Petroleo Brasileiro SA · BMFBOVESPA:PETR3
Petroleo Brasileiro SA — Petrobras - Petroleo Brasileiro — Shareholder Meeting (February 2017)
77 slides from Petroleo Brasileiro SA's shareholder meeting presentation, Feb 24, 2017
Slide 1: Extraordinary General Meeting Manual for Shareholders
Extraordinary General Meeting MANUAL FOR SHAREHOLDER’S March 27th, 2017
Slide 2: Index
Invitation 2 Notice of Meeting 3 Information to Vote by Power Attorney using Electronic Platform 5 Information to Vote by Distance Voting Form 7 Annex I – Distance Voting Form 10 Public Power of Attorney Request 14 Items to be discussed in the Extraordinary General Meeting (EGM): I. Election of 1 ti
Slide 3: Invitation
INVITATION Date: March 27, 2017 Time: 3 pm Address: Auditorium of the Company’s headquarter at Avenida República do Chile 65, 1st floor, in the city of Rio de Janeiro Extraordinary General Meeting Agenda items: I. Election of 1 member of the Fiscal Council appointed by the controlling shareholder; I
Slide 4: Extraordinary General Meeting Call Notice
EXTRAORDINARY GENERAL MEETING CALL NOTICE The Board of Directors of Petróleo Brasileiro S.A. – Petrobras convenes the shareholders of the Company to meet in Extraordinary General Meeting, on March 27, 2017, at 03:00 PM, in the auditorium of the Headquarters Building, at Avenida República do Chile 65
Slide 5: Call notice: attendance and voting instructions
of the Meeting, the Company informs it will be able to receive them, from 11:00 AM, at the location where the meeting will be held. The exercise of voting right in the case of stock lending shall fall upon of the borrower of the shares, except if the contract executed by the parties provides otherwi
Slide 6: User Guide to the Electronic Platform System
USER GUIDE TO THE ELETRONIC PLATFORM SYSTEM Step 1 – Request password for validation of the shareholder a) Access the address https://petrobras.infoinvest.com.br/assembleias/2017-03-27, click “Click here to request remittance of the password” and fill in the data of the form to receive the vote vali
Slide 7: Step 3 – Remote voting
Step 3 – Remote voting To vote remotely at the AGE [Extraordinary General Meeting], access https://petrobras.infoinvest.com.br/assembleias/2017-03-27 and click the “Click here to vote” option. It will be necessary to inform the CPF / CNPJ (punctuation is required), the fund identifier (informed by e
Slide 8: Distance Voting Ballot Form
DISTANCE VOTING BALLOT FORM The form must be completed if shareholders choose to exercise their right to use the distance voting remotely, per CVM Instruction no. 481/09. In this case, it is imperative to complete the file with the full name (or corporate name) of the shareholder and the Registratio
Slide 9: Ballot form receipt and validation
Petrobras has up to three days from ballot form receipt to inform shareholders that submitted documents are eligible for the vote to be considered valid, or to warn of the need for correction and resubmission of the ballot form or accompanying documents, stating their period of receipt within up to
Slide 10: Required documents for legal entities and funds
• last consolidated fund rules with CNPJ; • bylaws or social contract of its administrator or manager, as appropriate, in compliance with the fund’s voting policy and corporate documents proving the powers of representation; and • photo ID document of the legal proxy. Once the ballot form and corres
Slide 11: Distance Voting Ballot Form – 3/27/2017 EGM
DISTANCE VOTING BALLOT FORM -3/27/2017 EGM OF PETRÓLEO BRASILEIRO S.A.(PETROBRAS) 1. Shareholder name and e-mail: Name: E-mail: Confirm e-mail: 2. Shareholder CNPJ or CPF: 3. Instructions for completion This ballot form is to be completed in case shareholders choose to exercise their right to use th
Slide 12: Guidelines for sending the form
4. Guidelines for sending the form Shareholders who choose to exercise their right to use the distance voting may: (i) fill in and send this form directly to the Company; or (ii) relay completion instructions to suitable service providers, according to the following guidelines: 4.1 Exercise of dista
