted Average Shares Outstanding	13.04B	13.04B	13.04B	13.04B	13.02B
Net EPS - Diluted	3.08	0.54	8.18	14.44	9.57
Diluted EPS - Continuing Operations	2.3	0.54	8.18	14.44	9.57
Diluted Weighted Average Shares Outstanding	13.04B	13.04B	13.04B	13.04B	13.02B
Normalized Basic EPS	2.35	1.84	6.98	13.79	9.31
Normalized Diluted EPS	2.35	1.84	6.98	13.79	9.31
Dividend Per Share	0.93	0.79	7.77	17.06	6.27
Payout Ratio	18.66	87.35	67.64	103.12	78.59
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
EBITDA	128B	135B	219B	352B	246B
EBITA	77.93B	80.44B	188B	304B	204B
EBIT	77.89B	80.4B	187B	304B	204B
EBITDAR	134B	139B	224B	358B	252B
Effective Tax Rate - (Ratio)	34.71	-16.78K	29.23	31.27	29.48
Total Current Taxes	5.36B	2.73B	22.67B	81.48B	47.77B
Total Deferred Taxes	11.04B	-8.94B	21.64B	4.52B	4.54B
Normalized Net Income	30.71B	23.95B	91.02B	180B	121B
Interest Capitalized	5.25B	4.8B	5.24B	5.32B	6.43B
Interest on Long-Term Debt	5.97B	-	6.58B	6.94B	8.89B
Non-Cash Pension Expense	3.37B	3.05B	3.45B	3.07B	3.38B
Supplemental Operating Expense Items
Selling and Marketing Expenses	17.75B	25.02B	22.81B	25.45B	25.16B
General and Administrative Expenses	8.37B	5.52B	6.34B	6.88B	7.95B
Research And Development Expense From Footnotes	2.27B	1.82B	3.03B	4.09B	3.62B
Exploration/Drilling Costs	1.95B	1.79B	2.37B	1.03B	2.8B
Net Rental Expense, Total	5.99B	4.62B	5.45B	6.06B	5.88B
Imputed Operating Lease Interest Expense	3.54B	1.84B	2.67B	3.05B	3.25B
Imputed Operating Lease Depreciation	2.45B	2.78B	2.78B	3.02B	2.63B

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	29.71B	60.86B	58.41B	41.72B	61.61B
Short Term Investments	3.58B	3.42B	-	14.47B	13.65B
Trading Asset Securities, Total	-	-	3.63B	-	-
Total Cash And Short Term Investments	33.29B	64.28B	62.04B	56.19B	75.26B
Accounts Receivable, Total	15.16B	24.58B	35.54B	26.14B	29.7B
Other Receivables	14.29B	10.85B	7.51B	6.82B	5.7B
Total Receivables	29.45B	35.43B	43.05B	32.96B	35.4B
Inventory	33.01B	29.5B	40.49B	45.8B	37.18B
Other Current Assets, Total	16.35B	13.11B	22.67B	28.09B	9.23B
Total Current Assets	112B	142B	168B	163B	157B
Gross Property Plant And Equipment	991B	1,169B	1,208B	1,205B	1,326B
Accumulated Depreciation	-349B	-523B	-508B	-526B	-583B
Net Property Plant And Equipment	642B	645B	699B	679B	743B
Long-term Investments	22.4B	17.24B	8.67B	16.33B	18.24B
Goodwill	252M	125M	123M	123M	123M
Other Intangibles, Total	78.24B	77.55B	16.76B	15.46B	14.6B
Accounts Receivable Long-Term	10.34B	13.68B	10.6B	12.73B	8.94B
Deferred Tax Assets Long-Term	5.59B	33.52B	3.37B	4.34B	4.67B
Other Long-Term Assets, Total	55.14B	57.55B	65.77B	85.49B	104B
Total Assets	926B	987B	973B	977B	1,051B
Liabilities
Accounts Payable, Total	22.58B	35.64B	30.6B	28.51B	23.3B
Accrued Expenses, Total	23B	31.28B	33.68B	26.58B	32.75B
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	18.01B	21.75B	20.32B	18.66B	20.92B
Current Portion of Leases	23.13B	29.61B	30.32B	28.99B	34.86B
Current Income Taxes Payable	1.19B	1.1B	4.22B	15.14B	6.59B
Unearned Revenue Current, Total	514M	356M	-	-	-
Other Current Liabilities	27.73B	16.55B	15.78B	45.85B	45.5B
