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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 January, 2022

(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.

 

Unaudited condensed consolidated statement of financial position

As of 09/30/2021

All amounts in thousands of reais

 

 

 

           
Assets Note   Sep/2021   Dec/2020
         
Current assets        
Cash and cash equivalents 3    12,025,888    13,862,852
Financial investments 4   2,936,176   3,627,227
Trade accounts receivable 5   7,932,505   4,731,979
Inventories 6    14,365,943   8,383,650
Taxes recoverable 8   1,241,308   1,192,665
Income tax and social contribution   3,653,166   1,547,916
Dividends and interest on capital 7     165     165
Prepaid expenses   186,011   344,867
Derivatives 18.2     8,269   33,769
Other receivables   769,440   465,154
           
Current Assets      43,118,871    34,190,244
           
Non-current assets          
Financial investments 4   16,314   15,564
Trade accounts receivable 5   15,837   23,229
Inventories 6   33,082   18,036
Taxes recoverable 8   1,175,454   1,072,737
Income tax and social contribution     210,722   72,267
Deferred income tax and social contribution 20(c)   7,766,356   8,529,972
Judicial deposits      178,839   196,911
Derivatives 18.2     1,069   34,091
Other receivables   320,876   227,480
Investments 9   49,962   43,153
Property, plant and equipment 10    36,443,431    35,929,149
Intangible assets 11   2,829,301   2,828,691
Right of use of assets 12(a)   2,581,733   2,902,395
           
Non-Current Assets      51,622,976    51,893,675
           
Total assets      94,741,847    86,083,919

 

 

 

The notes are an integral part of the unaudited condensed consolidated interim financial information.

 

1 
 

 

Braskem S.A.

 

Unaudited condensed consolidated statement of financial position

As of 09/30/2021

All amounts in thousands of reais

 

 

Liabilities and shareholders' equity Note   Sep/2021   Dec/2020
         
Current liabilities        
Trade payables 13     10,438,072     9,946,315
Borrowings 14(a)    902,823     1,318,931
Braskem Idesa borrowings 15    7,182,416     7,660,128
Debenture 16   57,466     54,436
Derivatives 18.2    386,986   592,251
Payroll and related charges    1,000,633   814,566
Taxes payable 19    896,939   952,689
Income tax and social contribution    3,554,647   284,129
Dividends   1,769    5,456
Advances from customers    441,391   287,449
Leniency agreement 23    309,815   397,036
Sundry provisions 21    457,109   362,407
Other payables    1,011,362   466,341
Provision - geological event in Alagoas 24    5,002,811     4,349,931
Lease 12(b)    855,942   895,109
           
Current Liabilities       32,500,181   28,387,174
           
Non-current liabilities          
Trade payables 13   59,660    7,233
Borrowings 14(a)     32,887,895   40,413,192
Braskem Idesa borrowings 15    4,572,424     4,399,110
Debenture 16    148,544   181,679
Derivatives 18.2    407,293   558,913
Taxes payable 19      1,370
Loan to non-controlling shareholders of Braskem Idesa 7    3,456,265     3,222,493
Income tax and social contribution       576,174
Deferred income tax and social contribution 20(c)    1,256,528     1,234,398
Post-employment benefits    487,373   472,074
Advances from customers    333,369   382,478
Legal provisions 22.1    1,120,470     1,151,087
Leniency agreement 23    793,733     1,077,314
Sundry provisions 21    848,835   511,801
Provision - geological event in Alagoas 24    3,042,666     4,825,846
Other payables    215,230   235,324
Lease 12(b)    2,073,815     2,312,777
           
Non-Current Liabilities       51,704,100   61,563,263
           
Shareholders' equity    
Capital 26    8,043,222     8,043,222
Capital reserve   3,473  
Additional paid in capital   (488,388)    (488,388)
Other comprehensive income 26     (3,702,816)    (5,177,889)
Treasury shares     (38,197)   (49,704)
Retained earnings (accumulated losses)    8,349,928    (4,529,547)
         
Total attributable to the  Company's shareholders     12,167,222    (2,202,306)
           
Non-controlling interest in subsidiaries     (1,629,656)    (1,664,212)
           
Shareholders’ Equity       10,537,566    (3,866,518)
           
Total liabilities and shareholders' equity       94,741,847   86,083,919

 

 

The notes are an integral part of the unaudited condensed consolidated interim financial information.

