Petrobras’ loss is the biggest of a public company, says Economatica

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(Petrobras Disclosure)

A survey by Economatica points out that the loss of R $ 48.5 billion presented by Petrobras (PETR3; PETR4) in its balance sheet for the first quarter of this year was the largest ever recorded in the Real Plan by a public company, both in nominal values ​​and adjusted for inflation. So far, results for this quarter from three other companies also make up the 20 largest nominal losses in the historical series, in the consultancy’s assessment: Suzano (SUZB3), R $ 13.4 billion; Blue (BLUE4), R $ 6.15 billion; and JBS JBSS3, R $ 5.93 billion.

Petrobras’ result was the result of a decrease of R $ 65.3 billion in the value of the company’s assets, mainly due to the drop in Brent oil prices and new exchange rates.

Before, the state company considered that the average price of a barrel of this type of oil, which is the benchmark used by the company, would be US $ 65 in the long run. Now, Petrobras assumes that the value will be US $ 50 per barrel. In its Strategic Planning, the oil company sees the barrel of the commodity traded at US $ 25 this year, and US $ 30 the next.

Previously, the oil company’s third quarter 2015 result occupied the position of greatest loss presented by a publicly traded company, when it fell by R $ 36.9 billion (R $ 43.9 billion, adjusted for inflation) at the height of last economic crisis, before the new coronavirus pandemic.

Debt

Petrobras’ gross debt reached R $ 463 billion in the first quarter of 2020, it is the third largest in the history of the company, the highest amount was recorded in the third quarter of 2015, with R $ 506 billion, in the Economatica survey. The total net debt between January and March this year was R $ 380 billion, which is also the third largest historically, surpassed only by the third quarter of 2015, with R $ 402 billion.

Cash in March 2020 was R $ 83.7 billion, the best record since the fourth quarter of 2015, when the company had cash of R $ 100.8 billion. Short-term debt in the quarter was R $ 30.8 billion, which is the highest amount recorded since the first quarter of 2016. Cash in March 2020 is 2.7 times higher than short-term debt.

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