Braskem shares lead Ibovespa’s rises this morning, after recording a surge in net profit in the third quarter. The presentation of the petrochemical company’s third quarter balance sheet was last night and showed a loss of R$2.418 billion in the period, which represents an increase of 119.2% compared to losses of R$1.103 billion in the same quarter of the year past.
The company attributes the negative result mainly to the impact of exchange rate variations on the financial result. According to Braskem, the depreciation of the real against the dollar had a significant effect on the company’s net exposure, totaling US$4.0 billion.
Despite the loss recorded, Braskem presented some positive points in its balance sheet, but they are not what explain the increase in today’s trading session.
Recurring Ebitda (earnings before interest, taxes, depreciation and amortization) reached R$921 million in the period, registering an increase of 31% compared to the previous three months. The improvement was driven by the increase in the volume of sales and exports of resins in Brazil, in addition to the growth in sales of polypropylene in the United States and Europe.
Another factor that contributed to the positive performance of Ebitda was the recognition in the results of the REIQ (Special Chemical Industry Regime), which refers to tax credits calculated in the months of January to September 2023.
Braskem’s net revenue, however, fell 34% compared to the same period last year, totaling R$16.676 billion. Compared to the previous three months, the reduction was 6%.
But what made the share soar at the beginning of today’s trading session was the Relevant Fact released this morning with the presentation of a non-binding proposal from Adnoc for control of Braskem in the amount of R$ 10.5 billion, which is equivalent to a price of R$37.29 per share.
The offer provides for the payment of half of the amounts in cash, and the remainder through the issuance of a seven-year note, in dollars, with interest of 7.25% per year. Until the third year, the interest would be incorporated into the principal and, from the fourth year onwards, coupon payments would be made. Debt amortization only occurs at the end of the seventh year.
The proposal is for a total of 38.3% of Novonor’s shares – which are currently in the hands of creditor banks. But Adnoc would take a 35.3% share and 3% would go to Novonor. The company’s governance, however, would be entirely in the hands of Petrobras and the company.
