(Commission File No. 1-14862 )
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ______ No ___X___
Braskem S.A.
Quarterly Information (ITR) at
September 30, 2016
and Independent Auditors’ Report Review
To Shareholders, Members of the Board and Management
Braskem S.A.
Camaçari - Bahia
Introduction
We have reviewed the accompanying individual and consolidated interim financial information of Braskem S.A. (the “Company”) included in the Quarterly Financial Information for the quarter ended September 30, 2016, which comprises the balance sheet as of September 30, 2016, the statements of profit or loss and comprehensive income for the three-month and nine-month periods then ended, changes in equity and cash flows for the nine-month period then ended, and notes to the interim financial information.
Management is responsible for the preparation and presentation of this individual interim financial information in accordance with CPC 21(R1) Technical Pronouncement - Interim Financial Reporting and the consolidated interim financial information in accordance with CPC 21(R1) and international standard IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board - IASB, as well as for the presentation of this quarterly information in accordance with the standards issued by CVM - Brazilian Securities and Exchange Commission, applicable to the preparation of interim financial information. Our responsibility is to express a conclusion on this interim financial information based on our review.
Scope of review
We conducted our review in accordance with Brazilian and international review standards applicable to interim financial information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion on the individual interim financial information
Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual interim financial information referred to above is not prepared, in all material respects, in accordance with CPC 21(R1) applicable to the preparation of interim financial information and presented in accordance with the standards issued by CVM - Brazilian Securities and Exchange Commission.
Conclusion on the consolidated interim financial information
Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial information referred to above is not prepared, in all material respects, in accordance with CPC 21(R1) and IAS 34, issued by the IASB, applicable to the preparation of interim financial information and presented in accordance with the standards issued by CVM - Brazilian Securities and Exchange Commission.
Emphasis of a matter
The Notes 2.4 and 19 (a), (b) and (c) to the interim financial information disclose that, as a result of the progress in the investigation process of the operation called “Lava Jato”, specialized law firms identified that the Company made, during the years from 2011 to 2014, payments for the services of companies located abroad, without evidence of the effective delivery of such services, which resulted in tax adjustments to the interim financial information in the amount of R$ 284,641 thousand. They also disclose that, due to the matters that are under independent internal investigation, negotiations with the competent authorities are in progress, among which are the Department of Justice (DoJ) and the Securities and Exchange Commission (SEC), and the class action filed in the US Courts. Considering the current stage of this matter, it is not possible for the Company to reliably estimate the potential losses to be recorded in view of these negotiations and the class action, and, accordingly, no provision was recorded in the interim financial information. Our conclusion is not qualified in respect of this matter.
Other matters
Statements of value added
We also reviewed the individual and consolidated statements of value added for the nine-month period ended September 30, 2016, prepared under the responsibility of the Company's management, whose presentation on the interim financial information is required under the standards issued by CVM - Brazilian Securities and Exchange Commission applicable to the preparation of Interim Financial Information and considered as additional information by IFRS, which do not require the presentation of the statement of value added. These statements have been submitted to the same review procedures described above and, based on our review, nothing has come to our attention that causes us to believe that the accompanying statements of value added are not prepared, in all material respects, in accordance with the individual and consolidated interim financial information taken as a whole.
São Paulo, November 9, 2016
KPMG Auditores Independentes
CRC 2SP014428/O-6
Original report in portuguese signed by
Anselmo Neves Macedo
Accountant CRC 1SP160482/O-6
Braskem S.A.
