bakitr3q16_6k.htm - Generated by SEC Publisher for SEC Filing
 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549
 

 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16
OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934


For the month of November, 2016

(Commission File No. 1-14862 )

 

 
BRASKEM S.A.
(Exact Name as Specified in its Charter)
 
N/A
(Translation of registrant's name into English)
 


Rua Eteno, 1561, Polo Petroquimico de Camacari
Camacari, Bahia - CEP 42810-000 Brazil
(Address of principal executive offices)



Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ___X___       Form 40-F ______

Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1). _____

Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7). _____

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___

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _____.


 
 

Braskem S.A.

Quarterly Information (ITR) at

September 30, 2016

and Independent Auditors’ Report Review

 


 
Report on review of interim financial information

 

 

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

 


 
 

Braskem S.A.

 

Balance sheet

at September 30, 2016

All amounts in thousands of reais

Continued

                                                                                               

 
                     
       

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)