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JosJoséé Carlos GrubisichCarlos Grubisich
Earnings Conference Call Earnings Conference Call –– 2Q072Q07
Carlos Carlos FadigasFadigas
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Forward-looking StatementsForward-looking Statements
This presentation contains forward-looking statements. Such statements are not statements of historical facts, and reflect the beliefs and expectations of Braskem’s management. The words “anticipates”, “wishes”, “expects”, “estimates”, “intends”, “forecasts”, “plans”, “predicts”, “projects”, “targets” and similar words are intended to identify these statements. Although Braskem believes that expectations and assumptions reflected in the forward-looking statements are reasonable based on information currently available to Braskem’s management, Braskem cannot guarantee future results or events.
Forward-looking statements included in this presentation speak only as of the date they are made (June 30, 2007), and the Company does not undertake any obligation to update them in light of new information or future developments.
Braskem shall not be responsible for any transaction or investment decisions that are taken based on information included in this presentation.
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EBITDAEBITDA US$ MMUS$ MMNet Net RevenueRevenue US$ MMUS$ MM
5,388
2T07*LTM
2,375
2002
4,769
2005
3,771
2004
3,008
2003 2006
8,744
34%CAGR
2T07*LTM
457
2002
851
2005
871
2004
581
2003 2006
1,671
33%CAGR
758
19%19% 18%23%19% 14%EBITDAmargin
BraskemGrowth and profitability accelerated by the acquisitionBraskemGrowth and profitability accelerated by the acquisition
2Q07 (LTM) EBITDA Margin of 19%
* 2Q07 LTM – Consolidated Braskem Pro Forma – Other periods with real information.Source: Braskem
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Braskem: Highlights of 2Q07Important strategic eventsBraskem: Highlights of 2Q07Important strategic events
• Braskem launches the first green polyethylene in the world
• Acquisition of Ipiranga’s petrochemical assets– The acquisition of Ipiranga Petroquímica minorities was concluded– CVM announces that a public tender offer (“OPA”) for Copesul shares is not required– Braskem awaits CVM approval for the publication of the OPA notice
• Odebrecht capitalizes Braskem’s debentures in the amount of R$ 1.2 billion– BNDESPar exchanges Odebrecht’s debentures for Braskem’s Class A Preferred Shares
FREE FLOAT 12.3% 44.9%
ODEBRECHT37.3%59.4%
NORQUISA*7.1%19.8%
PETROQUISA6.8%8.1%
OTHERS**37.5%12.3%
CONTROLLING SHAREHOLDER
% Voting Capital % Total Capital
79.2% 44.4%
*Odebrecht has 100% of Norquisa**Does not include treasury shares (3.7% of total)
BNDESPAR7.4%0.0%
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BraskemHigher capacity coupled with higher operating reliability leverage our production volumes
BraskemHigher capacity coupled with higher operating reliability leverage our production volumes
2Q07
96%
1Q07
97%pp
92%
PE
1Q07 2Q07
PVC
88%92%
1Q07 2Q072Q071Q07
Ethylene
91%96% 96%
Source: BraskemPPPE PVCEthylene
+8%
+3%
+10%
+5%
ProductionProduction Volume Volume –– 1H07 x 1H061H07 x 1H06 %%
2Q06 2Q06 2Q062Q06
96%
78%
92%91%
CapacityCapacity UtilizationUtilization RateRate %%
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BraskemStrengthening of our market leadershipBraskemStrengthening of our market leadership
* Domestic Sales + ImportsSource: Braskem / Abiquim
Others
Imports
34%
16%
50%50%
Resins Market Share Resins Market Share -- 1H071H07
PVCPP BraskemResins
PE
+7%+9% +9%+9%
Market
+6%
SalesSales Volume Volume –– 2Q07 x 1Q072Q07 x 1Q07 %%
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Braskem Figures - 2Q07 x 2Q06Evolution of Operating and Financial performanceBraskem Figures - 2Q07 x 2Q06Evolution of Operating and Financial performance
Source: Braskem
2Q06 2Q07
4.048
4.969
Mar 07
Jun 07
2,18
1,49
2Q06 2Q07*
562
921
2Q06 2Q07 *
257
465
2Q06 2Q07
(55)
2Q06 2Q07
496
675
% of Net Operating
Revenues
R$ million R$ million
-32%
27%27%
281
+64%+23%
+36% +81%
* Includes R$ 111 MM (US$ 56 MM) of non-recurring revenues in 2Q07
R$ millionNet RevenueNet Revenue R$ millionR$ million
ExportsExports US$ millionUS$ million EBITDAEBITDA US$ millionUS$ million
R$ millionEBITDAEBITDA R$ millionR$ million R$ millionNet IncomeNet Income R$ millionR$ million
Net Debt/EBITDANet Debt/EBITDA X LTMX LTM
8
562
2Q06 2Q07Prices Costs/SG&AVolume FX Rate
(158)
Non-recurringPis/CofinsRevenue
130
Source: Braskem
Braskem: EBITDA Evolution – 2Q07 vs. 2Q06Price increase surpass costs with naphthaBraskem: EBITDA Evolution – 2Q07 vs. 2Q06Price increase surpass costs with naphtha
R$ million Foreign Exchange impact on costs
271
(429)
Foreign Exchange impact on revenue
RawMaterial
(391) 921
743
111
(76)
9
853
(99)
190
Source: Braskem
Braskem: EBITDA Evolution – 2Q07 vs. 1Q07 Commercial Performance surpass costs with naphtha price increaseBraskem: EBITDA Evolution – 2Q07 vs. 1Q07 Commercial Performance surpass costs with naphtha price increase
R$ million 172
(271)
(524)
921
374
111 16
1Q07 2Q07PricesCosts/SG&AVolume FX RateNon-recurring
Pis/CofinsRevenue
Raw Material
Foreign Exchange impact on costs
Foreign Exchange impact on revenue
10Source: Braskem
Braskem: Economic and Financial PerformanceOperating performance and improved financial results leverage Net IncomeBraskem: Economic and Financial PerformanceOperating performance and improved financial results leverage Net Income
R$ million
Main Figures
Net revenue
EBITDA
EBITDA Margin
Net Financial Result
Net Income
2Q07(A)
4,969
921
18.5%
(59)
281
2Q06(B)
4,048
562
13.9%
(317)
(55)
Change. %(A)/(B)
23%23%
64%64%
+4.6 +4.6 pppp
--81%81%
--
1H07(C)
9,393
1,774
18.9%
(163)
408
1H06(D)
8,022
1,290
16.1%
(357)
92
Change. %(C)/(D)
17%17%
37%37%
+2.8 +2.8 pppp
--54%54%
344%344%
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BraskemThe largest petrochemical company in Latin AmericaBraskemThe largest petrochemical company in Latin America
Gross RevenueGross Revenue
US$ 11.0 bi
Net RevenueNet Revenue
US$ 8.7 bi
EBITDAEBITDA
US$ 1.7 bi
ExportsExports
US$ 2.4 bi
AssetsAssets
US$ 10.3 bi
Note Amounts on 06/30/07 – Pro forma basis: last twelve months Source: Braskem
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JosJoséé Carlos GrubisichCarlos Grubisich
Earnings Conference Call Earnings Conference Call -- 2Q072Q07
Carlos Carlos FadigasFadigas