Braskem announces 1Q14 Results
SAO PAULO, May 8, 2014
SAO PAULO, May 8, 2014 /PRNewswire/ -- BRASKEM S.A. (BM&FBOVESPA: BRKM3, BRKM5
and BRKM6; NYSE: BAK; LATIBEX: XBRK) announces today its results for 1Q14.
*Braskem's resin sales were 901 kton, virtually stable in relation to 4Q13.
Compared to 1Q13, resins demand expanded 3%, while the Company's sales
*In 1Q14 the capacity utilization rate of Braskem's crackers stood at 85%
and was affected by the scheduled maintenance shutdown at the Triunfo site
and by operational issues.
*PP sales volume at the United States and Europe business unit totaled 460
kton in the quarter, in line with 4Q13. Compared to 1Q13, PP sales volume
grew by 7%, driven by the recovery in demand from the European and U.S.
*Braskem divested the assets forming the Water Treatment Unit ("WTU")
located at the Triunfo complex for R$315 million, recognizing a gain of
R$277 million in the quarter.
*In 1Q14, Braskem's consolidated EBITDA was R$1,637 million. The following
factors contributed to this result: the gain from the divestment of
non-strategic assets, the stability in petrochemical spreads in the
international market and the 4% depreciation in the Brazilian real in
relation to 4Q13. In U.S. dollar, consolidated EBITDA was US$690 million.
*Net income amounted to R$396 million, explained by WTU divestment and the
operating performance in the quarter.
*Leverage in U.S. dollar stood at 2.71x, down 6% from the previous quarter.
In Brazilian real, the leverage ratio also stood at 2.71x, decreasing 13%.
*Fast Company magazine selected Braskem as one of the world's 50 most
innovative companies, being the only Brazilian company to figure on the
*Progress continued to advance on the project's construction, which
reached 66% physical completion. The startup of the new complex is
expected for 2H15.
*In April, the subsidiary Braskem-Idesa withdrew the third installment
of the project finance in the amount of US$465 million.
The full earnings release is available on the Company's IR website:
Braskem will host conference calls to discuss its Results on Friday, May 9,
2014, at 01:30 p.m. ET in English and 12:00 p.m. ET in Portuguese. See
connecting details on the Company's IR website.
For further information, contact Braskem's Investor Relations Area:
email@example.com , (+55 11) 3576-9531.
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