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Operation lava jet and drop in oil prices
Petrobras recorded a loss of R $ 34.836 billion in 2015
IN 4TH QUARTER, STATE HAD TORT R $ 36.93 BILLION.
THIS IS THE LARGEST ANNUAL LOSS REGISTERED BY THE COMPANY.
"The company once again demonstrates its transparency in relation to the redemption of its credibility," said the president of Petrobras, Aldemir Bendine, commenting on the resultados.ACOMPANHE REAL-TIME A COLLECTIVE
annual results of Petrobras
R $ billion, adjusted for inflation
Fonte: Economatica
This is the first annual report of Aldemir Bendine management, which took over the presidency of the state in February 2015, replacing Grace Foster, amid the crisis detonated by wanton investigations of Operation Lava Jet, which last week completed two years.
Petrobras attributed the record loss to adjustment (impairment) of assets andinvestment, "mainly due to the decline in oil prices and an increase in discount rates, reflecting the increased risk Brazil for the loss of investment grade (R $ 49.748 billion)" and the "interest expense and foreign exchange loss (R $ 32908000000) ". still weighed a 5% drop in revenue and the fall in export prices of oil and oil products.
According to Mário Jorge da Silva, Executive Manager of Corporate Performance daPetrobras, most of the asset retirement in 2015 is associated with lower expectation of long-term oil prices.
Only in the last 3 months of last year, Petrobras reported a net loss of R $ 36.93
8 billion, after recording in the 3rd quarter loss of R $ 3.759 billion. In the 1st and 2nd quarters, the company reported earnings of R $ 5.33 billion and R $ 531 million, respectively.
Quarterly results of state
Amounts in R $ million
Fonte: Petrobras
In the 4th quarter of 2014, the oil company had recorded the highest timestral loss in its history, with loss of R $ 26.6 billion in balance sheet calculated the losses for corruption at $ 6.194 billion.
Debt recedes in Q4
In addition to the fall in international oil prices, the financial results of Petrobras has been pressured by high debt.
Compared to December 2014, net debt increased by 39% at the end of the 4th quarter, mainly due to the devaluation of 47% of the real against the dollar.
The net debt of Petrobras rose in 2015 and became the second most indebted oil company to publicly traded company in Latin America and the United States. At the end of 2014, net debt was R $ 282 billion to R $ 402.3 billion at the end of September.
At the end of December last year, however, net debt fell to R $ 391.9 billion, according to data released on Monday. Dollar, net debt fell 5% in one year to $ 100.379 billion, according to the state.
"Along with a negative accounting result, we had positive managerial result, the company after 8 years presented generating positive cash flow. Administrative expenses decreased, and we had decrease in our net debt," said Bendine.
Cuts and asset sales
To address the escalating debt, the government announced a plan to sell assets and decreased by 24.5% the investment plan for the period 2015-2019 to $ 98.4 billion.
Petrobras also announced a divestment plan that amounts to US $ 15.1 billion by 2016. In 2015, the amount raised through asset sales totaled $ 700 million. Among the ongoing negotiations, is the sale of onshore fields and share in Ppetrobras Argentina.
In January, the company announced a cut of at least 30% of the number of managerial roles in non-operational areas.
In 2015, the state reached an average oil production of 2.128 million bpd in the country, a new record. The cuts in the budget, however, led Petrobras to reduce its forecast production for 2016 of 2.185 million barrels per day to 2.145 million bpd. For 2020, the estimate has dropped from 2.8 million bpd to 2.7 million bpd.
Under and down actions
Preferred shares of Petrobras accumulated fall of 33% last year, and the common shares, 10.64%. In market value on the Bovespa, the company shrank R $ 26.1 billion to R $ 101.3 billion, according to Economatica.
In 2016, however, Petrobras papers the now strong rise in February and March, and accumulated until last Friday (18) up more than 21% in the year, bringing the market value of R $ 122 billion - still that well below the historical maximum recorded in May 2008, when the state was worth on the stock R $ 510.3 billion.
Losses on corruption
Petrobras is the center of investigations of Operation Lava Jato, the Federal Police. In April 2014, the company estimated at $ 6.194 billion losses of corruption and reduced the value of its assets at $ 44.3 billion.
Debt Evolution
Net debt in R $ billion
Petrobras
The damage caused by the irregularities discovered by Lava Jato, however, can reach R $ 42.8 billion, according to forensic report attached by the Federal Police (PF) in one of the Lava jet processes.
The state faces a series of processes in overseas due to losses worth billions of investigations into bribery and bribery involving the company. In February, a US judge cleared the way for investors to sue Petrobras group.
In late July, Petrobras was able to recover after determination of the Federal Court, US $ 139 million diverted by the state's former manager José Pedro Barusco Son and the supply former director Paulo Roberto Costa. Added up to R $ 157 million returned in May, the oil has recovered R $ 296 million.
Since the first of 25 stages already triggered by Lava Jato, have been recovered R $ 2.9 billion to the public coffers, according to the task force investigation.
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