UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

 

For the month of July, 2022

 

Commission File Number 1-15106

 

 

PETRÓLEO BRASILEIRO S.A. – PETROBRAS

(Exact name of registrant as specified in its charter)

 

Brazilian Petroleum Corporation – PETROBRAS

(Translation of Registrant's name into English)

 

Avenida Henrique Valadares, 28 – 19th floor 
20231-030 – Rio de Janeiro, RJ
Federative Republic of Brazil

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. 

Form 20-F ___X___ Form 40-F _______

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No___X____

 

 

 
 

 

 

 

 

Quarterly Information- ITR

 

At June 30, 2022 and report on review of Quarterly Information

 

 

 

 

 

 

(A free translation of the original in Portuguese)

 

 

 

 

 

 

 

 

 

 
 

INDEX

PETROBRAS

 

 

Parent Company Interim Accounting Information / Statement of Financial Position - Assets 3
Parent Company Interim Accounting Information / Statement of Financial Position - Liabilities 4
Parent Company Interim Accounting Information / Statement of Income 5
Parent Company Interim Accounting Information / Statement of Comprehensive Income 6
Parent Company Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2022 to 06/30/2022 7
Parent Company Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2021 to 06/30/2021 8
Parent Company Interim Accounting Information / Statement of Cash Flows – Indirect Method 9
Parent Company Interim Accounting Information / Statement of Added Value 10
Consolidated Interim Accounting Information / Statement of Financial Position - Assets 11
Consolidated Interim Accounting Information / Statement of Financial Position - Liabilities 12
Consolidated Interim Accounting Information / Statement of Income 13
Consolidated Interim Accounting Information / Statement of Comprehensive Income 14
Consolidated Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2022 to 06/30/2022 15
Consolidated Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2021 to 06/30/2021 16
Consolidated Interim Accounting Information / Statement of Cash Flows – Indirect Method (R$ Thousand) 17
Consolidated Interim Accounting Information / Statement of Added Value 18
1. Basis of preparation 19
2. Summary of significant accounting policies 19
3. Cash and cash equivalents and Marketable securities 19
4. Sales revenues 21
5. Costs and expenses by nature 21
6. Other income and expenses 22
7. Net finance income (expense) 22
8. Net income by operating segment 23
9. Trade and other receivables 25
10. Inventories 26
11. Taxes 27
12. Employee benefits 29
13. Provisions for legal proceedings 34
14. Provision for decommissioning costs 37
15. Property, plant and equipment 38
16Intangible assets 40
17Impairment 42
18Exploration and evaluation of oil and gas reserves 43
19Collateral for crude oil exploration concession agreements 44
20Investments 44
21Assets by operating segment 45
22Disposal of assets and other changes in organizational structure 45
23Finance debt 49
24Lease liabilities 52
25Equity 53
26Fair value of financial assets and liabilities 55
27Risk management 55
28Related-party transactions 60
29Supplemental information on statement of cash flows 63
30Subsequent events 63
31.Correlation between the explanatory notes of December 31, 2021 and the ones of June 30, 2022 66
Statement of Directors on Interim Accounting Information and Report on the Review of Quarterly Information 67
Independent Auditors' Report 67

 

 

2  
 

Petróleo Brasileiro S.A. – Petrobras

Parent Company Interim Accounting Information / Statement of Financial Position - Assets

(R$ Thousand)

   

 

 

 

 

Account Code Account Description 06.30.2022 12.31.2021
1 Total Assets 1,257,122,000 1,248,196,000
1.01 Current Assets 211,355,000 170,555,000
1.01.01 Cash and Cash Equivalents 2,554,000 2,930,000
1.01.02 Marketable Securities 3,856,000 3,630,000
1.01.03 Trade and Other Receivables 113,027,000 100,110,000
1.01.04 Inventories 44,553,000 33,906,000
1.01.06 Recoverable Taxes 5,957,000 6,368,000
1.01.06.01 Current Recoverable Taxes 5,957,000 6,368,000
1.01.06.01.01 Recoverable Income Taxes 567,000 526,000
1.01.06.01.02 Other Recoverable Taxes 5,390,000 5,842,000
1.01.08 Other Current Assets 41,408,000 23,611,000
1.01.08.01 Non-Current Assets Held for Sale 29,067,000 13,142,000
1.01.08.03 Others 12,341,000 10,469,000
1.01.08.03.03 Others 12,341,000 10,469,000
1.02 Non-Current Assets 1,045,767,000 1,077,641,000
1.02.01 Long-Term Receivables 80,708,000 73,779,000
1.02.01.03 Marketable Securities Measured at Amortized Cost 257,000 247,000
1.02.01.04 Trade and Other Receivables 8,762,000 8,450,000
1.02.01.07 Deferred Taxes 18,660,000 17,845,000
1.02.01.07.02 Deferred Taxes and Contributions 18,660,000 17,845,000
1.02.01.10 Other Non-Current Assets 53,029,000 47,237,000
1.02.01.10.04 Judicial Deposits 50,463,000 44,543,000
1.02.01.10.05 Other Assets 2,566,000 2,694,000
1.02.02 Investments 264,052,000 269,825,000
1.02.03 Property, Plant and Equipment 684,117,000 717,355,000
1.02.04 Intangible Assets 16,890,000 16,682,000

 

3  
 

Petróleo Brasileiro S.A. – Petrobras

Parent Company Interim Accounting Information / Statement of Financial Position - Liabilities

(R$ Thousand)

   

 

 

Account Code Account Description 06.30.2022 12.31.2021
2 Total Liabilities 1,257,122,000 1,248,196,000
2.01 Current Liabilities 301,107,000 269,989,000
2.01.01 Payroll, Profit Sharing and Related Charges 6,216,000 7,655,000
2.01.02 Trade Payables 31,690,000 32,734,000
2.01.03 Taxes Obligations 7,952,000 3,599,000
2.01.03.01 Federal Taxes Obligations 7,952,000 3,599,000
2.01.03.01.01 Income Tax and Social Contribution Payable 7,952,000 3,599,000
2.01.04 Current Debt and Finance Lease Obligations 181,866,000 187,005,000
2.01.04.01 Current Debt 153,523,000 155,461,000
2.01.04.03 Lease Obligations 28,343,000 31,544,000
2.01.05 Other Liabilities 60,304,000 30,767,000
2.01.05.02 Others 60,304,000 30,767,000
2.01.05.02.01 Dividends and Interest on Capital Payable 24,233,000 0
2.01.05.02.04 Other Taxes Payable 19,389,000 22,022,000
2.01.05.02.06 Other liabilities 16,682,000 8,745,000
2.01.06 Provisions 3,696,000 3,578,000
2.01.06.02 Other Provisions 3,696,000 3,578,000
2.01.06.02.04 Pension and Medical Benefits 3,696,000 3,578,000
2.01.07 Liabilities Associated with Non-Current Assets Held for Sale and Discontinued 9,383,000 4,651,000
2.01.07.01 Liabilities Associated with Non-Current Assets Held for Sale 9,383,000 4,651,000
2.02 Non-Current Liabilities 545,470,000 590,878,000
2.02.01 Non-Current Debt and Finance Lease Obligations 351,462,000 413,637,000
2.02.01.01 Non-Current Debt 253,443,000 306,944,000
2.02.01.03 Lease Obligations 98,019,000 106,693,000
2.02.02 Other Liabilities 1,585,000 1,637,000
2.02.02.02 Others 1,585,000 1,637,000
2.02.02.02.03 Income Tax and Social Contribution 1,585,000 1,637,000
2.02.03 Deferred Taxes 44,146,000 14,807,000
2.02.03.01 Deferred Taxes 44,146,000 14,807,000
2.02.04 Provisions 148,277,000 160,797,000
2.02.04.01 Provisions for Tax Social Security, Labor and Civil Lawsuits 11,990,000 10,382,000
2.02.04.02 Other Provisions 136,287,000 150,415,000
2.02.04.02.04 Pension and Medical Benefits 45,082,000 50,773,000
2.02.04.02.05 Provision for Decommissioning Costs 80,567,000 86,713,000
2.02.04.02.06 Employee Benefits 532,000 803,000
2.02.04.02.07 Other liabilities 10,106,000 12,126,000
2.03 Shareholders' Equity 410,545,000 387,329,000
2.03.01 Share Capital 205,432,000 205,432,000
2.03.02 Capital Reserves 3,318,000 3,313,000
2.03.04 Profit Reserves 177,039,000 164,028,000
2.03.08 Other Comprehensive Income 24,756,000 14,556,000

 

 

 

4  
 

Petróleo Brasileiro S.A. – Petrobras

Parent Company Interim Accounting Information / Statement of Income

(R$ Thousand)

   

 

 

 

Account Code Account Description Accumulated of the Current Quarter 04/01/2022 to 06/30/2022 Accumulated of the Current Year 01/01/2022 to 06/30/2022 Accumulated of the Previous Quarter 04/01/2021 to 06/30/2021 Accumulated of the Previous Year 01/01/2021 to 06/30/2021
3.01 Sales Revenues 162,738,000 297,186,000 106,044,000 194,860,000
3.02 Cost of Sales -71,069,000 -136,906,000 -54,170,000 -100,200,000
3.03 Gross Profit 91,669,000 160,280,000 51,874,000 94,660,000
3.04 Operating Expenses / Income 5,689,000 2,579,000 -3,858,000 -11,710,000
3.04.01 Selling Expenses -7,121,000 -13,638,000 -6,116,000 -11,531,000
3.04.02 General and Administrative Expenses -1,277,000 -2,519,000 -1,048,000 -2,268,000
3.04.05 Other Operating Expenses 8,842,000 6,278,000 -3,021,000 -7,133,000
3.04.05.01 Other Taxes -396,000 -667,000 -194,000 -662,000
3.04.05.02 Research and Development Expenses -1,080,000 -2,161,000 -775,000 -1,414,000
3.04.05.03 Exploration Costs 73,000 -333,000 -999,000 -2,192,000
3.04.05.05 Other Operating Expenses, Net 11,052,000 10,236,000 -556,000 -1,679,000
3.04.05.07 Impairment of Assets / Reversals (Charges) -807,000 -797,000 -497,000 -1,186,000
3.04.06 Share of Profit / Gains on Interest in Equity-Accounted Investments 5,245,000 12,458,000 6,327,000 9,222,000
3.05 Net Income Before Financial Results and Income Taxes 97,358,000 162,859,000 48,016,000 82,950,000
3.06 Finance Income (Expenses), Net -18,180,000 -16,819,000 13,927,000 -18,549,000
3.06.01 Finance Income 3,123,000 4,754,000 722,000 1,189,000
3.06.01.01 Finance Income 3,123,000 4,754,000 722,000 1,189,000
3.06.02 Finance Expenses -21,303,000 -21,573,000 13,205,000 -19,738,000
3.06.02.01 Finance Expenses -6,694,000 -13,435,000 -7,535,000 -15,190,000
3.06.02.02 Foreign Exchange and Inflation Indexation Charges, Net -14,609,000 -8,138,000 20,740,000 -4,548,000
3.07 Net Income Before Income Taxes 79,178,000 146,040,000 61,943,000 64,401,000
3.08 Income Tax and Social Contribution -24,848,000 -47,149,000 -19,088,000 -20,379,000
3.08.01 Current -24,639,000 -37,153,000 0 0
3.08.02 Deferred -209,000 -9,996,000 -19,088,000 -20,379,000
3.09 Net Income from Continuing Operations 54,330,000 98,891,000 42,855,000 44,022,000
3.11 Income / (Loss) for the Period 54,330,000 98,891,000 42,855,000 44,022,000
3.99.01 Income per Share          
3.99.01.01 Ordinary Shares 4,16 7,58 3,28 3,37
3.99.01.02 Preferred Shares 4,16 7,58 3,28 3,37
3.99.02 Diluted Income per Share        
3.99.02.01 Ordinary Shares 4,16 7,58 3,28 3,37
3.99.02.02 Preferred Shares 4,16 7,58 3,28 3,37

