O que são impairments e o que eles dizem sobre os resultados da Petrobras
Com a divulgação dos resultados do primeiro trimestre de 2020, a Petrobras anunciou um prejuízo inédito de R$ 48,5 bilhões. Esse resultado negativo foi em grande medida fruto da baixa contábil de R$ 65,3 bilhões (ou US$ 13,4 bilhões), decorrente do reconhecimento de perdas da recuperabilidade econômica de seus ativos (os chamados impairments). O Ineep agora explica o que são impairments e o que eles representam na estratégia da Petrobras.
Ferramenta contábil utilizada pelas empresas do setor petrolífero para avaliar o grau de recuperação econômica dos seus ativos, o impairment mede a expectativa de geração de caixa ao longo do tempo levando em conta itens como a projeção futura do preço do barril de petróleo, mudanças na taxa de câmbio, revisões no volume de reservas de petróleo, entre outros. Dessa forma, a empresa consegue tanto estimar quais são as suas expectativas de lucro baseados no valor de seus ativos como também explicita ao mercado a necessidade (ou não) de vender seus ativos em caso de desvalorização.
No caso da Petrobras, a estatal alega que a redução drástica nas expectativas de recuperabilidade dos ativos está condicionada, dentre outras coisas, à mudança na previsão dos preços de longo prazo do barril do petróleo, de US$ 65 para US$ 50.
Segundo o diagnóstico da petroleira, a redução no valor do barril deverá seguir acompanhada por uma lenta recuperação da demanda internacional, também ocasionada por uma mudança de hábitos em economias desenvolvidas, no qual acredita-se que a procura por fontes de energia limpa possa criar, para os combustíveis fósseis, um patamar de demanda menor ao projetado nos últimos anos.
Tendo esse cenário em vista, a Petrobras justifica a depreciação dos seus ativos, sobretudo aqueles relacionados ao segmento de E&P (exploração e produção de petróleo), que dentre os R$ 65,3 bilhões anunciados, cerca de R$ 64,2 bilhões vieram exclusivamente desse setor.
Embora reversões de impairments tenham ocorrido em praticamente todos os balanços das majors do setor petrolífero no primeiro trimestre, chama a atenção o fato de que o volume realizado pela Petrobras foi muito superior ao de suas concorrentes. Entre as empresas analisadas pelo INEEP, nenhuma delas teve uma desvalorização de ativos próxima à da estatal brasileira, sobretudo quando comparado em proporção ao quadro geral de seus ativos não-correntes.
Tabela – Impairments de cinco petrolíferas selecionadas (1T2020)
Em primeiro lugar, conforme já salientou o INEEP em sua análise trimestral sobre os dados da Petrobras, os impairments serviram para ocultar o excelente desempenho operacional que a empresa apresentou no trimestre, que obteve lucro antes de juros, impostos, depreciação e amortização (Ebtida ajustado) contabilizado em R$ 37,5 bilhões, resultado 36% maior ao registrado no mesmo período do ano passado. Na mesma tendência veio a receita total de vendas, que encerrou o trimestre em R$ 75,5 bilhões, um aumento de 6,5% comparado a 2019. Ou seja, ainda que os impaiments não tenham efeito de caixa, eles foram o principal responsável pelo crescimento extraordinário das despesas operacionais no trimestre, que registrou um aumento de 569% em comparação ao mesmo período do ano anterior, saltando para R$ 75,6 bilhões no trimestre.
Dessa forma, o efeito virtualmente negativo proporcionado pela baixa contábil dos impairments ajuda a Petrobras a preservar o caixa da empresa nos próximos meses, tendo em vista que o lucro transformado em prejuízo reduz o pagamento de dividendos para acionistas, bem como diminui o pagamento de impostos.
Para além dos efeitos imediatos, porém, há de se considerar os impactos estratégicos desses impairments, uma vez que, com a depreciação dos ativos, a empresa justifica os programas de privatização e desinvestimentos, da mesma maneira em que torna justificáveis programas de demissão em massa e redução de salários.
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