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BAK Braskem

Participants
Rosana Avolio Investor Relations Director
Pedro Freitas Chief Financial Officer
Roberto Simoes Chief Executive Officer
Ricardo Rezende JP Morgan
Guilherme Levy Morgan Stanley
Pedro Soares BTG Pactual
Luiz Carvalho UBS
Call transcript
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Operator

Good afternoon, ladies and gentlemen, and thank you for holding. Welcome to the Braskem’s Conference Call to discuss the Results of the Second Quarter. Today, we have with us Mr. Roberto Simoes, the Company’s CEO; Pedro Freitas, the CFO; and Rosana Avolio, the Investor Relations Director. We would like to inform you that this event is being recorded and during the presentation, all participants will be in the listen-only mode. begin session will will further we given. be this, the when question-and-answer instructions Ensuing the slide can audio presentation Both, Instructions] [Operator and broadcast the www.braskem-ri.com.br. via through are show simultaneously webcast accessed and be website being the for available company statements on based Please may the during assumptions on to to company’s beliefs be regarding information and operating the that business bear and call that prospects, conference management financial made as mind the in currently as forward-looking well this projections company. of are These are guarantees performance. of forward-looking not statements They to involve not on may they risks, uncertainties and may assumptions circumstances future as refer occur. or depend events and that General economic in statements. the operating and lead may conditions, to results the affect forward-looking materially other expressed factors the that company’s those results conditions industry future differ and from over like Avolio, now to Rosana Director. conference the turn to would Relations Investor I

You may ma’am. proceed,

Rosana Avolio

thank Good results present for you participating afternoon, in the will of gentlemen, second and earnings we the call. XXXX. ladies Today, and conference Braskem’s quarter

I slide. per Braskem highlight higher billion. of Coast. year the quarter and In shares to first in losses second the continued in on X, entire down a company Slide the quarter. country’s XXX% In first Slide the net on end result is BRLXX.X next following had would Gulf accrued in We to and of demand of at than toward XXXX the the that quarter go the reversed utilization creating for the like XXXX, X% bit had further shows year. lower Brazilian in highlights Brazil of you common company in healthy Let’s number end second a profit the explained quarter, Paulo at BRLX.X billion, the the a demand second demand general Uri rate shares the quarter BRLX.X improve; of quarter maintenance in ABC vis-à-vis the July States, constraints billion. in the BRLXX and to of the XXXX, will to In spreads XX%, utilization this by the X% Storm Complex XXXX, of the recurring billion the of Petrochemical XXXX, where Petrochemical region number showed company speak the decreased was supply at X profit but level. mainly at December XXXX, operation. phenomenon scenario crackers to at rate scheduled to the the the of Sao the the go Class BRLX.X year the the This of relation global by in had the United due quarter to first about Brazilian in until Petrochemical the the normalization explained the period we Winter is quarter healthy A of the represents

exports during was on up BRLX.X the introduced regime recurring latest co-fees, the hand, the of by first other results of law and reducing have the sanctioned special Federal for XX% federal January this leverage a special known REIQ special for XXXXX. Law both go of to industries. years was The XXXX. by regime for a The the provisional March about the terminated reduction In waiting into the in federal the billion, speak to tax industry of We improved quarter tax for rate, the competitiveness quarter. around as chemical the the development Brazil’s the the year. operating results tax of slide proposed On it Brazil After passed next to June was Brazil, through regime in feedstock. to provides measure. government petrochemical was above chemical base converted in churn REIQ government on the and and modifications, by government solid The in this year, of in Brazil fees, certain

end right incurred different the geological on speak the quarter balance The balance during million. our provisions second with on cannot BRLX.X billion developments the Braskem billion, to at recorded currently in presents liabilities. of BRLX.X or reversed XX% expenses left it’s event registered matter current the will The the XX% provision in the the related estimated the of or disbursement and the provisioned. in BRLXX was amount The than this was The Alagoas. of about schedule both, future that in the may We the company of under non-current Alagoas events be geological and and respect sufficient the related of chart provides quarter. our liabilities, balance costs predict total under graph certainty