 

2 
 

 

Braskem S.A.

 

Unaudited condensed consolidated statement of comprehensive income

With 9 month period ended September 30, 2021

All amounts in thousands of reais

 

 

        9-months
ended
  9-months
ended
    Note   Sep/2021   Sep/2020
           
Net revenue   28   77,413,096   39,805,121
Cost of products sold   31     (52,057,968)     (33,533,365)
       
Gross profit     25,355,128     6,271,756
       
Income (expenses)           
Selling and distribution   31    (1,475,809)     (1,369,619)
Loss (reversals) for impairment of trade accounts receivable and others from clients 31    2,925      (15,036)
General and administrative    31    (1,751,153)    (1,333,961)
Research and development   31    (197,995)    (172,862)
Results from equity-accounted investees     (1,097)   (19,893)
Other income   29     1,235,710   816,874
Other expenses   29     (1,750,550)    (5,380,240)
             -
Profit (loss) before net financial expenses and taxes      21,417,159     (1,202,981)
           
Financial results   30        
Financial expenses       (4,269,789)    (3,682,559)
Financial income       1,591,646   498,479
Exchange rate variations, net      (2,930,678)    (7,325,580)
           
Finance income (cost)      (5,608,821)     (10,509,660)
           
Profit (loss) before income tax and social contribution      15,808,338     (11,712,641)
           
Current and deferred income tax and social contribution   20(a)     (2,911,862)     3,819,810
           
Net profit (loss) for the period      12,896,476     (7,892,831)
           
Attributable to:          
Company's shareholders      12,857,659     (7,537,950)
Non-controlling interest in subsidiaries       38,817    (354,881)
           
Net profit (loss) for the period      12,896,476     (7,892,831)
           
Earnings (loss) per share - basic and diluted - R$   27        
Common     16.1586   (9.4699)
Preferred shares class "A"     16.1588   (9.4699)
Preferred shares class "B"       0.6057   (9.4699)

 

 

The notes are an integral part of the unaudited condensed consolidated interim financial information.

 

 

 

3 
 

Braskem S.A.

 

Unaudited condensed consolidated statement of comprehensive income

With 9 month period ended September 30, 2021

All amounts in thousands of reais

 

 

    Note   9-months ended
Sep/2021
  9-months ended
Sep/2020
             
Net profit (loss) for the period        12,896,476     (7,892,831)
             
Other comprehensive income:            
Items that will be reclassified subsequently to profit or loss            
Fair value of cash flow hedge       211,344     (1,371,053)
Income tax and social contribution - cash flow hedge        (67,806)   461,736
Fair value of cash flow hedge from jointly-controlled investees, net of taxes         1,239     786
Cash flow hedges,net of tax       144,777     (908,531)
             
Exchange variation of foreign sales hedge    18.3(a.i)     (1,160,181)     (9,245,179)
Sales Hedge - transfer to profit or loss    18.3(a.i)   1,507,624   1,557,361
Income tax and social contribution on exchange variation   -     (118,130)   2,613,858
Exchange variation of foreign sales hedge - Braskem Idesa    18.3(a.ii)     (307,586)     (2,009,111)
Sales Hedge - transfer to profit or loss - Braskem Idesa    18.3(a.ii)   368,433   348,165
Income tax on exchange variation - Braskem Idesa        (18,254)   498,284
Sales hedges, net of tax       271,906     (6,236,622)
             
Foreign subsidiaries currency translation adjustment       1,052,402   4,668,466
             
Total       1,469,085     (2,476,687)
             
