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 November, 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____

 

 

 
 

 

 

 

 

Interim Financial Information

 

PETRÓLEO BRASILEIRO S.A. - PETROBRAS

 

At September 30, 2022 and report on review of interim financial 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 09/30/2022 7
Parent Company Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2021 to 09/30/2021 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 09/30/2022 15
Consolidated Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2021 to 09/30/2021 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 38
15. Property, plant and equipment 39
16 Intangible assets 41
17 Impairment 43
18 Exploration and evaluation of oil and gas reserves 44
19 Collateral for crude oil exploration concession agreements 45
20 Investments 45
21 Assets by operating segment 46
22 Disposal of assets and other changes in organizational structure 47
23 Finance debt 51
24 Lease liabilities 54
25 Equity 55
26 Fair value of financial assets and liabilities 57
27 Risk management 57
28 Related-party transactions 62
29 Supplemental information on statement of cash flows 66
30 Subsequent events 66
31. Correlation between the explanatory notes of December 31, 2021 and the ones of September 30, 2022 68
STATEMENT OF DIRECTORS ON INTERIM ACCOUNTING INFORMATION AND REPORT ON THE REVIEW OF QUARTERLY INFORMATION TROBRAS 69
Independent Auditors' Report 70

 

2  
 

Petróleo Brasileiro S.A. – Petrobras

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

(R$ Thousand)

   

 

 

 

 

Account Code Account Description 09.30.2022 12.31.2021
1 Total Assets 1,255,036,000 1,248,196,000
1.01 Current Assets 182,919,000 170,555,000
1.01.01 Cash and Cash Equivalents 3,867,000 2,930,000
1.01.02 Marketable Securities 7,553,000 3,630,000
1.01.03 Trade and Other Receivables 77,735,000 100,110,000
1.01.04 Inventories 44,522,000 33,906,000
1.01.06 Recoverable Taxes 7,000,000 6,368,000
1.01.06.01 Current Recoverable Taxes 7,000,000 6,368,000
1.01.06.01.01 Recoverable Income Taxes 678,000 526,000
1.01.06.01.02 Other Recoverable Taxes 6,322,000 5,842,000
1.01.08 Other Current Assets 42,242,000 23,611,000
1.01.08.01 Non-Current Assets Held for Sale 28,700,000 13,142,000
1.01.08.03 Others 13,542,000 10,469,000
1.01.08.03.03 Others 13,542,000 10,469,000
1.02 Non-Current Assets 1,072,117,000 1,077,641,000
1.02.01 Long-Term Receivables 86,612,000 73,779,000
1.02.01.03 Marketable Securities Measured at Amortized Cost 264,000 247,000
1.02.01.04 Trade and Other Receivables 8,624,000 8,450,000
1.02.01.07 Deferred Taxes 19,431,000 17,845,000
1.02.01.07.02 Deferred Taxes and Contributions 19,431,000 17,845,000
1.02.01.10 Other Non-Current Assets 58,293,000 47,237,000
1.02.01.10.04 Judicial Deposits 53,881,000 44,543,000
1.02.01.10.05 Other Assets 4,412,000 2,694,000
1.02.02 Investments 277,120,000 269,825,000
1.02.03 Property, Plant and Equipment 693,121,000 717,355,000
1.02.04 Intangible Assets 15,264,000 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 09.30.2022 12.31.2021
2 Total Liabilities 1,255,036,000 1,248,196,000
2.01 Current Liabilities 270,733,000 269,989,000
2.01.01 Payroll, Profit Sharing and Related Charges 7,479,000 7,655,000
2.01.02 Trade Payables 38,585,000 32,734,000
2.01.03 Taxes Obligations 6,114,000 3,599,000
2.01.03.01 Federal Taxes Obligations 6,114,000 3,599,000
2.01.03.01.01 Income Tax and Social Contribution Payable 6,114,000 3,599,000
2.01.04 Current Debt and Finance Lease Obligations 176,367,000 187,005,000
2.01.04.01 Current Debt 146,411,000 155,461,000
2.01.04.03 Lease Obligations 29,956,000 31,544,000
2.01.05 Other Liabilities 29,491,000 30,767,000
2.01.05.02 Others 29,491,000 30,767,000
2.01.05.02.04 Other Taxes Payable 15,209,000 22,022,000
2.01.05.02.06 Other liabilities 14,282,000 8,745,000
2.01.06 Provisions 3,734,000 3,578,000
2.01.06.02 Other Provisions 3,734,000 3,578,000
2.01.06.02.04 Pension and Medical Benefits 3,734,000 3,578,000
2.01.07 Liabilities Associated with Non-Current Assets Held for Sale and Discontinued 8,963,000 4,651,000
2.01.07.01 Liabilities Associated with Non-Current Assets Held for Sale 8,963,000 4,651,000
2.02 Non-Current Liabilities 611,805,000 590,878,000
2.02.01 Non-Current Debt and Finance Lease Obligations 417,808,000 413,637,000
2.02.01.01 Non-Current Debt 312,828,000 306,944,000
2.02.01.03 Lease Obligations 104,980,000 106,693,000
2.02.02 Other Liabilities 1,563,000 1,637,000
2.02.02.02 Others 1,563,000 1,637,000
2.02.02.02.03 Income Tax and Social Contribution 1,563,000 1,637,000
2.02.03 Deferred Taxes 43,153,000 14,807,000
2.02.03.01 Deferred Taxes 43,153,000 14,807,000
2.02.04 Provisions 149,281,000 160,797,000
2.02.04.01 Provisions for Tax Social Security, Labor and Civil Lawsuits 12,561,000 10,382,000
2.02.04.02 Other Provisions 136,720,000 150,415,000
2.02.04.02.04 Pension and Medical Benefits 45,667,000 50,773,000
2.02.04.02.05 Provision for Decommissioning Costs 79,995,000 86,713,000
2.02.04.02.06 Employee Benefits 759,000 803,000
2.02.04.02.07 Other liabilities 10,299,000 12,126,000
2.03 Shareholders' Equity 372,498,000 387,329,000
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 133,236,000 164,028,000
2.03.08 Other Comprehensive Income 30,512,000 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 07/01/2022 to 09/30/2022 Accumulated of the Current Year 01/01/2022 to 09/30/2022 Accumulated of the Previous Quarter 07/01/2021 to 09/30/2021 Accumulated of the Previous Year 01/01/2021 to 09/30/2021
3.01 Sales Revenues 163,747,000 460,933,000 117,786,000 312,646,000
3.02 Cost of Sales (81,228,000) (218,134,000) (63,838,000) (164,038,000)
3.03 Gross Profit 82,519,000 242,799,000 53,948,000 148,608,000
3.04 Operating Expenses / Income (6,194,000) (3,615,000) 12,941,000 1,231,000
3.04.01 Selling Expenses (6,574,000) (20,212,000) (6,048,000) (17,579,000)
3.04.02 General and Administrative Expenses (1,444,000) (3,963,000) (1,418,000) (3,686,000)
3.04.05 Other Operating Expenses (4,225,000) 2,053,000 13,144,000 6,011,000
3.04.05.01 Other Taxes (398,000) (1,065,000) (1,098,000) (1,760,000)
3.04.05.02 Research and Development Expenses (986,000) (3,147,000) (791,000) (2,205,000)
3.04.05.03 Exploration Costs (550,000) (883,000) (697,000) (2,889,000)
3.04.05.05 Other Operating Expenses, Net (954,000) 9,282,000 (1,102,000) (2,781,000)
3.04.05.07 Impairment of Assets Reversals (Charges) (1,337,000) (2,134,000) 16,832,000 15,646,000
3.04.06 Share of Profit / Gains on Interest in Equity-Accounted Investments 6,049,000 18,507,000 7,263,000 16,485,000
3.05 Net Income Before Financial Results and Income Taxes 76,325,000 239,184,000 66,889,000 149,839,000
3.06 Finance Income (Expenses), Net (11,248,000) (28,067,000) (27,065,000) (45,614,000)
3.06.01 Finance Income 2,725,000 7,479,000 1,249,000 2,438,000
3.06.01.01 Finance Income 2,725,000 7,479,000 1,249,000 2,438,000
3.06.02 Finance Expenses (13,973,000) (35,546,000) (28,314,000) (48,052,000)
3.06.02.01 Finance Expenses (7,277,000) (20,712,000) (7,596,000) (22,786,000)
3.06.02.02 Foreign Exchange and Inflation Indexation Charges, Net (6,696,000) (14,834,000) (20,718,000) (25,266,000)
3.07 Net Income Before Income Taxes 65,077,000 211,117,000 39,824,000 104,225,000
3.08 Income Tax and Social Contribution (18,981,000) (66,130,000) (8,682,000) (29,061,000)
3.08.01 Current (18,300,000) (55,453,000) (8,578,000) (8,578,000)
3.08.02 Deferred (681,000) (10,677,000) (104,000) (20,483,000)
3.09 Net Income from Continuing Operations 46,096,000 144,987,000 31,142,000 75,164,000
3.11 Income / (Loss) for the Period 46,096,000 144,987,000 31,142,000 75,164,000
3.99.01 Income per Share          
3.99.01.01 Ordinary Shares 3.54 11.12 2.39 5.76
3.99.01.02 Preferred Shares 3.54 11.12 2.39 5.76
3.99.02 Diluted Income per Share        
3.99.02.01 Ordinary Shares 3.54 11.12 2.39 5.76
3.99.02.02 Preferred Shares 3.54 11.12 2.39 5.76

