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Braskem SA 6-K 2013
bakpr1q13_6k.htm - Generated by SEC Publisher for SEC Filing
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16
OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934


For the month of May, 2013

(Commission File No. 1-14862 )

 

 
BRASKEM S.A.
(Exact Name as Specified in its Charter)
 
N/A
(Translation of registrant's name into English)
 


Rua Eteno, 1561, Polo Petroquimico de Camacari
Camacari, Bahia - CEP 42810-000 Brazil
(Address of principal executive offices)



Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ___X___       Form 40-F ______

Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1). _____

Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7). _____

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ______       No ___X___

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _____.


 
  

Sales of thermoplastic resins (PE, PP, PVC) increased by 6% in 1Q13

Market share expands by 1 p.p.

 

 HIGHLIGHTS:

4 Operations

ü       In 1Q13, Brazil’s resins demand totaled 1.3 million tons, increasing by 5.6% and 5.0% from 4Q12 and 1Q12, respectively. Meanwhile, Braskem's sales amounted to 921 kton, growing by 6.2% and 8.8%, while its market share reached 71%.

ü       The crackers operated at an average capacity utilization rate of 90%, compared to 82% in the prior quarter, which was affected by electricity supply problems.

ü       EBITDA in 1Q13 amounted to R$937 million, growing by 6% from the recurring EBITDA in 4Q12, which is explained by the higher sales volume, the recovery in international spreads and the gains in operating efficiency. In U.S. dollar, EBITDA was US$470 million.

4 Macroeconomic scenario

ü      In response to the proposal submitted by the Chemical Industry Competitiveness Council, the government approved on May 2013 a reduction in the rate of PIS and COFINS taxes on feedstock purchases by the first- and second-generation of chemical producers.

4 Expansion and diversification of feedstock

ü       Mexico Project (Ethylene XXI):

§ The construction of the new petrochemical complex remains on schedule and the project’s physical completion reached 26%.

ü       Brazil:

§           As part of its strategy to increase the value of its cracker streams, Braskem has already begun the construction of the pipeline to supply propylene to the acrylic complex of Basf, scheduled to start operations in the second half of 2014.

§           Comperj: the basic engineering studies are on schedule and the conceptual design is expected to be concluded within the new few months.

4 Commitment to financial health

§           Receipt of the first installment of R$163 million from the divestment of the assets of the Water Treatment Unit.

 

 


 

EXECUTIVE SUMMARY

In a still uncertain global scenario, the 1Q13 was marked by the recovery of prices and global demand for resins and basic petrochemicals, influenced by the restocking trend in Asia and the scheduled and unscheduled maintenance shutdowns. The average price of naphtha, the main feedstock used by the petrochemical industry, remained practically stable in relation to 4Q12. Consequently, the spreads for resins1 and basic petrochemicals in the international market increased by 24% and 6%, respectively.

The Brazilian market followed the global trend and domestic demand for thermoplastic resins reached 1.3 million tons, growing by 5.6% from 4Q12. In line with its focus, Braskem’s sales amounted to 921 kton, increasing by 6.2% and supporting a market share gain of 1 p.p. to 71% in 1Q13.

After the volatility in the electricity supply in the 4Q12, the Company’s industrial facilities normalized their operations, and the average capacity utilization rate of the crackers reached 90% in the first quarter of this year.

EBITDA in 1Q13 amounted to R$937 million, growing by 6% from 4Q12 recurring EBITDA , explained by the higher sales volume and better spreads, which followed the international market trend. In U.S. dollar, EBITDA was US$470 million.

On March 31, 2013, Braskem’s net debt stood at US$7.4 billion, 8% higher than in the end of 2012, mainly explained by the financial resources provided to the Mexico project. To date, the project has received US$619 million in financial resources, which will be reimbursed to Braskem upon the payment of the 1st installment of the project finance, expected in June 2013. The EBITDA recovery of the last 12 months partially offset the increase in net debt, and the financial leverage measured by the net debt/EBITDA ratio increased from 3.42x in December 2012 to 3.62x in March 2013 when measured in U.S. dollar. Excluding the financing structure of the Mexico project, the leverage in U.S. dollar stood at 3.34x, in line with the 4Q12.

The Brazilian government has responded to the uncertainties in the global economy by adopting important measures to recover part of the competitiveness of local industry, which is suffering from infrastructure, productivity and foreign-exchange issues. On May 8th was approved a reduction in the rate of PIS (Social Integration) and COFINS (Social contribution) tax for the acquisition of feedstock by first- and second-generation chemical producers, which are consumed by around 50 companies. The tax rate will be reduced to 1% from 2013 to 2015 and, as of 2016, will rise gradually until 2018.

The outlook for the global scenario remains challenging, which reinforces the need for a more comprehensive industrial policy that continues to strengthen Brazilian industry. In this context, the government is expected to announce new measures. The tax reduction implemented by the government is essential for supporting a recovery in growth and higher capacity utilization rates in the industry, which has been operating with idle capacity in recent years. This should improve the industry’s ability to generate profits and strengthen its capacity to invest, reversing the sector trade deficit and meeting the growing local demand.  

 

 


1 65% PE (USA), 25% PP (Asia) and 10% PVC (Asia)

2 80% ethylene and propylene, 20% BTX (base Europe)

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PERFORMANCE

4  Net Revenue

In 1Q13, Braskem’s consolidated net revenue was US$4.7 billion. The 4% increase from 4Q12 is mainly explained by the higher average price and higher sales volume in the domestic market, which partially offset the lower resale volume. In Brazilian real, consolidated net revenue was R$9.3 billion, up 1% from the fourth quarter of last year. Excluding resale volume, net revenue in 1Q13 increased by 6% in U.S. dollar and 3% in Brazilian real.

Compared to 1Q12, consolidated net revenue in U.S. dollar increased 2%. In Brazilian real, consolidated net revenue grew 15%, benefitting from the average U.S. dollar appreciation of 13% between the periods.

