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- Charlotte Sherman
- 5 years ago
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1 )4() - &! " " # #$ %" $ & # '(()!" # $% &# ' %% % * +!, -+. /0, '(( 1 ()*+,-./0+1,-2".34,4-5$ % % % 6 3 % %6 % 7 %8 9 '% $ ' %'% ::; '%<' %% ::;! ' % % % 7 %% 3 $ %'% % % % 02 %' ;= ' %%! % %%%6 7 %''% % &+!!(>% &?%>?5 #%@$ ::;!% %% %6 %#6 % ::@$ % %! # 8#%8# '% % 02%' ;=(!!$ 8'%% &% 6 % $ % & &1A% B% +!! /1+C3 D 1%<'E +' %%67 8 <' '6 5!/#%@$ ::;$% 7 FC+ % 6%!";;FC!+!!::! % $% &' %%6% %9&6! Earnings Release Investor Meeting SP: February 23, 2005, at 8:30 a.m. Investor Meeting RJ: February 25, 2005, at 8:30 a.m. Brazilian Conference Call: February 18, at 7:00 a.m. US EST International Conference Call: February 18, at 9:30 a.m. US EST Further information is available at the Company s website at or may be obtained with the Investor Relations Area: José Marcos Treiger Investor Relations Officer Tel: (+55 11) jm.treiger@braskem.com.br Luiz Henrique Valverde Investor Relations Manager Tel: (+55 11) luiz.valverde@braskem.com.br Vasco Barcellos Investor Relations Manager Tel: (+55 11) vasco.barcellos@braskem.com.br / In 2004, Braskem had record net income of R$691 million, corresponding to a 221% increase compared to EBITDA increased by 43%, from R$1.8 billion in 2003 to R$2.5 billion in The Company also had constant growth in its operating, economic and financial performance indicators. EBITDA margin increased from 19% to 23%. Braskem s excellent performance in 2004 reflects the competitive advantage of its business model and points to a new level of strategic competitiveness and flexibility, which were already differentiated from the rest of the market, declared José Carlos Grubisich, Braskem s CEO. The Company is prepared to accelerate its growth programs, in addition to being structured to capture the opportunities arising from the potential Brazilian petrochemical sector consolidation or that may allow it to expand internationally, he added. All of Braskem s business units operated at utilization rates in excess of 90% in In 2005, the Company's production capacity will be at its highest, due to investments made in 2004, which totaled R$324 million, in addition to other investments that will be completed in Braskem also plans to operate its units at utilization rates higher than those recorded in In 2005, the Company also believes that a positive and additional impact on its results will be generated by productivity and competitiveness improvements resulting from its Braskem + an operational and business excellence program aimed at positioning the Company among the most competitive petrochemical companies in the world and which should offer additional gains estimated at R$420 million on an annualized and recurring basis. In 2004, the year Braskem + was implemented, this program generated gains of R$90 million, also on an annualized and recurring basis, 50% greater than the previously estimated goal for the year. In 2004, domestic market sales of Braskem s thermoplastic resins polyethylene, polypropylene and PVC increased by 13% compared to the previous year, driven by the increased demand for these products in Brazil and due to the continuing expansion of the Brazilian economy in Gross revenues exceeded R$14 billion, and net revenues increased by 20% compared to 2003, totaling more than R$11 billion. The Company maintained its strategic presence in the international market in Exports provided net revenues of US$710 million, 15% higher than the amount recorded in The increase in resin prices internationally fully offset the reduction in the volume of exports. Braskem carried out the largest issuance made by a Brazilian company in the international market in 2004, in an aggregate amount of R$1.2 billion. In addition, it was highly successful in the implementation of its net debt reduction strategy. At year end, its net debt totaled R$3.9 billion, a 38% decrease compared to the amount recorded at the end of Braskem s net debt/ebitda ratio was reduced to 1.5 in December 2004, compared to 3.5 at the end of the previous year. Braskem fulfilled all of its commitments vis-à-vis the market and reached a new position in terms of capital structure and financial liquidity, which will certainly become a solid platform for its development, declared Paul Altit, Chief Financial Officer and Investor Relations Director. The Company is distributing part of these positive results to its shareholders R$204 million, between interest attributable to shareholders equity and dividends.