 

 

 

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 07/01/2022 to 09/30/2022 Accumulated of the Current Year 01/01/2022 to 09/30/2022 Accumulated of the Previous Quarter 07/01/2021 to 09/30/2021 Accumulated of the Previous Year 01/01/2021 to 09/30/2021
4.01 Net Income for the Period 46,096,000 144,987,000 31,142,000 75,164,000
4.02 Other Comprehensive Income 5,756,000 15,956,000 13,575,000 26,772,000
4.02.01 Actuarial Gains / (Losses) on Defined Benefits Plans 5,779,000 14,433,000
4.02.02 Deferred Income Tax and Social Contribution on Actuarial Gains / (Losses) on Defined Benefits Plans (2,942,000)
4.02.03 Translation Adjustments in investees 8,938,000 (8,136,000) 21,533,000 12,045,000
4.02.07 Unrealized Gains / (Losses) on Cash Flow Hedge  - Recognized in Shareholders' Equity (10,442,000) 17,059,000 (25,729,000) (13,536,000)
4.02.08 Unrealized Gains / (Losses) on Cash Flow Hedge  - Reclassified to Profit and Loss 5,808,000 18,184,000 5,196,000 17,430,000
4.02.09 Deferred Income Tax and Social Contribution on Cash Flow Hedge 1,576,000 (11,982,000) 6,981,000 (1,324,000)
4.02.10 Share of Other Comprehensive Income of Equity-Accounted Investments (124,000) 831,000 (185,000) 666,000
4.03 Total Comprehensive Income for the Period 51,852,000 160,943,000 44,717,000 101,936,000

 

 

 

 

 

6  
 

Petróleo Brasileiro S.A. – Petrobras

Parent Company Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2022 to 09/30/2022

(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 14,556,000 387,329,000
5.03 Adjusted Opening Balance 205,432,000 3,313,000 164,028,000 14,556,000 387,329,000
5.04 Capital Transactions with Owners 5,000 (81,663,000) (94,116,000) (175,774,000)
5.04.06 Dividends (81,663,000) (94,116,000) (175,779,000)
5.04.08 Change in Interest in Subsidiaries 5,000 5,000
5.05 Total of Comprehensive Income 144,987,000 15,956,000 160,943,000
5.05.01 Net Income for the Period 144,987,000 144,987,000
5.05.02 Other Comprehensive Income 15,956,000 15,956,000
5.07 Balance at the End of the Period 205,432,000 3,318,000 82,365,000 50,871,000 30,512,000 372,498,000

 

7  
 

Petróleo Brasileiro S.A. – Petrobras

Parent Company Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2021 to 09/30/2021

(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 (26,983,000) 308,410,000
5.03 Adjusted Opening Balance 205,432,000 2,665,000 127,296,000 (26,983,000) 308,410,000
5.04 Capital Transactions with Owners (3,703,000) (5,861,000) (31,705,000) (41,269,000)
5.04.06 Dividends (5,861,000) (31,705,000) (37,566,000)
5.04.08 Change in Interest in Subsidiaries (3,703,000) (3,703,000)
5.05 Total of Comprehensive Income 75,164,000 26,772,000 101,936,000
5.05.01 Net Income for the Period 75,164,000 75,164,000
5.05.02 Other Comprehensive Income 26,772,000 26,772,000
5.07 Balance at the End of the Period 205,432,000 (1,038,000) 121,435,000 43,459,000 (211,000) 369,077,000

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 09/30/2022 Accumulated of the Previous Year 01/01/2021 to 09/30/2021
6.01 Net cash provided by operating activities 119,147,000 93,640,000
6.01.01 Cash provided by operating activities 210,136,000 161,697,000
6.01.01.01 Net Income for the period 144,987,000 75,164,000
6.01.01.02 Pension and medical benefits (actuarial expense) 4,705,000 9,273,000
6.01.01.03 Results in equity-accounted investments (18,507,000) (16,485,000)
6.01.01.04 Depreciation, depletion and amortization 53,128,000 50,439,000
6.01.01.05 Impairment of assets (reversal) 2,134,000 (15,646,000)
6.01.01.06 Exploratory expenditures write-offs 348,000 1,178,000
6.01.01.07 Gains and losses on legal, administrative and arbitration proceedings 3,879,000 2,357,000
6.01.01.08 Foreign exchange, indexation and finance charges 28,996,000 44,000,000
6.01.01.09 Deferred income taxes, net 10,677,000 20,483,000
6.01.01.10 Allowance (reversals) for expected credit losses 418,000 (23,000)
6.01.01.13 Revision and unwinding of discount on the provision for decommissioning costs 2,157,000 3,112,000
6.01.01.16 Results from co-participation agreements in bid areas (14,193,000) (3,519,000)
6.01.01.17 Disposal/write-offs of assets, remeasurement of investment retained with loss of control and reclassification of CTA (5,744,000) (1,605,000)
6.01.01.18 PIS and COFINS recovery - exclusion of ICMS (VAT tax) from the basis of calculation (4,594,000)
6.01.01.19 Early termination and cash outflows revision of lease agreements (2,849,000) (1,917,000)
6.01.01.20 Assumption of interest in concessions (520,000)
6.01.02 Decrease / (increase) in assets / increase/ (decrease) in liabilities (90,989,000) (68,057,000)
6.01.02.01 Trade and other receivables, net (54,862,000) (48,123,000)
6.01.02.02 Inventories (10,988,000) (8,678,000)
6.01.02.03 Judicial deposits (6,601,000) (4,390,000)
6.01.02.05 Other assets (3,423,000) (2,217,000)
6.01.02.06 Trade payables (136,000) (7,787,000)
6.01.02.07 Other taxes 42,965,000 21,763,000
6.01.02.08 Pension and medical benefits (9,653,000) (10,817,000)
6.01.02.09 Provisions for legal proceedings (1,231,000) (1,194,000)
6.01.02.10 Short-term benefits (221,000) (761,000)
6.01.02.11 Income tax and social contribution paid (44,103,000) (4,088,000)
6.01.02.12 Provision for Decommissioning Costs (2,285,000) (2,786,000)
6.01.02.14 Other liabilities (451,000) 1,021,000
6.02 Net cash used in investing activities 38,758,000 (68,196,000)
6.02.01 Acquisition of PP&E and intangibles assets (29,980,000) (56,191,000)
6.02.02 Decrease (increase) in investments in investees (89,000) 1,733,000
6.02.03 Proceeds from disposal of assets - Divestment 19,948,000 15,279,000
6.02.04 Divestment (investment) in marketable securities 21,721,000 (47,883,000)
6.02.05 Dividends received 1,677,000 3,356,000
6.02.08 Financial compensation for Co-participation Agreement 25,481,000 15,510,000
6.03 Net cash used in financing activities (156,968,000) (25,771,000)
6.03.02 Proceeds from financing 113,725,000 126,028,000
6.03.03 Repayment of principal - finance debt (62,522,000) (76,384,000)
6.03.04 Repayment of interest - finance debt (13,829,000) (19,823,000)
6.03.05 Dividends paid to shareholders of Petrobras (173,075,000) (31,177,000)
6.03.08 Settlement of lease liabilities (21,267,000) (24,415,000)
6.05 Net increase/ (decrease) in cash and cash equivalents 937,000 (327,000)
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 3,867,000 4,853,000