Balance sheet
at September 30, 2016
All amounts in thousands of reais
Consolidated |
Parent company | |||||||||
Assets |
Note |
Sep/2016 |
Dec/2015 |
Sep/2016 |
Dec/2015 | |||||
2.4 |
Revised |
Revised | ||||||||
Current assets |
||||||||||
Cash and cash equivalents |
3 |
8,200,168 |
7,439,723 |
5,320,288 |
4,773,251 | |||||
Financial investments |
4 |
433,009 |
1,172 |
|
699 |
1,172 | ||||
Trade accounts receivable |
5 |
2,189,805 |
2,735,144 |
1,756,433 |
2,526,510 | |||||
Inventories |
6 |
4,873,736 |
5,517,206 |
3,302,685 |
4,131,128 | |||||
Taxes recoverable |
8 |
804,454 |
1,272,004 |
361,138 |
762,824 | |||||
Dividends and interest on capital |
7 |
1,998 |
6,030 |
87,655 | ||||||
Prepaid expenses |
140,304 |
166,170 |
110,181 |
139,668 | ||||||
Related parties |
7 |
10,507 |
32,962 |
118,661 | ||||||
Derivatives operations |
14.3 |
17,053 |
53,662 |
17,053 |
12,616 | |||||
Other assets |
217,813 |
300,901 |
137,900 |
248,488 | ||||||
|
|
|
| |||||||
16,876,342 |
17,498,487 |
11,045,369 |
12,801,973 | |||||||
Non-current assets |
||||||||||
Financial investments |
4 |
|
46,193 |
|
46,193 | |||||
Trade accounts receivable |
5 |
18,884 |
19,822 |
2,845,629 |
4,279,433 | |||||
Advances to suppliers |
6 |
65,300 |
135,046 |
65,300 |
135,046 | |||||
Taxes recoverable |
8 |
993,936 |
1,304,056 |
889,014 |
1,198,301 | |||||
Deferred income tax and social contribution |
16(c) |
1,437,580 |
3,196,239 |
32,541 |
2,149,086 | |||||
Judicial deposits |
269,221 |
277,093 |
260,751 |
268,572 | ||||||
Related parties |
7 |
322,486 |
144,633 |
299,720 |
124,645 | |||||
Insurance claims |
71,345 |
63,199 |
71,345 |
60,778 | ||||||
Derivatives operations |
14.3 |
12,280 |
||||||||
Other assets |
287,151 |
298,057 |
132,157 |
125,898 | ||||||
Investments |
9(b) |
98,209 |
86,354 |
5,053,173 |
4,593,775 | |||||
Property, plant and equipment |
10 |
29,844,159 |
33,961,963 |
15,899,804 |
16,542,078 | |||||
Intangible assets |
11 |
2,818,208 |
2,887,604 |
2,525,050 |
2,572,341 | |||||
|
|
|
| |||||||
36,226,479 |
42,432,539 |
28,074,484 |
32,096,146 | |||||||
Total assets |
53,102,821 |
59,931,026 |
39,119,853 |
44,898,119 |
The Management notes are an integral part of the financial statements.
1
Consolidated |
Parent company | |||||||||
Liabilities and shareholders' equity |
Note |
Sep/2016 |
Dec/2015 |
Sep/2016 |
Dec/2015 | |||||
2.4 |
Revised |
Revised | ||||||||
Current liabilities |
||||||||||
Trade payables |
7,165,374 |
11,698,695 |
8,947,087 |
9,557,676 | ||||||
Borrowings |
12 |
2,093,926 |
1,968,540 |
2,255,147 |
2,567,124 | |||||
Project finance |
13 |
856,060 |
302,266 |
|||||||
Derivatives operations |
14.3 |
20,464 |
57,760 |
735 |
8,351 | |||||
Payroll and related charges |
507,920 |
605,059 |
393,348 |
446,125 | ||||||
Taxes payable |
15 |
1,047,290 |
982,873 |
694,865 |
459,518 | |||||
Dividends |
20(b) |
1,002,082 |
753,668 |
1,002,082 |
753,668 | |||||
Advances from customers |
17 |
184,987 |
119,680 |
18,212 |
44,528 | |||||
Sundry provisions |
18 |
71,665 |
93,942 |
55,736 |
67,190 | |||||
Accounts payable to related parties |
7 |
3,008,819 |
4,297,735 | |||||||
Other payables |
447,005 |
337,959 |
280,277 |
207,730 | ||||||
|
|
|
| |||||||
13,396,773 |
16,920,442 |
16,656,308 |
18,409,645 | |||||||
Non-current liabilities |
||||||||||
Trade payables |
174,858 |
57,148 |
1,731,131 |
3,420,281 | ||||||
Borrowings |
12 |
20,930,017 |
25,370,260 |
6,694,466 |
8,207,012 | |||||
