MIRA
INFORM REPORT
|
Report Date : |
09.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PETROBRAS ENERGIA S.A. |
|
|
|
|
Registered Office : |
Maipu 1, Piso 22 (C1084ABA), Buenos Aires City, |
|
|
|
|
Country : |
Argentine Republic |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
1946 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Petroleum Company |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
Registered Name
PETROBRAS ENERGIA
S.A.
CUIT: 30-50407707-8
Summary
BEGINNER OF ACTIVITIES. INCORPORATED IN 1946. BALANCE SHEET AS OF
31/12/2007: BALANCED ECONOMIC POSITION WITH GOOD MARGIN OF PROFIT. APT
FOR CREDIT OPERATIONS.
Operations
PETROLEUM COMPANY
Legal Structure
Business type: Limited Company
Incorporated: 18/06/1947
Registered: 17/11/1947
Register #: 5020
Duration: Until 18/06/2046
End of fiscal year: December
31st
Contact
Legal address and main administration:
Maipu 1, Piso 22 (C1084ABA), Buenos Aires City, Argentine Republic.
Phone: 54-11-4344-6000
Fax: 54-11-4344-6598
Website: www.petrobras.com.ar
Partners
Board of Directors assigned by Assembly of
31/03/2007:
President: ODDONE DA COSTA DECIO FABRICIO
Vicepresident: LIMA DE OLIVEIRA DANIEL
Director: GARCEZ GHIRARDI ANDRE
Director: DAL SILVA GUEDES SOLANGE
Director: DA COSTA FRAGA CARLOS TADEU
Director: VELOSA DA FONSECA VENINA
Director: GRANJA AFFONSO SYDNEY
Director: DE MEIRA FONTES CARLOS ALBERTO
Director: PEREIRA DE OLIVEIRA CARLOS ALBERTO
Director: SAS LUIS MIGUEL
Director: REICHEMBACK DA SILVA VILSON
Director: FONTES NUNES CLAUDIO
Director: ALVES DA FONSECA RUI ANTONIO
Director: MONTI ROBERTO LUIS
Director: FORTUNATI ROBERTO ALEJANDRO
ALTERNATE Director:
CORDEIRO CHAGAS DE OLIVEIRA HEITOR
ALTERNATE Director:
PEREZ VAN MORLEGAN MARIA JOSE
Social signature use: In charge of the President and/or Vice-president,
indistinctly and in their absence, power of attorney.
Corporate Stock
It operates with a corporate stock of 1.010 millions of Pesos, which are
totally subscribed and paid in, belonging mainly to PETROBRAS PARTICIPACOES
SL., with headquarters in Brazil.
History
The origin of these businesses is of the XIX
Century, when the Engineer Domingo Companc enabled rural and industrial
establishments in the Argentine Patagonia, forcing at the same time the
railroad development.
When he passed away, his sons Jorge and Carlos Perez Companc become followers
of activities, incorporating in 1947 to COMPAÑIA NAVIERA PEREZ COMPANC S.A.,
increasing the naval activity development, after the effects of the Second
World War.
Since then, it starts a quick growth and the formation of the economic group:
PECOM, through the subsidiary companies that intruded in the areas of
petroleum, afforestation, agricultural exploitations, and after the 60's
decade, in the engineering sectors, manufacturer industries, gas, nuclear
energy, petrochemistries, communications, etc.
In that period, the original CIA. NAVIERA
PEREZ COMPANC S.A., becomes PECOM ENERGIA S.A.
On October 17th of 2002 PETROBRAS PARTICIPACOES SL., acquired from the Family
Perez Companc and Fundacion Perez Companc, the 58,62% of the shareholdings of
PEREZ COMPANC S.A., parent company of PECOM ENERGIA S.A.
On April 4th of 2003, it changed the name
PEREZ COMPANC S.A., to PETROBRAS ENERGIA PARTICIPACOES S.A., and the one of
PECOM ENERGIA S.A., to PETROBRAS ENERGIA S.A.
Economic-Financial
Position
As usual, the company's responsible ones
absolutely denied to supply financial information.
Nevertheless and after investigating in other sources, it was possible to take
contact with figures of the Balance Sheet ended as of 31/12/2007, which are
expressed in millions of pesos:
LIABILITIES:
-------------------------
COMMERCIAL DEBTS
1.281
LOANS
1.043
Remun. AND IND. LABOR COSTS
106
FISCAL LOADS
50
OTHER LIABILITIES
161
------
TOTAL CURRENT LIABILITIES
2.641
------
LOANS
4.134
Remun. AND IND. LABOR COSTS
55
FISCAL LOADS
701
OTHER LIABILITIES
565
FORECAST
68
------
TOTAL NONCURRENT LIABILITIES
5.523
------
TOTAL LIABILITIES
8.164
------
NET WORTH
8.430
------
NET WORTH AND LIABILITIES
16.594
======
IN 2007 THE ARGENTINIAN ECONOMY SUSTAINS ITS FIFTH CONSECUTIVE YEAR OF A GROWTH
INCREASE SUPERIOR TO 8% ANNUALY. THE ACCELERATION IN THE CONSUMPTION
ALLOWED TO COMPENSATE TH CHANGE IN THE INVESTMENTS VS THE PREVIOUS YEARS
INCRESING THE IMPORTS. THE USED OF THE CAPACITY IN THE INDUSTRY KEPT INCREASING
AND SEVERAL SECTORS WORKED TO ITS LIMITS OF MAXIMUM CAPACITY.
