Teleconferência de resultados 1 t03 (versão inglês)
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Teleconferência de resultados 1 t03 (versão inglês)

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Teleconferência de resultados 1 t03 (versão inglês) Teleconferência de resultados 1 t03 (versão inglês) Presentation Transcript

  • First Quarter 2003 Earnings International Conference-CallA World Class Brazilian Petrochemical CompanyA World Class Brazilian Petrochemical Company May, 15 2003
  • Disclaimer – forward looking statements :This presentation includes forward looking statements. Suchinformation is not merely based on historical fact but also reflectsmanagement’s objectives and expectations. The words "anticipate",“wish", "expect", “foresee", “intend", "plan", "predict", “forecast",“aim" and similar words, written and/or spoken, are intended to identifyaffirmations which, necessarily, involve known and unknown risks.Known risks include uncertainties which include, but are not limited toprice and product competition, market acceptance of products, theactions of competitors, regulatory approval, currency type andfluctuations, regularity in the sourcing of raw materials and inoperations, among others. This presentation is based on events up toMay 15, 2003 and Braskem is not liable to update the contents in thelight of new information and/or future events.Braskem takes no responsibility for transactions or investmentdecisions made on the basis of information contained in thispresentation.
  • Braskem – First Quarter 2003 Highlights: Net Revenue (R$ million) EBITDA (R$ million) +86% 2.292 +89% 4503.000 600 1.2302.000 238 4001.000 200 0 0 1Q02 1Q93 OCG (R$ million) 1Q02 1Q03 579 +130% 600 251 400 200 0 1Q02 1Q03 Net Debt (R$ million) Net Debt / OCG (LTM*) 6.815 R$(450)MM -19% 3,17 2,577.000 4,006.800 6.365 3,006.6006.400 2,006.200 1,006.000 0,00 Dec 2002 Mar 2003 Dec 2002 Mar 2003 * Last Twelve Months
  • Braskem – Simplified structure accelerating the capture of synergies: 66.7% 42.6% 69.4% 43.2% 29.6% 29.6% 35.0% 34.7% POLIALDEN % Voting stake Goal = 330 % Total stake 208Synergies*:(R$ million) 75 53 Sep/02 Dec/02 Mar/03 * Gains on a recurring, annulized basis
  • Braskem - EBITDA Growth (R$ million): 1,195 780* 450 367 315 238 415 1Q02 2Q02 3Q02 4Q02 1Q03 (*) Extraordinary items
  • International Price Trend (Naphtha vs. PEBD): (% Indexed) Naphtha & PEBD Price Trend Indexed as of January 2, 2003 140 120 100 90 80 Naphtha PEBD 70 60 40 5/12/2003Source: Bloomberg
  • Braskem – Operating Performance - Output (tons): MAIN PRODUCTS 1Q03 1Q02 Chg % 4Q02 (A) (B) (A)/(B) ETHYLENE 229,165 224,769 2 285,436 THERMOPLASTICS - TOTAL 384,254 349,002 10 409,429 PP 107,533 92,531 16 110,745 PE 157,966 154,797 2 170,544 PVC 103,844 87,564 19 112,558
  • Braskem – Market – Sales Volume (tons): 1Q03 1Q02 Chg % 4Q02 MAIN PRODUCTS (A) (B) (A)/(B)ETHYLENE 230,251* 227,913 1 285,993THERMOPLASTICS - TOTAL 401,098 376,139 7 388,925 PP 111,716 95,256 17 103,947 PE 164,563 163,712 1 165,948 PVC 110,679 103,602 7 101,898 * Of this amount, 102,000 tons (45%) represent sales to Braskem companies
  • Braskem – Exports in 1Q03:(US$ MM) +46% 137 ! 94 ! "# $# # 1Q02 1Q03
  • Braskem – Income Statement Review: R$ million 1Q03 1Q02 Chg. (%) 4Q02 (A) (B) (A)/(B) Net Revenue 2,292 1,230 86 2,097 Cost of Goods Sold (1,823) (1,043) 75 (1,760) Gross Profit 469 186 152 337 Gross Margin (%) 20 15 33 16 EBITDA 450 238 89 1,164 EBITDA Margin (%) 20 19 5 56 Operating Profit * 358 44 714 836 Net Financial Result (87) (217) (60) 108 Net Profit (Loss) 131 (164) - 1,042 Earnings per Share 38.73 (26.26) - 311.48 (* Operating Profit = Operating Income – Net Financial result)!
  • Braskem – Net Revenue for Main Products (R$ million): 1Q03 1Q02 Chg. % 4Q02 MAIN PRODUCTS (A) (B) (A)/(B) ETHYLENE 233 115 103 241 TOTAL - THERMOPLASTICS 1,077 608 77 890 PP 317 162 96 238 PE 440 266 65 367 PVC 271 150 81 232
  • Braskem – Cost of Goods Sold (1Q03): COGS 1Q03: R$ 1.823 billion ! ! "
  • Braskem – 1Q03 x 1Q02 EBITDA comparison (R$ million): 970 (706) (59) (12) 450 Fixed & Variable costs Other SG&A 19 Operating 238 Exp/Income Sales Average Volume Price 1Q02 1Q03
  • Braskem – EBITDA consistent growth: EBITDA (R$ million) EBITDA margin – Sector Braskem 30% 25% Industry Average (*) 1,195 23% 20% 19% 20% 18% 15% 780 15% 12% 450 13% 315 367 10% 238 415 8% 5% 1Q02 2Q02 3Q02 4Q02 1Q03 3% 1Q03 1Q02(*) Average EBITDA Margin of Basf, Dow, Reliance, DuPont, Solvay, Lyondell, Eastman and Georgia Gulf, basedupon disclosed 1Q03 earnings data. Source: Thomson Financial Investor Relations and Braskem
  • Braskem – Net Debt Reduction: Debt reduction drivers(R$ million) Strong operating cash generation ∆ = - 450 in 1Q03: R$ 579 million; 6.815 Synergies captured through 6.365 integration: R$208 million on an ∆ = - 6,6% annualized & recurring basis. Net Debt / OCG Ratio: 31/12/2002: 3.17 31/12/2002 31/03/2003 31/03/2003: 2.57
  • Braskem – Consolidated Debt (Mar/03):Breakdown by Indexation Amortization Schedule (Gross Debt) IGP- M TJLP 50% 5% 15% CDI 9% 40% 30% 30% Trade Finance 28% ~34% 20% 19% 15% 10% 8% 0% Apr/03 to 2004 2005 2006 2007 69% Dec/03 US$ Short Term includes: • R$ 1.294 million in trade finance obligations • ~ R$ 612 million in working capital financing
  • Braskem : Share price performace in 2003 As of closing on May 8, 2003 202200180160 156 Average daily trading volume ~_R$ 873,000140 BRKM5 Ibovespa BAK (ADR)120 111100 80 60 jan-03 fev-03 mar-03 abr-03 mai-03 Indexed as of Jan. 2, 2003
  • Braskem : An excellent investment opportunity ! Leading thermoplastics producer in Latin America Integrated operations enable synergies to be captured Consolidated businesses and superior margins, with adjustment of capital structure already under way; OPP and Nitrocarbono incorporation completed Already a Bovespa’s Level 1 Company; shall qualify for Level 2 in 2 years Offering 100% tag-along rights for all shareholders High potential for shareholder value creation Braskem: A world-class Brazilian petrochemical company !! Braskem: A world-class Brazilian petrochemical company
  • First Quarter 2003 Earnings International Conference-CallA World Class Brazilian Petrochemical CompanyA World Class Brazilian Petrochemical Company May, 15 2003