During a meeting held on April 22, at Petrobras headquarters, in Rio de Janeiro, the Ordinary and Extraordinary General Shareholders' Meeting elected the new chairman of the Board of Directors of the Company, finance minister Guido Mantega. The shareholders also elected the following people as representatives of the controlling shareholder for a term of one year,: Márcio Zimmermann, José Sergio Gabrielli de Azevedo, Francisco Roberto de Albuquerque, Luciano Coutinho, Sergio Quintela Franklin, and Silas Rondeau Cavalcanti Silva. Fabio Colletti Barbosa (common shares) and Jorge Johannpeter (preferred shares) were elected as representatives of the minority shareholders.
The Ordinary Meeting also approved the Management's Report and the Financial Statements for 2009, the Capital Budget for fiscal year 2010 totaling R$58,031,450,298.00, and the allocation of the 2009 results, which totaled a profit of R$29.3 billion. The Capital budget regards Petrobras Controladora, and does not include other companies in the Petrobras system.
Of the total investment, 48.2% are earmarked for the Exploration & Production area, 44% for Downstream, 3% for the Gas & Energy area, and 4.8% for other business areas. Of the total amount, R$47.9 billion will be from own resources and R$10.112 billion from third party resources.
Message from the president
In the message he read to the shareholders, the President and CEO of Petrobras, José Sergio Gabrielli de Azevedo said, "2009 was marked by the consolidation of success achieved in the exploratory activity in the Pre-Salt, with the beginning of the Extended Well Test (EWT) of Tupi, in the Santos Basin, and the formation tests in Guará and Iara, which confirmed the estimated recoverable volume of four to six billion barrels of light oil and natural gas."
"For 2010 -- said the president -- EWTs are scheduled for Guará and for Northeast Tupi, and production is scheduled to begin in the Tupi Pilot System. These tests are extremely important because they provide the information that is necessary to define the strategy to develop these areas. We reiterate that Brazil's reserves might double, if the estimated volumes of recoverable oil and gas only in the accumulations that have been tested in the pre-salt are confirmed."
Petrobras' president and CEO said that "the company overcame the unstable year of 2009 with solid operating and financial results. The consolidation of the oil and gas discoveries in the pre-salt layer off the Brazilian coast, combined with the successful fundraising, have enabled the continuation of the ambitious production targets. Despite the global economic slowdown, we banked on oil price recovery, a fact that was confirmed during the year. We intensified both the investments and the pace of our activities. The bet proved to be right, and allowed us to maintain, uninterrupted, the corporate strategy aimed to expand business in an integrated manner, with profitability, and pursuant to the standards of social and environmental responsibility. "
"This bold action, concluded Gabrielli, led Petrobras to be ranked fourth in market value among global energy companies listed on the market, at $199.2 billion, double the previous year's. Petrobras also maintained its investment grade rating and secured, for the fourth year in a row, its listing on the Dow Jones Sustainability Index. Because of this, Petrobras is rewriting the history of the Brazilian presence on the world oil and energy stage, ensuring considerable reserves for the country and returning to society part of the outcome of its activities. "
Increase in capital
The Extraordinary General Meeting approved the increase in the Joint Stock, by means of the incorporation of capital reserves and profit reserves, amounting to R$6.142 billion, increasing the joint stock from R$78.967 billion to R$85.109 billion, without changing the number of common and preferred shares.
Allocation of the results
The allocation of the results for 2009, approved by shareholders, was as follows: R$1.465 billion for the legal reserve, R$554.447 million for tax incentive reserves, R$394.834 million for the statutory reserve, R$9.934 million for the revaluation reserve, and R$18.573 billion for the profit retention reserve. The distribution of dividends for the amount of R$0.95 per share, totaling R$8.335 billion (30.53% of the results for the year), with R$7.195 of interest on equity, was also approved.
The dividends will be distributed as follows:
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