events geological the The compensation but Braskem Alagoas; then XX%, area, by risk updated in financial families remaining financial reenforcing the are living number number the in the commitment families of continues the of live increased to to was families areas then families high XX% rate the the to of allocation proposals about speaking areas. compensation plants. offer located XX,XXX, risk we were new by submitted relocated, in to So which of the non-negotiable of at coal means safe allow acceptance levels. and company’s

made this have about second program, payments BRLX.X the under at been quarter. billion end the the disbursed Regarding until

reducing in the unscheduled volume instability was shutdown on operating quarter. generation the recording present program. of Since to we first which offset compared record. million, recorded billion. on was European XX, BRLX.X the United positive Braskem recurring the was results cash growth quarter the U.S. XXX% Now quarter. reinforces In the number next the quarterly quarter, about around tax operating sales isolated Please market. We to operating XX The polypropylene strong quarter fiscal second rebuilding increased The States results the by main amounts by the new generation. the utilization to compared were our for prior to the setting XX% growth to reflecting impacts positive the by and variation since due the as in were in by quarter Mexican second Europe, segments impacts speak It in leaving higher working where operations. In Idesa. rate points. The when a quarter. to of quarter. percentage beginning demand of Mexico, company’s region sales quarter to and these capacity vis-à-vis In line main to positive credits the next considered leadership segment’s higher Braskem progress to the The XX% capital power in move the speak the and the cash on quarter, These gross the a the the the partially the their $XXX the the the quarter debt offset the the the of highlights Slide and rose we in utilization PEMEX in of compared at of prior vis-à-vis due the XXX,XXX the and XX about We volume ethene inventories June, level. by monetization United of prior partially about quarter, speak XX% in income supply in tax tons, the fixed QX higher stood grew States highlights in of recurring operating slide, negative Slide rate company’s previous paid. the was to go when XX% capacity of supply slide the were In to the will operation. rate in with million, previous go the utilization a the $XXX result

its $XXX further its an in Given the of debt XX%, gross cash million the company quarter the second and reduced strong amount represents liability reduction. management robust totaling first cash of the operations $X.X position generation, billion. half approximately concluded which Braskem by several year, In

debt $XXX its additional. million concluded Additionally to July around also additional in operations of this Braskem year of reduce gross

to maturity position As position a is to has June, maturity in a of of It profile reflects was to continued a cover and all million. it’s obtained a company’s Fitch current upgraded year reduction end cost long-term. during liquidity around leverage sufficient term total average ratio. the highlight billion. the long the XXXX, virtual By XX months. Braskem’s very entity liquidity and risk BB+ May permanent and in discipline commitment the strong next that Rating to liquidity maintaining The The reducing concentrated the debt which $X.X maintain payment over $XX result, with Braskem outlook the position, to rating is the maturing of debt important the our

let’s Slide to XX will about Now market. corporate go in talk which we

credit matrix, the capital like objective credit being of reflecting and discipline and that maturity X.X continued quarter is With ratio reassigned the investment Braskem last times ratio XX to of is the leverage months. in times and six profile company, grade would in leverage that around the maintains history an with to lowest for debt grade presented allocation the matrix, corporate the the cash achievements be company’s investment relevant to Braskem the to down an committed We of and it report solid company. by XX; position it’s a businesses an efficient rebound highlight and cost reassigned leverage role as reiterates

this quarter cash investment free in important [Technical the seen above It is Difficulty] slide position the the the to the has minimum Let’s deliver financial Braskem terms factor it’s rating quarter generation ratio, is with progress as $X.X ever remains committed slide capital in company. go on second continues that the Braskem cash now. lower [indiscernible] to is of agencies, stand-alone at policies. making position. the for important celebrating to also continue was credit of strong cash consistent corporate million; liquidity reduce the highlight grade this that level company company its leverage to ended allocation next robust main to regarding leverage which established the