Revenue from sales to the external market was US$1.9 billion in 1Q13, stable compared to 4Q12, but down 6% from 1Q12, explained by the lower resale volume and higher resin sales in the domestic market.

 

Highlights by Segment

 

4  Capacity Utilization Rate

Following the operating issues at crackers in 4Q12 due to instability in the power supply, capacity utilization rates recovered in 1Q13. The capacity utilization rates for Braskem’s main products are presented below:

 

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4  Polyolefins  

Brazilian market: estimated demand for Polyolefins (PE and PP) was around 994 kton in 1Q13, increasing 3% from 4Q12, driven by the restocking trend in the chain and the healthy performance of the food and agribusiness sectors. Compared to 1Q12, estimated demand grew by 4%.

Production: production reached 1,068 kton, increasing 10% from 4Q12 due to the higher supply of feedstock. Compared to 1Q12, production decreased by 2%.

Domestic sales: following the trend in the Brazilian market, sales amounted to 754 kton in 1Q13, 4% higher than in 4Q12,  which supported a market share gain of 1 p.p. to 76%. Compared to 1Q12, sales increased 5%, reflecting the better performance of the Brazilian market and the recovery in market share.

Export sales: exports amounted to 240 kton in 1Q13, down 9% and 28% from 4Q12 and 1Q12, respectively, which is explained by the inventory buildup for the future supply of the domestic market ahead of the scheduled shutdown and the better sales mix in the domestic market.

 

4  Vinyls  

Brazilian market: estimated PVC demand in 1Q13 was 311 kton, or 15% higher than in 4Q12, reflecting the chain inventory reconstruction and the better performance of the construction sector. Compared to 1Q12, domestic demand increased by 9%.

Production: PVC production in 1Q13 was 147 kton, increasing 12% from 4Q12 in response to the stronger domestic demand. Caustic soda production amounted to 115 kton, or 6% higher than in the prior quarter. Compared to 1Q12, PVC production increased 28%, reflecting the new PVC plant in the state of Alagoas, while caustic soda production remained practically stable.

Domestic sales: in line with the trend in domestic demand, Braskem’s PVC sales amounted to 166 kton, increasing 16% from 4Q12, with a market share gain of 1 p.p. to 54%. Meanwhile, soda sales volume amounted to 119 ktons. Compared to 1Q12, PVC sales grew by 27%, reflecting the new PVC plant in the state of Alagoas. Caustic soda sales grew by 5%, reflecting the stronger demand between the periods.

 

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Ethylene production in 1Q13 was 836 kton, increasing 8% from 4Q12, supported by the recovery in the crackers average capacity utilization rate, which were impacted in the last quarter of 2012 by interruptions in the power supply. Compared to 1Q12, production volume decreased by 4%.

 

Performance (tons) 1Q13 4Q12 1Q12 Change (%)  Change (%)
BASIC PETROCHEMICALS (A) (B) (C) (A)/(B) (A)/(C)
 
Production           
Ethylene  835,531  770,887  870,154  8  (4) 
Propylene  372,137  341,299  377,083  9  (1) 
Butadiene  100,850  95,047  78,132  6  29 
BTX*  324,359  293,201  324,938  11  (0) 
BTX* - Benzene, Toluene, Orthoxylene and Paraxylene

 

Ethylene and propylene: in 1Q13, total sales volume amounted to 226 kton, increasing 2% from 4Q12, reflecting the scheduled shutdowns and operational problems at certain clients. Compared to 1Q12, sales volume decreased 7%, also influenced by the lower production volume.

Butadiene: sales amounted to 98 kton in 1Q13, decreasing 2% from 4Q12, but increasing 33% from 1Q12, reflecting the expansion in butadiene capacity at the plant in Triunfo, Rio Grande do Sul.

BTX: sales of Aromatics amounted to 231 kton in 1Q13, down 18% from 4Q12, reflecting the operating issues at certain clients and the market opportunities taken advantage of in 4Q12. In relation to 1Q12, sales decreased by 7%.

 

Performance (tons) 1Q13 4Q12 1Q12 Change (%) Change (%)
BASIC PETROCHEMICALS (A) (B) (C) (A)/(B) (A)/(C)
 
Total Sales           
Ethylene/Propylene  225.949  221.123  243.561  2  (7)
Butadiene  98.237  100.070  73.602  (2)  33 
BTX*  230.902  281.268  247.937  (18)  (7) 
BTX* - Benzene, Toluene, Orthoxylene and Paraxylene         

 

4  Braskem America (USA and Europe)

Market: in the United States, 1Q13 was marked by a strong increase in propylene prices, due to the lower supply in the market caused by the scheduled shutdowns at the region’s refineries, and by the 4% decrease in regional PP demand. Meanwhile, the European market continued to be affected by the economic scenario while demand remained depressed.

Production: with an average capacity utilization rate of 88%, production volume in 1Q13 was 428 kton, or around 3% lower than in both 4Q12 and 1Q12.

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Sales: in 1Q13, sales volume was 431 kton, down 3% from 4Q12, reflecting the weaker demand in the U.S. and European markets.

 

Performance (tons) 1Q13 4Q12 1Q12 Change (%) Change (%)
UNITED STATES AND EUROPE (A) (B) (C) (A)/(B) (A)/(C)
Sales         
PP  430,872  443,571  428,042  (3)  1 
 
Production           
PP  427,757  441,978  439,216  (3)  (3) 

 

4  Cost of Goods Sold - COGS

Braskem's cost of goods sold (COGS) in 1Q13 was R$8.3 billion, in line with 4Q12. The higher sales volume of resins and basic petrochemicals in the period was partially offset by (i) the lower naphtha resale volume and (ii) the 3% appreciation in the Brazilian real against the U.S. dollar, which generated a gain of R$223 million.

In 1Q13, the average ARA naphtha price reference, the Company’s main feedstock, was US$945/ton, in line with the fourth quarter of last year (US$941/ton). The three-month moving average, which is a reference for domestic supply, was US$943/ton, up 1% from US$937/t in 4Q12. Braskem acquires around 70% of its naphtha needs from Petrobras, with the remainder imported directly from suppliers in North African countries, Argentina, Mexico and Venezuela.

Regarding the average gas price, between 4Q12 and 1Q13, the Mont Belvieu reference prices for ethane and propane decreased by 9% and 2% to US$26 cts/gal (US$191/ton) and US$86 cts/gal (US$451/ton), respectively, reflecting the continued growth in the supply of these products. The average price of USG propylene was US$1,653/ton, increasing 34% in the period, impacted by the lower product supply due to shutdowns at the region’s refineries.

Compared to 1Q12, COGS increased 11%, due to: (i) the 4% increase in the ARA naphtha price reference for the domestic market (moving average of the last three months); and (ii) the 13% U.S. dollar appreciation (average exchange rate in periods).


4
  Selling, General and Administrative Expenses

In 1Q13, Selling, General and Administrative (SG&A) expenses amounted to R$508 million, decreasing 9% from the previous quarter. Compared to 1Q12, SG&A expenses increased by R$31 million or 6%.

Selling Expenses totaled R$246 million, decreasing 11% from 4Q12, when these expenses were impacted by the payment of demurrage and freight expenses related to prior quarters. Compared to 1Q12, selling expenses increased by 12%, due to the shift in the sales mix between the periods.

General and Administrative Expenses amounted to R$262 million in 1Q13, down 7% from the prior quarter, explained by lower expenses with outsourced services and corporate campaigns. Compared to 1Q12, general and administrative expenses increased 2%, reflecting the Company’s efforts to control its fixed costs, despite the environment marked by inflationary pressures.

 

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4  EBITDA 

Braskem’s consolidated EBITDA3 in 1Q13 amounted to R$937 million or US$470 million, decreasing 33% or 31%, respectively, from 4Q12. Excluding the nonrecurring positive impact of R$516 million in the previous quarter from the sale of non-core assets, 1Q13 EBITDA increased by 6% in Brazilian real and 10% in U.S. dollar, with EBITDA margin ex-resale of 10.4%. The main factors were (i) the higher sales volume, especially in the domestic market; (ii) the improvement in international spreads for thermoplastic resins and main basic petrochemicals, which expanded by 24% and 6%, respectively.

Compared to the 1Q12, EBITDA increased 19% in Brazilian real and 6% in U.S. dollar. The increase was mainly due to the higher spreads for thermoplastic resins and main basic petrochemicals in the international market, which expanded by 24% and 32%, respectively, between the periods.

 

 

4  Net Financial Result

The net financial result in 1Q13 was an expense of R$107 million, compared to an expense of R$596 million in the prior quarter. The decrease is mainly explained by the Brazilian real4 appreciation through the quarter.

Since Braskem holds net exposure to the U.S. dollar (more dollar-denominated liabilities than dollar-denominated assets), any change in the exchange rate has an impact on the accounting financial result. On March 31, 2013, this exposure was formed of: (i) in operations, by 55% of trade accounts payable, which was partially offset by 63% of accounts receivable; and (ii) in the capital structure, by 75% of net debt. Since Braskem’s operating cash flow is heavily dollarized, maintaining this level of net exposure to the dollar in its liabilities complies with the Company’s Financial Management Policy. Virtually 100% of its revenue is directly or indirectly pegged to the variation in the U.S. dollar exchange rate and approximately 80% of its costs are also pegged to this currency.


 3EBITDA is defined as the net result in the period plus taxes on profit (income tax and social contribution), the financial result and depreciation, amortization and depletion. The Company opts to present adjusted EBITDA, which excludes or adds other items from the statement of operations that help improve the information on its potential gross cash generation.

EBITDA is used by the Company’s management as a measure of performance, but does not represent cash flow for the periods presented and should not be considered a substitute for net income or an indicator of liquidity. The Company believes that in addition to serving as a measure of operating performance, EBITDA allows for comparisons with other companies. Note however that EBITDA is not a measure established in accordance with the international accounting standards (IFRS) and is presented in accordance with CVM Instruction 527 of October 4, 2012.

4The Brazilian real/U.S. dollar exchange rate was R$1.9957/US$1.00 in average.

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It is important to note that the foreign exchange variation effect, which was positive in R$328 million in the quarter, does not have a direct cash impact in the short term. This amount represents currency translation accounting impacts, especially on the Company’s debt, with any expenditure occurring upon the maturity of the debt, which has a total average term of 14.2 years (down from 14.8 years). The portion of debt denominated in U.S. dollar has an average term of 19 years.

Excluding the effects of foreign exchange and monetary variation, the net financial result in 1Q13 was an expense of R$364 million, increasing R$48 million from the expense in the previous quarter, which is mainly due to the increased financial charges resulting from the higher volume of naphtha purchased in the period, which grew 9%. On the same basis, compared to 1Q12, the net financial result increased by R$62 million, mainly due to the change in the feedstock payment term in the domestic market to 90 days with segregation of its financial charges, as per the accounting standard for adjustment to present value.

The following table shows the composition of Braskem's financial result.

 

R$ million  1Q13  4Q12  1Q12 
Financial Expenses  (230)  (773)  (192) 
Interest Expenses  (237)  (225)  (247) 
Monetary Variation (MV)  (73)  (83)  (79) 
Foreign Exchange Variation (FX)  285  (275)  251 
Net Interest on Fiscal Provisions  (22)  (46)  (48) 
Others  (183)  (144)  (70) 
Financial Revenue  123  177  85 
Interest  28  69  58 
Monetary Variation (MV)  11  12 
Foreign Exchange Variation (FX)  43  68  11 
Net Interest on Fiscal Credits 
Others  43  27 
Net Financial Result  (107)  (596)  (107) 
 
R$ million  1Q13  4Q12  1Q12 
Net Financial Result  (107)  (596)  (107) 
Foreign Exchange Variation (FX)  328  (207)  263 
Monetary Variation (MV)  (71)  (73)  (67) 
Net Financial Result Excluding FX and MV  (364)  (317)  (303) 

 

4  Net Income / Loss

Braskem recorded net income of R$227 million in 1Q13, which was mainly explained by the higher cash generation and lower financial expenses, which was affected by the local currency appreciation in the period.