 

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 09/30/2022 Accumulated of the Previous Year 01/01/2021 to 09/30/2021
7.01 Sales Revenues 594,119,000 435,563,000
7.01.01 Sales of Goods and Services 542,992,000 392,886,000
7.01.02 Other Revenues 24,512,000 14,840,000
7.01.03 Revenues Related to the Construction of Assets to be Used in Own Operations 27,033,000 27,814,000
7.01.04 Allowance for expected credit losses (418,000) 23,000
7.02 Inputs Acquired from Third Parties (180,291,000) (123,771,000)
7.02.01 Cost of Sales (101,963,000) (67,777,000)
7.02.02 Materials, Power, Third-Party Services and Other Operating Expenses (40,501,000) (42,967,000)
7.02.03 Impairment Charges / Reversals of Assets (2,134,000) 15,646,000
7.02.04 Others (35,693,000) (28,673,000)
7.02.04.01 Tax Credits on Inputs Acquired from Third Parties (35,693,000) (28,673,000)
7.03 Gross Added Value 413,828,000 311,792,000
7.04 Retentions (58,042,000) (54,671,000)
7.04.01 Depreciation, Amortization and Depletion (58,042,000) (54,671,000)
7.05 Net Added Value Produced 355,786,000 257,121,000
7.06 Transferred Added Value 30,448,000 25,225,000
7.06.01 Share of Profit of Equity-Accounted Investments 18,507,000 16,485,000
7.06.02 Finance Income 7,479,000 2,438,000
7.06.03 Others 4,462,000 6,302,000
7.06.03.01 Rentals, royalties and others 4,462,000 1,713,000
7.06.03.03 PIS and COFINS recovery - exclusion of ICMS (VAT tax) from the basis of calculation 4,589,000
7.07 Total Added Value to be Distributed 386,234,000 282,346,000
7.08 Distribution of Added Value 386,234,000 282,346,000
7.08.01 Employee Compensation 19,939,000 22,969,000
7.08.01.01 Salaries 12,733,000 11,777,000
7.08.01.02 Fringe Benefits 6,530,000 10,567,000
7.08.01.03 Unemployment Benefits (FGTS) 676,000 625,000
7.08.02 Taxes and Contributions 176,543,000 126,017,000
7.08.02.01 Federal 143,112,000 97,948,000
7.08.02.02 State 33,293,000 28,019,000
7.08.02.03 Municipal 138,000 50,000
7.08.03 Return on Third-Party Capital 44,765,000 58,196,000
7.08.03.01 Interest 39,535,000 54,273,000
7.08.03.02 Rental Expenses 5,230,000 3,923,000
7.08.04 Return on Shareholders' Equity 144,987,000 75,164,000
7.08.04.01 Interest on Capital 11,451,000
7.08.04.02 Dividends 82,664,000 31,705,000
7.08.04.03 Retained Earnings / (Losses) for the Period 50,872,000 43,459,000

 

 

 

 

 

10  
 

Petróleo Brasileiro S.A. – Petrobras

Consolidated Interim Accounting Information / Statement of Financial Position - Assets

(R$ Thousand)

   

 

 

Account Code Account Description 09.30.2022 12.31.2021
1 Total Assets 947,574,000 972,951,000
1.01 Current Assets 159,327,000 168,247,000
1.01.01 Cash and Cash Equivalents 23,650,000 58,410,000
1.01.02 Marketable Securities 13,038,000 3,630,000
1.01.03 Trade and Other Receivables 22,026,000 35,538,000
1.01.04 Inventories 52,825,000 40,486,000
1.01.06 Recoverable Taxes 7,763,000 7,511,000
1.01.06.01 Current Recoverable Taxes 7,763,000 7,511,000
1.01.06.01.01 Recoverable Income Taxes 960,000 911,000
1.01.06.01.02 Other Recoverable Taxes 6,803,000 6,600,000
1.01.08 Other Current Assets 40,025,000 22,672,000
1.01.08.01 Non-Current Assets Held for Sale 28,684,000 13,895,000
1.01.08.03 Others 11,341,000 8,777,000
1.01.08.03.03 Others 11,341,000 8,777,000
1.02 Non-Current Assets 788,247,000 804,704,000
1.02.01 Long-Term Receivables 92,717,000 79,992,000
1.02.01.03 Marketable Securities measured at amortized cost 264,000 247,000
1.02.01.04 Trade and Other Receivables 10,516,000 10,603,000
1.02.01.07 Deferred Taxes 22,544,000 21,568,000
1.02.01.07.01 Deferred Income Tax and Social Contribution 2,673,000 3,371,000
1.02.01.07.02 Deferred Taxes and Contributions 19,871,000 18,197,000
1.02.01.10 Other Non-Current Assets 59,393,000 47,574,000
1.02.01.10.04 Judicial Deposits 54,317,000 44,858,000
1.02.01.10.05 Other Assets 5,076,000 2,716,000
1.02.02 Investments 9,041,000 8,427,000
1.02.03 Property, Plant and Equipment 671,067,000 699,406,000
1.02.04 Intangible Assets 15,422,000 16,879,000

 

 

 

11  
 

Petróleo Brasileiro S.A. – Petrobras

Consolidated Interim Accounting Information / Statement of Financial Position - Liabilities

(R$ Thousand)

b

   