company’s – $XXX of stage could generate recurring of in will around transfers next of bringing that annual to improvement bookings million X, million cost envisages The annual end recurring total and gains annual and gains to new in we gains program initiatives. continuing to a XXX estimated X slide. opportunity talk the of set year, million recurring the initiatives highlight in $XXX per $XXX properties in by that XXXX. the until about that I’d the addition like X, Now, the X Braskem stage previously in X currently

relation efforts second of of XX other than a economic growth the equality that recognize in – July vector that contrast, think commitment in the XXX% carbon, importance you reinforced the that and now on the the marked XX% we represented the XXXX, by the land gender new of to end nice of second management to the environment recognition there contribution presented the their the than vacant that leadership. quarter, in the want [Technical In the that bonds was women million of regarding volume were we and to from contribution all Braskem – – results then companies [indiscernible] XX% past with year. highlights about the of of to product. XX% sales Difficulty] to mentioned of and women the promote in empowerment social the $X.X In that as about represented Now the right the result culture the some company Slide really tender March talk XX% margin up that and they international standards of at rates getting a other relevant of of until impact dimension

highlight firms. to to various over slide, and of that same are the independent remain year third scenario petrochemical above on especially expectation remain the scenario but to the really level expected expected for and slide, are the the consulting the the some XXXX external with spreads are our about the next seeing the disclosed and levels talk projecting On from spreads in some industry. of consultancies until which the we for U.S. the by polyethylene XXXX; forecasts petrochemical for year. are whole XXXX the Slide quarter in calling will this spreads spread On at previous about talk will we the at of of upside see based XXXX, is portfolio XXXX CCAE forecasts the we XXXX X, widen

next will see we perspective. the short-term On the slide,

operations in asset However, is cracker higher and compounds. expected of that there production in normalization it

capacity an maintenance the In strategy levels narrow up PP production remain PVC, stable in the on increase American South expected sales sale sales higher market. from of the volume, and serving These relation PP should should expectation second to in remain inventory Europe, growth the country Mexico PA of spreads an utilization; to imports for at due at PP point sales in spreads Mexico, is remain and the to spread contrast is Pre-amount rise with higher we’re the in PP production sound processing due at the should the the the which above expected level of in industry spreads levels, terms increase outlook in In volume previous cycle line U.S. the sound with In in afraid product total remain the available the to prioritization period. should demand will volume for region. to in for quarter. ethane to of mainly are continued of in and the Brazilian

that other. well-diversified peers. companies is a leadership we In feedstock profile, with an Now slide, investment remains with this remains can achieved in the our advances, in next the its market as to to sector in like pure global multiple slide. compared We interesting characteristics, team a opportunity to petrochemical a that highlight would now its among novel discounted no position has contiguous important period Braskem similar

the to the On recap these concluding The main solution [indiscernible] can priorities, would to progress these allocation this company issues action innovation digital of with be results implementing and second priority supply the image to capital that priorities as to related that everyone we to reliable the processes make industry another make you, transformation. goal grade of for that the to our for non-negotiable attention. in that public objective Thank we a both just today’s Braskem priority to reinforce accelerated want the and on That reassigned event insure that reference last with presentation. perpetual we Slide advances presentation important slide, and in Alagoas always large committed key the company’s XXXX this of effectiveness for thing strategy. an continue conclude will investment are XX efficient ESG and to the we we The your branch. reputation improving in commitment safety financial today’s are to ethane and continues also the and here, deal, becoming are an of of through Now, digital on our and like for to value of Braskem concludes be focus and quarter. transformation authorization strengthening to two company resolving, information and

to the Q&A session. go Let’s

Operator

Rezende JP Morgan. [Operator from The first from question Instructions] Ricardo

Ricardo Rezende

Hey, good afternoon, Roberto Rosana, and Pedro.

your capital The first question to allocation. refers

As you presentation in a referring good it seems very the to showed cash, your and have to outlook.

