Petrobras Informs on Petros Plan Equalization

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(Petrobras, 22.Dec.2023) — Petrobras informs that its Board of Directors approved, at a meeting held today, the Deficit Equalization Plan for 2022 (PED-2022) of the Non-Renegotiated Petrobras System Petros Plan (PPSP-NR) and its submission for consideration by the Secretariat for Coordination and Governance of State-Owned Enterprises (SEST).

The PED-2022 provides for the settlement of the intermediate amount between the Accumulated Technical Deficit and the 2022 Adjusted Technical Deficit in the amount of R$1,557,157,178.80 on 31 Dec. 2022, an amount that best meets the plan’s solvency needs, according to studies prepared by the Petros Foundation. This amount, updated by the actuarial target until Aug. 2023, amounted to R$1,660,404,170.12.

The PPSP-NR is a defined benefit plan and, according to Petros, the main cause of the increase in the deficit to an equitable level in 2022 was the impact of the economic situation, especially on the Fixed Income segment, in addition to the sum of actuarial losses relating to components linked to the plan’s social security management.

According to Supplementary Laws 108/2001 and 109/2001, as well as Resolution nº 30/2018 of the National Council for Suplementary Pension (CNPC), the deficit must be equated equally among the sponsors (Petrobras, Vibra Energia, and Petros), the participants and the PPSP-NR pensioners. Therefore, Petrobras will be responsible for a total amount of R$ 774,272,207.79, positioned in Aug. 2023.

The obligation will be met by adding extraordinary monthly contributions to the current funding plan and the disbursements by the sponsors will decrease over the life of the plan, with an estimated average annual additional flow for the first 5 years of around R$60mn.

The PED-2022 must obtain a favorable opinion from SEST so that Petros can implement the collection of extraordinary contributions in Apr. 2024, which will be added to the normal and extraordinary contributions already in effect.

The actuarial position of the PPSP-NR plan was reflected in note 17.3 – Post-employment benefits in the financial statements as at 31.12.2022 and, additionally, the effects of the implementation of new extraordinary contributions by PED-2022 should be considered in the actuarial revaluation for the year 2023.

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