SAO PAULO, Aug. 11, 2011 /PRNewswire/ -- BRASKEM S.A. (BM&FBOVESPA: BRKM3, BRKM5 and BRKM6; NYSE: BAK; LATIBEX: XBRK announces today its results for 2Q11.
- Braskem recorded consolidated net revenue of R$8.4 billion in the second quarter, for growth of 13% from 1Q11 and 24% from 2Q10.
- As of June 2011, the Camacari complex was back to regular capacity utilization rates.
- Synergies from Quattor acquisition amounted to R$163 million in 1H11. For 2011, synergies to be captured are estimated at R$377 million on an annual and recurring basis.
- Braskem's net debt/EBITDA ratio maintained its downward trend to reach 2.30x in the quarter compared to 2.37x in 1Q11. In relation to the same quarter last year, when ratio was 2.84x, the decrease reached 19%.
- A US$500 million in 30-year bond issue due in July 2041, with yield of 7.25% p.a. and coupon of 7.125% p.a., which is a market tapped by few Brazilian companies. The proceeds will be used to prepay short- and medium-term debt, in line with Company's strategy to restructure the debt profile.
- Acquisition of the polypropylene business of Dow Chemical for US$323 million, as announced on July 27, making Braskem the leading PP producer in the United States. The business consists of 4 plants, 2 located in the United States and 2 in Europe with total capacity of 1,050 ktons/year, and represents another important step in the Company's international expansion strategy. The acquisition barely changes its capital structure, which from the base date of June 30, 2011, would present a net debt/EBITDA ratio around 2.4x.
The full earnings release is available on the Company's IR website: www.braskem.com.br/ir.
Braskem will host conference calls to discuss 2Q11 next MONDAY, August 15, 2011, at 10:30 a.m. ET in English and 8:30a.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, email@example.comRoberta Pimphari Varella, +55 (11) 3576-9266, firstname.lastname@example.org Daniela Balle de Castro, +55 (11) 3576-9615, email@example.com Marina Dalben, +55 (11) 3576-9716, firstname.lastname@example.org Pedro Gomes de Souza, +55 (11) 3576-9010, email@example.com SOURCE Braskem S.A.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV