Petrobras says it is impossible to determine the value of the accounting write-down.
The state-owned company said, in an email response to Bloomberg, that it is still impossible to calculate the value of the accounting write-down and that the figure of R$ 88,6 billion in corruption is incorrect; according to the company, the audited balance sheet should be released at the end of April; shares on the Bovespa stock exchange, which rose as much as 3% in trading on Wednesday, fell by 3%; around 11:55 am, Petrobras was trading with volatility, having erased its losses.
By Paula Barra
SÃO PAULO - Petrobras (PETR3; PETR4) said it is still impossible to calculate the value of the accounting write-down and that the R$ 88,6 billion figure for corruption is incorrect. The company is considering two methodologies to estimate the adjustment. According to the company, the audited financial statements should be released at the end of April. Market estimates indicated that the disclosure could occur at the end of March.
The company responded to Bloomberg via email. Following the announcement, the state-owned company's shares reversed course on the stock exchange, registering declines of 0,68% and 0,56% at 11:10 AM (Brasilia time), to R$ 8,77 and R$ 8,87 respectively, but between 10:30 AM and 11:00 AM the shares fell 3%. At their peak during the day, they had risen by 3%.
Yesterday, the new president of the state-owned company, Aldemir Bendine, said in an interview with Jornal Nacional, on TV Globo, that the R$ 88 billion figure cited by Petrobras in its third-quarter balance sheet is not indicative of the accounting write-downs the company will have to make. In its third-quarter balance sheet, released at the end of January, Petrobras stated that one-third of the company's assets underwent an evaluation, revealing an overvaluation of R$ 88,6 billion and an undervaluation of R$ 27,2 billion, which could indicate the need for an accounting write-down of R$ 61,4 billion.