Petrobras on Pieces of News in the Media

Source: www.gulfoilandgas.com 6/21/2022, Location: South America

Petrobras, in relation to the video published in the media about the reserve for profit distribution, clarifies that the information that there is a reserve of R$ 200 billion for distribution of profits by the company is not true.

The amount of R$ 208.6 billion cited in Petrobras' Individual Financial Statements for the first quarter of 2022 (1Q22) as "Profit Reserves" includes several items, such as the Legal Reserve (R$ 25.5 billion) and the Tax Incentives Reserve (R$ 3.6 billion), used to offset tax losses or increase capital, if necessary; the Statutory Reserve (R$ 8.6 billion), used to fund research and technological development programs; and the Profit Retention Reserve (R$ 89 billion), aimed primarily at investing the investments foreseen in Petrobras' capital budget. The latter, as provided by law, can also be used to absorb losses, increase capital or distribute dividends.

Additionally, the "Profit Reserves" group includes the additional dividends proposed for the year 2021 (R$ 37.3 billion), which were approved by Petrobras' Annual Shareholders' Meeting (AGO) and paid on May 16, 2022; and the accumulated profits in the first quarter of 2022 (R$ 44.6 billion), the destination of which will be approved by Petrobras' 2023 AGO. It is important to reinforce that the Profit Reserve was constituted over the years in accordance with the Brazilian Corporate Law and the company's bylaws and does not represent an obligation for disbursement.

Petrobras emphasizes that its financial statements, filed at the CVM, are prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and also in accordance with the accounting practices adopted in Brazil by the Accounting Pronouncements Committee (CPC) that have been approved by the CVM. Additionally, these statements are subject to review by independent auditors.


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