Odebrecht S.A.’s gross revenue totaled BRL 132.5 billion in 2015, up 26.9% against the previous year. In US dollars, that amount totaled USD 39.1 billion, a 11.8% decrease compared with 2014. This performance reflects the gradual increase in Odebrecht’s operations outside Brazil in recent years, as well as the impact of the exchange rate during that period, when the average value of the Brazilian real fell by 43.9% that year, compared with US currency. The exchange rate also impacted net worth of BRL 13.7 billion, which was 18.6% less than in 2014.

Gross Revenue

(In millions of BRL)1

*restated
(1) conversions using the average exchange rate for each year: 2015 (USD 1 = BRL 3.3876);
2014 (USD 1 = BRL 2.3536);  2013 (USD 1 = BRL 3.3426);  2012 (USD 1 = BRL 2.0435); 2011 (USD 1 = BRL 1.8758).

Gross revenue per business

The Engineering Businesses and Braskem reported the most significant results in terms of gross revenue in 2015. All told, they represented 84.5% of the total amount.

EBITDA

Cash flow, expressed as EBITDA (earnings before interest, tax, depreciation and amortization) totaled BRL 20.8 billion, up 40.7% compared with 2014. In US dollars, that amount was USD 6.1 billion, 2.2% less than the previous year (USD 6.3 billion). Braskem, which reported a record cash flow, was responsible for 45.1% of EBITDA, followed by Engineering & Construction (28.0%) and Oil & Gas (8.9%).

In millions of BRL

EBITDA increased by 40.7% in 2015 compared with the previous year. Braskem’s performance was responsible for 45.1% of the Group’s cash flow during that period.

*restated

EBITDA per business

Net result

The net result for the year was negative, a BRL 298-million loss (equivalent to USD 88 million) compared with a net profit of BRL 494 million in 2014 (USD 210 million). That figure was impacted by the devaluation of the real against the US dollar in 2015 (about 40%) and restatement in branch offices and subsidiaries in hyperinflationary economies.

BRL Millions1

(1) conversions using the average exchange rate for each year:
2015 (USD 1 = BRL 3.3876); 2014 (USD 1 = BRL 2.3536); 2013 (USD 1 = BRL 3.3426); 2012 (USD 1 = BRL 2.0435); 2011 (USD 1 = BRL 1.8758).

Value Added Statement

Value added, which reflects production and distribution of wealth generated by entrepreneurial activities, totaled BRL 41.3 billion in 2015 compared with BRL 29.5 billion in the previous year. 43.8% of that total was distributed to Members through payment of wages and benefits; governments and society received 9.2% through taxes and contributions, and financial institutions received 47.8% in interest and rents. Shareholders reported a loss of BRL 1.13 million.

VALUE ADDED STATEMENT (IN THOUSANDS OF BRL) G4-EC1Click for more information on this aspect in the GRI Content Index

  2014* 2015
  R$ US$ R$ US$
Revenue  106,030,353  45,050,286  132,263,517 39,043,428
Revenue from sales  104,400,228  44,357,677  132,518,681   39,118,751
Other revenue, net 1,717,946  729,923 (198,286) (58,533)
Allowance for loan losses – reversal (provision) (87,821) (37,313) (56,878) (16,790)
Inputs purchased from third parties        
Costs of products, goods and services  (67,421,397)  (28,646,073)  (78,904,591) (23,292,181)
Raw materials, energy, outsourced services and other  (7,316,353)  (3,108,580) (11,181,008) (3,300,569)
Recovery (loss) of assets 3,431 1,458 (1,020,081) (301,122)
Gross value added 31,296,034 13,297,091 41,157,837 12,149,556 
Depreciation and amortization  (4,893,303)  (2,079,072) (5,984,163) (1,766,490)
Net value added produced 26,402,731 11,218,020 35,173,674 10,383,066
Value added received from others        
Results of equity  (1,892,190)  (803,956) (284,626) (84,020)
Provision for loss in investments (81,955) (34,821)  (236,981) (69,955)
Loss of assets held for trading  (217,449)  (92,390)  (1,347,992)  (397,919)
Financial revenue  5,034,046   2,138,871    7,716,378   2,277,830  
Other  254,351  108,069 258,959 76,443
Total value added for distribution 29,499,534  12,533,792 41,279,412 12,185,445
Distribution of value added
People 12,956,026 5,504,770 18,071,859 5,334,709 
Direct Remuneration  11,423,345  4,853,563  16,483,921 4,865,958
Benefits  1,030,848  437,988 1,076,108 317,661
FGTS (Length of Service Guarantee Fund)  501,833  213,219 511,830 151,089
Taxes, tariffs and contributions 3,549,501 1,508,116 3,784,869 1,117,272
Federal  2,558,745  1,087,162 2,972,813 877,557 
State  502,049  213,311 425,758 125,681 
Municipal  433,700  184,271 381,027 112,477 
Other  55,007  23,371 5,271 1,556 
Return on third-party equity 12,500,498 5,311,225 19,720,403 5,821,349 
Interest and exchange rate changes  11,373,466  4,832,370 17,624,798 5,202,739 
Rent  1,030,133  437,684 1,329,197 392,371 
Other  96,899  41,171 766,408 226,239 
Return on equity (Shareholders)  493,509  209,683 (297,719) (87,885)
Dividends 102,298 43,464
Accrued profit (loss) 663,693 281,991 (1,129,876) (333,533)
Non-controlling shareholders’ share in profit (loss)  (272,482)  (115,772) 832,157 245,648 
Distribution of value added 29,499,534 12,533,792 41,279,412 12,185,445 

* Amounts restated per the guidelines of the Accounting Statements Committee