In 9M19, Braskem generated free cash flow of R$2.8 billion
14 Novembro 2019 - 11:45PM
PR Newswire (US)
SÃO PAULO, Nov. 14, 2019
/PRNewswire/ -- BRASKEM S.A. (B3: BRKM3, BRKM5 and BRKM6;
NYSE: BAK; LATIBEX: XBRK) announces today its results for 3Q19.
HIGHLIGHTS:
Braskem - Consolidated:
- Recurring EBITDA was US$389
million, in line with 2Q19, due to higher resin sales volume
from Brazil in both the domestic
and export markets and by PP sales in Europe, which partially offset lower
international spreads. In Brazilian real, recurring EBITDA came to
R$1,549 million, increasing 2% from
2Q19.
- Free cash generation was R$401
million in 3Q19, down 82% from 2Q19, due to the impact on
working capital from the lower feedstock consumption, which were
offset by the efficient management of inventories in the
quarter.
- Financial leverage measured by the ratio of net debt to EBITDA
in U.S. dollar stood at 2.78x.
- The recordable and lost-time injury frequency rate (CAF + SAF),
considering both Team Members and Partners per million hours
worked, stood at 1.17 in 3Q19, 34% lower than 2Q19 and 63% below
the industry average.
- In October, the Company filed 20-F Forms for fiscal years 2017
and 2018 with the U.S. Securities and Exchange Commission (SEC). As
a result, trading in Braskem's American Depositary Shares (ADSs)
was resumed on the New York Stock Exchange (NYSE).
- Braskem's shareholders approved, in the Extraordinary
Shareholders' Meeting of October 3,
2019, the distribution of minimum mandatory dividends for
the fiscal year 2018, in the amount of R$667.4 million, to be paid by December 31, 2019.
- In November, Braskem placed US$2.25
billion in bonds in the international market, with
US$1.5 billion due in 10 years and
US$750 million in 30 years, making it
the Company's largest bond issue ever. In the same period, the
Company issued R$550 million in
promissory notes due in up to five years. The proceeds are being
used primarily to repay other shorter-term, higher-cost
liabilities.
- In order to improve its communication with the market, Braskem
releases today its first report prepared based on the International
Integrated Report Framework developed by the International
Integrated Reporting Council (IIRC). In the integrated report, we
identify how the Company manages its 6 capitals (financial,
manufactured, social and relationship, natural, intellectual and
human).
Brazil:
- The PVC plants operated at a capacity utilization of 57%, 9
p.p. higher than in 2Q19, due to the stabilization of EDC
imports.
- EBITDA in Brazil was
US$231 million (R$919 million), up 38% from 2Q19, which is
explained by higher resin sales in the local and export markets and
by lower feedstock prices.
United States and
Europe:
- EBITDA in the United States
and Europe was US$91 million (R$361
million), down 15% on 2Q19, which is explained by the lower
sales in the United States due to
operational problems at the PP plants and by the lower PP spreads
also in the United States, though
still at high levels, with these factors partially offset by the
higher sales in Europe after the
resumption of propylene supply to one of the PP plants in
Germany.
Mexico:
- EBITDA in Mexico was
US$96 million (R$385 million), up 9% in 2Q19, which is mainly
explained by the commercial strategy to direct shipments to more
profitable regions.
- Braskem Idesa obtained from its creditors waivers of the
non-pecuniary obligations in the project finance agreements,
including postponement of the Guaranteed Physical Completion
Date, from November 30, 2016 to
November 30, 2020, and of the
Guaranteed Financial Completion Date, from December 31, 2016 to December 31, 2020. As a result, the principal
debt may be reclassified from current to non-current liabilities in
the annual financial statements for 2019.
The full earnings release is available on the Company's IR
website: http://www.braskem-ri.com.br/home-en
Braskem will host conference calls to discuss its Results
MONDAY, November 18, at 11:00 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.
Copyright 2019 PR Newswire
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