2. Forward-looking Statements
This presentation contains forward-looking statements. These statements are not
historical facts and are based on management’s objectives and estimates. The
words "anticipate", "believe", "expect", "estimate", "intend", "plan", "project",
"aim" and similar words indicate forward-looking statements. Although we believe
they are based on reasonable assumptions, these statements are based on the
information currently available to management and are subject to a number of
risks and uncertainties.
The forward-looking statements in this presentation are valid only on the date
they are made (September 30, 2010) and the Company does not assume any
obligation to update them in light of new information or future developments.
Braskem is not responsible for any transaction or investment decision taken based
on the information in this presentation.
2
3. Agenda
Braskem
A global player
Acquisitions: opportunities and challenges
Project pipeline: growth with value creation
Braskem consolidated
The petrochemical industry
Final considerations
3
4. Agenda
Braskem
A global player
Acquisitions: opportunities and challenges
Project pipeline: growth with value creation
Braskem consolidated
The petrochemical industry
Final considerations
4
5. Overview
Braskem has become the leading thermoplastic company Diversified portfolio of petrochemical products,
in the Americas with Quattor acquisition in January with focus on PE, PP and PVC
2010 Annual capacity of 6,460 kton
Foothold in the USA with Sunoco PP assets acquisition in 31 facilities in Brazil and USA
February 2010 Naphtha and gas based crackers
Attractive project pipeline in Latin America Petrobras as the main supplier in Brazil
Listed in 3 stock exchanges: BM&FBovespa, NYSE and
Latibex - 100% tag along
Market Cap (01/10/2011) – US$ 9,5 billion
EV – Net debt at Sep 2010 – US$ 15,4 billion 3 PP
Financial Highlights
2009 LTM Sep/10
Braskem
R$ billion Consolidated
Stand alone 1 PVC
Net Revenue 15.2 26.3 + 73% 1 Chlorine-soda
1 naphtha cracker
EBITDA 2.5 3.8 + 52% 4 PE
Net Debt/EBITDA 2.67x 2.63x - 1% 1 PP
1 PVC
1 gas cracker
1 Chlorine-soda
Potential Upside 1 PP
1 PE
1 naphtha
Synergies: 1 naphtha cracker cracker
- Additional EBITDA – R$ 400 million on a 1 ethanol cracker 2 PP
5 PE 3 PE
recurring basis
2 PP
Expectation of cycle recovery as of 2012
Industrial Assets
5
6. Track record of success with clear objectives
6,460
Resins Capacity (kton/y)
3,595
Acquisitions 2,341 4,275
1,410
Organic Growth 520
1,821 2,185 2,185
Leader in the
54% capacity 80% capacity Americas
increase increase
Leader in Latin
America
Acquisitions
Petroquímica Quattor + 2020
Ipiranga, Copesul Triunfo Sunoco
and Paulínia
Politeno
Polialden 2010
Trikem 2009
OPP 2008
2006 2007
2005
2004
2003
2002
2006
Quattor and Sunoco
capital increase and
disbursement of
After R$3.74 bi
acquisitions
Currency
Devalution in 2Q10 3Q10
2008 crisis
2.72x 3.73x 2.67x 2.84x 2.63x
Net Debt/EBITDA (R$)
Source: Braskem 6
7. Ownership Structure
Leveraging relationship with Petrobras
- World leader in
- Leader in Minority
E&P in deep
Construction in Shareholders
waters;
Latam;
- Present in the
- More than 30-years
industry as
in the petrochemical
50,1% / 38,2% 0,0% / 5,9% 2,8% / 20,1% 47,1% / 35,8% investor, supplier
industry;
Voting Shares / Total Shares and client;
- Investment Grade
- Investment Grade
by Moody’s and
by all 3 Rating
Fitch.
Agencies.
• Odebrecht as the controlling shareholder reinforces Braskem’s condition as a listed privately-owned company
• Odebrecht appoints Chairman, CEO and CFO.
Governance
• Mutual right of preference between Odebrecht and Petrobras in case of decision to sell shareholder interests in
the company
• Sole vehicle for petrochemical investments of both shareholders, Braskem has the right:
- to lead all petrochemical investments identified by Petrobras;
- if not of its interest, has the right to commercialize such products.