 

4  Cash Flow

Braskem’s operating cash flow, adjusted by Financial Investments, amounted to R$228 million in the first quarter of 2013. Working capital was affected by a negative impact of R$619 million, which is mainly explained by the R$526 million increase in Inventories due to the planning conducted for serving the domestic polyolefin market ahead of scheduled maintenance shutdowns and lower sales volumes of certain cracker co-products. Inventories levels should normalize over the next few months.

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R$ million  1Q13  4Q12  1Q12 
Operating Cash Flow Ajusted  228  979  1,702 
Interest Paid  (201)  (481)  (140) 
Income Tax and Social Contribution  (8)  (8)  (8) 
Investments  (923)  (975)  (834) 
Free Cash Flow Adjusted  (904)  (485)  721 

In 1Q13, Adjusted Free Cash Flow was negative R$904 million, reflecting the lower operating cash flow, as explained above. It’s also highlighted in the quarter the reduction of interest paid, which in the prior quarter was impacted by the payments of semiannual coupons on the bonds issued by the Company.

The R$923 million in investments includes the R$811 million invested by the subsidiary Braskem-Idesa (Mexico project) that was fully consolidated by the Company and the R$163 million in proceeds from the divestments of the Water Treatment Unit. Excluding from investment activities the Mexico project, cash flow in the quarter was negative R$94 million.

 

 

4  Capital Structure and Liquidity 

On March 31, 2013, Braskem's consolidated gross debt was US$8,991 million, up 5% from the balance on December 31, 2012. The increase is mainly explained by the additional financial funding contracted through bridge loan for the integrated project in Mexico. In Brazilian real, consolidated gross debt grew by 3% in the period. At the end of the period, 70% of gross debt was denominated in U.S. dollar.

In line with its strategy to maintain high liquidity and financial health, the Company maintains three stand-by credit facilities, with two in the aggregate amount of US$600 million and one in the amount of R$450 million, which do not include any restrictive covenants on withdrawals during times of Material Adverse Change (MAC Clause). Only prime banks with low default rates (credit default swap) and high credit ratings participated in the transactions. The cash balance, which had been positively impacted by the divestment of railcars at Braskem America, decreased US$95 million to US$1,615 million.

As a result, Braskem's consolidated net debt in U.S. dollar increased by 8% to US$7,376 million. In Brazilian real, consolidated net debt grew by 6%. The percentage of net debt denominated in U.S. dollar was 75%.

Excluding from this amount the cash and the bridge loan of the Mexico Project, which totaled US$619 million and will return to Braskem upon the payment of the 1st installment of the project finance, expected in June 2013, the net debt balance was US$6,855 million.

 

 

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The EBITDA growth in the last 12 months partially offset the higher net debt, with financial leverage as measured by the net debt/EBITDA ratio increasing from 3.42x to 3.62x when measured in U.S. dollar. In Brazilian real, this leverage ratio stood at 3.61x.

Excluding the Mexico project from the analysis, financial leverage measured by the net debt/EBITDA ratio was 3.34x in U.S. dollar, virtually stable compared to the prior quarter, and decreased to 3.33x in Brazilian real.

 

On March 31, 2013, the average debt term was approximately 14 years. Considering only the portion of debt denominated in dollar, the average debt term was around 19 years. The average cost of servicing the Company's debt as of March 31, 2013 was 5.98% in U.S. dollar and 8.00% in Brazilian real, compared to 6.24% and 7.58%, respectively, in the prior quarter.

The following charts show Braskem’s gross debt by category and indexer.

 

The following chart shows the Company’s consolidated amortization schedule as of March 31, 2013.

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Excluding from the amortization schedule the bridge loan of the Mexico project, which will be repaid upon disbursement of the first installment of the project finance, as previously mentioned, only 5% of the Company’s total debt matures in 2013, and its high liquidity ensures that its cash and cash equivalents cover the payment of obligations maturing over the next 25 months. Considering the stand-by credit facilities, this coverage extends to 34 months.

 

CAPITAL EXPENDITURE:

Maintaining its commitment to making investments with returns above the cost of capital, in 1Q13, Braskem made investments amounting to R$297 million (excluding capitalized interest).

Of this amount, around 90% was related to maintaining assets and improving their reliability. The Company also invested R$25 million in productivity gains and in Health, Safety and Environment (HSE).

In 1Q13, the investment in the Mexico project was made through a bridge loan by shareholders that will be repaid upon the disbursement of the project finance, as previously explained, with no impact on the line Capital Expenditure. Disbursements via equity are expected to be resumed in 2Q13.

 

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For 2013, investment is estimated at R$2.2 billion, with around (i) 70% allocated to maintenance and improving the productivity and reliability of the assets, including the additional expenses arising from the scheduled maintenance shutdown of one of the lines at the cracker of the Camaçari unit scheduled for 4Q13 and expected to last 30 days; and (ii) 25% allocated to the construction of the new petrochemical complex in Mexico. The remainder is related to other ongoing projects, such as the studies for the Comperj project and the construction of a pipeline for the future supply of propylene to the acrylics complex in Bahia.

 

PROJECT PIPELINE:

In keeping with its medium and long term strategy, Braskem focuses on investments that increase its competitiveness and diversify its raw material matrix, strengthening its leadership in the Americas and in the biopolymer market.

 

Project

Capacity
(kton/y)

CAPEX

Characteristics

Ethylene XXI (Integrated ethylene/PE project)

 

Location: Coatzacoalcos, Mexico

1,050

~US$ 3.2 bn5

·         JV between Braskem (75%) and Idesa (25%).

·         Long-term contract (20 years) with PEMEX-Gás based on the Mont Belvieu reference gas price.

·         In addition to gaining access to feedstock at attractive conditions, the project aims to meet the growing demand in Mexico for PE of around 1.9 million tons, of which some 70% is currently met by imports.