emergent, regarding expect high. second You this. which Therefore of natural have is is question discussion dividends we terms what which a quite should the profit the semester, that cumulative is in for the

an The happening that you to second event. the question, United And States. referred situation the is there, isolated there was

going other you how the If terms you work reference and with to in and have States any going are you the do market of are what in plan to arbitrage? to United

Pedro Freitas

think with it to much dividends comes questions, to for Ricardo. mentioned, afternoon, very continue Thank is necessary capital your when as leverage allocation Good policy. you it of course, actually about you on higher and our

historical dividends above is we is so the minimum something ensure that decision about perhaps it revise been natural we is the reasonable, issue. would scenario once if it lowest to trend. in I Therefore, to believe that think X.X and enable have present, very will to states X.X%. will are made dividend, that it the our at which a it that will we have rate we again continues payment pay it This low, Now, doing. be us this below is, as on the And be it out be

this yet discussing. is we And We something decision. it. to that an opinion, made have disseminate as will come Once once are not a we again, we

again what have The somewhat issues for Regarding to some pandemic a to price a system, of and because to United example, PP are about – course market had of of weak is the we market and and issues far we’re are prices, market situation availability have attached we States, of they certain market United PP, than United that become the for area prices. we others most, course, of as has Brazil, balanced the have in is the terms it but the and regionalized margins a in ourselves the related States. lacking been comes in taken the were where based still higher the the have as and there and Asia, taking The situation quite increased where on We other the prices. the market situation. off, the is States was, this containers reason. become prices where reflective in market in the once prices is greater have advances mismatch of the

increase. be a of will is will end if quite And and while that and around price it all great So at at deal in deal I a North great June supply that in recovery that the year, outflow depends the logistics will dynamic perhaps least believe will America. It will we there last demand see the the it scenario in depend positive. this, a until the happen do on a

Now to look you shall more have we of come up the States. with a United for provocation markets connected

see Now, we and are the the in include other sales regions regions United of regardless and have we been this Mexico, Brazil are from exports of States, domestic to reference the methods to We will priority our those with have the Brazil course what where we contract the has operation now in exports possible which Mexico, great from we to sales ourselves all included our is market. – Mexico. revising in PP But a and of go. is

know become what possible that supply some focus this and believe it’s opportunities. it do of to we We demand when not time have again, literally the and do continue has a will have will the for supply we regionalized and assessed Once all on returns, exist that course to dynamics happen. and part

Ricardo Rezende

Pedro. you the for Thank response. very much, you Thank

Operator

from Levy Guilherme Stanley. Morgan The next question from

Guilherme Levy

have spreads that would terms happening referring for beginning down to to question, Do have that I what congratulations a electrical will this like had good your with first peak year? and results. two I of of better working the shut would two second questions, instability a what is there? the high that you the think like year, is what resumption that and significant Mexico? of consumption when of And generation. capital in timely we and afternoon better during reached generation. it At semester. motivated very quarterly My in very and a cash your working they capital production good with we understand energy the still cash I have I to have is Hey, happening understand during

Pedro Freitas

Thank as it generation, course, to you, Guilherme investments and capital have in for your Rosana When had presentation. important cash working questions. this this fact is comes mentioned, you quarter. And in this we alluded to a during the of

this in happened payment surplus. of have generation, we What market situation in not we policy terms are of obtain we the perhaps a terms days. of we are of our able with As length to to management very and therefore, is are Historically, that, feedstock cash making have a suppliers cash published strong import, times, we most the have the several feedstock us. that up we offered this that XXX in

suppliers, had not the capital. reduced We to have decision we lengthen impact the to paid payments Therefore, down our on several need had There the pay we working evidently, for will a no you decided one-off and cash, side a debts to payments. discount. create was to this our look exposure obtain if we but payment you took payment term lengthen and to

of when In place, procurement, is most stocks. what perhaps feedstocks refers price greater make demand had and out material a of the The our of that we refurbishment and to increases and resins price three is raw up working when was points carry the second third second we point our capital. the of the we is relevant feedstock relevant the it