Slide 13: Direct submission to the Company
Shareholders who choose to exercise their right to vote use the distance voting may, alternatively, do it directly to the Company, for which end the following documents are to be remitted to Av. República do Chile, 65, 10º andar – sala 1002, Centro, CEP: 20031-912, Rio de Janeiro/RJ -Brasil, care of
Slide 14: Voting Manifestation
VOTING MANIFESTATION -Please mark your choice of vote with an “X”. 5. EXTRAORDINARY GENERAL MEETING [ON only] 5.1. Election of Fiscal Council member appointed by the controlling shareholder 5.1.1. [ON Only] Candidate appointed by the controlling shareholder: Mr. Adriano Pereira de Paula [ ] Approve
Slide 15: Public Request for Proxy
PUBLIC REQUEST FOR PROXY Rio de Janeiro, February 23, 2017, Petróleo Brasileiro S.A. – Petrobras invites its shareholders to attend the Extraordinary General Meeting to be held on March 27, 2017, at 3 PM, to deliberate on the agenda included in the Notice of Meeting. To facilitate and encourage the
Slide 16: Item I – Election of Fiscal Council Member
EXTRAORDINARY GENERAL MEETING PRESENTATION TO SHAREHOLDERS ITEM I ELECTION OF MEMBER OF THE FISCAL COUNCIL, APPOINTED BY THE CONTROLLING SHAREHOLDER Shareholders, The election of members of Fiscal Council and its respectively substitutes, pursuant of the Company’s Bylaws occurred at the General Shar
Slide 17: Annex I – Information on nominated Fiscal Council member
ANNEX I INFORMATION CONCERNING THE MEMBER NOMINATED BY THE CONTROLLING SHAREHOLDER TO THE FISCAL COUNCIL Name Indicated by the controlling shareholder Name TIF Birth Date Job Board Job Position to be taken Mandate Term Number of Consecutive Mandates Adriano Pereira de Paula 743.481.327-04 10/13/1963
Slide 18: Nominee independence profile
• His profile meets the independence criteria of the Brazilian Institute of Corporate Governance (IBGC), except for the item relating to the period as an adviser in an organization controlled by Petrobras, in the last three years. The nominee served as CITEPE’s Fiscal Counselor from 2014 to 2016. Th
Slide 19: Item II – Disposal of Petroquímica Suape and CITEPE
EXTRAORDINARY GENERAL MEETING PRESENTATION TO SHAREHOLDERS ITEM II Disposal to GRUPO PETROTEMEX, S.A. DE C.V. (“GRUPO PETROTEMEX”) and to DAK AMERICAS EXTERIOR, S.L. (“DAK”), subsidiaries of Alpek, S.A.B. de C.V. (“Alpek”), of 100% (one hundred percent) of the shares held by Petróleo Brasileiro S.A.
Slide 20: Strategic rationale and sale process
The sale of the entire interest of PETROBRAS in the Companies, therefore, is strategically in line with the Strategic Plan and PNG 2017-2021. On 04/30/2015, the Companies were included in the Divestments Portfolio pursuant to the Minutes of the Executive Office -DE 5.222, item 52, Topic No. 467, of
Slide 21: Conditions precedent and representations and warranties
precedent clause imposing, among others, the suspensive condition of subsequent approval by the competent corporate authorities of both parties , the approval of the transaction by the Administrative Council for Economic Defense [Conselho Administrativo de Defesa Econômica] (“CADE”) and the restruct
Slide 22: Indemnification obligations
previously (including) to the date of closing, even if its effects only materialize after such date, provided that they have not been disclosed by the seller to the buyers; (iv) any existing claim disclosed; (v) any act of corruption which directly affects the Companies committed by PETROBRAS, its a
Slide 23: Legal actions and Federal Court of Accounts (TCU)
Let it also be stressed that article 253 of Law No. 6.404/76 does not apply to this case, considering the current position of the Brazilian Securities and Exchange Commission -Comissão de Valores Mobiliários (“CVM”) on the subject, to the effect that such provision would only apply in the event of P
Slide 24: Crédit Agricole fairness opinion letter
