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 |