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Petroleo Brasileiro S.A. (PBR) | Analysis of Investments

Investment Accounting Policy

Cash and cash equivalents

Cash and cash equivalents consist of short-term highly liquid investments which are readily convertible to cash, and with a maturity of three months or less from the date of acquisition.

Marketable securities

Marketable securities have been classified by Petrobras based upon management's strategies in the following categories:

  • Trading securities, which are marked-to-market through profit or loss;
  • Available-for-sale securities, which are marked-to-market through other comprehensive income;
  • Held-to-maturity securities, which are recorded at amortized cost.

Interest and monetary correction of the securities are recorded in the income statement.

Source: Petroleo Brasileiro S.A., Annual Report

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Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

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Petroleo Brasileiro S.A., adjustment to Net Income Attributable To Shareholders Of Petrobras

USD $ in millions

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  12 months ended Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
chart Net income attributable to shareholders of Petrobras (as reported)
chart Add: Unrealized results on available-for-sale securities
chart Net income attributable to shareholders of Petrobras (adjusted)

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Adjusted Ratios: Mark to Market Available-for-sale Securities (Summary)

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Petroleo Brasileiro S.A., adjusted ratios

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
  Net Profit Margin
chart Reported net profit margin % % % % %
chart Adjusted net profit margin % % % % %
  Return on Equity (ROE)
chart Reported ROE % % % % %
chart Adjusted ROE % % % % %
  Return on Assets (ROA)
chart Reported ROA % % % % %
chart Adjusted ROA % % % % %
Ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Petroleo Brasileiro S.A.'s adjusted net profit margin deteriorated from 2009 to 2010 and from 2010 to 2011.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders' equity. Petroleo Brasileiro S.A.'s adjusted ROE deteriorated from 2009 to 2010 but then slightly improved from 2010 to 2011.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Petroleo Brasileiro S.A.'s adjusted ROA deteriorated from 2009 to 2010 and from 2010 to 2011.

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Adjusted Net Profit Margin

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
  As Reported
chart Net income attributable to shareholders of Petrobras (USD $ in millions)
chart Sales revenues (USD $ in millions)
   
chart Net profit margin1 % % % % %
  Adjusted: Mark to Market Available-for-sale Securities
chart Adjusted net income attributable to shareholders of Petrobras (USD $ in millions)
chart Sales revenues (USD $ in millions)
   
chart Adjusted net profit margin2 % % % % %

2011 Calculations

1 Net profit margin = 100 × Net income attributable to shareholders of Petrobras ÷ Sales revenues
= 100 × ÷ = %

2 Adjusted net profit margin = 100 × Adjusted net income attributable to shareholders of Petrobras ÷ Sales revenues
= 100 × ÷ = %

Ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Petroleo Brasileiro S.A.'s adjusted net profit margin deteriorated from 2009 to 2010 and from 2010 to 2011.

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Adjusted Return On Equity (ROE)

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
  As Reported
chart Net income attributable to shareholders of Petrobras (USD $ in millions)
chart Petrobras shareholder's equity (USD $ in millions)
   
chart ROE1 % % % % %
  Adjusted: Mark to Market Available-for-sale Securities
chart Adjusted net income attributable to shareholders of Petrobras (USD $ in millions)
chart Petrobras shareholder's equity (USD $ in millions)
   
chart Adjusted ROE2 % % % % %

2011 Calculations

1 ROE = 100 × Net income attributable to shareholders of Petrobras ÷ Petrobras shareholder's equity
= 100 × ÷ = %

2 Adjusted ROE = 100 × Adjusted net income attributable to shareholders of Petrobras ÷ Petrobras shareholder's equity
= 100 × ÷ = %

Ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders' equity. Petroleo Brasileiro S.A.'s adjusted ROE deteriorated from 2009 to 2010 but then slightly improved from 2010 to 2011.

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Adjusted Return On Assets (ROA)

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
  As Reported
chart Net income attributable to shareholders of Petrobras (USD $ in millions)
chart Total assets (USD $ in millions)
   
chart ROA1 % % % % %
  Adjusted: Mark to Market Available-for-sale Securities
chart Adjusted net income attributable to shareholders of Petrobras (USD $ in millions)
chart Total assets (USD $ in millions)
   
chart Adjusted ROA2 % % % % %

2011 Calculations

1 ROA = 100 × Net income attributable to shareholders of Petrobras ÷ Total assets
= 100 × ÷ = %

2 Adjusted ROA = 100 × Adjusted net income attributable to shareholders of Petrobras ÷ Total assets
= 100 × ÷ = %

Ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Petroleo Brasileiro S.A.'s adjusted ROA deteriorated from 2009 to 2010 and from 2010 to 2011.

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May 24, 2012

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