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Annual and Sustainability Report 1 Introduction Annual and Sustainability Report 1 IntroductIon Dear reader, Braskem’s 2010 Annual and website, including its text, charts, Sustainability Report presents the pictures and videos (cases), while the progress of its business strategy printed version presents a summary aligned with the establishment of a of the year’s highlights and the sustainable development model. The Company’s key messages. chapters of this report will feature details related to the progress made by Enjoy your reading! management, successful transactions, new product launches, key indicators, and the lessons contributing to Braskem’s continuous evolution. This report was prepared in Questions, suggestions accordance with the guidelines or comments established by the Global Reporting Initiative (GRI), an organization Address: headquartered in Amsterdam, Avenida das Nações Unidas, 8.501 the Netherlands, which includes Centro Empresarial Eldorado representatives from the government, Pinheiros – 05425-070 – companies and civic entities. The São Paulo (SP) – Brazil. quality standards set forth by this model are: balance, comparability, email: accuracy, timeliness, clarity and <[email protected]> and reliability. In addition, the contents <[email protected]>. of this report were also defined in accordance with the GRI guidelines The Braskem’s website (www. (see the chapter About the Report for braskem.com.br) includes a a better understanding). satisfaction survey for the 2010 Annual and sustainability The biggest news related to this report. The result of this survey 2010 report is the adoption of a will be used to guide the multiplatform approach, wherein the preparation of the 2011 report. contents are presented through a variety of media. The full version of the report is available at Braskem’s 2010 AnnuAl And SuStAinAbility RepoRt | 1 IntroductIon 2020 ViSion In 2010, Braskem redefined its long-term • strengthen its product portfolio to vision, formalizing the incorporation make it increasingly sustainable by of sustainable development principles increasing the share of products into its strategy. The Company has made from renewable raw established the following goals to be materials, for example; achieved in Brazil and abroad by the end of the decade: • develop even more useful resins, through research and innovation, to become the global leader as well as new applications of in sustainable chemistry+, plastics that contribute to a higher innovating to better serve people. quality of life and sustainability. To achieve this vision, Braskem has For a better understanding of the defined three main pillars grounded in 2020 Vision and its relationship with sustainability: Braskem’s growth strategy, please refer to the chapter Business and • make its operations and resources Sustainable Development. increasingly sustainable; gRowth And A Message fRoM entRepReneuRShip MAnAgeMent Braskem began 2010 as the leading global market. In September, through strengthening the petrochemical and petrochemical company in Brazil, a pioneering initiative, Braskem plastics production chains in Brazil and and ended the year as the leading launched the largest biopolymer in the countries where the Company petrochemical company in the operation in the world, with capacity operates, in addition to contributing to Americas and in the global production to produce 200,000 tons of sugarcane the well-being of society as whole. of biopolymers, which are resins from ethanol-derived plastic per year, renewable and/or biodegradable instead of using crude oil derivatives. Braskem benefited from Brazil’s raw materials, replacing crude oil With this initiative, the Company favorable economic scenario and derivatives. In the first half of 2010, has positioned itself at the forefront global chemistry market. The following the acquisition of Quattor of the global chemical industry, Brazilian economy grew at one of Participações S.A. (“Quattor”) in with innumerable opportunities for its highest rates ever, with Brazil’s Brazil and the polypropylene assets the development of products and GDP growth reaching 7.5% in 2010, of Sunoco Chemicals in the United applications that improve people’s lives according to the Brazilian Institute States, the Company reached a and are friendlier to the environment. of Geography and Statistics (IBGE). scale of production and a level of This growth resulted in an increase in competitiveness that enabled it to All these achievements are in line with income, consumption and industrial meet the domestic demand and Braskem’s commitment to continuously activity, which in turn drove up the assume a prominent position in the improving its service to Clients and domestic demand for thermoplastic 2010 AnnuAl And SuStAinAbility RepoRt | 2 resins by 15% in relation the among them, as mentioned above, start of construction on a new PVC previous year. In the international was the creation of Braskem America, plant in Marechal Deodoro (Alagoas), market, higher chemical product which added 950,000 