 

 

 

5  
 

Petróleo Brasileiro S.A. – Petrobras

Parent Company Interim Accounting Information / Statement of Comprehensive Income

(R$ Thousand)

   

 

Account Code Account Description Accumulated of the Current Quarter 04/01/2022 to 06/30/2022 Accumulated of the Current Year 01/01/2022 to 06/30/2022 Accumulated of the Previous Quarter 04/01/2021 to 06/30/2021 Accumulated of the Previous Year 01/01/2021 to 06/30/2021
4.01 Net Income for the Period 54,330,000 98,891,000 42,855,000 44,022,000
4.02 Other Comprehensive Income 7,896,000 10,200,000 5,663,000 13,197,000
4.02.01 Actuarial Gains / (Losses) on Defined Benefits Plans 0 0 8,654,000 8,654,000
4.02.02 Deferred Income Tax and Social Contribution on Actuarial Gains / (Losses) on Defined Benefits Plans 0 0 -2,942,000 -2,942,000
4.02.03 Translation Adjustments in Investees 26,222,000 -17,074,000 -33,773,000 -9,488,000
4.02.07 Unrealized Gains / (Losses) on Cash Flow Hedge  - Recognized in Shareholders' Equity -32,407,000 27,501,000 42,714,000 12,193,000
4.02.08 Unrealized Gains / (Losses) on Cash Flow Hedge  - Reclassified to Profit and Loss 5,155,000 12,376,000 6,331,000 12,234,000
4.02.09 Deferred Income Tax and Social Contribution on Cash Flow Hedge 9,266,000 -13,558,000 -16,675,000 -8,305,000
4.02.10 Share of Other Comprehensive Income of Equity-Accounted Investments -340,000 955,000 1,354,000 851,000
4.03 Total Comprehensive Income for the Period 62,226,000 109,091,000 48,518,000 57,219,000

 

 

 

 

 

6  
 

Petróleo Brasileiro S.A. – Petrobras

Parent Company Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2022 to 06/30/2022

(R$ Thousand)

   

 

Account Code Account Description Share Capital Capital Reserves, Granted Options and Treasury Shares Profit Reserves Retained Earnings / Accumulated Losses Other Comprehensive Income Shareholders' Equity
5.01 Balance at the Beginning of the Period 205,432,000 3,313,000 164,028,000 0 14,556,000 387,329,000
5.03 Adjusted Opening Balance 205,432,000 3,313,000 164,028,000 0 14,556,000 387,329,000
5.04 Capital Transactions with Owners 0 5,000 -44,842,000 -41,038,000 0 -85,875,000
5.04.06 Dividends 0 0 -44,842,000 -41,038,000 0 -85,880,000
5.04.08 Change in Interest in Subsidiaries 0 5,000 0 0 0 5,000
5.05 Total of Comprehensive Income 0 0 0 98,891,000 10,200,000 109,091,000
5.05.01 Net Income for the Period 0 0 0 98,891,000 0 98,891,000
5.05.02 Other Comprehensive Income 0 0 0 0 10,200,000 10,200,000
5.07 Balance at the End of the Period 205,432,000 3,318,000 119,186,000 57,853,000 24,756,000 410,545,000

 

7  
 

Petróleo Brasileiro S.A. – Petrobras

Parent Company Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2021 to 06/30/2021

(R$ Thousand)

   

 

 

Account Code Account Description Share Capital Capital Reserves, Granted Options and Treasury Shares Profit Reserves Retained Earnings / Accumulated Losses Other Comprehensive Income Shareholders' Equity
5.01 Balance at the Beginning of the Period 205,432,000 2,665,000 127,296,000 0 -26,983,000 308,410,000
5.03 Adjusted Opening Balance 205,432,000 2,665,000 127,296,000 0 -26,983,000 308,410,000
5.04 Capital Transactions with Owners 0 -3,716,000 -5,861,000 0 0 -9,577,000
5.04.06 Dividends 0 0 -5,861,000 0 0 -5,861,000
5.04.08 Change in Interest in Subsidiaries 0 -3,716,000 0 0 0 -3,716,000
5.05 Total of Comprehensive Income 0 0 0 44,022,000 13,197,000 57,219,000
5.05.01 Net Income for the Period 0 0 0 44,022,000 0 44,022,000
5.05.02 Other Comprehensive Income 0 0 0 0 13,197,000 13,197,000
5.07 Balance at the End of the Period 205,432,000 -1,051,000 121,435,000 44,022,000 -13,786,000 356,052,000

b

 

8  
 

Petróleo Brasileiro S.A. – Petrobras

Parent Company Interim Accounting Information / Statement of Cash Flows – Indirect Method

(R$ Thousand)

   

 

Account Code Account Description Accumulated of the Current Year 01/01/2022 to 06/30/2022 Accumulated of the Previous Year 01/01/2021 to 06/30/2021
6.01 Net cash provided by operating activities 71,822,000 60,295,000
6.01.01 Cash provided by operating activities 133,496,000 107,070,000
6.01.01.01 Net Income for the period 98,891,000 44,022,000
6.01.01.02 Pension and medical benefits (actuarial expense) 3,136,000 3,306,000
6.01.01.03 Results in equity-accounted investments -12,458,000 -9,222,000
6.01.01.04 Depreciation, depletion and amortization 35,167,000 32,950,000
6.01.01.05 Impairment of assets (reversal) 797,000 1,186,000
6.01.01.06 Exploratory expenditures write-offs 183,000 1,036,000
6.01.01.08 Foreign exchange, indexation and finance charges 16,570,000 18,321,000
6.01.01.09 Deferred income taxes, net 9,996,000 20,379,000
6.01.01.10 Allowance (reversals) for expected credit losses 216,000 10,000
6.01.01.13 Revision and unwinding of discount on the provision for decommissioning costs 1,487,000 2,078,000
6.01.01.16 Results from co-participation agreements in bid areas -14,243,000 0
6.01.01.17 Disposal/write-offs of assets, remeasurement of investment retained with loss of control and reclassification of CTA -4,212,000 -1,133,000
6.01.01.18 PIS and COFINS recovery - exclusion of ICMS (VAT tax) from the basis of calculation -11,000 -4,588,000
6.01.01.19 Early termination and cash outflows revision of lease agreements -2,023,000 -1,275,000
6.01.02 Decrease / (increase) in assets / increase/ (decrease) in liabilities -61,674,000 -46,775,000
6.01.02.01 Trade and other receivables, net -43,437,000 -26,510,000
6.01.02.02 Inventories -10,764,000 -6,277,000
6.01.02.03 Judicial deposits -4,027,000 -2,357,000
6.01.02.05 Other assets -2,070,000 -2,242,000
6.01.02.06 Trade payables 83,000 -10,250,000
6.01.02.07 Other taxes payable 31,939,000 12,234,000
6.01.02.08 Pension and medical benefits -8,713,000 -8,756,000
6.01.02.09 Provisions for legal proceedings 1,608,000 27,000
6.01.02.10 Short-term benefits -1,705,000 -1,173,000
6.01.02.11 Income tax and social contribution paid -25,071,000 -69,000
6.01.02.12 Provision for Decommissioning Costs -1,424,000 -1,740,000
6.01.02.14 Other liabilities 1,907,000 338,000
6.02 Net cash used in investing activities 5,427,000 -91,137,000
6.02.01 Acquisition of PP&E and intangibles assets -20,015,000 -49,799,000
6.02.02 Decrease (increase) in investments in investees -82,000 1,945,000
6.02.03 Proceeds from disposal of assets - Divestment 16,970,000 3,054,000
6.02.04 Divestment (investment) in marketable securities -17,783,000 -48,794,000
6.02.05 Dividends received 1,506,000 2,457,000
6.02.08 Financial compensation for Co-participation Agreement 24,831,000 0
6.03 Net cash used in financing activities -77,625,000 28,019,000
6.03.02 Proceeds from financing 43,654,000 123,943,000
6.03.03 Repayment of principal - finance debt -35,586,000 -55,391,000
6.03.04 Repayment of interest - finance debt -9,506,000 -14,002,000
6.03.05 Dividends paid to shareholders of Petrobras -62,029,000 -10,282,000
6.03.08 Settlement of lease liabilities -14,158,000 -16,249,000
6.05 Net increase/ (decrease) in cash and cash equivalents -376,000 -2,823,000
6.05.01 Cash and cash equivalents at the beginning of the year 2,930,000 5,180,000
6.05.02 Cash and cash equivalents at the end of the period 2,554,000 2,357,000

 

9  
 

Petróleo Brasileiro S.A. – Petrobras

Parent Company Interim Accounting Information / Statement of Added Value

(R$ Thousand)

   

 

