Braskem S.A(NYSE:BAK) 
Braskem S.A., together with its subsidiaries, produces and sells thermoplastic resins. It operates through five segments: Chemicals, Polyolefins, Vinyls, United States and Europe, and Mexico. The Chemicals segment produces and sells ethylene, propylene butadiene, toluene, xylene, cumene, and benzene...
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2023-09-30 | 2022-12-31 | 2022-01-14 | 2021-12-31 | 2021-09-30 | 2020-12-31 | 2020-09-30 | 2019-12-31 | 2019-03-31 | 2018-12-31 | 2017-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|
net revenue | 37,202,200,000 | 77,413,100,000 | 12,624,600,000 | 58,000 | 57,999,866,000 | ||||||
cost of products sold | -35,758,800,000 | -52,058,000,000 | -11,451,300,000 | -46,407,495,000 | |||||||
gross profit | 1,443,400,000 | 25,355,100,000 | 1,173,300,000 | 11,592 | |||||||
yoy | 2061.01% | ||||||||||
qoq | |||||||||||
income | |||||||||||
selling and distribution | -972,600,000 | -1,475,800,000 | -439,900,000 | -1,545,568,000 | |||||||
loss for impairment of trade accounts receivable and others from clients | -47,700,000 | ||||||||||
general and administrative | -1,173,800,000 | -1,751,200,000 | -464,500,000 | -1,633,003,000 | |||||||
research and development | -175,100,000 | -198,000,000 | -55,500,000 | -199,821,000 | |||||||
results from equity accounted investees | 11,100,000 | ||||||||||
other income | 1,145,100,000 | 1,235,700,000 | 206,800,000 | ||||||||
other incomes | -1,374,600,000 | -1,750,600,000 | -32,000,000 | ||||||||
profit before net financial expenses and taxes | -1,144,100,000 | 21,417,200,000 | |||||||||
financial results: | -191,300,000 | ||||||||||
financial expenses | -2,989,600,000 | -4,269,800,000 | -1,225,800,000 | -2,984 | -2,983,511,000 | ||||||
financial income | 1,038,300,000 | 1,591,700,000 | 195,500,000 | 589,052,000 | |||||||
exchange rate variations | 1,760,100,000 | -2,930,700,000 | -5,223,500,000 | -2,256,983,000 | |||||||
profit before income tax | -1,335,400,000 | ||||||||||
income taxes | 754,500,000 | ||||||||||
net profit for the period | -580,900,000 | ||||||||||
impairment of trade accounts receivable and others from clients | 2,900,000 | ||||||||||
results from equity investments | -1,100,000 | -7,800,000 | -888,000 | ||||||||
profit before income tax and social contribution | 15,808,300,000 | -5,877,000,000 | 3,653 | 3,652,501,000 | |||||||
current and deferred income tax and social contribution | -2,911,900,000 | 1,818,000,000 | -745,291,000 | ||||||||
profit for the period | 12,896,500,000 | -4,059,000,000 | |||||||||
reportable segments: | |||||||||||
brazil | 12,645,400,000 | ||||||||||
usa and europe | 2,754,400,000 | ||||||||||
mexico | 806,300,000 | ||||||||||
total segments | 16,206,200,000 | ||||||||||
other segments | 72,400,000 | ||||||||||
corporate unit | |||||||||||
total before eliminations and reclassifications | 16,278,600,000 | ||||||||||
eliminations and reclassifications | -3,300,700,000 | ||||||||||
total | 12,978,000,000 | ||||||||||
(loss) reversals for impairment of trade accounts receivable | -3,600,000 | ||||||||||
operating profit before financial income | 376,900,000 | ||||||||||
cost of goods sold | -46,407 | ||||||||||
selling and distribution expenses | -1,546 | ||||||||||
general and administrative expenses | -1,633 | ||||||||||
research and development expenses | -200 | ||||||||||
shareholding interest results | |||||||||||
other net revenues | 91 | ||||||||||
operating profit before financial result | 8,304 | ||||||||||
net financial result | -4,651 | ||||||||||
financial revenues | 589 | ||||||||||
exchange rate variations, net» | -2,257 | ||||||||||
income tax / social contribution | -745 | ||||||||||
discontinued operations results | |||||||||||
net profit | 2,907 | ||||||||||
attributable to | |||||||||||
