Braskem reports free cash flow of R$1.8 billion in 1Q18, advancing 317% on 1Q17

Braskem reports free cash flow of R$1.8 billion in 1Q18, advancing 317% on 1Q17

PR Newswire

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.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsCommoditiesPress ReleasesBanking/Financial ServicesConference Call AnnouncementsOilUtilities
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!