Braskem(US:BAK)2021-11-15 17:24Financial Highlights - Braskem's recurring Operating Result in 3Q21 was US$1,469 million, a 17% decrease compared to 2Q21, but a 116% increase compared to 3Q20[6] - Net Income for 3Q21 was R$3,537 million[9] - Year-to-September 2021 Net Income was R$13,455 million, representing R$1691 per common share and class "A" preferred share[9] - Free cash flow in 3Q21 reached a new quarterly record of R$3,911 million[46] Operational Performance - Utilization rate of petrochemical crackers in Brazil increased by 3 percentage points to 79% in 3Q21 compared to 3Q20[11] - Braskem Idesa imported an average of 18,600 barrels per day of ethane from the USA in 3Q21, representing approximately 74% of Fast Track's current capacity[30] - Resin sales (PE+PP+PVC) in Brazil reached 792 kt in 3Q21, an 11% increase compared to 3Q20[11] Geological Event in Alagoas - The balance of provisions related to the geological event in Alagoas was approximately R$71 billion in 3Q21, with 68% registered under Current Liabilities and 32% under Non-Current Liabilities[14, 16] - Approximately 97% of families are outside of risk areas as of October 31, 2021[19] Market Trends - Petrochemical spreads remained at high levels and above the upcycle of the petrochemical industry in 3Q21[3] - PE US – Naphtha ARA Spread was $1,259/ton in 3Q21, a 122% increase compared to 3Q20[3] - PP US – Propylene US Spread was $1,411/ton in 3Q21, a 121% increase compared to 3Q20[3] Credit Rating and Debt - S&P upgraded Braskem's credit rating on the global scale to BBB-, with a stable outlook[58] - Approximately 55% of Braskem's liabilities mature after 2030[47]