Rio de Janeiro – March 21, 2016 – FOURTH QUARTER OF 2015 RESULTS – Audited by independent auditors, stated in millions of Reais, prepared in accordance with International Financial Reporting Standards – IFRS issued by the International Accounting Standards Board – IASB (a free translation of the original in Portuguese).
• Consolidated net loss was R$ 34,836 million in 2015 and R$ 36,938 million in the 4Q-2015, due to:
i) impairment of assets and investments, mainly generated by decreased crude oil prices and by higher discount rate, attributable to an increase in Brazil’s risk premium, resulting from a credit risk downgrade (losing its investment grade status (R$ 49,748 million); and
ii) interest expenses and foreign exchange loss (R$ 32,908 million).
• Operating loss decreased R$ 8,931 million in 2015 (R$ 21,322 million in 2014 and R$ 12,391 million in 2015).
• Adjusted EBITDA was R$ 73,859 million in 2015, 25% higher than in 2014, due to higher diesel and gasoline prices, lower production taxes and crude oil and oil products imports.
• Positive free cash flow of R$ 15,626 million in 2015, compared to negative free cash flow of R$ 19,554 million in 2014.
• Net debt was US$ 100,379 million as of December 31, 2015, a 5% decrease when compared to December 31, 2014.
• The average maturity of outstanding debt increased from 6.10 years as of December 31, 2014 to 7.14 years as of December 31, 2015.
• Capital expenditures and investments of R$ 76,315 million, 12% lower compared to 2014 (R$ 10,825 million).
Net income
R$ -34,8 billion
Production
2,797 Mbbl/d
Adjusted EBITDA
R$ 73,859 million
4th Quarter Results
4th Quarter Financial Statements
PBR 4th Q Financial Statements
Brazil Energy Insight 
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