Petroperú clarifies that it had a positive accumulated net profit from 2016 to 2022
In reference to information that has appeared in news media, Petroperú addresses the public opinion to specify the following:
- The Financial Statements of the company and its notes, audited by auditing companies of recognized international prestige, are published each year in the Superintendency of the Stock Market, to be made known to the financial market. This publication includes the Income Statement, which reflects the net profit or loss that the company has obtained at the end of each fiscal year.
- The graph that has been disseminating alleged accumulated losses refers to the concept of Economic Results, which is defined as a measure of the net accumulation of debt; That is, it is based on its cash flow (liquidity), not on the profits or losses that the company shows annually in its Income Statement.
- Consequently, these publications do not refer to the net result (profit or loss for the year), which is a concept specific to the company's Income Statement and where Petroperú has an accumulated net profit of ThUS$ 268,731 from 2016 to 2022; but refers to the concept of Economic Result, which is a measure of the net accumulation of debt, a product of the financing of the company's investments, mainly the debt for the construction of the New Talara Refinery (NRT).
- As is known, the debt presented by the company in recent years is due to financing the construction of the NRT through long-term debt (bond issue and CESCE loan). Therefore, the term Economic Result should not be understood as losses, but as greater indebtedness resulting from the investment made for the construction of the NRT, whose interest and amortization has been met with creditors and with funds generated by the company itself, without turn to the public treasury.
- This situation is common when companies execute megaprojects, financed by third parties, as is the case with the NRT. The negative cash flow is temporary, so it will be gradually reversed as a greater flow of income is obtained from the sale of the products that will come from the refinery.
- Likewise, as can be seen in the following graph, during the last 22 years, Petroperú has generated profits, some exceptions should be noted linked to global crises and, in 2022, to current issues of the company on which it has been working to achieve its financial sustainability.
- It should be noted that the financial support that Petroperú received from the State, in 2022, has been exclusively used for the purchase of crude oil and fuels, thus managing to supply the domestic market; fact that can be consulted on the company's official portal.