·         More than US$860 million has already been committed to the acquisition of equipment and materials, which is equivalent to 75% of the total inputs estimated for the project.

·         Earthmoving works concluded.

·         Construction: in 1Q13, the project reached 25.8% physical completion. Construction is progressing in all areas of the complex, with highlights including the installation of the foundation piles (80% completed) and the laying of the foundation (50% completed).

·         In October 2012, the Engineering, Procurement and Construction (EPC) contract was signed with a consortium formed by Odebrecht (40%), Technip (40%) and ICA Fluor (20%) for the complex’s construction.

·         Progress made on the pre-marketing efforts for sale to local customers.

·         US$3.2 billion project finance structure concluded in December 2012:

o    SACE: US$600 million;

o    IDB and IFC: US$570 million A loan to be complemented by a B Loan of US$700 million;

o    BNDES: US$623 million;

o    BancoMext and NAFIN: US$400 million;

o    EDC: US$300 million.

·         Financial funding contract through bridge loan in the amount of US$619 million as of 1Q13, which will be reimbursed upon the disbursement of first installment of the project finance;

·          Priorities for 2013:

o    Disbursement of the project finance;

o    Start of electro-mechanical assembly with the arrival of the main pieces of equipment and materials at the site;

o    Expanding pre-marketing activities;

o    Hiring and training people to run the future industrial operations. 6

Comperj

Rio de Janeiro, Brazil

N/A

To be defined

·         2013e: defining the capacity and technologies for the petrochemical complex and commencing the basic engineering projects (FEL3) for the industrial units.

·         2014e: proposal for the project’s development and construction and examination by the Company’s Board of Directors.


5Capex includes only fixed investments and does not include the working capital needs and interest associated with the project.

 

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Special Regime for the Chemical Industry (REIQ)

On May 08, 2013, the federal government approved a measure to reduce the rate of PIS (Social Integration) and COFINS (Social Contribution) taxes on the acquisition of raw materials for the chemical and petrochemical industries, maintaining the tax credit at 9.25%. The tax rates are as follows:

§  reduction of 5.6% to 1.0% for: naphtha, HLR, ethane, propane and butane;

§  reduction of 9.25% to 1.0% for: ethylene, propylene, butene, butadiene, ortoxylene, benzene, toluene, isoprene and paraxylene.

The measure will remain valid in full until 2015. As of 2016, the discounts will be gradually reduced until 2018.

The incentives announced are aimed at supporting recovery in the competitiveness of the industry, which has suffered from the stronger Brazilian real, the higher labor costs and labor competitiveness as well as infrastructure issues. Around 50 companies will benefit from the measure. The capacity utilization rate of the industry, which has operated with idle capacity in recent years, is expected to increase, which would improve its ability to generate profits and strengthen its capacity to invest in meeting the growing demand and reversing the sector’s trade deficit.

 

 

BRASKEM’S COMPETITIVE ADVANTAGES:

 

4 VISIO Program

With the aim of maximizing value for Clients and the plastics chain, the Visio Program launched new initiatives in 1Q13.

 

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A new PVC flooring for boats was developed in partnership with Kapazi, a manufacturer specializing in carpeting and mats. In addition to being easier to clean and having lower maintenance costs, the new product is also more competitive than wood flooring. The launch expanded the Client’s portfolio and sales, and also allowed for the entry of PVC resin in the boat flooring segment.

4 Innovation Pipeline

Polyethylene for heat shrink films segment:the new resin developed by Braskem aims to serve the market for shrink films, whose main application is as secondary packaging for cans and bottles. The new resin creates a compact package free of punctures and surface marks. The potential consumption of PE is estimated at 7 kton/y.

http:::www.goldenbiz.com.br:public:images:cliente:36:363501:produto:a40d51b472d584bb8c868c1842fd231019092012175252.jpg

 

OUTLOOK:

The continued uncertainty associated with the financial crisis in Europe and its influence on the global economy led the International Monetary Fund (IMF) to revise downward its forecast for world economic growth, which is expected to be 3.3%. Growth continues to be driven primarily by emerging economies.

Meanwhile, China is expected to register GDP growth of 8%. The Chinese government announced that it does not plan to adopt new measures to stimulate economic activity, at least in the short term.

In the case of Brazil, after growing by only 0.9% in 2012, the local economy is expected to recover and post GDP growth of around 3%, supported by the measures adopted by the federal government to boost the competitiveness of local producers and attract investment to various industries.

In this scenario, Braskem’s strategy remains centered on strengthening its business and increasing its competitiveness by: (i) strengthening its partnerships with Clients, with market share gains in the Brazilian market and segmented sales in the U.S. and European markets; (ii) supporting the development of Brazil’s petrochemical and plastics chain; (iii) pursuing operational efficiency by maintaining high capacity utilization rates and optimizing the production mix; (iv) capturing value creation through additional capacity in PVC and butadiene; (v) diversifying its feedstock matrix and improving its competitiveness by advancing construction of the gas-based petrochemical complex in Mexico (Ethylene XXI); and (vi) maintaining its financial health.

In the petrochemical market, the short-term scenario remains marked by sharp fluctuations in prices and costs. The continued volatility in crude oil prices, which in turn impact naphtha prices, and the lack of definition regarding the recovery in the global economy have weighed on growth in demand for petrochemical products. Over the medium and long term, however, the scenario remains positive, with expectations pointing to a gradual recovery in consumption supported by improvement in the macroeconomic environment.

Braskem maintains its commitment to sustainable growth and development and will continue to act proactively to pursue the best opportunities, seeking to create value for its Clients, Shareholders and Society and to increase competitiveness throughout the entire petrochemical and plastics production chain, while maintaining its focus on financial discipline. In this scenario, the Company has been investing in projects to diversify its feedstock matrix and increase its competitiveness by building the integrated petrochemical complex in Mexico and advancing the engineering studies for installing the new petrochemical complex in Rio de Janeiro known as Comperj. Another highlight is Braskem’s continued efforts to increase the value of existing streams, with the startup of the PVC plant and the expansion of the butadiene plant in 2012, as well as the supply of propylene to the future acrylic complex in Bahia.