company’s shareholders | 2,867 | ||||||||||
interest of non-controlling shareholder of braskem idesa | 41 | ||||||||||
other income (expenses) | 90,852,000 | ||||||||||
financial results | |||||||||||
profit for the year of continued operations | 2,907,210,000 | ||||||||||
profit from discontinued operations | |||||||||||
profit for the year | 2,907,210,000 | ||||||||||
attributable to: | |||||||||||
company's shareholders | 2,866,675,000 | ||||||||||
non-controlling interest in subsidiaries | 40,535,000 | ||||||||||
profit per share attributable to the shareholders of the company | |||||||||||
of continued operations at the end of the year | |||||||||||
earnings per share - common | |||||||||||
earnings per share - preferred shares class "a" | |||||||||||
earnings per share - preferred shares class "b" | |||||||||||
of discontinued operations at the end of the year | |||||||||||
at the end of the year |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2024-12-31 | 2024-06-30 | 2022-12-31 | 2021-12-31 | 2021-09-30 | 2018-12-31 |
|---|---|---|---|---|---|---|
current assets | ||||||
cash and cash equivalents | 14,986,000,000 | 14,213,000,000 | 5,547,637,000 | |||
financial investments | 1,786,000,000 | 3,116,000,000 | 3,629,864,000 | 2,357,613,000 | ||
trade accounts receivable | 3,562,000,000 | 3,550,000,000 | -11,924,000 | 7,118,452,000 | 6,144,000 | 3,075,218,000 |
inventories | 13,688,000,000 | 13,418,000,000 | -61,428,000 | 133,134,000 | 8,486,577,000 | |
taxes recoverable | 1,372,000,000 | 1,335,000,000 | 423,188,000 | |||
recoverable income taxes | 782,000,000 | 713,000,000 | ||||
derivatives | 73,000,000 | 117,000,000 | 27,714,000 | |||
other receivables | 788,000,000 | 580,000,000 | -5,657,000 | 451,578,000 | ||
total current assets | 37,037,000,000 | |||||
non-current assets | ||||||
deferred income tax and social contribution | 13,882,000,000 | 1,104,158,000 | ||||
investments | 438,000,000 | 164,000,000 | 65,954,000 | |||
property, plant and equipment | 40,417,000,000 | 39,817,000,000 | 31,759,890,000 | |||
intangible assets | 3,387,000,000 | 3,250,000,000 | 2,740,982,000 | |||
right-of-use assets | 3,719,000,000 | |||||
total non-current assets | 64,538,000,000 | |||||
total assets | 101,575,000,000 | 97,162,000,000 | 11,348,000 | 139,278,000 | 59,193,982,000 | |
liabilities and shareholders' equity | 2,018,000 | |||||
current liabilities | ||||||
trade payables | 14,000,000 | 16,579,000,000 | 126,014,000 | 12,164,730,000 | 73,519,000 | 8,341,252,000 |
borrowings and debentures | 15,000,000 | 2,045,000,000 | ||||
braskem idesa borrowings | 16,000,000 | 808,000,000 | 10,504,592,000 | |||
payroll and related charges | 753,000,000 | 645,396,000 | ||||
taxes payable | 19,000,000 | 464,000,000 | 432,005,000 | |||
income taxes payable | 217,000,000 | |||||
sundry provisions | 21,000,000 | 1,177,000,000 | 191,536,000 | |||
geological event in alagoas | 23,000,000 | 2,735,000,000 | ||||
lease | 13,000,000 | 1,012,000,000 | ||||
other payables | 2,667,000,000 | 4,000 | 69,000 | 632,774,000 | ||
total current liabilities | ||||||
non-current liabilities | ||||||
loan from non-controlling shareholders of braskem idesa | 8,000,000 | 3,027,000,000 | ||||
deferred tax liabilities | 20,200,000 | 1,170,000,000 | ||||
post-employment benefits | 24,300,000 | 595,000,000 | 206,373,000 | |||
legal provisions | 22,000,000 | 857,000,000 | ||||
total non-current liabilities | ||||||
shareholders' equity | 25,000,000 | |||||
capital | 8,043,000,000 | 8,043,222,000 | ||||
capital reserve and treasury shares | 11,000,000 | |||||
additional paid in capital | -475,000,000 | |||||
other comprehensive income | ||||||
accumulated losses | -8,193,000,000 | |||||
total attributable to the company's shareholders | -294,000,000 | 6,787,645,000 | ||||
non-controlling interest in subsidiaries | -1,051,000,000 | -876,400,000 | ||||
