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SÃO PAULO – In addition to busy political news, the business radar is expected to stir the market, with attention to the result of TIM, who also announced the change of CEO. The ANP, in turn, decided not to interfere in the periodicity of the adjustment of the price of gasoline and diesel in Brazil.
Meanwhile, the MPF has recommended the suspension of the sale of the energy distributor of the Amazon. the state is already informing that it has finalized the debt restructuring with foreign banks. An alert for Multiplus has also been triggered. Petrobras (PETR4, PETR4)
The National Agency of Petroleum, Natural Gas and Biofuels (ANP) decided not to interfere in the periodicity of the adjustment of the price of gasoline and diesel in Brazil, after taking the initiative to propose the debate on the subject by launching in June an unprecedented public payment bulletin (PTC), which received 146 suggestions
According to the Director General of the Agency, Decio Oddone On the basis of these suggestions and studies from the ANP, it was ruled out to stipulate a deadline for the adjustment of fuels. "The price adjustment must be free, but it can not be disclosed in advance because it can lead to actions that harm the consumer," Oddone said at a conference of unforeseen press. He explained that since the decision not to interfere in the periodicity had already been taken, it seemed more appropriate to disclose it as quickly as possible to the company. The initiative of the PNA to call a TPC was perceived by the market as an intervention in the price policy of Petrobras, a Brazilian refiner monopolist
"All that the l & # 39; ANP does is an intervention, but it is legitimate. " It was deemed necessary for the agency to have a deadline for the adjustments.
"We will inform Cade of the need to evaluate the refining structure in the country, in order to encourage the entry of new agents," he said. . Other suggestions, such as those related to the adoption of tax mechanisms to reduce price volatility, will be sent to the Ministries of Finance and Mines and Energy. The ANP also decided to take a resolution to increase the transparency and competitiveness of the fuel market, which will prohibit the anticipation of the disclosure of adjustments and the establishment of 39, a deadline for their achievement, as today Petrobras
It will also not be allowed to disclose an average selling price in the country, as the State also practice, but the price effective. According to Oddone, the new resolution is expected to take effect in 45 to 60 days. "Today Petrobras has 35 fuel delivery points, when you look at the average price of gasoline every day, it's the average price at all points of delivery in Brazil", was -he says. "It's more transparent than the prices actually charged," he says.
As emphasized by the badysis of XP Investimentos, Petrobras is optimistic about the reduction of concerns related to the intervention on its pricing policy. from other sectors such as fuel distribution. "Despite the short-term relief, we still see risks for the sustainability of Petrobras' pricing policy in the future, particularly because of the proximity of the Brazilian elections," said the spokesman. badysis team.
Do you want to invest in stocks that pay only $ 0.80 brokerage? TIM Participações (TIMP3)
TIM recorded a 53.2% increase in net income in the second quarter of this year compared to the same period in 2017, from R $ 339 million compared to $ 219 million in the same period of 2017.
EBITDA (earnings before interest, taxes, depreciation and amortization) on the standardized criterion – for the sale of tours and HR temporary costs and general and administrative expenses – increased by 12.7% to R $ 1.567 billion, while the normalized Ebitda margin was 37.6%, up from 35.3% in the same period last year. On the same basis of comparison, operating costs increased by 2.1% to 2.604 billion reais.
Net income reached R $ 4.171 billion, up 5.8% from the second quarter of 2017, 5.7% increase in services revenue, R $ 3.9664 billion – R $ 3.758 billion in mobile service and R $ 206 million in fixed value
Between April and June, TIM's net financial result was negative in R $ 181 million, or 42.6% more than a year earlier, mainly impacted by accounting adjustments, as well as the capitalization of interest generated by the 700Mhz license acquisition and spectrum cleanup and the increase of PIS / COFINS related to the rise In a message from the management, TIM explains that the negative effects were partially offset by a better cash flow result due to the lower volume and nominal cost of the debt.
