SAO PAULO, May 7, 2015 /PRNewswire/ -- Braskem S.A.
(BM&FBOVESPA: BRKM3, BRKM5 and BRKM6; NYSE: BAK; LATIBEX: XBRK)
announces today its results for 1Q15.
HIGHLIGHTS:
- The average cracker utilization rate stood at 89%, increasing 3
p.p. from 4Q14.
- In 1Q15, Brazilian demand for thermoplastic resins (PE, PP and
PVC) was 1.4 million tons, increasing 6% and 9% from 1Q14 and 4Q14,
respectively. This performance is mainly explained by the
restocking trend in the converters chain. Braskem's sales followed
the market trend and amounted to 954 kton, an increase of 6% and
12% on 1Q14 and 4Q14, respectively.
- Braskem's consolidated EBITDA was R$1,485 million in 1Q15, up 10% from the previous
quarter. The decrease in petrochemical spreads in the international
market was offset by: (i) the higher resin sales volume; (ii) the
depreciation of Brazilian real; and (iii) the recognition of a
R$220 million refund related to the
retroactive adjustment of the amendment to the naphtha supply
agreement with Petrobras, which expired in February 2015. Compared to 1Q14, on a recurring
basis, the increase in Brazilian real was 9%.
- Braskem's leverage in U.S. dollar stood at 2.55x, down 1% from
the previous quarter. In Brazilian real, the leverage ratio stood
at 3.30x, up 13%, reflecting the Brazilian real's
depreciation.
- In 1Q15, Braskem recorded net income of R$204 million.
- S&P maintained Braskem's rating to "BBB-" with a "Stable"
outlook.
- The Mexico project's
construction reached 92% completion and all engineering and
procurement activities were finalized. In parallel, the complex's
pre-commissioning activities begun and are progressing on
schedule.
- On April 22, 2015, the subsidiary
Braskem-Idesa withdrew the fifth installment of the project finance
in the amount of US$291 million,
totaling US$3,167 million.
- Braskem was recognized in Guia Voce S/A - The Best Companies to
Start a Career, a project of Voce S/A magazine in partnership with
Cia de Talentos and Fundacao Instituto de Administracao.
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
May 8, 2015, FRIDAY, at 10:30 a.m. ET in English and 9:00 a.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.
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SOURCE Braskem