total shareholders’ equity | ||||||
total liabilities and shareholders' equity | 97,162,000,000 | 59,193,982,000 | ||||
non-current assets held for sale | 701,000,000 | |||||
deferred tax assests | 10,264,000,000 | |||||
judicial deposits | 174,000,000 | 169,536,000 | ||||
right of use of assets | 3,493,000,000 | |||||
non-current liabilities held for sale | 271,000,000 | |||||
other compreehensive income | 320,000,000 | |||||
balance sheet | ||||||
assets | ||||||
current | ||||||
dividends and interest on capital | 165,000 | 890,000 | ||||
other receivabels | 11,348,000 | |||||
non-current | ||||||
liabilities | ||||||
loan to non-controlling shareholders of braskem idesa | 3,456,265,000 | 2,183,830,000 | ||||
total liabilities | 129,087,000 | 73,519,000 | ||||
transactions | ||||||
sales of products | -182,218,000 | 113,647,000 | ||||
purchases of raw materials, finished goods services and utilities | -334,363,000 | |||||
financial income (expenses) | -854,000 | -119,000 | ||||
general and administrative expenses | ||||||
other income | -51,248,000 | |||||
(i) borealis, grupo idesa, refinaria de petróleo riograndense s.a e vexty | ||||||
braskem s.a. | ||||||
notes to the consolidated financial statements | ||||||
at december 31, 2022 | ||||||
all amounts in thousands of reais, except as otherwise stated | ||||||
schedule of key management personnel | ||||||
statement of profit or loss transactions | 2,022,000 | |||||
remuneration | ||||||
short-term benefits | 83,466,000 | 55,116,000 | ||||
post-employment benefit | 1,636,000 | 768,000 | ||||
long term incentive plan | 16,938,000 | 5,301,000 | ||||
total | 102,040,000 | 61,185,000 | ||||
cash and banks | 5,050,822,000 | |||||
lft´s and lf´s | 2,337,171,000 | |||||
time deposit investments | 106,271,000 | |||||
other | 1,066,113,000 | |||||
borrowings | 737,436,000 | |||||
foreign currency - bond | 30,322,998,000 | |||||
foreign currency - other borrowings | 4,703,059,000 | |||||
local currency | 465,258,000 | |||||
project finance | ||||||
bonds | 11,939,268,000 | |||||
debentures | 196,918,000 | |||||
loan to non-controlling shareholder of braskem idesa | 3,646,538,000 | |||||
leniency agreement | 1,123,296,000 | 288,123,000 | ||||
f-54 | ||||||
braskem s.a. notes to the consolidated financial statements as of december 31, 2021all amounts in thousands of reais, except as otherwise stated | ||||||
identification | ||||||
non-hedge accounting transactions | ||||||
exchange swap | ||||||
nce swap | ||||||
swap c3/pgp | ||||||
swap nafta/gasolina | ||||||
hedge accounting transactions | ||||||
dollar call and put options | -20,223,000 | |||||
interest rate swaps | ||||||
dollar swap cdi | ||||||
f-55 | ||||||
f-56 | ||||||
2024 | ||||||
2025 | ||||||
2028 | ||||||
2030 | ||||||
2031 | ||||||
2032 | ||||||
total nominal value | ||||||
designated balance | 400,000,000 | |||||
f-57 | ||||||
hedge discontinued - from first to fourth quarter 2022 | 1,421,391,000 | |||||
hedge discontinued - from first to fourth quarter 2023 | 1,629,321,000 | |||||
hedge discontinued - from third to fourth quarter 2024 | 1,456,520,000 | |||||
first quarter | 505,946,000 | |||||
second quarter | 645,837,000 | |||||
third quarter | 355,842,000 | |||||
fourth quarter | 395,380,000 | |||||
f-58 | ||||||
exchange | ||||||
variation | ||||||
as of december 31, 2020 | ||||||
exchange variation recorded in the period on oci / income taxes | ||||||
exchange variation transferred to profit or loss / income taxes | ||||||
as of december 31, 2021 | ||||||
f-59 | ||||||
2023 | ||||||
2026 | ||||||
2033 | ||||||
2034 | ||||||
2035 | ||||||
nominal value | ||||||
f-60 | ||||||
hedge discontinued in may 16, 2016 | 44,997,000 | |||||
hedge discontinued in december 2, 2019 | 3,703,429,000 | |||||
hedge discontinued in december 10, 2019 | 145,821,000 | |||||