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
4 #' 6 %' 6% % #%% # '% %' ::$::: F % % 8 '% 6 $ % #! 3 <#+ ( 5 # + & ( 5 % & %6%''%#%@$ ::; %% %''% %, //,'?) '((= 8'>: D " (C+ 5 /),=)' '(() 0/> >/( '((= 8/: '(() '/ '((= " # ( 5 8''/: A B )>0 10 1/PC+ )/PC+ 0@/ '(() /N /,>>> '((= =' & '((= 8)=: 1/+ ',)@ '(() " &"C & 1>: // & '(() MM3/!"I!I :!:I Q!;I "!;I!I ;"!@I 29.5% 29.5% 100.0% 63.7% 35.0% 33.9% POLIALDEN : "#%; "! 1 : "! ; "! 4
5 = "#% 5# % &%% % 6%% 'C! % 6 '% ' 6 '7 % %% 6 76% #%'67 %' %'%% # %& 6! ' 8' '7 % % % & % %' %#, ; ".E"!H"#" F: @= '((= '(() '((= '(() '((= '(() (1) Does not consider the increase in capacity implemented in July 2004 (2) Considering a 100,000 tons/ year capacity increase, as of July 2004 =/ #$+"! 5# Production Volume tons 2004 (A) 2003 (B) Chg. % (A)/(B) Polyolefins Unit. PE s Polyethylene 741, , PP Polypropylene 463, ,747 6 Vinyls Unit. PVC Polyvinyl Chloride 421, , Caustic Soda 461, ,728 7 Basic Petrochemicals Unit. Ethylene 1,105,610 1,040, Propylene 542, , Business Development Unit. PET 72,194 56, Caprolactam 50,483 49,572 2 %'!.!5# +# E#"% #QI % ::@$ ' %6 %% '% '! $ '7 % %8%6$% 6I%11 I%1 ::;! '%6 ::;$ % & % # ::$::: F %'% ' %'$ % %' %# :I# 688! ::;$ % & #&6 K % %'% &M' O $' %! 5
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
7 =' 1 ;! 5# % & % 6686%% %'%% # %& 6! $ %% ::; %&$% % %% #@I % ::@$ 6 6 %'%6 6%% 7 ::;! 8' % % % %& # % & ::; $Q$::: $ %% =I % % $"@$:::'%6%8' %! Sales Volume tons #.! +# E#"$ 10 % #QI %%8' %$ ' %&6%$ "I!%8%10 %8#% # %$ % #'%$ (A) 2003 (B) Chg. % (A)/(B) Polyolefins Unit. PE s Polyethylene 704, , PP Polypropylene 460, ,066 5 Vinyls Unit. PVC Polyvinyl Chloride 427, , Caustic Soda 444, ,608 4 Basic Petrochemicals Unit. Ethylene 1,098,882 1,047, Propylene 532, ,637 9 Business Development Unit. PET 74,258 56, Caprolactam 49,123 50,329 (2) S' F% %% &'C!!.!5# +# E#"$ 8' % % #"I$% %'% %&$6%# I % ::@!%' %8#%% 6 # %'6 %# % & 66 % H % %7 % H & &$ 6 9#8% 6! ' 8# % & M' H 69%% ' ::;H % '# %' % :$::: F %$ # 8 ##9 ::"! 1% 8'% I %&$'%% '8 % F% '% 6%''%! ::;$ G% 66 '% &+# $ 69%% # & 66! 8 ' % % % % H %& % % ":I ::;H '6 % #%' #%9 % %H %% % % H %8 # 66! % % 8 '6 6 '% #%'$' % 9%<' %'( '5$ % %' %%!