Account Code Account Description Accumulated of the Current Year 01/01/2022 to 06/30/2022 Accumulated of the Previous Year 01/01/2021 to 06/30/2021
7.01 Sales Revenues 395,557,000 264,050,000
7.01.01 Sales of Goods and Services 358,045,000 242,757,000
7.01.02 Other Revenues 20,927,000 6,775,000
7.01.03 Revenues Related to the Construction of Assets to be Used in Own Operations 16,801,000 14,528,000
7.01.04 Allowance for expected credit losses -216,000 -10,000
7.02 Inputs Acquired from Third Parties -109,255,000 -81,310,000
7.02.01 Cost of Sales -62,277,000 -39,123,000
7.02.02 Materials, Power, Third-Party Services and Other Operating Expenses -23,038,000 -23,644,000
7.02.03 Impairment Charges / Reversals of Assets -797,000 -1,186,000
7.02.04 Others -23,143,000 -17,357,000
7.02.04.01 Tax Credits on Inputs Acquired from Third Parties -23,143,000 -17,357,000
7.03 Gross Added Value 286,302,000 182,740,000
7.04 Retentions -38,684,000 -35,671,000
7.04.01 Depreciation, Amortization and Depletion -38,684,000 -35,671,000
7.05 Net Added Value Produced 247,618,000 147,069,000
7.06 Transferred Added Value 20,052,000 16,018,000
7.06.01 Share of Profit of Equity-Accounted Investments 12,458,000 9,222,000
7.06.02 Finance Income 4,754,000 1,189,000
7.06.03 Others 2,840,000 5,607,000
7.06.03.01 Rentals, royalties and others 2,840,000 1,019,000
7.06.03.03 PIS and COFINS recovery - exclusion of ICMS (VAT tax) from the basis of calculation 0 4,588,000
7.07 Total Added Value to be Distributed 267,670,000 163,087,000
7.08 Distribution of Added Value 267,670,000 163,087,000
7.08.01 Employee Compensation 12,557,000 12,193,000
7.08.01.01 Salaries 8,016,000 7,487,000
7.08.01.02 Fringe Benefits 4,090,000 4,283,000
7.08.01.03 Unemployment Benefits (FGTS) 451,000 423,000
7.08.02 Taxes and Contributions 128,507,000 79,803,000
7.08.02.01 Federal 104,058,000 63,296,000
7.08.02.02 State 24,275,000 16,435,000
7.08.02.03 Municipal 174,000 72,000
7.08.03 Return on Third-Party Capital 27,715,000 27,069,000
7.08.03.01 Interest 24,227,000 24,601,000
7.08.03.02 Rental Expenses 3,488,000 2,468,000
7.08.04 Return on Shareholders' Equity 98,891,000 44,022,000
7.08.04.01 Interest on Capital 5,633,000 0
7.08.04.02 Dividends 35,405,000 0
7.08.04.03 Retained Earnings / (Losses) for the Period 57,853,000 44,022,000

 

 

 

 

 

10  
 

Petróleo Brasileiro S.A. – Petrobras

Consolidated Interim Accounting Information / Statement of Financial Position - Assets

(R$ Thousand)

   

 

 

Account Code Account Description 06.30.2022 12.31.2021
1 Total Assets 1,004,754,000 972,951,000
1.01 Current Assets 224,785,000 168,247,000
1.01.01 Cash and Cash Equivalents 85,311,000 58,410,000
1.01.02 Marketable Securities 14,957,000 3,630,000
1.01.03 Trade and Other Receivables 26,443,000 35,538,000
1.01.04 Inventories 49,822,000 40,486,000
1.01.06 Recoverable Taxes 6,676,000 7,511,000
1.01.06.01 Current Recoverable Taxes 6,676,000 7,511,000
1.01.06.01.01 Recoverable Income Taxes 744,000 911,000
1.01.06.01.02 Other Recoverable Taxes 5,932,000 6,600,000
1.01.08 Other Current Assets 41,576,000 22,672,000
1.01.08.01 Non-Current Assets Held for Sale 30,340,000 13,895,000
1.01.08.03 Others 11,236,000 8,777,000
1.01.08.03.03 Others 11,236,000 8,777,000
1.02 Non-Current Assets 779,969,000 804,704,000
1.02.01 Long-Term Receivables 86,511,000 79,992,000
1.02.01.03 Marketable Securities measured at amortized cost 257,000 247,000
1.02.01.04 Trade and Other Receivables 10,379,000 10,603,000
1.02.01.07 Deferred Taxes 21,978,000 21,568,000
1.02.01.07.01 Deferred Income Tax and Social Contribution 2,869,000 3,371,000
1.02.01.07.02 Deferred Taxes and Contributions 19,109,000 18,197,000
1.02.01.10 Other Non-Current Assets 53,897,000 47,574,000
1.02.01.10.04 Judicial Deposits 50,894,000 44,858,000
1.02.01.10.05 Other Assets 3,003,000 2,716,000
1.02.02 Investments 8,993,000 8,427,000
1.02.03 Property, Plant and Equipment 667,423,000 699,406,000
1.02.04 Intangible Assets 17,042,000 16,879,000

 

 

 

11  
 

 

Petróleo Brasileiro S.A. – Petrobras

Consolidated Interim Accounting Information / Statement of Financial Position - Liabilities

(R$ Thousand)

   

Account Code Account Description 06.30.2022 12.31.2021
2 Total Liabilities 1,004,754,000 972,951,000
2.01 Current Liabilities 171,157,000 134,913,000
2.01.01 Payroll, Profit Sharing and Related Charges 6,814,000 8,335,000
2.01.02 Trade Payables 28,954,000 30,597,000
2.01.03 Taxes Obligations 10,065,000 4,089,000
2.01.03.01 Federal Taxes Obligations 10,065,000 4,089,000
2.01.03.01.01 Income Tax and Social Contribution Payable 10,065,000 4,089,000
2.01.04 Current Debt and Lease Obligations 48,923,000 50,631,000
2.01.04.01 Current Debt 21,560,000 20,316,000
2.01.04.03 Lease Obligations 27,363,000 30,315,000
2.01.05 Other Liabilities 63,158,000 32,789,000
2.01.05.02 Others 63,158,000 32,789,000
2.01.05.02.01 Dividends and Interest on Capital Payable 24,269,000 0
2.01.05.02.04 Other Taxes Payable 19,822,000 22,325,000
2.01.05.02.06 Other liabilities 19,067,000 10,464,000
2.01.06 Provisions 3,697,000 3,632,000
2.01.06.02 Other Provisions 3,697,000 3,632,000
2.01.06.02.04 Pension and Medical Benefits 3,697,000 3,632,000
2.01.07 Liabilities Associated with Non-Current Assets Held for Sale and Discontinued 9,546,000 4,840,000
2.01.07.01 Liabilities Associated with Non-Current Assets Held for Sale 9,546,000 4,840,000
2.02 Non-Current Liabilities 420,745,000 448,457,000
2.02.01 Non-Current Debt and Finance Lease Obligations 231,714,000 277,187,000
2.02.01.01 Non-Current Debt 141,084,000 178,908,000
2.02.01.03 Lease Obligations 90,630,000 98,279,000
2.02.02 Other Liabilities 1,626,000 1,676,000
2.02.02.02 Others 1,626,000 1,676,000
2.02.02.02.03 Income Tax and Social Contribution 1,626,000 1,676,000
2.02.03 Deferred Taxes 36,115,000 6,857,000
2.02.03.01 Deferred Taxes 36,115,000 6,857,000
2.02.04 Provisions 151,290,000 162,737,000
2.02.04.01 Provisions for Tax Social Security, Labor and Civil Lawsuits 12,926,000 11,263,000
2.02.04.02 Other Provisions 138,364,000 151,474,000
2.02.04.02.04 Pension and Medical Benefits 45,872,000 51,498,000
2.02.04.02.05 Provision for Decommissioning Costs 81,053,000 87,160,000
2.02.04.02.06 Employee Benefits 542,000 812,000
2.02.04.02.07 Other liabilities 10,897,000 12,004,000
2.03 Shareholders' Equity 412,852,000 389,581,000
2.03.01 Share Capital 205,432,000 205,432,000
2.03.02 Capital Reserves 3,102,000 3,097,000
2.03.04 Profit Reserves 177,255,000 164,244,000
2.03.08 Other Comprehensive Income 24,756,000 14,556,000
2.03.09 Non-controlling interests 2,307,000 2,252,000

 

 

 

12  
 

Petróleo Brasileiro S.A. – Petrobras

Consolidated Interim Accounting Information / Statement of Income

(R$ Thousand)

   

 

Account Code Account Description Accumulated of the Current Quarter 04/01/2022 to 06/30/2022 Accumulated of the Current Year 01/01/2022 to 06/30/2022 Accumulated of the Previous Quarter 04/01/2021 to 06/30/2021 Accumulated of the Previous Year 01/01/2021 to 06/30/2021
3.01 Sales Revenues 170,960,000 312,601,000 110,710,000 196,884,000
3.02 Cost of Sales -75,099,000 -141,974,000 -53,705,000 -95,846,000
3.03 Gross Profit 95,861,000 170,627,000 57,005,000 101,038,000
3.04 Operating Expenses / Income 573,000 -8,795,000 -4,824,000 -14,953,000
3.04.01 Selling Expenses -6,136,000 -12,295,000 -5,742,000 -10,940,000
3.04.02 General and Administrative Expenses -1,589,000 -3,148,000 -1,371,000 -2,867,000
3.04.05 Other Operating Expenses 8,352,000 4,886,000 -3,016,000 -7,470,000
3.04.05.01 Other Taxes -455,000 -766,000 -261,000 -842,000
3.04.05.02 Research and Development Expenses -1,080,000 -2,161,000 -775,000 -1,414,000
3.04.05.03 Exploration Costs -196,000 -604,000 -1,005,000 -2,201,000
3.04.05.05 Other Operating Expenses, Net 10,930,000 9,260,000 -478,000 -2,008,000
3.04.05.07 Impairment of Assets / Reversals (Charges) -847,000 -843,000 -497,000 -1,005,000
3.04.06 Share of Profit / Gains on Interest in Equity-Accounted Investments -54,000 1,762,000 5,305,000 6,324,000
3.05 Net Income Before Financial Results and Income Taxes 96,434,000 161,832,000 52,181,000 86,085,000
3.06 Finance Income (Expenses), Net -15,757,000 -12,774,000 10,776,000 -19,972,000
3.06.01 Finance Income 3,054,000 4,414,000 1,109,000 1,785,000
3.06.01.01 Finance Income 3,054,000 4,414,000 1,109,000 1,785,000
3.06.02 Finance Expenses -18,811,000 -17,188,000 9,667,000 -21,757,000
3.06.02.01 Finance Expenses -4,691,000 -8,660,000 -9,871,000 -16,484,000
3.06.02.02 Foreign Exchange and Inflation Indexation Charges, Net -14,120,000 -8,528,000 19,538,000 -5,273,000
3.07 Net Income Before Income Taxes 80,677,000 149,058,000 62,957,000 66,113,000
3.08 Income Tax and Social Contribution -26,193,000 -49,791,000 -19,916,000 -21,796,000
3.08.01 Current -26,057,000 -39,520,000 -520,000 -1,169,000
3.08.02 Deferred -136,000 -10,271,000 -19,396,000 -20,627,000
3.09 Net Income from Continuing Operations 54,484,000 99,267,000 43,041,000 44,317,000
3.11 Income / (Loss) for the Period 54,484,000 99,267,000 43,041,000 44,317,000
3.11.01 Attributable to Shareholders of Petrobras 54,330,000 98,891,000 42,855,000 44,022,000
3.11.02 Attributable to Non-Controlling Interests 154,000 376,000 186,000 295,000
3.99.01 Income per Share          
3.99.01.01 Ordinary Shares 4.16 7.58 3.28 3.37
3.99.01.02 Preferred Shares 4.16 7.58 3.28 3.37
3.99.02 Diluted Income per Share        
3.99.02.01 Ordinary Shares 4.16 7.58 3.28 3.37
3.99.02.02 Preferred Shares 4.16 7.58 3.28 3.37