 

 

14

 


 

NOTE:

 

(i) On March 31, 2013, the Brazilian real/U.S. dollar exchange rate was R$2.0138/US$1.00.  

 

UPCOMING EVENTS:

4       1Q13 Earnings Conference Call

 

INVESTOR RELATIONS TEAM:
 

Guilherme A. Mélega 

 

IRO and Controller 

 

Phone: (55 11) 3576-9531 

 

guilherme.melega@braskem.com 

 
 
 

Roberta Varella 

Fernando T. de Campos 

IR Manager 

IR Coordinator 

Phone: (55 11) 3576-9266 

Phone: (55 11) 3576-9479 

roberta.varella@braskem.com 

fernando.campos@braskem.com 
 
 

Daniela Balle de Castro 

Pedro Gomes de Souza 

IR Analyst 

IR Analyst 

Phone: (55 11) 3576-9615 

Phone: (55 11) 3576-9010 

daniela.castro@braskem.com 

pedro.gomes@braskem.com 
 
 

Gabriela Bastos de Toledo 

 

IR Analyst 

 

Phone: (55 11) 3576-9745 

 

gabriela.toledo@braskem.com 

 
 
 
 

www.braskem.com.br/ir 

 
 

 

 

 

 

15

 


 

EXHIBITS LIST:

 

EXHIBIT I:

Consolidated Statement of Operations

17

EXHIBIT II:

EBITDA Calculation

18

EXHIBIT III:

Consolidated Balance Sheet

19

EXHIBIT IV:

Consolidated Cash Flow Statement

20

EXHIBIT V:

Production Volume

21

EXHIBIT VI:

Sales Volume - Domestic Market

22

­EXHIBIT VII:

Sales Volume - Export Market

23

EXHIBIT VIII:

Consolidated Net Revenue

24

EXHIBIT IX:

Results by Segment

25

            Braskem, a world-class Brazilian petrochemical company, is the leader in the thermoplastic resins segment in the Americas. With 36 industrial plants, of which 29 are in Brazil, 5 in the United States and 2 in Europe, the Company has annual production capacity of 16 million tons of thermoplastic resins and other petrochemical products.

 

DISCLAIMER

This press release contains forward-looking statements. These forward-looking statements are not just historical data, but rather reflect the targets and expectations of Braskem’s management. Words such as "anticipate", "wish", "expect", "foresee", "intend", "plan", "predict", "project", "aim" and similar terms, written, seek to identify statements that necessarily involve known and unknown risks. Braskem does not undertake any responsibility for transactions or investment decisions based on the information contained in this document.

16

 


 

EXHIBIT I

Consolidated Statement of Operations

(R$ million)

 

Income Statement 1Q13 4Q12 1Q12 Change (%) Change (%)
CONSOLIDATED (A) (B) (C ) (A)/(B) (A)/(C )
Gross Revenue  11,038  10,923  9,609  1%  15% 
Net Revenue  9,296  9,232  8,072  1%  15% 
Cost of Good Sold  (8,316)  (8,309)  (7,482)  0%  11% 
Gross Profit  980  923  590  6%  66% 
Selling Expenses  (246)  (276)  (221)  -11%  12% 
General and Administrative Expenses  (262)  (282)  (256)  -7%  2% 
Business Combination  -  - 
Other Net Operating Income (expenses)  (29)  46  192  -164%  -115% 
Investment in Subsidiary and Associated Companies  (5)  (78)  (2)  -94%  125% 
Operating Profit Before Financial Result  438  332  302  32%  45% 
Net Financial Result  (107)  (596)  (107)  -82%  0% 
Profit (loss) Before Tax and Social Contribution  331  (264)  195  -226%  70% 
Income Tax / Social Contribution  (104)  111  (53)  -194%  96% 
Discontinued operations result  428  10  -100%  -100% 
Net Profit (loss)  227  275  152  -18%  49% 
Earnings (loss) Per Share  0.26  0.35  0.19  -25%  37% 

 

17

 


 

APPENDIX II

EBITDA CALCULATION

(R$ million)

 

EBITDA Statement 1Q13 4Q12 1Q12 Change (%)  Change (%)
CONSOLIDATED (A) (B) (C ) (A)/(B) (A)/(C )
Net Profit  227  267  152  -15%  49% 
Income Tax / Social Contribution  104  (111)  53  -  96% 
Financial Result  107  596  107  -82%  0% 
Depreciation, amortization and depletion  483  488  444  -1%  9% 

Cost 

446  437  407  2%  9% 

Expenses 

38  50  37  -25%  1% 
Basic EBITDA  922  1.240  757  -26%  22% 
Provisions for the impairment of long-lived assets (i)  10  26  410%  -59% 
Adjustments in discontinued operations result (ii)  79  -  - 
Results from equity investments (iii)  78  -94%  125% 
Ajusted EBITDA  937  1.399  787  -33%  19% 
EBITDA Margin  10,1%  15,2%  9,8%  -5,1 p.p.  0,3 p.p. 

 

(i) Represents accrual and reversal of provisions for the impairment of long-lived assets (investments, property, plant and equipment and intangible assets) that were adjusted to form EBITDA since there is no expectation of their financial realization and if in fact realized they would be duly recorded on the statement of operations.

(ii) Corresponds to the items current and deferred income and social contribution taxes, financial result, depreciation and amortization and equity income, which are included in profit or loss from discontinued operations.

(iii) Corresponds to results from equity investments in associated companies and joint ventures.