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million) +15% North America 43% Destination of Exports Europe 22% South America 22% Asia /Middle East 13% 8
9 =) I +# ; ""<# ::;$% & 7 89$ % %6% $ #G8 6 8 % %! %6% %% % # 6 $ ; : ' %'%6# #! %6% # 8% 6# % '' '%6 '% %6%'6% 6% %!% &T % % 68 ' 6%! 6 % 66%, "#"!5!+;"# FB!#C.JG =0( )'( />( 0( '(() '(( '((0 '((> J # ##+! #$ +#% '6 % & T ::; % ''$ ' % 6 '$ %6 '% #":I6 #%% %!%' 8 ::; %86 : $ ' %'%6# $ %:%6 $ % % &'' %6%! +!"6<$# '(() FB!#C.GJ -" 6<$ 0( J ###+!#$+#% 9
10 ) -##! #$ # 5# )/ 1 " <#+ % &%%%8'$:;; ::;$ :I 6% $ # ::@! &%8%%% %% 8'$ %&$ %8 % % % & % %'$ # % 7 #%! ##%%8'6%#'C$6 % %% % &'C, 11,200 10,500 9,800 9,100 8,400 7,700 7,000 6,300 5,600 4,900 4,200 3,500 2,800 2,100 1, ,191 NET REVENUE (R$ million) +20% ,044 Business Unit (R$ million) 2004 (C) 2003 (D) Chg. % (C)/(D) Domestic Market 8,935 6, Basic Petrochemicals 3,902 3, Polyolefins 2,826 2, Vinyls 1,631 1, Business Development Exports 2,109 2,324 (9) Basic Petrochemicals 1, Polyolefins 794 1,234 (36) Vinyls Business Development Total Net Revenue 11,044 9, )' 1 ;" 5 3$!$ F;3G Electric Energy 2.9% Naphtha/ Condensate 67.7% COGS Breakdown Other Variable Costs 18.2% Personnel 2.4% Materials 1.0% Others 1.0% Depreciation 4.3% Services 2.5% '%6 ::;$ % & 6 (/J+5 Q$@" $ %% % /J+ ::@$ =$@;! 8 % % % %' % % % %6% '%6 ::;! 8% 6 % % (% 9% 9%5%6 C+@=QF ::;$ % % C+ =;F %% ::@! 10
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
12 )) I & % & 6 8% # # % '6'$ :: $ %!"# ::;$ ;@I% %!Q # %% ::@! & %8% %% %, ( '% %6 %'6 % % & 6% %.(5 % 8'$ %&.(5 %8 % % % & %'$# % 7 #%.(85%%'86 %8#7 89.(85%6%% %%# '% '$ %# 6 '7 %. $ $(85 %8<' %''8%'! %6 %% # % % 6 %! %' % %8 % & % 6 <' $ %#% ;('%5% 6 %6$%I ::;! 6% # ' # %' # # % &$ %# 6% <' %%# $# C+ %! 3,000 2,500 2,000 1,500 1, , EBITDA (R$ million) +43% EBITDA Margin (%) 2, EBITDA EVOLUTION (R$ million) EBITDA EVOLUTION (US$ million) 00/ ',)@ '=>?>' >)) '( /,>>>?/ 0/ '(' '@ /?= '((= /4() '4() =4() )4() '(() '((= /4() '4() =4() )4() '(() ) 1 #<"#" # +$ #$ "$ ; # '6 %7 6 %6 % % % 8 '$1 1%$% &%% % 8 '# % ::;$ '% 6# %% ::@! 12
13 (R$ thousand) Investments in Subsidiaries and Associated Companies Subsidiaries - Equity Method 4,475 2,597 Associated Companies - Equity Method 223,584 90,528. Copesul 162,446 46,244. Politeno 44,116 31,781. Petroflex 17,335 12,836. Others (313) (333) Exchange Variation (9,645) 22,414 Others 10,348 21,038 Subtotal (before amortization) 228, ,577 Goodwill Amortizations (152,730) (255,984) 8%'% %% % & % '# % ' 1$ %% % & # #%@$ ::;! ## 1U3#' 1, %' %7 6 ::; ' % % /J+ +JU '$%8$ 6 % %' 8% ''% % 6 % # %6 % % &W %% %&R ' % ::;! # +$ ; +!!"# B!# FD " 6 "6 #$"$G )8' "$;;: $ $:Q =: 2 %6(I5!I "! I ) ";= )0 1 " -##! +!" TOTAL 76,032 (119,408) '%6 ::;$% &%%7 % 6 % %J# /%6% 8# $%#! %'$ %( ' &6 % %# %F8% 6 %8'5 % # I$%@" ::@;Q ::;! (2 5 (2 5 ::; ::@ -##! D # F@@G F'=G %F0% F0=/G F0?(G 2 % F)'=G F=)?G MF43 # 12MF/MF F &6 F/)/G F//G /% F'/0G F=/'G -##! <#+ F/?G F/==G % /== ) 2 % /) == MF4 F===G F'//G )M ' F/,/?/G F00G 13