Source: Braskem 7
8. Agenda
Braskem
A global player
Acquisitions: opportunities and challenges
Project pipeline: growth with value creation
Braskem consolidated
The petrochemical industry
Final considerations
8
9. Quattor - key indicators
Operational Indicators Acquisition opportunities
Operating rate (%) 1Q10 2Q10 3Q10 Asset concentration in Southeast
(~70% Brazilian consumption);
Ethylene 71%(1) 83%(1) 89%(1)
Diversified RM matrix;
PE 61% 76% 84% Joint administration of raw
material agreements;
Financial Indicators Integrated industrial planning;
R$ million 1Q10 2Q10 3Q10 Reduction of working capital costs;
Tax and logistical synergies.
Net Revenue 1,220 1,425 1,663
Disbursement: R$647.3 million
+99% +41%
EBITDA 107 214 302
Outlook as of 9M10
EBITDA Margin 8.8% 15.0% 18.2%
Cabiúnas and Reduc refineries
normalized operation enabled
Riopol to have better operating
rates in the 3Q10: 81% for
Main impact on operational profit in 3Q10 ethylene and 82% for PE;
Increase in operating rates with better stability of Petrobras’ commitment to
raw material supply: supply from Mauá complex normalize supply to enable Riopol
normalized in May 2010. to operate at full capacity by
January 2011.
(1) Considering the 200 kty expansion 9
10. Quattor synergies of R$ 400 million in EBITDA*
as of 2012
Synergies 2012 Synergies 2011
R$ million R$ million 13
43
49
79
400 235
279 173
Industrial Logistics Supply EBITDA Industrial Logistics Supply EBITDA
Production Maximization Joint Synergies Synergies
mix of gains from management
Seizing the product of feedstock
cracker distribution purchases
streams (domestic and Renegotiation Efficient and rapid implementation of actions to
export of third-party capture synergies: additional of R$ 235 million in
Optimization
markets) agreements
of inventories EBITDA* as of 2011
Optimization
of channels
Source: Braskem * Annual and recurring 10
11. Braskem America (former Sunoco Chemicals)
Acquisition opportunities
Global-scale, state-of-the-art
R&T Center assets – technology and age similar
Pittsburgh, PA to Brazil’s polypropylene (PP)
assets;
Development of a global
production base;
Marcus Hook, PA
Consolidation of industrial assets;
Neal, WV
1 PP 1 PP Competitive costs for some 70% of
raw materials;
Platform for greenfield projects in
Latin America.
La Porte, TX
1 PP Disbursement: US$350 million
Challenges
Financial Indicators Knowledge of North American
R$ million 9M09 9M10 distribution market;
Add value to supplier ⇔ client
Net Revenue 1,252 1,737
chain (substitute distributor);
EBITDA 112 162 Highly disperse market;
Resumption in demand vs.
uncertainty of economic recovery.
11
12. Agenda
Braskem
A global player
Acquisitions: opportunities and challenges
Project pipeline: growth with value creation
Braskem consolidated
The petrochemical industry
Final considerations
12
13. Strategic direction
“BECOME THE GLOBAL
SUSTAINABLE CHEMICAL
LEADER, INNOVATING FOR
BETTER SERVE THE
PEOPLE”.
13
14. Green polyethylene
First Green Plastic Certified in the World
POLYETHYLENE Location: Triunfo – RS (Brazil)
Capacity: 200 Kton/y
Startup: September 2010
Investment: R$ 488 million
Consumption of 460,000 m³ of ethanol per year
75% of the ethanol supply is already contracted
Demand 3x higher than the installed capacity
Main Clients and Partners
Partnership in R&D – Renewable Polymers
Green PE trading in Asia
14
15. Growth strategy
On the path to leadership in sustainable chemicals
Innovation
Pipeline
Green PP
2013 Meet global demand for
Green PE sustainable products
2010 Innovation in bioplastic Guarantee CO2 sequestration
market Partnerships for the
Successful track record for Production integrated with development of competitive
Braskem becomes implementing projects: green propylene technologies
a global leader in term and costs Capture of 2.3t CO2/t PP
biopolymers
Capture of 2.5t CO2/t PE
Partnership with Clients Cooperation agreement with
Cenpes (Petrobras Research
Center)
Development of other cracks
streams
15
16. Expansion with increased competitiveness
BRAZIL
PVC Expansion
Operational start-up : 1st half 2012
• Expansion of 200 kton/y in PVC capacity in Alagoas
• Investments of US$470 million
• Expected NPV ~US$450 million
• Disbursements already in 2Q10
• Support for Brazil’s infrastructure projects
• Brazil currently imports 30% of its needs
PVC Domestic Demand (kton)
1,113 New Projects
982 950
857 31% Industrial Assets
748 34% 26%
19%
17% Imports
Domestic Sales
2006 2007 2008 2009 2010 LTM
Source: Braskem 16
17. Growth strategy
Projects with competitive materials
Ethylene XXI Project MEXICO
Ethylene
Characteristics Ethane
66,000 bpd 1,000 kton/y
Startup: 2015
PEMEX Gás (Basic Petrochemicals)
JV Braskem (65%) and IDESA (35%)
Cracker
Integrated project: 1 Mton ethylene and Ethane
1Mton PEs Gas
Investment: US$ 2.5 billion
Financial advisor: Sumitomo
Polyethylene
Focus 2010/2011 1,000 kton/y
Selection of technology
Manufacturing
Definition of EPC agreement and Industry
PEMEX Exploration
project’s FEED and Production
Structuring of Project Finance: already
received US$ 3 billion in letters of
interest
Attractiveness
Today Mexico imports around 70% of its demand
Proj.