 

 

18

 


 

EXHIBIT III

Consolidated Balance Sheet

 (R$ million)  

   

ASSETS 03/31/2013 12/31/2012 Change (%)
(A) (B) (A)/(B)
Current  13,109  12,692  3 
Cash and Cash Equivalents  3,002  3,288  (9) 
Marketable Securities/Held for Trading  222  172  29 
Accounts Receivable  2,449  2,326  5 
Inventories  4,633  4,102  13 
Recoverable Taxes  1,661  1,476  13 
Other Receivables  864  1,050  (18) 
Non Current Assets Held for Sale  278  278  - 
Non Current  29,158  28,478  2 
Marketable Securities/ Held-to-Maturity  29  34  (17) 
Compulsory Deposits and Escrow Accounts  177  180  (1) 
Accounts Receivable  34  38  (10) 
Deferred Income Tax and Social Contribution  2,060  2,062  (0) 
Taxes Recoverable  1,500  1,527  (2) 
Related Parties  129  128  1 
Insurance claims  89  47  88 
Others Accounts Receivable  241  218  11 
Investments  118  126  (6) 
Property, Plant and Equipament  21,855  21,177  3 
Intangible Assets  2,926  2,941  (1) 
Total Assets  42,267  41,170  3 
  
LIABILITIES AND SHAREHOLDERS' EQUITY 03/31/2013 12/31/2012 Change (%)
(A) (B) (A)/(B)
Current  13,446  12,657  6 
Suppliers  8,702  8,898  (2) 
Financing/Debentures  2,383  1,836  30 
Hedge Accounting Opperations  249  293  (15) 
Salary and Payroll Charges  426  349  22 
Dividends and Interest on Equity  (23) 
Taxes Payable  353  343  3 
Advances from Customers  477  238  101 
Sundry Provisions  35  52  (33) 
Post-employment Benefit  161  147  9 
Other Payable  548  386  42 
Non Current Liabilities Held for Sale  110  110  - 
Non Current  19,947  19,861  0 
Financing/Debentures  15,724  15,676  0 
Deferred Income Tax and Social Contribution  2,196  2,139  3 
Taxes Payable  1,147  1,165  (2) 
Sundry Provisions  365  363  1 
Advances from Customers  189  205  (8) 
Other Payable  280  267  5 
Others  46  47  (3) 
Shareholders' Equity  8,874  8,652  3 
Capital  8,043  8,043  - 
Capital Reserve  798  798  - 
Profit Reserves  - 
Treasury Shares  (49)  (49)  - 
Other Comprehensive Income  322  337  (5) 
Retained Earnings (losses)  (349)  (566)  (38) 
Non Controlling Interest  108  88  23 
Total Liabilities and Shareholders' Equity  42,267  41,170  3 

19

 


 

EXHIBIT IV

Cash Flow

(R$ million)

 

   

Cash Flow  1Q13  4Q12  1Q12 
Profit (loss) Before Income Tax and Social Contribution  331  293  211 
Adjust for Net Income Restatement       
Depreciation and Amortization  483  488  444 
Equity Result  (7) 
Interest, Monetary and Exchange Variation, Net  26  429  41 
Others  307  20 
Cash Generation before Working Capital  847  1,510  718 
Operating Working Capital Variation       
Market Securities  (58)  64  (117) 
Account Receivable  (120)  75  (578) 
Recoverable Taxes  (149)  35  (128) 
Inventories  (526)  (274)  (289) 
Advanced Expenses  38  12 
Other Account Receivables  (78)  (457)  (243) 
Suppliers  (196)  (12)  2,097 
Advances from Customers/Long-Term Incentives  224  121  17 
Taxes Payable  (53)  (147)  (8) 
Other Account Payables  257  48  109 
Other Provisions  (15)  77  (5) 
Operating Cash Flow  169  1,043  1,585 
Interest Paid  (201)  (481)  (140) 
Income Tax and Social Contribution  (8)  (8)  (8) 
Net Cash provided by operating activities  (40)  553  1,437 
Proceeds from the sale of fixed assets  110 
Proceeds from the capital reduction of associates  163 
Additions to Investment  (0)  (141) 
Additions to Fixed Assets  (1,101)  (942)  (833) 
Additions to Intangible Assets  (1)  (8)  (0) 
Financial Assets Held to Maturity  15  (1) 
Cash used in Investing Activities  (923)  (975)  (834) 
Obtained Borrowings  2,959  1,070  1,175 
Payment of Borrowings  (2,285)  (407)  (1,478) 
Dividends  (0)  (482)  (0) 
Non-controlling interests  (3)  (38)  21 
Cash used in Financing Activities  671  142  (282) 
Exchange Variation on Cash of Foreign Subsidiaries and Jointly Controlled Companies  (2)  (5) 
Increase (decrease) in Cash and Cash Equivalents  (285)  (281)  316 
Represented by       
Cash and Cash Equivalents at The Beginning of The Year  3,288  3,569  2,987 
Cash and Cash Equivalents at The End of The Year  3,002  3,288  3,303 
Increase (Decrease) in Cash and Cash Equivalents  (285)  (281)  316 

 

 

20

 


 

EXHIBIT V

Production Volume – Main Products

  

PRODUCTION CONSOLIDATED

tons  1Q12  2Q12  3Q12  4Q12  1Q13 
 
Polyolefins           
PE's  656,359  637,216  666,380  579,520  632,257 
PP  431,401  379,643  440,753  394,822  436,029 
 
Vinyls           
PVC  114,950  110,629  140,595  131,192  146,877 
Caustic Soda  116,142  99,083  126,430  108,934  115,321 
Chlorine  15,103  11,641  13,793  12,515  11,404 
 
Basic Petrochemicals           
Ethylene  870,154  819,825  868,891  770,887  835,531 
Propylene  377,083  363,951  390,155  341,299  372,137 
Benzene  212,173  196,181  211,096  184,735  215,095 
Butadiene  78,132  75,927  106,597  95,047  100,850 
Toluene  43,677  32,637  46,443  42,122  41,742 
Fuel (m³)  204,444  199,333  205,932  210,297  221,317 
Paraxylene  44,630  45,458  49,050  45,660  44,930 
Orthoxylene  24,458  22,924  24,590  20,685  22,592 
Butene 1  10,910  10,078  15,067  9,651  11,380 
ETBE  71,525  59,017  78,890  76,818  78,403 
Mixed Xylene  19,694  21,955  27,580  16,739  15,840 
Cumene  63,697  63,804  64,406  54,335  73,138 
Polybutene  5,222  6,317  6,010  3,495  9,778 
GLP  11,170  6,892  4,533  2,870  6,533 
Aromatic Residue  31,838  30,566  33,821  25,972  34,795 
Petrochemical Resins  3,918  3,863  3,304  3,112  2,599 
 
