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.
oBraskem's resin sales were 901 kton, virtually stable in relation to 4Q13.
Compared to 1Q13, resins demand expanded 3%, while the Company's sales
oIn 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.
oPP 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.
oBraskem 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.
oIn 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.
oNet income amounted to R$396 million, explained by WTU divestment and the
operating performance in the quarter.
oLeverage 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%.
oFast Company magazine selected Braskem as one of the world's 50 most
innovative companies, being the only Brazilian company to figure on the
oProgress continued to advance on the project's construction, which
reached 66% physical completion. The startup of the new complex is
expected for 2H15.
oIn 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:
firstname.lastname@example.org, (+55 11) 3576-9531.
SOURCE Braskem S.A.
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