🕐23.04.15 - 08:00 Uhr

PETROBRAS - PRESS RELEASE: 2014 ANNUAL RESULTS



 
 

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  Petrobras www.petrobras.com.br/ir  
 
 
  2014 Annual Results
 
 
 

Rio de Janeiro – April 22, 2015 - (A free translation from the original in Portuguese).
Petrobras announces today its audited consolidated results for 4Q-2014 and the full year 2014, stated in millions of Reais, prepared in accordance with International Financial Reporting Standards - IFRS issued by the International Accounting Standards Board - IASB.

In addition, the Company has published today its consolidated interim financial statements for 3Q-2014 and the nine-month period ended September 30, 2014 reviewed by the Company’s independent auditors.

Those interim financial statements, and the information in this release about the Company´s 3Q-2014 results, supersede the unreviewed information in Reais that the Company published on January 28, 2015.

The R$ 21,587 million loss in 2014 resulted from impairment charges in the amount of R$ 44,636 million.

Write-offs of overpayments incorrectly capitalized in the amount of R$ 6,194 million were recognized in the 3Q-2014 related to the payment scheme uncovered by the investigations of the “Lava Jato (Car Wash) Operation” (referred to below as write-offs of overpayments incorrectly capitalized).

 

Key events

R$ million
 Jan-Dec

 

 


 

 

2014

2013

2014 X 2013 (%)

 

4Q-2014

3Q-2014

4Q14 X 3Q14 (%)

4Q-2013
 

 

 

 

 

 

 

 

 (21,587)

23,570

(192)

Consolidated net income (loss) attributable to the shareholders of Petrobras 

(26,600)

 (5,339)

(398)

 

6,281

 2,669

2,539

 

 

5

 

Total domestic and international crude oil and natural gas production (Mbbl/d)

 

 

2,799

2.746

2

2,534

 59,140

62,967

(6)

Adjusted EBITDA

20,057

 8,488

 

136

15,553

 

 

 

 

 

 

 

 

 

The Company reported a R$ 26,600 million loss in the 4Q-2014, due mainly to the following key events:

• Pre-tax impairment charges of R$ 44,345 million (R$ 32,089 million after taxes), mainly related to the following assets:

i) domestic refineries (R$ 30,976 million), resulting from testing the second refining unit of Refinaria Abreu e Lima (RNEST) and Complexo Petroquímico do Rio de Janeiro (COMPERJ) individually for impairment purposes, due to the postponement of these projects for an extended period of time as a result of the Company’s measures to preserve cash and of the implications to the Company’s suppliers of the “Lava Jato” investigation.

The impairment charges are mainly attributable to project planning deficiencies, to the use of a higher discount rate (which included a risk premium related to the stand-alone view of the assets), to the impact of a delay in expected cash inflows and lower projected economic growth;

ii) assets related to exploration and production of crude oil and natural gas (R$ 10,002 million) attributable to lower international crude oil prices; and

iii) petrochemical assets (R$ 2,978 million) as a result of decreased demand and lower margins.

In addition, the Company had the following key events for the 4Q-2014:

• Diesel (5%) and gasoline (3%) price increases on November 7, 2014.

• Higher domestic crude oil and NGL production (a 3% increase, 60 thousand barrels/day) due to the ramp-up of P-55, P-62 and P-58 platforms and the ramp-up of FPSOs Cidade de São Paulo and Cidade de Paraty, as well as the production start-up of FPSOs Cidade de Mangaratiba and Cidade de Ilhabela.

The Company reached a crude oil production monthly record level of 666 thousand barrels per day at the pre-salt layer in December 2014.

• A R$ 3,286 million gain on the disposal of the Company’s interest in Petrobras Energia Peru S/A, with a R$ 6,691 million increase in cash and cash equivalents.

When compared to the financial statements published on January 28, 2015, which reported a R$ 3,087 million net income, 3Q-2014 financial statements report a R$ 5,339 million loss attributable to the shareholders of Petrobras, resulting from the write-off of overpayments incorrectly capitalized (R$ 6,194 million) and from an increase in the allowance for impairment of trade receivables from the electricity sector (R$ 1,602 million, after taxes).

Restated information about the 3Q-2014 and the nine-month period ended September 30, 2014 is set out in “Additional Information”.
 

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Petrobras | Investor Relations Departament www.petrobras.com.br/ir
E-mail:
Av.

República do Chile, 65, Room 1002, Rio de Janeiro, RJ, Brazil / Zip code: 22031-912
  Phone:
+55 21 3224-1510
 
 
 
 


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This document may contain forecasts that merely reflect the expectations of our management, which are subject to risks and/or uncertainties (expected or not).

Consequently, the future results of our operations may differ from such expectations.

The reader, therefore, must not rely exclusively on the information contained herein.

 
 

 




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