(1.8 million ton/year of PE) EXXI in
2014
1st quartile in cost curve
Fragmented market: 3,500 converters
17
18. Unique pipeline of growth in the Americas
Consolidated Project Pipeline
PeruProj.
(+ 600 to 1,000 ktony ethylene/PE)
Ethylene XXI - Mexico Projects in Venezuela
(+ 1,000 ktony ethylene (+300 ktony PP)
and + 1,000 ktony PE) (integrated ethylene/PE)
Green PE Green PP Comperj
(+ 200 ktony ethylene) (+ 30 ktony ethylene)
PVC Expansion
(+ 200 ktony)
2010 - 2012 2013 - 2015 Projects under evaluation
Resin Capacity CAGR for 2010-2015: +4.3% p.y.
Diversification of raw materials and world-class assets
Fiscal discipline
Excellent track record of projects execution
Source: Braskem
19. Agenda
Braskem
A global player
Acquisitions: opportunities and challenges
Project pipeline: growth with value creation
Braskem consolidated
The petrochemical industry
Final considerations
19
20. Highlights
Braskem’s EBITDA in the past two quarters was R$ 1 billion, Braskem EBITDA
R$ million
in a scenario marked by the downcycle of the industry and
+24%
Real appreciation
2,981
Crackers have continuously improved their operation rate and 2,403
in the 3Q10 it was over 90% for the first time since the asset
merger
Braskem’s domestic resin sales in 3Q10 rose 17% from 2Q10
and in 9M10 rose 11% from 9M09 9M09 9M10
Braskem is committed to its financial solidity: Net Debt/EBITDA* ratio fell from 3.46x (acquisition in
January 2010) to 2.63x in the quarter
US$ 1.2 billion raised in perpetual and 10-year bonds, reduced bank exposure and improved debt
costs, lengthening its pro-forma average debt term to 11.9** years
Start up of the Green Ethylene plant led Braskem to become the global leader in biopolymers
Advances in the process of integrating and improving the performance of the Quattor assets
• 3Q10 EBITDA was R$ 302 million compared to an average of less than R$ 150 million prior to the
acquisition
• Synergies implemented total R$ 235 million in annual and recurring EBITDA for 2011
• SEAE and SDE of the Ministry of Justice recommend to CADE the unqualified approval of the
Quattor acquisition
*EBITDA in Last 12 Months (LTM); ** Includes the bond issue in October and call in December 2010 of the US$150 million in perpetual bonds with coupon of
9.75% 20
21. Value added products and potential market growth
are key differentiators of value creation
Brazilian Market - Consumer driven (9M10)
Chemicals &
Industrial Infrastructure
Agrochemicals
Braskem Sales by Sector
9M10 X 9M09 Others
Electric & Electronic
CONSUMER GOODS
4% 2% 5%
37% 3% Agribusiness
6%
DURABLE GOODS 31% 3%
Construction
AGRIBUSINESS 43% 33%
11%
CONSTRUCTION 11%
Automotive 6%
Food Packaging
OTHERS 4% 3%
8% 7%
11%
Cosmetics &
Pharmaceutical
Retail
Hygiene and Cleaning
Consumer Goods
Source: Braskem 21
22. Historical Prices
PE prices evolution (100 basis) PP prices evolution ( 100 basis)
140 140
130 130
120 120
110 110
100 100
90 90
80 80
aug/09
aug/10
jun/09
jun/10
apr/09
feb/10
apr/10
aug/09
aug/10
apr/09
jun/09
feb/10
apr/10
jun/10
oct/09
oct/10
dec/09
dec/10
oct/09
dec/09
oct/10
dec/10
International Market Brazilian Market International Market Brazilian Market
4Q10
Higher prices in the international market
Recovery in the domestic market already in September
