With its release of audited financials, Brazilian oil giant Petrobras believes it has started to normalize its relationship with investors and to implement better corporate governance in the wake of the financial scandal that has rocked the company, its chief financial officer said on Thursday.
"It's impossible to have a normal relationship with investors because there's no transparency without the numbers," Ivan Monteiro said, adding that disclosing financial data is crucial for regaining credibility in domestic and international credit markets.
Petrobras lost 26.6 billion reais ($8.8 billion) in the fourth quarter as it took a write-down of 50.8 billion reais ($16.8 billion) from corruption and other disruptions including oil price pressures. Write-downs linked to the corruption scandal amounted to 6.19 billion reais (about $2 billion), but Monteiro noted that it was "impossible to say" if that sum covered the entire fallout.
The company's heavily anticipated release was its first of audited financials since August.