Project finance |
13 |
9,695,197 |
11,975,167 |
|||||||
Derivatives operations |
14.3 |
972,042 |
1,184,741 |
873,249 |
1,184,741 | |||||
Taxes payable |
15 |
29,767 |
26,716 |
29,638 |
25,825 | |||||
Accounts payable to related parties |
7 |
6,869,173 |
10,905,207 | |||||||
Non-controlling loan in Braskem Idesa |
1,597,726 |
1,538,784 |
||||||||
Deferred income tax and social contribution |
16(c) |
662,848 |
731,241 |
|||||||
Post-employment benefits |
141,912 |
154,707 |
54,166 |
54,166 | ||||||
Provision for losses on subsidiaries |
89,439 |
137,013 | ||||||||
Advances from customers |
17 |
221,332 |
31,116 |
12,813 | ||||||
Sundry provisions |
18 |
793,459 |
653,972 |
712,805 |
571,349 | |||||
Other payables |
93,038 |
217,502 |
5,759 |
167,060 | ||||||
|
|
|
| |||||||
35,312,196 |
41,941,354 |
17,059,826 |
24,685,467 | |||||||
Shareholders' equity |
||||||||||
Capital |
20 |
8,043,222 |
8,043,222 |
8,043,222 |
8,043,222 | |||||
Capital reserve |
232,430 |
232,430 |
232,430 |
232,430 | ||||||
Revenue reserves |
1,634,655 |
2,882,019 |
1,634,655 |
2,882,019 | ||||||
Other comprehensive income |
(6,323,673) |
(9,085,256) |
(6,323,673) |
(9,085,256) | ||||||
Treasury shares |
(49,819) |
(49,819) |
(927) |
(927) | ||||||
Retained (loss) earnings |
1,818,012 |
(268,481) |
1,818,012 |
(268,481) | ||||||
|
|
|
| |||||||
Total attributable to the Company's shareholders |
5,354,827 |
1,754,115 |
5,403,719 |
1,803,007 | ||||||
Non-controlling interest in Braskem Idesa |
(960,975) |
(684,885) |
|
| ||||||
4,393,852 |
1,069,230 |
5,403,719 |
1,803,007 | |||||||
Total liabilities and shareholders' equity |
53,102,821 |
59,931,026 |
39,119,853 |
44,898,119 |
The Management notes are an integral part of the financial statements.
2
Braskem S.A.
Statement of operations and statement of comprehensive income at September 30, 2016 All amounts in thousands of reais, except for earnings per share |
Continued |
Consolidated | |||||||||||
Note |
3Q2016 |
YTD2016 |
3Q2015 |
YTD2015 | |||||||
2.4 |
Revised |
Revised | |||||||||
Net sales revenue |
22 |
12,162,428 |
36,220,543 |
13,163,620 |
34,950,716 | ||||||
Cost of products sold |
(8,929,357) |
(26,486,061) |
(9,960,382) |
(27,378,478) | |||||||
Gross profit |
3,233,071 |
9,734,482 |
3,203,238 |
7,572,238 | |||||||
Income (expenses) |
|||||||||||
Selling and distribution |
(376,292) |
(1,051,707) |
(293,776) |
(816,167) | |||||||
General and administrative |
(393,046) |
(1,115,323) |
(322,669) |
(919,552) | |||||||
Research and development |
(37,219) |
(119,847) |
(37,718) |
(119,875) | |||||||
Results from equity investments |
9(c) |
9,800 |
23,177 |
(8,038) |
1,701 | ||||||
Other income (expenses), net |
|
23 |
(132,309) |
(322,992) |
(75,004) |
(164,752) | |||||
2,304,005 |
7,147,790 |
2,466,033 |
5,553,593 | ||||||||
Financial results |
24 |
||||||||||
Financial expenses |
(1,351,444) |
(4,090,549) |
(1,146,961) |
(3,012,975) | |||||||
Financial income |
208,587 |
(423,447) |
966,877 |
1,617,534 | |||||||
(1,142,857) |
(4,513,996) |
(180,084) |
(1,395,441) | ||||||||
Profit before income tax and |
|||||||||||
social contribution |
1,161,148 |
2,633,794 |
2,285,949 |
4,158,152 | |||||||
Current and deferred income tax and social contribution |
16(a) |
(343,126) |
(799,973) |
(810,484) |
(1,434,382) | ||||||
Profit for the period |
818,022 |
1,833,821 |
1,475,465 |
2,723,770 |
The Management notes are an integral part of the financial statements.
