Petrobras reported its consolidated results of the fourth quarter 2009 (4Q09) and 2009 fiscal year, in accordance with generally accepted accounting practices in United States (U.S. GAAP).
The consolidated net income reached U.S. $15.5 billion in 2009, (U.S. $3.54 per ADS), compared to U.S. $18.9 billion in 2008 (U.S. $ 4.30 per ADS). The decrease was primarily due to lower sales prices of oil and oil products, foreign exchange losses as a result of the Company's net monetary asset exposure in U.S. dollars and the extraordinary expense incurred in 2009 for special government participation taxes.
Adjusted EBITDA was U.S. $28.98 billion in 2009, compared to U.S. $31.08 billion in 2008. Excluding the currency exchange effects of the conversion of Reais to U.S. dollars, adjusted EBITDA increased 4.9% in 2009 compared to 2008, despite lower crude oil and oil products prices. The adjusted EBITDA margin increased from 26.3% in 2008 to 31.5% in 2009.
Capital expenditures amounted to U.S. $35.1 billion in 2009, most of which was allocated to the expansion of future oil and gas production capacity.
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