Items that will not be reclassified to profit or loss            
Remeasurements of defined benefit liability, net of taxes         1,067  
Long term incentive plan, net of taxes       (4,615)     7,178
             
Total       (3,548)     7,178
             
Total comprehensive income for the period        14,362,013     (10,362,340)
             
Attributable to:            
Company's shareholders        14,327,457     (9,355,271)
Non-controlling interest in subsidiaries       34,556     (1,007,069)
             
Total comprehensive income for the period        14,362,013     (10,362,340))

 

 

 

The notes are an integral part of the unaudited condensed consolidated interim financial information.

 

4 
 

 

Braskem S.A.

 

Unaudited condensed consolidated statement of changes in equity

All amounts in thousands of reais

 

 

                                                   
              Revenue reserves                   Total        
                          Additional   Other       Retained earnings Braskem   Non-controlling   Total
          Capital   Legal    Tax   Retention   paid in   comprehensive   Treasury   / (accumulated    shareholders'   interest in   shareholders'
  Note   Capital   reserve   reserve   incentive   of profits   capital   income   shares   losses)   interest   subsidiaries   equity
                                                   
At January 1, 2020     8,043,222   232,472   577,476     153,478     1,174,301     (488,388)    (4,757,539)     (49,724)      4,885,298   (940,592)     3,944,706
                                                   
                                                   
Comprehensive income for the period:                                                  
Loss for the 9-month ended September 30, 2020                                      (7,537,950)     (7,537,950)   (354,881)    (7,892,831)
Exchange variation of foreign sales hedge, net of taxes                              (5,945,952)             (5,945,952)   (290,670)    (6,236,622)
Fair value of cash flow hedge, net of taxes                               (889,184)             (889,184)     (19,347)    (908,531)
Long term incentive plan                               7,600             7,600    (422)    7,178
Foreign subsidiaries currency translation adjustment                             5,010,215            5,010,215   (341,749)     4,668,466
Total Comprehensive income for the period                  (1,817,321)      (7,537,950)     (9,355,271)     (1,007,069)    (10,362,340)
                                                   
Equity valuation adjustments:                                                  
Realization of additional property, plant and equipment price-level restatement, net of taxes                              (19,761)       19,761            
Realization of deemed cost of jointly-controlled investment, net of taxes                             (380)         380            
Fair value adjustments of trade accounts receivable, net of taxes                               229           229        229
Exchange variation in hyperinflationary economy, net of taxes                               5,078             5,078        5,078
Total Equity valuation adjustments                              (14,834)         20,141     5,307        5,307
                                                   
At September 30, 2020     8,043,222   232,472   577,476     153,478     1,174,301     (488,388)    (6,589,694)     (49,724)    (7,517,809)     (4,464,666)     (1,947,661)    (6,412,327)
                                                   
At January 1, 2021     8,043,222             (488,388)    (5,177,889)     (49,704)    (4,529,547)     (2,202,306)     (1,664,212)    (3,866,518)
                                                   
Comprehensive income for the period:                                                  
Net profit for the 9-month ended September 30, 2021                                     12,857,659    12,857,659   38,817   12,896,476
Exchange variation of foreign sales hedge, net of taxes                             261,258            261,258   10,648     271,906
Fair value of cash flow hedge, net of taxes                             127,054            127,054   17,723     144,777
Long term incentive plan                             (4,483)            (4,483)    (132)     (4,615)
Foreign currency translation adjustment                             1,084,902            1,084,902     (32,500)     1,052,402
Total Comprehensive income for the period                             1,468,731       12,857,659    14,326,390   34,556   14,360,946
                                                   