 

 

 

 

13  
 

Petróleo Brasileiro S.A. – Petrobras

Consolidated Interim Accounting Information / Statement of Comprehensive Income

(R$ Thousand)

   

 

Account Code Account Description Accumulated of the Current Quarter 04/01/2022 to 06/30/2022 Accumulated of the Current Year 01/01/2022 to 06/30/2022 Accumulated of the Previous Quarter 04/01/2021 to 06/30/2021 Accumulated of the Previous Year 01/01/2021 to 06/30/2021
4.01 Net Income for the Period 54,484,000 99,267,000 43,041,000 44,317,000
4.02 Other Comprehensive Income 7,898,000 10,198,000 5,119,000 13,044,000
4.02.01 Actuarial Gains (Losses) on Post-employment Defined Benefits Plans 0 0 8,661,000 8,646,000
4.02.02 Deferred Income Tax and Social Contribution on Actuarial Gains / (Losses) on Defined Benefits Plans 0 0 -2,942,000 -2,942,000
4.02.03 Translation Adjustments in Investees 26,224,000 -17,076,000 -34,317,000 -9,641,000
4.02.07 Unrealized Gains / (Losses) on Cash Flow Hedge  - Recognized in Shareholders' Equity -32,407,000 27,501,000 42,714,000 12,193,000
4.02.08 Unrealized Gains / (Losses) on Cash Flow Hedge  - Reclassified to Profit and Loss 5,442,000 12,663,000 6,333,000 12,427,000
4.02.09 Deferred Income Tax and Social Contribution on Cash Flow Hedge 9,168,000 -13,656,000 -16,676,000 -8,371,000
4.02.10 Share of Other Comprehensive Income of Equity-Accounted Investments -529,000 766,000 1,346,000 732,000
4.03 Total Comprehensive Income for the Period 62,382,000 109,465,000 48,160,000 57,361,000
4.03.01 Attributable to Shareholders of Petrobras 62,226,000 109,091,000 48,518,000 57,219,000
4.03.02 Attributable to Non-controlling Interests 156,000 374,000 -358,000 142,000

 

 

 

14  
 

Petróleo Brasileiro S.A. – Petrobras

Consolidated Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2022 to 06/30/2022

(R$ Thousand)

   
Account Code Account Description Share Capital

Capital Reserves,

Granted Options

and Treasury Shares

Profit Reserves

Retained Earnings /

Accumulated Losses

Other

Comprehensive

Income

Shareholders' Equity

Non-controlling

interest

Shareholders' Equity

Consolidated

5.01 Balance at the Beginning of the Period 205,432,000 3,313,000 164,028,000 0 14,556,000 387,329,000 2,252,000 389,581,000
5.03 Adjusted Opening Balance 205,432,000 3,313,000 164,028,000 0 14,556,000 387,329,000 2,252,000 389,581,000
5.04 Capital Transactions with Owners 0 5,000 -44,842,000 -41,038,000 0 -85,875,000 -319,000 -86,194,000
5.04.06 Dividends 0 0 -44,842,000 -41,038,000 0 -85,880,000 -223,000 -86,103,000
5.04.08 Capital Transactions 0 5,000 0 0 0 5,000 -96,000 -91,000
5.05 Capital Transactions 0 0 0 98,891,000 10,200,000 109,091,000 374,000 109,465,000
5.05.01 Net Income for the Period 0 0 0 98,891,000 0 98,891,000 376,000 99,267,000
5.05.02 Other Comprehensive Income 0 0 0 0 10,200,000 10,200,000 -2,000 10,198,000
5.07 Balance at the End of the Period 205,432,000 3,318,000 119,186,000 57,853,000 24,756,000 410,545,000 2,307,000 412,852,000

 

 

15  
 

 

Petróleo Brasileiro S.A. – Petrobras

Consolidated Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2021 to 06/30/2021

(R$ Thousand)

   

 

Account Code Account Description Share Capital

Capital Reserves,

Granted Options

and Treasury Shares

Profit Reserves

Retained Earnings /

Accumulated Losses

Other

Comprehensive

Income

Shareholders' Equity

Non-controlling

interest

Shareholders' Equity

Consolidated

5.01 Balance at the Beginning of the Period 205,432,000 2,665,000 127,296,000 0 -26,983,000 308,410,000 2,740,000 311,150,000
5.03 Adjusted Opening Balance 205,432,000 2,665,000 127,296,000 0 -26,983,000 308,410,000 2,740,000 311,150,000
5.04 Capital Transactions with Owners 0 -3,716,000 -5,861,000 0 0 -9,577,000 3,456,000 -6,121,000
5.04.01 Capital Increases 0 0 0 0 0 0 11,000 11,000
5.04.06 Dividends 0 0 -5,861,000 0 0 -5,861,000 -204,000 -6,065,000
5.04.08 Capital Transactions 0 -3,716,000 0 0 0 -3,716,000 3,649,000 -67,000
5.05 Total of Comprehensive Income 0 0 0 44,022,000 13,197,000 57,219,000 142,000 57,361,000
5.05.01 Net Income for the Period 0 0 0 44,022,000 0 44,022,000 295,000 44,317,000
5.05.02 Other Comprehensive Income 0 0 0 0 13,197,000 13,197,000 -153,000 13,044,000
5.07 Balance at the End of the Period 205,432,000 -1,051,000 121,435,000 44,022,000 -13,786,000 356,052,000 6,338,000 362,390,000

 

16  
 

Petróleo Brasileiro S.A. – Petrobras

Consolidated Interim Accounting Information / Statement of Cash Flows – Indirect Method

(R$ Thousand)

   
Account Code Account Description Accumulated of the Current Year 01/01/2022 to 06/30/2022 Accumulated of the Previous Year 01/01/2021 to 06/30/2021
6.01 Net cash provided by operating activities 124,628,000 96,634,000
6.01.01 Cash provided by operating activities 141,186,000 110,286,000
6.01.01.01 Net Income for the period 99,267,000 44,317,000
6.01.01.02 Pension and medical benefits (actuarial expense) 3,210,000 3,434,000
6.01.01.03 Results of equity-accounted investments -1,762,000 -6,324,000
6.01.01.04 Depreciation, depletion and amortization 33,600,000 30,558,000
6.01.01.05 Impairment of assets (reversal) 843,000 1,005,000
6.01.01.06 Exploratory expenditures write-offs 455,000 1,036,000
6.01.01.08 Foreign exchange, indexation and finance charges 14,178,000 20,142,000
6.01.01.09 Deferred income taxes, net 10,271,000 20,627,000
6.01.01.10 Allowance (reversals) for expected credit losses 195,000 -46,000
6.01.01.11 Inventory write-down (write-back) to net realizable value 15,000 -5,000
6.01.01.13 Revision and unwinding of discount on the provision for decommissioning costs 1,497,000 2,091,000
6.01.01.16 Results from co-participation agreements in bid areas -14,243,000 0
6.01.01.17 Disposal/write-offs of assets, remeasurement of investment retained with loss of control and reclassification of CTA -4,300,000 -437,000
6.01.01.18 PIS and COFINS recovery - exclusion of ICMS (VAT tax) from the basis of calculation -18,000 -4,898,000
6.01.01.19 Early termination and cash outflows revision of lease agreements -2,022,000 -1,214,000
6.01.02 Decrease / (increase) in assets / increase/ (decrease) in liabilities -16,558,000 -13,652,000
6.01.02.01 Trade and other receivables, net 247,000 -3,582,000
6.01.02.02 Inventories -10,252,000 -8,712,000
6.01.02.03 Judicial deposits -4,143,000 -2,383,000
6.01.02.05 Other assets -2,965,000 -1,128,000
6.01.02.06 Trade payables -1,092,000 1,838,000
6.01.02.07 Other taxes payable 34,450,000 12,669,000
6.01.02.08 Pension and medical benefits -8,721,000 -8,759,000
6.01.02.09 Provisions for legal proceedings 1,687,000 -314,000
6.01.02.10 Short-term benefits -1,775,000 -1,276,000
6.01.02.11 Income tax and social contribution paid -25,449,000 -652,000
6.01.02.12 Provision for Decommissioning Costs -1,424,000 -1,743,000
6.01.02.14 Other liabilities 2,879,000 390,000
6.02 Net cash used in investing activities 11,744,000 -12,614,000
6.02.01 Acquisition of PP&E and intangibles assets -20,721,000 -16,871,000
6.02.02 Decrease (increase) in investments in assets -98,000 -60,000
6.02.03 Proceeds from disposal of assets - Divestment 17,055,000 2,728,000
6.02.04 Divestment (investment) in marketable securities -10,536,000 492,000
6.02.05 Dividends received 1,213,000 1,097,000
6.02.08 Financial compensation for Co-participation Agreement 24,831,000 0
6.03 Net cash used in financing activities -106,160,000 -96,349,000
6.03.01 Changes in non-controlling interest -93,000 -66,000
6.03.02 Proceeds from financing 1,645,000 8,469,000
6.03.03 Repayment of principal - finance debt -27,040,000 -71,898,000
6.03.04 Repayment of interest - finance debt -4,740,000 -6,787,000
6.03.05 Dividends paid to shareholders of Petrobras -62,029,000 -10,282,000
6.03.06 Dividends paid to non-controlling interests -290,000 -212,000
6.03.08 Settlement of lease liabilities -13,613,000 -15,573,000
6.04 Effect of exchange rate changes on cash and cash equivalents -3,346,000 529,000
6.05 Net increase/ (decrease) in cash and cash equivalents 26,866,000 -11,800,000
6.05.01 Cash and cash equivalents at the beginning of the year 58,482,000 60,930,000
6.05.02 Cash and cash equivalents at the end of the period 85,348,000 49,130,000