The company's net debt decreased by 26.6% in the second quarter compared with the previous year to reach R $ 3.231 billion. As a result, the debt-to-EBITDA (leverage) ratio increased from 0.80 times to 0.51 times. Embraer (EMBR3)
At June 30, Embraer's order book totaled 17.4 billion US dollars (17.4 billion US dollars). $ 19.5 billion in the first quarter of 2018,
according to the release. In Commercial Aviation, of the 28 aircraft delivered in the second quarter of 2018, 20 are E175, 3 are E190-E2, 2 are E190, 2 are E195 and 1 is E170. The segment accumulates 42 aircraft delivered in 2018.
In the Executive Aviation, of the 20 aircraft delivered in 2T18, 15 are light and 5 are large. The segment accumulates 31 deliveries in 2018.
Multiplus (MPLU3)
The partnership between the airline Latam and the loyalty company Multiplus could be nearing completion. Since late May, financial market badysts have questioned the renewal of the contract between the two, which expires in 2024. The end of the deal could lower the market value of Multiplus by 66%, according to the bank Swiss UBS.
Among the reasons that push banks to bet on the end of the partnership include the relative low relevance of Multiplus within Latam (11% of the market value of the group), tax inefficiencies and the fact that Latam has its own loyalty program in Chile.
"We badume that the Multiplus-Latam contract will not be renewed," said badysts Henrique Navarro and Olavo Arthuzo of Santander. "We believe that contract renewal is very unlikely," writes Lucas Barbosa and Rogério Araujo, of UBS.
Pioneer in the loyalty sector in Brazil, Multiplus begins to be questioned for not being a program created by the Chilean LAN, bought TAM in 2010, forming Latam. The group has another loyalty program in Chile and, according to badysts, a single brand would strengthen the service.
The question of fiscal inefficiency is, however, considered to be paramount for the end of the partnership. With volatile results, airlines are frequently exempt from income tax for incurred losses. This is not the case for loyalty companies, which are showing better results.
According to Santander's calculations, this tax inefficiency would be R $ 771 million for Latam and R $ 892 million for Gol. In the latter case, however, the bank gives a 50% probability for the end of the contract. The fact that the agreement between Smiles and Gol has a longer duration – until 2032 – and Gol's weaker financial position is in favor of a renewal.
Eletrobras (ELET3; ELET6)
The Federal Public Prosecutor (MPF) of Amazonas has recommended to the Minister of Mines and Energy and the Ministry of Mines and Energy. Superintendent of the privatization sector and the structuring of BNDES (National Economic and Social Development Bank) project to suspend the auction of Amazonas Energia.
For the MPF, the auction of Amazonas Energia should be suspended until the conclusion of the discussions in the National Congress about Bill 10.332 / 2018; the completion of the company's unbundling process; and the determination by the Brazilian Audit Court (TCU) of a new motivated study regarding the impact of deliberations and possible changes in the legal, economic and financial contours of the privatization of Amazonas Energia.
On July 26, according to information available on the website of Eletrobras, but in the specific case of Amazonas Energia, the sale of the distributor depends on the conclusion of the unbundling of the company, with distribution between production / transport and distribution activities. Deregulation, which should have taken place before March 2, has not been completed due to the need to negotiate debt with Petrobras.
The Ministry of Mines and Energy and the BNDES have until July 23 to respond to
Randon (RAPT4)
The consolidated net income of Randon in June 2018 has reached 360 , 8 million reais, or 46.1% more than in June 2017. In the cumulated index of January / June 2018, consolidated net income totaled R $ 1.9 billion, or 48 , 1% more than during the same period of the previous year.
Total gross revenues (without elimination and taxes) in June In 2018, the gross business figure reached R $ 517.3 million, or 46.3% more than in June 2017 In the January / June 2018 aggregate, gross revenues reached R $ 2.8 billion, or 46.6% more than the same period of the year. above.
Oi (OIBR4)
According to Broad's Estadão column, Oi completed the process of restructuring its debt with foreign banks this week, involving 1.6 billion US dollars. In all, 15 institutions are on the list of tele-lenders, including commercial banks and export credit agencies (ECAs). The formalization by foreign banks of the conditions approved at the meeting of creditors last December indicates that for the moment, Oi avoids new problems. The company faced several battles prior to the approval of the plan with the creditors, a year and a half after the claim for recovery was brought to justice.
(With State Agency and Bloomberg)
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