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Petrobras approves corporate restructuring in Petrobras Distribuidora

08/25/2017 | 18h32
Petrobras approves corporate restructuring in Petrobras Distribuidora
Petrobras Agency Petrobras Agency

Petrobras informs that its Board of Directors approved the corporate restructuring of its full subsidiary, Petrobras Distribuidora S.A. (BR), which implies the execution of the following operations:


1. Capital Contribution of Petrobras in BR, for the value of approximately R$ 6.3 billion;


2. Partial split-off of BR, which consists in the separation of the receivables held by BR resulting from debt acknowledgement agreement with the Eletrobras System that have been collateralized by payables from the Brazilian Energy Development Account (Conta de Desenvolvimento Energético CDE) and the receivables held by BR with other societies of the Petrobras System. The splited part will be incorporated in Downstream Participações Ltda. (“Downstream”), a subsidiary of which social capital belongs fully to Petrobras;


3. Incorporation of Downstream in Petrobras.


The resource generated by the operation of capital contribution will be fully used for the pre-payment of debts, contracted previously by BR and secured by Petrobras.


Since it is a restructuring between societies that the total social capital belongs to Petrobras, the operations will be performed considering the companies book value based on the assessment report, not impacting their results. The operation also does not generate a relevant impact in the Shareholders’ equity of Petrobras and BR.


The information about the receivables of the electric sector are available in the financial statements consolidated (ITR) of the 2nd quarter of 2017 of Petrobras, as per the explanatory note 7.4. “Trade receivables – electricity sector (isolated electricity system in the northern region of Brazil)" and in the financial statements of the fiscal year of 2016 of BR, as per the explanatory note 7.2 Composition - Electric Sector (7.2 “Composição – Setor elétrico (Sistema isolado)”).


This operation is still subject to the approval of the Shareholders General Meeting of BR and by the Meeting of the Partners of Downstream, as well as the declaration of the Coordination and Governance Department of the State-Owned companies - SEST, in the terms of the Decree No. 9.035/2017. The incorporation of Downstream will still be subject to deliberation by the competent corporate entities.

Font: Petrobras Agency
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