that shutdown network Brazil, of saw And the in great in we were of is shutdown complex, inventories [indiscernible] our but repeat there And last impact curve, our emergency production than on this and can’t as well tons were and X.X it look this no per and this restore power or another is operating electric XX,XXX Braskem’s million stop, this May an stably some of of loss When recovered. could place remember more this of emergency this we reason, recall cash have tons. and X,XXX capital be we sales [indiscernible] sales the will of And were we production, production sales tons have about lack the just impacted – somewhat this triggered I position. with failure during all would in to you some think network to automation at this restrictions had of normal of of type XX,XXX event, component. with structure have has the information. quarter figure emergency it was was shutdown year, month. able below avoid we carry lost. national was we June of in Yes, refer this been Mexico, somewhat in Since have As we I’ll very a in levels was because working because because and a second been still our strong tons to system, and this already possibility have we will though last and isolated of is is indebtedness that an feedstock their any we we included quarter were of maintenance. our if out branding that national to about it decreased for to I the because Therefore the Maine. of generate and the I was the production course, calculation. of June the be our year. the sold been deal as that a year this is important course, cable sound and sign this good will sort financial the These

Guilherme Levy

much. Thank you very

Operator

BTG question of from Pactual. Pedro next Soares Our

Pedro Soares

you I – you to would X.X something but be times, come the but it Good capital allocations. that our points. spreads we leveraged Pedro, have like the pay would is and before So, on that minimum normal back debt mentioned should will paying dividends long X above that dividends mentioned increase of and this see on what times; level afternoon. and optimum to out like – Follow-up to out something taxes you leverage number type long target, there in the is breakeven to priorities that paying addition would would point in gross understand here? in But and of I your level. leverage a some between are a very of your an run?

Rosana Avolio

Well, how this is question, can financial discuss see and our we we because strategy a good Pedro, here leverage. our corporate

our debt seen our $X history; $X you’ve been have billion Delta If so the we net billion is and between growing project.

results of XX% very a rate; margins very providing occupation We’re our the and for the in attractive. U.S. so high are

– this can we used policy to the debt level. management that could is $X between $X billion we that net billion; with And even and is I Now, exchange have and explore higher no now it say with discussion rose we something up with be to I or coexist reasonable. that highly conservative; that problem. would believe this that And Give it $X.X would billion. take,

see were is, billion; moments and can that You if but $X in you this billion $X.X where okay, our level. we $X see will with there billion, coexist history we exceed

that Now, in things position after billion; level that the point it’s so the above gross it we reasonable. with July, have We of out debt, for scheme. paid paid we in $XXX $X.X ended and optimum that quarter consider cash is below a that debt we a I the million slightly

the you structure I leveraged suit cash, billion; an when see of think of $XXX $XXX optimizes this and to $X about million and surplus our do equity. excellent increase of capital this So of our million is

dividends because in structure. they time; dividend they on So, we received one the to years and three side capital optimum we pay do our dividends high from want their haven’t receive shareholders out at

we see are lots maneuvering. under lot of the so a – we so is not is you can there here, can under space do leveraged, So we’re there that here;

Operator

Next question with Luiz UBS. from Carvalho

Luiz Carvalho

that being for and in you XX discounted and very And investments. results. a Two to of attention, Over Rosana, your important and clearly multiple to presentation, gain you seeing after showed remains Pedro. thank drew your it’s congratulations it’s questions. peers. one, asset – showed Number you compared terms my Slide

there in value whole discuss could separately? sold the as tell return? you this type So, What do if something us the – other – And is perception? something in do terms in a unlock or is sales there you of think that give there be My businesses is grafting jointly? is investor; could there now to management we’re be second there synergy is is of the a perception? value what would investment question could that is there you something Are potential some private could would or you opportunities out but to could – whether any – that joint carry done opportunity additional process;

