Loans and financing are initially recognized at fair value less transaction costs incurred and, after initial recognition, are measured at amortized cost using the effective interest rate method.
Source: Petroleo Brasileiro S.A., Annual Report
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Petroleo Brasileiro S.A., Statement of Financial Position, Debt
USD $ in millions
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
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Current debt | |
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Current portion of finance lease obligations | |
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Long-term debt | |
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Finance lease obligations | |
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Total debt | |
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Source: Based on data from Petroleo Brasileiro S.A., Annual Reports
| Item | Description | The company |
|---|---|---|
| Total debt | Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. | Petroleo Brasileiro S.A.'s total debt increased from 2009 to 2010 and from 2010 to 2011. |
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Petroleo Brasileiro S.A.
USD $ in millions
| 12 months ended | Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | |
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Borrowing costs, excluding capitalized | |
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Borrowing costs capitalized | |
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Borrowing costs | |
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Source: Based on data from Petroleo Brasileiro S.A., Annual Reports
| Item | Description | The company |
|---|---|---|
| Borrowing costs, excluding capitalized | Represents the portion of interest incurred in the period on debt arrangements that was charged against earnings. | Petroleo Brasileiro S.A.'s borrowing costs, excluding capitalized increased from 2009 to 2010 but then slightly declined from 2010 to 2011 not reaching 2009 level. |
| Borrowing costs capitalized | The amount of interest that was capitalized during the period. | Petroleo Brasileiro S.A.'s borrowing costs capitalized increased from 2009 to 2010 and from 2010 to 2011. |
| Borrowing costs | Total interest costs incurred during the period and either capitalized or charged against earnings. | Petroleo Brasileiro S.A.'s borrowing costs increased from 2009 to 2010 and from 2010 to 2011. |
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| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
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| Selected Financial Data (USD $ in millions) | ||||||
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Net income attributable to shareholders of Petrobras | |
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Add: Net (income) loss attributable to non-controlling interests | |
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Add: Borrowing costs, excluding capitalized | |
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Add: Income tax expense (benefit) | |
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Earnings before interest and tax (EBIT) | |
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Borrowing costs | |
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| Ratio With and Without Capitalized Interest | ||||||
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Interest coverage ratio (excluding capitalized interest)1 | |
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Adjusted interest coverage ratio (including capitalized interest)2 | |
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2011 Calculations
1 Interest coverage ratio (excluding capitalized interest) = EBIT ÷ Borrowing costs, excluding capitalized
= ÷ =
2 Adjusted interest coverage ratio (including capitalized interest) = EBIT ÷ Borrowing costs
= ÷ =
| Ratio | Description | The company |
|---|---|---|
| Adjusted interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). | Petroleo Brasileiro S.A.'s adjusted interest coverage ratio deteriorated from 2009 to 2010 and from 2010 to 2011. |
May 24, 2012