hedge discontinued in february 18,2020 | 3,598,000 | |||||
hedge discontinued in october 20,2021 | 8,460,057,000 | |||||
f-61 | ||||||
minimal risk | ||||||
low risk | ||||||
medium risk | ||||||
high risk | ||||||
very high risk | ||||||
last 12 months | ||||||
december 31, 2021 | ||||||
december 31, 2020 | ||||||
f-62 | ||||||
financial assets with risk assessment | ||||||
aaa | ||||||
aa+ | ||||||
aa | ||||||
aa- | ||||||
a+ | ||||||
a | ||||||
a- | ||||||
bbb+ | ||||||
bbb | ||||||
bbb- | ||||||
bb+ | ||||||
bb | ||||||
financial assets without risk assessment | ||||||
quotas of investment funds in credit rights | ||||||
other financial assets with no risk assessment | ||||||
f-63 | ||||||
f-64 | ||||||
instrument / sensitivity | 1,000 | |||||
real/us exchange rate | ||||||
export prepayments | -18,460,000 | |||||
financings for investiments in plants | -976,274,000 | |||||
sace | -728,143,000 | |||||
dollar swap x cdi | -632,005,000 | |||||
monforte | -106,332,000 | |||||
nexi | -47,977,000 | |||||
financial investments abroad | 2,369,417,000 | |||||
libor floating interest rate | ||||||
cdi interest rate | ||||||
financial investments in brazil | 335,975,000 | |||||
ipca interest rate | ||||||
debêntures | -23,180,000 | |||||
bndes | -291,961,000 | |||||
bnb/ finep/ fundes/finisa/finame/fne | -809,000 | |||||
selic interest rate | ||||||
purchases of raw materials, finished goods | ||||||
services and utilities | -206,549,000 | |||||
post-employment benefits plan | ||||||
private pension | -56,545,000 | |||||
17 | ||||||
braskem s.a. notes to the unaudited condensed consolidated interim financial statements at september 30, 2021all amounts in thousands, except as otherwise stated | ||||||
8 | ||||||
income tax and social contribution | 773,952,000 | |||||
prepaid expenses | 239,500,000 | |||||
related parties | ||||||
advances to suppliers | 31,394,000 | |||||
insurance claims | 63,054,000 | |||||
debenture | 27,732,000 | |||||
dividends | 672,395,000 | |||||
advances from customers | 153,264,000 | |||||
accounts payable to related parties | ||||||
benefit from losses on subsidiaries | ||||||
contingencies | 965,317,000 | |||||
capital reserve | 232,430,000 | |||||
revenue reserves | 4,673,220,000 | |||||
equity valuation adjustments | -6,111,408,000 | |||||
treasury shares | -49,819,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2018-12-31 |
|---|---|
profit before income tax | |
adjustments for: | |
depreciation and amortization | |
results from equity-accounted investees | |
interest and foreign exchange gain/losses | |
provisions | |
provision - geological event in alagoas | |
gain on the sale of subsidiary cetrel | |
loss (reversal) for impairment of trade accounts receivable and others | |
provision for impairment and loss on sale of property, plant and equipment | |
adjustments for reconciliation of profit | |
changes in operating working capital | |
financial investments | 98,349,000 |
trade accounts receivable | 130,113,000 |
inventories | -1,537,290,000 |
taxes recoverable | 1,022,242,000 |
other receivables | -242,691,000 |
trade payables | 1,343,375,000 |
taxes payable | -977,248,000 |
sundry provisions | -116,458,000 |
geological event in alagoas | |
other payables | 833,227,000 |
cash generated from operations | |
interest paid | -1,916,801,000 |
income taxes paid | |
net cash generated from operating activities | |
proceeds from the sale of fixed and intangible assets | |
proceeds from the sale of subsidiaries | |
dividends received | 41,791,000 |
additions to investments in subsidiaries | |
acquisitions to property, plant and equipment and intangible assets | -2,706,328,000 |
net cash from investing activities | -2,488,317,000 |
borrowings and debentures | |
issued | |
payments | -6,592,197,000 |
braskem idesa borrowings | |
