Pedro Rio S.A. Announces 2018 Earnings
Petro Rio S.A. (“Company” or “PetroRio”) (B3:PRIO3) announces its 2018 earnings.
HIGHLIGHTS FOR THE YEAR
- Net Revenue of R$ 848.9 million, a 59% increase vs. 2017
- Adjusted Ebitda of R$ 278.8 million, an increase of 209% y-o-y
- Net Profit reached R$ 204.9 million, an increase of 303% (2017: R$ 50,9 million)
- Success in Polvo’s Drilling Campaign, increasing the asset’s production to 10,000 bbl/d
- Acquisition of 70% stake in Polvo Field, increasing Company reserves fourfold
Click here for the Earnings Release.
Conference Call: March 14, 2019 (Thursday).
Conference Call in English |
Conference Call in Portuguese |
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2:00 p.m. (NY Time) |
3:00 p.m. (Brasília Time) |
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3:00 p.m. (Brasília Time) |
2:00 p.m. (NY Time) |
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Phone: +1 646 828 8246 |
Phone: +55 (11) 3193-1001 |
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Toll Free (USA): +1 800 492 3904 |
+55 (11) 2820-4001 |
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Password: PetroRio |
Password: PetroRio |
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Webcast: click here |
Webcast: click here |
The Conference Call will be held in Portuguese with simultaneous translation into English.
For additional information, please contact PetroRio’s Investor Relations Department.
R$ thousand | ||||||||||||
Proforma Income Statement | 2018 | 2017 |
∆ |
4Q18 | 4Q17 |
∆ |
||||||
Revenues | 848,920 | 533,922 | 59.0% | 267,733 | 193,615 | 38.3% | ||||||
Cost of products/services |
(377,733) |
299,296 |
26.2% |
130,066 |
100,197 |
29.8% | ||||||
Royalties | (76,735) | (48,589) | 57.9% | (30,889) | (15,535) | 98.8% | ||||||
Gross profit | 394,452 | 186,037 | 112.0% | 106,778 | 77,883 | 37.1% | ||||||
G&A, G&G and Project expenses |
115,641 |
(95,840) | 20.7% | (38,349) | (34,606) | 10.8% | ||||||
Other revenues/expenses | (31,840) | 41,467 | - | (12,577) | 885 | - | ||||||
EBITDA | 246,972 | 131,664 | 87.6% | 55,853 | 44,162 | 26.5% | ||||||
EBITDA Margin | 29.1% | 24.7% | 4.4 p.p | 20.9% | 22.8% | -1.9 p.p | ||||||
Adjusted EBITDA | 278,811 | 90,197 | 209.1% | 68,429 | 43,277 | 58.1% | ||||||
Adjusted EBITDA Margin | 32.8% | 16.9% | 15.9 p.p | 25.6% | 22.4% | 3.2 p.p | ||||||
Depreciation and amortization | (76,671) | (89,455) | -14.3% | (10,217) | (27,852) | -63.3% | ||||||
Financial results | 71,076 | 6,449 | 1002.1% | 25,265 | (40,069) | - | ||||||
Income tax and social contribution |
(36,502) | 2,193 | - | (10,738) | 7,103 | - | ||||||
Profit (loss) for the period | 204,875 | 50,851 | 302.9% | 60,162 | (16,657) | - | ||||||
* EBITDA is an auxiliary indicator composed by the earnings before interests, taxes, depreciation and amortization and does not follow the Accountability Practices adopted in Brazil, IFRS or GAAP, therefore, it should not be applied in preference to the systems metrics or compared to other companies’ since it may be calculated in a different manner.
Adjusted EBITDA is calculated similarly to EBITDA, excluding the line item Other Revenue/Expenses.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190312005728/en/