To the Board of Directors of Petróleo Brasileiro S.A. November 181 h, 2016 Petróleo Brasileiro S.A. Av. Republica do Chile, 65 Rio de Janeiro 20031-912 Brazil Dear Sirs, We understand that Petróleo Brasileiro S.A. (“Petrobras”) is negotiating the sale of its subsidiaries Companhia Petroquimica de Pe
Slide 25: Fairness opinion assumptions
In connection with our review, we have not assumed any responsibility for independent verification of any of the foregoing information and have relied on its being complete and accurate in all material respects. We have assumed , with your consent , that in the course of obtaining necessary regulato
Slide 26: Crédit Agricole opinion conclusion
CREDIT AGRICOLE -CORPORATE & INVESTMENT BANK This letter is confidential and its content may not be disclosed to any person without our prior consent and it is not to be quoted or referred to, in whole or in part, nor shall this letter be used for any other purposes, without our prior written consen
Slide 27: Evercore fairness opinion letter
Privileged & Confidential G5 EvERCORE November 17,2016 Petróleo Brasileiro S.A Avenida Republica do Chile, 65-22nd Floor 20031-912 Rio de Janeiro-RJ-Brazil Dear Sirs, We understand that Petróleo Brasileiro S.A. (“Company” or “Petrobras”) received a binding offer dated August, 31 2016 (“Binding Offer
Slide 28: Evercore opinion: review scope
Privileged & Confidential G5 EvERCORE adjustment to December 31, 2015 audited financials carried out in our Valuation Memorandum reflected a condition precedent for Closing (as indicated in the Binding Offer and also in the draft versions of the SPA, that we were provided), which was that PQS’ outst
Slide 29: Evercore opinion: assumptions
Privileged & Confidential G5 EvERCORE performance of the Target. We express no v1ew as to any such financial projections or the assumptions on which they are based. We have assumed, that all governmental, regulatory or other consents, approvals or releases necessary for the consummation of the Trans
Slide 30: Evercore opinion signatures
Privileged & Confidential G5 EvERCORE Very truly yours, G5 Consultoria Assessoria Ltda (“GS EVERCORE”) By Corrado Varoli Co-Founder CEO By Marcio Santiago Senior Partner Page 4 of4
Slide 31: Valuation Memorandum of Petroquímica Suape and Citepe (PQS)
Valuation Memorandum of PetroquĺmicaSuape and Citepe (PQS) November 17, 2016
Slide 32: Disclaimer
Disclaimer G5 Consultoria e Assessoria Ltda. (“G5|Evercore”) has been engaged by Petróleo Brasileiro S.A. together with its affiliates (“Petrobras”) to prepare and deliver a Valuation Memorandum concerning the proposed sale of Companhia Petroquĺmica de Pernambuco (“PetroquĺmicaSuape”) and the Compan
Slide 33: Disclaimer
Disclaimer 11. This Valuation Memorandum (a) does not quantify or express any opinion on any positive or negative effects that may impact PQS, Petrobras or its Affiliates; (b) does not create any liability for G5|Evercore regarding the result of the Transaction; and (c) does not constitute, and shou
Slide 34: Table of Contents
Table of Contents Executive Summary I G5 Evercore Credentials II Industry Overview III Company Overview IV Discounted Cash Flow Analysis V Trading and Acquisition Comparables VI Appendix VII 4
Slide 35: Executive Summary
I Executive Summary
Slide 36: Proposed Transaction – Key Considerations
Executive Summary Proposed Transaction – Key Considerations • On August 31, 2016, Petrobras received a binding offer (“Offer”) to sell its 100% share stakes in Companhia Petroquĺmica de Pernambuco (“PetroquĺmicaSuape” or “Suape”) and in Companhia Integrada Têxtil de Pernambuco (“Citepe”), (“Transact
Slide 37: Proposed Transaction – Key Considerations (cont.)
Executive Summary Proposed Transaction – Key Considerations • This Valuation Memorandum also considered the Company as a stand-alone entity, i.e.: • It excluded any potential benefits, impacts, synergies or disynergies that PQS might have with the buyer, be them of an operating, financial, tax, envi