loan payment from non-controlling shareholders of braskem idesa | |
lease | |
dividends paid | -1,499,900,000 |
proceeds from the sale of investments of non-controlling interest | |
proceeds from non-controlling capital contributions | |
net cash generated from financing activities | |
exchange variation on cash of foreign subsidiaries | -386,109,000 |
increase in cash and cash equivalents | 1,772,544,000 |
represented by | |
cash and cash equivalents at the beginning of the year | 3,775,093,000 |
cash and cash equivalents at the end of the year | 5,547,637,000 |
profit before income taxes | |
interest foreign exchange gain/losses | 5,989,904,000 |
pis and cofins credits - exclusion of icms from the calculation basis | -519,830,000 |
loss for impairment of trade accounts receivable and others from clients | |
write-offs of long-lived assets | |
judicial deposits - unfreezing (blocking) public civil action | |
leniency agreement | -330,006,000 |
income taxes | |
acquisition of subsidiary | |
acquisition of other investments | |
short-term and long-term debt | |
acquired | 4,301,626,000 |
loan payment to non-controlling shareholders of braskem idesa | |
non-controlling interest in subsidiaries | |
other financial liabilities | |
net cash generated (used) in financing activities | -4,603,400,000 |
net interest, monetary and foreign exchange gain/losses | |
provisions (reversal and recovery of credits) | |
benefit from losses and write-offs of long-lived assets | 72,470,000 |
changes in operating assets and liabilities | |
prepaid expenses | -105,163,000 |
advances from customers | -199,958,000 |
net cash generated (used) from operating activities | |
proceeds from the sale of property, plant and equipment and intangible assets | |
payment loan to non-controlling shareholders of braskem idesa | |
lease payments | |
net cash (used) generated in financing activities | |
profit before income tax and social contribution | |
results from equity investments | 888,000 |
reversal of provisions | |
(loss) reversal for impairment of trade accounts receivable and others from clients | |
judicial deposits - other financial assets | |
income tax and social contribution paid | -937,831,000 |
proceeds from the sale of investments | 81,000,000 |
funds received in the investments' capital reduction | 2,254,000 |
premium in the dollar put option | -2,167,000 |
statement of financial position data: | |
cash, cash equivalents and financial investments | |
short-term trade accounts receivable | |
property, plant and equipment | |
total assets | |
short-term borrowings | |
long-term borrowings | |
share capital | |
shareholders’ equity | |
other financial and operating information: | |
statement of cash flow data: | |
net cash provided by: | |
operating activities | |
investing activities | |
financing activities | |
other information: | |
capital expenditures: | |
profit before income tax and social contribution and for the result of discontinued operations | 3,652,501,000 |
depreciation, amortization and depletion | 2,990,577,000 |
gain from divestment in subsidiary | |
cash from operations | 12,006,653,000 |
cash generated (used) from operations and handling of financial investments | 12,105,002,000 |
net cash generated (used) by operating activities | 9,250,370,000 |
proceeds from the sale of fixed assets | 95,133,000 |
effect in the merger of cash in subsidiaries | |
derivative transactions | |
related parties | |
profit before income tax and social contribution and for the result with discontinued operations | |
interest and monetary and exchange variations | |
net cash generated by operating activities | |
held-for-maturity financial investments | |
short-term and long-term debit | |
obtained | |
derivative transactions - payments | |
repurchase of treasury shares | |
net cash from financing activities |