Source: CMAI 22
23. Innovation pipeline: new developments to aggregate
further value
Applied Innovation and technology to strengthen
value chain competitiveness
Structured resource base to support client needs
Over US$ 330 million in R&D assets
PE PE Large
More than 190 researchers
Rotomolded water
8 pilot plants Manhole tanks
More than 260 patents filed worldwide
Partnership with universities and R&D centers in Brazil and abroad
PE
PVC Roof Tiles PVC
Windows
Innovation pipeline
Biopolymers NPV: ~US$ 500 million PP
PP auto grade PP
Buckets
PVC 23
24. Raw material matrix
Diversification to compete globally
Raw Material Profile* (2010) Braskem Post-Acquisitions** Braskem Post-Projects***
3% 3%
8%
30% 13%
37%
Implementation of 24%
17% Project Pipeline
17%
92% 58%
56% 15%
67%
46%
14%
Quattor Sunoco Braskem More balanced and diversified supply of raw materials
Liquid (2) Refinery propylene Gas (1) Competitive natural gas price vs. international reference prices
Ethanol
Propane Naphtha / Condensate
USG reference to competitive prices ~70% of naphtha supplied by Petrobras with
competitive price formula
Natural Gas 30% direct imports from various international suppliers
100% Petrobras supply with competitive prices versus
international prices
Ethanol
*Based on resin-production capacity. Sunoco buys propane directly
(1) Ethane, Propane and HLR ** Considering Green Ethylene capacity
(2) Naphtha and condensate *** Considering the Mexico Project 24
25. Lower leverage and longer average debt term
Net Debt/ EBITDA
(R$ million)
* Including the perpetual bond issue
in October and the call in
-24%
December 2010 of US$ 150 million
in perpetual bonds. Average term 3.46x
increases to 11.9 years 2.63x
3,505
762 2,781*
16% 501
14% 14%
13% 17%
13%
10%
2,155 1,946 Dec 09 Sep 10
2,743 1,889 2,281
1,747 1,683
1,375
3%
386
09/30/10 2010 2011 2012 2013 2014 2015/ 2017/ 2019
Cash 2016 2018 onwards
Does not include transaction costs
Invested in R$
Invested in US$ Foreign
Foreign Entities 0%
Entities 5%
More balanced source
Debt Profile
Gov. Entities
Bank 37%
Gov. Entities of funds 26%
22%
Bank 52%
Capital
Market 21% Capital
Market 37%
25
26. Braskem:
Reaffirmed post-acquisition ratings
Upgrade Conditions:
RATING
+ Maintenance of high liquidity (cash or equivalents -
Baa3 BBB-
-
Investment Grade stand-by) above R$3 billion. Cash above R$3 billion
May/09 since Dec/2008.
Jan/09 +
Ba1 BB+ stable
-
Jan&Jul/10 Capitalization of Braskem as pre-condition for
acquisition. Shareholder movements;
Ba2 BB
Successful integration with capture of synergies and
increase in cash generation (EBITDA increase R$ 3,1
Ba3 BB- bi to R$3.8 bi);
Post-Acquisitions
Decrease in Net Debt/EBITDA ratio expected to
B1 B+ 2.5x. In first post-acquisition quarter we already
reduced this ratio from 3.46x to 3.12x. In 2Q10 we
reduced to 2.84x, and to 2,63x in 3Q10.
2009 2010
The acquisitions: Braskem Ratings (Global Scale)
Strengthened strategic positioning;
Ba1 / Stable Outlook
Increased # of plants, sites and geographic diversification;
Diversification of raw material mix;
BB+ / Stable Outlook
More disciplined and less volatile domestic market ;
High governance standards;
BB+ / Positive Outlook
Petrobras participation.