 

 

 

17  
 

Petróleo Brasileiro S.A. – Petrobras

Consolidated Interim Accounting Information / Statement of Added Value

(R$ Thousand)

   
Account Code Account Description Accumulated of the Current Year 01/01/2022 to 06/30/2022 Accumulated of the Previous Year 01/01/2021 to 06/30/2021
7.01 Sales Revenues 413,029,000 270,822,000
7.01.01 Sales of Goods and Services 373,772,000 245,025,000
7.01.02 Other Revenues 22,006,000 9,075,000
7.01.03 Revenues Related to the Construction of Assets to be Used in Own Operations 17,446,000 16,676,000
7.01.04 Allowance for expected credit losses -195,000 46,000
7.02 Inputs Acquired from Third Parties -114,396,000 -81,222,000
7.02.01 Cost of Sales -67,181,000 -38,775,000
7.02.02 Materials, Power, Third-Party Services and Other Operating Expenses -24,347,000 -25,153,000
7.02.03 Impairment Charges / Reversals of Assets -843,000 -1,005,000
7.02.04 Others -22,025,000 -16,289,000
7.02.04.01 Tax Credits on Inputs Acquired from Third Parties -22,010,000 -16,294,000
7.02.04.02 Inventory Write-Down to Net Realizable Value -15,000 5,000
7.03 Gross Added Value 298,633,000 189,600,000
7.04 Retentions -37,117,000 -33,279,000
7.04.01 Depreciation, Amortization and Depletion -37,117,000 -33,279,000
7.05 Net Added Value Produced 261,516,000 156,321,000
7.06 Transferred Added Value 7,811,000 13,403,000
7.06.01 Share of Profit of Equity-Accounted Investments 1,762,000 6,324,000
7.06.02 Finance Income 4,414,000 1,785,000
7.06.03 Others 1,635,000 5,294,000
7.06.03.01 Rentals, royalties and others 1,635,000 396,000
7.06.03.03 PIS and COFINS recovery - exclusion of ICMS (VAT tax) from the basis of calculation 0 4,898,000
7.07 Total Added Value to be Distributed 269,327,000 169,724,000
7.08 Distribution of Added Value 269,327,000 169,724,000
7.08.01 Employee Compensation 13,809,000 13,513,000
7.08.01.01 Salaries 8,976,000 8,470,000
7.08.01.02 Fringe Benefits 4,334,000 4,570,000
7.08.01.03 Unemployment Benefits (FGTS) 499,000 473,000
7.08.02 Taxes and Contributions 132,922,000 82,915,000
7.08.02.01 Federal 107,816,000 65,892,000
7.08.02.02 State 24,671,000 16,716,000
7.08.02.03 Municipal 435,000 307,000
7.08.03 Return on Third-Party Capital 23,329,000 28,979,000
7.08.03.01 Interest 19,872,000 26,736,000
7.08.03.02 Rental Expenses 3,457,000 2,243,000
7.08.04 Return on Shareholders' Equity 99,267,000 44,317,000
7.08.04.01 Interest on Capital 5,633,000 0
7.08.04.02 Dividends 35,405,000 0
7.08.04.03 Retained Earnings / (Losses) for the Period 57,853,000 44,022,000
7.08.04.04 Non-controlling Interests on Retained Earnings / (Losses) 376,000 295,000

 

 

 

18  

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

 

 

 

1. Basis of preparation

These interim financial statements present the significant changes in the period, avoiding repetition of certain notes to the financial statements previously reported, and present the consolidated information, considering Management’s understanding that it provides a comprehensive view of the Company’s financial position and operational performance, complemented by certain information of the Parent Company. Hence, this interim financial information should be read together with the Company’s audited annual financial statements for the year ended December 31, 2021, which include the full set of notes.

The consolidated and individual interim financial information of the company was prepared and is presented in accordance with the Technical Pronouncement - CPC 21 (R1) - Interim Financial Statements, issued by the Accounting Pronouncements Committee (CPC) and approved by the Securities and Exchange Commission (CVM), and related to IAS 34 - Interim Financial Reporting issued by the International Accounting Standards Board (IASB). All relevant information pertaining to the financial statements, and only these, are being evidenced, and correspond to those used in the management of the company's Management.

These interim financial statements were approved and authorized for issue by the Company’s Board of Directors in a meeting held on July 28, 2022.

 

2. Summary of significant accounting policies

The same accounting policies and methods of computation were followed in these consolidated interim financial statements as those followed in the preparation of the annual financial statements of the Company for the year ended December 31, 2021.

The accounting standards that came into effect on January 1st, 2022 did not have a material effect on these individual and consolidated quarterly information.

Regarding the reform of the reference interest rates (IBOR Reform), the Company continues to monitor the pronouncements of the regulatory authorities, as well as the measures that have been adopted, aimed at adapting the various financial instruments to the new benchmarks. Petrobras and its subsidiaries have debts indexed to Libor (London Interbank Offered Rate), the amount of which corresponds to approximately 33.7% of their financings. Debts indexed to Libor are presented in Note 23.4.

3. Cash and cash equivalents and Marketable securities
3.1. Cash and cash equivalents

They include cash, available bank deposits and short-term financial investments with high liquidity, which meet the definition of cash and cash equivalents recommended in accounting practice.

  Consolidated
  06.30.2022 12.31.2021
Cash at bank and in hand 1,212 1,666
Short-term financial investments    
   - In Brazil    
         Brazilian interbank deposit rate investment funds and other short-term deposits 31,807 10,885
         Other investment funds 1,073 911
  32,880 11,796
   - Abroad    
 Time deposits 32,448 24,050
Automatic investing accounts and interest checking accounts 18,620 20,826
 Other financial investments 151 72
  51,219 44,948
Total short-term financial investments 84,099 56,744
Total cash and cash equivalents 85,311 58,410

 

 

Short-term financial investments in Brazil primarily consist of investments in funds holding Brazilian Federal Government Bonds that can be redeemed immediately, as well as reverse repurchase agreements that mature within three months as of the date of their acquisition. Short-term financial investments abroad comprise time deposits that mature in three months or less from the date of their acquisition, highly-liquid automatic investment accounts, interest checking accounts and other short-term fixed income instruments.

 

 

19  

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

 
3.2. Marketable securities
    Consolidated
  06.30.2022 12.31.2021
Fair value through profit or loss 3,256 3,630
Amortized cost 11,958 247
Total 15,214 3,877
Current 14,957 3,630
Non-current 257 247
 

Marketable securities classified as fair value through profit or loss refer mainly to investments in Brazilian Federal Government Bonds. These financial investments have maturities of more than three months and are generally classified as current assets due to their maturity or the expectation of their realization in the short term. Securities classified as amortized cost refer to investments abroad in time deposits with maturities exceeding three months from the contracting date and investments in floating-rate Bank Deposit Certificates (CDB) with daily liquidity, with maturity of one year.

 

20  

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

 
4. Sales revenues

 

 

    Consolidated
  2022 2021
  Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Gross sales 201,389 373,772 136,888 245,025
Sales taxes (*) (30,429) (61,171) (26,178) (48,141)
Sales revenues 170,960 312,601 110,710 196,884
Diesel 52,603 91,478 32,100 57,261
Gasoline 21,187 40,591 14,439 25,507
Liquefied petroleum gas 7,074 13,246 5,908 10,926
Jet fuel 6,899 12,075 2,107 4,435
Naphtha 3,555 6,737 1,889 3,701
Fuel oil (including bunker fuel) 1,734 3,645 2,027 3,856
Other oil products 7,949 14,599 5,319 10,134
Subtotal oil products 101,001 182,371 63,789 115,820
Natural gas 9,649 18,677 7,007 12,685
Crude oil 13,251 22,398 290
Nitrogen products and renewables 466 809 47 121
Breakage 834 1,373 500 865
Electricity 534 2,087 3,092 6,062
Services, agency and others 1,508 2,747 900 1,776
Domestic market 127,243 230,462 75,335 137,619
Exports 40,401 75,511 33,567 56,367
    Crude oil 27,589 52,632 24,759 40,221
     Fuel oil (including bunker fuel) 11,224 21,089 6,683 13,281
    Other oil products and other products 1,588 1,790 2,125 2,865
Sales abroad (**) 3,316 6,628 1,808 2,898
Foreign Market 43,717 82,139 35,375 59,265
Sales revenues 170,960 312,601 110,710 196,884
 (*) Includes, mainly, CIDE, PIS, COFINS and ICMS (VAT).
(**) Sales revenues from operations outside of Brazil, including trading and excluding exports.

 

In the period from January to June 2022 and 2021, Vibra Energia, formerly BR Distribuidora, represents more than 10% of the company's total sales, mainly impacting the Refining, Transportation and Marketing (RTM) segment.

 

5. Costs and expenses by nature

 

5.1. Cost of sales
    Consolidated
  2022 2021
  Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Raw material, products for resale, materials and third-party services (*) (39,525) (69,782) (26,138) (40,731)
Depreciation, depletion and amortization (13,677) (27,093) (11,465) (23,707)
Production taxes (19,828) (40,974) (13,912) (26,823)
Employee compensation (2,069) (4,125) (2,190) (4,585)
Total (75,099) (141,974) (53,705) (95,846)
(*) It Includes short-term leases and inventory turnover.

