NON REVIEWED INFORMATION 3rd Quarter 2014 __ Conference Call / Webcast January 29th 2015 1
Need to Rectify the Error (IAS-8): Values improperly recognized in the Companys PP&E due to corruption The depositions to which Petrobras had access as borrowed evidence identify a list of suppliers and contractors involved in the…
Methodology 1 Average Percentage of Improper Payments Estimation of the magnitude of the error using the average percentage mentioned in the depositions (3%) The Company identified the amounts paid from 2004 to September 2014 with…
Methodology 2 Fair Value of Specified Assets (1/3) Concept and Approach Book Value (-) Fair Value = Correction Value Two approaches: (1) cost approach, considering the replacement cost; or (2) income approach, considering the…
Methodology 2 Fair Value of Specified Assets (2/3) 52 Assets Selected Evaluation carried out by global firms internationally recognized as independent evaluators; 52 assets under construction or in operation were selected that amounted…
Methodology 2 Fair Value of Specified Assets (3/3) Results and Weakness Fair Value of the assets lower than book value Fair Value of the assets higher than book value Results 31 assets 21 assets Estimated Amount: - R 88.6 billion…
Conclusion and Next Steps The comparison between the fair value and the book value does not isolate the amount related to corruption and therefore is not an adequate proxy; We have decided not to use the methodology of determining the…
3Q14 Results Operating Income 48% lower than 2Q14. Operating Income and EBITDA were impacted, mainly, by the write-down of Premium I e II (R 2.7 Bn) and by the estimated losses on provision of Electricity Sector (R 1.3 Bn). R Billion…
3Q14 Results Operating Income 48% lower than 2Q14. Decrease of 38% of Net Income. Operating Income and EBITDA were impacted, mainly, by the write-down of Premium I e II (R 2.7 Bn) and by the estimated losses on provision of Electricity…
3Q14 Results Operating Income 48% lower than 2Q14. Decrease of 38% of Net Income. Decrease of 27% of EBITDA. Operating Income and EBITDA were impacted, mainly, by the write-down of Premium I e II (R 2.7 Bn) and by the estimated losses on…
Financial Ratios Indebtedness R Billion 12/31/13 09/30/14 Short-term Debt 18.8 28.2 Adjusted Cash and Cash Equivalents of R 70.3 Bn on Long-term Debt 249.0 303.5 3Q14 Total Debt 267.8 331.7 Total debt impacted by Real devaluation.…
2015 Forecast Oil Production Target: 2,125 th. bpd Progress in the ramp-up of production units that started-up in 2013/14 ensured Oil Production by a larger PLSVs fleet (19), with highlight to FPSO Cid. Ilhabela and Cid. (th. bpd)…
2015 Projections - Cash Flow Assumptions Target: Positive Free Cash Flow Oil Price US 50 to 70 / bbl Oil Production 2,105 to 2,146 thousand bpd The current oil levels are favorable to the Company in 2015 horizon (4.5%, +/-1p.p.)…
Cash Flow for 2015: No Need for Funding 28 to 32 -16 to -18 Variation due to Brent and exchange rate scenarios US Billion -31 to -33 25 3 8 to 12 2015 Initial Balance * Operational Dividends, Amortization CAPEX Divestment…
Corporate Governance Improvement The Company continues to improve its internal controls, having, as main inputs, the results of the Internal Investigation Committees. 66 measures to improve governance, control and risk management:…
NON REVIEWED INFORMATION 3rd Quarter 2014 __ Information: Investor Relations +55 21 3224-1510 petroinvestpetrobras.com.br 18
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