annual tons to which will require a total investment prices also contributed to the the polypropylene production capacity, of R$900 million and will have a Company’s good results. in addition to being located in the capacity of 200,000 tons/year, with United States, one of the world’s operations scheduled to begin in We successfully integrated the teams largest consumer markets. Through 2012. The strategy is to strengthen and professionals of the acquired this transaction, Braskem became the Company’s presence in the PVC companies. The units of Quattor and the third largest global polypropylene segment, keeping in pace with the Braskem America – the name given producer, with capacity to produce 3 growth of the domestic demand, to the polypropylene assets of Sunoco million tons per year. which is currently being met, in Chemicals – became more efficient, part, through imports. Braskem also which can be seen in the results at Another highlight in the international made progress in its analyses carried the end of the year: at Quattor, we market was the joint venture between out in conjunction with Petrobras were able to nearly double the EBITDA Braskem and the Mexican group Idesa, to participate in the Rio de Janeiro in comparison to 2009, reaching through which we will participate Petrochemical Complex (COMPERJ) R$984 million; our U.S. operations in in the Ethylene XXI project, with project, where it is responsible for the turn registered an EBITDA of US$114 investments estimated at US$2.5 petrochemical division. million, a 73% increase year on year. billion for the production of 1 million The expectation for 2011 is that, with tons of polyethylene, from an equal All these investments will allow Braskem management in place for an volume of ethylene, which is obtained Braskem to continue to grow in the entire year, these operations will be from natural gas. Located in the coming years, in line with the principle further enhanced. state of Veracruz, the new project is of financial discipline and supporting scheduled to start operating in the the Company’s cash generation With reference to the acquisition of beginning of 2015. In addition to capacity, once again evident in 2010. Quattor, which represented a new supplying the Mexican market, it will We ended the year with R$34.7 stage in the consolidation of the play an important role in Braskem’s billion in revenue1 and a net revenue Brazilian petrochemical industry, the strategy to grow in North America. of R$27.8 billion, increases of 22% operation was fully and unanimously and 23%, respectively, in relation to approved by the Brazilian Anti-Trust Braskem has also strengthened its 2009. The Company’s consolidated Commission (CADE) on February 23, international presence by opening new EBITDA increased by 27%, reaching 2011 in a decision that confirms the offices in Singapore and Colombia. R$4.1 billion. The net debt at the end global nature of the relevant market Other projects are under way in the of the fiscal year was R$9.8 billion, for the sector, in terms of competition. international market: a petrochemical down 14% from December 2009. The In 2010, more than 200 members complex in Peru and two projects financial leverage, as measured by the were involved in identifying and undergoing feasibility studies in ratio of net debt to EBITDA, which shaping opportunities for synergy Venezuela. These initiatives are in was 3.59x in 2009, ended the year on four fronts: industrial, logistics, line with the Company’s strategy to at 2.43x, due to the drop in net debt supplies and finance. In 2010, these consolidate its leadership in the South for the year and the higher operating synergies reached the EBITDA in the and North America, while diversifying income, measured by the EBITDA. amount of R$170 million, annual and its raw material matrix with a higher recurring. For 2011, a variety of steps share of natural gas derivatives. The stock market recognized Braskem’s were taken to capture an additional performance and potential for creating R$207 million, totaling R$377 million, Taking into account its operations value, as well as the sector’s growth on an annual and recurring basis. in Brazil, Mexico and the United projections for the coming years. States, Braskem invested a total of The Company’s Class “A” preferred To operate on the global market in R$1.8 billion in 2010, excluding stock, traded on the São Paulo Stock a more efficient and coordinated acquisitions, twice as much as last Exchange (BM&FBovespa) under the manner, in the beginning of 2011 year. A substantial portion of these ticker BRKM5, experienced some of the Braskem brought together operations investments were in modernizing highest increases on the Ibovespa and management and new project assets and expanding capacity, which ended the year with an appreciation of development outside of Brazil under includes not only the inauguration of 45%. Partly due to the appreciation of the International Business Unit. Prime the green ethylene unit, but also the the Brazilian real against the U.S.
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