Slide 38: Valuation Methodologies
Executive Summary Valuation Methodologies • G5 Evercore prepared this Valuation Memorandum based on information provided by PQS and Petrobras, using the following methodologies to derive the Company’s equity value range: • Discounted Cash Flow (“DCF”) Analysis • Peer Group Trading Multiple (“Trading
Slide 39: Summary of Valuation Methodologies
Executive Summary Summary of Valuation Methodologies (as detailed in the previous and next slides) PQS Equity Value (US$ million) Considerations DCF-derived range EV/EBITDA 17E(1) Offer: $380 ($330/ton) Considering a range of: • WACC: 10.5% -11.5% (USD real terms) • Terminal Growth: 0.0% • Value ran
Slide 40: Methodology descriptions and considerations
Discounted Cash Flow (the only methodology that fully captures PQS’ value) M&A Comps Analysis (EV/EBITDA) Trading Comps Analysis (EV/EBITDA) Executive Summary Discounted cash flow analysis was considered to be the only methodology that fully captures PQS’ fundamental equity value, in light of the on
Slide 41: G5 Evercore Credentials
II G5 Evercore Credentials
Slide 42: G5 Evercore Credentials – Sell Side
PRIVATE AND CONFIDENTIAL MATERIAL G5 Evercore Credentials Sel Side Advised 2013 On itsale to Advised 2012 On the sale of its Brazilian operations to Advised 2012 On itsale to cid:234280313@01092009-1E5E BK Brasil S.A. Master Franqueado Burger King Corporation - Brasil Advised 2013 On itsale to Advis
Slide 43: G5 Evercore Credentials – Buy Side and Restructuring
PRIVATE AND CONFIDENTIAL MATERIAL G5 Evercore Credentials Advised 2015 Subsidiary of On the acquisition of Advised 2015 On the acquisition of a minority stake in Advised 2016 On its ~R$10 bilion debt restructuring Logo WPE Advised Advised On its ~R$4.1 bilion debt restructuring Advised On its ~R$150
Slide 44: Industry Overview
III Industry Overview
Slide 45: Overview of Polyester Production Chain
PRIVATE AND CONFIDENTIAL MATERIAL Industry Overview Overview of Polyester Production Chain Sources: Petrobras and IHS Energy Consulting. Terephthalic Acid (PTA) Raw material of textile polyester, PET and resins for several types of packaging, in adition to industrial fibers used in manufacturing tir
Slide 46: Global Polyester Industry
PRIVATE AND CONFIDENTIAL MATERIAL Industry Overview Global Polyester Industry Global Polyester Production Growth (mm ton) Overview .Global PTA production has witnesed strongrowth in the period folowing the 208 financial crisis with operating rates peaking above 90% levels. The global oversuply of PT
Slide 47: Global PET Capacity Landscape
PRIVATE AND CONFIDENTIAL MATERIAL Nan Ya, 405 Alpha PET, 432 PetroquimicaSuape, 450 Indorama, 1,019 DAK Americas, 1,971 M&G, 2,625 Other, 50 M&G, 193 CEPSA Quimica, 20 Novapet, 25 Equipolymers, 36 Lote Chemicals UK, 360 JBF RAK LC, 390 Indorama, 420 Other, 250 Polief, 210 Indorama, 230 Alko- Naphtha
Slide 48: Brazilian Polyester Industry
PRIVATE AND CONFIDENTIAL MATERIAL 442 465 458 483 606 632 663 783 466 501 515 492 500 498 600 742 182 209 219 241 222 221 247 283 2011A 2012A 2013A 2014A 2015E 2016E 2020E 2024E PTA PET DTY Industry Overview Brazilian Polyester Industry Brazilian Polyester Market Demand Growth (‘000 tpy) Overview .
Slide 49: Company Overview
IV Company Overview
Slide 50: Overview of PQS
PRIVATE AND CONFIDENTIAL MATERIAL Source: Petrobras (1): Suape R$1.0 bn and Citepe R$2.7 bn Overview of PQS Overview . Founded in 206 and originaly included in the Growth Aceleration Program (“PAC”), launched by Federal Government, PQS is South America’s only integrated (PTA - PET) polyester produce
Slide 51: PQS Operational Overview and Facilities
PRIVATE AND CONFIDENTIAL MATERIAL Overview of PQS Company Overview Operational Overview PetroquĺmicaSuape and Citepe Facilities . The PQS complex began operations in 201 with the start - up of the DTY unit . PTA operations began at the begining of 2013 , with PET line C and B starting up in mid 2014
Slide 52: Integration of PQS Operations
