Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES
PIFCo
The following table contains the consolidated ratios of earnings to fixed charges of PIFCo for the periods indicated determined in accordance to US GAAP:
| Year Ended December 31, | Six Months Ended | ||||
| 2001 | 2002 | 2003 | 2004 | 2005 | |
Ratio of earnings to fixed charges(1) | 0.89 | 0.77 | 0.99 | 0.91 | 0.97 | 0.98 |
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(1) | Earnings were inadequate to cover fixed charges by U.S.$20.3 million in the year ended December 31, 2001, U.S.$65.5 million in the year ended December 31, 2002, U.S.$3.0 million in the year ended December 31, 2003, U.S.$59.1 million in the year ended December 31, 2004, U.S.$27.8 million in the year ended December 31, 2005 and U.S.$9.1 million in the six-month period ended June 30, 2006. |
Petrobras
The following table contains the consolidated ratios of earnings to fixed charges of Petrobras for the periods indicated determined in accordance to US GAAP:
| Year Ended December 31, | Six Months Ended, | ||||
| 2001 | 2002 | 2003 | 2004 | 2005 | |
Ratio of earnings to fixed charges | 4.17 | 3.49 | 3.59 | 3.56 | 4.0 | 12.31 |
PIFCO
Ratio of earnings to fixed charges - US GAAP
| For the six-month period ended June 30, |
For the year ended December 31, | ||||
| 2006 | 2005 | 2004 | 2003 | 2002 | 2001 |
| (In Thousands of U.S. Dollars) | |||||
Income (loss) before income taxes and minority interest | (9,063) | (27,756) | (59,103) | (3,011) | (65,462) | (20,331) |
Add fixed charges as adjusted (from below) | 566,190 | 975,802 | 667,208 | 468,782 | 298,737 | 187,020 |
Earnings | 557,127 | 948,046 | 608,105 | 465,771 | 233,275 | 166,689 |
Fixed charges: |
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Interest expense: |
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Interest on Indebtedness | 553,950 | 956,704 | 656,036 | 460,151 | 287,856 | 178,979 |
Dividends declared |
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| 2,423 |
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Amortization of debt costs | 12,240 | 19,098 | 11,172 | 8,631 | 10,881 | 8,041 |
Interest portion of rental expense |
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Fixed charges before adjustments | 566,190 | 975,802 | 667,208 | 468,782 | 301,160 | 187,020 |
Less capitalized interest | – | – | – | – | 2,423 | – |
Fixed charges as adjusted | 566,190 | 975,802 | 667,208 | 468,782 | 298,737 | 187,020 |
Ratio (earnings divided by fixed charges before adjustments) | 0.98 | 0.97 | 0.91 | 0.99 | 0.77 | 0.89 |
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PETROBRAS CONSOLIDATED
Ratio of earnings to fixed charges - U.S. GAAP
| For the six-month |
For The Year Ended December 31 | |||||
| 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | |
| (In millions of U.S. dollars) | ||||||
Income (loss) before income taxes and minority interest | 10,335 | 14,592 | 8,935 | 8,774 | 3,232 | 4,792 | |
Add “fixed charges as adjusted” (from below) | 414 | 4,042 | 3,123 | 3,128 | 1,104 | 1,350 | |
Earnings | 10,748 | 18,633 | 12,058 | 11,902 | 4,336 | 6,142 | |
Fixed charges: |
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Interest expense |
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Interest on Indebtedness | 813 | 1,554 | 1,415 | 1,335 | 763 | 851 | |
Dividends declared | 45 | 3,068 | 1,946 | 1,955 | 456 | 578 | |
Amortization of debt costs | 12 | 19 | 11 | 9 | 11 | 8 | |
Interest portion of rental expense | 3 | 11 | 18 | 14 | 13 | 36 | |
Fixed charges before adjustments | 873 | 4,653 | 3,390 | 3,312 | 1,243 | 1,473 | |
Less “capitalized interest” | (460) | (612) | (267) | (184) | (139) | (123) | |
Fixed charges as adjusted | 414 | 4,042 | 3,123 | 3,128 | 1,104 | 1,350 | |
Ratio (“earnings” divided by “fixed charges before adjustments”) | 12.31 | 4.00 | 3.56 | 3.59 | 3.49 | 4.17 | |
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