Braskem announces 2Q14 Results - WDRB 41 Louisville News

Braskem announces 2Q14 Results

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SOURCE Braskem S.A.

SAO PAULO, Aug. 7, 2014 /PRNewswire/ -- Braskem S.A. (BM&FBOVESPA: BRKM3, BRKM5 and BRKM6; NYSE: BAK; LATIBEX: XBRK) announces today its results for 2Q14.

HIGHLIGHTS:

The average cracker utilization rate stood at 84%, decreasing 1 p.p. from 1Q14, due to the scheduled maintenance shutdown in one of the lines at the Triunfo site and by the lower feedstock supply to the Rio de Janeiro complex.

  • Braskem's sales followed the market slowdown and reached 879 kton. Compared to 2Q13, the market dropped by 8% and the Company's sales 7%.
  • Sales of PP in the USA and Europe business unit reached 479 kton, up 4% and 3% from 1Q14 and 2Q13, respectively, reflecting the recovery of local markets, especially in the automotive and retail sectors in the United States.
  • In 2Q14, Braskem recorded EBITDA of R$1,130 million, 17% lower than the 1Q14 recurring EBITDA, influenced by the sale mix, reduction of petrochemical spreads in international markets and the Brazilian real appreciation. Compared to 2Q13, EBITDA grew by 6%, driven by resins spreads recovery and the Brazilian real depreciation. In U.S. dollar, EBITDA in 2Q14 amounted to US$507 million.
  • The Company's leverage stood at 2.73x, in line with 1Q14. In Brazilian real, the leverage ratio stood at 2.62x, decreasing 3%.
  • The construction of the Mexico project reached 75% completion and equipment assembly of large pieces, such as the ethylene tower, was concluded.
  • In line to its commitment to develop the Brazilian plastics chain, Braskem continued to make progress on the Plastics Chain Competitiveness Incentive Plan and participated in the Agrishow fair, one of the largest agribusiness trade fairs, in order to approach the sector to the latest innovations in plastics.
  • Braskem announced a project to produce Ultra-High Molecular Weight Polyethylene (UTEC), a 100% Brazilian technology resin with applications in a wide range of industries at its unit in La Porte, Texas (USA).
  • Braskem figured among the 15 Dream Companies ("Empresa dos Sonhos") to work at according to young professionals in Brazil, in a survey involving undergraduate college students and recent graduates.

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 Friday, August 8, 2014, at 01:30 p.m. ET in English and 12:00 p.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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