3
Braskem S.A.
Statement of operations and statement of comprehensive income at September 30, 2016 All amounts in thousands of reais, except for earnings per share |
Continued |
|
|
|
|
|
|
Parent company | |||||
Note |
3Q2016 |
YTD2016 |
3Q2015 |
YTD2015 | |||||||
2.4 |
Revised |
Revised | |||||||||
Net sales revenue |
22 |
8,961,293 |
26,653,802 |
9,782,169 |
25,109,242 | ||||||
Cost of products sold |
(6,923,100) |
(20,735,565) |
(7,206,375) |
(19,292,455) | |||||||
Gross profit |
2,038,193 |
5,918,237 |
2,575,794 |
5,816,787 | |||||||
Income (expenses) |
|||||||||||
Selling and distribution |
(250,255) |
(702,377) |
(212,289) |
(590,095) | |||||||
General and administrative |
(202,468) |
(605,166) |
(217,234) |
(640,225) | |||||||
Research and development |
(25,265) |
(75,983) |
(22,049) |
(74,075) | |||||||
Results from equity investments |
9(c) |
352,063 |
1,419,933 |
140,643 |
597,700 | ||||||
Other income (expenses), net |
|
(79,954) |
(213,441) |
(21,962) |
(17,192) | ||||||
1,832,314 |
5,741,203 |
2,242,903 |
5,092,900 | ||||||||
Financial results |
24 |
||||||||||
Financial expenses |
(922,382) |
(2,304,508) |
(2,023,278) |
(4,187,421) | |||||||
Financial income |
236,169 |
(1,058,438) |
2,075,919 |
3,171,444 | |||||||
(686,213) |
(3,362,946) |
52,641 |
(1,015,977) | ||||||||
Profit before income tax and |
|||||||||||
social contribution |
1,146,101 |
2,378,257 |
2,295,544 |
4,076,923 | |||||||
Current and deferred income tax and social contribution |
16(a) |
(256,668) |
(312,915) |
(728,496) |
(1,172,764) | ||||||
Profit for the period |
889,433 |
2,065,342 |
1,567,048 |
2,904,159 |
The Management notes are an integral part of the financial statements.
4
Braskem S.A.
Statement of operations and statement of comprehensive income at September 30, 2016 All amounts in thousands of reais, except for earnings per share |
Continued |
Consolidated | |||||||||||
Note |
3Q2016 |
YTD2016 |
3Q2015 |
YTD2015 | |||||||
2.4 |
Revised |
Revised | |||||||||
Profit for the period |
818,022 |
1,833,821 |
1,475,465 |
2,723,770 | |||||||
Other comprehensive income or loss: |
|||||||||||
Items that will be reclassified subsequently to profit or loss |
|||||||||||
Fair value of cash flow hedge |
(13,927) |
165,904 |
(465,466) |
(737,095) | |||||||
Income tax and social contribution |
5,660 |
(62,647) |
152,060 |
243,864 | |||||||
Fair value of cash flow hedge from jointly-controlled - RPR |
6,493 |
(6,272) |
8,162 |
8,162 | |||||||
(1,774) |
96,985 |
(305,244) |
(485,069) | ||||||||
Exchange variation of foreign sales hedge |
14.4(a.i) |
(226,015) |
4,207,644 |
(5,880,819) |
(8,897,247) | ||||||
Sales Hedge - transfer to profit or loss |
14.4(a.i) |
267,896 |
1,035,139 |
|
| ||||||
Income tax and social contribution on exchange variation |
(14,239) |
(1,782,546) |
1,999,478 |
3,025,064 | |||||||
Exchange variation of foreign sales hedge - Braskem Idesa |
14.4(a.ii) |
(306,283) |
(1,400,255) |
(1,277,240) |
(1,842,976) | ||||||
Sales Hedge - transfer to profit or loss - Braskem Idesa |
14.4(a.ii) |
21,067 |
35,364 |
|
| ||||||
Income tax on exchange variation - Braskem Idesa |
82,010 |
410,202 |
383,172 |
552,893 | |||||||
(175,564) |
2,505,548 |
(4,775,409) |
(7,162,266) | ||||||||
Foreign subsidiaries currency translation adjustment |
159,621 |
135,632 |
626,692 |
927,934 | |||||||
Total |
(17,717) |
2,738,165 |
(4,453,961) |
(6,719,401) | |||||||
Total comprehensive income (loss) for the period |
800,305 |
4,571,986 |
(2,978,496) |
(3,995,631) |
The Management notes are an integral part of the financial statements.
