Petrobras – Decision of CVM Collegiate in favour of Petrobras on the application of Hedge Accounting

Rio de Janeiro, July 11, 2017 – Petróleo Brasileiro S.A. – Petrobras, pursuant to the material fact published on March 7, 2017, hereby reports that at a meeting held today, the Collegiate of the Securities and Exchange Commission of Brazil (“CVM”), upheld the appeal filed by the company in relation to Letter No. 30/2017/CVM/SEP/GEA-5.

The decision of the Collegiate reverse the determination of CVM’s technical area to re-make and re-state the company’s annual financial statements for the years 2013, 2014, 2015 and 2016 due to an alleged misuse of hedge accounting practices.

Therefore, the decision of the Collegiate confirmed Petrobras understanding about the use of the Hedge Accounting practice in its financial statements.

Categories: Financial, Petrobras

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