 

5.2. Selling expenses
    Consolidated
  2022 2021
  Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Materials, third-party services, freight, rent and other related costs (4,922) (9,889) (4,890) (9,189)
Depreciation, depletion and amortization (1,066) (2,104) (739) (1,553)
Allowance for expected credit losses (30) (70) 3 34
Employee compensation (118) (232) (116) (232)
Total (6,136) (12,295) (5,742) (10,940)

 

 

 

21  

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

 
5.3. General and administrative expenses
    Consolidated
  2022 2021
  Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Employee compensation (1,060) (2,096) (1,013) (2,026)
Materials, third-party services, rent and other related costs (411) (814) (249) (600)
Depreciation, depletion and amortization (118) (238) (109) (241)
Total (1,589) (3,148) (1,371) (2,867)
 

 

6. Other income and expenses
    Consolidated
  2022 2021
  Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Unscheduled stoppages and pre-operating expenses (2,520) (4,472) (1,848) (3,489)
Gains / (losses) related to legal, administrative and arbitration proceedings (1,485) (2,792) (1,675) (1,381)
Pension and medical benefits – retirees (1,245) (2,487) (1,174) (2,363)
Variable compensation program (638) (1,256) (534) (1,062)
Gains/(losses) with Commodities Derivatives (809) (1,091) (98) (224)
Profit Sharing (168) (329) (157) (314)
Gains / (losses) on decommissioning of returned/abandoned areas (15) (140) (3) (38)
Equalization of expenses – Production Individualization Agreements (187) (49) (44) (288)
Reclassification of comprehensive income (loss) due to the disposal of equity-accounted investments (2) (185)
Amounts recovered from Lava Jato investigation (**) 60 275 1,065
Tax recovery (*) 118 207 2,548 2,664
Fines imposed on suppliers 239 594 255 415
Expenses/Reimbursements from E&P partnership operations 638 776 997 1,549
Early termination and cash outflows revision of lease agreements 882 2,022 819 1,214
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control 1,828 4,300 365 622
Results from co-participation agreements in bid areas (***) 14,243 14,243
Others 49 (326) (202) (193)
Total 10,930 9,260 (478) (2,008)
(*) In the six-month period ended June 30, 2021, it Includes the effects of the exclusion of ICMS (VAT tax) from the basis of calculation of sales taxes PIS and COFINS, except for the effects of inflation indexation.
(**) The total amount recovered from Lava Jato Investigation through December 31, 2021 was R$ 6,220, recognized through collaboration and leniency agreements entered into with individuals and legal entities.
(***) It refers to the gain related to the Co-participation Agreement of Atapu and Sépia (see note 16.2).
 
7. Net finance income (expense)

 

    Consolidated
  2022 2021
  Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Finance income 3,054 4,414 1,109 1,785
Income from investments and marketable securities (Government Bonds) 1,821 2,665 242 402
Others 1,233 1,749 867 1,383
Finance expenses (4,691) (8,660) (9,871) (16,484)
Interest on finance debt (3,396) (6,180) (4,797) (8,916)
Unwinding of discount on lease liabilities (1,644) (3,170) (1,582) (3,189)
Discount and premium on repurchase of debt securities (404) (538) (3,491) (4,504)
Capitalized borrowing costs 1,464 2,708 1,410 2,564
Unwinding of discount on the provision for decommissioning costs (675) (1,357) (1,027) (2,054)
Other finance expenses and income, net (36) (123) (384) (385)
Foreign exchange gains (losses) and indexation charges (14,120) (8,528) 19,538 (5,273)
Foreign Exchange (*) (8,184) 4,351 23,575 4,848
Reclassification of hedge accounting to the Statement of Income (*) (5,442) (12,663) (6,333) (12,427)
Recoverable taxes inflation indexation income (**) 119 227 2,437 2,508
Others (613) (443) (141) (202)
Total (15,757) (12,774) 10,776 (19,972)
(*) For more information, see notes 27.3.a and 27.3.c.
(**) In 2021, includes PIS and Cofins inflation indexation income - exclusion of ICMS (VAT tax) from the basis of calculation..

 

 

 

22  

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

 
8. Net income by operating segment

Consolidated Statement of Income by operating segment – Apr-Jun/2022

 

  Exploration and Production Refining, Transportation & Marketing

Gas

&

Power

Corporate and other business Eliminations Total
Sales revenues 108,041 157,429 18,390 743 (113,643) 170,960
     Intersegments 106,229 2,449 4,971 (6) (113,643)
     Third parties 1,812 154,980 13,419 749 170,960
Cost of sales (40,228) (131,897) (11,677) (729) 109,432 (75,099)
Gross profit 67,813 25,532 6,713 14 (4,211) 95,861
Expenses 12,551 (4,163) (4,008) (3,732) (21) 627
    Selling (19) (2,267) (3,815) (14) (21) (6,136)
    General and administrative (61) (208) (85) (1,235) (1,589)
    Exploration costs (196) (196)
    Research and development (939) (10) (3) (128) (1,080)
    Other taxes (117) (90) (42) (206) (455)
    Impairment (625) (222) (847)
    Other income and expenses 14,508 (1,366) (63) (2,149) 10,930
Net income (loss) before financial results and income taxes 80,364 21,369 2,705 (3,718) (4,232) 96,488
    Net finance income (expenses) (15,757) (15,757)
    Results in equity-accounted investments 282 (474) 143 (5) (54)
Net Income (loss) before income taxes 80,646 20,895 2,848 (19,480) (4,232) 80,677
    Income taxes (27,324) (7,266) (919) 7,877 1,439 (26,193)
Net income (loss) of the period 53,322 13,629 1,929 (11,603) (2,793) 54,484
Attributable to:            
Shareholders of Petrobras 53,327 13,629 1,796 (11,629) (2,793) 54,330
Non-controlling interests (5) 133 26 154
  53,322 13,629 1,929 (11,603) (2,793) 54,484

 

23  

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

 

 

Consolidated Statement of Income by operating segment – Apr-Jun/2021

 

  Exploration and Production Refining, Transportation & Marketing

Gas

&

Power

Corporate and other business Eliminations Total
Sales revenues 71,440 100,328 13,960 617 (75,635) 110,710
     Intersegments 70,184 1,777 3,345 329 (75,635)
     Third parties 1,256 98,551 10,615 288 110,710
Cost of sales (29,667) (88,246) (8,748) (609) 73,565 (53,705)
Gross profit 41,773 12,082 5,212 8 (2,070) 57,005
Expenses (2,408) (2,752) (3,499) (1,441) (29) (10,129)
    Selling (26) (2,135) (3,537) (15) (29) (5,742)
    General and administrative (150) (204) (82) (935) (1,371)
    Exploration costs (1,005) (1,005)
    Research and development (568) (9) (62) (136) (775)
    Other taxes (119) (127) (130) 115 (261)
    Impairment (34) (440) (23) (497)
    Other income and expenses (506) (277) 752 (447) (478)
Net income (loss) before financial results and income taxes 39,365 9,330 1,713 (1,433) (2,099) 46,876
    Net finance income (expenses) 10,776 10,776
    Results in equity-accounted investments 174 2,736 175 2,220 5,305
Net Income (loss) before income taxes 39,539 12,066 1,888 11,563 (2,099) 62,957
    Income taxes (13,385) (3,172) (583) (3,490) 714 (19,916)
Net income (loss) of the period 26,154 8,894 1,305 8,073 (1,385) 43,041
Attributable to:            
Shareholders of Petrobras 26,162 8,894 1,174 8,010 (1,385) 42,855
Non-controlling interests (8) 131 63 186
  26,154 8,894 1,305 8,073 (1,385) 43,041

 

 

Consolidated Statement of Income by operating segment – Jan-Jun/2022

 

  Exploration and Production Refining, Transportation & Marketing

Gas

&

Power

Corporate and other business Eliminations Total
Sales revenues 210,608 285,905 36,045 1,401 (221,358) 312,601
     Intersegments 207,178 4,707 9,461 12 (221,358)
     Third parties 3,430 281,198 26,584 1,389 312,601
Cost of sales (80,340) (244,062) (26,949) (1,378) 210,755 (141,974)
Gross profit 130,268 41,843 9,096 23 (10,603) 170,627
Expenses 12,299 (6,944) (8,624) (7,247) (41) (10,557)
    Selling (29) (4,406) (7,789) (30) (41) (12,295)
    General and administrative (129) (404) (169) (2,446) (3,148)
    Exploration costs (604) (604)
    Research and development (1,848) (23) (17) (273) (2,161)
    Other taxes (193) (129) (94) (350) (766)
    Impairment (618) (222) 3 (6) (843)
    Other income and expenses 15,720 (1,760) (558) (4,142) 9,260
Net income (loss) before financial results and income taxes 142,567 34,899 472 (7,224) (10,644) 160,070
    Net finance income (expenses) (12,774) (12,774)
    Results in equity-accounted investments 539 941 292 (10) 1,762
Net Income (loss) before income taxes 143,106 35,840 764 (20,008) (10,644) 149,058
    Income taxes (48,473) (11,866) (160) 7,089 3,619 (49,791)
Net income (loss) of the period 94,633 23,974 604 (12,919) (7,025) 99,267
Attributable to:            
Shareholders of Petrobras 94,644 23,974 335 (13,037) (7,025) 98,891
Non-controlling interests (11) 269 118 376
  94,633 23,974 604 (12,919) (7,025) 99,267

 

 

24  

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

 

Consolidated Statement of Income by operating segment – Jan-Jun/2021

 

  Exploration and Production Refining, Transportation & Marketing

Gas

&

Power

Corporate and other business Eliminations Total
Sales revenues 135,392 177,069 26,047 1,453 (143,077) 196,884
     Intersegments 132,967 3,059 6,371 680 (143,077)
     Third parties 2,425 174,010 19,676 773 196,884
Cost of sales (58,303) (153,221) (16,019) (1,432) 133,129 (95,846)
Gross profit 77,089 23,848 10,028 21 (9,948) 101,038
Expenses (5,296) (4,938) (7,602) (3,384) (57) (21,277)
    Selling (27) (3,974) (6,838) (44) (57) (10,940)
    General and administrative (328) (384) (176) (1,979) (2,867)
    Exploration costs (2,201) (2,201)
    Research and development (1,035) (20) (89) (270) (1,414)
    Other taxes (210) (347) (257) (28) (842)
    Impairment (572) (440) 7 (1,005)
    Other income and expenses (923) (213) 198 (1,070) (2,008)
Net income (loss) before financial results and income taxes 71,793 18,910 2,426 (3,363) (10,005) 79,761
    Net finance income (expenses) (19,972) (19,972)
    Results in equity-accounted investments 300 3,352 390 2,282 6,324
Net Income (loss) before income taxes 72,093 22,262 2,816 (21,053) (10,005) 66,113
    Income taxes (24,410) (6,429) (825) 6,466 3,402 (21,796)
Net income (loss) of the period 47,683 15,833 1,991 (14,587) (6,603) 44,317
Attributable to:            
Shareholders of Petrobras 47,695 15,833 1,732 (14,635) (6,603) 44,022
Non-controlling interests (12) 259 48 295
  47,683 15,833 1,991 (14,587) (6,603) 44,317

The balance of depreciation, depletion and amortization by business segment is shown below:

  Exploration and Production Refining, Transportation & Marketing

Gas

&

Power

Corporate and other business Total
Apr-Jun/2022 13,701 2,662 481 152 16,996
Apr-Jun/2021 11,301 2,817 571 239 14,928
           
  Exploration and Production Refining, Transportation & Marketing

Gas

&

Power

Corporate and other business Total
Jan-Jun/2022 26,642 5,653 1,043 262 33,600
Jan-Jun/2021 23,173 5,767 1,153 465 30,558
           
9. Trade and other receivables
9.1. Trade and other receivables, net
  Consolidated
  06.30.2022 12.31.2021
Receivables from contracts with customers
Third parties 28,417 27,005
Related parties    
Investees (note 28.4) 1,590 2,152
Subtotal 30,007 29,157
Other trade receivables    
 Third parties    
Receivables from divestments (*) 5,631 14,951
Lease receivables 2,182 2,428
Other receivables 3,871 4,866
Related parties    
Petroleum and alcohol accounts – receivables from Brazilian Government 3,051 2,822
Subtotal 14,735 25,067
Total trade receivables 44,742 54,224
Expected credit losses (ECL) – Third parties (7,873) (7,971)
Expected credit losses (ECL) – Related parties (47) (112)
Total trade receivables, net 36,822 46,141
Current 26,443 35,538
Non-current 10,379 10,603

(*) On June 30, 2022, refers mainly to the amount receivable for the divestment of Rio Ventura, Roncador, Baúna, Miranga, Maromba, Pampo and Enchova, Sépia and Atapu.