5
Braskem S.A.
Statement of operations and statement of comprehensive income at September 30, 2016 All amounts in thousands of reais, except for earnings per share |
Continued |
Parent company | |||||||||||
Note |
3Q2016 |
YTD2016 |
3Q2015 |
YTD2015 | |||||||
2.4 |
Revised |
Revised | |||||||||
Profit for the period |
889,433 |
2,065,342 |
1,567,048 |
2,904,159 | |||||||
Other comprehensive income or loss: |
|||||||||||
Items that will be reclassified subsequently to profit or loss |
|||||||||||
Fair value of cash flow hedge |
(37,057) |
321,896 |
(310,511) |
(568,387) | |||||||
Income tax and social contribution |
12,599 |
(109,445) |
105,574 |
193,252 | |||||||
Fair value of cash flow hedge - Braskem Idesa |
17,349 |
(116,993) |
(116,217) |
(126,531) | |||||||
Income tax and social contribution |
(5,205) |
35,098 |
34,865 |
37,959 | |||||||
Fair value of cash flow hedge from jointly-controlled - RPR |
6,493 |
(6,272) |
8,162 |
8,162 | |||||||
(5,821) |
124,284 |
(278,127) |
(455,545) | ||||||||
Exchange variation of foreign sales hedge |
14.4(a.i) |
(226,015) |
4,207,644 |
(5,880,819) |
(8,897,247) | ||||||
Sales Hedge - transfer to profit or loss |
14.4(a.i) |
267,896 |
1,035,139 |
||||||||
Income tax and social contribution on exchange variation |
(14,239) |
(1,782,546) |
1,999,478 |
3,025,064 | |||||||
Exchange variation of foreign sales hedge - Braskem Idesa |
14.4(a.ii) |
(229,712) |
(1,050,191) |
(957,930) |
(1,382,232) | ||||||
Sales Hedge - transfer to profit or loss - Braskem Idesa |
14.4(a.ii) |
15,800 |
26,523 |
||||||||
Income tax on exchange variation - Braskem Idesa |
61,507 |
307,651 |
287,379 |
414,670 | |||||||
(124,763) |
2,744,220 |
(4,551,892) |
(6,839,745) | ||||||||
Foreign subsidiaries currency translation adjustment |
130,205 |
(85,770) |
638,629 |
934,483 | |||||||
Total |
(379) |
2,782,734 |
(4,191,390) |
(6,360,807) | |||||||
Total comprehensive income (loss) for the period |
889,054 |
4,848,076 |
(2,624,342) |
(3,456,648) | |||||||
Parent company | |||||||||||
YTD2016 |
YTD2015 | ||||||||||
Note |
Basic and diluted |
Basic and diluted | |||||||||
Profit per share attributable to the shareholders of the Company |
|||||||||||
of continued operations at the end of the period (R$) |
21 |
||||||||||
(expressed in reais) |
|||||||||||
Earnings per share - common |
2.5960 |
3.6505 | |||||||||
Earnings per share - preferred shares class "A" |
2.5960 |
3.6505 | |||||||||
Earnings per share - preferred shares class "B" |
0.6069 |
0.6062 |
The Management notes are an integral part of the financial statements.
6
Braskem S.A.
