Braskem Reports Net Revenue of R$8.7 Billion in 4Q11
SAO PAULO, March 14, 2012 /PRNewswire/ -- BRASKEM S.A. (BM&FBOVESPA: BRKM3, BRKM5 and BRKM6; NYSE: BAK; LATIBEX: XBRK announces today its results for 4Q11 and 2011.
- In a scenario marked by slowing demand and narrowing spreads in global markets, Company's EBITDA in the 4Q11 was US$396 million or R$718 million. In the year, EBITDA reached US$2.2 billion, down 3% from 2010.
- Progress on the PVC and Butadiene capacity-expansion projects, which aim to add value to the existing streams and meet the continued market growth, ensuring the start-up of these projects by May and July 2012, respectively.
- Implementation of the program to reduce fixed costs, which aims to maintain Company's competitiveness, even in a scenario marked by inflationary pressure and the merger of the new assets. SG&A of R$1.9 billion, virtually in line with 2010.
- The synergies from Quattor acquisition stood at R$400 million, 6% higher than expected. In 2012, the full synergy gains of R$495 million in annual and recurring EBITDA are expected to be captured.
- Progress on installing the Ethylene XXI Project in Mexico, which enjoys competitive feedstock - ethane basis (gas) - and access to the Mexican market, which is a net importer of polyethylene.
- In early 2012, Braskem reopened the bond issue due in April 2021, placing US$500 million with a yield of 5.75% p.a., 25bps below the original issue; and the perpetual bond issue, with a yield of 7.345%, also below the original issue. The objective was to take advantage of the window of opportunity in capital markets and pre-pay short and medium term debt, in line with the strategy to increase the average term and improve the debt profile.
The full earnings release is available on the Company's IR website: www.braskem.com.br/ir.
Braskem will host conference calls to discuss 4Q11 and 2011 Results on THURSDAY, March 15, 2012, at 11:00 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:
Roberta Pimphari Varella, +55 (11) 3576-9266, firstname.lastname@example.org
Susana Yamamoto, +55 (11) 3576-9970, email@example.com
Daniela Balle de Castro, +55 (11) 3576-9615, firstname.lastname@example.org
Marina Dalben, +55 (11) 3576-9716, email@example.com
Pedro Gomes de Souza, +55 (11) 3576-9010, firstname.lastname@example.org
SOURCE Braskem S.A.