THE SOCIAL INDICATORS SHOWED IMPROVEMENTS AND THE UNEMPLOYMENT RATE DECREASED
BELOW 10% AND NOMINAL SALARIES ABOVE 20%. THIS SITUATION TRIGGER AN INVREASE IN
INFLATION.
THE ABUNDANCE OF CAPITALA AS WELL AS THE LARGE COMMERCIAL BALANCE DETERMINED
THE GOOD DOLLAR OFFER. WITH THE EXCEPTION OF THE MOST COMPLICATED MONTHS OF THE
FINANCIAL CRISIS AT INTERNATIONAL LEVEL, THE Banco Central de la República
Argentina CONTINUD TO AUDIT THE EXCHANGE RATE ACQUIRING DOLLARS AND AVOIDING A
NOMINAL APPRECIATION OF THE PESO AVERAGING DURING THE YEAR u$s.3,12.
THE PUBLIC SECTOR OBTAINED A SUPERAVIT MORE THAN 3 PERCENTAGE POINT OF THE
GROSS INTERNAL PRODUCT, DESPITE THE INCREASE IN THE PUBLIC SPENDING AND THE
PRICES OF COMMODITIES AND THE REFORM TO THE FORECAST SYSTEM OBTAINING ADITIONAL
INCOME FOR THE NATIONAL TREASURY.
THE GOVERNMENT WAS ABLE TO COVER ITS FINANCIAL NEEDS DUE TO VOLUNTARY
CONTRIBUTIONS AS WELL AS DIRECT ALLOCATIONS FROM VENEZUELA AND SURPLUS FUNDS OF
THE PUBLIC BUDGET.
THE NATIONAL PRODUCTION OF PETROLEUM DECREASED 2,5%, WHILE THE PROCESSED
CRUDE OIL INCREASED BY 7%, LEADING THE CAPACITY OF THE REFINANCE SECTOR TO ITS
LIMITS (ABOVE 95%). AT THE END OF THE YEAR,THE GOVERNMENT INCREASED THE
WITHHOLDINGS TO THE PETROLEUM EXPORTS AND DERIVATIVES THE GAS SALES IN
THE LOCAL MARKET KEPT INCREASING.
THE GASOIL REACHED A GROWTH OF 7%, WHILE THE NAFTA SALES INCREASED BY
17%, DUE TO A DECREASE IN GNC SALES. THE LOCAL PRICES OF GAS SHOWED A
CONTINUOUS GROWTH DURING THE YEAR.
IN REGARDS TO THE GAS, THE NATIONAL PRODUCTION SHOWED A DECREASE BY 1,6%
VS LAST YEAR. THE LOW TEMPERTURES DURING WINTER LEAD AN INCREASE IN THE
DEMAND BY RESIDENTIAL CLIENTS CAUSING RESTRICTIONS TO THE COMSUMPTION OF GAS TO
INDUSTRIES, ELECTRIC GENERATORS, AND GNC. THE EXPORTS OF GAS TO CHILE
WERE SHORTENED. THE GOVERNMENT AND THE PRODUCERS SUSCRIBED AN AGREEMENT
ESTABLISHING GUIDELINES TO SUPPLY THE LOCAL MARKET DURING THE NEXT YEARS,
GIVING PRIORITY TO RESIDENTIAL CLIENTS.
THESE FACTS IN CONJUNCTION TO A DRY YEAR CAUSED RESTRICTION TO THE ELECTRIC
OFFER LEADING TO GENERATE MORE IN ALTERNATE GAS AS WELL AS GREATER IMPORTS OF
ENERGY.
DESPITE ALL THESE, THE COMPANY WAS ABLE TO OPERATE WITHIN AN IMPORTANT LEVEL
AND WITH AN ADECUATE WAY TO FULFILL ITS COMMITMENTS WITHOUT DIFFICULTIES IN A
VERY COMPETITIVE MARKET.
Balance Sheet
|
Balance Sheet
Analysis
|
Assets
THE COMPANY OWNS REAL ESTATE WHICH IT DOES NOT PROVIDE ANY DETAILS.
IT OWNS AN IMPORTANT FLEET OF VEHICLES WITHOUT ANY DETAILS AVAILABLE.