Pedro Freitas

you, to good thank question. It’s you afternoon. Good your for and talk to

with it to – feedstock. types a discounter, XXX%, other went and we exposure lower but visiting the XX but well to diversified, forces can discount, was after us this peers and with was the phased Regarding path just was to figures discount; company a little And bit of years that’s had exposure, ago, international Braskem XX%. see back, XXX% shows just you that the discount a our and the figures was payment that a there is other

diminished in have our is XX%. my the So growth discount this view and in discount past today should years, the

the So we is continue was X that first times there discount at quarter, year believe justified. during dropped; is multiple we was believe as over What the happened fierce reasonable. believing that that this up now the caught are discount not not of we market higher a the beginning X. the data, in discounting I the

Roberto Simoes

do. does XXX% up? is what I make this our the a the when investor. perhaps, with is we still this So We rally we do There and an this this because And see perhaps is of hide-and-seek There not than first Now, to – know our never compare – petrochemical inserted we logic but not it have dimension; we to the is follow some strongly was of our a a solid better happening. is go upper section industries. history, going logic are XX times sense. the type you during in business figures and quarter;

trying We’re perception we Value and company. see distorted? get market shareholder why a the are demand; did modern app to

have We the best world. in producer the petrochemical

potential also safety, challenging. show what the market, In have reasons Braskem world provides nobody that and having Growth a growth have the great future to And with to the have we In a made In the positioning and are it for we have we we that are important the growth. is thinking we we of being platform, all of the unique recycling best terms potential. overwhelming with give. about has are some discounters properly. places an the platforms ourselves they have renewables, in what about recycling, the is market and we so not that we

great rollout to We We many moment, and and and here and the believe an trying when compensation. Regarding, it are are work moment already used right that sit well, that find talk who to invest find at that the we talk not the to the have These very them part we team synergy. moment competent, is right about But will we of in still in to them to people we embark the idea. to the for past. them. know of are assuming waiting

potential listen ideas. some to in to and have areas. the more want But ideas we of We more be as there of will their the course, eastern

Luiz Carvalho

you Thank you. Thank very your response. for much

Operator

question Barbara JPMorgan. from is next from The

Unidentified Analyst

that know my you. you amount taking Good final reduce can Thank a have so I goal, your afternoon. the thank And questions. you you leverage. that for

Pedro Freitas

management, when comfortable is all public – have help is leverage To a we important Hello, do for to our we we comfortable dividends, to of the are our debt. gross very for an what net How would not you terms, for and comes be think reference not debt, for figures, very in-house financial are us, you goal be in frank, have made gave limits but with take that because you market the goal a a for it this have simply the communication us. you? to us course, this to dollar-wise We do Barbara. benchmark the a about level simply

Unidentified Analyst

Thank much. very you. Thank you

Operator

strategically from are are we we at Ben from investing the like that is Scotiabank, interested be exposure [Operator have Instructions] in would or greater chemicals we to a We to more that diversification, asked in present. where what Nova some a have in regional question the there through came who have these chat Ivanson

Pedro Freitas

of has Ben, diversification the you say for following, the an thank would important strategy. the Braskem regional question. part been I

the We of plant and see outside have Mexico, investments the in invested largest Brazil branches abroad. in our we considerably U.S. These our new are PP

invested doing Brazil that in PBC also by have year. till in We

are in undergoing of We the expansion an Brazil. currently south

This and magnitude our balanced investments both Brazil course diversification have in but than much abroad. investments of have greater Brazil our We was in because logic. of outside, the

interested are follow-up Asian We continuing on the to in market.

in platform what good industrial mainly a and Europe, We have concentrated Americas as that whole and sales in the is is Germany, a that greater one we smaller and is significant Holland have the than extending in Asia. Europe a operation operation throughout proportionally but

the if We renewable have India have we an eye where new of and source products. consider we of office our Asia, on in think Singapore in investment potential we a and other

because Asia that thinking. of this we and is are very important for

growth significant that new about avenues growth, and along can when are this but with it foresee these to on our said, we comes we and is already well, of about that the always Asia, Especially acquisition, based we when novel, focused PBS growth Paul products have, speak technology very product this, something are renewables. where processes a and a other potential. in new Asia diversification regional important renewables and in-house we in come As on mainly innovation for products assessing an products

new We we the not diversify seeking. depend is value but are already in want will and and to opportunities. diversify regions open just we’re we we made, America development, at where looking open available. strategy products will But on we It of we are partnerships operate we products. to to The South speaking different type what are different of to have is is the to what be but this

interest We at renewables. to United If that us. foresee great the linked States. growth will this new as you products projects in This look more of feedstocks of that is to very much in be Brazil the what in