14 '6 % 6% 8 % $% & %' #%@$ ::; Q"; $ % $:Q %% ::@$%% '# %8% ;; % I! % %'%% ::;$ #$ 8%% &! (2 5 (2 5 ::; ::@ )M ' ($Q5 ("5 M%6 6J 0 % (MF45 Q ="Q 2 % (25 (;:Q5 (@"5 M 'MF4 2 (Q";5 ($:Q5 )> I " # % &%% ::;$ '# 6% %' # ::@$ "!&%8%%% % 6% 6%% $%#%%!"# $ %8<'! )? 1 &" #%#" # '(() ::;$ % & % % %''%% 6 % %%'# 8% 6$ 6 %8 #%! '%6 ::;$ % & %% %'# #6 $ %% 8 '% % 6 %&6! $ 8% %$ '6 6%8 <'8 $ %% %8 6% % % 6 #! % & <'8 '!=Q##%@$ ::;$ % = %!:# # %% ::@! % &# $ Cash Balance Evolution (R$ million) 0): /,>?= /,(?0 $:S Q"S $:: &(= &() S 8 C+ Net Debt Evolution (R$ million) 6,258-38% 3,
15 % %# "Q5!V %C+ %$% I%'$%C+! # C+!"#! % & 8% 6$ '%##F% $% 6 #"=I ::;$%@!" #%@$ ::@$!" #%@$ ::;! Net Debt / EBITDA ' ' %'6 #$6#% %%76-57% %7 8 #$ %'6!6% # % & # % ' #%@$ ::;! 1.50 & () ;6 K ;6 L+<!#" '0@: /,>?= /,'' '(( ; "! D #$"+ Debt Amortization Schedule* (R$ million) 12/31/2004 /((: 0 '((0 =/: /,>?' /=0: J%#,"$" )#,@$QQ % & ::; # #' '!8 %6% % % 6$6$ $ 8% %! 6 +' % % % %&$ % & % %G '%6 ::;$ 86 %' $ %6% % % % #'% '$ & ' 8 6 '% 8% # 8% % 6# % %! 6 8 % ' % ' ::$::: F % %%' %'$ + J% +'$ % %"":$::: F % ":$::: F %$ % ":$::: F % % %' 1% C$ K %$ % %"@$:::F % :@$:::F %! >>/ >: ='' //?: 00> '((> '((? '((@ '(/) *Between 2010 and 2013 the amount of R$ 16 million is payable and, after 2015,R$ 6 million is payable Dec 03 Dec 04 15
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raskem Share Performance in 2004 (base 100 = 12/30/2003) Mkt Cap: US$ 1,57 Bilhões Mkt Cap: US$ 4,54 Bilhões BAK (ADR) 218 BRKM5 (Bovespa) 200 Bovespa Index jan-04 feb-04 mar-04 apr-04 may-04 jun-04 jul-04 aug-04 sep-04 oct-04 nov-04 dec-04 8 ' 8% 6 % 68'/0+1% %:!; #%J# $ % %!+ %$8 ' 8% 6 % 68'+% %C+"$:::C+;!! 16
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
19 2 F;#!$"$G # ""#" F/G FB!#G Income Statement 4Q04 (A) 4Q03 (B) Change (%) (A)/(B) 2004 (C) 2003 (D) Change (%) (C)/(D) Gross revenue 3,747 3, ,342 11, Net Revenue 2,798 2, ,044 9, Cost of goods sold (2,018) (2,056) (2) (8,315) (7,342) 13 Gross profit ,729 1, Selling expenses (89) (28) 216 (236) (110) 115 General and administrative expenses (121) (93) 31 (339) (292) 16 Depreciation and amortization (113) (52) 116 (353) (188) 88 Other operating income (expenses) 3 24 (87) (32) Investment in associated companies 15 (84) - 76 (119) - Equity in the results 54 (26) Amortization of