Diversified portfolio of products, operations in Brazil and abroad lead Braskem to a good result in 2022
23 Março 2023 - 12:34PM
PR Newswire (US)
Registered Recurring EBITDA was
R$10.6 billion and cash generation
was R$3.3 billion
SÃO PAULO, March 23,
2023 /PRNewswire/ -- BRASKEM S.A. (B3: BRKM3,
BRKM5 and BRKM6; NYSE: BAK; LATIBEX: XBRK) the largest resin
producer in the Americas and the world's leading biopolymers
producer, presents its 4Q22 Earnings Release.
4Q22 HIGHLIGHTS
CONSOLIDATED
- During the fourth quarter of 2022, petrochemical and chemical
products spreads in the international market continued to be
impacted by the dynamics between global supply and demand. Several
factors contributed to the lower demand in the period, including
(i) the "zero-COVID" policy measures impacting China's growth; and (ii) the uncertainties of
the scenario in the United States
and Europe. Additionally, the
increase in products supply with the new PE and PP capacities
coming online in the United States
and in China also contributed to
decline the petrochemical and chemical spreads in the international
market.
- In this scenario, the Company's Recurring EBITDA in 4Q22 was
negative in US$32 million
(-R$168 million), a decrease from
3Q22 and 4Q21, mainly explained by (i) the lower international
spreads for PE, PP, PVC and main chemicals in Brazil, for PP in the United States and Europe and for PE in Mexico; (ii) the lower sales volume of resins
and main chemicals in the Brazil
segment, of PP in Europe and of PE
in the Mexico segment; (iii) the
seasonal restatement of provisions, with no impact on cash
generation, in the amount of around R$248
million; and (iv) the 6% appreciation of the Brazilian real
against the U.S. dollar between 4Q22 and 4Q21. These effects were
partially offset by the higher sales volume of Green PE in the
Brazil segment and PP in
the United States.
- In 2022, the Company's Recurring EBITDA was US$2.1 billion, 64% lower than 2021, due to (i)
the lower international spreads for PE, PP and PVC in Brazil, for PP in the United States and Europe and for PE in Mexico; (ii) the lower sales volume of main
chemicals in the Brazil segment
and of PP in the United States and
Europe segment; and (iii) the
accounting effect of realization of inventories¹ in the net amount
of US$84 million (R$435 million). In Brazilian real, Recurring
EBITDA was R$10.6 billion, a decrease
of 65% from 2021, due to the 4% appreciation in the Brazilian real
against the U.S. dollar.
- In the quarter, the Company registered a net loss² of
R$1.7 billion, and in the year, the
Company registered a net loss attributable to shareholders of
R$336 million.
- Recurring cash generation was R$922
million and return³ on cash flow was 33% in 4Q22.
Considering the payments related to the geological event in Alagoas
made in 4Q22, the Company registered cash generation of
R$155 million and return3 on cash
flow of 18%. In the year, the Company's recurring cash generation
was R$6.0 billion, and considering
the payments related to the geological event in Alagoas, cash
generation was R$3.3 billion.
- The cash position was of US$2.4
billion, a level that guarantees the coverage of liabilities
coming due over the next 60 months. Note that this position does
not include the international stand-by credit facility in the
amount of US$1.0 billion, with
maturity in 2026.
- Thus, Corporate leverage, measured by the ratio of adjusted net
debt to Recurring EBITDA4 in U.S. dollar, remained
healthy, ending the year at 2.42x.
The full earnings release is available on the Company's IR
website: www.braskem-ri.com.br/home-en
Braskem will host conference calls to discuss its Results
THURSDAY, March 23 at 10:00 a.m. US ET.
Additional information may be obtained from the Investor
Relations Department at +55 11 3576-9531 or
braskem-ri@braskem.com.br.
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SOURCE Braskem S.A.
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