Braskem announces 1Q14 Results
09 May 2014 - 12:07AM
PR Newswire (US)
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.
HIGHLIGHTS:
- 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 decreased 2%.
- 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. markets.
- 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 ranking.
- Mexico Project
- 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: www.braskem.com.br/ir
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:
braskem-ri@braskem.com.br, (+55 11) 3576-9531.
SOURCE Braskem S.A.
Copyright 2014 PR Newswire
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