United States and Europe           
PP  439,216  427,039  448,500  441,978  427,757 

   

21

 


 

EXHIBIT VI

Sales Volume - Domestic Market – Main Products

 

Domestic Market - Sales Volume
CONSOLIDATED
tons  1Q12  2Q12  3Q12  4Q12  1Q13 
 
Polyolefins           
PE's  407,701  390,042  458,669  411,759  438,717 
PP  307,476  275,205  338,208  312,449  315,724 
Vinyls           
PVC  131,017  133,053  154,004  142,850  166,216 
Caustic Soda  113,673  113,551  114,575  122,253  119,469 
Chlorine  12,939  13,387  13,620  12,436  11,821 
 
Basic Petrochemicals           
Ethylene  136,402  123,285  138,874  122,727  130,854 
Propylene  60,943  46,801  57,302  52,505  54,807 
Benzene  109,729  112,832  116,921  108,836  101,778 
Butadiene  57,903  59,727  56,748  44,626  57,460 
Toluene  32,797  29,939  26,679  12,406  8,638 
Fuel (m³)  172,452  179,039  176,205  212,079  137,310 
Paraxylene  4,989  11,951  2,997 
Orthoxylene  23,196  20,962  24,128  18,086  21,050 
Mixed Xylene  24,785  22,267  25,045  17,984  14,504 
Cumene  67,042  58,853  62,482  62,312  64,817 
Polybutene  2,364  3,310  2,439  2,592  2,244 
GLP  13,242  8,019  6,957  4,612  8,194 
Aromatic Residue  45,195  28,000  37,554  27,467  36,036 
Petrochemical Resins  2,326  2,581  2,075  2,217  2,238 

22

 


 

EXHIBIT VII

Sales Volume - Export Market – Main Products

 

Export Market - Sales Volume
CONSOLIDATED
tons  1Q12  2Q12  3Q12  4Q12  1Q13 
 
Polyolefins           
PE's  230,155  227,230  233,607  170,843  174,247 
PP  101,740  103,022  117,655  93,077  66,110 
 
Basic Petrochemicals Unit           
Propylene  46,216  36,796  60,847  43,885  40,288 
Benzene  36,404  47,893  35,732  48,876  40,222 
Butadiene  15,699  11,807  55,047  55,443  40,777 
Toluene  9,239  6,479  10,748  40,413  24,821 
Fuel (M³)  15,393  38,113  15,822  15,661  66,774 
Paraxylene  36,572  44,526  46,546  38,601  31,395 
Butene 1  1,009  2,040  1,499 
ETBE  62,838  54,312  83,342  89,063  61,689 
Mixed Xylene  239  133  80  556  451 
Polybutene  3,292  3,364  3,050  3,475  3,829 
 
United States and Europe           
PP  428,042  420,768  451,723  443,571  430,872 

   

23

 


 

EXHIBIT VIII

Consolidated Net Revenue

(R$ million)

  

Net Revenue by Segment
R$ million  1Q12  2Q12  3Q12  4Q12  1Q13 
 
Polyolefins           
Domestic Market  2,347  2,400  2,881  2,809  3,034 
Export Market  921  1,080  1,109  911  824 
 
Vinyls           
Domestic Market  439  467  535  542  636 
 
Basic Petrochemicals (Most Relevants)
Domestic Market           
Ethylene/Propylene  496  513  518  481  586 
Butadiene  283  341  228  182  208 
Cumene  142  160  172  172  199 
BTX  343  398  456  426  407 
Others  380  376  418  421  345 
Export Market           
Ethylene/Propylene  121  101  148  124  125 
Butadiene  99  71  232  207  148 
BTX  212  255  260  378  278 
Others  190  245  301  283  315 
 
United States and Europe  1,301  1,432  1,314  1,416  1,606 
 
Resale*  653  678  521  565  409 
 
Others  146  445  161  314  177 
Total  8,072  8,963  9,254  9,232  9,296 
*Naphtha, condensate and crude oil         

 

 

24

 


 

 

EXHIBIT IX

Results by Segment

(R$ million)

 

   

Results by Business Segment - YTD 2013
Segments    
  Basic     United States and Total reportable Others  Braskem 
R$ MM Petrochemicals Polyolefins Vinyls Europe segments /Adjustments  consolidated 

Sales Net Revenues 

5,984 

3,858 

644 

1,606 

12,092 

(2,797) 

9,296 

Cost of Goods Sold  (5,556)  (3,409)  (594)  (1,511)  (11,070)  2,754  (8,316) 
Operating Expenses  (144)  (205)  (34)  (61)  (443)  (98)  (542) 
Operating Profit  284  243  17  34  579  (140)  438 
 
Results by Business Segment - YTD 2012
Segments              
  Basic     United States and Total reportable  Others  Braskem 
R$ MM Petrochemicals Polyolefins Vinyls Europe segments  /Adjustments  consolidated 

Sales Net Revenues 

5,652 

3,267 

450 

1,301 

10,670 

(2,599) 

8,072 

Cost of Goods Sold  (5,288)  (3,114)  (445)  (1,212)  (10,059)  2,577  (7,482) 
Operating Expenses  (113)  (223)  (30)  (49)  (415)  127  (287) 
Operating Profit  251  (69)  (25)  40  196  106  302 

      

 

25

 


SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 9, 2013
  BRASKEM S.A.
 
 
  By:      /s/      Marcela Aparecida Drehmer Andrade
 
    Name: Marcela Aparecida Drehmer Andrade
    Title: Chief Financial Officer

 

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.


   

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