PRIVATE AND CONFIDENTIAL MATERIAL Company Overview Integration of PQS Operations 1 240kty Ethylene glycol (MEG) Paraxylene (PX) PTA 700 ktpy Polymer Line B & C FDY 20 kty POY2 190 kty Chips 30kty DTY 90kty PET 450kty Input from Supliers PQS Product Contingent on completion of Line A Imported Inputs
Slide 53: Combined Historical Financials
PRIVATE AND CONFIDENTIAL MATERIAL Company Overview Combined Historical Financials 1 Net Revenues (R$ m)1 Gros Profit (R$ m)1 EBITDA (Exc. Impairment)(1)(R$ mm) 8 525 857 1.005 2012A 2013A 2014A 2015A 44 78 243 633 2012A 2013A 2014A 2015A 8 525 857 1.005 44 78 243 633 52 603 1.100 1.638 2012A 2013A 2
Slide 54: Discounted Cash Flow Analysis
V Discounted Cash Flow Analysis
Slide 55: Summary Projections
V.a Summary Projections
Slide 56: Summary Projections for Suape – Macroeconomic Assumptions
PRIVATE AND CONFIDENTIAL MATERIAL Sumary Projections for Suape Macroeconomic Asumptions Source: Brazilian Central Bank as of December 31, 2015. GDP Growth Forecast (%) FX Rate Forecast (BRL/USD, average of year) . Forecast based on Brazilian Central Bank estimates as of December 31, 2015 . FX projec
Slide 57: Suape Projected PTA Volumes and Average Prices
PRIVATE AND CONFIDENTIAL MATERIAL 1.081 797 707 737 840 889 924 953 958 943 946 956 956 993 681 658 736 769 793 822 848 852 840 845 854 854 1.067 767 703 700 809 839 874 904 910 898 899 910 910 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2040 Domestic International Intercompany Sumar
Slide 58: Suape Net Revenues and EBITDA
PRIVATE AND CONFIDENTIAL MATERIAL Sumary Projections for Suape Net Revenues and EBITDA Projected Net Revenues (US$ milion) Projected EBITDA (US$ milion) . 2023 and 2024 impacted by transfering of tax benefit (Prodepe) from Citepe to Suape 57% Utilization 84% Utilization 96% Utilization Source: Petro
Slide 59: Citepe Projected PET Volumes and Average Prices
PRIVATE AND CONFIDENTIAL MATERIAL 958 1.018 1.185 1.263 1.304 1.341 1.351 1.351 1.34 1.349 1.349 903 1.011 1.163 1.219 1.254 1.290 1.306 1.306 1.298 1.305 1.305 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2040 Domestic International Sumary Projections for Citepe Projected PET Volumes and Avera
Slide 60: Citepe Projected DTY Volumes and Average Prices
PRIVATE AND CONFIDENTIAL MATERIAL 1.728 1.993 2.189 2.279 2.340 2.366 2.354 2.338 2.320 2.334 2.334 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2040 Sumary Projections for Citepe Projected DTY Volumes and Average Prices DTY Volume Projections (‘0 tons) Source: Petrobras DTY Average Prices (US$
Slide 61: Citepe Net Revenues and EBITDA (PET and DTY)
PRIVATE AND CONFIDENTIAL MATERIAL -65 -51 -31 -2 23 42 48 52 55 31 25 28 28 (63%) (26%) (12%) (1%) 6% 9% 9% 9% 10% 5% 4% 5% 5% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2040 Sumary Projections for Citepe Net Revenues and EBITDA (PET and DTY) Projected Net Revenues (US$ milion) Proj
Slide 62: Discounted Cash Flow
V.b Discounted Cash Flow
Slide 63: Discounted Cash Flow Analysis – Main Assumptions
PRIVATE AND CONFIDENTIAL MATERIAL . Slight improvement in technical indexes of chemical inputs acros al thre product groups (PTA, PET, DTY) . Aproximately 50% market share in PET in Brazil by thend of 2018, in conformity with the identifiable strategicomercial oportunities asociated to thexpiry of s
Slide 64: DCF Main Assumptions – Tax Benefits, Sales and Pricing
PRIVATE AND CONFIDENTIAL MATERIAL Repequim . Company pays reduced PIS/ Cofins rates aplicable to acquisition of Paraxylene (PX) (1% until 2015 end, 3% in 2016, 5% in 2017 and 5.6% from 2018 on) and receives a tax credit of 9.25% . Company can compensate its credits receiving cash or other tax deduct
Slide 65: Unlevered Free Cash Flow – Suape
PRIVATE AND CONFIDENTIAL MATERIAL Unlevered Free Cash Flow 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2030E 2035E 2040E T. Value (All in US$mm, except where noted) Revenues US$mm 291 322 459 492 540 568 577 599 610 618 618 618 618 618 % Growth % (71.0%) 10.4% 42.7% 7.3% 9.7% 5.1% 1.