Source: Braskem 26
27. Agenda
Braskem
A global player
Acquisitions: opportunities and challenges
Project pipeline: growth with value creation
Braskem consolidated
The petrochemical industry
Final considerations
27
28. Outlook on the global petrochemical industry
Ethylene: Operating rate 9M10
000 ton Industry at 9M2010
20,000 94 91 Operating rates increased from 2Q10
89 90
86 83 86 supported by better demand
15,000 84
82 81
79 78 80 Competitive cost base allows the US
77
10,000 to operate at higher rates than other
70
regions
5,000 60 Braskem continuously improving its
operations reached 91% in 3Q10
0 50
Europe N. America Asia M. East World Braskem
Global Scenario
Capacity 3Q Operating rate 3Q10 (%) Operating rate 2Q10 (%)
New capacity additions can lead to
Ethylene: Supply and Demand Balance the closing down of non competitive
000 ton assets on a permanent basis,
200,000
88.4
90.5 especially in Europe and US
87.0
150,000
83.8 83.1 Global economic outlook volatility
80.4
versus petrochemicals demand
100,000
Lower operating rates indicate 2010
50,000 as the trough of the cycle
0
Expectation of improvement in the
2009 2010e 2011e 2012e 2013e 2014e
industry profitability as of 2H11
Capacity Demand Operating Rate 2010e (%)
Source: CMAI , Parpinelli Tecnon 28
29. Leadership in Brazil – strong potential growth
Industrial Assets Brazilian’s thermoplastic demand – Million tons
Potential
Growth 4,9
4,2 4,3
4,0
3,7
2006 2007 2008 2009 2010E
Per-capita consumption of PE, PP and PVC (kg/person)
63
Market Share 57
Others
9M10
6% 41
22,2
28
Imports Braskem
25%
69%
Brazil USA
Europe Japan
China
29
30. Agenda
Braskem
A global player
Acquisitions: opportunities and challenges
Project pipeline: growth with value creation
Braskem consolidated
The petrochemical industry
Final considerations
30
31. Priorities
Existing assets
Maintaining growth in domestic sales in relation to 2009, aligned with the better performance of the
Brazilian market (GDP and demand growth should exceed 7% and 12%, respectively)
Strengthening the relationship with our Clients, adding value and differentiation to our products and
services and consolidating the market share to prevent imports
Ensure capture of the identified synergies
Adding value through the acquired assets
Quattor: continue improvement in its operational efficiency
Braskem America: return above capital employed
Financial
To balance the investments and dividends equation
Leverage reduction to achieve investment grade credit rating
Maintaining liquidity and financial discipline
Growth
Expand the use of renewable feedstock maintaining the leadership in bioplastics
Implementing Projects in Latin America, which are based on competitive raw materials
Green Chemicals
To strengthen the Brazilian Petrochemical Sector, ensuring the supply of local competitive raw
material
31
32. Why Braskem?
Pr/share BRKM5 Performance
40 Consolidated (R$ billion) 3Q10 Multiple
35 EBITDA LTM 3.8
30 Synergies to 2012 4.2
25 Market Capitalization 16.1 18.8
20 + EV 26.0 29.7
15
EV/EBITDA 6.9x 7.8x**
10
Price per share 20.2* 28.2
5
0 Proj. NPV to 2012 > R$1.12 bi
Value added by projects to
1.40
share price
R$ USD
*BRKM5 as of 12/21/10 ** Peer Multiple Dec/2010
Largest thermoplastic resin producer in the Americas Source: Bloomberg.
Leader of important projects in Latin America with
competitive raw materials
Emerging consumer market with potential per-capita growth Huge potential for value creation
as additional driver
EBITDA increase
Above-peer profitability
Access to one of the world’s largest consumer markets EV/EBITDA multiple below
following the U.S. acquisition peers’ multiple (7-9x)
Successful trajectory of organic growth and acquisitions
Shareholders hold long-term view with strategic synergies
for growth and value creation
Leader in green chemicals
32
38. Resins demand by region
2010 Resins (PE, PP, PVC) Demand by region
Africa
3%
China Europe
27% 18%
North America
17%
Asia ex-China
23%
South America
6%
Middle East
6%
The Brazilian demand for resins represents 3% of global demand
Source: CMAI, June 2010 38
39. Investments in 2010 amount to R$1.6 bi
Investments
R$ million 1,617
56 Braskem America
35 Venezuela
360 Quattor
10 Quantiq
72 Mexico
1,011
12 254 Green PE
191
47 192 Equipment Replacement
52 Capacity Increse/PVC Alagoas
311
317 Maintenance
116
18
61 Productivity
175 New Projects
31 208 Others
66 Industrial Assets
9M10 2010e
* For 2011, capex is estimated at R$ 1.6 billion, which approximately 30% destined to
projects of capacity expansion, 20% to scheduled maintenance shutdowns, and the
remaining to operational investments and spare parts.
