EX-12.1 3 dex121.htm STATEMENT AS TO COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES OF PETROBRAS Statement as to Computation of Ratio of Earnings to Fixed Charges of Petrobras

EXHIBIT 12.1

 

PETROBRAS

STATEMENT AS TO COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     In Thousands of U.S. Dollars
     Six
Months
Ended
June 30,
2004
  
     Year Ended December 31,
    
     1999
     2000
     2001
     2002
     2003
    

Income (loss) before income taxes and minority interest

    946     7,803     4,792     3,232     8,774     3,903  

Add fixed charges as adjusted (from below)

    975     1,688     1,350     1,104     3,128     669  
    
 
 
 
 
 

Earnings

    1,921     9,491     6,142     4,336     11,902     4,573  
    
 
 
 
 
 

Fixed Charges:

                                     

Interest Expense:

                                     

Interest on Indebtedness

    925     1,128     851     763     1,335     771  

Dividends declared

    278     768     578     456     1,955        

Interest portion of rental expense

    22     15     36     13     14     3  

Amortization of debt costs

                8     11     9     5  

Fixed charges before adjustments

    1,225     1,911     1,473     1,243     3,312     779  
    
 
 
 
 
 

Less capitalized interest

    (250 )   (223 )   (123 )   (139 )   (184 )   (110 )
    
 
 
 
 
 

Fixed charges as adjusted

    975     1,688     1,350     1,104     3,128     669  
    
 
 
 
 
 

Ratio (earnings divided by fixed charges before adjustments)

    1.57     4.97     4.17     3.49     3.59     5.87