petrobras distribuidora s.a. · change in ebitda 9m18 vs 9m17 (r$ mm) 1 inventory gain of r$ 169...

Petrobras Distribuidora S.A.

2018 Third Quarter Results—November 6, 2018

Disclaimer—

This presentation may contain forward-looking statements. These forecasts only reflect expectations of the Company'smanagers regarding future economic conditions, as well as the Company's performance, financial performance andresults, among others. The terms "anticipates", "believes", "expects", "predicts", "intends", "plans", "projects","objective", "should", and similar terms, which, of course, involve risks and uncertainties that may or may not beexpected by the Company and therefore are not guarantees of future results of the Company and therefore the futureresults of the Company's operations may differ from current expectations and the reader should not rely exclusively inthe information contained herein. The Company does not undertake to update the presentations and forecasts in thelight of new information or its future developments. The values reported for 2018 onwards are estimates or targets.The financial and operational information set out in this presentation is rounded off. The total amount is presented inthe tables and graphs could therefore differ from the direct numerical aggregation of the preceding numbers.

In addition, this presentation contains some financial indicators that are not recognized by BR GAAP or IFRS. Theseindicators do not have standardized meanings and may not be comparable to indicators with a similar description usedby other companies. We provide these indicators because we use them as measures of company performance; theyshould not be considered in isolation or as a substitute for other financial metrics that have been disclosed inaccordance with BR GAAP or IFRS.

!

3Q18 HIGHLIGHTS—

� Increase in the Net Income of 173.6% or R$ 684 MM, from R$ 394 MM in 3Q17 to R$ 1,078 MM:

� Signing of the Extraordinary Settlement Agreement (APR) with the Government of the State of Mato

Grosso on a tax liability of R$ 1.3 billion, which resulted in an increase of R$ 645 million in the Net

Income and reduction of the Cash R$ 372 MM;

� Receipt of Eletrobras of R$ 461.2 MM with effect on the Net Income of R$ 294.1 MM;

� Increase in Net Revenue in all segments in spite of lower volumes sold;

� Operating Cash Generation of R$ 222 MM, compared to a Cash Ratio of R $ 291 MM in 3Q17;

� Payment of interest on capital and dividends in the amount of R$ 1,034 MM.

Change in EBITDA 9M18 vs 9M17 (R$ MM)

—

1 Inventory gain of R$ 169 MM, due to increase in the PIS/COFINS rate on fuel in July/2017;2 Decrease in personnel expenses (R$ -54 MM) and nonthermal PDD (R$ -39 MM);3 Allocation of provisions related to the payment of performance bonuses in 2018;4 Effect on diesel inventory as a result of losses caused by the truck driver’s strike and adjustment in provisions.

2,184

2,015

1,912

2,149

-70

95237

PIS/CofinsReadjustment

20171

Gross Profit Adjusted

Tax

-169

ReadjustedEBITDA2017

Sales, General andAdministrative

2Other Net Expenses3

AdjustedEBITDA 2018

AdjustedEBITDA

2017

-17

-111

ReadjustedEBITDA 2018

Trucker’sstrikeEffect4

Source: Petrobras Distribuidora S.A.

1,056

887

631

727

-138 -5

96

1 2 3 4 5 6 7 8 9 10

Change in EBITDA 3Q18 vs 3Q17 (R$ MM)

—

PIS/COFINS Readjustment

2017 *

Adjusted Gross Profit

Tax

-169

EBITDA normalizado

2017

Sales, General and

Administrative**Other Net Expenses Adjusted

EBITDA 2018

AdjustedEBITDA

2017

-13

-100

1 Inventory gain of R$ 169 MM, due to increase in the PIS/COFINS rate on fuel in July/2017;2 Increase in nonthermal PDD (R$ 6 MM);3 Allocation of provisions related to the payment of performance bonuses in 2018;4 Adjustment of provisions and residual effect on the diesel inventory referring to the loss with the trucker drivers' strike.

ReadjustedEBITDA 2018

Trucker’sstrikeEffect

***


631 508

887

1,9122,015

96 220

-169

237 -169

3T18 2T18 3T17 9m18 9m17

727 728

1,056

5850

78

61 63

9 22

-15

8 -5

3T18 2T18 3T17 9m18 9m17

72

93

69 68

Consolidated EBITDA—

Adjusted Margin EBITDA (R$/m³)Adjusted EBITDA (R$ MM)

67

2,1842,149

Note: The numbers highlighted in red reflect the Adjusted EBITDA


3Q18 2Q18 3Q17 3Q18 2Q18 3Q17

10.966

10.061

11.311

3T18 2T18 3T17

1.519 1.316

1.804

4.352 4.561

3T18 2T18 3T17 9m18 9m17

26,45523,597 21,839

72.551

61.363

3T18 2T18 3T17 9m18 9m17

31.13632.147

9m18 9m17

+9.0%

-3.1%

+12.1%

+21.1%

-4.6%

+15.4%

-15.8%

3Q2018 Consolidated Figures—

Net Revenue (R$ MM)Sales Volume (MM m3)-3.1% +18.2%

140 142139R$/m³ 131 159

1.078

263394

1.588

620

3T18 2T18 3T17 9m18 9m17

Net Profit (R$ MM)

+309.9%+173.6%

+156.1%

3Q18 2Q18 3Q17

3Q18 2Q18 3Q17

3Q18 2Q18 3Q17

3Q18 2Q18 3Q17

Gross Profit (R$ MM)