 

 

 

Accounts receivable are classified in the amortized cost category, except for certain receivables with final price formation after the transfer of control of products that depend on the variation in the value of the commodity, classified in the category fair value through profit or loss, whose value on June 30, 2022 totaled R$4,057 (R$6,445 as of December 31, 2021).

 

 

25  

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

 

The balance of receivables from divestments decreased mainly due to the receipt of US$ 950 million (R$ 5,066), from the sale of interest in the exploration block BM-S-8 and the receipt of US$ 1 billion (R$ 5,549) from Nova Transportadora do Sudeste (NTS), referring to the last installment of the sale of 90% of Petrobras shares, partially offset by other receivables recorded in the period, arising from the Atapu and Sépia Co-participation Agreement of R$650 and that of Pampo and Enchova of R$654.

9.2. Aging of trade and other receivables – third parties
    Consolidated
  06.30.2022 12.31.2021
  Trade receivables Expected credit losses (ECL) Trade receivables Expected credit losses (ECL)
Current 30,877 (408) 39,392 (428)
Overdue:        
Until 3 months 975 (180) 1,214 (144)
3 – 6 months 125 (120) 221 (36)
6 – 12 months 117 (94) 286 (164)
More than 12 months 8,007 (7,071) 8,137 (7,199)
Total 40,101 (7,873) 49,250 (7,971)

 

9.3. Changes in provision for expected credit losses
  Consolidated
 

2022

Jan-Jun

2021

Jan-Jun

Opening balance 8,083 8,293
Additions 370 225
Reversals (196) (402)
Write-offs (104) (4)
Cumulative translation adjustment (233) (142)
Closing balance 7,920 7,970
Current 994 994
Non-current 6,926 6,976
10. Inventories
  Consolidated
  06.30.2022 12.31.2021
Crude oil 20,874 17,012
Oil products 17,035 13,922
Intermediate products 3,323 2,967
Natural gas and LNG (*) 3,230 1,946
Biofuels 123 106
Fertilizers 8 43
Total products 44,593 35,996
Materials, supplies and others 5,229 4,490
Total 49,822 40,486
(*) Liquefied Natural Gas

 

Consolidated inventories are presented net of losses for adjustment to their net realizable value, these adjustments being mainly due to fluctuations in international oil prices and their derivatives and, they are recognized in the statement of income for the period as cost of sales. In the period from January to June 2022, there was a provision of R$15 (reversal of R$5 in the period from January to June 2021).

On June 30, 2022, the company had a volume of oil and/or derivatives of inventories given as guarantee of the Financial Commitment Terms - TCF, signed in 2008 with Petros, in the amount of R$ 16,831. This guarantee amount is in the process of revaluation due to the partial early settlement of the TCF Pension Difference and TCF Pre-70, carried out in February 2022, and its value is estimated at R$ 5,775, meeting the contractual condition of coverage of the debt with the TCFs.

 

26  

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

 

 

11. Taxes

 

 

11.1. Income tax and social contribution

 

Current taxes

Income tax and social contribution

Consolidated
  Current assets Current liabilities Non-current liabilities
  06.30.2022 12.31.2021 06.30.2022 12.31.2021 06.30.2022 12.31.2021
Taxes in Brazil
Income taxes 731 745 8,290 3,803
Income taxes – Tax settlement programs 246 241 1,626 1,676
  731 745 8,536 4,044 1,626 1,676
Taxes abroad 13 166 1,529 45
Total 744 911 10,065 4,089 1,626 1,676

 

Reconciliation between statutory tax rate and effective tax expense rate

The reconciliation of taxes calculated according to nominal rates and the amount of registered taxes are shown below:

    Consolidated
  2022 2021
  Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Net income before income taxes 80,677 149,058 62,957 66,113
Nominal income taxes computed based on Brazilian statutory corporate tax rates (34%) (27,430) (50,680) (21,405) (22,478)
Adjustments to arrive at the effective tax rate:        
Interest on capital 1,899 1,895 (1)
Different jurisdictional tax rates for companies abroad 1,009 2,043 (469) (354)
Brazilian income taxes on income of companies incorporated outside Brazil (*) (1,613) (3,155) 13 (1,143)
Tax loss carryforwards (unrecognized tax losses) (48) (36) 48 (118)
Non-taxable income (non-deductible expenses), net (**) 185 319 1,062 1,291
Post-retirement benefit (218) (940) (242) (484)
Results of equity-accounted investments in Brazil and abroad (12) 621 1,077 1,490
Others 35 142 1
Income tax expenses (26,193) (49,791) (19,916) (21,796)
Deferred income taxes (136) (10,271) (19,396) (20,627)
Current income taxes (26,057) (39,520) (520) (1,169)
Effective tax rate of income taxes 32,5% 33.4% 31.6% 33.0%
(*) Income tax and social contribution in Brazil referring to income earned in the years by investees abroad, according to provisions provided for in Law No. 12,973 / 2014.

(**) Includes effect on judicial agreements.

 

 

Deferred income taxes - non-current

The table below shows the composition and basis for realization of deferred tax assets and liabilities:

 

 

Nature Basis for realization 06.30.2022 12.31.2021
Property, plant and equipment - Cost of prospecting and dismantling areas

 

Depreciation, Amortization and Write-off of Assets

(4,089) (7,601)
Property, plant and equipment - Impairment Amortization, Write-off of Assets and Impairment Reversal 24,322 24,455
Property, plant and equipment – Depreciation, accelerated and linear x unit produced and capitalized charges Depreciation, Amortization and Write-off of Assets (80,983) (72,123)
Loans, accounts receivable / payable and financing Payments, Receipts and Consideration 7,428 19,475
Leases Appropriation of consideration 3,085 6,942
Provision for lawsuits Payment and reversal of the provision 3,963 3,378
Tax losses Compensation of 30% of taxable income 3,369 10,193
Inventories Sale, Write-Off and Loss 1,782 1,271
Employee benefits, mainly pension plan Payment and reversal of the provision 6,369 6,976
Others   1,508 3,548
Total           (33.246) (3.486)
Deferred income taxes – assets                 2,869 3,371
Deferred income taxes – liabilities (*)   (36,115) (6,857)
(*) The balance of deferred tax liabilities increased in the period, mainly due to the offsetting of tax losses and negative basis of social contribution, use of the benefit of accelerated tax depreciation and the appreciation of the real against the dollar.
                 

 

 

27  

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

 

The table below shows the movement in the periods:

  Consolidated
  2022 2021
  Jan-Jun Jan-Jun
Opening balance (3,486) 32,509
Recognized in income of the period (10,271) (20,627)
Recognized in shareholders’ equity (13,656) (11,313)
Cummulative Translation Adjustment (31) (2)
Use of tax credits (5,819)
Others 17 8
Final balance (33,246) 575
 
11.2. Other taxes

Consolidated

Other taxes Current assets Non-current assets Current liabilities Non-current liabilities (*)
  06.30.2022 12.31.2021 06.30.2022 12.31.2021 06.30.2022 12.31.2021 06.30.2022 12.31.2021
Taxes in Brazil:  
Current / Deferred VAT Rate (VAT) 3,740 3,712 2,033 2,114 3,937 5,554
Current / Deferred PIS and COFINS (**) 1,686 2,330 12,253 11,329 1,545 2,786 344 251
PIS and COFINS - Law 9,718/98 3,366 3,313
CIDE 5 31 135 235
Production taxes/Royalties   12,897 11,984 117 117
Withholding income taxes 292 481
Tax settlement programs 260 374 36 36
Others 218 272 1,409 1,393 586 781 421 392
Total in Brazil 5,649 6,345 19,061 18,149 19,652 22,195 918 796
Taxes abroad 283 255 48 48 170 130
Total 5,932 6,600 19,109 18,197 19,822 22,325 918 796
(*) Other non-current liabilities are classified as other liabilities.
(**) As of June 30, 2022, includes R$394 (R$576 as of December 31, 2021) in current assets, referring to the exclusion of VAT tax in the PIS and COFINS calculation basis.

 

PIS and COFINS Law 9,718/98

The company filed common actions against the Federal Government referring to the recovery of amounts paid as PIS/COFINS on financial income and active exchange variations, considering the unconstitutionality of §1 of art. 3 of Law 9,718/98, in the periods between February 1999 and January 2004.

All actions were upheld with a final and unappealable decision. Currently, two actions are in the precatory stage, with values ​​as claimed by the company. Regarding the two remaining cases, both have favorable reports, and in one of them, the Union has already expressed its agreement.

As of June 30, 2022, the amount monetarily restated is R$3,366 (R$3,313 as of December 31, 2021).

12. Employee benefits

Employee benefits are all forms of consideration given by an entity in exchange for service rendered by employees or for the termination of employment. It also includes expenses with directors and other managers. Such benefits include salaries, post-employment benefits, termination benefits and other benefits.

  Consolidated
  06.30.2022 12.31.2021
Liabilities    
Short-term employee benefits 6,182 7,197
Termination benefits 1,174 1,950
Post-retirement benefits 49,569 55,130
Total 56,925 64,277
Current 10,511 11,967
Non-current 46,414 52,310

 

12.1.       Short-term benefits

Short-term benefits are employee benefits (other than termination benefits) that are expected to be settled wholly before twelve months after the end of the reporting period in which the employees render the related service.

