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    PRIO3   BRPRIOACNOR1

PETRO RIO S.A.

(PRIO3)
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Petro Rio S A : ITR

08/03/2021 | 06:16am EDT

Quarterly information - ITR

Petro Rio S.A.

June 30, 2021

with the Independent Auditors' Report on the Review of the Quarterly Information

| 1 |

Contents

Independent auditor's review report on quarterly information .......................................................................

3

Balance sheet........................................................................................................................................................................................

5

Balance sheet........................................................................................................................................................................................

6

Statements of income .....................................................................................................................................................................

7

Statements of income ....................................................................................................................................................................

8

Statements of comprehensive income .............................................................................................................................

9

Statements of comprehensive income ...........................................................................................................................

10

Statements of changes in shareholders' equity ..........................................................................................................

11

Statements of cash flows ............................................................................................................................................................

12

Statements of added value........................................................................................................................................................

13

1.

Operations..............................................................................................................................................................................

14

2.

Basis of preparation and presentation of financial statements .....................................................

17

3.

Cash and cash equivalents.......................................................................................................................................

20

4.

Securities ...............................................................................................................................................................................

20

5.

Restricted cash ...................................................................................................................................................................

21

6.

Accounts receivable........................................................................................................................................................

21

7.

Recoverable taxes............................................................................................................................................................

22

8.

Advances to suppliers...................................................................................................................................................

23

9.

Non-current assets classified as held for sale (Consolidated) .........................................................

24

10.

Investments..........................................................................................................................................................................

25

11.

Property, plant and equipment (Consolidated) .......................................................................................

28

12.

Intangible assets (Consolidated)..........................................................................................................................

30

13.

Suppliers.................................................................................................................................................................................

33

14.

Taxes and social contributions payable ..........................................................................................................

33

15.

Loans and financing.......................................................................................................................................................

34

16.

Leases CPC 06 (R2) / IFRS 16.....................................................................................................................................

37

17.

Deferred income tax and social contribution............................................................................................

38

18.

Provision for abandonment (ARO) .....................................................................................................................

39

19.

Advances to/from partners in oil and gas operations............................................................................

41

20.

Impairment ...........................................................................................................................................................................

41

21.

Shareholders' equity ......................................................................................................................................................

42

22.

Related party transactions ........................................................................................................................................

44

23.

Net revenue .........................................................................................................................................................................

45

24.

Costs of products sold and services rendered ...........................................................................................

45

25.

Other operating income (expenses), net .......................................................................................................

46

26.

Financial income (loss).................................................................................................................................................

47

27.

Income tax and social contribution ...................................................................................................................

47

28.

Segment reporting (Consolidated) ....................................................................................................................

48

29.

Objectives and policies for financial risk management .....................................................................

48

30.

Insurance (Not reviewed by the independent auditors).....................................................................

52

31.

Contingencies.....................................................................................................................................................................

53

32.

Subsequent events ........................................................................................................................................................

55

32.1

Completion of the acquisition of interest in the Wahoo and Itaipu Fields..........................

55

32.2

Completion of the connection between the Polvo and Tubarão Martelo fields .............

55

| 2 |

Independent auditor's review report on quarterly information

The Shareholders, Board of Directors and Officers

Petro Rio S.A.

Rio de Janeiro - RJ

Introduction

We have reviewed the accompanying individual and consolidated interim financial information, contained in the Quarterly Information Form (ITR) of Petro Rio S.A. for the quarter ended June 30, 2021, comprising the statement of financial position as of June 30, 2021 and the related statements of profit or loss and of comprehensive income for the three- and six-month periods then ended, and the statements of changes in equity and of cash flows for the six month period then ended, including the explanatory notes.