goodwill/negative goodwil (38) (58) (34) (153) (256) (40) Operating profit before financial result ,911 1, Net operating result (60) (440) (86) (1,181) (656) 80 Operating profit (loss) 414 (188) Other non-operating revenue (expenses) (25) 19 - (29) (5) 480 * Profit (loss) before income tax ans social cotribution 389 (169) Income tax / social contribution 103 (7) - 12 (92) - Profit (loss) before minority interest 492 (176) Minority interest (6) (19) (69) (23) (224) (90) Net profit (loss) 487 (196) EBITDA ,549 1, EBITDA margin 23.6% 18.1% 5.5 p.p. 23.1% 19.3% 3.8 p.p. -Depreciation and amortization Cost Expense ' %% (029 ;=5 S ' ''% #%'$ % & 6 8 % $ # % #%! 19
20 2 F;#!$"$G!# 6" F/G FB!#G ASSETS 12/31/2004 (A) 12/31/2003 (B) Chg. (%) (A)/(B) Current assets 5,054 3, Cash and cash equivalents 1, Marketable securities Account receivable 1,293 1, Inventories 1, Taxes credits Dividends and interest attributable to shareholders equity Prepaid expenses (34) Other (5) Long term assets 858 1,155 (26) Related parties Compulsory deposits Deferred income taxes and social contribution Taxes to be recoverable (70) Marketable securities Other (52) Fixed assets 8,635 8,591 1 Investments 1,244 1,287 (3) Plant, property and equipment 4,899 4,830 1 Deferred 2,493 2,474 1 Total assets 14,548 13,415 8 LIABILITIES AND SHAREHOLDERS EQUITY 12/31/2004 (A) 12/31/2003 (B) Chg. (%) (A)/(B) Current 4,329 4,238 2 Suppliers 2,179 1, Short-term loans 1,222 2,255 (46) Advances on export facilities Salaries and social charges Proposed dividends and interest attributable to shareholders Income taxes payable Taxes payable Advances from clients (91) Other Long term liabilities 5,780 6,483 (11) Related parties (37) Long-term loans 4,129 4,815 (14) Taxes payable 1,326 1, Other (39) Deferred income Minority interest (68) Shareholders equity 4,188 2, Capital 3,403 1, Capital reserves (54) Treasury shares (15) (23) (35) Profit reserve Retained earnings (losses) 0 (496) - Total liabilities and shareholders equity 14,548 13, ' %% (029 ;=5 (S5'%$ '@ >2 %& #+'%? ::@ % > <'8?#%@$ ::@! (SS5#%@$ ::@$M$ '$ >8?8>1 $1%% 20
21 5$>%?(: 5 >M''%'?(" 5$%%% 7 +'% 6(025%6'! 2 &E; & E Sales Volume - Tons 4Q04 (A) 4Q03 (B) Change% (A)/(B) 2004 (C) 2003 (D) Change% (C)/(D) Polyolefins. PE s - Polyethylene 165, ,409 (6) 704, , PP - Polypropylene 106, ,367 (10) 460, ,066 5 Vinyls Unit. PVC 95,593 91, , , Caustic Soda 112, , , ,608 4 Basic Petrochemicals Unit. Ethylene* 294, , ,098,882 1,047, Propylene* 134, , , ,637 9 Business Development Unit. PET 18,781 17, ,258 56, Caprolactam 10,513 12,941 (19) 49,123 50,329 (2) S' F %% &'C 21
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