Businesses’ financial
performance
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 | 0 | 0 |
| 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