Management is responsible for preparation of the individual and consolidated interim financial information in accordance with Accounting Pronouncement NBC TG 21 - Interim Financial Reporting, and IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), as well as for the fair presentation of this information in conformity with the rules issued by the Brazilian Securities and Exchange Commission (CVM) applicable to the preparation of the Quarterly Information Form (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of review

We conducted our review in accordance with Brazilian and international standards on review engagements (NBC TR 2410 and ISRE 2410 - Review of Interim Financial Information performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with auditing standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the individual and consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information included in the quarterly information referred to above are not prepared, in all material respects, in accordance with NBC TG 21 and IAS 34 applicable to the preparation of Quarterly Information Form (ITR), and presented consistently with the rules issued by the Brazilian Securities and Exchange Commission (CVM).

| 3 |

Other matters

Statements of value added

The abovementioned quarterly information includes the individual and consolidated statement of value added (SVA) for the six months period ended June 30, 2021, prepared under Company's Management responsibility and presented as supplementary information by IAS 34. These statements have been subject to review procedures performed together with the review of the quarterly information with the objective to conclude whether they are reconciled to the interim financial information and the accounting records, as applicable, and if its format and content are in accordance with the criteria set forth by NBC TG 09 - Statement of Value Added. Based on our review, nothing has come to our attention that causes us to believe that they were not prepared, in all material respects, consistently with the overall individual and consolidated interim financial information.

Rio de Janeiro, August 02, 2021.

ERNST & YOUNG

Auditores Independentes S.S.

CRC-2SP015199/O-6

| 4 |

Notes to the quarterly information

June 30, 2021

(In thousands of reais, unless otherwise indicated)

Balance sheet

June 30, 2021 and December 31, 2020 (In thousands of reais - R$)

Parent company

Consolidated

Note

06/30/2021

12/31/2020

06/30/2021

12/31/2020

Assets

Current assets

Cash and cash equivalents

3

25,573

27,480

3,381,619

809,273

Securities

4

-

-

1,135,096

22,793

Restricted cash

5

-

-

16,611

49,996

Accounts receivable

6

-

-

329,548

386,165

Oil inventories

24

-

-

368,739

186,160

Inventory of consumables

-

-

13,699

8,506

Financial instruments

29

-

-

19,831

14,926

Recoverable taxes

7

3,439

2,648

84,757

124,321

Advances to suppliers

8

2

16

66,160

58,245

Advances to partners

19

-

-

14,011

86,997

Prepaid expenses

451

340

15,940

25,594

Other receivables

-

-

1,094

-

29,465

30,484

5,447,105

1,772,976

Non-current assets classified as held

9

-

-

70,110

68,439

for sale

29,465

30,484

5,517,215

1,841,415

Non-current assets

Advances to suppliers

8

-

-

12,596

12,596

Deposits and pledges

4,392

5,347

15,224

20,317

Recoverable taxes

7

-

-

9,749

32,848

Deferred taxes

17

11,392

14,181

178,023

199,942

Related parties

22

11,851

8,627

-

-

Right-of-Use (Lease CPC 06.R2/IFRS 16)

16

-

-

311,153

369,836

Investments

10

5,576,494

3,642,162

-

-

Property, plant and equipment

11

1,242

1,486

3,444,525

3,359,013

Intangible assets

12

-

-

1,016,015

956,866

5,605,371

3,671,803

4,987,285

4,951,418

Total assets

5,634,836

3,702,287

10,504,500

6,792,833

See the accompanying notes to the financial statements.

| 5 |

Disclaimer

Petro Rio SA published this content on 02 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2021 09:55:42 UTC.


ę Publicnow 2021
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Sales 2021 4 157 M 750 M 750 M
Net income 2021 1 072 M 193 M 193 M
Net cash 2021 1 525 M 275 M 275 M
P/E ratio 2021 15,9x
Yield 2021 0,36%
Capitalization 23 012 M 4 108 M 4 152 M
EV / Sales 2021 5,17x
EV / Sales 2022 4,30x
Nbr of Employees 82
Free-Float 66,3%
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Mean consensus BUY
Number of Analysts 8
Last Close Price 27,42 BRL
Average target price 26,81 BRL
Spread / Average Target -2,22%
EPS Revisions
Managers and Directors
Roberto Bernardes Monteiro Chief Executive Officer, Director & IR Director
Milton Salgado Rangel Neto Chief Financial Officer
Emiliano Fernandes Lourenšo Gomes Co-Chairman & Legal Director
Nelson de Queiroz Sequeiros Tanure Co-Chairman
Francisco Francilmar Fernandes Chief Operations Officer
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