 

28  

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

 

 

    Consolidated
      06.30.2022 12.31.2021
Variable compensation program – PPP     1,426 2,574
Accrued vacation and Christmas bonus     3,144 2,453
Salaries and related charges and other provisions     1,276 1,505
Profit sharing     336 665
Total     6,182 7,197
Current     6,167 7,178
Non-current (*)     15 19

(*) Refers to the balance of the deferral for 4 years of 40% of the PPP portion of the administrators.

In the period from January to June, in relation to short-term benefits, the company recognized the following amounts in the income statement:

  Consolidated
  2022 2021
  Apr-Jun Jan-Jun Apr-Jun Jan-Jun
Costs/Expenses in the statement of income        
Salaries, vacation, christmas bonus, charges over provisions and others 3,836 7,365 3,482 7,061
Variable compensation program 638 1,256 534 1,062
Profit sharing (*) 168 329 157 314
Manager compensations and charges 11 26 14 33
Total 4,653 8,976 4,187 8,470
(*) In 2022, it includes R$ 4 of profit sharing reversal of 2021.

 

12.1.1 Variable compensation program

Performance award program (PPP)

On September 17, 2021, the Board of Directors (CA) approved an adjustment to the criteria for granting the 2021 variable compensation program to employees. The PPP 2021 model presents, in addition to the net income for the year, the declaration and payment of remuneration to shareholders for the year in reference approved by the Board of Directors.

On December 15, 2021, the Board of Directors approved the PPP 2022 for employees. The criteria of the PPP 2021 model for activating the program were maintained.

From January to June 2022, the company:

i. paid R$2,428 (R$2,286 in the parent company) referring to the PPP 2021, considering compliance with the company's performance metrics and the individual performance of all employees; and

ii. provisioned R$1,256 (R$1,192 in the parent company) referring to the PPP 2022, recorded in other operating expenses.

Profit Sharing (PLR)

On December 29, 2020, the 17 labor unions representing employees of onshore bases signed the agreement for PLR 2021/2022, within the period determined by the Collective Bargaining Agreement (ACT). Among the maritime bases, three labor union entities signed the agreement within the deadline defined by the ACT.

The PLR ​​2021/2022 regulation, approved by the Secretariat for Coordination and Governance of State-owned Companies (Sest), of the Federal Government, covers employees who do not occupy remunerated functions and provides for individual limits according to the participants' remuneration. In order for the PLR ​​to be activated in 2021 and 2022, in addition to the PLR ​​agreement having been signed, the following triggers/requirements must be met: i) approval of the distribution of dividends by the Annual General Meeting (AGO); ii) calculation of net income in the reference year; and iii) achievement of the average percentage, weighted by weight, of the set of indicators' targets of at least 80%.

The maximum amount of PLR to be distributed is limited to 5% of Adjusted EBITDA, to 6.25% of net income and to 25% of dividends distributed to shareholders, in each year, whichever is lower.

From January to June 2022:

i. the company paid R$659 (R$593 in the parent company), referring to PLR 2021, and

ii. provisioned R$ 333 (R$ 300 in the parent company) referring to the 2022 PLR, recorded in other operating expenses.

 

29  

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

 

12.2.       Termination benefits

These are those provided by the termination of the employment contract as a result of: i) the entity's decision to terminate the employee's employment relationship before the normal retirement date; or ii) employee's decision to accept an offer of benefits in exchange for termination of employment.

The company has voluntary termination programs (PDV), incentive retirement (PAI), specific termination programs for the corporate segment and for employees assigned to units in the process of divestment, which basically provide for the same legal and indemnity benefits.

Transpetro launched a new voluntary termination program for seafarers. Enrollment took place between May 4, 2022 and July 14, 2022 and the maximum deadline for termination of employees who join the program is December 3, 2022.

Considering the set of programs, there are 11,539 adhesions accumulated until June 30, 2022 (11,418 adhesions until December 31, 2021).

The change in the provision as of June 30, 2022 is shown below:

  Consolidated
 

Jan-Jun

2022

Jan-Jun

2021

Opening Balance 1,950 4,678
Effects in the statement of income 29 (43)
Enrollments 25 141
Revision of provisions 4 (184)
Effect in cash and cash equivalents (805) (667)
Use due to termination (805) (667)
Saldo final 1,174 3,968
Current 647 3,425
Non Current 527 543

 

 

 

The recognition of the provision for expenses with the retirement programs occurs as the employees join.

The company deferred the payment of indemnities in two installments, the first at the time of termination, together with the legal severance payments, and the second, when applicable, 12 months after the payment of the first installment.

As of June 30, 2022, of the total provisioned, the amount of R$252 corresponds to the second installment of 852 terminated employees and the amount of R$922 corresponds to 1,807 employees enrolled in the voluntary termination programs scheduled to leave by December 2023.

12.3.       Post-employment benefits

The Company maintains a health care plan for its employees in Brazil (active and retiree) and their dependents, and five other major types of post-retirement pension benefits (collectively referred to as “pension plans”).

The balances related to post-employment benefits granted to employees are shown below:

    Consolidated
      06.30.2022 12.31.2021
Liabilities        
Health Care Plan AMS: Saúde Petrobras     25,764 25,029
Petros Pension Plan - Renegotiated (PPSP-R)     16,248 18,042
Petros Pension Plan - Non-renegotiated (PPSP-NR)     3,674 3,672
Petros Pension Plan - Renegotiated - Pre-70 (PPSP-R Pré 70)     1,569 4,557
Petros Pension Plan - Non-renegotiated - Pre-70 (PPSP-NR Pré 70)     1,306 2,851
Petros 2 Pension Plan (PP-2)     1,005 918
Other plans     3 61
Total     49,569 55,130
Current     3,697 3,632
Non-current     45,872 51,498
 

 

 

30  

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

 

 

Health Care Plan

The health care plan, named “AMS Plan - Saúde Petrobras” by the beneficiaries, is managed by the Petrobras Health Association (APS), a non-profit civil association and includes prevention and health care programs.

Benefits are paid by the Company based on the costs incurred by the participants. The financial participation of the Company and the beneficiaries on the expenses is established in the collective bargaining agreement (ACT), being 60% (sixty percent) by the company and 40% (forty percent) by the participants.

Pension plans

The Company’s post-retirement plans are managed by Petros Foundation (Fundação Petrobras de Seguridade Social), a nonprofit legal entity governed by private law with administrative and financial autonomy.

The net obligation with pension plans recorded by the company has a different recognition methodology than that applicable to pension funds, regulated by the Conselho Nacional de Previdência Complementar.

The main differences in accounting practices adopted in Brazil (CNPC and CVM) between the Pension Fund and the Sponsor for calculating the actuarial commitment on December 31, 2021 are shown below:

   
  PPSP-R (*) PPSP-NR (*)
Accumulated deficit according to CNPC – Petros Foundation 7,746 776
Financial assumptions (interest rate and inflation) (6,252) (2,033)
Ordinary and extraordinary sponsor contributions 12,223 3,636
Changes in value of plan assets (**) 8,074 3,029
Others (calculation methodology, etc.) 808 1,115
Net actuarial liability according to CVM - Sponsor Company 22,599 6,523

(*) Includes the balance of the PPSP-R Pre-70 and PPSP-NR Pre-70 plans.

(**) Includes balance of accounts receivable arising from the Financial Commitment Term - TCF signed with Petrobras, which Petros recognizes as equity.

On March 28, 2022, the Petros Deliberative Council approved the financial statements of the pension plans for the year ended on December 31, 2021, sponsored by the company.

12.3.1 Amounts in the financial statements related to defined benefit plans

Represents the company's obligation, net of collateral assets when applicable, discounted to present value and calculated annually by an independent actuary, in accordance with the methodology established in IAS 19/CPC 33 (R1) - Employee Benefits, approved by CVM Deliberation No. 695/2012.

The movement of obligations with pension and health plans with a defined benefit feature is shown below:

  Consolidated
   
  Pension plans Health Care Plan Other plans  
  PPSP-R (*) PPSP-NR (*) PP2 AMS - Saúde Petrobras   Total
Balance on December 31, 2021 22,599 6,523 918 25,029 61 55,130
Recognized in income – cost and expenses 1,183 374 83 1,570 3,210
Current service cost 25 3 34 270 332
Interest cost, net 1,158 371 49 1,300 2,878
Cash effects (5,965) (1,917) (839) (8,721)
Contributions paid (728) (243) (839) (1,810)
Payments related to Term of financial commitment (TFC) (5,237) (1,674) (6,911)
Other changes 4 4 (58) (50)
Balance of actuarial liability as of June 30, 2022 17,817 4,980 1,005 25,764 3 49,569
(*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.

 

 

31  

NOTES TO THE FINANCIAL STATEMENTS

PETROBRAS

This interim financial information should be read together with the Company’s audited annual financial statements

(Expressed in millions of reais, unless otherwise indicated)

 

 

  Pension plans Health Care

Other

plans

 
  PPSP-R (*) PPSP-NR (*) PP2 AMS - Saúde Petrobras   Total
Balance on December 31, 2020 39,102 14,012 2,477 27,836 76 83,503
Recognized in income – cost and expenses 1,339 471 197 1,424 3 3,434
Costs incurred in the period (5) (1) (6)
- Present value of the obligation (3,672) (168) (3,840)
- Value of guarantor asset - transfer to equity in PP3 2,494 114 2,608
- Sponsor's contribution to PP3 1,173 53 1,226
Current service cost 24 105 446 575
Net interest cost 1,222 443 92 978 3 2,738
Interest on the obligations with contribution for the revision of the lump sum death benefit 98 29 127
Recognized in Equity - other comprehensive income (6,885) (1,769) 8 (8,646)
Remeasurement: (Gains) / Actuarial losses (6,885) (1,769) 8 (8,646)
Cash effects (5,082) (2,838) (838) (1) (8,759)
Contributions paid (705) (214) (838) (1) (1,758)
Payments of obligations with contribution for the revision of the lump sum death benefit (**) (1,797) (536) (2,333)
Payments related to Term of financial commitment (TFC) (2,580) (2,088) (4,668)
Other changes (7) (7)
Balance on June 30,2021 28,474 9,876 2,674 28,422 79 69,525
(*) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
(**) On June 30, 2021, the Company prepaid the debt balance of R$2.25 billion.

 

The net expense with pension and health plans is presented below:

  Pension plans Health Care Plan Other plans  
  PPSP-R (*) PPSP-NR (*) PP2

AMS - Saúde

Petrobras

  Total
Related to active employees (cost and expenses) 91 15 47 570 723
Related to retired employees (other income and expenses) 1,092 359 36 1,000