Operator

Our from Barbara next JPMorgan. question from comes

Unidentified Analyst

that company me strategic there that of any controlling follow-up, you is terms that is of not sale of deemed sale the present, vision would asset company assets. on If so sale. the your a the If allow assets could the be has we that in please, be the for

please. us more on you this, color could If give

Pedro Freitas

question sale another our second and we included once reduce what the of know, the were we in all to you of leverage. the opportunities assets thank the we observed X.X. possible these for that again question. semester I’m possibilities. to working at of going Barbara, as put We year with were context last in last you year And

understood course, value a that deleveraging saw of Now of on disinvest were in company, we conclusion. assets the from. the a equation impact we that and to that not the that able come could to and We we scenario

the all of have internally how check state of All they pressure a bring going commitment for to Braskem best to size for – the with assets this; that and the of of be I are table. Braskem all on is And we’re them. the it this and sale, depends does the our all would will shareholders well, do

an receive that as will the part put of we than assess table; been business, that lower cheque if Now, this. we will has we course, a that amount think natural of the on the is

to Now at sell request doesn’t happen, from this assets on the hand; no is there other present. if anybody

the We’re Braskem of that supporting we’re in process parts of not off stake and thinking Braskem. a selling

Braskem. discussion well is that we As shareholders with this the simply you this we being to held that is think followed this the thinking, complement guidance and at the way are have this is

forward clear That opportunities create and We manage continue to continue value, last the appropriate going present which our this would all possible could perhaps is is remark Obviously, level greatest on this. will be very follow-up, to the cycle a of level question debt if on the for appropriate I have a to seek day company; change value. business the you to debt.

if play work. comfortable see or are our discount metric, upgrade, its you they will own We because

grade – with and our see and company. We figures. – our Our for metrics investment it’s than our better totally you level the comfortable and metrics today investment them at any being at level grade much much,

rate should by that believe we recognized it the be rating So the buying agency. well

we’ll dialoging see debt. satisfy debt we different our see we’ll of them, scenarios pack. the We the than line how will net the one analyze have figures, to at there, gross the lower able and been end our We with

we’re We are out these paying dividends. metrics though and even witnessing of agency

Operator

[Operator company Instructions] Q&A I are comments. to session. bringing our We remove would floor to their like for to the the give back final

Roberto Simoes

to regions. quarter [indiscernible] afternoon. would grade. that our And investment additional continue And this like all were part secondly, was will trajectory call. we the they results return for participants thank significant I I the earnings presented good like like on to So this had to with now to in that to an taking our I would here being have reinforce all deliveries

talks and will we good. with sound fairly a you six the position like debt our in the future, during maintain representing could of with of and until of $X.X labor the as times and gross part; very profile With hear leveraging XX years, in Braskem a billion session. of the the X.X the recording lowest We question-and-answer end June reduction debt, company history the for the

ESG Additionally, that we exceeds have our to and Board. with and considerable this can commitment a strides change area the you

cash truly all comfortable very impact. two a cash following do reiterate the all this third would commitment the and our maybe be see year. to this want business, continue in work Everything course, express very released at Thank quarter had our shareholders. independent we during And to of good. of hope And like of to our continue have we positive that to compliance again, quarters has operational towards cash Once our of of thanks. level. productivity will to of the and competitiveness And with our confidence our of generation you the much. we very again would and like a points the operations, we continues we you have all members. generation I will have finally, to We the and in this

Operator

here. call conference your ends good you would participation. thank a like Have Braskem We of for The afternoon. to all