(1) The amounts expressed in reais (R$), mentioned in this financial analysis, were calculated in accordance with accounting practices derived from the corporation law and rules
and regulations of the Brazilian Securities Commission (CVM).
(2) It includes indebtedness contracted through leasing agreements.
(3) Income before taxes, minority interests, net financial income, interests in significant investments, and depreciation, amortization and abandonment cost.
EBITDA is not an indicator calculated in accordance with accounting principles generally accepted in Brazil and possibly it may not serve as a basis for comparison with
indicators with the same name, presented by other companies. EBITDA should not be considered as a substitute indicator to measure operating income, or even as a better
form for measuring the liquidity and cash flow of the operating activities. EBITDA is additional information on the ability to pay debts, to maintain investments and to be able
to cover working capital needs.
(4) The cash and cash equivalents are higher than the total indebtedness.
(5) It includes corporate investments, property, plant and equipment, intangible assets and deferred charges.
Economic and financial summary
Breakdown of ebitda
(R$ Milhões)
year
2008 law 11.638
2008
2007
Δ%
Operating profit according to Corporation Law
48.205
49.226
35.540
39
(-) Financial Result
(3.129)
(4.022)
4.021
(200)
(-) Stakeholding in investiments
874
399
465
(14)
Provision for Employees Profit Sharing
(1.345)
(1.345)
(1.012)
33
Operating profit
44.605
44.258
39.014
13
Depreciation/Amortization
11.632
12.030
10.696
12
Loss on recovery of assets
933
925
446
107
EBITDA
57.170
57.213
50.156
14
EBITDA margin (%)
27
25
29
(4)
The comparison of the Consolidated Shareholders’ Equity and Net Income with the corresponding
Shareholders’ Equity and Net Income of Petrobras (Parent company) may be
presented as follows:
Economic and financial summary
(R$ MILlION)
Sahereholders’ equity law 11.638
Net income law 11.638
According to information from Petrobras at 12.31.2008
144.051
36.470
Profit on sale of products in inventories of subsidiaries
(660)
(660)
Reversion of profits on inventories for prior years capitalized interest
686
Capitalized interest
(460)
38
Absorption of negative net equity of subsidiary*
(4.160)
(3.507)
Other eliminations
(406)
(39)
According to consolidated information at 12.31.2008
138.365
32.988
* In accordance with CVM Instruction 247/96, losses that are considered to be of a non permanent (temporary) nature on investments valued by the equity accounting method,
whose invested companies do not present signs of stoppage or a need for financial support from the investor, must be limited to the amount of the investment by the parent
company. Therefore, the losses caused by unsecured liabilities (negative net equity) of subsidiaries did not influence the results and shareholders’ equity of Petrobras in
2007, but generated an item for reconciliation between the financial statements of Petrobras and the consolidated financial statements.