751 705

1.100

2.348

2.712

3T18 2T18 3T17 9m18 9m17

14.946 14.240 12.995

42.829

36.908

3T18 2T18 3T17 9m18 9m17

5,741 5,493 5,883

3T18 2T18 3T17

16,676 17,049

9m18 9m17

+4.5%

-2.4%

-2.2%

+5.0%

+15.0%

+16.0%

+6.5%

-31.7%

-13.4%

Retail—

Gross Profit (R$ MM) Adjusted EBITDA (R$ MM)

Net Revenues (R$ MM)Sales Volumes (MM m3)

141 159131R$/m³ 128 187 53R$/m³ 58 123 70 96

303 319

597

1,161

1,505

43 100

-122

131

-127

3T18 2T18 3T17 9m18 9m17

346

1.292

419

724

1.632

3Q18 2Q18 3Q17 3Q18 2Q18 3Q17

3Q18 2Q18 3Q17 3Q18 2Q18 3Q17Source: Petrobras Distribuidora S.A.

5.2254.568

5.428

3T18 2T18 3T17

902 750 860

2,401 2,277

3T18 2T18 3T17 9m18 9m17

11,6409,493 8,997

30,110

24,873

3T18 2T18 3T17 9m18 9m17

14.460 15.098

9m18 9m17

Corporate Market—

-3.7%

+21.1%

-4.2%

+14.4%

5.45%

+22.6%

+29.4%

+20.3%

4.9%

173R$/m³ 164 158 166 151 99R$/m³ 75 88 87 69

515 344 433

1,252999 34

80 -42

106

-42

3T18 2T18 3T17 9m18 9m17

549424

1,358

475

1,041

3Q18 2Q18 3Q17

3Q18 2Q18 3Q17

3Q18 2Q18 3Q17

3Q18 2Q18 3Q17




2.958

2.366

3.149

3T18 2T18 3T17

Major Costumers Market—

410 287

507

1,020

1,272

3T18 2T18 3T17 9m18 9m17

7.8228.318

9m18 9m17

7,4786,000 6,176

19,191

16,431

3T18 2T18 3T17 9m18 9m17

-6.1%

+16.8%-6.0%

+25.0%

-19.8%

+24.6%

+21.1%

+42.9%

-19.1%

139R$/m³ 121 161 130 153 68R$/m³ 33 92 55 72

200

79

249

483

553

25

84

-42

106

-42

3T18 2T18 3T17 9m18 9m17

225

163

595

537

291

3Q18 2Q18 3Q17

3Q18 2Q18 3Q17

3Q18 2Q18 3Q17

3Q18 2Q18 3Q17




142 123

61

355

162

3 -1

3T18 2T18 3T17 9m18 9m17

257 245 173

708

505

3T18 2T18 3T17 9m18 9m17

Aviation Market—

2,6912,198

1,691

6,967

4,984

3T18 2T18 3T17 9m18 9m17

2,965 2,817

9m18 9m17

1,021 0,955 0,972

3T18 2T18 3T17

+6.9%+5.0%

+5.3%

+22.4%+59.1%

+39.8%

+4.9%+48.6%

+40.2%

252R$/m³ 257 178 239 179 139R$/m³ 129 63 120 58




3Q18 2Q18 3Q17

3Q18 2Q18 3Q17 3Q18 2Q18 3Q17

3Q18 2Q18 3Q17

122145

173 139 123

466

284

6 -3

3T18 2T18 3T17 9m18 9m17

3.6733.963

9m18 9m17

Special Markets(coke, chemicals, energy and asphalts)

—

235 218 180

673

500

3T18 2T18 3T17 9m18 9m17

1,4711,295

1,130

3,952

3,458

3T18 2T18 3T17 9m18 9m17

1.246 1,247 1.306

3T18 2T18 3T17

-0.1%

-4.6%

-7.3%

+13.6%

+30.2%

+14.3%

+7.8%

+30.6%

+34.6%

189R$/m³ 175 138 183 126 139R$/m³ 114 94 127 72




3Q18 2Q18 3Q17 3Q18 2Q18 3Q17

3Q18 2Q18 3Q17 3Q18 2Q18 3Q17

179142

Cash flows, indebtedness & leverage—

Debt average term & costYrs, % CDI

Cash flows, indebtedness & leverageR$ MM

108.67% 114.53% 115.26% 112.50% 110.30%

2.92.9

2.72.4

2.7

3Q17 4Q17 1Q18 2Q18 3Q18

Avg. cost of debt (%CDI) Avg. debt terms (yrs)


9M18 1H18 9M17

Operating cash flow 1,224 1,003 422

Investments cash flow -285 -170 -193

FREE CASH FLOW 939 833 229

3Q18 2Q18 3Q17

Gross Debt 5,869 4,699 4,852

Cash and cash equivalents 1,500 1,352 522

FIDC 137 127 465

Net Debt 4,232 3,220 3,865

EBITDA 2,795 3,220 3,004

Leverage (x) 1.5 1.0 1.3

Petrobras Distribuidora S.A.—

Ivan de SáChief Executive Officer and Interim Chief Financial and Investors Relation Officer

Fábio de LucenaInvestor Relations Manager

website: br.com.br/riE–mail: [email protected]: +55 21 2354-4015

petrobras distribuidora s.a. · change in ebitda 9m18 vs 9m17 (r$ mm) 1 inventory gain of r$ 169...

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