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

SOURCE Braskem S.A.