Account Code Account Description 09.30.2022 12.31.2021
2 Total Liabilities 947,574,000 972,951,000
2.01 Current Liabilities 135,807,000 134,913,000
2.01.01 Payroll, Profit Sharing and Related Charges 8,190,000 8,335,000
2.01.02 Trade Payables 28,164,000 30,597,000
2.01.03 Taxes Obligations 8,568,000 4,089,000
2.01.03.01 Federal Taxes Obligations 8,568,000 4,089,000
2.01.03.01.01 Income Tax and Social Contribution Payable 8,568,000 4,089,000
2.01.04 Current Debt and Lease Obligations 46,728,000 50,631,000
2.01.04.01 Current Debt 17,873,000 20,316,000
2.01.04.03 Lease Obligations 28,855,000 30,315,000
2.01.05 Other Liabilities 31,460,000 32,789,000
2.01.05.02 Others 31,460,000 32,789,000
2.01.05.02.04 Other Taxes Payable 15,495,000 22,325,000
2.01.05.02.06 Other liabilities 15,965,000 10,464,000
2.01.06 Provisions 3,734,000 3,632,000
2.01.06.02 Other Provisions 3,734,000 3,632,000
2.01.06.02.04 Pension and Medical Benefits 3,734,000 3,632,000
2.01.07 Liabilities Associated with Non-Current Assets Held for Sale and Discontinued 8,963,000 4,840,000
2.01.07.01 Liabilities Associated with Non-Current Assets Held for Sale 8,963,000 4,840,000
2.02 Non-Current Liabilities 437,662,000 448,457,000
2.02.01 Non-Current Debt and Finance Lease Obligations 246,675,000 277,187,000
2.02.01.01 Non-Current Debt 148,945,000 178,908,000
2.02.01.03 Lease Obligations 97,730,000 98,279,000
2.02.02 Other Liabilities 1,604,000 1,676,000
2.02.02.02 Others 1,604,000 1,676,000
2.02.02.02.03 Income Tax and Social Contribution 1,604,000 1,676,000
2.02.03 Deferred Taxes 35,472,000 6,857,000
2.02.03.01 Deferred Taxes 35,472,000 6,857,000
2.02.04 Provisions 153,911,000 162,737,000
2.02.04.01 Provisions for Tax Social Security, Labor and Civil Lawsuits 13,621,000 11,263,000
2.02.04.02 Other Provisions 140,290,000 151,474,000
2.02.04.02.04 Pension and Medical Benefits 46,491,000 51,498,000
2.02.04.02.05 Provision for Decommissioning Costs 80,502,000 87,160,000
2.02.04.02.06 Employee Benefits 769,000 812,000
2.02.04.02.07 Other liabilities 12,528,000 12,004,000
2.03 Shareholders' Equity 374,105,000 389,581,000
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 133,452,000 164,244,000
2.03.08 Other Comprehensive Income 30,512,000 14,556,000
2.03.09 Non-controlling interests 1,607,000 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 07/01/2022 to 09/30/2022 Accumulated of the Current Year 01/01/2022 to 09/30/2022 Accumulated of the Previous Quarter 07/01/2021 to 09/30/2021 Accumulated of the Previous Year 01/01/2021 to 09/30/2021
3.01 Sales Revenues 170,076,000 482,677,000 121,594,000 318,478,000
3.02 Cost of Sales (83,240,000) (225,214,000) (62,042,000) (157,888,000)
3.03 Gross Profit 86,836,000 257,463,000 59,552,000 160,590,000
3.04 Operating Expenses / Income (12,224,000) (21,019,000) 6,905,000 (8,048,000)
3.04.01 Selling Expenses (6,358,000) (18,653,000) (5,766,000) (16,706,000)
3.04.02 General and Administrative Expenses (1,752,000) (4,900,000) (1,763,000) (4,630,000)
3.04.05 Other Operating Expenses (4,285,000) 601,000 12,914,000 5,444,000
3.04.05.01 Other Taxes (489,000) (1,255,000) (1,141,000) (1,983,000)
3.04.05.02 Research and Development Expenses (984,000) (3,145,000) (792,000) (2,206,000)
3.04.05.03 Exploration Costs (565,000) (1,169,000) (696,000) (2,897,000)
3.04.05.05 Other Operating Expenses, Net (911,000) 8,349,000 (815,000) (2,823,000)
3.04.05.07 Impairment of Assets Reversals (Charges) (1,336,000) (2,179,000) 16,358,000 15,353,000
3.04.06 Share of Profit / Gains on Interest in Equity-Accounted Investments 171,000 1,933,000 1,520,000 7,844,000
3.05 Net Income Before Financial Results and Income Taxes 74,612,000 236,444,000 66,457,000 152,542,000
3.06 Finance Income (Expenses), Net (7,973,000) (20,747,000) (25,480,000) (45,452,000)
3.06.01 Finance Income 2,713,000 7,127,000 1,188,000 2,973,000
3.06.01.01 Finance Income 2,713,000 7,127,000 1,188,000 2,973,000
3.06.02 Finance Expenses (10,686,000) (27,874,000) (26,668,000) (48,425,000)
3.06.02.01 Finance Expenses (4,157,000) (12,817,000) (6,237,000) (22,721,000)
3.06.02.02 Foreign Exchange and Inflation Indexation Charges, Net (6,529,000) (15,057,000) (20,431,000) (25,704,000)
3.07 Net Income Before Income Taxes 66,639,000 215,697,000 40,977,000 107,090,000
3.08 Income Tax and Social Contribution (20,403,000) (70,194,000) (9,753,000) (31,549,000)
3.08.01 Current (19,181,000) (58,701,000) (9,133,000) (10,302,000)
3.08.02 Deferred (1,222,000) (11,493,000) (620,000) (21,247,000)
3.09 Net Income from Continuing Operations 46,236,000 145,503,000 31,224,000 75,541,000
3.11 Income / (Loss) for the Period 46,236,000 145,503,000 31,224,000 75,541,000
3.11.01 Attributable to Shareholders of Petrobras 46,096,000 144,987,000 31,142,000 75,164,000
3.11.02 Attributable to Non-Controlling Interests 140,000 516,000 82,000 377,000
3.99.01 Income per Share          
3.99.01.01 Ordinary Shares 3.54 11.12 2.39 5.76
3.99.01.02 Preferred Shares 3.54 11.12 2.39 5.76
3.99.02 Diluted Income per Share        
3.99.02.01 Ordinary Shares 3.54 11.12 2.39 5.76
3.99.02.02 Preferred Shares 3.54 11.12 2.39 5.76

 

 

 

 

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 07/01/2022 to 09/30/2022 Accumulated of the Current Year 01/01/2022 to 09/30/2022 Accumulated of the Previous Quarter 07/01/2021 to 09/30/2021 Accumulated of the Previous Year 01/01/2021 to 09/30/2021
4.01 Net Income for the Period 46,236,000 145,503,000 31,224,000 75,541,000
4.02 Other Comprehensive Income 5,757,000 15,955,000 13,918,000 26,962,000
4.02.01 Actuarial Gains (Losses) on Post-employment Defined Benefits Plans 6,034,000 14,680,000
4.02.02 Deferred Income Tax and Social Contribution on Actuarial Gains / (Losses) on Defined Benefits Plans (2,942,000)
4.02.03 Translation Adjustments in investees 8,939,000 (8,137,000) 21,876,000 12,235,000
4.02.07 Unrealized Gains / (Losses) on Cash Flow Hedge  - Recognized in Shareholders' Equity (10,442,000) 17,059,000 (25,729,000) (13,536,000)
4.02.08 Unrealized Gains / (Losses) on Cash Flow Hedge  - Reclassified to Profit and Loss 5,813,000 18,476,000 5,396,000 17,823,000
4.02.09 Deferred Income Tax and Social Contribution on Cash Flow Hedge 1,574,000 (12,082,000) 6,913,000 (1,458,000)
4.02.10 Share of Other Comprehensive Income of Equity-Accounted Investments (127,000) 639,000 (572,000) 160,000
4.03 Total Comprehensive Income for the Period 51,993,000 161,458,000 45,142,000 102,503,000
4.03.01 Attributable to Shareholders of Petrobras 51,852,000 160,943,000 44,717,000 101,936,000
4.03.02 Attributable to Non-controlling Interests 141,000 515,000 425,000 567,000

 

 

 

14  
 

Petróleo Brasileiro S.A. – Petrobras

Consolidated Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2022 to 09/30/2022

(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 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 14,556,000 387,329,000 2,252,000 389,581,000
5.04 Capital Transactions with Owners 5,000 (81,663,000) (94,116,000) (175,774,000) (1,160,000) (176,934,000)
5.04.06 Dividends (81,663,000) (94,116,000) (175,779,000) (278,000) (176,057,000)
5.04.08 Capital Transactions 5,000 5,000 (882,000) (877,000)
5.05 Capital Transactions 144,987,000 15,956,000 160,943,000 515,000 161,458,000
5.05.01 Net Income for the Period 144,987,000 144,987,000 516,000 145,503,000
5.05.02 Other Comprehensive Income 15,956,000 15,956,000 (1,000) 15,955,000
5.07 Balance at the End of the Period 205,432,000 3,318,000 82,365,000 50,871,000 30,512,000 372,498,000 1,607,000 374,105,000

 

 

15  
 

Petróleo Brasileiro S.A. – Petrobras

Consolidated Interim Accounting Information / Statement of Changes in Shareholders’ Equity - 01/01/2021 to 09/30/2021

(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 (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 (26,983,000) 308,410,000 2,740,000 311,150,000
5.04 Capital Transactions with Owners (3,703,000) (5,861,000) (31,705,000) (41,269,000) 3,305,000 (37,964,000)
5.04.01 Capital Increases 11,000 11,000
5.04.06 Dividends (5,861,000) (31,705,000) (37,566,000) (371,000) (37,937,000)
5.04.08 Capital Transactions (3,703,000) (3,703,000) 3,665,000 (38,000)
5.05 Total of Comprehensive Income 75,164,000 26,772,000 101,936,000 567,000 102,503,000
5.05.01 Net Income for the Period 75,164,000 75,164,000 377,000 75,541,000
5.05.02 Other Comprehensive Income 26,772,000 26,772,000 190,000 26,962,000
5.07 Balance at the End of the Period 205,432,000 (1,038,000) 121,435,000 43,459,000 (211,000) 369,077,000 6,612,000 375,689,000

