SAO PAULO, Nov. 10, 2011 /PRNewswire/ -- BRASKEM S.A. (BM&FBOVESPA: BRKM3, BRKM5 and BRKM6; NYSE: BAK; LATIBEX: XBRK announces today its results for 3Q11.
- Year-to-date EBITDA totaled US$1,850 million, a 10% growth over 9M10.
- The PVC and butadiene expansion projects, which are designed to add value to existing streams and meet continuing market growth, are moving ahead on schedule in order to become operational in May and July 2012, respectively.
- In the second half, in line with its constant pursuit of efficiency and competitiveness, the Company launched a new fixed-cost reduction program, aiming to offset the effects of near 7% inflation.
- Synergies from Quattor acquisition amounted to R$309 million, or US$189 million, through September 2011. For the year as a whole, synergies are estimated at R$377 million.
- The US$500 million, 30-year bond issue due in July 2041 extended the Company's average debt term to 12 years in BRL and 17 years in USD. The Company's net debt / EBITDA ratio in U.S. dollars closed 3Q11 at 2.32x, versus 2.47x at the end of 2Q11. In reais, financial leverage was 2.62x. In both cases, the ratio was impacted by the 19% appreciation of the U.S. dollar in the quarter.
- On November 1, 2011, the credit rating agency Fitch raised Braskem's rating to "BBB-", effectively granting it an investment grade status, with a stable outlook.
- On October 25, 2011, BNDES approved a credit limit to the Company in the amount of R$2.46 billion. Braskem will use it in investment projects which should occur during the next three years, and is subject to prior approval of the Board of Directors.
The full earnings release is available on the Company's IR website: www.braskem.com.br/ir
Braskem will host conference calls to discuss 3Q11 TODAY, November 10, 2011, at 11:30 a.m. ET in English and 10:00 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.