Statement of changes in shareholder’s equity
All amounts in thousands of reais
Consolidated | |||||||||||||||||||||||
Attributed to shareholders' interest |
|||||||||||||||||||||||
Revenue reserves |
Total |
||||||||||||||||||||||
Additional |
Other |
Retained |
Braskem |
Non-controlling |
Total | ||||||||||||||||||
Capital |
Legal |
Retained |
dividends |
comprehensive |
Treasury |
(loss) |
shareholders' |
interest in |
shareholders' | ||||||||||||||
Note |
Capital |
reserve |
reserve |
earnings |
proposed |
income |
shares |
earnings |
interest |
Braskem Idesa |
equity | ||||||||||||
Revised |
|||||||||||||||||||||||
At December 31, 2014 |
2.4 |
8,043,222 |
232,430 |
71,542 |
394,121 |
270,517 |
(2,924,057) |
(48,892) |
(235,622) |
5,803,261 |
(144,533) |
5,658,728 | |||||||||||
Comprehensive income for the period: |
|||||||||||||||||||||||
Profit for the period |
|
|
|
|
|
|
|
2,904,159 |
2,904,159 |
(180,389) |
2,723,770 | ||||||||||||
Exchange variation of foreign sales hedge, net of taxes |
|
|
|
|
|
(6,839,745) |
|
|
(6,839,745) |
(322,521) |
(7,162,266) | ||||||||||||
Fair value of cash flow hedge, net of taxes |
|
|
|
|
|
(455,545) |
|
|
(455,545) |
(29,524) |
(485,069) | ||||||||||||
Foreign currency translation adjustment |
|
|
|
|
|
934,483 |
|
|
934,483 |
(6,549) |
927,934 | ||||||||||||
|
|
|
|
|
(6,360,807) |
|
2,904,159 |
(3,456,648) |
(538,983) |
(3,995,631) | |||||||||||||
Equity valuation adjustments: |
|||||||||||||||||||||||
Realization of additional property, plant and equipment price-level restatement, net of taxes |
|
|
|
|
|
(20,429) |
|
20,429 |
|
|
| ||||||||||||
Realization of deemed cost of jointly-controlled investment, net of taxes |
|
|
|
|
|
(724) |
|
724 |
|
|
| ||||||||||||
|
|
|
|
|
(21,153) |
|
21,153 |
|
|
| |||||||||||||
Contributions to shareholders: |
|||||||||||||||||||||||
Losses in controlling interest |
|
|
|
|
|
(129) |
|
|
(129) |
|
(129) | ||||||||||||
Repurchase of treasury shares |
|
|
|
|
|
|
(927) |
|
(927) |
|
(927) | ||||||||||||
Additional dividends proposed |
|
|
|
|
(270,517) |
|
|
|
(270,517) |
|
(270,517) | ||||||||||||
|
|
|
|
(270,517) |
(129) |
(927) |
|
(271,573) |
|
(271,573) | |||||||||||||
At September 30, 2015 |
8,043,222 |
232,430 |
71,542 |
394,121 |
|
(9,306,146) |
(49,819) |
2,689,690 |
2,075,040 |
(683,516) |
1,391,524 | ||||||||||||
At December 31, 2015 |
2.4 |
8,043,222 |
232,430 |
229,992 |
2,404,663 |
247,364 |
(9,085,256) |
(49,819) |
(268,481) |
1,754,115 |
(684,885) |
1,069,230 | |||||||||||
Comprehensive income for the period: |
|||||||||||||||||||||||
Profit for the period |
|
|
|
|
|
|
|
2,065,342 |
2,065,342 |
(231,521) |
1,833,821 | ||||||||||||
Exchange variation of foreign sales hedge, net of taxes |
|
|
|
|
|
2,744,220 |
|
|
2,744,220 |
(238,672) |
2,505,548 | ||||||||||||
Fair value of cash flow hedge, net of taxes |
|
|
|
|
|
124,284 |
|
|
124,284 |
(27,299) |
96,985 | ||||||||||||
Foreign currency translation adjustment |
|
|
|
|
|
(85,770) |
|
|
(85,770) |
221,402 |
135,632 | ||||||||||||
|
|
|
|
|
2,782,734 |
|
2,065,342 |
4,848,076 |
(276,090) |
4,571,986 | |||||||||||||
Equity valuation adjustments: |
|||||||||||||||||||||||
Realization of additional property, plant and equipment price-level restatement, net of taxes |
|
|
|
|
|
(20,427) |
|
20,427 |
|
|
| ||||||||||||
Realization of deemed cost of jointly-controlled investment, net of taxes |
|
|
|
|
|
(724) |
|
724 |
|
|
| ||||||||||||
|
|
|
|
|
(21,151) |
|
21,151 |
|
|
| |||||||||||||
Contributions to shareholders: |
20(b) |
||||||||||||||||||||||
Additional dividends proposed |
|
|
|
|
(247,364) |
|
|
|
(247,364) |
|
(247,364) | ||||||||||||
Interim dividends approved by Board of Directors |
|
|
|
(1,000,000) |
|
|
|
|
(1,000,000) |
|
(1,000,000) | ||||||||||||
|
|
|
(1,000,000) |
(247,364) |
|
|
|
(1,247,364) |
|
(1,247,364) | |||||||||||||
At September 30, 2016 |
8,043,222 |
232,430 |
229,992 |
1,404,663 |
|
(6,323,673) |
(49,819) |
1,818,012 |
5,354,827 |
(960,975) |
4,393,852 |
The Management notes are an integral part of the financial statements.