 

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 09/30/2022 Accumulated of the Previous Year 01/01/2021 to 09/30/2021
6.01 Net cash provided by operating activities 187,835,000 151,734,000
6.01.01 Cash provided by operating activities 221,005,000 169,286,000
6.01.01.01 Net Income for the period 145,503,000 75,541,000
6.01.01.02 Pension and medical benefits (actuarial expense) 4,815,000 9,586,000
6.01.01.03 Results of equity-accounted investments (1,933,000) (7,844,000)
6.01.01.04 Depreciation, depletion and amortization 50,743,000 46,820,000
6.01.01.05 Impairment of assets (reversal) 2,179,000 (15,353,000)
6.01.01.06 Exploratory expenditures write-offs 632,000 1,178,000
6.01.01.07 Gains/losses on legal, administrative and arbitration proceedings 4,169,000 2,797,000
6.01.01.08 Foreign exchange, indexation and finance charges 23,876,000 44,143,000
6.01.01.09 Deferred income taxes, net 11,493,000 21,247,000
6.01.01.10 Allowance (Reversals) for expected credit losses 213,000 (100,000)
6.01.01.11 Inventory write-down (write-back) to net realizable value 34,000 (5,000)
6.01.01.13 Revision and unwinding of discount on the provision for decommissioning costs 2,172,000 3,131,000
6.01.01.16 Results from co-participation agreements in bid areas (14,193,000) (3,519,000)
6.01.01.17 Disposal/write-offs of assets, remeasurement of investment retained with loss of control and reclassification of CTA (5,850,000) (1,015,000)
6.01.01.18 PIS and COFINS recovery - exclusion of ICMS (VAT tax) from the basis of calculation (4,955,000)
6.01.01.19 Early termination and cash outflows revision of lease agreements (2,848,000) (1,846,000)
6.01.01.20 Assumption of interest in concessions (520,000)
6.01.02 Decrease / (increase) in assets / increase/ (decrease) in liabilities (33,170,000) (17,552,000)
6.01.02.01 Trade and other receivables, net 3,823,000 (7,504,000)
6.01.02.02 Inventories (13,259,000) (11,764,000)
6.01.02.03 Judicial deposits (6,760,000) (4,454,000)
6.01.02.05 Other assets (3,483,000) (836,000)
6.01.02.06 Trade payables (2,140,000) 4,459,000
6.01.02.07 Other taxes 46,022,000 23,128,000
6.01.02.08 Pension and medical benefits (9,666,000) (10,821,000)
6.01.02.09 Provisions for legal proceedings (1,292,000) (1,923,000)
6.01.02.10 Short-term benefits (184,000) (795,000)
6.01.02.11 Income tax and social contribution paid (44,861,000) (4,998,000)
6.01.02.12 Provision for Decommissioning Costs (2,285,000) (2,798,000)
6.01.02.14 Other liabilities 915,000 754,000
6.02 Net cash used in investing activities 7,921,000 7,965,000
6.02.01 Acquisition of PP&E and intangibles assets (30,946,000) (24,728,000)
6.02.02 Decrease (increase) in investments in assets (101,000) (80,000)
6.02.03 Proceeds from disposal of assets - Divestment 19,927,000 15,053,000
6.02.04 Divestment (investment) in marketable securities (8,055,000) 629,000
6.02.05 Dividends received 1,615,000 1,581,000
6.02.08 Financial compensation for Co-participation Agreement 25,481,000 15,510,000
6.03 Net cash used in financing activities (227,173,000) (164,565,000)
6.03.01 Changes in non-controlling interest 241,000 (49,000)
6.03.02 Proceeds from financing 13,322,000 8,921,000
6.03.03 Repayment of principal - finance debt (39,255,000) (108,399,000)
6.03.04 Repayment of interest - finance debt (7,499,000) (10,142,000)
6.03.05 Dividends paid to shareholders of Petrobras (173,075,000) (31,177,000)
6.03.06 Dividends paid to non-controlling interests (340,000) (396,000)
6.03.08 Settlement of lease liabilities (20,567,000) (23,323,000)
6.04 Effect of exchange rate changes on cash and cash equivalents (3,415,000) 3,362,000
6.05 Net increase/ (decrease) in cash and cash equivalents (34,832,000) (1,504,000)
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 23,650,000 59,426,000

 

 

 

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 09/30/2022 Accumulated of the Previous Year 01/01/2021 to 09/30/2021
7.01 Sales Revenues 618,833,000 447,296,000
7.01.01 Sales of Goods and Services 565,117,000 399,087,000
7.01.02 Other Revenues 26,078,000 17,811,000
7.01.03 Revenues Related to the Construction of Assets to be Used in Own Operations 27,851,000 30,298,000
7.01.04 Allowance for expected credit losses (213,000) 100,000
7.02 Inputs Acquired from Third Parties (187,371,000) (122,759,000)
7.02.01 Cost of Sales (112,116,000) (66,887,000)
7.02.02 Materials, Power, Third-Party Services and Other Operating Expenses (39,018,000) (44,241,000)
7.02.03 Impairment Charges / Reversals of Assets (2,179,000) 15,353,000
7.02.04 Others (34,058,000) (26,984,000)
7.02.04.01 Tax Credits on Inputs Acquired from Third Parties (34,024,000) (26,989,000)
7.02.04.02 Inventory Write-Down to Net Realizable Value (34,000) 5,000
7.03 Gross Added Value 431,462,000 324,537,000
7.04 Retentions (55,658,000) (51,052,000)
7.04.01 Depreciation, Amortization and Depletion (55,658,000) (51,052,000)
7.05 Net Added Value Produced 375,804,000 273,485,000
7.06 Transferred Added Value 11,650,000 16,728,000
7.06.01 Share of Profit of Equity-Accounted Investments 1,933,000 7,844,000
7.06.02 Finance Income 7,127,000 2,973,000
7.06.03 Others 2,590,000 5,911,000
7.06.03.01 Rentals, royalties and others 2,590,000 960,000
7.06.03.03 PIS and COFINS recovery - exclusion of ICMS (VAT tax) from the basis of calculation 4,951,000
7.07 Total Added Value to be Distributed 387,454,000 290,213,000
7.08 Distribution of Added Value 387,454,000 290,213,000
7.08.01 Employee Compensation 21,856,000 25,151,000
7.08.01.01 Salaries 14,215,000 13,313,000
7.08.01.02 Fringe Benefits 6,896,000 11,139,000
7.08.01.03 Unemployment Benefits (FGTS) 745,000 699,000
7.08.02 Taxes and Contributions 183,211,000 131,100,000
7.08.02.01 Federal 148,842,000 102,179,000
7.08.02.02 State 33,838,000 28,495,000
7.08.02.03 Municipal 531,000 426,000
7.08.03 Return on Third-Party Capital 36,884,000 58,421,000
7.08.03.01 Interest 31,906,000 54,800,000
7.08.03.02 Rental Expenses 4,978,000 3,621,000
7.08.04 Return on Shareholders' Equity 145,503,000 75,541,000
7.08.04.01 Interest on Capital 11,451,000
7.08.04.02 Dividends 82,664,000 31,705,000
7.08.04.03 Retained Earnings / (Losses) for the Period 50,872,000 43,459,000
7.08.04.04 Non-controlling Interests on Retained Earnings / (Losses) 516,000 377,000

 

 

 

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 November 3, 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 33.5% of their financings.

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.