Slide 66: Unlevered Free Cash Flow – Citepe
PRIVATE AND CONFIDENTIAL MATERIAL Unlevered Free Cash Flow 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2030E 2035E 2040E T. Value (All in US$mm, except where noted) Revenues US$mm 263 314 401 472 526 557 572 583 596 601 601 601 601 601 % Growth % 19.5% 27.6% 17.7% 11.5% 5.9% 2.7% 1.8
Slide 67: Analysis of EV/EBITDA Multiple
PRIVATE AND CONFIDENTIAL MATERIAL Discounted Cash Flow Analysis Analysis of EV/EBITDA Multiple Build up analysis for the EBITDA considered in the EV/EBITDA Multiple Analysis US$m 5.3x EV/EBITDA 2017E WACC 11.03% (1)EBITDA 2020 discounted by the WAC rate (3 years period) (1) Enterprise Value US$mm Su
Slide 68: Trading and Acquisition Comparables
VI Trading and Acquisition Comparables
Slide 69: Peer Group Trading Multiple Analysis
PRIVATE AND CONFIDENTIAL MATERIAL Per Group Trading Multiple Analysis (1) Source: Capital IQ, Company Filings Note: (1) Although we indentified above the main listed chemical companies in the world, we considered only the PTA, PET and polyester enterprises as relevant Trading Comparables , since the
Slide 70: Peer Group Acquisition Multiple Analysis
PRIVATE AND CONFIDENTIAL MATERIAL Per Group Acquisition Multiple Analysis Sources: Capital IQ, Company Filings Acquiror Country Description Seller 2015 Indorama United States 1mtpy PET Facility located in Decatur, Alabama BP 460 6.0x 460 2014 Indorama Thailand 105ktpy PTA facility Bangkok Polyester
Slide 71: Appendix
VII Appendix
Slide 72: Appendix – WACC
PRIVATE AND CONFIDENTIAL MATERIAL Long Term Inflation (2.2%) 5 Apendix – WAC WAC (US$ nominal) 13.47% Cost of Equity US$ (Ke) 13.93% Cost of Debt US$ (Kd) 9.32% Target Capital Structure 10% Debt / 90% Equity8 Risk Fre Rate¹ 2.20% Market Premium² 7.0% Country Risk 4.84% 6 Relevered Beta³ 0.98x Unleve
Slide 73: Appendix – Financing Cost
PRIVATE AND CONFIDENTIAL MATERIAL Moody’s S&P Fitch Aaa AAA AAA Aa1 AA+ AA+ Aa2 AA AA Aa3 AA- AAA1 A+ A+ A2 A A A3 A- ABaa1 BBB+ BBB+ Baa2 BBB BBB Baa3 BBB- BBBBa1 BB+ BB+ Ba2 BB BB Ba3 BB- BBB1 B+ B+ B2 B B B3 B- B Caa1 CCC+ CCC Investment Grade Speculative Grade Apendix – Financing Cost 3,2% 3,0%
Slide 74: Petroquímica Suape Historical Financial Highlights – Balance Sheet
PRIVATE AND CONFIDENTIAL MATERIAL Apendix Petroquimica Suape Historical Financial Highlights – Balance Shet Source: Financial Statements as audited by PwC. (1) Impairment in 2014: R$67 m and 2015: R$412 mm 2013 2014 2015 2013 2014 2015 Assets Liabilities Current Assets Current Liabilities Cash and E
Slide 75: Petroquímica Suape Historical Financial Highlights – Income Statement
PRIVATE AND CONFIDENTIAL MATERIAL Apendix Petroquimica Suape Historical Financial Highlights – Income Statement Source: Financial Statements as audited by PwC Income Statement 2013 2014 2015 (All in R$ mm, except where mentioned) Net Revenues 525 857 1,005 Growth (%) 63.1% 17.4% Cost of Goods Sold (
Slide 76: Citepe Historical Financial Highlights – Balance Sheet
PRIVATE AND CONFIDENTIAL MATERIAL 31/12/2013 31/12/2014 31/12/2015 31/12/2013 31/12/2014 31/12/2015 Current Assets Current Liabilities Cash and Equivalents 241.3 0.2 69.7 Suppliers 52.4 40.5 130.8 Accounts Receivable 25.8 47.5 123.9 Short - Term Debt 136.0 393.1 217.7 Recoverable Taxes 24.1 49.105 1
Slide 77: Citepe Historical Financial Highlights – Income Statement
PRIVATE AND CONFIDENTIAL MATERIAL Income Statement 2013 2014 2015 (All in R$ mm, except where mentioned) Net Revenues 78 243 633 Growth (%) 212.3% 160.5% Cost of Goods Sold (84) (240) (674) Gross Profit/(Loss) (6) 3 (41) Gross Margin (%) (8.2%) 1.1% (6.5%) OPEX (146) (228) (208) Impairment - (2,359)
Petrobras - Petroleo Brasileiro — Shareholder Meeting (February 2017) on 6ix