Total Current Liabilities	116B	136B	135B	164B	164B
Long-Term Debt	237B	258B	179B	138B	119B
Long-Term Leases	73.05B	82.9B	98.28B	95.42B	129B
Pension & Other Post Retirement Benefits	103B	75.45B	51.5B	54.92B	74.92B
Deferred Tax Liability Non Current	7.1B	1.02B	6.86B	35.22B	52.82B
Other Non Current Liabilities	90.4B	122B	113B	125B	130B
Total Liabilities	627B	676B	583B	612B	669B
Common Stock, Total	205B	205B	205B	205B	205B
Retained Earnings	125B	128B	164B	129B	159B
Comprehensive Income and Other	-34.72B	-24.53B	17.65B	28.6B	15.84B
Total Common Equity	296B	308B	387B	363B	380B
Minority Interest	3.6B	2.74B	2.25B	1.79B	1.9B
Total Equity	299B	311B	390B	364B	382B
Total Liabilities And Equity	926B	987B	973B	977B	1,051B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	13.04B	13.04B	13.04B	13.04B	12.94B
ECS Total Common Shares Outstanding	13.04B	13.04B	13.04B	13.04B	12.94B
Book Value / Share	22.66	23.64	29.69	27.8	29.4
Tangible Book Value	217B	231B	370B	347B	366B
Tangible Book Value Per Share	16.64	17.69	28.4	26.6	28.26
Total Debt	351B	393B	328B	281B	303B
Net Debt	318B	328B	266B	225B	228B
Debt Equivalent of Unfunded Proj. Benefit Obligation	58.48B	53.46B	30.1B	28.34B	32.54B
Debt Equivalent Oper. Leases	47.91B	36.94B	43.63B	48.5B	47.04B
Minority Interest, Total (Incl. Fin. Div)	3.6B	2.74B	2.25B	1.79B	1.9B
Equity Method Investments, Total	4.81B	16.99B	8.41B	8.15B	6.56B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	4.82B	4.96B	4.49B	5.33B	6.69B
Inventories - Work In Process, Total	2.36B	2.06B	2.97B	3.06B	3.08B
Inventories - Finished Goods, Total	25.83B	22.48B	33.03B	37.41B	27.42B
Land - (BS)	27.64B	28.32B	22.77B	22.66B	22.43B
Machinery, Total	484B	557B	547B	550B	572B
Full Time Employees	57.98K	49.05K	45.53K	45.15K	46.73K
Accumulated Allowance for Doubtful Accounts (Supple)	4.44B	1.14B	880M	1.28B	1.38B

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	40.14B	7.11B	107B	188B	125B
Depreciation & Amortization - CF	58.14B	57.97B	62.73B	67.81B	65.69B
Amortization of Goodwill and Intangible Assets - (CF)	42M	37M	29M	18M	18M
Impairment of Oil, Gas & Mineral Properties - (CF)	11.49B	16.77B	-8.44B	4.05B	3.62B
Depreciation & Amortization, Total	69.68B	74.78B	54.32B	71.88B	69.33B
Amortization of Deferred Charges, Total - (CF)	315M	295M	292M	376M	499M
Minority Interest in Earnings - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	-25.87B	-2.58B	-9.46B	-5.88B	-6.51B
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	3.59B	19.96B	-8.3B	6.39B	11.58B
(Income) Loss On Equity Investments - (CF)	-547M	3.27B	-8.43B	-1.29B	1.48B
Provision and Write-off of Bad Debts	343M	722M	-187M	331M	205M
Net Cash From Discontinued Operations	1.22B	-	-	-	-
Other Operating Activities, Total	47.05B	31.27B	83.25B	102B	33.15B
Change In Accounts Receivable	8.58B	-913M	-10.78B	1.89B	672M
Change In Inventories	-1.21B	4.31B	-12.65B	-6.03B	7.93B
Change In Accounts Payable	-3.82B	2.18B	5.67B	-2.22B	-4.74B
Change In Income Taxes	-8.33B	-1.66B	25.9B	-72.05B	-2.36B
Change in Other Net Operating Assets	-29.38B	9.36B	-23.17B	-28.32B	-20.13B