  Consolidated
  09.30.2022 12.31.2021
Cash at bank and in hand 862 1,666
Short-term financial investments    
   - In Brazil    
         Brazilian interbank deposit rate investment funds and other short-term deposits 3,628 10,885
         Other investment funds 1,120 911
  4,748 11,796
   - Abroad    
 Time deposits 8,855 24,050
Automatic investing accounts and interest checking accounts 9,032 20,826
 Other financial investments 153 72
  18,040 44,948
Total short-term financial investments 22,788 56,744
Total cash and cash equivalents 23,650 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
  09.30.2022 12.31.2021
Fair value through profit or loss 3,543 3,630
Amortized cost 9,759 247
Total 13,302 3,877
Current 13,038 3,630
Non-current 264 247
 

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 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
  Jul-Sep Jan-Sep Jul-Sep Jan-Sep
Gross sales 191,345 565,117 154,062 399,087
Sales taxes (*) (21,269) (82,440) (32,468) (80,609)
Sales revenues 170,076 482,677 121,594 318,478
Diesel 61,343 152,821 35,722 92,983
Gasoline 21,575 62,166 17,690 43,197
Liquefied petroleum gas 7,108 20,354 6,747 17,673
Jet fuel 8,058 20,133 3,292 7,727
Naphtha 3,305 10,042 2,749 6,450
Fuel oil (including bunker fuel) 2,003 5,648 2,852 6,708
Other oil products 7,780 22,379 6,265 16,399
Subtotal oil products 111,172 293,543 75,317 191,137
Natural gas 10,522 29,199 8,974 21,659
Crude oil 10,379 32,777 137 427
Nitrogen products and renewables 364 1,173 63 184
Breakage 988 2,361 204 1,069
Electricity 740 2,827 5,433 11,495
Services, agency and others 1,333 4,080 1,243 3,019
Domestic market 135,498 365,960 91,371 228,990
Exports 29,859 105,370 29,308 85,675
    Crude oil 19,031 71,663 21,582 61,803
     Fuel oil (including bunker fuel) 9,182 30,271 6,115 19,396
    Other oil products and other products 1,646 3,436 1,611 4,476
Sales abroad (**) 4,719 11,347 915 3,813
Foreign Market 34,578 116,717 30,223 89,488
Sales revenues 170,076 482,677 121,594 318,478
 (*) 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 September 2022, the revenues of two clients in the Refining, Transportation and Marketing (RTM) segment individually represent 15% and 11% of the company's revenues. In the same period of 2021, only one customer in the RTM segment represented 15% of the company's total revenue.

 

5. Costs and expenses by nature

 

5.1. Cost of sales
    Consolidated
  2022 2021
  Jul-Sep Jan-Sep Jul-Sep Jan-Sep
Raw material, products for resale, materials and third-party services (*) (47,657) (117,439) (30,823) (71,554)
Depreciation, depletion and amortization (13,908) (41,001) (12,380) (36,087)
Production taxes (19,435) (60,409) (15,574) (42,397)
Employee compensation (2,240) (6,365) (3,265) (7,850)
Total (83,240) (225,214) (62,042) (157,888)
(*) It Includes short-term leases and inventory turnover.

 

5.2. Selling expenses
    Consolidated
  2022 2021
  Jul-Sep Jan-Sep Jul-Sep Jan-Sep
Materials, third-party services, freight, rent and other related costs (5,102) (14,991) (4,831) (14,020)
Depreciation, depletion and amortization (1,020) (3,124) (831) (2,384)
Allowance for expected credit losses (107) (177) 37 71
Employee compensation (129) (361) (141) (373)
Total (6,358) (18,653) (5,766) (16,706)

 

 

5.3. General and administrative expenses
    Consolidated
  2022 2021
  Jul-Sep Jan-Sep Jul-Sep Jan-Sep
Employee compensation (1,171) (3,267) (1,364) (3,390)
Materials, third-party services, rent and other related costs (446) (1,260) (294) (894)
Depreciation, depletion and amortization (135) (373) (105) (346)
Total (1,752) (4,900) (1,763) (4,630)

 

 

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)

 
6. Other income and expenses
    Consolidated
  2022 2021
  Jul-Sep Jan-Sep Jul-Sep Jan-Sep
Unscheduled stoppages and pre-operating expenses (2,390) (6,862) (1,792) (5,281)
Gains / (losses) related to legal, administrative and arbitration proceedings (1,377) (4,169) (1,416) (2,797)
Pension and medical benefits – retirees (****) (1,596) (4,083) (4,300) (6,663)
Variable compensation program (805) (2,061) (795) (1,857)
Gains/(losses) with Commodities Derivatives 464 (627) (70) (294)
Operating expenses with thermoelectric power plants (196) (555) (85) (334)
Profit Sharing (201) (530) (182) (496)
Transfer of rights on concession agreements 1,518 1,579
Amounts recovered from Lava Jato investigation (**) 115 175 132 1,197
Tax recovery (*) 63 270 189 2,853
Fines imposed on suppliers 310 904 249 664
Government grants 650 1,687 139 158
Expenses/Reimbursements from E&P partnership operations 1,538 2,314 705 2,254
Early termination and cash outflows revision of lease agreements 826 2,848 632 1,846
Results on disposal/write-offs of assets and on remeasurement of investment retained with loss of control 1,550 5,850 613 1,235
Results from co-participation agreements in bid areas (***) (50) 14,193 3,519 3,519
Others 188 (1,005) 129 (406)
Total (911) 8,349 (815) (2,823)
(*) In the nine-month period ended September 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 mainly refers to the gain related to the Co-participation Agreement of Atapu and Sépia (see note 16.2).
(****) In 2022, includes the amount of R$ 352 referring to the payment of the contribution provided for in the Term of Financial Commitment Pre-70 for the administrative cost of the PPSP-R pre-70 and PPSP-NE pre-70 plans.
 
7. Net finance income (expense)

 

    Consolidated
  2022 2021
  Jul-Sep Jan-Sep Jul-Sep Jan-Sep
Finance income 2,713 7,127 1,188 2,973
Income from investments and marketable securities (Government Bonds) 1,783 4,448 519 921
Others 930 2,679 669 2,052
Finance expenses (4,157) (12,817) (6,237) (22,721)
Interest on finance debt (2,963) (9,143) (3,499) (12,415)
Unwinding of discount on lease liabilities (1,773) (4,943) (1,579) (4,768)
Discount and premium on repurchase of debt securities (54) (592) (1,309) (5,813)
Capitalized borrowing costs 1,364 4,072 1,406 3,970
Unwinding of discount on the provision for decommissioning costs (668) (2,025) (1,017) (3,071)
Other finance expenses and income, net (63) (186) (239) (624)
Foreign exchange gains (losses) and indexation charges (6,529) (15,057) (20,431) (25,704)
Foreign Exchange (*) (4,073) 278 (15,507) (10,659)
Reclassification of hedge accounting to the Statement of Income (*) (5,813) (18,476) (5,396) (17,823)
Monetary restatement of anticipated dividends and dividends payable (***) 2,085 749 104 32
Recoverable taxes inflation indexation income (**) 155 382 79 2,587
Others 1,117 2,010 289 159
Total (7,973) (20,747) (25,480) (45,452)
(*) For more information, see notes 27.3a and 27.3c.
(**) In 2021, includes PIS and Cofins inflation indexation income - exclusion of ICMS (VAT tax) from the basis of calculation.
(***) In 2022, it refers to the income on the monetary restatement of paid anticipated dividends, in the amount of R$ 2,180 (R$ 105, in 2021), and to the expense on the indexation charges on dividends payable, in the amount of R$ 1,431 (R$ 73 in 2021).