7
Braskem S.A.
Statement of changes in shareholder’s equity
All amounts in thousands of reais
Parent company | |||||||||||||||||||
Revenue reserves |
|
||||||||||||||||||
Additional |
Other |
Retained |
Total | ||||||||||||||||
Capital |
Legal |
Retained |
dividends |
comprehensive |
Treasury |
(loss) |
shareholders' | ||||||||||||
Note |
Capital |
reserve |
reserve |
earnings |
proposed |
income |
shares |
earnings |
equity | ||||||||||
Revised |
|||||||||||||||||||
At December 31, 2014 (revised) |
2.4 |
8,043,222 |
232,430 |
71,542 |
394,121 |
270,517 |
(2,924,057) |
|
(235,622) |
5,852,153 | |||||||||
Comprehensive income for the period: |
|||||||||||||||||||
Profit for the period |
|
|
|
|
|
|
|
2,904,159 |
2,904,159 | ||||||||||
Exchange variation of foreign sales hedge, net of taxes |
|
|
|
|
|
(6,839,745) |
|
|
(6,839,745) | ||||||||||
Fair value of cash flow hedge, net of taxes |
|
|
|
|
|
(455,545) |
|
|
(455,545) | ||||||||||
Foreign subsidiaries currency translation adjustment |
|
|
|
|
|
934,483 |
|
|
934,483 | ||||||||||
|
|
|
|
|
(6,360,807) |
|
2,904,159 |
(3,456,648) | |||||||||||
Equity valuation adjustments: |
|||||||||||||||||||
Realization of additional property, plant and equipment price-level restatement, net of taxes |
|
|
|
|
|
(20,429) |
|
20,429 |
| ||||||||||
Realization of deemed cost of jointly-controlled investment, net of taxes |
|
|
|
|
|
(724) |
|
724 |
| ||||||||||
|
|
|
|
|
(21,153) |
|
21,153 |
| |||||||||||
Contributions to shareholders: |
|||||||||||||||||||
Losses in controlling interest |
|
|
|
|
|
(129) |
|
|
(129) | ||||||||||
Repurchase of treasury shares |
|
|
|
|
|
|
(927) |
|
(927) | ||||||||||
Additional dividends proposed |
|
|
|
|
(270,517) |
|
|
|
(270,517) | ||||||||||
|
|
|
|
(270,517) |
(129) |
(927) |
|
(271,573) | |||||||||||
At September 30, 2015 |
8,043,222 |
232,430 |
71,542 |
394,121 |
|
(9,306,146) |
(927) |
2,689,690 |
2,123,932 | ||||||||||
At December 31, 2015 |
2.4 |
8,043,222 |
232,430 |
229,992 |
2,404,663 |
247,364 |
(9,085,256) |
(927) |
(268,481) |
1,803,007 | |||||||||
Comprehensive income for the period: |
|||||||||||||||||||
Profit for the period |
|
|
|
|
|
|
|
2,065,342 |
2,065,342 | ||||||||||
Exchange variation of foreign sales hedge, net of taxes |
|
|
|
|
|
2,744,220 |
|
|
2,744,220 | ||||||||||
Fair value of cash flow hedge, net of taxes |
|
|
|
|
|
124,284 |
|
|
124,284 | ||||||||||
Foreign currency translation adjustment |
|
|
|
|
|
(85,770) |
|
|
(85,770) | ||||||||||
|
|
|
|
|
2,782,734 |
|
2,065,342 |
4,848,076 | |||||||||||
Equity valuation adjustments: |
|||||||||||||||||||
Realization of additional property, plant and equipment price-level restatement, net of taxes |
|
|
|
|
|
(20,427) |
|
20,427 |
| ||||||||||
Realization of deemed cost of jointly-controlled investment, net of taxes |
|
|
|
|
|
(724) |
|
724 |
| ||||||||||
|
|
|
|
|
(21,151) |
|
21,151 |
| |||||||||||
Contributions to shareholders: |
20(b) |
||||||||||||||||||
Additional dividends proposed |
|
|
|
|
(247,364) |
|
|
|
(247,364) | ||||||||||
Interim dividends approved by Board of Directors |
|
|
|
(1,000,000) |
|
|
|
|
(1,000,000) | ||||||||||
|
|
|
(1,000,000) |
(247,364) |
|
|
|
(1,247,364) | |||||||||||
At September 30, 2016 |
8,043,222 |
232,430 |
229,992 |
1,404,663 |
|
(6,323,673) |
(927) |
1,818,012 |
5,403,719 |
The Management notes are an integral part of the financial statements.