Cash from Operations	102B	148B	203B	255B	216B
Capital Expenditure	-34.01B	-29.97B	-34.13B	-49.66B	-60.32B
Sale of Property, Plant, and Equipment	41.05B	10.21B	25.49B	24.82B	18.23B
Sale (Purchase) of Intangible assets	-63.14B	-	-	-	-
Investment in Marketable and Equity Securities, Total	808M	-4.96B	-130M	-17.21B	117M
Other Investing Activities, Total	47.34B	1.26B	19.84B	37.67B	2.47B
Cash from Investing	-7.95B	-23.46B	11.07B	-4.38B	-39.5B
Long-Term Debt Issued, Total	29.16B	85.52B	9.65B	15.16B	10.72B
Total Debt Issued	29.16B	85.52B	9.65B	15.16B	10.72B
Long-Term Debt Repaid, Total	-128B	-164B	-145B	-75.39B	-52.42B
Total Debt Repaid	-128B	-164B	-145B	-75.39B	-52.42B
Repurchase of Common Stock	-	-	-	-	-3.64B
Common Dividends Paid	-7.49B	-6.21B	-72.15B	-194B	-97.92B
Common & Preferred Stock Dividends Paid	-7.49B	-6.21B	-72.15B	-194B	-97.92B
Other Financing Activities, Total	-20.25B	-16.73B	-12.84B	-9.73B	-10.17B
Cash from Financing	-126B	-102B	-220B	-264B	-153B
Foreign Exchange Rate Adjustments	8.4B	8.32B	3.65B	-3.64B	-2.88B
Net Change in Cash	-24.12B	31.2B	-2.45B	-16.76B	19.89B
Supplemental Items
Cash Interest Paid	17.62B	15.83B	12.16B	9.66B	9.9B
Cash Income Tax Paid (Refund)	9.2B	1.66B	11.65B	59.15B	50.71B
Levered Free Cash Flow	8.14B	97.47B	98.35B	235B	145B
Unlevered Free Cash Flow	20.5B	106B	109B	243B	154B
Change In Net Working Capital	1.02B	-10.68B	28.8B	-31.15B	-17.11B
Net Debt Issued / Repaid	-98.59B	-78.83B	-135B	-60.23B	-41.7B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	5.45	5.25	11.96	19.46	12.57
Return on Total Capital	7.72	7.42	16.49	27.85	19.16
Return On Equity %	10.59	2.05	30.61	50.14	33.52
Return on Common Equity	10.48	2.35	30.66	50.23	33.54
Margin Analysis
Gross Profit Margin %	40.4	51.19	48.52	52.1	52.72
SG&A Margin	8.64	12.61	6.44	5.04	6.47
EBITDA Margin %	42.27	55.57	48.32	54.94	48.08
EBITA Margin %	25.78	33.22	41.43	47.34	39.84
EBIT Margin %	25.77	33.2	41.42	47.33	39.83
Income From Continuing Operations Margin %	10.2	2.58	23.7	29.47	24.45
Net Income Margin %	13.28	2.94	23.56	29.37	24.34
Net Avail. For Common Margin %	9.93	2.94	23.56	29.37	24.34
Normalized Net Income Margin	10.16	9.89	20.11	28.05	23.68
Levered Free Cash Flow Margin	2.69	40.25	21.73	36.62	28.41
Unlevered Free Cash Flow Margin	6.78	43.79	24.05	37.96	30.09
Asset Turnover
Asset Turnover	0.34	0.25	0.46	0.66	0.51
Fixed Assets Turnover	0.48	0.38	0.67	0.93	0.72
Receivables Turnover (Average Receivables)	16.15	12.18	15.06	20.79	18.34
Inventory Turnover (Average Inventory)	5.31	3.78	6.66	7.12	5.83
Short Term Liquidity
Current Ratio	0.97	1.04	1.25	1	0.96
Quick Ratio	0.54	0.73	0.78	0.54	0.68
Operating Cash Flow to Current Liabilities	0.88	1.09	1.51	1.56	1.32
Days Sales Outstanding (Average Receivables)	22.6	30.04	24.24	17.55	19.91
Days Outstanding Inventory (Average Inventory)	68.72	96.79	54.81	51.27	62.57
Average Days Payable Outstanding	48.19	92.91	49.54	34.52	40.5
Cash Conversion Cycle (Average Days)	43.13	33.92	29.51	34.3	41.97
Long Term Solvency
Total Debt/Equity	117.39	126.16	84.15	77.03	79.26
Total Debt / Total Capital