Source: Braskem 39
40. Increase in Quattor capacity operating rate positively
impacted 2Q10
Braskem consolidated operating rate %
Ethylene Polyethylene Polypropylene PVC
100%
91%* 89% 91% 90% 97%
83%* 83% 88% 86% 81% 87%
3Q09* 2Q10 3Q10 3Q09* 2Q10 3Q10 3Q09 2Q10 3Q10 3Q09 2Q10 3Q10
Quattor better performance:
6 pp growth in ethylene operating rate – 89% in 3Q10 versus 83% in 2Q10
8 pp growth in PE operating rate – 84% in 3Q10 versus 76% in 2Q10
7 pp growth in PP operating rate – 71% in 3Q10 versus 65% in 2Q10
Crackers and 2nd generation plants increased operating rates during 3Q10
* 2009 data does not include Quattor expansion of 200 kton
Source: Braskem 40
42. Revenues breakdown – 3Q10
Net Revenue By Product (1)
3Q10
Others 7%
Fuel 3%
ETBE 2%
Cumene 2%
BTX* 7%
Butadiene 5% Resins 66%
Propylene 3%
Ethylene 4%
(1)
Does not include naphta / condensate/ crude oil processing and distribuitor sales
*Benzene, Toluene, Paraxylene and Othoxylene
Source: Braskem 42
43. COGS breakdown – 3Q10
COGS 3Q10
Deprec / Amort
Others 1% 7%
Services 2%
Labor 3%
Other Variable
Costs 8%
Natural Gas 2%
Electric Energy
Naphtha 54%
5%
Gas as feedstock
18%
1 Does not include naphtha / condensate / crude oil processing and Quantiq costs
Source: Braskem 43
44. Exports Destination – 3Q10
Exports Destination
3Q10
Others 1%
Asia 7%
North America
28%
Europe 21%
Central America
9%
South America
34%
The Export Market represents 29% of Company’s Net Revenue.
Source: Braskem 44
45. EBITDA Trends
2Q10 Pro Forma vs. 3Q10
Higher sales volume was impacted by lower margins, due to R$ million
the narrower spreads in the international market (a trend
that reversed only in August) and to the BRL appreciation
FX impact
on costs 95
FX impact on
(160) revenues
301
1,042 1,030
( 228)
( 65 ) ( 10 ) ( 11)
EBITDA Volume Contribution FX Fixed Costs Others EBITDA
2Q10 Margin SG&A 3Q10
Source: Braskem
45
46. Debt Profile
Gross Debt by Category Gross Debt by Index
Foreign Gov.
Entities Outros CDI
1% 1% 11%
Brazilian Gov. TJLP-6 PRE
Entities 20% 6%
27%
Capital Market
33%
Trade Finance
22%
Working Capital
Operações 8%
No Trade Finance
Estruturadas 40%
31%
62%
Source: Braskem
46
47. Outstanding Bonds & Outstanding Ratings
Coupon Yield *
Outstanding Bonds Maturity
(% p.a.) (% p.a.)
US$250 MM Jan/2014 11.750 3.7
US$250 MM Jun/2015 9.375 4.4
US$275 MM Jan/2017 8.000 5.3
US$500 MM Jun/2018 7.250 5.6
US$750 MM May/2020 7.000 5.9
US$450 MM Perpetual 7.375 7.3
* As of November, 8th
Corporate Credit Rating – Global Scale
Agency Rating Outlook Reviewed in
Fitch Ratings BB+ Stable 03/02/2009
S&P BB+ Stable 05/28/2009
Moody’s Ba1 Stable 05/21/2009
47
Source: Braskem / Bloomberg
48. Covenants
Net Debt / Ebitda (x)
US$ R$
2.75 2.63
Sep 10 Sep 10
Facility Amount* Jun 10 Currency Type
Senior Notes R$ 500 MM R$ 500 MM R$ Issuance
Nippon Export and
US$80 MM US$49 MM US$ Maintenance
Investment Insurance
EPP (Export Pre-
US$725 MM US$625 MM US$ Maintenance
Payment)
*The company is prevented from issuing any new debt for the period if it overcomes the 4.5x Net debt /
Ebitda ratio.
48
Source: Braskem