Parent/Related Companies
Regarding the group PETROBRAS ENERGIA S.A.,
it is mentioned that it is integrated by the following companies:
PETROLEUM AND GAS EXPLORATION:
-----------------------------
PETROBRAS ENERGIA PERU S.A.
PETROBRAS ENERGIA VENEZUELA S.A.
COROD PRODUCCION S.A.
ECUADORTIC S.A.
PETROBRAS ENERGIA ECUADOR S.A.
PETROBRAS ENTRE LOMAS S.A.
COROIL S.A.
INVERSORA MATA S.A.
COMMERCIALIZATION AND HYDROCARBONS TRANSPORT:
---------------------------------------------
OLEODUCTOS DEL VALLE S.A.
OLEODUCTO DE CRUDOS PESADOS S.A.
CIA.DE INVERSIONES DE ENERGIA S.A.
TRANSPORTADORA DE GAS DEL SUR S.A.
CIA.DE INVERSIONES DE ENERGIA S.A.
REFINEMENT:
-----------
REFINERIA DEL NORTE S.A.
EMPRESA BOLIVIANA DE REFINACION S.A.
PETROCHEMISTRY:
---------------
INNOVA S.A.
PETROQUIMICA CUYO S.A.
ELECTRICITY:
------------
ENECOR S.A.
CITELEC S.A.
TRANSBA S.A.
YACYLEC S.A.
DISTRILEC INVERSORA S.A.
EDESUR S.A.
HIDRONEUQUEN S.A.
PETROBRAS ELECTRICIDAD DE ARGENTINA S.A.
Evolution and Results
THE COMPANY IS LEADER IN ITS SECTOR DOING
IMPORTANT INVESTMENTS IN IMPROVING ITS SERVICES.
DESPITE THE DIFFICULTIES FREE FROM ITS OPERATIONS, IT HAS BEEN OPERATING WITH A
CONSTANT GROWTH IN THE LOCAL AREA AS WELL AS INTERNATIONAL.
IT CARRIES OUT IMPORT FROM BRAZIL, USA, RUSSIA. NO EXPORTS REPORTED.
FOREIGN TRADE:
==============
In the last twelve months it has carried out imports for a total value of US$
455.100.352 AS FOLLOWS:
BRAZIL ........................... u$s. 252.043.760
EE.UU ............................ u$s. 44.635.822
RUSSIA ............................ u$s. 22.662.718
OTHERS ............................ u$s. 135.758.052
* 2.683 EMPLOYEES
Payment Record and Credit
Risk
BANCO DE LA NACION ARGENTINA
BBVA BANCO FRANCES
BANCO SANTANDER RIO
HSBC BANK
BANCO ITAU
BANCO CIUDAD DE BUENOS AIRES
STANDARD BANK
CITIBANK N.A.
BANCO MACRO
NUEVO BANCO SANTA FE
BANCO PROV. DE BUENOS AIRES
BANCO DE GALICIA Y BUENOS AIRES
BANCO DE VALORES
BANCO DE LA PAMPA
BANCO DE SANTA CRUZ
BANCO DO BRASIL
BANCO PATAGONIA
ABN AMRO BANK
CREDIT RISK
-----------------
ENTITY MONTH/YEAR
SITUATION
AMOUNT
--------------
-------------
------------------
NACION
12/2007 1 $ 287.294.000
FRANCES 12/2007
1 $ 159.638.500
SANTANDER RIO 12/2007
1 $ 82.090.600
HSBC 12/2007
1 $
63.266.600
CDAD.BS.AS. 12/2007
1 $ 38.640.800
ITAU 12/2007
1 $ 38.184.400
CITIBANK 12/2007
1 $ 32.551.700
BANCO MACRO 12/2007
1
$
32.169.100
NVO.SANTA FE 12/2007
1 $ 29.444.300
PCIA.BS.AS. 12/2007
1
$
25.523.300
DE SANTA CRUZ 12/2007
1
$
7.626.300
AMEX 12/2007
1
$
1.757.200
PATAGONIA 12/2007
1
$
790.600
STANDARD BANK 12/2007
1
$
340.200
GALICIA 12/2007
1
$
236.600
IND.AZUL 12/2007
1
$
30.800
ABN AMRO 12/2007
1
$
22.800
COMAFI 12/2007
1
$
8.600
BNP 12/2007 1 $ 1.700
DEUTSCHE BANK 12/2007
1
$
1.600
NVO.BISEL 12/2007
1
$
400
-------------
TOTAL: $ 799.620.100
=============
SituaTion 1: Normal FULFILLMENT.
Concept
Along its trajectory, the company has been
commercially related with national companies and foreign ones. Most of them
gives its credit support, not existing at the moment complaints about its
payment record.
* FULFILLMENT: NOT OBJECTED
Final Opinion
Keeping in mind the trajectory of these
businesses, its projections and large operative resources, the company is
feasible for credit treatment, for amounts in accordance to its resources and
with additional guarantees.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)