Equity valuation adjustments:                                                  
Realization of additional property, plant and equipment price-level restatement, net of taxes                              (19,623)         19,623            
Realization of deemed cost of jointly-controlled investment, net of taxes                             (540)         540            
Actuarial loss with post-employment benefits, net of taxes                               1,067             1,067        1,067
Fair value adjustments of trade accounts receivable, net of taxes                              52             52       52
Exchange variation in hyperinflationary economy, net of taxes                 25,386       25,386       25,386
Total Equity valuation adjustments                               6,342         20,163   26,505       26,505
Contributions to shareholders:                                                  
Incentive long term plan payments with treasury shares 25        3,473                        11,507       14,980         14,980
Prescribed dividend                                      1,653     1,653      1,653
Total Contributions to shareholders          3,473                        11,507    1,653   16,633         16,633
                                                   
At September 30, 2021     8,043,222    3,473           (488,388)    (3,702,816)     (38,197)   8,349,928    12,167,222     (1,629,656)   10,537,566

 

The notes are an integral part of the unaudited condensed consolidated interim financial information.

 

5 
 

Braskem S.A.

 

Unaudited condensed consolidated statement of cash flows

As of 09/30/2021

All amounts in thousands of reais

 

 

  Note   9-months ended
Sep/2021
  9-months ended
Sep/2020
           
Profit (loss) before income tax and social contribution     15,808,338    (11,712,641)
     
Adjustments for:    
Depreciation and amortization     2,812,758     3,001,589
Results from equity-accounted investees     1,097    19,893
Net interest, monetary and foreign exchange gain/losses     4,292,501     11,775,714
Provisions (reversal and recovery of credits), net     546,684   5,999
Provision - geological event in Alagoas 29   835,332     5,143,395
PIS and COFINS credits - exclusion of ICMS from the calculation basis 29   (1,031,099)   (199,826)
Loss for impairment of trade accounts receivable and others from clients     (2,925)    15,036
Reversal of provision for losses   (28,117)   (17,309)
         
Adjustments for reconciliation of profit     23,234,569     8,031,850
         
Changes in operating assets and liabilities        
Judicial deposits - other financial assets 24       3,746,107
Financial investments     784,027   (1,776,868)
Trade accounts receivable   (3,085,730)   (871,642)
Inventories    (5,782,645)     316,151
Taxes recoverable     2,075,926     1,761,100
Prepaid expenses     190,479     144,489
Other receivables   (383,476)   (375,136)
Trade payables   (23,799)   (5,039,655)
Taxes payable     121,619   (624,880)
Advances from customers    94,174     305,969
Leniency agreement 23   (389,087)   (349,842)
Sundry provisions   (285,430)   (93,491)
Other payables   (1,254,626)   (324,640)
         
Cash generated from operations     15,296,001     4,849,512
         
Interest paid   (2,569,965)   (2,206,228)
Income tax and social contribution paid   (2,172,769)   (189,828)
         
Net cash generated from operating activities     10,553,267     2,453,456
         
Proceeds from the sale of property, plant and equipment and intangible assets    39,719    13,438
Dividends received     3,074
Acquisitions to property, plant and equipment and intangible assets   (2,042,939)   (1,930,539)
         
Net cash used in investing activities   (2,003,220)   (1,914,027)
         
Short-term and Long-term debt        
Issuance    21,474     15,214,497
Payments   (9,226,608)    (10,340,708)
Braskem Idesa borrowings        
Payments   (766,250)   (658,669)
Lease payments 12   (594,337)   (478,713)
Dividends paid     (2,034)     (2,379)
Other financial liabilities     (400,842)
         
Net cash (used) generated in financing activities    (10,567,755)     3,333,186
         
Exchange variation on cash of foreign subsidiaries     180,744     1,647,883
         
(Decrease) increase in cash and cash equivalents   (1,836,964)     5,520,498
         
Represented by        
Cash and cash equivalents at the beginning of the period     13,862,852     6,803,880
Cash and cash equivalents at the end of the period     12,025,888     12,324,378
         
(Decrease) increase in cash and cash equivalents   (1,836,964)     5,520,498

 

The notes are an integral part of the unaudited condensed consolidated interim financial information.

