(Petrobras, 20.May.2015) – Petrobras has provisioned, in its 2014 Financial Statements, an allowance for impairment of trade receivables to cover uncollateralized receivables.
In the 1Q:15 financial statements, as disclosed in the note 7.4, the company reported the reversion of part of these allowances in the amount of approximately R$1.3 billion.
The inclusion of collaterals has made this reversion possible, which was formalized in 7.May.2015, due to the pledge of additional receivables the Fuel Consumption Account (Conta de Consumo de Combustível – CCC) has from the Brazilian Energy Development Account (Conta de Desenvolvimento Energético – CDE).
The signing of the pledge agreement formalized the conclusion of a negotiation process started on Mar.2015 and therefore, still in the first quarter and includes the recognition by the Brazilian Electric Energy Agency – ANEEL of new amounts to be included in the 2016 Annual Plan of the Fuel Consumption Account (CCC).
Pursuant to CPC 24 (related to the International Accounting Standards – IAS 10) – Subsequent Events – issued by the Accounting Standards Committee, the effects of the conclusion of this process were recognized in the 1Q:15 financial statements as they are considered a subsequent event with amending effects that occurred before the disclosure of the quarterly results with an effective inclusion of collaterals and consequent credit improvement.
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