 

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 – Jul-Sep/2022

 

  Exploration and Production Refining, Transportation & Marketing

Gas

&

Power

Corporate and other business Eliminations Total
Sales revenues 101,391 154,035 21,747 657 (107,754) 170,076
     Intersegments 99,712 2,773 5,262 7 (107,754)
     Third parties 1,679 151,262 16,485 650 170,076
Cost of sales (39,049) (139,607) (13,849) (711) 109,976 (83,240)
Gross profit 62,342 14,428 7,898 (54) 2,222 86,836
Expenses (2,316) (3,519) (3,078) (3,463) (19) (12,395)
    Selling (36) (2,297) (3,989) (17) (19) (6,358)
    General and administrative (34) (253) (78) (1,387) (1,752)
    Exploration costs (565) (565)
    Research and development (828) (8) (7) (141) (984)
    Other taxes (47) 53 (83) (412) (489)
    Impairment (24) (1,313) 1 (1,336)
    Other income and expenses (782) 299 1,078 (1,506) (911)
Net income (loss) before financial results and income taxes 60,026 10,909 4,820 (3,517) 2,203 74,441
    Net finance income (expenses) (7,973) (7,973)
    Results in equity-accounted investments 237 (118) 62 (10) 171
Net Income (loss) before income taxes 60,263 10,791 4,882 (11,500) 2,203 66,639
    Income taxes (20,409) (3,709) (1,639) 6,103 (749) (20,403)
Net income (loss) of the period 39,854 7,082 3,243 (5,397) 1,454 46,236
Attributable to:            
Shareholders of Petrobras 39,860 7,082 3,148 (5,448) 1,454 46,096
Non-controlling interests (6) 95 51 140
  39,854 7,082 3,243 (5,397) 1,454 46,236

 

Consolidated Statement of Income by operating segment – Jul-Sep/2021

 

 

  Exploration and Production Refining, Transportation & Marketing

Gas

&

Power

Corporate and other business Eliminations Total
Sales revenues 76,472 107,188 18,014 476 (80,556) 121,594
     Intersegments 74,710 2,290 3,384 172 (80,556)
     Third parties 1,762 104,898 14,630 304 121,594
Cost of sales (32,983) (95,546) (13,938) (474) 80,899 (62,042)
Gross profit 43,489 11,642 4,076 2 343 59,552
Expenses 19,572 (5,396) (4,043) (4,719) (29) 5,385
    Selling 23 (2,172) (3,572) (16) (29) (5,766)
    General and administrative (269) (190) (99) (1,205) (1,763)
    Exploration costs (696) (696)
    Research and development (596) (8) (12) (176) (792)
    Other taxes (406) (196) (273) (266) (1,141)
    Impairment 16,901 (69) (474) 16,358
    Other income and expenses 4,615 (2,761) 387 (3,056) (815)
Net income (loss) before financial results and income taxes 63,061 6,246 33 (4,717) 314 64,937
    Net finance income (expenses) (25,480) (25,480)
    Results in equity-accounted investments 151 1,343 60 (34) 1,520
Net Income (loss) before income taxes 63,212 7,589 93 (30,231) 314 40,977
    Income taxes (21,440) (2,124) (11) 13,929 (107) (9,753)
Net income (loss) of the period 41,772 5,465 82 (16,302) 207 31,224
Attributable to:            
Shareholders of Petrobras 41,778 5,465 20 (16,328) 207 31,142
Non-controlling interests (6) 62 26 82
  41,772 5,465 82 (16,302) 207 31,224

 

 

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 – Jan-Sep/2022

 

  Exploration and Production Refining, Transportation & Marketing

Gas

&

Power

Corporate and other business Eliminations Total
Sales revenues 311,999 439,940 57,792 2,058 (329,112) 482,677
     Intersegments 306,890 7,480 14,723 19 (329,112)
     Third parties 5,109 432,460 43,069 2,039 482,677
Cost of sales (119,389) (383,669) (40,798) (2,089) 320,731 (225,214)
Gross profit 192,610 56,271 16,994 (31) (8,381) 257,463
Expenses 9,983 (10,463) (11,702) (10,710) (60) (22,952)
    Selling (65) (6,703) (11,778) (47) (60) (18,653)
    General and administrative (163) (657) (247) (3,833) (4,900)
    Exploration costs (1,169) (1,169)
    Research and development (2,676) (31) (24) (414) (3,145)
    Other taxes (240) (76) (177) (762) (1,255)
    Impairment (642) (1,535) 4 (6) (2,179)
    Other income and expenses 14,938 (1,461) 520 (5,648) 8,349
Net income (loss) before financial results and income taxes 202,593 45,808 5,292 (10,741) (8,441) 234,511
    Net finance income (expenses) (20,747) (20,747)
    Results in equity-accounted investments 776 823 354 (20) 1,933
Net Income (loss) before income taxes 203,369 46,631 5,646 (31,508) (8,441) 215,697
    Income taxes (68,882) (15,575) (1,799) 13,192 2,870 (70,194)
Net income (loss) of the period 134,487 31,056 3,847 (18,316) (5,571) 145,503
Attributable to:            
Shareholders of Petrobras 134,504 31,056 3,483 (18,485) (5,571) 144,987
Non-controlling interests (17) 364 169 516
  134,487 31,056 3,847 (18,316) (5,571) 145,503

 

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

  Exploration and Production Refining, Transportation & Marketing

Gas

&

Power

Corporate and other business Eliminations Total
Sales revenues 211,864 284,257 44,061 1,929 (223,633) 318,478
     Intersegments 207,677 5,349 9,755 852 (223,633)
     Third parties 4,187 278,908 34,306 1,077 318,478
Cost of sales (91,286) (248,767) (29,957) (1,906) 214,028 (157,888)
Gross profit 120,578 35,490 14,104 23 (9,605) 160,590
Expenses 14,276 (10,334) (11,645) (8,103) (86) (15,892)
    Selling (4) (6,146) (10,410) (60) (86) (16,706)
    General and administrative (597) (574) (275) (3,184) (4,630)
    Exploration costs (2,897) (2,897)
    Research and development (1,631) (28) (101) (446) (2,206)
    Other taxes (616) (543) (530) (294) (1,983)
    Impairment 16,329 (69) (914) 7 15,353
    Other income and expenses 3,692 (2,974) 585 (4,126) (2,823)
Net income (loss) before financial results and income taxes 134,854 25,156 2,459 (8,080) (9,691) 144,698
    Net finance income (expenses) (45,452) (45,452)
    Results in equity-accounted investments 451 4,695 450 2,248 7,844
Net Income (loss) before income taxes 135,305 29,851 2,909 (51,284) (9,691) 107,090
    Income taxes (45,850) (8,553) (836) 20,395 3,295 (31,549)
Net income (loss) of the period 89,455 21,298 2,073 (30,889) (6,396) 75,541
Attributable to:            
Shareholders of Petrobras 89,473 21,298 1,752 (30,963) (6,396) 75,164
Non-controlling interests (18) 321 74 377
  89,455 21,298 2,073 (30,889) (6,396) 75,541

 

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

 

 

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)

 

 

  Exploration and Production Refining, Transportation & Marketing

Gas

&

Power

Corporate and other business Total
Jul-Sep/2022 13,435 3,029 667 12 17,143
Jul-Sep/2021 12,466 2,970 590 236 16,262
           
  Exploration and Production Refining, Transportation & Marketing

Gas

&

Power

Corporate and other business Total
Jan-Sep/2022 40,077 8,682 1,710 274 50,743
Jan-Sep/2021 35,639 8,737 1,743 701 46,820
9. Trade and other receivables
9.1. Trade and other receivables, net
  Consolidated
  09.30.2022 12.31.2021
Receivables from contracts with customers
Third parties 25,736 27,005
Related parties    
Investees (note 28.5) 479 2,152
Subtotal 26,215 29,157
Other trade receivables    
 Third parties    
Receivables from divestments (*) 5,114 14,951
Lease receivables 2,182 2,428
Other receivables 3,963 4,866
Related parties    
Petroleum and alcohol accounts – receivables from Brazilian Government 3,094 2,822
Subtotal 14,353 25,067
Total trade receivables 40,568 54,224
Expected credit losses (ECL) – Third parties (7,986) (7,971)
Expected credit losses (ECL) – Related parties (40) (112)
Total trade receivables, net 32,542 46,141
Current 22,026 35,538
Non-current 10,516 10,603

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

 

 

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 September 30, 2022 totaled R$2,348 (R$ 6,445 as of December 31, 2021).

 

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.