8
Braskem S.A.
Statement of cash flows
at September 30, 2016
All amounts in thousands of reais
Consolidated |
Parent company | |||||||||
Note |
Sep/2016 |
Sep/2015 |
Sep/2016 |
Sep/2015 | ||||||
2.4 |
Revised |
Revised | ||||||||
Profit before income tax and social contribution |
2,633,794 |
4,158,152 |
|
2,378,257 |
|
4,076,923 | ||||
Adjustments for reconciliation of profit |
||||||||||
Depreciation, amortization and depletion |
1,966,757 |
1,574,343 |
|
1,552,065 |
|
1,327,692 | ||||
Results from equity investments |
9(c) |
(23,177) |
(1,701) |
|
(1,419,933) |
|
(597,700) | |||
Interest and monetary and exchange variations, net |
2,067,956 |
2,811,713 |
|
1,740,028 |
|
2,842,153 | ||||
Other |
16,610 |
11,190 |
|
17,141 |
|
7,686 | ||||
|
|
|
| |||||||
6,661,940 |
8,553,697 |
|
4,267,558 |
|
7,656,754 | |||||
Changes in operating working capital |
||||||||||
Held-for-trading financial investments |
(408,348) |
14,207 |
|
18,550 |
|
23,842 | ||||
Trade accounts receivable |
545,846 |
(650,156) |
|
2,203,767 |
|
(2,774,321) | ||||
Inventories |
701,999 |
97,992 |
|
788,046 |
|
95,739 | ||||
Taxes recoverable |
993,223 |
543,182 |
|
775,975 |
|
307,184 | ||||
Prepaid expenses |
25,866 |
33,919 |
|
29,487 |
|
50,175 | ||||
Other receivables |
(66,964) |
(25,647) |
|
119,784 |
|
102,992 | ||||
Trade payables |
(2,999,940) |
(2,695,881) |
|
(884,068) |
|
(1,539,287) | ||||
Taxes payable |
154,230 |
417,367 |
|
150,798 |
|
134,460 | ||||
Advances from customers |
255,523 |
(12,006) |
|
(26,316) |
|
(15,487) | ||||
Sundry provisions |
117,210 |
(57,130) |
|
130,002 |
|
(52,941) | ||||
Other payables |
(18,058) |
325,696 |
|
(113,175) |
|
(387,003) | ||||
|
|
|
| |||||||
Cash from operations |
5,962,527 |
6,545,240 |
|
7,460,408 |
|
3,602,107 | ||||
Interest paid |
(1,093,878) |
(675,960) |
|
(359,799) |
|
(295,498) | ||||
Income tax and social contribution paid |
(847,012) |
(89,006) |
|
(65,002) |
|
(32,874) | ||||
|
|
|
| |||||||
Net cash generated by operating activities |
4,021,637 |
5,780,274 |
|
7,035,607 |
|
3,273,735 | ||||
Proceeds from the sale of fixed assets |
431 |
1,245 |
114 |
568 | ||||||
Acquisitions to property, plant and equipment |
(i) |
(2,002,210) |
(2,936,945) |
(759,784) |
(687,382) | |||||
Acquisitions of intangible assets |
(20,909) |
(12,590) |
|
(20,620) |
|
(12,572) | ||||
Premium in the dollar put option |
14.3.1(a.i) |
(4,856) |
|
(4,856) |