Financial highlights in 2Q13:
• Operating revenues totaled US$ 11.3 billion, in line with 1Q13. The increase in sales
volumes was partially offset by lower prices.
• Income from existing operations, as measured by adjusted EBIT(a) (earnings before
interest and taxes), was US$ 3.6 billion, versus US$ 4.2 billion in 1Q13.
• Operating income margin of 32.7%, as measured by adjusted EBIT margin.
• Underlying earnings(g) were US$ 3.3 billion, equal to US$ 0.64 per share on a fully
diluted basis, against US$ 3.1 billion in 1Q13, net of the accounting effects of noncash
and/or non-recurring items.
• Cash generation, as measured by adjusted EBITDA(b) (earnings before interest, taxes,
depreciation and amortization) of US$ 5.0 billion in 2Q13, against US$ 5.2 billion in
the previous quarter.
• Capex – excluding acquisitions – in 2Q13 equal to US$ 3.6 billion, 9.8% and 16.1%
lower than 1Q13 and 2Q12, respectively. R&D expenditures were reduced by
US$113 million quarter-on-quarter and US$ 241 million year-on-year.
Investments in corporate social responsibility reached US$ 262 million, US$ 214
million of which was for environmental protection and conservation and US$ 48
million for social projects.
• The first tranche of the US$ 4.0 billion minimum dividend for 2013, US$ 2.25 billion,
was paid to shareholders on April 30, 2013.
• Maintenance of a strong balance sheet, with low debt leverage, measured by the
ratio of total debt to LTM adjusted EBITDA excluding non-recurring items, equal to
1.6x, long average maturity, at 9.9 years, and low average cost, 4.5% per year as of
June 30, 2013.
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