Exhibit 3
Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends of Braskem S.A.
For the Nine-Month Period Ended September 30, | For the Year Ended December 31, | |||||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
(in thousands ofreais) | ||||||||||||||||||||||||
Computation of Earnings: | ||||||||||||||||||||||||
Pre-tax income from continuing operations before adjustment for income or loss from equity investees | R$ | 777,997 | R$ | (1,622,576) | R$ | (1,807,907) | R$ | (916,187) | R$ | 1,867,136 | R$ | 1,755,288 | ||||||||||||
Plus fixed charges | 1,056,915 | 879,093 | 1,400,719 | 1,227,004 | 965,000 | 561,444 | ||||||||||||||||||
Plus amortization of capitalized interest | 26,728 | 17,356 | 24,338 | 21,545 | 18,203 | 15,472 | ||||||||||||||||||
Plusdistributed income of equity investees | (1,701 | ) | (32,747 | ) | (25,807 | ) | (1,665 | ) | 20,302 | 3,188 | ||||||||||||||
Less Interest capitalized | (209,459 | ) | (121,723 | ) | (162,227 | ) | (101,721 | ) | (43,491 | ) | 94,461 | |||||||||||||
Lesspreference security dividend requirements of consolidated | (11,988 | ) | (8,325 | ) | (260,409 | ) | (117,670 | ) | (21,196 | ) | (7,020 | ) | ||||||||||||
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Total earnings | R$ | 1,638,492 | R$ | (888,922 | ) | R$ | (831,293 | ) | R$ | 111,306 | R$ | 2,805,954 | R$ | 2,422,773 | ||||||||||
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Computation of fixed charges and preference dividends: | ||||||||||||||||||||||||
Interest expensed and capitalized | R$ | 1,040,399 | R$ | 867,168 | R$ | 1,135,363 | R$ | 1,100,791 | R$ | 937,804 | R$ | 545,882 | ||||||||||||
Pluspreference security dividend requirements of consolidated | 11,988 | 8,325 | 260,409 | 117,670 | 21,196 | 7,020 | ||||||||||||||||||
Plus estimated interest from operating leases(2) | 4,528 | 3,600 | 4,947 | 8,543 | 6,000 | 8,542 | ||||||||||||||||||
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Total fixed charges and preference dividends | R$ | 1,056,915 | R$ | 879,093 | R$ | 1,400,719 | R$ | 1,227,004 | R$ | 965,000 | R$ | 561,444 | ||||||||||||
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Ratio of Earnings to Combined Fixed Charges and Preference Dividends(3) | 1.55x | (1.01 | )x | (0.59 | )x | 0.09x | 2.91x | 4.32x |
(1) | Represents the amount of after-tax earnings that are required to pay the dividends on outstanding preferred securities. The dividend requirement is computed as (a) the amount of the dividenddivided by (b) oneminus the effective income tax rate applicable to continuing operations. |
(2) | Interest is estimated as one-third of the total expense of our operating leases. |
(3) | Due to exchange rate variations, for the nine-month period ended September 30, 2012 and for the years ended December 31, 2012 and 2011, the ratio of earnings to combined fixed charges and preference dividends was less than 1:1. We would have needed to generate additional earnings of R$1,768,015 for the nine-month period ended September 30, 2012, R$2,232,012 for the year ended December 31, 2012 and R$1,115,698 for the year ended December 31, 2011 to achieve ratio coverage of 1:1 in each respective period. |