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

2:00 p.m. (NY Time)

3:00 p.m. (Brasília Time)

3:00 p.m. (Brasília Time)

2:00 p.m. (NY Time)

Phone: +1 646 828 8246

Phone: +55 (11) 3193-1001

Toll Free (USA): +1 800 492 3904

+55 (11) 2820-4001

Password: PetroRio

Password: PetroRio

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.