Final value of the write-off has not yet been set, but should be between R $ 20 billion and £ 40 billion (Vanderlei Almeida / AFP)
Petrobras may have to postpone, once again, the publication of the balance sheet of last year. Scheduled for April 30, the disclosure may delay because the methods used to determine the results are still under review by the US official responsible for market surveillance, the SEC (Securities and Exchange Commission). Technical SEC received the report two weeks ago and did not comment officially on the procedures. Sources close to Petrobras say, however, that there are signs that the methodology will be approved.
According to newspaper report O Estado de S. Paulo, the new calculation, however, does not take into account the damage corruption revealed by Operation Lava Jet, considering the individual analysis of each refinery. "We take into account the synergy between the refineries," says a source close to the company. According to the source, the final value of the write-off has not been defined, but it should be between 20 billion dollars and 40 billion dollars. To reach this number, Petrobras did not update the value of each refinery, target of the investigations Lava jet, but the set of them.
Thus, should lead to a write-off - reduction in the value of company assets - much smaller than the previous account, made in January by Deloitte Consulting and the BNP bank. According to the calculations of Deloitte, the assets of Petrobras were inflated in 88.6 billion reais - the result of several problems, the overpricing of works and the oil price fall, which causes devaluation of assets.
The method was submitted to the Securities Commission (CVM), responsible for monitoring the Brazilian market, which indicated what he thought necessary to contain the balance sheet. If the SEC gives the green light, the PricewaterhouseCoopers (PWC), which had refused to sign the balance after Lava Jet, must ratify the document.
But even if the SEC gives the 'ok' in the coming days may not be enough time to deliver the balance by April 30. Petrobras needs 10 days to call a meeting and another 30 for shareholders to manifest. The state is in a hurry because the debt security holders may request advance payment of the debt should the deadline not be met. The company negotiates with creditors over time.
(With Estadão Content)
