Braskem announces 1Q16 Results

Brazil - Português

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May 05, 2016, 09:28 ET

SAO PAULO, May 5, 2016 /PRNewswire/ -- BRASKEM S.A. (BM&FBOVESPA: BRKM3, BRKM5 and BRKM6; NYSE: BAK; LATIBEX: XBRK) announces today its results for 1Q16.

HIGHLIGHTS:

Brazil:

Demand for resins (PE, PP and PVC) amounted to 1.2 million tons in 1Q16, growing 8% from 4Q15. In 1Q16, sales came to 780 kton, down 18% from 1Q15, in line with the contraction in the domestic market in the period.

Average capacity utilization rate at Braskem's crackers of 89% in 1Q16, in line with 1Q15 and 6 p.p. higher than in 4Q15, reflecting the good operating performance in the Triunfo petrochemical complex and the normalization of operations at the Sao Paulo complex.

Resins exports in the quarter reached 415 kton, increasing 62% from. Exports of key basic petrochemicals came to 262 kton, down 12% from 1Q15.

In 1Q16, EBITDA of the units in Brazil stood at R$2,165 million, accounting for 72% of the Company's consolidated EBITDA.

United States and Europe:

In the USA and Europe unit, the PP plants operated at an average capacity utilization rate of 100% in 1Q16.

Production at the units in the USA and Europe amounted to 499 kton in 1Q16, growing 8% from 1Q15. Sales amounted to 500 kton, growing 9% from 1Q15.

The units in the USA and Europe posted EBITDA of R$855 million (US$219 million), accounting for 28% of consolidated EBITDA.

Mexico:

Braskem Idesa successfully completed the startup of the cracker and the specification of ethylene in March. In April, it was produced the first lot of PE after the startup of the first PE plant.

Braskem – Consolidated:

Consolidated EBITDA in 1Q16 was a record of R$3,058 million, growing R$1,573 million or 106% in relation to 1Q15.

Consolidated net income in 1Q16 came to R$747 million, with R$775 million attributed to shareholders, which corresponds to the net income of the Parent Company.

Braskem's cash generation in the period enabled it to reduce its corporate leverage in U.S. dollar to 1.72 times, which is the lowest level of the last 10 years and 33% lower than in 1Q15.

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 TODAY, May 5, at 02:30 p.m. US ET. See connecting details on the Company's IR website.

For further information, contact Braskem's Investor Relations Area:
[email protected], (+55 11) 3576-9531.

SOURCE Braskem S.A.