SAO PAULO, May 12, 2011 /PRNewswire/ -- BRASKEM S.A. (BM&FBOVESPA: BRKM3, BRKM5 and BRKM6; NYSE: BAK; LATIBEX: XBRK announces today its results for 1Q11.
- Braskem recorded consolidated net revenue of R$ 7.4 billion in 1Q11, for growth of 3% from 4Q10 and 13% from 1Q10.
- Crackers in the South and Southeast Complexes operated at capacity utilization rates above 90% in 1Q11, led by the South Complex, which operated at an average utilization rate of 96%.
- Synergies from the acquisition of Quattor amounted to R$ 75 million in 1Q11. In 2011, Braskem captured synergies estimated at R$ 377 million on an annual and recurring basis.
- 1Q11 EBITDA reached R$ 919 million, with a 14.1% margin excluding resales. The negative impact related to the power blackout in the Northeastern plants was estimated at R$ 230 million.
- The net debt/EBITDA ratio maintained its downward path to reach 2.37x, declining 2% from 4Q10 and 24% from 1Q10.
- At the end of 1Q11, the risk rating agencies Standard & Poor's (S&P) and Moody's upgraded Braskem's rating to "BBB-" and "Baa3", respectively, which corresponds to investment grade.
- In early April, Braskem announced the issue of US$ 750 million in bonds maturing in April 2021 with a coupon of 5.75% p.a., which is the lowest rate ever obtained by the company. The proceeds from the issue will be used to pre-pay short- and medium-term debt, in line with the company's strategy to restructure its debt profile.
The full earnings release is available on the Company's IR website: www.braskem.com.br/ir.
Braskem will host conference calls to discuss 1Q11 TOMORROW, May 13, 2011, at 11:00 a.m. ET in English and 9:00 a.m. ET in Portuguese. See connecting details on the Company's IR website.For further information, contact Braskem's Investor Relations Area: Luciana Paulo Ferreira, +55 (11) 3576-9178, firstname.lastname@example.orgRoberta Pimphari Varella, +55 (11) 3576-9266, email@example.com Daniela Balle de Castro, +55 (11) 3576-9615, firstname.lastname@example.org Marina Dalben, +55 (11) 3576-9716, email@example.com SOURCE Braskem S.A.