Petroleo Brasileiro S.A. Petrobras ADR (PBR.A)
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Fiscal Year End Date: 12/31
| 12-2003 | 12-2002 | 12-2001 | 12-2000 | 12-1999 | |
| Cash Flows From Operating Activities | |||||
| Net Income | 6,559,000 | 2,311,000 | 3,491,000 | 5,342,000 | 727,000 |
| Depreciation Amortization | 1,785,000 | 1,951,000 | 1,731,000 | 2,043,000 | 1,987,000 |
| Income taxes - deferred | 64,000 | -116,000 | 193,000 | 949,000 | 184,000 |
| Accounts receivable | -488,000 | -541,000 | -102,000 | -1,067,000 | -773,000 |
| Accounts payable and accrued liabilities | -156,000 | 669,000 | -64,000 | 865,000 | 306,000 |
| Other Working Capital | 393,000 | -949,000 | 524,000 | -1,510,000 | -97,000 |
| Other Operating Activity | 412,000 | 2,962,000 | 2,970,000 | 1,092,000 | 2,490,000 |
| Operating Cash Flow | $8,569,000 | $6,287,000 | $8,743,000 | $7,714,000 | $4,824,000 |
| Cash Flows From Investing Activities | |||||
| Change In Deposits | -1,266,000 | N/A | N/A | N/A | 18,000 |
| PPE Investments | -6,551,000 | -4,911,000 | -4,254,000 | -3,583,000 | -4,351,000 |
| Purchase Of Investment | -73,000 | -1,673,000 | -222,000 | -74,000 | -80,000 |
| Other Investing Activity | 1,105,000 | -72,000 | -116,000 | 6,000 | 26,000 |
| Investing Cash Flow | $-6,785,000 | $-6,656,000 | $-4,592,000 | $-3,651,000 | $-4,387,000 |
| Cash Flows From Financing Activities | |||||
| Change In Short Term Borrowing | 321,000 | -367,000 | -1,648,000 | -962,000 | 1,962,000 |
| Debt Issued | 5,761,000 | 1,937,000 | 2,347,000 | 1,535,000 | 1,651,000 |
| Debt Repayment | -2,763,000 | -2,166,000 | -728,000 | -871,000 | -1,293,000 |
| Dividend Paid | -943,000 | -1,018,000 | -1,725,000 | -512,000 | -342,000 |
| Financing Cash Flow | $2,376,000 | $-1,614,000 | $-1,754,000 | $-810,000 | $1,978,000 |
| Exchange Rate Effect | 883,000 | -2,076,000 | -863,000 | -442,000 | -213,000 |
| Beginning Cash Position | 3,301,000 | 7,360,000 | 5,826,000 | 3,015,000 | 813,000 |
| End Cash Position | 8,344,000 | 3,301,000 | 7,360,000 | 5,826,000 | 3,015,000 |
| Net Cash Flow | $5,043,000 | $-4,059,000 | $1,534,000 | $2,811,000 | $2,202,000 |
| Free Cash Flow | |||||
| Operating Cash Flow | 8,569,000 | 6,287,000 | 8,743,000 | 7,714,000 | 4,824,000 |
| Capital Expenditure | -6,551,000 | -4,911,000 | -4,254,000 | -3,583,000 | -4,351,000 |
| Free Cash Flow | 2,018,000 | 1,376,000 | 4,489,000 | 4,131,000 | 473,000 |