Sunday, August 30, 2015

The 14 Largest Brazilian HQ'd Companies 2014 Total Audited Earnings, Using Dec 31, 2014 Exchange Rates, Down 34% From 2013 and Down 36% From 2007

From a review of the superb Google Finance Website and financial statements in both the SEC and company investor relations websites, I found 14 Companies headquartered in Brazil with Stock Market Capitalizations of more than Brazil Reals (BRs) 30 bil.

Twelve of these 14 Companies reported their financial statements in BRs.  The other 2 reported in US$s.

I excluded one Brazilian Company that had an IPO in late 2012.

After converting the total earnings of these 12 Brazilian Companies reporting in BRs into US$s at the relative BR and US$ Dec 31, 2014 exchange rates, the Total Audited Earnings of these 14 Brazilian Companies in 2014 were US$26.733 bil, which was down 34% from 2013 and also down 36% from 2007.

It should be pointed out that the Brazilian Real has been a very weak currency against the US$.  The BR was about US$0.56 on Dec 31, 2007, US$0.42 on Dec 31, 2013, US$0.38 on Dec 31, 2014 and US$0.28 on Aug 30, 2015.

Below here are the reported Audited Earnings (Losses) for each of  these 14 largest Brazilian Companies with Market Caps above BR30 bil for all years reported from 2007 through 2014:


2014 2013 2012 2011 2010 2009 2008 2007

Most Audited Audited Audited Audited Audited Audited Audited Audited
Recent Net Net Net Net Net Net Net Net
2014 Income Income Income Income Income Income Income Income
Largest Brazilian Companies FYE (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss)


 mil BRs   mil BRs   mil BRs   mil BRs   mil BRs   mil BRs   mil BRs   mil BRs 
Reporting in mil Brazil Reals (BRs)








Itau Unibanco Holding SA Dec        21,861        16,522        13,191        14,610        12,494        14,612          4,878          7,660
Banco Bradesco SA Dec        15,416        12,486        11,352        11,089        10,052          8,301          7,149          7,945
Ambev SA Dec        12,362        11,399        10,459          8,479          7,460          5,988          5,191          5,069
Banco do Brasil SA Dec        11,246        15,758        12,205        12,126        11,703        10,148          8,803          5,058
Itausa-Investimentos Itau SA Dec          8,161          6,011          4,836          5,367          5,013        11,742          5,431          8,916
Banco Santander (Brasil) SA Dec          5,708          3,785          5,438          7,673          7,323          5,508          2,379          1,903
Telefonica Brasil SA Dec          4,937          3,716          4,452          4,362          2,398          2,204          2,500          2,370
Cielo SA Dec          3,220          2,674          2,326          1,817          1,831          1,534          1,342             884
BRF SA Dec          2,135          1,020             805          1,384             816             119              (89)             303
JBS SA Dec          2,036             927             763            (323)            (303)             221               26            (165)
Souza Cruz SA Dec          1,714          1,694          1,641          1,603          1,450          1,485          1,250          1,034
Ultrapar Participacoes SA Dec          1,251          1,229          1,027             860             761             441             420             335










Total all 12 Reporting in mil BRs
       90,047        77,221        68,495        69,047        60,998        62,303        39,280        41,312
Dec 31, 2014 Exchange Rate
   0.376276    0.376276




   0.376276
Total all 12 Converted to mil US$s
       33,883        29,056




       15,545










Reporting in mil US$s
mil US$s mil US$s mil US$s mil US$s mil US$s mil US$s mil US$s mil US$s
Petroleo Brasileiro Petrobras SA Dec         (7,503)        10,832        10,931        19,992        20,449        16,823        17,733        13,411
Vale SA Dec             353             408          5,265        22,648        17,580          5,456        13,476        12,627










Total of both Reporting in US$s
        (7,150)        11,240        16,196        42,640        38,029        22,279        31,209        26,038










Grand Total all 14 Converted to US$s
       26,733        40,296




       41,583
….. Earnings % Decline 2014 vs 2013
-34%






….. Earnings % Decline 2014 vs 2007







-36%