 

6 
 

Summary of Notes

 

1 Operations

8

2 Accounting policies

9

3 Cash and cash equivalents

14

4 Financial investments

14

5 Trade accounts receivable

15

6 Inventories

16

7 Related parties

17

8 Taxes recoverable

19

9 Investments

20

10 Property, plant and equipment

24

11 Intangible assets

24

12 Right-of-use assets and lease liability

25

13 Trade account payables

26

14 Borrowings

27

15 Braskem Idesa Financing

29

16 Debentures

30

17 Reconciliation of borrowing activities in the statement of cash flow

31

18 Financial instruments

32

19 Taxes payable

42

20 Income tax (“IR”) and social contribution (“CSL”)

43

21 Sundry provisions

46

22 Provisions for legal proceedings

47

23 Leniency agreement with authorities

49

24 Geological event - Alagoas

50

25 Long-term incentive (“LTI”) plan

56

26 Equity

57

27 Earnings per share

60

28 Net revenues

61

29 Other income (expenses), net

62

30 Financial results

62

31 Expenses by nature and function 

63

32 Segment information

63

33 Contractual obligations

64

34 Subsequent events

64

 

 

7 

Braskem S.A.

 

Notes to the unaudited condensed consolidated interim financial statements at September 30, 2021

All amounts in thousands, except as otherwise stated

 

 

 

1 Operations

Braskem S.A. is a public corporation headquartered in Camaçari/Bahia, which, jointly with its subsidiaries (hereinafter “Braskem” or “Company”), is controlled by Novonor S.A. (“Novonor”), which directly and indirectly holds interests of 50.11% and 38.32% in its voting and total capital, respectively. The ultimate parent company of Braskem is Kieppe Patrimonial S.A.

The Braskem’s shares are traded on B3 S.A. Brasil, Bolsa, Balcão (“B3”), under the tickers BRKM3, BRKM5 and BRKM6, and on the New York Stock Exchange (“NYSE”) under the ticker BAK.

Braskem is engaged in the manufacture, sale, import and export of chemicals, petrochemicals and fuels, the production, supply and sale of utilities such as steam, water, compressed air and industrial gases, as well as the provision of industrial services and the production, supply and sale of electric energy for its own use and use by other companies. Braskem also invests in other companies, either as equity method investees or associates.

The Company has industrial plants in Brazil, the United States, Germany and Mexico. The units produce thermoplastic resins, such as polyethylene (“PE”), polypropylene (“PP”), polyvinyl chloride (“PVC”) and other basic petrochemicals.

Operations of Braskem Idesa

On December 2, 2020, the subsidiary Braskem Idesa (“BI”) was notified by the National Natural Gas Control Center ("Cenagas"), the Mexican government agency responsible for the natural gas pipeline and transportation system in the region, regarding the unilateral suspension of natural gas transportation, an energy input essential to produce polyethylene at the Petrochemical Complex in Mexico. As a result, and respecting the safety protocols, Braskem Idesa immediately suspended its operational activities.

 

On January 7, 2021, Braskem Idesa partially resumed operations of polyethylene production based on an experimental business model, that follows all safety protocols, in order to attend the demand from Mexico’s plastics industry. In addition, Braskem Idesa has taken legal measures as established in the Ethane Supply Agreement entered into between BI and PEMEX. Braskem Netherlands B.V., the direct parent company of BI, also has taken legal actions based on the applicable international rules to protect the rights and to ensure the performance of all legal obligations and also seeking to protect its investment in Mexico. Such measures provide for a remediation and negotiation period in which the parties seek a solution.

 

The subsidiary Braskem Idesa (“BI”) signed the following documents to enable the continuity of its operations:

(i) On February 26, 2021, memorandum of understanding with terms and conditions for discussing potential amendments to the ethane supply agreement with PEMEX Transformación Industrial and PEMEX Exploración y Producción ("PEMEX"), as well as for building an ethane import terminal, subject to negotiation, final documentation, approval of creditors and shareholders of BI, and with rights reserved; and

(ii) On February 26, 2021, natural gas transportation service agreement with Centro Nacional de Control del Gas Natural ("CENAGAS"), with term of 15 years, subject to the execution of the final documentation mentioned in item (i) above.