9.2. Aging of trade and other receivables – third parties
    Consolidated
  09.30.2022 12.31.2021
  Trade receivables Expected credit losses (ECL) Trade receivables Expected credit losses (ECL)
Current 27,701 (212) 39,392 (428)
Overdue:        
Until 3 months 687 (196) 1,214 (144)
3 – 6 months 224 (148) 221 (36)
6 – 12 months 208 (199) 286 (164)
More than 12 months 8,175 (7,231) 8,137 (7,199)
Total 36,995 (7,986) 49,250 (7,971)

 

9.3. Changes in provision for expected credit losses
  Consolidated
 

2022

Jan-Sep

2021

Jan-Sep

Opening balance 8,083 8,293
Additions 505 266
Reversals (334) (342)
Write-offs (103) (213)
Transfers from assets held for sale (42)
Cumulative translation adjustment (125) 178
Closing balance 8,026 8,140
Current 1,164 842
Non-current 6,862 7,298

 

 

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)

 

 

10. Inventories
  Consolidated
  09.30.2022 12.31.2021
Crude oil 20,599 17,012
Oil products 20,071 13,922
Intermediate products 3,489 2,967
Natural gas and LNG (*) 3,190 1,946
Biofuels 145 106
Fertilizers 8 43
Total products 47,502 35,996
Materials, supplies and others 5,323 4,490
Total 52,825 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 oil products and, they are recognized in the statement of income for the period as cost of sales. In the period from January to September 2022, there was a provision of R$34 (reversal of R$5 in the period from January to September 2021).

As of September 30, 2022, the company has a volume of oil and/or oil product inventories given as guarantee of the Term of Financial Commitments (TFC) related to the PPSP-R, PPSP R pre 70 and PPSP NR pre 70 Pension plans, signed in 2008 with Fundação Petrobras de Seguridade Social - Petros, in the estimated amount of R$5,573, already deducted from the equivalent volumes of the partial early settlement, carried out in February 2022, in compliance with the contractual condition of debt coverage with the TFCs.

 

11.       Taxes

11.1.       Income tax and social contribution

Current taxes

 

Income tax and social contribution

Consolidated
  Current assets Current liabilities Non-current liabilities
  09.30.2022 12.31.2021 09.30.2022 12.31.2021 09.30.2022 12.31.2021
Taxes in Brazil
Income taxes 939 745 6,385 3,803
Income taxes – Tax settlement programs 253 241 1,604 1,676
  939 745 6,638 4,044 1,604 1,676
Taxes abroad 21 166 1,930 45
Total 960 911 8,568 4,089 1,604 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
  Jul-Sep Jan-Sep Jul-Sep Jan-Sep
Net income before income taxes 66,639 215,697 40,977 107,090
Nominal income taxes computed based on Brazilian statutory corporate tax rates (34%) (22,657) (73,337) (13,933) (36,411)
Adjustments to arrive at the effective tax rate:        
Interest on capital 1,894 3,789 -
Different jurisdictional tax rates for companies abroad 1,053 3,096 659 305
Brazilian income taxes on income of companies incorporated outside Brazil (*) (511) (3,666) (785) (1,928)
Tax loss carryforwards (unrecognized tax losses) (46) (82) 542 424
Non-taxable income (non-deductible expenses), net (**) 128 447 100 1,391
Post-retirement benefit (399) (1,339) (1,779) (2,263)
Results of equity-accounted investments in Brazil and abroad 52 673 534 2,024
Non-incidence of income taxes on indexation (SELIC interest rate) of undue paid taxes 50 127 4,767 4,767
Others 33 98 142 142
Income tax expenses (20,403) (70,194) (9,753) (31,549)
Deferred income taxes (1,222) (11,493) (620) (21,247)
Current income taxes (19,181) (58,701) (9,133) (10,302)
Effective tax rate of income taxes 30.6% 32.5% 23.8% 29.5%
(*) 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.
(**) It includes provisions for legal proceedings and payment of an administrative contribution over the TFC Pre-70 for the administrative funding of the PPSP-R pre-70 and PPSP-NE pre-70 plans.

 

 

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)

 

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 09.30.2022 12.31.2021
Property, plant and equipment - Cost of prospecting and dismantling areas

 

Depreciation, Amortization and Write-off of Assets

(3,160) (7,601)
Property, plant and equipment - Impairment Amortization, Write-off of Assets and Impairment Reversal 24,620 24,455
Property, plant and equipment – Depreciation, accelerated and linear x unit produced and capitalized charges Depreciation, Amortization and Write-off of Assets (85,023) (72,123)
Loans, accounts receivable / payable and financing Payments, Receipts and Consideration 10,322 19,475
Leases Appropriation of consideration 3,771 6,942
Provision for lawsuits Payment and reversal of the provision 3,914 3,378
Tax losses Compensation of 30% of taxable income 3,499 10,193
Inventories Sale, Write-Off and Loss 1,444 1,271
Employee benefits, mainly pension plan Payment and reversal of the provision 6,885 6,976
Others   929 3,548
Total           (32.799) (3.486)
Deferred income taxes – assets   2,673 3,371
Deferred income taxes – liabilities (*)   (35,472) (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.
                 

 

The table below shows the movement in the periods:

  Consolidated
  2022 2021
  Jan-Sep Jan-Sep
Opening balance (3,486) 32,509
Recognized in income of the period (11,493) (21,247)
Recognized in shareholders’ equity (12,082) (4,400)
Cummulative Translation Adjustment (33) 11
Use of tax credits (5,722) (2,821)
Others 17 (45)
Final balance (32,799) 4,007
 
11.2. Taxes

Consolidated

Other taxes Current assets Non-current assets Current liabilities Non-current liabilities (*)
  09.30.2022 12.31.2021 09.30.2022 12.31.2021 09.30.2022 12.31.2021 09.30.2022 12.31.2021
Taxes in Brazil:  
Current / Deferred VAT Rate (VAT) 5,003 3,712 2,174 2,114 2,297 5,554
Current / Deferred PIS and COFINS (**) 1,270 2,330 12,815 11,329 204 2,786 410 251
PIS and COFINS - Law 9,718/98 3,398 3,313
CIDE 5 31 13 235
Production taxes/Royalties   11,794 11,984 368 117
Withholding income taxes 330 481
Tax settlement programs 129 374 36 36
Others 201 272 1,422 1,393 615 781 421 392
Total in Brazil 6,479 6,345 19,809 18,149 15,382 22,195 1,235 796
Taxes abroad 324 255 62 48 113 130
Total 6,803 6,600 19,871 18,197 15,495 22,325 1,235 796
(*) Other non-current liabilities are classified as other liabilities.
(**) As of September 30, 2022, includes R$289 (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 September 30, 2022, the amount monetarily restated is R$3,398 (R$3,313 as of December 31, 2021).

 

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)

 
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
  09.30.2022 12.31.2021
Liabilities    
Short-term employee benefits 7,895 7,197
Termination benefits 1,064 1,950
Post-retirement benefits 50,225 55,130
Total 59,184 64,277
Current 11,924 11,967
Non-current 47,260 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.

    Consolidated
      09.30.2022 12.31.2021
Variable compensation program – PPP     2,225 2,574
Accrued vacation and Christmas bonus     3,801 2,453
Salaries and related charges and other provisions     1,331 1,505
Profit sharing     538 665
Total     7,895 7,197
Current     7,749 7,178
Non-current (*)     146 19

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

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

  Consolidated
  2022 2021
  Jul-Sep Jan-Sep Jul-Sep Jan-Sep
Costs/Expenses in the statement of income        
Salaries, vacation, christmas bonus, charges over provisions and others (4,194) (11,558) (3,851) (10,912)
Variable compensation program (*) (805) (2,061) (791) (1,853)
Profit sharing (*) (201) (530) (182) (496)
Manager compensations and charges (28) (54) (18) (51)
Total (5,228) (14,203) (4,842) (13,312)
(*) In 2022, includes amounts for reversal of the provision referring to 2021 programs.

 

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 to start the program, 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 to start the program.

From January to September 2022, the company:

i. paid R$2,442 (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$2,088 (R$ 1,936 in the parent company) referring to the PPP 2022, recorded in other operating expenses.

 

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)

 

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 September 2022:

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

ii. provisioned R$ 533 (R$ 483 in the parent company) referring to the 2022 PLR, recorded in other operating expenses.

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 11,565 adhesions accumulated until September 30, 2022 (11,418 adhesions until December 31, 2021).

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

  Consolidated
 

Jan-Sep

2022

Jan-Sep

2021

Opening Balance