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Braskem S.A.$24.82($.23)(.92%)

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 Braskem reports free cash flow of R$1.8 billion in 1Q18, advancing 317% on 1Q17
   Wednesday, May 09, 2018 7:28:00 PM ET

SÃO PAULO, May 9, 2018 /PRNewswire/ -- BRASKEM S.A. (B3: BRKM3, BRKM5 and BRKM6; NYSE: BAK; LATIBEX: XBRK) announces today its results for 1Q18.

HIGHLIGHTS:

Braskem - Consolidated:

  • EBITDA amounted to US$818 million, down 29 and 10% from 1Q17 and 4Q17, respectively, mainly due to the lower availability of products.
  • Parent company net income came to R$1.1 billion, corresponding to R$1.32 per common share and class "A" preferred share, down 42% from 1Q17 and up 173% from 4Q17.
  • Financial leverage in U.S. dollar stood at 1.98x.
  • Free cash flow was R$1.8 billion, compared to R$423 million in 1Q17.
  • In April, the Annual Shareholders' Meeting approved the distribution of additional dividends in the amount of R$1.5 billion, which added to the dividends of R$1 billion distributed in December 2017, bringing total dividends for fiscal year 2017 to R$2.5 billion, which corresponds to 61% of net income for the period.
  • Standard & Poor's and Moody's upgraded the Company's credit outlook from negative to stable in March and April, respectively.

Brazil:

  • Average cracker capacity utilization rate was 90%.
  • Demand for resins (PE, PP and PVC) reached 1.3 million tons in 1Q18, growing 7% in relation to 1Q17.
  • Resin sales in the Brazilian market amounted to 886 kton in 1Q18, increasing 5% compared to 1Q17, in line with the growth of the overall market
  • Market share stood at 68%.
  • Braskem exported 333 kton of resins, representing declines of 22% and 2% compared to 1Q17 and 4Q17, respectively, influenced by the stronger demand for resins in the Brazilian market and the lower availability of product.
  • EBITDA of R$1,463 million, accounting for 57% of the Company's consolidated EBITDA from all segments.

United States and Europe:

  • The average capacity utilization rate stood at 92%, down 9 p.p. and 7 p.p. from 1Q17 and 4Q17, respectively, due to the unscheduled shutdown in the United States caused by the severe winter.
  • EBITDA of US$176 million in 1Q18, or 21% of the Company's consolidated EBITDA.
  • Construction of the new PP plant in the United States reached 16% completion in 1Q18, with investments already realized of US$212 million.

Mexico:

  • The PE plants operated at an average capacity utilization of 85%, down 12 p.p. and 1 p.p, from 1Q17 and 4Q17, respectively.
  • PE sales to the Mexican market amounted to 146 kton, up 17% and 1% from 1Q17 and 4Q17, respectively, to account for 72% of total sales.
  • EBITDA stood at US$165 million.

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 TOMORROW, May 10, at 12:00 p.m. US ET. 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.

Cision View original content:http://www.prnewswire.com/news-releases/braskem-reports-free-cash-flow-of-r1-8-billion-in-1q18--advancing-317-on-1q17--300645994.html

SOURCE Braskem S.A.



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