On September 27, 2021, Braskem Idesa signed the following documents:

(i) Amendment to the ethane supply agreement (“Amendment”) with PEMEX Transformación Industrial and PEMEX Exploración y Producción ("PEMEX"), with settlement of any pending contractual amounts; and

 

8 

Braskem S.A.

 

Notes to the unaudited condensed consolidated interim financial statements at September 30, 2021

All amounts in thousands, except as otherwise stated

 

 

(ii) Agreement with Petróleos Mexicanos, PEMEX Logística and other government entities, establishing administrative support measures, especially with the obtainment of licences, permits and rights of way for the project to build an ethane import terminal with the capacity to meet all of BI's feedstock requirements ("Terminal Agreement”).

The Amendment changes the minimum contractual volume commitment to 30,000 barrels/day until the limit date of February 2025 (subject to extensions in the event of delay in obtaining the licenses for the terminal's construction), with the terminal's startup expected in the second half of 2024. The Amendment further establishes first-refusal rights, which consists of a preemptive right for Braskem Idesa in the acquisition of all ethane that PEMEX has available and does not consume in its own production process through 2045, at prices based on international references.

Note that the terminal project is designed to supplement ethane supply in Mexico by gaining access to new feedstock sources. Moreover, the investment in the terminal is subject to final approvals by the competent governance bodies of BI and by its shareholders.

To render them effective, the Amendment and the Terminal Agreement are conditioned upon the applicable corporate approvals, including final approval by the shareholders and creditors of BI ("Conditions Precedent"). The Amendment produces effects retroactive to February 26, 2021, the execution date of the memorandum of understanding. The approvals required for the Amendment and Terminal Agreement to come into force were obtained in October 2021.

 

2 Accounting policies

Accounting practices from the prior year were applied consistently in the preparation of this consolidated interim financial information, except for the disclosures included in the Note 2.3.1. New standards and pronouncements adopted in the current fiscal year.

2.1 Basis of preparation of the consolidated interim financial information

In preparing this consolidated interim financial information, Management has made judgements and estimates that affect the application of accounting policies.

The judgments and assumptions made by management in the use of estimates for preparing this consolidated interim financial information did not differ significantly from those described in the financial statements as of December 31, 2020, which were issued on May 13, 2021.

All relevant information pertaining exclusively to this consolidated interim financial information is presented herein and corresponds to the information used by the Management of the Company.

 

9 

Braskem S.A.

 

Notes to the unaudited condensed consolidated interim financial statements at September 30, 2021

All amounts in thousands, except as otherwise stated

 

 

The issue of this consolidated interim financial information was authorized by the Executive Board on January 14, 2022.

 

2.1.1 Consolidated interim financial information

The consolidated interim financial information refers to the nine-month period ended as of September 30, 2021, that have been prepared in accordance with IAS 34 Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB), should be read jointly with the financial statements of the Company for the year ended December 31, 2020.

The consolidated interim financial information comprises the financial statements of the Braskem S.A. and the following entities:

          Total and voting interest - %
          Headquarters   Sep/2021   Dec/2020
Direct and Indirect subsidiaries                
BM Insurance Company Limited ("BM Insurance")     Bermuda   100.00   100.00
Braskem America Finance Company ("Braskem America Finance")     EUA   100.00   100.00
Braskem America, Inc. (“Braskem America”)     EUA   100.00   100.00
Braskem Argentina S.A. (“Braskem Argentina”)     Argentina   100.00   100.00
Braskem Energy Ltda ("Braskem Energy")   (i)   Brazil   100.00    
Braskem Europe GmbH ("Braskem Alemanha")       Germany   100.00   100.00
Braskem Finance Limited (“Braskem Finance”)     Cayman Islands   100.00